Market Research on Financial Consultant for Hdfc-slic Final

8/2/2019 Market Research on Financial Consultant for Hdfc-slic Final

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A

Summer Internship Report

On

MARKET RESEARCH ON FINANCIAL CONSULTANT FORHDFC-SLIC, New Delhi

Submitted in partial fulfillment of the requirementof Bachelor of Business Administration

IV SEMESTER, IP (M)

Training Supervisor: Submitted By:Mrs Tabita Jyotshna Dhand

1561421708

SESSION 2008-2011


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Guru Gobind Singh Indraprastha University

JAGGANNATH INTERNATIONAL MANAGEMENT SCHOOL

CERTIFICATE

This is to certify that the project entitled MARKET RESEARCH ON FINANCIAL

CONSULTANT FOR HDFC SLIC, New Delhi submitted by Jyotshna Dhand of IV

Semester of Jagannath International Management School affiliated to Guru Gobind SinghIndraprastha University in partial fulfillment for Bachelor of Business Administration,

embodies the results of bonafide project work carried out under my guidance and supervision,

and no part of this project work has been submitted to any other degree.

MR UMER MAJID

Channel Development Manager

HDFC STANDARD LIFE INSURANCE CORPORATION

SDA Branch, New Delhi


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ACKNOWLEDGEMENT

The beatitude, bliss and euphoria that accompany successful completion of any task would be

incomplete without the expression of gratitude to the people who made it possible with their

every bit of help. As success in any work is credited to hard work, but without a proper

guidance it may be out of ones reach, so with reverence and honor i acknowledge all those

who helped me in carrying out this project successfully.

I avail this opportunity to express my profound sense of sincere and deep gratitude to Mr

UMER MAJID, Channel Development Manager, HDFC STANDARD LIFE INSURANCE

CORPORATION, SDA Branch, New Delhi who guided me with his valuable help in

channelizing my effort in the right direction during the course of the project.

I am very much thankful to MRS VINITA who contributed by preparing me for the paper

conducted for the license.

Last but not the least, i am also grateful to the people who filled in the questionnaire and

provided me with the inputs so that the sampling data could be prepared.

Place: SDA Branch, New Delhi

Date- 8th August-2010


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TABLE OF CONTENTS

ContentsChapter 1 Introduction1.1 The Topic1.2 The Reason for Selection of this Topic1.3 The Importance of the Company1.4 The Learning from the Study

Chapter 2 Organizational Profile1.1 The Formation of the Company

1.2 Scope of products1.3 Milestones in the History1.4 Collaborations and Affiliations1.5 Head office and Branch1.6 Table of Financial figure1.7 Quality Policy1.8 Organization Chart

Chapter 3 Research Objectives and Scope of Research Project

3.1 Problem Definition3.2 Objectives of the Project3.3 Geographical Scope3.4 Project Scope

Chapter 4 Research Methodology and Limitations4.1 Research Design4.2 Sampling Pattern4.3 Sampling Size4.4 Data Collection Instrument Development4.5 Research Limitations

Chapter 5 Data Analysis, Interpretation and Presentation

Chapter 6 Conclusion and Suggestions

Limitations

Annexure

References


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CHAPTER 1: INTRODUCTION

1.1 THE TOPIC: MARKET RESEARCH ON FINANCIAL

CONSULTANT FOR HDFCSLIC, New Delhi

At HDFC Standard Life Insurance, I was assigned with the topic as Market

Research on Financial Consultant for my project work. The selection of the

topic was in order to take know how do these companies generates business

through them.

Financial Consultants are those sources of a company who have their own

relations and personal contacts among common public that they use to generate

business through.

Company has certain criteria to recruit these Financial Consultants. The steps

are as follows.

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.

Once he through all these steps of recruitment, he becomes the legal Financial

Consultant of the company and reserve the right to sale the policy to any


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prospect client also he is paid the commission a certain percentage. There are

some reward and tour package also.

1.2 REASON FOR SELECTION OF THIS TOPIC:

The financial sector is one of the booming and increasing leaps and bounce,

some of the experts say only 20% of Indian population is insured which means

80% Indian are not insured and therefore having a bright prospect of progress of

this sector where I too would like to build my career and be a part of success

story.

The Financial consultants are another channel through which the company sales

its policy. It is really difficult to convince and sale a single policy but since

these consultants have their contacts which they can sale a single policy.

Whereas I found my interest in dealing, interacting and handling a team,

because all this most of time park you in some critical zone which becomes

challenge for you and your responsibility becomes to solve the critical situation

or problems.

1.3 IMPORTANCE TO THE COMPANY:

After interacting with companys marketing head I got to know that they havemany Financial Consultants but not getting the policies up to the expectations

level of the company. Company is really interested in knowing if there is any

mistake or lacking somewhere in process of recruiting and or the criteria they

have fixed for the recruitment. The ultimate purpose of giving me this topic was

to revise its recruitment policy/process.


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1.4 LEARNING FROM THE STUDY:

The process of recruitment of HDFC STANDARD LIFE INSURANCE

LTD.

How is the training given?

What are the criteria of selection?

The culture of insurance company particularly of HDFC.

What are the problems faced by these financial consultants on daily

basis?

How to convince and convert the prospect client into real client?


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CHAPTER 2: ORGANIZATIONAL PROFILE

1.1 FORMATION OF COMPANY:

HOUSING DEVELOPMENT FINANCE CORPORATION:

HDFC was started by Hasmukh Bhai Parekh in1977 with the

formation of Malhotra Committee. HDFC was incorporated with the primaryobjective of meeting a social need that of promoting home ownership by

providing long-term finance to households for their housing needs. HDFC was

promoted with an initial share capital of Rs. 10 crores.

HDFC has since emerged as the largest residential mortgage finance institution

in the country. The corporation has had a series of share issues raising its capital

to Rs. 119 crores. The net worth of the corporation as on March 31, 2000 stood

at Rs. 2,096 crores. HDFC operates through 75 locations throughout the country

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

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

and Qatar.


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198.4bn. 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.

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

1825 and the first Standard Life Assurance Company Act was passed by

Parliament in 1832. Standard Life was reincorporated as a mutual assurance

company in 1925.

Standard Life currently has assets exceeding over 70 billion under its

management and has the distinction of being accorded "AAA" rating

consequently for the past six years by Standard & Poor.

STANDARD LIFE ASIA LIMITED/JOINT VENTURES:

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

was incorporated in 1999 as a joint venture and became a wholly-owned

subsidiary of Standard Life in 2002. The groups operations in Hong Kong were

established to give the group a presence in the Far East from which it could

expand into China. The groups joint ventures in India with Housing

Development Finance Corporation Limited (HDFC) were incorporated in2000 (in relation to the life assurance and pensions joint venture) and 2003 (in

relation to the investment management joint venture). The groups joint venture

in China with Tianjin Economic Development Area General Company

(TEDA) became operational in 2003.


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STANDARD LIFE GROUP:

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

customers for over 182 years It currently has a customer base of around 7 million people who rely on

the company for their insurance, pension, investment, banking and

health-care needs

Its investment manager currently administers 125 billion in assets

It is a leading pensions provider in the UK, and is rated by Standard &

Poor's as 'strong' with a rating of A+ and as 'good' with a rating of A1 byMoody's

Standard Life was awarded the 'Best Pension Provider' in 2004, 2005 and

2006 at the Money Marketing Awards, and

It was voted a 5 star life and pensions provider at the Financial Adviser

Service Awards for the last 10 years running.

The '5 Star' accolade has also been awarded to Standard Life Investmentsfor the last 10 years, and to Standard Life Bank since its inception in

1998.

Standard Life Bank was awarded the 'Best Flexible Mortgage Lender' at

the Mortgage Magazine Awards in 2006.


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INCORPORATION OF HDFC STANDARD LIFE INSURANCE CO.

LTD.:

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

Standard Life Insurance Company Limited.

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

enter the life insurance market in India. On the 23rd of October 2000, this

ambition was realised when HDFC Standard Life was the first life company to

be granted a certificate of registration.

HDFC are the main shareholders in HDFC Standard Life, with 81.4%, whileStandard Life owns 18.6%. Given Standard Life's existing investment in the

HDFC Group, this is the maximum investment allowed under current

regulations.

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

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

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

companies in India are measured.

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


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HDFC Ltd. holds 72.37% and Standard Life (Mauritius Holding) Ltd. holds26.00% of equity in the joint venture, while the rest is held by others.

HDFC Life's product portfolio comprises solutions, which meet variouscustomer needs such as Protection, Pension, Savings, Investment and Health.Customers have the added advantage of customizing the plans, by addingoptional benefits called riders, at a nominal price. The company currently has 28retail and 9 group products in its portfolio, along with ten optional rider benefitscatering to the savings, investment, protection and retirement needs ofcustomers.

HDFC Life continues to have one of the widest reaches among new insurance

companies with more than 500branches servicing customer needs in over 700

cities and towns. The company has a strong base of Financial Consultants


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2.2 PRODUCT SCOPE:

HDFC Standard Life offers a bouquet of insurance solutions to meet every

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

to provide benefits to their employees.

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

savings plans that assist and nurture dreams apart from providing protection.

The customers can choose from a range of products to suit their life-stage and

needs.

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

Group Term Insurance, Gratuity, Leave Encashment and Superannuation

Products. These affordable plans apart from providing long term value to the

employees help in enhancing goodwill of the company.The products of the

company are categorized into various sections which are as follows:

A. INDIVIDUAL PRODUCTS

B. GROUP PRODUCTS

C. RURAL PRODUCTS

D. SOCIAL PRODUCTS

E. TAX BENEFITS

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

pension and savings plans that assist and nurture dreams apart from providing


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protection. Customer can choose from a range of products to suit his life-stage

and needs.

For Organizations,HDFC Standard Life has a host of customized solutions that

range from Group Term Insurance, Gratuity, Leave Encashment and

Superannuation Products. These affordable plans apart from providing long

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

Individual Products:

1. HDFC Children's Plan,

2. HDFC Endowment Assurance Plan,

3. HDFC Loan Cover Term Assurance Plan,

4. HDFC Money Back Plan,

5. HDFC Personal Pension Plan,

6. HDFC Single Premium Whole Of Life Plan,

7. HDFC Term Assurance Plan,

8. HDFC Unit Linked Endowment,

9. HDFC Unit Linked Endowment Plus,

10.HDFC Unit Linked Pension,

11.HDFC Unit Linked Pension Plus,

12.HDFC Unit Linked Young Star,

13.HDFC Unit Linked Young Star Plus

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

Keeping this in mind, varied range of products that customer can choose from to

suit all needs. These will help secure customer future as well as the future of

family.


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Protection Plans:

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

a loan in the event of his unfortunate demise, disability or sickness. These plans

offer valuable peace of mind at a small price.

HDFC Standard Life Protection range includes Term Assurance Plan & Loan

Cover Term Assurance Plan.

Investment Plans:

HDFC Standard Life Single Premium Whole of Life plan is well suited to meet

long term investment needs. HDFC Standard Life provides with attractive long

term returns through regular bonuses.

Pension Plans:

HDFC Standard Life Pension Plans help secure financial independence even

after retirement. Pension range includes Personal Pension Plan, Unit Linked

Pension, and Unit Linked Pension plus Savings Plans.

Savings Plans:

HDFC Standard Life Savings Plans offer flexible options to build savings for

future needs such as buying a dream home or fulfilling childrens immediate

and future needs.


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Group Products:

1. Group Term Insurance,

2. Group Variable Term Insurance,

3. Group Unit Linked Plan,

4. Gratuity Group Unit Linked Plan,

5. Superannuation Group Unit Linked Plan ,

6. Leave Encashment


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PRODUCT PORTFOLIO

HDFC offers products as per the life stages of the customers and their

respective needs.

Your insurance need will change as your life does, from starting to work to

enjoying your golden years and all the stages in between. Each one of these

stages may pose a different insurance need/cover for you. In this section, we

have drawn up the basic life stages and help you analyze various insurance

needs accordingly.


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LIFE STAGES & NEEDS IN HAT STAGES

STAGE 1: YOUNG & SINGLE

An important stage where one lays down the foundation of a

successful life ahead. Take advantage of the time and power of

compounding to ensure that you build up your dreams. Start saving early.

NEEDS:

Save for Home & Wedding

Tax Planning

Save for Golden Years

STAGE 2: JUST MARRIED

Marriage brings about a significant change. New dreams and

new opportunities also bring in additional responsibilities.

While both of you look forward to a happy and secure life, it is equally

important to ensure that eventualities dont come in the way of shaping your

dreams.

NEEDS:

Planning for home / securing your home loan liability.

Save for vacation.

Save for your first child.


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STAGE 3: PROUD PARENTS

Once you have children, your need for life insurance is even

more. You need to protect your family from an untoward

incident. Ensure your protection umbrella takes into account the future cost of

securing your childs dream. You will want life to go on for your loved ones,

and having enough life insurance is a way to help ensure that.

NEEDS:

Provide for children's education

Safeguarding family against loan liabilities

Savings for post-retirement

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.

Needs.

Secure your health costs Financial independence despite illnesses


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Meeting medical expenses effortlessly Types Of Health Plans

Our range of Health Plans includes

HDFC Critical Care Plan

HDFC SurgiCare Plan

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 futuretoo. As a judicious family man, your priority is to secure the well-beingof 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 expensesare taken care, even if something unfortunate were to happen to you.

A big factor that you need to consider while building your wealth is inflation. Ithas a dual impact on your hard-earned savings. Inflation not only erodes yourcurrent purchasing power but also magnifies your monetary requirements forthe future. Sample this: An 35 Year individual needs to invest Rs. 36,000/- peryear with 8% returns to build a corpus of Rs. 10,00,000/- by the age of 50Years.


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Needs:

Dual benefit of protection and long term savings Provide an assured sum for future needs Inculcate a habit of regular savings

Types of Savings & Investment Plans

Our range of Savings & Investment Plans includes

Type Conventional Plans Unit Linked

Insurance Plans

Regular Premium HDFC SL New Money Back Plan HDFC Assurance Plan# HDFC Savings Assurance Plan^ HDFC Endowment Assurance Plan

HDFC Life Sampoorn SamridhiInsurance Plan

HDFC SLProGrowthSuper II

HDFC SL

ProGrowthFlexiSingle Premium/Investment

HDFC Single Premium Whole of LifeInsurance Plan

HDFC SLProGrowthMaximiser

Limited PremiumPayment

HDFC SL ClassicAssure Insurance Plan HDFC SLCrest

#HDFC Assurance Plan is available for sale through our Bancassurance Partners (HDFCLtd.,HDFC Bank, Saraswat Bank and Indian Bank)^HDFC Savings Assurance Plan is available for sale through HDFC Bank


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Retirement Plans

Retirement Plans provide you with financialsecurity so that when your professional income starts to ebb, you can stilllive with pride without compromising on your living standards. By providingyou a tool to accumulate and invest your savings, these plans give you a lumpsum 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 aloneare not sufficient. Pension planning has therefore become critical today.

India's average life expectancy is slated to increase to over 75 years by 2050from 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 averagenumber of years of employment has not been rising commensurately. The resultis an increase in the number of post-retirement years. Accordingly, it has

become necessary to ensure regular income for life after retirement, so that youcan live with pride and enjoy your twilight years.

Needs:

Monetary security

Financial independence even after retirement Live carefree in your golden years

Priorities at different stages of life:-


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However, skyrocketing costs can throw even a well-laid plan off balance. Withcosts rising every day, you can just imagine how high they will be when you areready to hang up your boots. So, what should you do to counter this? It's time to

plan your retirement and that too sooner than later.

The above illustration shows how with each passing year your annual savingsrequirement would increase. For instance, if you are 30 years old and plan toretire at 60, then, with a current annual expenditure of Rs. 3,00,000/- , youwould need a corpus in excess of Rs. 2,00,00,000/- to maintain your living

standards, assuming you live till 85 years and the inflation rate is 4%. To buildthis retirement corpus, you need to invest Rs 3,60,000/- per annum in a


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retirement plan that offers 8% returns per annum. In case you delay planningyour retirement by 5 years then the investment amount would increase to Rs

6,90,000/- per annum.

Children's Plans

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

Most of these goals have a price tag attached and unless you plan your financescarefully, you may not be able to provide the required economic support to yourchild 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 anopportunity of a lifetime.

Today, a 2-year MBA course at a premiere management institute would costyou nearly Rs. 3,00,000/- At a assumed 6% rate of inflation per annum, 20 yearslater, you would need almost Rs. 9,07,680/- to finance your child's MBAdegree.

An illustration of how education expenses could rise with passing time due toinflation


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Source: HDFC

Standard Life Survey 2008. Inflation assumed as 6% p.a.

So, how can you cope with these costs? Children's Plans help you save steadilyover the long term so that you can secure your child's future needs, be it highereducation, marriage or anything else. A small sum invested by you regularly canhelp you build a decent corpus over a period of time and go a long way in

providing your child a secured financial future alongwith

Needs:

Helps you secure your child's dreams Economic support when your child needs it most Funding major milestones

Types of Children's Plans

Our range of Children's Plans includes

Conventional Plans Unit Linked Insurance Plans

HDFC Children's Plan HDFC SL YoungStar Super II

HDFC SL YoungStar SuperPremium


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Protection Plans

Protection Plans help you shield your family fromuncertainties in life due to financial losses in terms of loss of income that maydawn upon them incase of your untimely demise or critical illness. Securing thefuture of one's family is one of the most important goals of life. Protection Plansgo a long way in ensuring your family's financial independence in the event ofyour unfortunate demise or critical illness. They are all the more important ifyou are the chief wage earner in your family. No matter how much you havesaved or invested over the years, sudden eventualities, such as death or criticalillness, always tend to affect your family financially apart from the hugeemotional loss.

For instance, consider the example of Amit who is a healthy 25 year old guywith a income of Rs. 1,00,000/- per annum. Let's assume his income increasesat a rate of 10% per annum, while the inflation rate is around 4%; this is how hisincome chart will look like, until he retires at the age of 60 years. At 50 years of

age, Amit's real income would have been around Rs. 10,00,000/- per annum.However, in case of Amit's unfortunate demise at an early age of 42 years, theloss of income to his family would be nearly Rs. 5,00,000/- per annum.


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However, with a Protection Plan, a mere sum of Rs. 2,280/- annually (exclusiveof service tax & educational cess) can help Amit provide a financial cushion ofup to Rs. 10,00,000/- for his family over a period of 25 years.

Types of Protection Plans

Our range of Protection Plans includes

HDFC Term Assurance Plan

HDFC Premium Guarantee Plan

HDFC Loan Cover Term Assurance Plan

HDFC Home Loan Protection Plan*


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COMPARITIVE ADVANTAGE OVER COMPETITORS

PRODUCT:

I compared two products, ICICI smart kid unit link and HDFC young

star, in both the policies parent is insured and child in nominee or

beneficiary,

Both the policies contains same features, only additional rider is availablein smart kid is income benefit rider (IBR), how this rider works? this rider

comes in the picture when the parent expires or becomes permanent

disable at that time this rider pay 10% of sum assurance to nominee,

HDFC Youngstar offers Insurance Cover upto 20 Times of Annual

Premium. You may Pay Rs. 30000 per year & take Insurance Cover of

Rs. 6 Lacs.

You may take Critical Illness Rider in HDFC Youngstar upto 65 years

Age(as it Cheaper than other ULIPS ).

The returns from HDFC Taxsaver, HDFC LT Advantage fund are better

than the returns from HDFC Standard Life Equity Fund.

HDFC Standard ULIP Returns are over 70% in last 1 year.

HDFC Youngstar with Maximum Insurance Cover of Rs.3.6 Lacs


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2.3 MILESTONES IN THE HISTORY

HDFC is Indias leading housing finance institution and has helped build

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

In Financial Year 2003-04 its assets under management crossed

Rs.36,000Cr.

As at March 31, 2004, outstanding deposits stood at Rs. 7,840 crores. The

depositor base now stands at around 1 million depositors.

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

Awarded The Economic Times Corporate Citizen of the year Award for

its long-standing commitment to community development.

Presented the Dream Home award for the best housing finance provider

in 2004 at the third Annual Outlook Money Awards

HDFC Standard Life Insurance is the first private life insurance company

to be granted a license by IRDA

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

Indias number 1 personal finance magazine

Rated by Business world as Indias Most Respected Private Life

Insurance Company in 2004.

Has the highest brand recall, close to 80% (Source: AC Neilson ORG

MARG, April 2005)


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Has one of the widest branch networks with offices in over 100 cities

servicing over 440 towns Sar Utha Ke Jiyo was honoured as 'Among India's 60 Glorious

Advertising Moments. The advertisements of the company were ranked

6th amongst 'The 10 most effective Advertisements' in September 2007.

Ranked 29th most trusted Indian Brands amongst the Top 50 Service

Brands of 2006 according to a study conducted by the Brand Equity

Economic Times, the leading business publication of India.

Received the 2008 CIO Bold 100 Award for its mobile workforce portal

and the Special 2008 CIO Security Award for a secure computing

environment, including identity management respectively.

Mr. Deepak M Satwalekar Awarded QIMPRO Gold Standard Award.

HDFC Standard Life's advertising created high awareness for the brand

and bagged 2 silver and 1 bronze awards at the ADFEST 2007 National

Awards organised by the Advertising Agencies Association of India

(AAAI). The 3 awards are the highest won by any single brand in the

financial services business (including banking, mutual fund, insurance

and other financial services).


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2.4 COLLABORATIONS & AFFILIATIONS:SUBSIDIARY AND

ASSOCIATE COMPANIES:

HDFC Bank

HDFC Mutual Fund

HDFC Standard Life Insurance Company

HLSIL

HDFC Chubb General Insurance Company Ltd.

Intelnet Global Services Ltd.

Other Companies Co-Promoted by HDFC

Financial Information with regard to Subsidiary Companies

GROUP COMPANIESBANCASSURANCE PARTNERS
http://www.hdfcbank.com/http://www.hdfcfund.com/http://www.hdfcinsurance.com/http://pop%28%27/hlsil.htm')http://www.hdfcchubbindia.com/http://www.hdfcchubbindia.com/http://www.intelenetglobal.com/http://www.intelenetglobal.com/http://www.bankofbaroda.com/http://www.bajajcapital.com/http://www.saraswatbank.in/http://www.indian-bank.com/http://www.unionbankofindia.com/http://www.hdfcbank.com/http://www.hdfc.com/http://www.cibil.com/http://www.intelenetglobal.com/http://www.hdfcrealty.com/http://www.hdfcsec.com/http://www.hdfcfund.com/http://www.hdfcbank.com/http://www.hdfc.com/http://www.hdfcfund.com/http://www.hdfcinsurance.com/http://pop%28%27/hlsil.htm')http://www.hdfcchubbindia.com/http://www.intelenetglobal.com/http://www.hdfcbank.com/


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2.5 HEAD OFFICES AND BRANCHES

HEAD OFFICE: HDFC Standard Life Insurance Co. Ltd.

'Trade Star', 2nd floor,AWing,

Junction of Kondivita and M.V. Road,

Andheri-Kurla Road,

Andheri (East), Mumbai - 400 059.

PHONE: (Board) (022) 2822 0055 / 6751 6666

Fax: 2822 9998 / 2822 2414


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BRANCH LOCATIONS SITE MAP:


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2.6 TABLE OF FINANCIAL


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2.7 QUALITY POLICY:

SECURITY:Providing long term financial security to our policy holders

will be our constant endeavor. We will be do this by offering life

insurance and pension products.

TRUST: We appreciate the trust placed by our policy holders in us.

Hence, we will aim to manage their investments very carefully and live

up to this trust.

INNOVATION: Recognizing the different needs of our customers, we will be

offering a range of innovative products to meet these needs.

INTEGRITY: Integrity, in terms of data and network security, is the

assurance that information can only be accessed or modified by those

authorized to do so. Measures taken to ensure integrity include

controlling the physical environment of networked terminals and servers,

restricting access to data, and maintaining rigorous authenticationpractices.

CUSTOMER CENTRIC : Creating a positive consumer experience at

the point of sale and post-sale. A customer-centric approach can add

value to a company by enabling it to differentiate itself from competitors

who do not offerthe same experience.

TEAM WORK: Teamwork is work performed by a team towards acommon goal.
http://www.investorwords.com/10659/positive.htmlhttp://www.businessdictionary.com/definition/consumer.htmlhttp://www.businessdictionary.com/definition/experience.htmlhttp://www.businessdictionary.com/definition/point-of-sale-POS.htmlhttp://www.investorwords.com/8763/add.htmlhttp://www.businessdictionary.com/definition/value.htmlhttp://www.businessdictionary.com/definition/company.htmlhttp://www.businessdictionary.com/definition/competitor.htmlhttp://www.businessdictionary.com/definition/offer.htmlhttp://www.investorwords.com/10993/same.htmlhttp://en.wikipedia.org/wiki/Teamhttp://www.investorwords.com/10659/positive.htmlhttp://www.businessdictionary.com/definition/consumer.htmlhttp://www.businessdictionary.com/definition/experience.htmlhttp://www.businessdictionary.com/definition/point-of-sale-POS.htmlhttp://www.investorwords.com/8763/add.htmlhttp://www.businessdictionary.com/definition/value.htmlhttp://www.businessdictionary.com/definition/company.htmlhttp://www.businessdictionary.com/definition/competitor.htmlhttp://www.businessdictionary.com/definition/offer.htmlhttp://www.investorwords.com/10993/same.htmlhttp://en.wikipedia.org/wiki/Team


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2.8 ORGANIZATION CHART:

Chairman

MD

Retail Marketing Alternative Channel Operation Channel Human Resource

Regional Manager

Zonal Manager

Territory Manager

Branch Manager

Asst. B.M.

Business Dev. Mgr.

Sales Dev. Mgr.

Territory Manager

Branch Manager

Channel Executive

Team Manager

Operation Manager

HR Executive


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CHAPTER 3: RESEARCH OBJECTIVES & SCOPE OF

RESEARCH PROJECT

3.1 PROBLEM DEFINATION:

Recruit consultants were with good background human being and through

rigorous process of recruitment but still not able to perform up to the

expectation level of company, HR is not able to short out the problem why the

performance is not coming even after giving the full marketing support.

3.2 OBJECTIVES OF RESEARCH PROJECT:

PRIMARYOBJECTIVES:

To recruit more and more Financial Consultant and to promote the

benefits those are provided by HDFC Standard Life to its Financial

Consultants

To find the different way of recruiting and selecting the Financial

Consultants who can produce more and fruitful results.

To study awareness of the HDFC Standard life insurance

SECONDARY OBJECTIVES:

To determine the need and purpose of Financial Consultant.


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To understand the deciding criteria for people to become Financial

Consultant.

To collect and analysis the information of prospect candidates in order to

make them appear in front of management so that they can be selected as

Financial consultant.

To offer suggestions based upon the findings.

3.3 GEOGRAPHICAL SCOPE:

The same problem was with the all other branches of HDFC . The management

is conducting the same research on a big ground while my contribution is tiny.

Though my sample size and geographical area was defined and confine to a

particular territory but the application of out put from the research are going to

be wide.

3.4PROJECT SCOPE:

Market segmentation to find the potential consultants for HDFC-SLIC.

To customize benefit package for consultants and help them to overcome

their agency problem arising out of their sedentary nature of work.

Corporate marketing of this product.


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CHAPTER 4: RESEARCH METHODOLOGY & LIMITATIONS

All the findings and conclusions obtained are based on the survey done in the

working area within the time limit. We tried to select the sample representative

of the whole group during my job training. We have collected data from

Chartered Accountants, Tax Consultants, Businessman, Share Brokers,

Lawyers, Working Professionals, House Wives and Retired Persons in New

Delhi.

RESEARCH PLAN:

1. Preliminary Investigation: In which data on the situation surrounding the

problems shall be gathered to arrive at The correct definition of the problem.

An understanding of its environment.

2. Exploratory Study:To determine the approximate area where the problem

lies.

4.1 RESEARCH DESIGN:

Research was initiated by examining the secondary data to gain insight into the

problem. By analyzing the secondary data, the study aim is to explore the short

comings of the present system and primary data will help to validate the

analysis of secondary data besides on unrevealing the areas which calls for

improvement.


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DEVELOPING THE RESEARCH PLAN:

The data for this research project has been collected through Self

Administration. Due to time limitation and other constraints direct personal

interview method is used. A structured questionnaire was framed as it is less

time consuming, generates specific and to the point information, easier to

tabulate and interpret. Moreover respondents prefer to give direct answers. In

questionnaires open ended and closed ended, both the types of questions has

been used.

COLLECTION OF DATA:

1: Secondary Data:It was collected from internal sources. The secondary data

was collected on the basis of organizational file, official records, news papers,

magazines, management books, preserved information in the companys

database and website of the company.

2: Primary data: All the Chartered Accountants, Tax Consultants, Insurance

Agents, Auto loan providers were personally visited and interviewed. They

were the main source of Primary data. The method of collection of primary data

was direct personal interview through a structured questionnaire.


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4.2 SAMPLING PLAN:

Since it is not possible to study whole universe, it becomes necessary to take

sample from the universe to know about its characteristics.

Sampling Units: Chartered Accountants, Tax Consultants, Lawyers,

Business Man, Professionals .

Sample Technique:Random Sampling.

Research Instrument:Structured Questionnaire.

Contact Method:Personal Interview.

4.3 SAMPLE SIZE:

My sample size for this project was 200 respondents. Since it was not possibleto cover the whole universe in the available time period, it was necessary for me

to take a sample size of 200 respondents.

4.4 DATA COLLECTION INSTRUMENT DEVELOPMENT:

The mode of collection of data will be based on Survey Method and Field

Activity. Primary data collection is based on personal interview. I have prepared

the questionnaire according to the necessity of the data to be collected.


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4.5 RESEARCH LIMITATIONS:

It was not possible to understand thoroughly about the different

marketing aspects of the Financial Consultant within 90 days.

As stipend, money was not given it was difficult to continue the project

work.

All the work was limited in some limited areas of New Delhi so the

findings should not be generalized.

The area of research was New Delhi; It was too vast an area to cover

within 90 days.


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CHAPTER 5: DATA ANALYSIS, INTERPRETATION AND

PRESENTATION

1. Your Age?

TABLE

Sr. No. Category No. of Respondents Percentage

1 18-23 Years 40 20%2 24-29 Years 70 35%3 30-35 Years 60 30%4 35 & above 30 15%

Total 200 100% Base 200 respondents

GRAPH

Interpretation

From the table and graph above it can be seen that

20% respondents age are 18 to 23 years.



15% respondents age are 35 to above years.2. Marital status?


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TABLE


1 Married 140 70%2 Unmarried 60 30%

Total 200 100%Base 200 respondents

GRAPH

Interpretation


70% respondents are married.

30% respondents are unmarried.

3. Educational Qualification?


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TABLE


1 Under graduate 50 25%2 Graduate 80 40%3 Post graduate 70 35%


GRAPH

Interpretation


25% respondents are Under graduate.

40% respondents are Graduate.

35% respondents are Post graduate.

4. Number of years in New Delhi?

TABLE


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1 Less than five years 78 39%

2 More than five years 122 61%Total 200 100%Base 200 respondents

GRAPH

Interpretation


39% respondents are in New Delhi is less than five years.

61% respondents are in New Delhi is more than five years.

5. Your Occupation?

TABLE



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1 Business 40 20%2 Profession 108 54%

3 Service 52 26%Total 200 100% Base 200 respondents

GRAPH

Interpretation


20% respondents Occupation is Business.

26% respondents Occupation is Profession.

54% respondents Occupation is Service.

6. Your annual household income?

TABLE


1 Less than 2 lacs 98 49%


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2 Between 2 to 5 lacs 62 31%3 Between 5to 8lacs 30 15%

4 More than 8 lacs 10 5%Total 200 100% Base 200 respondents

GRAPH

Interpretation


49% respondents annual household income is less than 2 lacs.

31% respondents annual household income is between 2 to 5 lacs.

15% respondents annual household income is between 5 to 8 lacs.

5% respondents annual household income is more than 8 lacs.

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

TABLE


1 Yes 84 42%

2 No 116 58%Total 200 100%


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Base 200 respondents

GRAPH

Interpretation


42% respondents are member of a club/gymkhana.

58% respondents are not member of a club/gymkhana.

8. What is your perception about insurance sector?

TABLE


1 Hard and lucrative 60 30%2 Hard but not rewarding 18 9%3 Smooth and rewarding 82 41%

4 No idea 40 20%Total 200 100%


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Base 200 respondents

GRAPH

Interpretation

From the table and graph above it can be seen that 30% respondents perception about insurance sector is Hard & lucrative.

9% respondents perception about insurance sector is hard but not rewarding.

41% respondents perception about insurance sector is Smooth & rewarding.

20% respondents perception about insurance sector that they have no idea.

9. Do you know about HDFC Standard Life Insurance?

TABLE


1 Yes 164 82%2 No 36 18%


GRAPH


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Interpretation


85% respondents are known about HDFC Standard life insurance.

15% respondents are not known about HDFC Standard life insurance.

10. Do you have any Insurance Policy?

TABLE


1 Yes 160 80%2 No 40 20%


GRAPH


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Interpretation


80% respondents have insurance policy.

20% respondents do not have insurance policy.

11. Name of Insurance Company?

TABLE

Sr. No. Category No. of Respondents Percentage1 LICI 104 65%2 ICICI 16 10%3 HDFC SLIC 8 5%4 OTHERS 32 20%


GRAPH


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Interpretation


65% respondents are insured by LICI.

10% respondents are insured by ICICI.

5% respondents insured by HDFCSLIC. 20% respondents insured by OTHERS.

12. Do you hold any license of any insurance company?

TABLE


1 Yes 70 35%2 No 130 65%


GRAPH


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Interpretation


35% respondents are holding license of any insurance company.

65% respondents are not holding license of any insurance company.

13. Are you satisfied with the company?

TABLESr. No. Category No. of Respondents Percentage

1 Yes 42 60%2 No 28 40%


GRAPH


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Interpretation


60% respondents are satisfied with their insurance company.

40% respondents are not satisfied with their insurance company.

14. Do you know about HDFC Standard Life Insurance recruitment policies related to

financial consultant?

TABLESr. No. Category No. of Respondents Percentage

1 Yes 82 41%2 No 118 59%


GRAPH


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Interpretation


41% respondents are known about HDFC Standard Life Insurance recruitment policies

related to financial consultant.

59% respondents are not known about HDFC Standard Life Insurance recruitmentpolicies related to financial consultant.

15. Will you be interested to become Financial Consultant?

TABLE


1 Yes 60 30%2 No 140 70%


GRAPH


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Interpretation


30% respondents are interested to become financial consultant.

70% respondents are not interested to become financial consultant.

16. Would you like to earn an additional income through a business opportunity with

HDFC STANDARD LIFE?

TABLE

Sr. No. Category No. of Respondents Percentage1 Yes 54 90%2 No 6 10%


GRAPH


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Interpretation


90% respondents are interested to earn additional income.

10% respondents are not interested to earn additional income

CHAPTER 6: CONCLUSIONS & SUGGESTIONS

6.1 CONCLUSIONS:

HDFC Standard Life, the insurance arm of HDFC is expected to go on stream.

Promoted by HDFC & Standard Life, already has good number of employees

on board and is recruiting Financial Consultants heavily to take the headcount to

many more. It is on the brim of increasing its client through its attractive

schemes and offer.


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The project opportunities provided was market segmentation and identifying

prospective clients in potential geographical location and for recruiting them as

financial consultant so to explore new Business Opportunity. Through this

project, it could be concluded that people are not much aware about the various

benefit of being Financial Consultant that are currently prevailing in the

insurance industry.

Insurance was considered as unsought good which require hard core selling, but

in changing trend in income and people becoming financially literate, the

demand for insurance is increasing day by day. So, it is the company that first

approaches gets its share of reward. Proper after sale service can help the

advisors to generate more business. Gradually people are realizing the fact that

insurance is not a necessary evil but means to attain worry free life.

This activity much attracts unemployed people as for them a source of income

is a great help for developing their future. Companys promotional activities for

recruiting Financial Consultant are also very less.

So, at last the conclusion is that there is tough competition ahead for the

company from its major competitors in terms of number of Financial

Consultants.

Last but not the least I would like to thank HDFC SLIC for giving me an

opportunity to work in the field of Financial Consultant. I hope the company

finds my analysis relevant.


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6.2 SUGGESTIONS:

Finally some recommendations for the company are as follows:-

To make people aware about the benefit of becoming HDFC Standard

Lifes Financial Consultant, following activities of advertisement should

be done through

1. Print Media.

2. Hoarding & Banners.

3. Stalls in Trade Fares


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4. Distribution of leaflets containing details information.

5. Company can recruit sales promoters so that maximum information

can be provided to the potential client.

By showing additional and alternative income source along with various

schemes for Financial Consultant in the company so that more and more

FC can be recruited.

Free life cover for every active Financial Consultant.

Discounted rate premium for its family members.

Make people understand about the meaning of the IRDA authorization

and its validity.

Company should organize the program in the society, so that people will

be aware about the company

Separate time slot for Working Professionals, House Wives and Retired

people.

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

Company should open more branches in different cities


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CHAPTER 7: LIMITATIONS

Every work has its own limitation. Limitations are extent to which the process

should not exceed. Limitations of this project are:-

The project was constrained by time limit of two months.

Mindset of people may vary depending upon their age, gender, income

etc.

Getting appointment from the concern person was very difficult.


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People mind set about the survey was an obstacle in acquiring

complete information & positive interaction. Respondents were very busy in their schedule. So it was very time

taken in every

Questionnaire response by them.

ANNEXURES

1. QUESTIONNAIRE

QUESTIONNAIRE

Dear Sir/Madam,

I am a student of Jagannath International Management School and presently doing a

market survey MARKET RESEARCH ON FINANCIAL CONSULTANTS FOR HDFC-Name: ..

Address: ..

Contact No :( O) (M)

City: ...............Pin:.State: .


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SLIC, New Delhi. I request you to kindly fill the questionnaire below and I assure you that the

data generated shall be kept confidential.

.

1. Your Age: ____________________

2. Education Qualification.

Undergraduate

Graduate Post graduate

3. Marital Status.

Married

Single

No. of Children: __________

4. Number Of years in New Delhi

Less than five years

More than five years

5. Occupation.

Business

Profession

Service

(Please mention below the type of business/profession you are in incase of service please

mention your organization name and designation)


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6. Your annual household income.

than 8 lack

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

Yes

No

If yes, Name of the club /gymkhana_______________________________________

8. What is your perception about insurance sector?

Hard &lucrative

Hard but not rewarding

Smooth &rewarding

No idea

9. Do you know about HDFC SLIC?

Yes

No

10. Do you have any insurance policy?

Yes


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No

11. Name insurance company?

LIC ICICI

HDFC SLIC OTHERS

If others, please specify___________________________________________________

12. Do you hold any license of any insurance company?

Yes No

If yes, please specify which company________________________________________

Reason______________________________________________________________

13. Are you satisfied with the company?

Yes

No

Reason specify_________________________________________________________

14. Do you know about HDFC SLICs recruitment policies related to financial consultant?

Yes

No

15. Will you be interested to become financial consultant?

Yes

No


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16. Would you like to earn an additional income through a business opportunity with HDFC

STANDARD LIFE?

YES

NO

17. If yes, how many hours in a week can you commit for this business opportunity?

______________________________________________________________________

Date:

Place: Signature

Thank You

BIBLIOGRAPHY

1.BOOKS AUTHORS

Marketing Management (10th Edition) Philip Kotler Marketing Management (3rd Edition) V.S. Ramaswamy Research Methodology (2nd Edition)

Research Methodology

C.R.Kothary

S.P. Kasande

2. NEWS PAPERS

Times of India

Mint

3. WEBSITES

www.hdfcinsurance.com

www.irda.com


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www.hdfclife.com

www.moneycontrol.com
http://www.hdfclife.com/http://www.moneycontrol.com/http://www.hdfclife.com/http://www.moneycontrol.com/

Market Research on Financial Consultant for Hdfc-slic Final

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