A REP OR T ON I NTE RN SH IP

TAK EN IN
HDF C LIFE ST AN DARD LIFE
INS UR ANCE COM PANY LTD .

Submitted in par tial fulfillment of

r equir ement of
MASTER OF B USINESS ADMINISTRA TIO N
(M.B .A)
I.I.P .M., Bangalor e

Subm itted by :

Pri thwir aj D eb

SS -08- 10

I.D No : B 0810SS10032
 Ackno wledgement

Fir st of all I would lik e to thank the mana gement in HDFC

Standar d Lif e Insur ance Company for giving me the
oppor tuni ty to do my 45 day s inter nship and pr oject tr aining
in their esteemed or ganiza tion. I am highl y obliged to Mr.
Manish Dihingia (Sales De velopmen t Mana ger) f or all owing me
to w or k under him.

My hear tf elt thanks go to all the executiv es who helped me

gain kno wledge about the actual wor king and the pr ocesse s
in volv ed in mar ket a tmospher e.

I also expr es s my g ratitude to the administr ation and the

SMG depar tment at II PM for giving me the oppor tunity to get
a fir sthand e xperience of the mar ket.

Conte nt
1.INTRODUCTION TO THE COMPANY
• HDFC Standard Life Insurance Company Ltd
• HDFC Standard Life Insurance Parentage
➢ HDFC LTD
➢ STANDARD LIFE GROUP
• Corporate Objective
➢ Vision
➢ Mission
• Key Strengths of HDFC Life Insurance
➢ Financial Expertise
➢ Range of solutions
➢ Track record so far

2. PR ODUCTS OF HDFC LIFE INSURANCE

3.JOB PROFILE
4. S.W.O.T ANALYSIS
5. CONCL US IO N
6. LE AR NI NG
7. BIBI LOGRAPH Y
 COMPAN Y PROFILE OF H DFC
STAN DARD LIFE INSU RAN CE
ABOUT HDFC Standar d Lif e Insur ance
Company Ltd
HDFC Standar d Lif e Insur ance Company Ltd. is one of India's
leading priva te insur ance companies, whic h of fer s a range of
individual and g roup insur ance solutions. It is a joint ventur e
betw een Housing De velopment Finance Cor por ation Limited
(HDFC Ltd.), India's leading housing finance institution and a
Gr oup Company of the Standar d Li fe, UK. HDFC as on
December 31, 2007 holds 72.38 per cent of equity in the joint
ventur e.

HDFC Standar d Lif e Insur ance P ar enta ge

HDF C Lim ite d
HDFC Ltd. was incor por ated in 1977 with the primar y
objectiv e of meeting a social need - tha t of pr omoting home
owner ship by pr oviding long-ter m finance to households for
their housing needs. HDF C was pr omoted with an initial shar e
ca pital o f R s. 100 million.

T he primar y objectiv e of HDFC is to enhance residen tial

housing stoc k in the countr y thr ough the pr ovi sion of housing
finance in a systema tic and pr of essional manner , and to
pr omote home owner ship . Anothe r objectiv e is to incr ease
the flo w of r esou rces to the housing sec tor by inte g rating the
housing finance secto r with the over all domestic financial
mar ket s.
T he Standa r d Lif e Gr oup C ompany
Standar d Lif e is a major asset man a ging g roup with ar ound 7
million custome r s. Standar d Li fe plc has ar ound 1.5 million
shar eholde r s in over 50 countries. Standar d Li fe Inves tments,
as at 31 December 2008, mana ges £123.8 billion of asset s
(figur e unaudited).

Inspir ed by li fe, they ar e kno wn to pr ovide meaningful

solution s, fle xibility and suppor t to build their customer s'
confidence in their futur e w ealth and w ellbeing .

Co r por ate Objec ti ve

V isio n:
“T he most successful and admir ed li fe insur ance company ,
whic h mean tha t we ar e the most tr usted company , the
easies t to deal with, of fer the best value of money , and set
the standar ds in the industr y.”

Missi on:
To be the top new lif e insur ance company in the mar ket. T his
does not just mean being the lar gest or the most pr oductiv e
company in the mar ket, rathe r it is a combina tion of se veral
things lik e-
• Cus tomer se r vice of the highest or der
• Value f or money f or cus tomer s
• Pr of essionalism in car r ying out business
• Inno va tiv e pr oducts to ca ter to di f fer ent needs of
dif fer ent customer s
• Use o f tec hnolog y to impr ove se r vice standa r ds
 • Incr easing mar ket shar e

Key Str engths of HDFC Lif e Insur ance

Financial Exper tise

As a joint ventur e of leading financial ser vices g roup s, HDFC

Standar d Lif e has the financial e xper tise requir ed to mana ge
the customer’ s long-ter m in vestmen ts saf el y and e f ficientl y.

Range o f Solutions

HDFC Standar d Lif e Insu rance has a range of individual and

g roup solution s, whic h can be easil y customi sed to specific
needs. T he various g roup solutions ha ve been designed to
of fer the customer complete fle xibility combined with a lo w
char ging s tr uctur e.

Trac k R ecor d so f ar

Gros s pr emium income, for the year ending Mar ch 31, 2008
stood at Rs. 4,859 cr or es and new busines s pr emium income
stood a t Rs. 2,685 cr or es.

T he company has co ver ed over 9, 59,000 liv es year ending

Mar ch 31, 2008.

T he company was also aw ar ded the Cor por ate Citiz en of the
year Aw ar d for its long-standing commitment to community
de velopment .
 PR ODUCTS OF HDFC LIFE INSURANCE

T he variou s of ferings of HDFC SL Insur ance can be classified

into f iv e major pr oducts:

• Individual P roducts
• Gr oup P roduct s
• Rur al P roducts
• Social P roducts
• Tax Benefits

In the se, I, as a tr ainee was dealing with Individual Pr oducts .

T he variou s pr oducts and plans under thi s ca te gor y ar e:

1. Pr otection P lans
➢ Ter m assu rance Plan
➢ Loan Co ver T er m Assu rance Plan
➢ Home Loan Pr otection P lan

2. In vestment P lans
➢ Sing le Pr emium W hole Of Li fe Plan
➢ Unit Lin ked W ealth Maximi zer P lan

3. Pension Plans
➢ Per sonal P ension Plan
➢ Unit Lin ked P ension II
➢ Unit Lin ked P ension Maximiz er II

4. Health P lans
➢ Cri tical Car e P lan
➢ Sur giCar e P la n
 5. Sa vings P lans
➢ Endo wment As sur ance P lan
➢ As sur ance P lan
➢ Sa vings Assur ance Plan
➢ Childr en ’s Plan
➢ Money Bac k Plan
➢ Unit Lin ked Endo wment Plus II
➢ Unit Lin ked Y oung Star
➢ Unit Lin ked Y oung Star I I
➢ Unit Lin ked y oung Star Champion
➢ Unit Lin ked Enhanced Lif e Pr otection II
➢ SimpliLi fe

In the abo ve mentioned plans, I, in par ticula r l y, was dealing

with :

1. Unit Lin ked P ension II

2. Endo wment As sur ance P lan
3. Money Bac k Plan
4. Unit Lin ked Y oung Star I I
5. Childr en ’s Plan
6. Home Loan Pr otection P lan
 JO B PR OFILE

T he job pr ofile tha t I was as signed with was tha t of a

Financial Consultant (F.C .). I was requir ed to help anal yz e
custome r s’ financial needs along with pr oviding customiz ed
financial solutions to eac h customer individuall y. As a
Financial Consultant, I was requir ed to conduct reviews on a
re gular basis to k eep customer s on tr ac k.

A Financial Consultant, accor ding to IRD A (I nsu rance

Re gula to r y And De velopment Authorit y), is one who acts on
the behalf of a par ticular insur ance company and who is
remuner ated by way of commission s on the pr emium paid
under policies pr ocur ed thr ough his ef for ts. He is the main
component of the distribu tion channel for the insur ance
busines s.

As a Financial Consultan t, I w as r equir ed to do the f ollo wing:

• Contac t pr ospect s for lif e insur ance , stud y their needs

and per suade them to buy . (Leads usuall y giv en by the
company and mostl y I was requir ed to go on calls along
with my SDM).
• Complete all rela ted for malitie s, inc luding filling up
pr oposal for ms, collecting pr emium, ar ranging medical
examina tion, collecting pr oo fs of a ge and income,
repor ts and other inf or ma tion requir ed by the
underw riter . (T his was wha t I mostl y used to do as a
tr ainee).
 S.W .O.T AN ALYSIS O F HDF C SL
INS UR ANCE
STRE NGT H
1. Domes tic ima ge of HDFC suppo r ted by Standar d Lif e’s
inter na tional ima ge is str eng th of the company .
2. Str ong and well spr ead netw or k of qualified
inter media ries and sale s per son.
3. Str ong ca pital and r eser ve base.
4. T he company pr ovides customer ser vice of the highes t
or der .
5. Huge bask et of pr oduct range whic h ar e suita ble to all
a ge and income g roups.
6. Lar ge pool of tec hnicall y skilled manp ower with in depth
kno wledge and under standing of the mar ket.
7. T he company also pr ovide s inno va tiv e pr oducts to ca ter
to di f fer ent needs o f dif fer ent customer s.

WE AK NESS
1. Hea vy mana gement e xpenses and administr ativ e costs.
2. Lo w custome r confidence on the priva te play er s.
3. Ver tical hier ar chical repor ting str uctu re with many
designa tion s and cadr es leading to power politics at
all le vels without any e xception.
4. Poor r etention per centa ge of tied up a gents.
OPP OR TUN ITIES
1. Insur able popula tion : Accor ding to IRD A onl y 10% of the
popula tion is insur ed whic h repr esent s ar ound 30% of
the insur able popula tion. T his sug gest s mor e than 300m
people, with the potential to buy insur ance, remain
uninsur ed.
2. T her e will be in flo w of mana gerial and financial
exper ti se from the wor ld’ s leading insur ance mar kets.
Fur the r the bur den of educa ting consumer s will also be
shar ed among many play er s.
3. Inter na tional companies will help in building wor ld class
exper ti se in local mar ket by intr oducing the best global
pr actice s.

TH REA TS
1. Other priva te insur ance companies also vying for the
same uninsur ed popula tion.
2. Big public sector insur ance companies lik e Lif e
Insur ance Cor por ation (L IC) of India, National Insu rance
Company Limited, Oriental Insur ance Limited, New India
As sur ance Company Limited and United India Insur ance
Company Limited. People tr ust and go to them mor e.
3. Poac hing o f cus tomer base by other companies.
4. Mos t people don ’t under stand the need or ar e not willing
to tak e insur ance policies in gener al.
 CONCL USI ON
T he India Insur ance Mar ket despite ha ving a highl y ela bor ate
histo r y spanning almost tw o centuries, has come of a ge onl y
in the last 50 year s after the for ma tion of the Lif e Insur ance
Cor po ration (L IC) of India in 1956 and the entr y of priv ate
companies into the mar ket f rom the l ate 90’ s and ear l y 2000.

T he fact tha t onl y 10% of the 30% insur able popula tion is
insur ed i.e., mor e than 300m people, with the potential to buy
insur ance, remain uninsur ed speaks of the volume of scope
this field has for young g radua tes and pr of essional s who can
tak e up car eer s in the insu rance sector .

As people get mor e educa ted about the need of ha ving

insur ance especiall y during times lik e this, a car eer in the
insur ance sector is both r ew ar ding as w ell as c hallenging.

With a huge population base and large untapped market, insurance

industry is a big opportunity area in India for national as well as
foreign investors. India is the fifth largest life insurance market in the
emerging insurance economies globally and is growing at 32-34%
annually. This impressive growth in the market has been driven by
liberalization, with new players significantly enhancing product
awareness and promoting consumer education and information. The
strong growth potential of the country has also made international
players to look at the Indian insurance market. Moreover, saturation of
insurance markets in many developed economies has made the Indian
market more attractive for international insurance players, according
to 'Booming Insurance Market in India (2008-2011)”.
 LEA RN ING
Well the main lear ning tha t I took from my shor t stint as a
tr ainee at HDFC Standar d Li fe Insur ance can be divided into
tw o par ts.

T he fir st par t contains my stint as a sale sman (an F.C . is a

salesman in most way s) wher ein I came to lear n about the
tough na tur e of the job pr ofile (any sales job in gener al), ho w
muc h per sua siv e we ha ve to be if we ar e to be successful in
any sales pr oces s and ho w muc h one has to do f ollo w-ups and
br oaden his social contacts in or der to ha ve a competitiv e
edge o ver his competitor s.

T he second aspect of lear ning tha t I had was mor e on soft

skills. I came to lear n the value of pa tience when things get
tough, a brie f idea on ho w to open and close- in a call and
also h ow to gener ate a need f or my pr oduct.

Apar t fr om tha t, thi s shor t tenur e also helped me to get an

idea of the pr esent mar ket conditions.

BI BIL OGR AP HY
1. www .hdfcinsu rance.com
2. www .wikipedia.com
3. Text book for pr e-r ecr ui tment examina tion for li fe
insur ance a gents pr esc ribed by IRD A.