INTRODUCTION

India is the largest democracy in the world having a population of more than one billion. It is 5th largest in the world in terms of purchasing power parity (PPP). Indian GDP growth rate is over 6 percent per year on average for the last decade and saving rate is around 26 percent of GDP. Through India's economic development, it becomes the

molucrative insurance markets in the world. Before the year 1999 there were monopoly of state run Life Insurance Corporation of India (LIC), in life insurance sector and General Insurance Corporation of India (GIC), with its four subsidiaries in general sector. In the wake of reform process and passing Insurance Regulatory Development Act (IRDA) through Indian Parliament in 1999, Indian Insurance was opened for private companies. What is Life Insurance Insurance is a contract between two parties whereby one party called insurer undertakes in exchange for a fixed sum called premiums, to pay the other party happening of a certain event. Insurance is a protection against a financial loss arising on the happening of an unexpected event. Insurance Companies collect premium to provide for this protection. A loss is paid out of this premium collected from the insuring public. The Insurance Company act as a trustee to the

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amount collected through premium. Insurance is generally classified in three main categories, 1. Life Insurance, 2. Health Insurance and 3. General Insurance. To get insurance an individual or an organization can approach to an insurance company directly, through Insurance Agent of the concerned company or through Intermediaries. Benefits of Insurance Insurance is the instrument of Security, saving and peace of mind. It provides several benefits by paying a small amount of premium to an insurance company. Life Insurance has come a long way from the earlier days when it was originally conceived as a risk-covering medium for short periods of time, covering temporary risk situations, such as sea voyages. As life insurance became more established, it was realized what a useful tool it was for a number of situations, including. Temporary needs or threats: The original purpose of life insurance remains an important element, namely providing for replacement of income on death etc.

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Regular Savings: Providing for one's family and oneself, as a medium to long term exercise (through a series of regular payment of premiums). This has become more relevant in recent times as people seek financial independence for their family. Investment: Put simply, the building up of savings while safeguarding it from the ravages of inflation. Unlike regular saving products, investment products are traditionally lump sum investments, where the individual makes a one off payment. Retirement: Provision for later years becomes increasingly necessary, especially in a changing cultural and social environment. One can buy a suitable insurance policy, which will provide periodical payments in one's old age. All these events are fortuitous in nature they are out of the control of the family and more in the hands of the destiny. In order to reduce the aliments of risk existence of insurance is must. So the insurance ensures protection of economic value of assets or insured against the risk of being destroyed or made non functional due to any accidental occurrence. Insurance is used with reference to financial protection against a possibility of uncertainty such as fire accidental damages theft motor

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insurance household insurance travel insurance health insurance.

Life insurance is needed because of human life is a income generating assets. This asset can be last through unexpected death or made nonfunctional through sickness or disability caused by an accident there is no certainty that the accident will happen one other hand there is a certainty that death will happen but it's timing is uncertain.

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INDUSTRY PROFILE
The insurance was originated from the Babylonian civilization through the Code of Hammurabi dynasty in the year of 2100 B.C followed by Roman's and Greeks traders. The first insurance company was established in London. Lloyd's coffees house insurance developed rapidly with the growth of international commerce. The growth of insurance companies 1720-1735 formation of insurance companies in England 1787 S.C fire Insurance Corporation in New York city 1794 Philadelphian insurance company in Philadelphia 1840 first life insurance in Philadelphia 1897 workman's compensation act in Britain After 19th century several general companies and life insurance companies were formed with the several benefits, conditions, rules. Growth of Insurance in India In India insurance was started in 19th century before the passing the act of 1938 more then 50 companies participates in the insurance activities after passing an act 1938. All the companies are merged into a single company called life insurance Corporation of India in the year
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1999 the government of India passed new act called IRDA. act of 1999 this act regulate the insurance sector in India with the additional license to private sector companies with the deregulation of the insurance sector taking place several companies have entered into the Indian insurance market. The following are the companies including the LIC. 1. Life Insurance Corporation. 2. HDFC standard life. 3. Allianz Bajaj. 4. ICICI Prudential. 5. AVIVA (Dauber CGU) life insurance. 6. BIRLA sun life. 7. ING Vysya life. 8. MAX New York life. 9. Omkotak Mahindra. 10. SBI Life. 11. TATA AIG. 12. MetLife Insurance. 13. Reliance Life Insurance. 14. Sahara Life

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COMPANY PROFILE
INTRODUCATION HDFC standard life insurance company was started on 14th august 2000 and received a licence 23rd October 2000. The Partnership: HDFC and Standard Life first came together for a possible joint venture, to enter the Life Insurance market, in January 1995. It was clear from the outset that both companies shared similar values and beliefs and a strong relationship quickly formed. In October 1995 the companies signed a 3-year joint venture agreement. Around this time Standard Life purchased a 5% stake in HDFC, further strengthening the relationship. The next three years were filled with uncertainty, due to changes in government and ongoing delays in getting the IRDA (Insurance Regulatory and Development authority) Act passed in parliament. Despite this both companies remained firmly committed to the venture. In October 1998, the joint venture agreement was renewed and additional resource made available. Around this time Standard Life purchased 2% of Infrastructure Development Finance Company Ltd. (IDFC). Standard Life also started to use the services of the HDFC Treasury department to advise them upon their investments in India.
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Towards the end of 1999, the opening of the market looked very promising and both companies agreed the time was right to move the operation to the next level. Therefore, in January 2000, an expert team from the UK joined a hand picked team from HDFC to form the core project team, based in Mumbai.

Around this time Standard Life purchased a further 5% stake in HDFC and a 5% stake in HDFC Bank.

In a further development Standard Life agreed to participate in the Asset Management Company promoted by HDFC to enter the mutual fund market. The Mutual Fund was launched on 20th July 2000.

Incorporation of HDFC Standard Life Insurance Company Limited:

The company was incorporated on 14th August 2000 under the name of HDFC Standard Life Insurance Company Limited. Our ambition from as far back as October 1995 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 realized when HDFC Standard Life was the only life company to be granted a certificate of registration.
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HDFC are the main shareholders in HDFC Standard Life, with 81.4%, while Standard Life owns 18.6%. Given Standard Life's existing investment in the HDFC Group, this is the maximum investment allowed under current regulations.

HDFC and Standard Life have a long and close relationship built upon shared values and trust. The ambition of HDFC Standard Life is to mirror the success of the parent companies and be the yardstick by which all other insurance companies in India are measured. Company Mission: The company aim to be the top new life insurance company in the market. This does not just mean being the largest or the most productive company in the market; rather it is a combination of several things like,

Customer service of the highest order. Value for money for customers. Professionalism in carrying out business. Innovative products to cater to different needs of different customers. Use of technology to improve service standards. Increasing market share.

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LOCATION HDFC standard life insurance company limited operates its business through its Branches The HDFC Standard Life Insurance company holding their main Regional office in Mumbai.

Corporate Office: HDFC Standard Life Insurance Company Limited, IL&FS Financial Centre, Plot C22 - G Block, Bandra Karla Complex, Bandra (East), Mumbai - 400 051. Tel: 56932666 Website -hdfcinsurance.com

Delhi Office HDFC Standard Life Insurance Company Limited 2nd Floor, H 69 Outer circle, Canought place, New Delhi .

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Tel : 09350 5088 4575 Website hdfcinsurance.com

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Following are the Some branch offices in India Branch Offices: Agra Ahmedabad Allahabad Amravati Asansol Bhubaneswar Calicut Chenna Delhi Faridabad Hyderabad Jaipur Kanpur Kolhapur Lucknow Mangalore Mumbai Nagpur Patiala Pondicherry Rajkot Surat Trivandram Ajmer Ambala Amritsar Bangalore Bhopal Chandigarh Coimbatore Durgapur gaziabad Indore Jalandhar Kochi Kolkata Manjery Madurai Mysore Nashik Patiala Pune Salem Thane Vadodara

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Vijayawada

Vishakapatnam

GROUP OF COMPANIES:
A. HDFC HOME FINANCE LTD. Housing Finance Sector Against the milieu of rapid urbanization and a changing socioeconomic scenario, the demand for housing has grown explosively. The importance of the housing sector in the economy can be illustrated by a few key statistics. According to the National Building Organization (NBO), the total demand for housing is estimated at 2 million units per year and the total housing shortfall is estimated to be 19.4 million units, of which 12.76 million units is from rural areas and 6.64 million units from urban areas. The housing industry is the second largest employment generator in the country. It is estimated that the budgeted 2 million units would lead to the creation of an additional 10 million man-years of direct employment and another 15 million man-years of indirect employment. Having identified housing as a priority area in the Ninth Five Year Plan (1997-2002), the National Housing Policy has envisaged an investment target of Rs. 1,500 billion for this sector. In order to achieve this investment target, the Government needs to make low cost funds easily available and enforce legal and regulatory reform.

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Background HDFC was incorporated in 1977 with the primary objective 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 al share capital of Rs. 100 million. Business Objectives The primary objective of HDFC is to enhance residential housing stock he country through the provision of housing finance in a systematic and professional manner, and to promote home ownership. Another objective is to ease the flow of resources to the housing sector by integrating the housing finance sector with the overall domestic financial markets.. Organizational Goals HDFC's main goals are to a) Develop close relationships with individual households, b) Maintain its position as the premier housing finance institution in the country, c) Transform ideas into viable and creative solutions, d) Provide consistently high returns to shareholders, and e) To grow through diversification by leveraging off the existing client base.

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B. HDFC REALITY LTD. HDFC Reality The property market in India abounds with possibilities and potential ... for the large part, disorganized. HDFCrealty.com is HDFC new, organized electronic marketplace for properties. We provide the entire gamut of real estate services, bringing together the "clicks world" and the "bricks world" in a revolutionary and user-friendly way. Making available the best guidance and the most professional, transparent, efficient service to the real estate customer. HDFCrealty.com brings together India's most exhaustive database of properties. It acts as a one-stop online hub for information, comparative analyses, transactions, market reach and comprehensive professional services. For property anywhere in India. For customers anywhere in the world HDFCrealty.com, the company behind this site, has been formed by Housing Development Finance Corporation Limited (HDFC). HDFC has since emerged as the largest residential mortgage finance institution in the country. HDFC is India's largest Housing Finance company is an expert on the housing sector, property markets it is still highly fragmented and

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and the real estate business. HDFC has a strong retail orientation with high quality customer vice being the driving force for its activities. This expertise and service orientation has developed and strengthened over the last 22 years. Today 'FC has an office network of 63 offices all over the country and an overseas office in Dubai. HDFC has financed over 1.5 million dwelling units n loan approvals and disbursements amounting to Rs. 225 billion and Rs. 3 billion respectively. Back C. HDFC SECURITIES HDFC securities is a brand brought to you by HDFC Securities Ltd, which has been promoted by the HDFC Bank & HDFC with the objective of providing the diverse customer base of the HDFC Group and other investors a capability to transact in the Stock Exchanges & other financial market transactions. HDFC securities, will equip you with the necessary tools to allocate, select and manage your investments wisely, and also support it with the highest standards of service, convenience and hassle-free trading tools. HDFC securities mission is to provide our customers with the most useful investment guidance and investment-related services available in the country. We want to become a one-stop solution for all your investment needs, one that will help you get the most out of your money.

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What company does HDFC securities are introducing a transparent and convenient investment execution facility for the investor community. In the first phase our services will comprise buying and selling of equity shares on the National Stock Exchange (NSE). Buying and selling of select corporate debt and government securities on the NSE would be introduced in a subsequent phase. In a few months, when the Internet trading module from The Stock Exchange, Mumbai (BSE) is ready, we will also offer the following services on the BSE and NSE: 1 .Buying and selling of shares on the BSE 2. Arbitrage between NSE & BSE 3. Derivatives, Futures & Options 4. Margin trading products.

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FUTURE OF HDFC
HDFC has always been market-oriented and dynamic with respect to resource mobilization as well as its tending Programme. This renders it more than capable to meet the new challenges that have emerged. Over the years, HDFC has developed a vast client base of borrowers, depositors, shareholders and agents, and it hopes to capitalize on this loyal and satisfied client base for future growth. Internal systems have been developed to be robust and agile, to take into account changes in the volatile external environment. HDFC has developed a network of institutions through partnerships with some of the best institutions in the world, for providing specialized financial services. Each institution is being fine-tuned for a specific market, while offering the entire HDFC customer base the highest standards of quality in product design, facilities and service.

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Product Profile
Individual Products Each of us leads a unique life and so has unique needs. HDFC Standard Life offers a range of products and invites you to choose the one that suits you best. With Profits Endowment Assurance: This policy provides a combination of saving and life insurance. The sum assured plus any bonuses will be payable at the end of the term or on death if earlier. The customer commitment is to pay a level premium regularly throughout the life of the policy. The Endowment Assurance can be customized to meet your needs by adding any combination of up to_4 rider benefits. With Profits Money Back: This policy provides a combination of savings, regular cash payments and life insurance. Over the course of the contract, a proportion of the sum assured will be paid at regular intervals. The sum assured plus any bonuses will be payable on death before the end of the contract. On survival to maturity, you will get the sum assured plus any bonuses less the regular payments already made. Your commitment is to pay a level premium regularly throughout the life of the policy. The Money Back can

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also be customized to meet your needs by adding any combination of up to 4 rider benefits. Term Assurance Plan: Under the Term Assurance plan, a sum assured is payable in case of death of the life assured during the term of the contract. One can choose the lump sum that would replace the income lost to one's family in the unfortunate event of one's death. The Term Assurance Plan comes to you at a minimal cost and is well suited for the value-conscious customer. The Term Assurance Plan can also be customized to suit your needs by adding optional rider benefits Loan Cover Term Assurance: The Loan Cover Term Assurance plan provides a lump sum on death of the life assured during the term of the plan. The lump sum will be a decreasing percentage of the initial sum assured. It is an affordable plan that has been designed to help your family repay the outstanding loan in case of your unfortunate death on this product. Personal Pension Plan The Personal Pension Plan is basically a savings contract, which is designed to provide an income for life from retirement, with an option to take the lump sum elsewhere to buy the annuity, provided it is permitted by the prevailing regulations. Your commitment is to pay a single premium or level premiums with installments due every quarter, half-year

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or year throughout the deferment period of the policy, after which you will start receiving your pension.

Children's Plan The future of your child is most important to you. You need to plan today to ensure a bright future for your child, whether it is education, marriage or establishing a professional career. To help you save for your child, we at HDFC Standard Life present the plan is affordable, customized to your needs, and above all, enables you to realize your dreams for your child. This plan is well suited for the value-conscious customer, and above all, for every loving parent. Grandparents, other relatives or any adult for the benefit of a child can also choose the plan.

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COMPANY

NORTH ZONE EAST ZONE

WEST ZONE

SOUTH ZONE

BRANCHES

BRANCHES

BRANCHES

BRANCHES

ORGANIZATION STRUCTURE
ZONAL-WISE ORGANIZATION STRUCTURE

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Channel Distribution Institutional Sale Marketing Retail HOD South Sale North Sale Training IT

HOD Legal & Secretarial

G M Finance & Actuarial

HOD H.R

Operation GM Underwriting Operation & Underwriting

Sale and Marketing

Organizational Structure
MD & CEO Account

Medical

Zonal Manager

Actuarial Zonal Manager

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OFFICE HUMAN STAFF RESOURCE DEPARTMENT

BRANCH MANAGER DEPUTY BRANCH MANAGER MARKETING DEPARTMENT

OFFICE SERVICE STAFF DEPARTMENT

DEPARTMETAL WISE ORGANISATION STRUCTURE

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DUTIES AND RESPONSIBILITIES

BRANCH MANAGER: Overall management of the branch. Achieving target given by the General Manager in head office. Weekly report to the head office. Take over the full in charge of the department of administration. Looking after preventive maintenance planning activities. Identification of training needs to staff and Business development managers. Call upon weekly meeting to every Business Development Managers. Verification of progress of the BDM's. Implementing new techniques adopting in an marketing. Follow the principles of life insurance. DEPUTY BRANCH MANAGER; 1) 2) 3) Assisting manager in day-to-day operations. Managing the affairs of manager during his absence. Maintenance of office in healthy environment.

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4) 5)

Execution of work as per the rules given by the head office. Day-to-day verification of login policies and proposed policies.

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HUMAN RESOURCE DEPARTMENT The primal resource of an organization is the people. Managing its people is the most important aspect of managing an organization. Scope of personnel management has also increased considerably in recent years. Some of the reasons are as follows: External influences Changes in expectations Changes in technology Intense competition Gaining of additional knowledge No longer is manpower just one of the resources in business organizations. It is the most important of all resources this is because manpower is that resource through which management wants to direct control all the other resources. To keep the human power happy and content the most important objective of every management in order to meet this objective, management must design and implement a set of policies procedures and practices absolute. For the purpose of the efficient running of business the HDFC standard life insurance company limited, holding separate manager/officer called H.R. development officer in the every branch office in all over the India

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Human Resource and Human Resource Management have always been key factor in the group success. The group of HDFC offers you not merely a job but an opportunity to fulfill your long term carrier plans. Specifically the HDFC Standard Life Insurance offers: 1) 2) 3) 4) 5) An unlimited choice of opening. Executing global carrier opportunities. The resource to back to your ideas and upgrade your skills. Challenges aplenty and the chance to make good earnings. Training schemes.

In the same way the HDFC Standard Life Insurance as an aim to get the award given by International Standard Organization with in one year in the field of service and management. The main objectives of Human Resource department in HDFC Standard Life Insurance Company Ltd. 1) 2) 3) 4) 5) 6) Peace among employees in the office. Better Co-ordination in the working environment. Motivational activities. Sense of belongingness. Recognition of work. Carrier and self-development of employees & Consultants

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EXECUTIVE PERFORMANCE APPRAISAL AT HDFC STANDARD LIFE.

Instructions to the appraise. Self-appraisal is a very important part of the executive appraisal system in the company. It gives you (the appraise) an opportunity to present a record of your performance for the year, as you perceived it. The form must be filled with care and thoroughness giving emphasis o the key aspects of the job. You are required to indicate clearly the record of our job performance during the year. Please write only what you had achieved. Write the appraisal legibly and briefly. Normally, the executive appraisal is for the financial year-April 1st to March 31st. Therefore, you must submit the duly completed selfappraisal with a covering note to your Reporting officer latest by 15th April of the following year. Instructions to the Appraiser Try to be as objective as possible in your rating. Please do not allow any personal prejudices to color in the rating of your executives. Do not evaluate on the basis of isolated incidents, but base your judgment on the entire period under review. In case you have used the significant
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incidents sheet, it could be a great help to you in judging the performance of your subordinates during the entire period of review. While writing the report, one item/factor at a time should be considered and weighed only in relation to the requirement of the job and level of the appraise. Performance categorization, grades and equivalent marks Outstanding performance Very good Good Average Below Average Poor A B C D E F 91 & above 81-90 71-80 61-70 51-60 Below 50.

SCOPE OF PERFORMANCE APPRAISAL The people in an organization have an upper hand in deciding the fate of organization by achieving the objectives. For the realization of these goals there should be step-by-step planning and performance by the human force of an organization. In this sense, true performance ties in achieving a vision. As we perform, the yardstick for measuring, our performance keeps changing with every step forward, we perceive our mission better ad related goals get more closely and easily defined.

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METHOD, TECHNIQUES OR TOOLS USED BY HDFC HDFC Standard Life Private Limited has taken keen interest for the development of correct, clear and complete performance appraisal system. In order to overcome the problems of appraisal techniques and to run the appraisal system successfully, HDFC follows a mixture of different appraisal techniques. Through this unique method the organization is able to have complete and necessary details of employees. It is conducted annually and the time duration starts from 1st April and to 31st March. It is done every year with the object of increasing ability, efficiency, skills etc of work force. But easy sixth year promotion, transfers, job rotation and necessary actions are taken place. Every assessment years records are taken into considerations in order to implement the above mentioned actions. The organization maintains 2 different booklets for two categories of executives. The performance appraisal system of HDFC contains an executive appraisal of 6 different parts involving employees, reporting officer, wing officer. In addition there is a provision for the HRD officer to make rtes/recommendations based on the outcome of above parts. This helps in training for the appraisal.

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CFC
BDMS

MARKETING DEPARTMENT BDMS BDMS CHIEF MARKETING MANAGER

CFC
BDMS BDMS

MARKETING DEPARTMENT
HDFC's Life Insurance products are not a marketing products but it is cover under the marketing department. It is an service given by the HDFC group to the public in the way of assurance of life of the people who are insured. In the realistic manner the product selling is a type of service given to the public. The marketing of products of life insurance holds line and staff organizational structure.

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CHIEF MARKETING MANAGER 1) Managing the affairs of BDM'S. 2) Execution of work. 3) Day-to-Day verification of login policies. 4) Implementing new techniques. 5) Fulfill the training needs to BDM'S and his financial consultants. 6) Rewarding the best achiever. 7) Maintain co-ordination between the BDM'S. BUSINESS DEVELOPMENT MANAGER'S 1) Holding of several financial consultants in hand. 2) Doing part of the tarter plan given by branch manager. 3) Maintaining separate group of financial consultants. 4) Identification of training needs to financial consultants. 5) Putting effort on taking policies from his financial consultants. 6) Motivational and Morale support to financial consultants. 7) Day to day interaction between financial consultants. 8) Flow of commission as per the norms with their respective policies. 9) Go along with the financial consultants when ever appointment with the proposed clients when the financial consultants in not able to convince. 10)Recording the day-to-day log inn policies from financial consultants.

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FINANCIAL CONSULTANTS The HDFC Standard Life Insurance Company Ltd. dealing their business through financial consultants. Financial consultants are got license from the IRDA through their online examination conducted in training centers. Financial consultants are the real assets of the HDFC Standard Life Insurance Company Ltd in which financial consultants have separate corner for doing business with proposed clients. Commission payable to the consultants The Company has decided to review the commission rates with effect from 1.11.2006. This note details the changes in the commission rates payable to individual financial consultants with erect from 1.11.2006. The company has been offering first year commission at a uniform rate across all tenors. The cost for the short-term policies are deferent from long-term policies, hence the consultant would henceforth be paid commission at a rate, which differs as per the tenor of the policy.

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The company has not been differentiating between the basic commission and the bonus commission so far. This decision was taken in view of the fact the financial consultants were new and required some time to understand the life insurance business. It has now been decided to pay performance based bonus commission, linked to production levels, to the consultants with effect 1.11.2006. The following are the details of the commission structure and NEP thresholds with effect from 1.11.2006 and are valid till 30th June 2007

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Basic First Year Commission a) Basic First Year Commission payable on regular premium policies issued with a premium paying term of 15 years and above. Name of the Plan Endowment Assurance Plan Money Back Plan Children's Plan Term Assurance Plan Personal Pension Plan Basic commission as a percentage of 25% 25% 25% 20% 7.5% First Year Premium received

Loan Cover Term Assurance Plan 20%

b) Basic First Year Commission payable on regular premium policies issued with a premium paying term of less than 15 years Name of the Plan Basic commission of first as a Year

Percentage Endowment Assurance Plan Money Back Plan Children's Plan Term Assurance Plan Loan Cover Term Assurance Plan Personal Pension Plan 20% 20% 20% 15% 15% 7.5%

Premium received.

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c) Basic Commission payable on single premium policies irrespective of the premium paying term Name of the Plan Basic Commission as a percentage of Single received Single Premium Whole of Life Insurance Plan 2% Term Assurance Plan Loan Cover Term Assurance Plan Personal Pension Plan 2% 2% 2% Premium

Basic Commission would be payable on the actual amount received and adjusted towards first year premium on regular premium policies and single premium policies by the company. In case the policy is cancelled in the first three policy anniversary years or the policyholder exercises the option to withdraw the policy in the look in period or the benefits under the policy are reduced, some or all of the basic an bonus commission, as applicable, would not be payable and if paid, the same would be reclaimed.

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PERFORMANCE OF THE COMPANY

TABLE-1 TABLE SHOWING THE MONTHLY INCOME OF THE RESPONDENTS INCOME Below 5000 5000-10,000 10,000-20,000 Above 20,000 TOTAL CONCEPT: This table is designed to know the income level of respondents. ANALYSIS: From the above table it show that 10% of the response fall in the group of below 5000.40% of the respondents falls in the group of 5000 to 10,000. 30% of the respondents are falls in the level 10,00 to 20,000. And 20% of the respondents in the category above 20,000. INTERPRETATION: From the above table it is inferred that most of the respondents fall in the income level of 5000 to 10,000. This shows average level of income earning peoples are know the insurance policies, their NO. OF RESPONDENTS 10 40 30 20 100 PERCENTAGE 10% 40% 30% 20% 100%

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saving plans, and future thinking about the saving.

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GRAPH-1 GRAPH SHOWS THE MONTHLY INCOME OF THE RESPONDENTS

40 40 30 20 10 0 Below 5000 5000- 10,000 10,00020,000 Abov e 20,000 10 30 20

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TABLE-2 TABLE SHOWING THE PREFERENCE IN BUYING AN INSURANCE REQUIREMENT SECTORS GOVT SECTOR PRIVATE SECTOR BOTH TOTAL NO. OF RESPONDENTS 50 25 25 100 CONCEPT: This table aims at the clear picture about the preference in buying an insurance requirement. ANALYSIS: 50% of the respondents are mainly preferred government sector only 25%. of the respondents are positively preferred private sector companies and 25% of the respondents are chosen the both the government sector and private sector. INTERPRETATION: From the above table it can be identified that more than 50% of the respondents choose the governments sector, because mainly thing is safety, security of the savings, most of the respondents positively PERCENTAGE 50% 25% 25% 100%

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opted to governments sector only,

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GRAPH-2 GRAPH SHOWING PREFERENCE IN BUYING INSURNCE REQUIREMENTS

50

50 40 30 20 10 0
GOVT SECTOR PRIVATE SECTOR BOTH 25 25

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TABLE -3 TABLE SHOWS RESPONDENTS CONSIDERATION WHILE TAKING INSURANCE FATORS INFLUENCE Tax benefits Service Contingency planning Policy matter Others TOTAL CONCEPT: This table target that what respondents consider while taking a life insurance ANALYSIS: From the above table 25% of the respontants consider tax benefits has a main thing while taking an insurance. 35% of the respondents consider Contingency planning as main thing, rest of that respondents consider service, policy maker and others. INTERPRETATION: From the above table shows that majority of the respondents are influenced to take the insurance is tax benefits and Contingency planning, rest of that respondents according to their mind set while taking an insurance.
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NO. OF RESPONDENTS 25 10 35 5 25 100

PERCENTAGE 25% 10% 35% 5% 25% 100%

GRAPH-3 GRAPH SHOWING RESPONDENTS CONDIDERATION WHILE TAKING INSURANCE

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TABLE-4 ABLE SHOWING CRITERIA WHILE TAKING INSURANCE

35 35 30 25 20 15 10 5 0
Tax benefits Service Contingency planning P olicy matter Others

25

25

10 5

FROM THE COMPANIES CRITERIA WHILE TAKING Safety & Security Service Transparency Others TOTAL NO. OF RESPONDENTS 42 28 18 12 100 PERCENTAGE 42% 28% 18% 12% 100%

CONCEPT: This table is designed to know the what criteria while taking an insurance from the companies. ANAYLYSIS:
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From the above table it is seen that the more than 42% of the respondents fall in the safety and security category .28% of the respondents are falls in the level of service followed by transparency covers 18% and others covered rest of the 12%. INTERPRETATION: From the above table it is inferred that majority of the people seek safety and security of their funds invested in the companies through life insurance and rest of the respondents looking forward companies services transparency and others.

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GRAPH-4 GRAPH SHOWING CRITERIA WHILE TAKING INSURANCE FROM THE COMPANIES

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45 40 35 30 25 20 15 10 5 0

42 28 18 12

Safety & Sec urity

Ser vice

Transpar ency

Others

TABLE-5 TABLE SHOWING THE NUMBER OF PEOPLE INSURED BY WORKING INSURANCE SECTOR AMOUNT OF INSURED Below 50,000 50,001-1,00,0000 1,00,000-2.50,000 Above 2,50.000 TOTAL CONCEPT: This table designed to know the expected amount of insured by respondents. ANALYSIS:
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NO. OF RESPONDENTS 05 26 60 09 100

PERCENTAGE 05% 26% 60% 09% 100%

From the above analysis it is seen that most of the workig people insured against life insurance on our own life and their family covered 1,00,000 to 2,50,000 own 60%of the responsiveness, rest of the 26% respondents covered under 50,001 to 1,00,000 followed other 14% covered under below 50,000 and above 2,50,000. INTERPRETATION: It can be inferred that working people looking forward on the basis of their salary level they got a life insurance amount of 1,00,000 to 2,50,000. With this we can interpret that 60% of the people opting to go for at their income level.

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GRAPH-5 GRAPH SHOWING THE NUMBER OF PEOPLE INSURED BY WORKING INSURANCE SECTOR

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TABLE-6 TABLE SHOWS NUMBER OF RESPONDENTS KNOW THE HDFC

5 26

Below 50,000 50,001-1,00,0000 1,00,000-2.50,000 Above 2,50.000

60

NO OF YES NO TOTAL CONCEPT: RESOPNDENTS 50 50 100

PERCENTAGE 50% 50% 100%

This table shows how many respondents know about HDFC'S standard life insurance company. ANALYSIS: From the above table it is identified that 50% of the total respondents know about HDFC. Remaining 50% does not know

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about HDFC life insurance. INTERPRETATION: From the above analyses it can be inferred that 50 % of the respondents does not know about HDFC standard life insurance company. It means they have to work more on the advertising part.

GRAPH-6 GRAPH SHOWS NUMBER OF RESPONDENTS KNOW THE HDFC (SL)

Error: Reference source not found

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TABLE 7 THE TABLE SHOWS THE HOW TO KNOW HDFC STANDARD LIFE INSURANCE COPMPANY. TO KNOW HDFC (SL) Financial consultants Friends, colligues, relatives Media Others TOTAL CONCEPT: This table designed to know the expected respondents how to know the HDFC standard life insurance company. ANALYSIS: From the above table it is seen that following information given by financial consultants an average of 33% followed by friends, colligues, and relatives by 36% and followed by media 14% rest of the 16% gathered through others. INTERPRETATION: most of the people gathered to know the HDFC standard life insurance
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NO. OF RESPONDENTS 20 22 8 10 60

PERCENTAGE 33.33% 36.67% 13.33% 16.67% 100%

company through financial consultants and friends, colligues, relatives an average of more than 70%. From this table it can be identified that part of the media is comparatively very less. GRAPH-7 GRAPH SHOWS THE HOW TO KNOW HDFC STANDARD LIFE INSURANCE COMPANY

25 20 15 10 5 0

20

22

10

Financial consultants

Friends, colligues, relatives

Media

Others

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TABLE-8 TABLE SHOWING RATING OF THE COMPANY. RATE Good Satisfactory Excellent TOTAL CONCEPT: This table is designed to know about the rating of HDFC standard life insurance company. ANALYSIS: It can be analyzed 50% of the respondents response is good and 33% of the response is satisfactory, rest of the 17% of the response is excellent. INTERPRETATION: It is interpreted that majority of the respondents are satisfied with their companies performance of the life insurance and they rated as below. NO. OF RESPONDENTS 30 20 10 60 PERCENTAGE 50% 33.33% 16.67% 100%

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GOOD SATISFACTORY EXCELLENT

I II III

50 33 17

GRAPH-8 GRAPH SHOWING RATING OF THE COMPANY

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7.1 SWOT ANALYSIS

Strengths

17

50 33

GOOD

SATISFACTORY

EXCELLENT

Money value for customers Customer service of the highest order Use of technology to improve service standards Increasing market share Professionalism in carrying out business Innovative products to cater to different needs of different customer Trust and security among the best Over 30000 consultant in India Weakness

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 Less number of branches Low volume of financial consultants Effectiveness of organizational health study Insurance is still considered as tax saving device rather Than protection relationship Difficult to change position of the employee High volume of attrition rate

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Opportunities Easy availability of manpower for vacant positions specifically in marketing only 5% of the Indians having life insurance Improvement in sales after service Chance to improve more beneficial products Encouragement for young financial consultants, achievers and identification of fast track financial consultants and employees Recognizing the different needs of customers Threats Lowering of interest rate to policy holders Lowering of bonus on the occasion of maturity of policies Cut throat competition due to more number of other insurance companies IRDA policies towards life insurance Increase in cost due to competition Lack of customer satisfaction level reduced because of competitors policies

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Vision, Mission, Goals and objectives of the firm

Company vision Financial strength Recognitions Establishments Location Service backup Collaborations Company mission Company mission is to be the best new life insurance company in India and these are the values that will guide us in that

Company Objecties To deliver value for our customer Better investment opportunities Well being of the society. Customer service of the highest order. Value for money for customers. Professionalism in carrying out business. Innovative products to cater to different needs of different
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customers. Use of technology to improve service standards. Increasing market share

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McKensys 7S MODEL. The 7s model is better known as McKensey 7s. This is because the two persons who developed this model, Tom peters and Robert waterman, have been consultants at McKensey &Co. at that time, they published their 7s Model in their article structure is not organization and in their books The Art of Japanese Management and In Search of Excellence. The model stars on the premises that an organization is not just structure but consist of seven elements:

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The 3Ss across the top of the model are described as 'Hard Ss': Strategy: The direction and scope of the company over the long term. Structure: The basic organization of the company, its departments, reporting lines, areas of expertise, and responsibility (and how they interrelate). Systems: Formal and informal procedures that govern everyday activity, covering everything from management information systems, through to the systems at the point of contact with the customer (retail systems, call centre systems, online systems, etc). The 4Ss across the bottom of the model are less tangible, more cultural in nature, and were termed 'Soft Ss' by McKinsey: Skills: The capabilities and competencies that exist within the company. What it does best. Shared values: The values and beliefs of the company. Ultimately they guide employees towards 'valued' behavior. Staff: The company's people resources and how they are developed, trained, and motivated. Style: The leadership approach of top management and the company's
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overall operating approach.

Effective organization achieves a fir between these elements this criterion is the origin of the name of the model: Diagnostic Model for Organizational Effectiveness. If one element changes then this will affect all others. For example, a change in HR-system like internal career plans and management training will have an impact on organizational culture (management style) and thus affect structures, processes, and finally characteristics competencies of the organization. In change processes, many organizations focus their efforts on the hard Ss, Strategy, Structure and System. They are less for the soft Ss, Skills, Staff and Style and Shared Values. Peters and Waterman in In Search of Excellence commented however, that most successful companies work hard at these soft Ss. The soft factors can make or break a successful change process, since new structure and strategies are difficult to build upon inappropriate culture and values. These problems often come up in the dissatisfying result of spectacular mage-mergers. The lack of success and synergies in such mergers is often based in a clash of completely different culture, values, and style, which make it difficult to establish effective common systems and structures. The 7s Model is a valuable tool to initiate change process and to them direction. A helpful application is to determine

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the current state of each element and to compare this with the ideal state. Based in this it is possible to develop action plans to achieve the intended state.

STRATEGY:
Strategy sets out vision, mission, objectives, major action plans and policies of the entire enterprise. These set out the picture of the organization in the future. In a typical pattern, it spells out the overall organization strategy, the SBU strategy, and the functional strategies. This spells out a broad frame work to guide managers at a level in all functions in their specific short term objectives. These days, it is advised to commit mission in writing so that senior management can consult them whenever in doubt or incase there are difference of opinion

Strategy of HDFC Standard Life Insurance

Following are the strategies of HDFC Standard Life Insurance 1. Identifying Customer needs. 2. Developing new type services 3. Increase Clients satisfaction 4. Maintaining superior quality of services 5. Providing satisfactory services to customers Strategy regarding A. Quality Quality of service is reliable

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Very less complaint from customers B. Premium Charges low premium compared with other company C. Communication Always be in contact with clients requirements. Introducing new schemes in communication

STRUCTURE:
The most important resource of organization is its people, how they are organized is crucial to its functioning and accomplishing successful implementation of its strategy. The structure provides the frame work for relationship among different parts of the organization. The structure sets out formal reporting relationships, mode of communication among members, their respective roles, rules and regulations for carrying out different tasks etc.If the organizational structure is not properly defined, it has detrimental effect of the effective and efficient working. Structure of HDFC Various departments of the company are given below. Human Resource Department The primal resource of an organization is the people. Managing its people is the most important aspect of managing an organization. Scope of personnel management has also increased considerably in recent
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years. For the purpose of the efficient running of business the HDFC standard life insurance company limited, holding separate manager/officer called H.R. development officer in the every branch office in all over the India.

Marketing Department HDFC's Life Insurance products are not a marketing products but it is cover under the marketing department. It is an service given by the HDFC group to the public in the way of assurance of life of the people who are insured. In the realistic manner the product selling is a type of service given to the public. The marketing of products of life insurance holds line and staff organizational structure The marketing department is headed by Chief Marketing Manager. In every branch, there will be Business Development managers to assist Chief Marketing Manager. Finance and Accounts Departments Finance is the life blood of every business organization .Without money; a business cannot run successfully. Business house must necessarily keep a systematic record of financial transactions. A systematic record of the daily events of a business concern,
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presentation of its complete financial picture is known as accounting In HDFC, the finance and account section are dealt by the Head office at each Zone. In Kerala, it is in Kochi. All accounts are managed in this zonal office. Al transactions in the every branch in this zone are accounted here. Every branch is lead by this head office. There is no separate department in every branch for dealing accounts.

SYSTEM
A system is defined process or a set of processes, that links and orders activities to enable work to be done and goals to be achieved. These systems are very significant and should be chosen carefully as they determine the speed, quality, accuracy and efficiency of the different activities that are carried out on a daily basis. The system in an organization are chosen considering different factors. These factors include the size of the organization, the nature of business and so on. Systems in HDFC Standard Life Insurance Computers are so versatile that they have become indispensable to administration and other official procedures. They can strengthen mans power in numerical computation and information processing there by increasing the effectiveness of organization. Some of the characteristics of computer are: 1. Speed 2. accuracy

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3. consistency 4. versatility 5. Diligence. The systems followed by the company are given below. a) Management Information System: A separate software is using in each branch to account all transactions and to generate all those information needed by the management. The details of all customers are entered in to this system. b) Human Resource Information system It is computer based system followed in HDFC Standard life Insurance to maintain a better human resource. Recruitment, selection, training are done in a systematic manner.

STYLE
Using the word STYLE in the context of an organization refers to the leadership path chosen to lead the employees and the organization as a whole. The leadership style of an organization is the approach of top management towards the employees, facing the challenges, growth of the organization etc. The organization strongly believes that development is a process and not an event. Style of HDFC Standard Life Insurance HDFC Standard Life Insurance is using a participative

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style of management. The employees at the low level are given equal importance and they are to be motivated by the managers also.

SKILLS:
A skill is the ability, knowledge, understanding and judgment to accomplish a task. Skills may be defined as what the company does best. The distinctive capabilities and competencies that reside in the organization. Skills refer to expertness, practical ability or facility in an action or doing something. It is also the capacity of doing or performing something individually, independendly, or in a group so as to attain some pre-determined goals. Skill of HDFC Standard Life Insurance SKILLS OF MANAGERS Every Manager in the organization has sound knowledge of their own functional fields to provide proper instruction and guidance to subordinates LEVEL SKILL OF MIDDLE MANAGEMENT They have creative and integrative skills of leadership and motivating skills SKILLS OF TOP LEVEL MANAGEMENT Top-level management has the skill relating balancing,

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integrating, setting and developing standards and leading.

STAFF:
Staffing may be defined as filling and keeping filled the positions in the organization structure. This is done by identifying workforce requirements; inventorying the people available ; and recruiting, selecting, placing, promoting, appraising, planning the carriers of compensating and training or otherwise developing both candidates and current job holders so that task are accomplished effectively and efficiently.

Staff of HDFC Standard Life Insurance HDFC Standard Life Insurance got a huge manpower within the organization right from the lower level to top level management. Staff recruitment is done by the management and they are given off the job training. Staffs in the branch includes Branch manager, Deputy branch manager, office staff, human resource development officer, Chief marketing consultants. manager, business development officers, financial

SHARED VALUE:
Shared values are what engender trust. Values are the identity by which a company is known Throughout its business areas. These
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values must be explicitly stated as both corporate objectives and individual values. A shared value is an essential characteristic or attribute promoted by the organization to motivate the behavior of members of the organization. Like customer intimacy Commitment to results Shared value of HDFC Standard life Insurance Maximum satisfaction to customers is the main shared values of the HDFC Standard Life Insurance. The company belie in the best service to the customers

FINDINGS 1. 1 It was found that most of the customers are professionals as well as salaried people 2. 2 40%of the customers are interested in taking high risk investment in insurance 3. company providing good service to customers 4. Has the product are giving texts benefits contingents plans. Some people are interested to take the insurance product. 5. customers are benefited through unit linked plans 6. Need based selling policy

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7. more importance to customer safety and security

SUGGESTIONS 1 2 3 4 5 6 Provide more and more training to employees and financial consultants introduce new life insurance product open more and more branches as according to the growth of business increase financial consultant commission and incentives increase sales promotional activities and advertisement The company can use latest advertisement media like Tv, Radio ,news papper etc..

CONCLUSION
Since the incorporation of HDFC Standard life in the year 2000. Manjeri branch has become an integral part of the joint venture between HDFC and Europe based life insurance company, which has a history of more than 200 years in the insurance industry. HDFC Standard Life is the top most insurance company in the service industry HDFC Standard life doing lot of work to sustain in the national insurance market, because of the keen competition. Customers
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service is the word for the company to develop itself, in the competitive market with the word of "Survival is the fittest". Company is trying to hard to sustain in the global market. With the work force consisting of more than 15000 employees along with around 30000 financial consultants in all over India . To serve the Indian market through insurance, the company adopted some new techniques and policies, which are very much essential in today's market. They are as under, 1. Adopting IRDA (Insurance Regulatory and Development

Authority of India) rules and regulations regarding the service in insurance industry. 2. Value for money to customers. 3. Customer service is the top most priority. 4. Professionalism in carrying out business. 5. Trust and security among the best.

The company is very much concerned about customer service and security. This has made the company well ahead in the race with their competitors. In 2005 Company got a certificate from BUSINESS WORLD Magazine for most respected privet insurance company RESPECT YOUR SELF With all these analysis we can conclude that company is trying to

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develop and grow itself in the insurance industry because whoever stay in this market he is the winner. So applying latest possible service manuals and methods in their customer satisfaction.and compay main aim to become NO: 1 Life Insurance company within 2008

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BIBILOGRAPHY
Text Books Organizational Behaviour - K Ashwathappa Personnel Management - C B Mamoria Insurance in India - Kapoor Other References Broachers, pamphlets & financial consultants manuals published by HDFC Standard Life Websites www.hdfcinsurance.com www.hdfc.com www.lic.com

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