A

Project Study Report

On

Submitted in partial fulfillment for the

Award of Degree of
Master of Business Administration

Guided by:Gaurav Bissa

DMT(associate professor)

Submitted By:
KapilGodara
MBA- 4th semester

Engineering College Bikaner

(An Autonomous Institution of Govt. of Rajasthan)
1

Karni Industrial Area, Pugal Road, Bikaner

DECLARATION
Hereby I declare that the project report entitled HDFC STANDARD Life InsuranceSAR UTHA KE JIYO submitted for the degree of master of business administration
is my original work and the project report has not formed the basis for the award of
any diploma, degree associate ship, fellowship or similar other titles.
It has not been submitted to any other university or institution for the award of any
degree or diploma.

Place:

Kapil Godara

Date:

MBA 4th Sem.

CERTIFICATE

This is certified that Mr. KapilGodara, student of Master of Business Administration,

Fourth Semester of Engineering College,Bikaner has completed his Project report on
the topic of HDFC STANDARD Life Insurance-SAR UTHA KE JIYO under
supervision of GauravBissa(Associate Professor , DMT).
To best of my knowledge the report is original and has not been copied or submitted
anywhere else. It is an independent work done by him.

Dr. GauravBissa
Associate Proffesor, DMT

PREFACE
The liberalization of the Indian insurance sector has been the subject
of much heated debate for some years. The policy makers where in the
catch 22 situation wherein for one they wanted competition, development
and growth of this insurance sector which is extremely essential
for channeling the investments in to the infrastructure sector. At the other end the
policy makers had the fears that the insurance premium, which are
substantial, would seep out of the country; and wanted to have a cautious
approach of opening for foreign participation in the sector. As one of the rare
occurrences the entire debate was put on the back burner and the IRDA
saw the day of the light thanks to the maturing polity emerging consensus among
factions of different political parties. Though some changes and some
restrictive clauses as regards to the foreign participation were included the
IRDA has opened the doors for the private entry into insurance. Whether the insurer
is old or new, private or public, expanding the market will present multitude of
challenges and opportunities. But the key issues, possible trends, opportunities and
challenges that insurance sector will have still remains under the realms of the
possibilities and speculation. What is the likely impact of opening up Indias
insurance sector?
The
large
scale of
operations,
public
sector
bureaucracies
and cumbersome
procedures
hampers
nationalized
insurers.
Therefore, potential private entrants expect to score in the areas
o f customer service, speed and flexibility. They point out that their entry will mean
better products a n d c h o i c e f o r t h e c o n s u m e r. T h e c r i t i c s c o u n t e r t h a t
t h e b e n e f i t w i l l b e s l i m , b e c a u s e n e w players will concentrate on
affluent, urban customers as foreign banks did until recently. This s e e m s
t o b e a l o g i c a l s t r a t e g y. S t a r t - u p c o s t s - s u c h a s t h o s e o f
s e t t i n g u p a c o n v e n t i o n a l distribution network-are large and highend niches offer better returns. However, the middle-market segment too
has great potential. Since insurance is a volumes game. Therefore, private
insurers would be best served by a middle-market approach, targeting customer
segments that are currently untapped.

ACKNOWLEDGEMENT
An individual cannot do project of this scale. I take this opportunity to express my
acknowledgement and deep sense of gratitude to the individuals for rendering
valuable assistance and gratitude to me. Their inputs have played a vital role in
success of this project.
I express my sincere thanks to my project guide Gaurav Bissa, Designation Faculty,
Department of Management Technology Engineering College, Bikaner for her
generous support, constant direction and mentoring at all stages of project and was
a real source of help and assistance to me during the course of project.
It gives me immense pleasure to thank all those who had helped me directly or
indirectly to complete this Dissertation Report.

Kapil Godara

EXECUTIVE SUMMARY

HDFC Standard Life insurance is the oldest life insurance company in the world.It is
largest company in the UK and is the 28 largest company in the world. In India,the the
company is marketing Life Insurance product and Unit Iink Investment plans.From
my research at HDFC SLIC I found that company has a lot of competetion from other
private insurer like ICICI, Aviva, Birla Sun Life, TATA AIG. It is also faces
Competetion from LIC. To complete effectively HDFC SLIC could launch cheaper
and more reasonable product with small premiums and short policy term(the number
of years premium is to be paid ). The ideal would be between Rs. 5000 Rs.25000 and
ideal policy term would be 10-20 years.
HDFC must advertise regularly and create brand value for its product and services.
most of competitors like Aviva, ICICI, MAX, Reliance and LIC use television
advertisments to promote their products.The indian consumer has a false perception
about insurance they feel that It would not benefit them if they do not live through
the policy term .now days however, most Unit linked plans where a customer is
benefitted even if their death does not occur during the policy term.This message
should be conveyed to potential customers so that they readily invest in insurance.
Famaily responsibity and high returns are the two main reasons people invest in
insurance. Optimum returns of 16 20 % must be provide to counsumer to keep them
intrested in purchasing insurances.
On the whole HDFC Standerd life Insurance is a good place to work at. Every new
recurite provided with extensive training on Unit Linked Funds,Financial instruments
and product of HDFC. This training enable an advisor/sales manager to market the
policy better. HDFC was 13 ranked in the best places to work survey. The company
6

should try to create awareness about itself in india. In the globle market it is already
popular. With an improvement in the sales techniques used, a fair bit of advertising
and modification to the existing product portfolio, HDFC would be all set capture the
insurance market in india as it has around the globe.

TABLE OF CONTENTS

1. Introduction to the industry.

2. Introduction to the organisation
3. Research Methodology:
3.1 Title of the study.
3.2 Duration of the project.
3.3 Objective of study.
3.4 Type of research.
3.5

Sample size and method of selection.

3.6

Scope of study.

3.7

Limitation of study.

4. Facts and findings.

5. Analysis and interpretation .
6. SWOT.
7. Conclusion.
8. Recommendation and suggestion.
9. Appendix.
10.Bibliography.

1. INTRODUCTION
OVERVIEW OF INSURANCE SECTOR:
Insurance =Collective Barning of Risk .
Basic human traits is to be averse to the idea of risk taking.
insurance, whether life or non life, provides people with a reasonable degree of
security and assurance that they will be protected in the event of a calamity of
failure of any sort.
Five environmental variables that affect all industry.
Customer
competitors
Govt.
Technology
Globalization are forcing rapid changes in the service sector.

ORIGIN AND GROWTH OF INSURANCE SECTOR

Insurance in modern form originated in the Mediterranean during the 13
century.(The earliest references to insurance-found in Babylonia, the Greek and
the Romans).
Marine insurance is the oldest form of insurance followed by life insurance and
Fire Insurance
The history of life insurance in india dates backto 1818 when it was conceived
as a means to provide for english widow.
A higher premium was charged for indian lives than the non indian lives
(Considering to be more riskier for coverage).
Oriental life insurance was incorporated at Calcutta in 1818,followed by
Bombay life Assurance Company in 1823 and Triton insurance company for
General insurance in 1850.By 1938 there were 176 insurance companies.
insurance regulation formally began in india through the passing of two acts
The life insurance company Act of 1912 and
.The provident fund Act of 1912.
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 However the first Comprehensive legislation was introduced with the

insurance Act of 1938 that the provide strict state control over insurance
business in the country.
The business of India insurance grew at a faster place as competition
amongst the Indian companies intensified.
The decision of nationalization of life insurance business took place in
1956 when 245 Indian and foreign insurance provident societies were
first merged and the nationalization.
It paved the way towards the established of one nationalized monopoly
corporation called life insurance corporation (LIC).
General Insurance Followed suit and 1968;
the insurance act was amended to allow for social control over the
general insurance business.
Subsequently in 1973, non life insurance business was nationalized and
the General insurance business Act 1972 was promulgated.
Till end of FY 1999-2000,two state-run insurance company namely life
Insurance

Corporation(LIC)

and

General

insurance

corporation

(GIC)were the monopoly insurance providers in India.

Under GIC there were four subsidiaries

National insurance company Ltd.

Oriental Insurance company Ltd.
New India Assurance Company Ltd.
United india Assurance Company Ltd.

INSURANCE SECTOR REFORMS

In 1993 , malhotra committee headed by former finance secretary and RBI
Governor R.N. Malhotra was formed.
9

 To evaluate the Indian insurance industry and recommended its future

direction.
The malhotra committee was set up with the objective of complementing the
reforms invited in the financial sector.
The reforms were aimed at
Creating a more efficient and competitive financial system suitable for the
requirements of the economy.
keeping in mind the structural changes currently under way and
Recognizing that insurance is an important part of the overall financial system
where its was necessary to address the need for similar reforms.
Reforms in the Insurance sector were initiated with the passage of the IRDA Bill in
Parliament in December 1999. The IRDA since its incorporation as a statutory body in
April 2000 has fastidiously stuck to its schedule of framing regulations and registering
the private sector insurance companies. Since being set up as an independent statutory
body the IRDA has put in a framework of globally compatible regulations.
The other decision taken simultaneously to provide the supporting systems to the
insurance sector and in particular the life insurance companies was the launch of the
IRDA online service for issue and renewal of licenses to agents. The approval of
institutions for imparting training to agents has also ensured that the insurance
companies would have a trained workforce of insurance agents in place to sell their
products.

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

are:
1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate
the life

insurance business.
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1928: The Indian Insurance Companies Act enacted to enable the government to
collect statistical

information about both life and non-life insurance businesses.

1938: Earlier legislation consolidated and amended to by the Insurance Act with the
objective of protecting the interests of the insuring public.
1956: The market contained 154 Indian and 16 foreign life insurance companies.

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

are:
1907: The Indian Mercantile Insurance Ltd. set up, the first company to transact all classes
of general insurance business.
1957: General Insurance Council, a wing of the Insurance Association of India, frames a
code of conduct for ensuring fair conduct and sound business practices.
1968: The Insurance Act amended to regulate investments and set minimum solvency
margins and the Tariff Advisory Committee set up.
1972: The General Insurance Business (Nationalization) Act, 1972 nationalize the general
insurance business in India with effect from 1st January 1973. 107 insurers
amalgamated and grouped into four companies viz. the National Insurance
Company Ltd., the New India Assurance Company Ltd., the Oriental Insurance
Company Ltd. and the United India Insurance Company Ltd. GIC incorporated
as a company.

Insurance Regulatory and Development Authority

Reforms in the insurance Sector were initiated with the passes of the IRDA Bill in
Parliament in December 1999. The IRDA Since its incorporation as a statuatory body

11

in April 2000 has fastidiously such to its schedule of framing regulation and
registering the private sector insurance company.
The pther for decision taken simultaneously to provide the supporting system to the
insurance sector and in particular the life insurance company was the launch of the
IRDA online service for issue and renewal of licenses of agents.

MAJOR PLAYERS IN THE INSURANCE INDUSTRY IN INDIA

Life Insurance Corporation of India (LIC)
Life Insurance Corporation of India (LIC) was established on 1 September 1956 to
spread the message of life insurance in the country and mobilise peoples savings for
nation-building activities. LIC with its central office in Mumbai and seven zonal
offices at Mumbai, Calcutta, Delhi, Chennai, Hyderabad, Kanpur and Bhopal,
operates through 100 divisional offices in important cities and 2,048 branch offices.
LIC has 5.59 lakh active agents spread over the country.
In 1995-96, LIC had a total income from premium and investments of $ 5 Billion
while GIC recorded a net premium of $ 1.3 Billion. During the last 15 years, LIC's
income grew at a healthy average of 10 per cent as against the industry's 6.7 per cent
growth in the rest of Asia (3.4 per cent in Europe, 1.4 per cent in the US).

General Insurance Corporation of India (GIC)

The general insurance industry in India was nationalized and a government company
known as General Insurance Corporation of India (GIC) was formed by the Central
12

Government in November 1972. With effect from 1 January 1973 the erstwhile 107
Indian and foreign insurers which were operating in the country prior to
nationalization, were grouped into four operating companies, namely, (i) National
Insurance Company Limited; (ii) New India Assurance Company Limited; (iii)
Oriental Insurance Company Limited; and (iv) United India Insurance Company
Limited. (However, with effect from Dec'2000, these subsidiaries have been de-linked
from the parent company and made as independent insurance companies).

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

directly through branches or agencies and in 14 countries through subsidiary
and associate companies.

HDFC Standard Life Insurance Company Ltd.

HDFC Standard Life Insurance Company Ltd. is one of Indias leading private life
insurance companies, which offers a range of individual and group insurance

13

solutions. It is a joint venture between Housing Development Finance Corporation

Limited (HDFC Ltd.), Indias leading housing finance institution and The Standard
Life Assurance Company, a leading provider of financial services from the United
Kingdom. Their cumulative premium income, including the first year premiums and
renewal premiums is Rs. 672.3 for the financial year, Apr-Nov 2005. They have
managed to cover over 11,00,000 individuals out of which over 3,40,000 lives have
been covered through our group business tie-ups.

Max New York Life Insurance Co. Ltd.

Max New York Life Insurance Company Limited is a joint venture that brings together
two large forces - Max India Limited, a multi-business corporate, together with New
York Life International, a global expert in life insurance. With their various Products
and Riders, there are more than 400 product combinations to choose from. They have
a national presence with a network of 57 offices in 37 cities across India.

ICICI Prudential Life Insurance Company Ltd.

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a
premier financial powerhouse and prudential plc, a leading international financial
14

services group headquartered in the United Kingdom. ICICI Prudential was amongst
the first private sector insurance companies to begin operations in December 2000
after receiving approval from Insurance Regulatory Development Authority (IRDA).
The company has a network of about 56,000 advisors; as well as 7 banc assurance and
150 corporate agent tie-ups.

Om Kotak Mahindra Life Insurance Co. Ltd.

Kotak Mahindra Old Mutual Life Insurance Ltd. is a joint venture between Kotak
Mahindra Bank Ltd. (KMBL), and Old Mutual plc.

Birla Sun Life Insurance Company Ltd.

Birla Sun Life Insurance Company is a joint venture between Aditya Birla Group and
Sun Life financial Services of Canada.
Tata AIG Life Insurance Company Ltd.
SBI Life Insurance Company Limited
ING Vysya Life Insurance Company Private Limited
Allianz Bajaj Life Insurance Company Ltd.
Metlife India Insurance Company Pvt. Ltd.
AMP SANMAR Assurance Company Ltd.
Dabur CGU Life Insurance Company Pvt. Ltd.
15

1.Bajaj Allianz General Insurance Company Limited

Bajaj Allianz General Insurance Company Limited is a joint venture between Bajaj
Auto Limited and Allianz AG of Germany. Both enjoy a reputation of expertise,
stability and strength. Bajaj Allianz General Insurance received the Insurance
Regulatory and Development Authority (IRDA) certificate of Registration (R3) on
May 2nd, 2001 to conduct General Insurance business (including Health Insurance
business) in India. The Company has an authorized and paid up capital of Rs 110
crores. Bajaj Auto holds 74% and the remaining 26% is held by Allianz, AG,
Germany.

2.ICICI Lombard General Insurance Company Limited

ICICI Lombard General Insurance Company Limited is a joint venture between ICICI
Bank Limited and the US-based $ 26 billion Fairfax Financial Holdings Limited.
ICICI Bank is India's second largest bank, while Fairfax Financial Holdings is a
diversified financial corporate engaged in general insurance, reinsurance, insurance
claims management and investment management. Lombard Canada Ltd, a group
company of Fairfax Financial Holdings Limited, is one of Canada's oldest property
and casualty insurers. ICICI Lombard General Insurance Company received
regulatory approvals to commence general insurance business in August 2001.

3. TATA AIG General Insurance Company Ltd.

Tata AIG General Insurance Company Ltd. is a joint venture company, formed from
the Tata Group and American International Group, Inc. (AIG). Tata AIG combines the

16

strength and integrity of the Tata Group with AIG's international expertise and
financial strength. The Tata Group holds 74 per cent stake in the two insurance
ventures while AIG holds the balance 26 per cent stake.
Tata AIG General Insurance Company, which started its operations in India on January
22, 2001, offers the complete range of insurance for automobile, home, personal
accident, travel, energy, marine, property and casualty, as well as several specialized
financial lines.
4. Reliance General Insurance Company Limited.
5. IFFCO Tokio General Insurance Co. Ltd
6. Export Credit Guarantee Corporation Ltd.
7. HDFC-Chubb General Insurance Co. Ltd.

2.COMPANY PROFILE

About the Company

17

HDFC Standard Life Insurance Company is a joint venture between HDFC

Limited and Standard Life Insurance Company of United Kingdom. It was the first
private life insurance company to set shop in India and started its operations in late
2000.
HDFC Limited is a leader in Indias housing finance industry and has been in
operations since 1977. It has more than 270 offices and services more than 2400 cities
across India. The World Bank has praised HDFC as a model housing finance company
for the developing countries. The UK based Standard Life Group is an insurance and
investment industry specialist with a history dating back to the last decade and an
international presence. It manages assets of more than 156bn pounds globally.
HDFC Standard Life Insurance alone has 568 branches and reaches out to
customers in 700 cities in India. This along with the partnerships with group
companies like HDFC Bank and HDFC Limited give it an enviable reach among the
private life insurance companies. The company also has entered into tie-ups with
Sarswat Bank and Indian Bank to sell their insurance products through their network.
The companys advertisement campaign of Sar Utha ke Jiyo was a successful one
which did strike a chord in the Indian consumer minds. The company offers a healthy
mix of traditional and unit linked products which cater to protection, savings, pension,
investment and health requirements of individuals.
HDFC Standard Life Insurance Company is one among the leading private insurance
companies in India. Wide range of individual as well as group insurance schemes is
offered by this insurance company. This company is a joint venture of Housing
Development Finance Corporation (HDFC) limited and the Group Company of
the standard life in United Kingdom. HDFC is one of the top housing finance
institutions in India. The percentage of equity held by HDFC stood up to 72.38% as
on 31st December 2007.
Since HDFC Standard Life Insurance is a joint venture company, it has a very good
financial expertise that is required for the management of the long term investments of
18

the policy holder in a safe and efficient manner. There are various solutions for both
individual as well as group that can be customized easily according to the
requirements. A complete flexibility along with the low charging structure is offered
under group solutions of this life insurance company.
The track record of HDFC Standard Life Insurance is as follows. The gross
premium income according to 31st march 2008 was about Rs.4859 crores and the
premium income of new business was about Rs.2685 crores. Over 9, 59,000 lives
were covered under the various insurance plans of this insurance company by the end
of 31st march 2008.

19

STANDARD LIFE

Standard Life is Europes largest mutual life assurance company. Standard Life, which
has been in the life insurance business for the past 175 years is a modern company
surviving quite a few changes since selling its first policy in 1825. The company
expanded in the 19th century from kits original Edinburgh premises, opening offices in
other towns and acquitting other similar businesses.
Standard Life Currently has assets exceeding over 70 billion under its management
and has the distinction of being accorded AAA rating consequently for the six years
by Standard and Poor.

SNAPSHOT
Founded in 1875, company supporting generation for last 179 years.
Currently over 5 million Policy holders benefiting from the services offered.
Europes largest mutual life insurer.

JOINT VENTURE

20

HDFC Standard Life Insurance Company Limited was one of the first companies to
be granted license by the IRDA to operate in life insurance sector. Reach of the JV
player is highly rated and been conferred with many awards. HDFC is rated AAA
by both CRISIL and ICRA. Similarly, Standard Life is rated AAA both by Moodys
and Standard and Poors. These reflect the efficiency with which HDFC and Standard
Life manage their asset base of Rs. 15,000 Cr and Rs. 600,000 Cr. respectively.
HDFC Standard Life Insurance Company Ltd was incorporated on 14 th August 2000.
HDFC is the majority stakeholder in the insurance JV with 81.4% staple and Standard
of as a staple 18.6% .
HDFC Standard Life Insurance Company Ltd. Is one of Indias leading Private Life
Insurance Companies, which offers a range of individual and group insurance
solutions. It is a joint venture between Housing Development Finance Corporation
Limited (HDFC Ltd.) Indias leading housing finance institution and the Standard Life
Assurance Company, a leading provider of financial services from the United
Kingdom. Both the promoters are will known for their ethical dealings and financial
strength and are thus committed to being a long-term player in the life insurance
industry- all important factors to consider when choosing your insurer.
Both the pramoters are well known for their ethical dealings and financial strenth and
are thus commited to being a long-yerm player in the life insurance industry.

PRODUCT SCOPE
HDFC Standard life offer a bouquet is insurance solution to every need caters to both,
individuals as well as to company looking to provide benefit to their employee.
21

The product of the company are categorized into various section which are as follow:

.INDIVIDUAL PRODUCTS
GROUP PRODUCTS
RURAL PRODUCTS
SOCIAL PRODUCTS
TAX BENEFITS

For individuals, HDFC has a range of protection ,investment, pension, and Saving
plans that assist and nature dream part from providing protection. Customer can
choose from a range of products to suit his life stage and needs.
For organizations, HDFC Standard life has a lot of customized solution that range
from Group term insurance, Gratuity, leave Encasement and superannuations product.
These affordable plans apart from providing long term value to the employees help in
enhancing goodwill of the company.
INDIVIDUALS PRODUCTS
1. HDFC Childrens Plans.
2. HDFC Endowment Assurance plans,
3. HDFC Long Cover Term Assurance Plans,
4. HDFC Money Back Plans,
5. HDFC Personal Pension Plans,
6. HDFC Single Premium Whole of Life Plans,
7. HDFC Term Assurance Plans,
8. HDFC Unit Linked Endowment Plans,
9. HDFC Unit Linked Pension plans,
10. HDFC Unit Linked Pension Plus,
11. HDFC Unit Linked Young Star,
12. HDFC Unit Linked Young Star plus.
At HDFC Standard life realize that not everyone has the same kind of needs.
keeping in this mind, varied range of products that the customer can choose from
the suit of needs. These will help secure customer future as well as the future of
family.

Protection Plans

22

Customer can protect his family against the loss of his income or the burden of
loan in the event of his unfortunate demise, disability or sickness. These plans
offer valuable peace of mind at as mall price.
HDFC Standard life protection range includes Term Assurance plans &Long C
Over Term Assurance Plans.

Investments Plans
HDFC Standard Life Single premium Whole of life plan is well suited to meet
long term investments needs. HDFC standard life Provides with attractive long
term return through regular bonuses.

Pension plans
HDFC Standard life Pension plans help secure financial independence even after
retirement, personal range includes Personal Pension Plans, Unit linked Pension
and Unit Linked Pension Plus.

Saving Plans
HDFC Standard Life saving plans offer flexible options to build saving for future
needs such as buying a dream of home or fulfilling childrens immediate and
future needs.

PRODUCT PORTFOLIO
HDFC Offers Products as per the life stages of the customers and their respective
needs.

23

Your insurance need will change as your life does from starting to work enjoying
your golden years and all of the stages in between.Each one of these stages may pose
adifferent insurance need cover for you in this section,we have drawn up basic life
stages and help you analyse various insurance needs accordingly.

Colobrations and Affiliations :

Subsidiary and Associate Companies

24

HDFC Bank
HDFC Mutual Fund
HDFC Standard Life Insurance Company
HDFC Chubb General Insurance Company Ltd.
Intel net Global Service Ltd.
Other Companies Co-Promoted by HDFC.

Head Offices and Branches:

Head office:

HDFC Standard Life Insurance Co.Ltd.

Trade Star, Second Floor,AWings,
Junction of kondivita and M.V.Road,
Andheri-Kurla,Road,
Andheri (East) Mumbai -400 059
Phone No. (Board) (022) 2822 0055/6751 6666
Fax no

--- 2822 9998/2822 22414

25

26

Organization chart

27

Future Plans
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'.

Values
Integrity
Innovation
Customer centric
People Care One for all
Teamwork
Joy and Simplicity

28

3.REASEARCH METHODOLOGY
3.1 TITLE OF THE STUDY:
STUDY ON FINANCIAL COUNSULTANT FOR HDFC SLIC
3.2 DURATION OF THE PROJECT:
1 Month
3.3 OBJECTIVES OF RESEARCH PROJECT:
PRIMARY OBJECTIVES:
a)

To recruit the more and more Financial consultant and to promote the
benefits those are provided by HDFC Standard life insurance to its
Financial Consultant.

b)

To study awareness of the HDFC Standard Life Insurance.

SECONDARY OBJECTIVES:
a)

To determine the need and purpose of Financial Consultant.

b)

To understand the deciding criteria for people to become Financial

Consultant.

c)

To offer suggestions based upon the finding.

PROJECT SCOPE:
a)

Market segmentation to find the potential consultants for HDFCSLIC.

b)

To customize benefit package for consultants and help them to

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

c)

Corporate marketing of this product.

All the finding obtained are based on the survey done in the working area within the
time limit. I tried to select the sample representative of the whole group during my
training. I have collected data from Chartered Accountants, Tax consultants ,
29

Business, Share Broker, Lawyers, Working professional, House wives, Retired

persons in Jaipur.

3.4 TYPE OF RESEARCH

Research Plan:
1. Preliminary investigation: In which data on the situation surrounding the
problem shall be gathered to arrive at.
a. The correct definition of problem.
b. An understanding of environment
2. Exploratory Study: To Determine the approximate area where the problem.

Research Design:
Research was initiated by examining the secondary data to gain insight into the
problem. By Analyze the secondary data, the study aim is to explore the short comings
of the present system and primary data will be help to vailidate the analyze the
secondary data besides on unrevealing area which calls for improvements.

Developing the Research plan:

The data for this research project has been collected though self administration. Due to
time limitation and other constraints direct personal interview method is used. A
structure questionnaire was framed as it is less time consuming, generates specific and
to information, easier to tabulate and interpret. more cover respondent give to direct
answer. In questionnaires open ended and close ended, both are type of questions has
been used.

30

Collection of data:

1.Secondary data: It was collect from internal sources .The secondary data was
collect on the basis of organizational file, official records, news papers , magazines.
Preserved information in the companies database and website of the company.
2. Primary data: All the chartered accountants, Tax counsultans, insurance agents
were personally visit and interview. They were the main sources of primary data. The
method of collection of primary data was direct personal interview through a structure
questionnaire.

31

3.5 SAMPLE SIZE AND METHODS OF SAMPLING:

Sampling planning:
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 accountanted, Tax consultants, professional and house
wives of Jaipur.
Sample technique: Random Sampling.
Research instruments: Structured questionnaire.
Contact method: Personal interviews.

Sample Size:
My sample size for this project was 200 respondents. Since it was not possible to
cover the whole area universe in the available time period, It was necessary for me to
take sample size of 200 respondents

32

STUDY ON FINANCIAL COUNSULTANT FOR HDFC SLIC

At HDFC Standard Life Insurance , I was assigned with the topic a Study on
Financial Counsultant For my project work.The selection of the topic was in order
to take know that how do these company generates business through them.
Financial counsultant are those resourse of a company who their own reletion and
personal contact among common public that they use to generate business through
Company has certain criteria to recruite these Financial Counsultant the steps are as
follows.
He should be at least 12 passed.
He should complete IRDA training.
He should clear IRDA exam.
He should through successfully the exam and training.

Some other criteria:

He should have good personal contact.
He should have convincing power.
He should be above 18 years old.
Once he through all these step of recruitment, he becomes the legal financial
consultant of the company and reserve the right to sale the policy to nay prospect
client also he is paid the commission the certain percentage. there are some reward
and tours packages also.

33

Work of Financial Consultant

The FC is interface between the customer and insurance company .The agent should
be able to accomplish the following service.
Assessing and analyzing the client risk profile.
Finding the best product or product available in the market.
Negotiating the best deal available.
Continuity of service throughout the period of insurance.

Benefits of Being a financial Consultant are as follow

1. Financial Consultant the right way to start career.
2. Easy way to start on career.
3. Flexible work timings, part time or full time:
4. Sunrise industry.

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% Indians
are not insured and therefore having a bright prospectus of progress of this sector
where I too would like to build my career and be a part of success story. The Financial
Consultant are another channel through which the company sales is policy .It is really
difficult to convince and sale a single policy but since these consultants have their
contact which they can sale 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
34

zone which becomes challenge for you and your responsibility becomes to solve the
critical situation or problem.

IMPORTANCE TO COMPANY
After interacting with companys marketing head I got to know that they have many
financial consultant but not getting the policies up to the expectation level of the
company. company is really is interested in knowing if there is any mistake or lacing
somewhere in process of recruiting and the criteria they have fixed for recruitment.
The ultimate purpose of giving me this topic was to revise its recruitment policy
process.

LEARNING FROM THE STUDY

The process of recruitment of HDFC STANDARD LIFE INSURANCE Ltd.
How is training given?
What are the criteria of selection?
The culture of insurance company particularly of HDFC.
What are the problem face by the financial consultant on daily basic?
How to convince and convert the prospectus client into real client?

35

3.7 LIMITATIONS:
Recruit consultant 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 support.

Every work has its own limitation .Limitation are extent to which the
process should not exceed. limitation are to this Project are:
1. The project was constrained by time limit of two month.
2.Mindset of people may very depending upon their

Age

Gender, Income etc.

3. Getting appointment from the concern person was very difficult.
4. People mindset about the survey was an obstacle in acquiring complete
information & positive interaction.
5. Respondents were very busy in their schedule .so it was very time taken in
every questionnaire response by them.

36

4. ANALYSIS AND INTERPRETATION

1. Your age?
TABLE
Sr. No.

Category

No.of Respondents

Percentage

18-25 YEARS

40

20%

26-35YEARS

70

35%

36-49 YEARS

60

30%

35-60YEARS

30

15%

Total

200

100%
Base 200 Respondents

Interpretation
From the table and graph above it can be seen that
20% respondents age are 18 to 23 years.
35% respondents age are 27 to 29 years.
37

 30% respondents age are 30 to 35 years.

15% respondents age are 35 to above years.

2. Marital Status:
TABLE
Sr.no.

Category

Married

Unmarried

No.of Respondents%

Total

140

70%

60

30%

200

INTERPRETATION
From the table and graph above it can be seen that
70% Respondents are married.
30% respondents are unm

38

100%

3. Educational Qualification
TABLE
S. No.

Catagory

No.of Respondents

Percentage

Under Grauduate

50

25%

Graduate

80

40%

Post Graduate

70

35%

Total

200

100%

Base of 200 Respondents

INTERPRETATION
From the table and graph above it can be seen that
25% respondents are undergraduate.
40% respondents are Gradua

4.Your Occupation?
39

TABLE
S.no.

Category

No. of Respondents

Percentage

Business

40

20%

Professionals

108

54%

Service

52

26%

Total

200

100%

Base of 200 Respondents

INTERPRETATION
From the table and graph above it can be seen that.
20% Respondents Occupation is Business.
26% Respondents Occupation is Profession.
54% Respondents Occupation is Service.

5. Are you willingness want to be FC for HDFC SLIC?

Table:

S.no
1
2

catagory

No of40Respondents

Percentage

S.No.

Category

No. of Respondent

Percentage

1.

Yes

11

6%

2.

No

189

94%
Base of 200 Respondent

A- Professionals ?
TABLE
S. No.

Category

No.of Respondents

Percentage

YES

5%

NO

38

95%

Total

40

100%

41