CAREER PATH IN HDFC LIFE

A Summer Training Project Report Submitted in partial fulfilment of the requirement for the Award of Degree of Master of Business Administration

2012-2014
Under the uidance of! Ms# Sumedha Dutta Submitted b"! $imanshu Bansal %nrollment no# &'()*+&,)-.

DEPARTMENT OF MANAGEMENT MAHARAJA AGRASEN INSTITTUE OF TECHNOLOGY

(Affiliat ! t" G#G#S#I#P#U$i% &'it() S *t"& + 22, R"-i$i, D l-i-1100./ A$ ISO 00011200. C &tifi ! I$'tit2t AICTE N3A A**& !it ! I$'tit2t

CONTENTS
TITLE PAGE NO#

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AC4NO5LEDGEMENT

6 would liBe to thanB m" project guideA all professors for supporting me during this project and pro>iding me an opportunit" to learn outside the classroom# 6t was a trul" wonderful learning e@perience#

6 would liBe to thanB m" industr" guide M&# D 6 '- Pal (E7 #C-a$$ l D % l"68 $t Ma$a9 &) for guiding me through m" summer internship and research project# $is encouragementA time and effort are greatl" appreciated#

6 would also liBe to thanB M&# D 6 '- Pal (E7 #C-a$$ l D % l"68 $t Ma$a9 &) of Rohini branch who suggested me such a nice topic :Ca& & Pat- I$ HDFC SLIC;, he actuall" helped us during our initial da"s and was alwa"s there with us during hard times# 6 would also liBe to thanB the director sir Dr#/ S Sharma and m" mentor Mrs# Sumedha Dutta mam 6 would liBe to thanB all those people who helped in filling up the questionnaire and pro>ided >aluable feedbacB which helped in data anal"sis and supported our research# 4ast but not the least 6 would liBe to thanB M&# 3ill Gat ' for his MS 2ffice 6 could not be able to maBe m" Project Report in printed and attract form#

Hi8a$'-2 3a$'al

DECLARATION
6 hereb" declare that the project report titled :Ca& & Pat- I$ HDFC SLIC; is m" own worB and has been carried out under the able guidance of Mr# Deepesh PalA /hannel De>elopment ManagerA Rohini Branch C 1ew Delhi --&&;' and A
6

7acult"A Mahraja Agrasen 6nstitute of Technolog" A Delhi# All care has been taBen to Beep this report error free and 6 sincerel" regret for an" unintended discrepancies that might ha>e crept into this report# 6 shall be highl" obliged if errors Dif an"E are brought to m" attention# ThanB :ou#

Hi8a$'-2 3a$'al M3A (INT#) III SEM# 0<=0/40>012

CHAPTER 1

E?ECUTI@E SUMMARY OF THE PROJECT

I$t&"!2*ti"$
$D7/ Standard 4ife 6nsurance /ompan" 4td# is one of 6ndiaFs leading pri>ate insurance companiesA which offers a range of indi>idual and group insurance solutions and pro>iding the career opportunities to its emplo"ees# 6t is a joint >enture between $ousing De>elopment 7inance /orporation 4imited D$D7/ 4td#EA 6ndiaFs leading housing finance institution and a roup /ompan" of the Standard 4ifeA U0# $D7/ as on December ,-A .&&( holds (.#,; per cent of equit" in the joint >enture#

O3JECTI@E OF THE STUDY1 To stud" the benefits for the emplo"ees of the organiGation# To stud" the career path of the organiGation# Recruitment of financial consultant# S32T anal"sis

SCOPE OF THE STUDY The stud" will limited to $D7/ Standard and its emplo"eesH career path for their bright future and also emplo"ees and DelhiHs people sur>e" about the perceptions toward the $D7/ S46/ en>ironment in the organiGation#

SIGNIFICANCE OF THE STUDY S32T anal"sis is a tool for auditing an organiGation and its en>ironment# 6t is the first stage of planning and helps marBeters to focus on Be" issues# S32T stands for strengthsA weaBnessesA opportunities and threats# Strengths and weaBnesses are internal factors and opportunities and threats are e@ternal factors#

MANAGERIAL USEFULNESS OF THE STUDY

Before insurance sector was opened to the pri>ate sector 4ife 6nsurance /orporation D46/E was the onl" insurance compan" in 6ndia# After the opening up of 6nsurance sector in 6ndia there has been a glut of insurance companies in 6ndia# These companies ha>e come up with inno>ati>e and fle@ible insurance policies to cater to >ar"ing needs of the indi>idual# 2pening up of the 6nsurance sector has also forced the 46/ to tighten up its belt and deli>er better ser>ice# All in all it has been a bonanGa for the consumer#

10

RESEARCH METHODOLOGY

11

THE MAR4ET SUR@EY (AUESTIONNAIRE) A marBet sur>e" was undertaBen to get some Bnowledge about the worBing en>ironment of organiGationA salar" pacBageA career pathA for the emplo"ees and qualit" of worB life does pla"s a pi>otal role for the better men power and which Bind is most powerful# This sur>e" was undertaBen Subhash 1agar of D%4$6 = D%4$6Hs people and questionnaire method was used# SAMPLE SIBE The sample siGe for the sur>e" conducted was 200 & '6"$! $t' SAMPLING TECHNIAUE Ra$!"8 'a86li$9 t *-$iC2 was used in the sur>e" conducted# of the collected data# The data is also neatl" presented with the help of statistical tools such as graphs and pie charts# Percentages and a>erages ha>e also been used to represent data clearl" and effecti>el"# STUDY AREA The samples referred to Delhi /it" = Branch in Subhash 1agarA 1ew Delhi /it"#

12

CHAPTER 2

13

RE@IE5
1# C-""'i$9 t- Ri9-t Ca& & Pat/hoosing the right career path is one of the most defining decisions we can maBe in life# 2ur job not onl" sa"s a lot about what Bind of person we areA but will influence what t"pe of car we dri>eA what Bind of house we li>e inA the people we associate withA and more# But abo>e all these thingsA is the fact that we spend most of our waBing moments at worBI# 3hich means that if our job does not fulfill us or does not allow us to pursue our life goalsA than it is not the career we should spend the rest of our life doing# 3e ha>e to get clear about what it is that gi>es us fulfillment in lifeA what fascinates usA or what we are passionate about# 2nce our interests are definedA we ha>e to thinB about what career paths are a>ailable in that area# Sometimes there will be clear paths to taBeA liBe when our passion is designing websitesA the job options could be to become a web designerA web programmerA or similar positions# But other interests ma" need more creati>e wa"s of thinBingA liBe if "ou are passionate about collecting rare coinsA "our path ma" not be so clear# :ou ma" ha>e to looB into se>eral sources of incomeJ 2wning a coin dealershipA writing a guide to collecting rare coinsA ha>ing a website builtA andKor selling coins online# Because of the responsibilities of modern life and the necessit" of mone" to support our lifest"le and famil"A we canFt just quit our job and immediatel" pursue our passion# 6t ma" taBe months or "ears of planning while we continue to worB in our ) to ' job and bring in a regular wage# The important thing is that we are mo>ing towards the goal of doing what inspires us in life# 3ithout the clear focus and continual small steps towards achie>ing our dream jobA we would just be Bidding oursel>es# 3e ma" ha>e to taBe e>ening or weeBend classesA attend seminarsA read booBsA or associate with people in "our area of interest# 6f itFs a product that "ou plan to sellA perhaps "ou could start selling it from homeA at weeBend marBetsA or setting up a website to sell it from# 3hen weFre mo>ing towards our dream job and ha>e a clear path before us it maBes our ) to ' job less of a problem# Rather than going to worB each da" and hating the things we doA we can 14

appreciate the job for being a step towards doing what reall" inspires us# 6t is putting food on the tableA pa"ing the rentA and funding the wa" towards the right career path#

2# A & * ''i"$-6&""f *a& & 6at-D O$l( f"& t- l2*E( "$ '
$ow long will the economic downturn last? 3hile some claim to see green shootsA others C such as m" colleague Martin 3olf C see a slow and painful process ahead# 6 ha>e little to add to that debateA but 6 can guarantee that for some of usA the impact of this downturn will last a lifetime# That is the conclusion 6 draw from the research of Till Marco >on 3achterA an economist at /olumbia Uni>ersit"A who has been tracing the lasting effects of bad lucB in the job marBet# $a>ing to looB for a job at the wrong time can force us into compromises whose repercussions can last "ears or e>en decades# 7or e@ampleA when >on 3achter teamed up with two US go>ernment economistsA <ae Song and <o"ce ManchesterA to stud" the e@periences of those hurled into unemplo"ment b" mass la"offs in the -);. US recessionA the" disco>ered horrendousl" longLlasting effects# The recession itself C one often compared with toda"Hs downturn C was sa>ageA but it was o>er in less than two "ears# :et >on 3achter and his colleagues disco>ered that those who lost their jobs had incomes about .& per cent lower than would otherwise be e@pectedA e>en two decades later# 6t is possible that this result is reall" capturing the effect of being a less producti>e Dand thus e@pendableE worBerA or of being trapped in a declining industr"# But that is unliBel"# Such mass la"offs are b" their nature indiscriminateA and the researchers tried hard to compare liBe with liBe# The results remain robust C and the" match similar research done in erman"A and earlier studies in the US with smaller data sets# 3h" such a big effect? 6n partA it is a question of lucB# Most people who ha>e secured a decentA secureA fullLtime job ha>e enjo"ed a dose of lucB in doing so# M6t is hard to get lucB" twiceAN

15

A similar problem lies in wait for those graduating during a recession# MPeople ha>e to maBe compromisesAN sa"s >on 3achterA which often means taBing a stopgap job with a less glamorous emplo"erA and tr"ing to switch careers or switch emplo"ers later on# The longer this process taBesA the longer the impact on the unlucB" cohort of graduates#

># O% &*"8 Y"2& Ca& & C-a$9 F a&1 < E76 &t Ti6'
6f "ouFre read" for a career change but ha>enFt "et figured out how to get thereA follow these tips from $ar>ardFs Dr# Timoth" Butler and life coach /#<# 4iu# Before "ou Bnow itA "ouFll be on "our wa" to a new career# 1# L""E at t- i''2 ' t-at 8aE ("2 *&a% *-a$9 a$! "2tli$ ("2& 9"al'# 3hat are "ou satisfied with about "our current situation? 3hat are "ou dissatisfied with? 6s it "our boss or the culture of "our organiGation? 2r do "ou reall" want to change careers? 2utline "our goals L for e@ampleA more mone"A more time off or more fle@ibilit"# 3rite it all down# 2# 5"&E t" 2$! &'ta$! ("2& i$$ & *&iti* 2bser>e thoughts that trap "ou with fear and pre>ent "ou from achie>ing "our objecti>es# 3rite these down on a piece of paperA then crumple it up and throw it awa" to s"mboliGe "our freedom from thoughts that interfere with "our goals and dreams# ># R *"9$iF & *2&&i$9 6att &$' i$ ("2& lif 3hat maBes "ou happ"? 3hat are "our recurring interests and social needs? 3hat maBes a worB en>ironment feel or not so good to "ou? 3rite it down# 4# N tG"&E a$! i$% 'ti9at *a& & i$t & 't' t-at 8a6 t" ("2& 9"al' a$! $ !' 2nce "ouF>e identified "our patterns and desiresA start thinBing about careers that maBe sense for "ou# i>e "ourself one to three months to e@plore "our curiosit" b" finding people who do these jobs and talBing about the pros and cons of their worB# %@plore an"thing and e>er"thing until "ouFre satisfied L or until "our time runs out# 16

<# MaE a 6la$ t-at taE ' ("2& fi$a$*ial 'it2ati"$ i$t" a**"2$t# /hange is ne>er simpleA but ha>ing a plan that outlines "our steps and financial requirements maBes it doable# 3ill "our new career require additional educationA a small business loanA time off from worB or relocation? MaBe a plan with financial considerations and a realistic timeline and that "ou can follow through on#

4# 5"8 $H' Ca& &' Pat-Ga(' I Pitfall'

A growing interest in womenFs careers has spread to personalA academicA and organiGational life# The proliferation and qualit" of research on women and worB that we saw as program chairs of the -);* 6nternational /onference on 3omen and 2rganiGations inspired us to edit this booB# That highl" successful conference was the source of se>eral chapters included here# 2ur goal was to select timel" topics that had immediate rele>ance to career womenA studentsA and scholars of women and worB# Part 6 of the booB begins with an introduction b" the editors which highlights fi>e major issues that affect worBing women and what has been learned about those issues in the -);&s# 2ther chapters are ordered thematicall"# 6n Part 66A OPersonal /areer PlanningAO the themes touch on pathwa"s and pitfalls confronting women as the" plan their career strategies# 6n /hapters .A ,A and +A Shapiro and 7arrow discuss the merits of mentorsA /ase anal"Ges womenFs speechA and %l" e@plores womenFs leadership st"lesA respecti>el"J with an e"e to how women can appl" the information to their own worB situation# 7amil" relationships also ha>e been shown to affect womenFs careers# 6n /hapter 'A O$usbandsF <ob Satisfaction and 3i>esF 6ncomeAO and /hapter *A O$a>e 3omenFs /areer and 7amil" 9alues /hanged?O questions are raised concerning the relationship between marriageA famil"A and careers# 6n /hapter (A /hao and MaliB present a career planning model which ties together indi>idualA organiGationalA and societal constraints and facilitators of professional de>elopment#

17

<# C-a$9i$9 Ca& &' f"& M"& M"$ (

6 read "our article onlineA OAsB the /areer /oachO on Pa"scale#com# 6 found it >er" interesting and helpful and will practice the steps "ou mentioned in order to find the job of m" dreams# 6 am >er" dissatisfied at m" current job# 6 am an office manager for a cigar distributor compan"# 6t is a small compan"J 6 am in the office most of the time b" m"self# 6 o>ersee all operations of the compan"# M" role includes e>er"thing from answering phonesA maBing salesA taBing care of the booBs and conducting weeBl" meetings with sales staff in different states to pacBaging and shipping cigarsA etc# M" emplo"er is also in the process of starting a construction compan"A for which 6 am preparing all related documents and applications# 6 used to worB with m" current emplo"er in a construction compan" he used to own prior to starting the cigar business# 6 am unhapp" because 6 donFt see an" room for growth an" time soon unless the construction compan" BicBs off in the ne@t few months# But 6 am thinBing of nowJ 6 need change now# The salar" is not bad but 6 want more and 6 donFt foresee getting more an" time soon# AlsoA m" husband owns a subcontractor compan"# 6tHs small but he has been in business for o>er -& "ears# $e owns the compan" along with his mother and brother# 6 help sometimes since 6 do ha>e e@perience in constructionA but can onl" help so much# 6 do not want them to feel liBe 6 want to taBe o>er# So 6 decided to start m" own compan" with m" husband to do jobs on the side with both of us Beeping our current positions# That did not worB since the license he has is alread" under his compan"Fs name# 1ow 6 would need a license in order for us to be able to pull permits under our compan"Fs license# So we are stucB in that sense and 6 am >er" disappointed that it did not go far#

/# Ca& & 6at-' "f 9l"Jal 8a$a9 &'1 T"Ga&!' f2t2& & ' a&*The aim of this paper is to identif" potentiall" producti>e areas where future research on global managersH careers is warranted# Approaching career as a pathA we conceptualiGe a global career path as an intersection of three domains! an indi>idualA an organiGational and a 18

global en>ironment domain# To identif"A within each domainA the most important factors influencing a global careerA we first conducted a re>iew of the literature on boundar"less careers and global managers# This re>iew allowed us to identif" those factors that are most rele>ant to the changing nature of careers and global assignments# 3e then re>iewed past empirical research on international careers to map how pre>ious studies ha>e addressed those factorsA further guiding us to formulate directions for future research on global careers# As well as indicating these specific research implicationsA we propose a conte@tualiGed research approach that facilitates understanding of different career mo>es o>er time as well as the o>erall direction of a global career path#

CHAPTER 3
19

INTRODUCTION
THE INSURANCE INDUSTRY IN INDIA AN O@ER@IE5
3ith the largest number of life insurance policies in force in the worldA 6nsurance happens to be a mega opportunit" in 6ndia# 6tHs a business growing at the rate of -'L.& per cent annuall" and presentl" is of the order of Rs -'*&#+- billion Dfor the financial "ear .&&* C .&&(E# Together with banBing ser>icesA it adds about (P to the countr"Hs ross Domestic Product D DPE# The gross premium collection is nearl" .P of DP and funds a>ailable with 46/ for in>estments are ;P of the DP# %>en so nearl" *'P of the 6ndian population is without life insurance co>er while health insurance and nonLlife insurance continues to be below international standards# A large part of our population is also subject to weaB social securit" and pension s"stems with hardl" an" old age income securit"# This in itself is an indicator that growth potential for the insurance sector in 6ndia is immense# A wellLde>eloped and e>ol>ed insurance sector is needed for economic de>elopment as it pro>ides long term funds for infrastructure de>elopment and strengthens the risB taBing abilit" of indi>iduals# 6t is estimated that o>er the ne@t ten "ears 6ndia would require in>estments of the order of one trillion US dollars# The 6nsurance sectorA to some e@tentA can enable in>estments in infrastructure de>elopment to sustain the economic growth of the countr"# DSource! www#indiacore#comE

20

HISTORICAL PERSPECTI@E The histor" of life insurance in 6ndia dates bacB to -;-; when it was concei>ed as a means to pro>ide for %nglish 3idows# 6nterestingl" in those da"s insurance charged for 6ndian li>es was more than the non L 6ndian li>esA as 6ndian li>es were considered more risB" to co>er# The Bomba" Mutual 4ife 6nsurance Societ" started its business in -;(&6t was the same compan" to charge same premium for both 6ndian and non 6ndian li>es# The 2riental Assurance /ompan" was established in -;;&# The eneral insurance business in 6ndiaA on the other handA can trace its roots to Triton 6nsurance /ompan" 4imitedA the first general insurance compan" established in the "ear -;'& in /alcutta b" the British# Till the end of the nineteenth centur" insurance business was almost entirel" in the hands of o>erseas companies# 6nsurance regulation formall" began in 6ndia with the passing of the life insurance /ompanies Act of -)-. and the Pro>ident 7und Act of -)-.# Se>eral frauds during the -).&Fs and -),&Fs sullied insurance business in 6ndia# B" -),; there were -(* insurance companies# The first comprehensi>e legislation was introduced with the 6nsurance Act of-),; that strict State /ontrol is there o>er the insurance business# The insurance business grew at a faster pace than other business# 6ndian companies strengthened their hold on this business but despite the growth that was witnessedA insurance remained an urban phenomenon# The o>ernment of 6ndia in -)'*A brought together o>er .+& pri>ate life insurers and pro>ident societies under one nationaliGed monopol" corporation and 4ife 6nsurance /orporation D46/E was born# 1ationaliGation was justified on the grounds that it would create the much needed funds for rapid industrialiGation# This was in conformit" with the o>ernmentFs chosen path of State led planning and de>elopment# The nonLlife insurance business continued to thri>e with the pri>ate sector till -)(.# Their operations were restricted to organiGed trade and industr" in large cities# The general insurance industr" was nationaliGed in -)(.# 3ith thisA nearl" -&( insurers were amalgamated and grouped into four companiesL 1ational 6nsurance /ompan"A 1ew 6ndia Assurance /ompan"A 2riental 6nsurance /ompan" and United 6ndia 6nsurance /ompan"# These were subsidiaries of the eneral 6nsurance /ompan" D 6/E# 21

4EY MILESTONES
10121 The 6ndian 4ife Assurance /ompanies Act enacted as the first statute to regulate the life

insurance business#
102.1 The 6ndian 6nsurance /ompanies Act enacted to enable the go>ernment to collect

statistical information about both life and nonLlife insurance businesses#

10>.1 %arlier legislation consolidated and amended b" the 6nsurance Act with the objecti>e of

protecting the interests of the insuring public#

10</1 .+' 6ndian and foreign insurers along with pro>ident societies were taBen o>er b" the

central go>ernment and nationaliGed# 46/ was formed b" an Act of ParliamentL 46/ Act -)'*L with a capital contribution of Rs# ' crore from the o>ernment of 6ndia#

INDUSTRY REFORMS Reforms in the 6nsurance sector were initiated with the passage of the 6RDA Bill in Parliament in December -)))# The 6RDA since its incorporation as a statutor" bod" in April .&&& has fastidiousl" stucB to its schedule of framing regulations and registering the pri>ate sector insurance companies# Since being set up as an independent statutor" bod" the 6RDA has put in a frameworB of globall" compatible regulations# The other decision taBen simultaneousl" to pro>ide the supporting s"stems to the insurance sector and in particular the life insurance companies was the launch of the 6RDA online ser>ice for issue and renewal of licenses to agents# The appro>al of institutions for imparting training to agents has also ensured that the insurance companies would ha>e a trained worBforce of insurance agents in place to sell their products#

22

PRESENT SCENARIO - LIFE INSURANCE INDUSTRY IN INDIA The life insurance industr" in 6ndia grew b" an impressi>e +(#,;PA with premium income at Rs# -'*&#+- billion during the fiscal "ear .&&*L.&&(# Though the total >olume of 46/Fs business increased in the last fiscal "ear D.&&*L.&&(E compared to the pre>ious oneA its marBet share came down from ;'#('P to ;-#)-P# The -( pri>ate insurers increased their marBet share from about -'P to about -)P in a "earFs time# The figures for the first two months of the fiscal "ear .&&(L&; also speaB of the growing share of the pri>ate insurers# The share of 46/ for this period has further come down to (' percentA while the pri>ate pla"ers ha>e grabbed o>er .+ percent# 3ith the opening up of the insurance industr" in 6ndia man" foreign pla"ers ha>e entered the marBet# The restriction on these companies is that the" are not allowed to ha>e more than a .*P staBe in a compan"Hs ownership# Since the opening up of the insurance sector in -)))A foreign in>estments of Rs# ;#( billion ha>e poured into the 6ndian marBet and -) pri>ate life insurance companies ha>e been granted licenses#

23

5HO ARE THE COMPETITORS OF HDFC SLICD

24

25

CHAPTER 4

26

INTRODUCTION TO HDFC I STANDARD LIFE

HDFC
$D7/ 6ncorporated in -)(( with a share capital of Rs -& /roresA $D7/ has since emerged as the largest residential mortgage finance institution in the countr"# The corporation has had a series of share issues raising its capital to Rs# --) /rores# The gross premium income for the "ear ending March ,-A .&&( stood at Rs# .A;'* /rores and new business premium income at Rs# -A*.+ /rores# The compan" has co>ered o>er ,-A .&&(# $D7/ operates through almost +'& locations throughout the countr" with its corporate head quarters in MumbaiA 6ndia# $D7/ also has an 6nternational 2ffice in DubaiA UA% with ser>ice associates in 0uwaitA 2man and Qatar# $D7/ is the largest housing compan" in 6ndia for the last .( "ears# A ;A ((A&&& li>es "ear ending March

SNAPSHOT-I
6ncorporated in -)(( as the first specialiGed Mortgage /ompan" in 6ndia# Almost )&P of initial shareholding in the hands of domestic institutes and retail in>estors# /urrent ((P of shares held b" foreign institutional in>estors# Besides the core business of mortgage $D7/ has e>ol>ed into a financial conglomerate with holdings 6n! $D7/ Standard 4ife insurance /ompan"L $D7/ holds (;#&( P# $D7/ Asset Management /ompan" C $D7/ holds '&#-P $D7/ BanBL $D7/ holds ..#.'P# 6ntelenet lobal DBusiness Process 2utsourcingE C $D7/ holds '&P 27

 #$D7/ /hubb eneral 6nsurance /ompan" C $D7/ holds (+P#

SNAPSHOT-II
4oan Appro>als Rs# ;&' billion# DUS R -;#,& bn#E Rs#**) billion DUS R -'#.& bnE .#' million#

Dup to Dec .&&(E 4oan Disbursements

Dup to Dec# .&&(E $ousing Units 7inanced Distribution 2ffices 2utreach Programs

-;)&

4EY PLAYERS
M&# D 6aE S Pa& E- is the /hairman of the /ompan"# $e is also the %@ecuti>e /hairman of $ousing De>elopment 7inance /orporation 4imited D$D7/ 4imitedE# $e joined $D7/ 4imited in a senior management position in -)(;# $e was inducted as a wholeLtime director of $D7/ 4imited in -);' and was appointed as its %@ecuti>e /hairman in -)),# $e is the /hief %@ecuti>e 2fficer of $D7/ 4imited# Mr# PareBh is a 7ellow of the 6nstitute of /hartered Accountants D%ngland = 3alesE#

M&# D 6aE M SatGal Ea& is the Managing Director and /%2 of the /ompan" since 1o>emberA .&&&# Prior to thisA he was the Managing Director of $D7/ 4imited since -)),# Mr# SatwaleBar obtained a Bachelors Degree in Technolog" from the 6ndian 6nstitute of Technolog"A Bomba" and a Masters Degree in Business Administration from The American Uni>ersit"A 3ashington D/#

28

GROUP COMPANIES
$D7/ BanB! 3orld /lass 6ndian BanBL among the top pri>ate banBs in 6ndia# $D7/ AM/! 2ne of the top , AM/s in 6ndiaL Preferred in>estment manager# 6ntelenet lobal! BP2 ser>ices for international customers# /6B64! /redit 6nformation Bureau 6ndia 4imited# $D7/ /hubb! Upcoming Pri>ate companies in the field of eneral 6nsurance# $D7/ Mutual 7und $D7/ realit"#com! $elps to search properties in all major cities in 6ndia $D7/ securities

STANDARD LIFE
Standard 4ife is %uropeHs largest mutual life assurance compan"# Standard 4ifeA which has been in the life insurance business for the past -(' "ears is a modern compan" sur>i>ing quite a few changes since selling its first polic" in -;.'# The compan" e@panded in the -)th centur" from Bits original %dinburgh premisesA opening offices in other towns and acquitting other similar businesses# Standard 4ife /urrentl" has assets e@ceeding o>er S (& billion under its management and has the distinction of being accorded MAAAN rating consequentl" for the si@ "ears b" Standard and Poor# 29

SNAPSHOT
7ounded in -;('A compan" supporting generation for last -() "ears# /urrentl" o>er ' million Polic" holders benefiting from the ser>ices offered# %uropeHs largest mutual life insurer#

JOINT @ENTURE

/ountr" of registration or Share class 1ame incorporation and proportion held :ear end 1ature of business $eng An Standard 4ife /hina 2rdinar" shares '&#&P ,- Dec 4ife assurance$D7/ Standard 4ife 6nsurance /ompan" 4imitedTT 6ndia2rdinar" shares -;#*P ,- Mar 4ife assurance$D7/ Asset Management /ompan" 4imitedT TT 6ndia 2rdinar" shares +)#)P ,- Mar 6n>estment managementT 2wned b" a subsidiar" undertaBing of the /ompan"#TT The /ompan" also has a -+#'P interest in $ousing De>elopment 7inance /orporation 4imited DM$D7/ 4imitedNE# $D7/ 4imited owns ;-#+P and '&#-Pof $D7/ Standard 4ife 6nsurance /ompan" 4imited and $D7/ Asset Management /ompan" respecti>el"# This gi>es the roup an effecti>e interest in thesecompanies of ,&P and '(P respecti>el"# The /ompan" does not e@ercise dominant influence o>er either of these joint >entures#The current operations of these companies are not significant in relation to the accounts of the roup#

30

CHAPTER 5

31

HDFC STANDARD LIFE INSURANCE COMPANY LIMITED

INTRODUCTION $D7/ Standard 4ife 6nsurance /o# 4td was incorporated on -+th august .&&&# 6t is a joint >enture between $ousingDe>elopment 7inance /orporation 4imited D$D7/ 4td#E 6ndia And U0 based Standard 4ife /ompan"# Both the joint >enture partners being one of the leaders in their respecti>e areas came together in this ;-#+!-;#* joint >enture to form $D7/ Standard 4ife 6nsurance /ompan" 4imited# Mr# DeepaB SatwaleBar is the MD and /%2 of the >enture#$D7/ Standard 4ife brings to "ou a whole range of insurance Solutions be it group or indi>idual or 1A9 ser>ices for /orporationsA the" can be easil" customiGed as per specific needs# $D7/ Standard 4ife 6nsurance 6ndia boasts of co>ering around ;#( laBh li>es b" MarchF.&&(# The gross incomes standing at a whopping Rs# .A ;'* croresA $D7/ Standard 4ife 6nsurance /orporation is sure to become one of the leaders and the first preference for an" life insurance customer# $D7/ Standard 4ife 6nsurance /ompan" 4td# offers a range of indi>idual and group insurance solutions# 6t is a joint >enture between $ousing De>elopment 7inance /orporation 4imited D$D7/ 4td#EA 6ndiaHs leading housing finance institution and one of the subsidiaries of Standard 4ife plcA leading pro>iders of financial ser>ices in the United 0ingdom# The Standard 4ife group has been looBing after the financial needs of customers for o>er -;& "ears# 6t is a leading pensionHs pro>ider in the U0# Both the promoters are well Bnown in their respecti>e fields of acti>ities# 7or more details "ou ma" log on to http!KKwww#hdfcinsurance#com 32

$D7/ Standard 4ife 6nsurance /ompan" 4imited was one of the first companies to be granted license b" the 6RDA to operate in life insurance sector# Reach of the <9 pla"er is highl" rated and been conferred with man" awards# $D7/ is rated UAAA H b" both /R6S64 and 6/RA# Similarl"A Standard 4ife is rated UAAAH both b" Mood"Hs and Standard and PoorHs# These reflect the efficienc" with which $D7/ and Standard 4ife manage their asset base of Rs# -'A&&& /r and Rs# *&&A&&& /r# respecti>el"# $D7/ Standard 4ife 6nsurance /ompan" 4td was incorporated on -+th August .&&&# $D7/ is the majorit" staBeholder in the insurance <9 with ;-#+P staple and Standard of as a staple -;#*P Mr# DeepaB SatwaleBar is the MD and /%2 of the >enture# $D7/ Standard 4ife 6nsurance /ompan" 4td# 6s one of 6ndiaHs leading Pri>ate 4ife 6nsurance /ompaniesA which offers a range of indi>idual and group insurance solutions# 6t is a joint >enture between $ousing De>elopment 7inance /orporation 4imited D$D7/ 4td#E 6ndiaHs leading housing finance institution and the Standard 4ife Assurance /ompan"A a leading pro>ider of financial ser>ices from the United 0ingdom# Both the promoters are will Bnown for their ethical dealings and financial strength and are thus committed to being a longLterm pla"er in the life insurance industr"L all important factors to consider when choosing "our insurer#

3USINESS GRO5TH
$D7/ Standard 4ifeA one of 6ndiaHs leading pri>ate life insurance companies declared its annual results for the fi$a$*ial ( a& $!i$9 Ma&*- >1, 2000# The compan" generated Total Premium 6ncome of Rs# ''*+#*) crores in 7:.&&;L&) registering a "earLonL"ear growth of -'P# The growth was primaril" dri>en b" the compan"Hs structured sales processes based on customer needs and their assessmentsA wide range of product portfolio and di>erse distribution networB# Mr# Paresh ParasnisA Principal 2fficer and %@ecuti>e DirectorA saidA MThe financial "ear .&&;L &) was a defining "ear with the unfolding of se>eral une@pected e>ents C sharp correction in financial marBets and a spread of recessionar" trends# These e>ents also had an impact on the 33

6ndian life insurance industr"# 3e are happ" that our new policies issued grew b" -*P o>er the last "ear# $owe>erA gi>en the uncertaint" in the o>erall scenarioA customers ha>e reduced their annual premium commitment on new policies# At the same timeA e@isting policies continued to be in force reflected in our renewal premiumA which posted a health" growth of ,+P#N 6n line with o>erall marBet conditionsA growth in %ffecti>e Premium 6ncome D%P6E in respect of retail business increased b" 'PA growing from Rs# .A+.' crores in .&&(L&; to Rs# .A''. crores in .&&;L&)# $D7/ Standard 4ife tracBs its 1ew Business Premium on the basis of %ffecti>e Premium 6ncome D%P6E# %P6 is calculated b" gi>ing onl" a -&P >alue to a Single Premium polic" and is an internationall" accepted indicator of an insurance compan"Hs performance# $D7/ Standard 4ife maintained its health" pipeline of products last "ear b" launching-products apart from slashing the premium rates of its Term Assurance Plan premium rates b" about .'P across different age bands# M2ur entr" into the health insurance marBet last "ear with the launch of two products C Surgi /are and /ritical /are was a significant mo>e in line with our business objecti>e# The low penetration of health insurance in 6ndia gi>es us a tremendous opportunit" to pro>ide qualit" health insurance# 2ur health products along our complete range of life insurance and pensionHs portfolio meet almost e>er" aspect of an indi>idualHs requirementsAN Mr# Parasnis added#

4EY STRENGTH
Fi$a$*ial E76 &ti'
As a joint >enture of leading financial ser>ices group# $D7/ standard 4ife has the financial e@pertise required to manage longLterm in>estments safel" and efficientl"#

Ra$9 "f S"l2ti"$'

$D7/ S46/ has a range of indi>idual and group solutionsA which can be easil" customiGed to specific needs# These group solutions ha>e been designed to offer complete fle@ibilit" combined with a low charging structure#

34

St&"$9 Et-i*al @al2 '1

$D7/ S46/ is an ethical and /ultural 2rganiGation# 7alse selling or false commitment with the customers is not allowed#

M"'t & '6 *t ! P&i%at I$'2&a$* C"86a$(

$D7/ S46/ was awarded 1oL- Pri>ate 6nsurance /ompan" in .&&+ b" the 3orld /lass MagaGine Business 3orld for 6ntegrit"A 6nno>ation and /ustomer /are#

CORPORATE O3JECTI@E
7ocus on the producti>it" of each consultantA corporate or indi>idualA while stressing on the qualit" of proposals QuicB roll out of Products %fficienc" of 2perations Meet Social = Rural sector obligations

@ISION
FThe most successful and admired life insurance compan"A which means that we are the most trusted compan"A the easiest to deal withA offer the best >alue for mone"A and set the standards# #

FThe most ob>ious choice for allF#

@ALUES
9alues that we obser>e while we worB! I$t 9&it( I$$"%ati"$ C2't"8 & P "6l Ca& 35

 T a8G"&E J"( a$! Si86li*it(

36

3OARD MEM3ERS
3&i f 6&"fil "f t- 3"a&! "f Di& *t"&' M&# D 6aE S Pa& E- is the /hairman of the /ompan"# $e is also the %@ecuti>e /hairman of $ousing De>elopment 7inance /orporation 4imited D$D7/ 4imitedE# $e joined $D7/ 4imited in a senior management position in -)(;# $e was inducted as a wholeLtime director of $D7/ 4imited in -);' and was appointed as its %@ecuti>e /hairman in -)),# $e is the /hief %@ecuti>e 2fficer of $D7/ 4imited# Mr# PareBh is a 7ellow of the 6nstitute of /hartered Accountants D%ngland = 3alesE# M&# 4 Ei M Mi't&( joined the Board of Directors of the /ompan" in DecemberA .&&&# $e is currentl" the Managing Director of $D7/ 4imited# $e joined $D7/ 4imited in -);- and became an %@ecuti>e Director in -)),# $e was appointed as its Managing Director in 1o>emberA .&&&# Mr# Mistr" is a 7ellow of the 6nstitute of /hartered Accountants of 6ndia and a member of the Michigan Association of /ertified Public Accountants# M&# Al 7a$! & M C&"8Ji joined the Board of Directors of the /ompan" in AprilA .&&.# $e has been with the Standard 4ife roup for ,+ "ears holding >arious senior management positions# $e was appointed as the roup /hief %@ecuti>e of the Standard 4ife roup in March .&&+# Mr# /rombie is a fellow of the 7acult" of Actuaries in Scotland# M'# Ma&*ia D Ca86J ll is currentl" the roup 2perations Director in the Standard 4ife group and is responsible for roup 2perationsA Asia Pacific De>elopmentA Strateg" = PlanningA /orporate Responsibilit" and Shared Ser>ices /entre# Ms# /ampbell joined the Board of Directors in 1o>ember .&&'# M&# 4 it- N SE "*- is currentl" the /hief %@ecuti>e in Standard 4ife 6n>estments 4imited and is responsible for o>erseeing 6n>estment Process = /hief %@ecuti>e 2fficer 7unction# Prior to thisA Mr# SBeoch was worBing with MKs# <ames /apel = /o# holding the positions of U0 %conomistA /hief %conomistA %@ecuti>e DirectorA Director of /ontrols and Strateg" $SBS Securities and Managing Director 6nternational %quities# $e was also responsible for %conomic and 6n>estment Strateg" research

37

produced on a worldwide basis# Mr# SBeoch joined the Board of Directors in 1o>ember .&&'# M&# Ga2ta8 R Di%a$ is a practising /hartered Accountant and is a 7ellow of the 6nstitute of /hartered Accountants of 6ndia# Mr# Di>an was the 7ormer /hairman and Managing /ommittee Member of Midsnell roup 6nternationalA an 6nternational Association of 6ndependent Accounting 7irms and has authored se>eral papers of professional interest# Mr# Di>an has wide e@perience in auditing accounts of large public limited companies and nationalised banBsA financial and ta@ation planning of indi>iduals and limited companies and also has substantial e@perience in structuring o>erseas in>estments to and from 6ndia# M&# Ra$Ka$ Pa$t is a global Management /onsultant ad>ising /%2KBoards on Strateg" and /hange Management# Mr# PantA until .&&. was a Partner = 9iceL President at Bain = /ompan"A 6nc#A BostonA where he led the worldwide Utilit" Practice# $e was also DirectorA /orporate Business De>elopment at eneral %lectric headquarters in 7airfieldA USA# Mr# Pant has an MBA from The 3harton School and B% D$onoursE from Birla 6nstitute of Technolog" and Sciences# M&# Ra%i Na&ai$ i' t- Ma$a9i$9 Di& *t"& I CEO of 1ational StocB %@change of 6ndia 4imited# Mr# Ra>i 1arain was a member of the core team to setLup the Securities = %@change Board of 6ndia DS%B6E and is also associated with >arious committees of S%B6 and the Reser>e BanB of 6ndia DRB6E# M&# D 6aE M SatGal Ea& i' t- Ma$a9i$9 Di& *t"& a$! CEO of the /ompan" since 1o>emberA .&&&# Prior to thisA he was the Managing Director of $D7/ 4imited since -)),# Mr# SatwaleBar obtained a Bachelors Degree in Technolog" from the 6ndian 6nstitute of Technolog"A Bomba" and a Masters Degree in Business Administration from The American Uni>ersit"A 3ashington D/# M'# R $2 S# 4a&$a! is the %@ecuti>e director of $D7/ 4imitedA is a graduate in law and holds a MasterFs degree in economics from Delhi Uni>ersit"# She has been emplo"ed with $D7/ 4imited since -)(; and was appointed as the %@ecuti>e Director in .&&&# She is responsible for o>erseeing all aspects of lending operations of $D7/ 4imited#

38

MAR4ET SHARE
HDFC Li8it !# $D7/ is 6ndiaHs leading housing finance institution and has helped build more than .,A&&A&&& houses since its incorporation in -)((# 6n 7inancial :ear .&&,L&+ its assets under management crossed Rs# ,*A&&& /r# As at March ,-A .&&+A outstanding deposits stood at Rs# (A;+& crores# The depositor base now stands at around - million depositors# Rated UAAAH b" /R6S64 and 6/RA for the -&th consecuti>e "ear Stable and e@perienced management $igh ser>ice standards Awarded The %conomic Times /orporate /itiGen of the "ear Award for its longLstanding commitment to communit" de>elopment# Presented the UDream $omeH award for the best housing finance pro>ider in .&&+ at the third Annual 2utlooB Mone" Awards# Sta$!a&! Lif G&"26 (Sta$!a&! Lif 6l* a$! it' '2J'i!ia&i ') The Standard 4ife group has been looBing after the financial needs of customers for o>er -;& "ears 6t currentl" has a customer base of around ( million people who rel" on the compan" for their insuranceA pensionA in>estmentA banBing and healthLcare needs 6ts in>estment manager currentl" administers S-.' billion in assets 6t is a leading pensions pro>ider in the U0A and is rated b" Standard = PoorFs as FstrongF with a rating of AV and as FgoodF with a rating of A- b" Mood"Fs Standard 4ife was awarded the FBest Pension Pro>iderF in .&&+A .&&' and .&&* at Mone" MarBeting AwardsA and it was >oted a ' star life and pensions pro>ider at 7inancial Ad>iser Ser>ice Awards for the last -& "ears running # The F' StarF accolade has also been awarded to Standard 4ife 6n>estments for the last -& "earsA and to Standard 4ife BanB since its inception in -));# Standard 4ife BanB was awarded the FBest 7le@ible Mortgage 4enderF at the Mortgage MagaGine Awards in .&&* the the

39

MILESTONES IN THE HISTORY

$D7/ is 6ndiaHs leading housing finance institution and has helped build more than .,A &&A&&& houses since its incorporation in -)((# 6n 7inancial :ear .&&,L&+ its assets under management crossed Rs#,*A&&&/r# As at March ,-A .&&+A outstanding deposits stood at Rs# (A;+& crores# The depositor base now stands at around - million depositors# Rated UAAAH b" /R6S64 and 6/RA for the -&th consecuti>e "ear Awarded The %conomic Times /orporate /itiGen of the "ear Award for its longL standing commitment to communit" de>elopment# Presented the UDream $omeH award for the best housing finance pro>ider in .&&+ at the third Annual 2utlooB Mone" Awards $D7/ Standard 4ife 6nsurance is the first pri>ate life insurance compan" to be granted a license b" 6RDA Rated as the OBest 1ew 6nsurer L .&&,O b" 2utlooB Mone" magaGineA 6ndiaHs number - personal finance magaGine Rated b" UBusiness worldH as U6ndiaHs Most Respected Pri>ate 4ife 6nsurance /ompan"H in .&&+# +( $as the highest brand recallA close to ;&P DSource! A/ 1eilson 2R MAR A April .&&'E $as one of the widest branch networBs with offices in o>er -&& cities ser>icing o>er ++& towns

40

PRODUCTS I SER@ICES

The right in>estment strategies wonFt just help plan for a more comfortable tomorrow LL the" will help "ou get MSa& Ut-a E Ji(". At $D7/ S46/A life insurance plans are created Beeping in mind the changing needs of famil"# 6ts life insurance plans are designed to pro>ide "ou with fle@ible options that meet both protection and sa>ings needs# 6t offers a full range of transparentA fle@ible and >alue for mone" products# $D7/ S46/ products are modern and contemporar" unitiGed products that offer unique customer benefits liBe fle@ibilit" to choose co>er le>elsA inde@ation and partial withdrawals# DSource! www#hdfcslic#comE 41

6nno>ati>e productsA smart marBetingA and aggressi>e distribution ha>e enabled fledgling pri>ate insurance companies to sign up 6ndian customers faster than an"one e@pected# 6ndiansA who had alwa"s seen life insurance as a ta@ sa>ing de>iceA are now suddenl" turning to the pri>ate sector and snapping up the new inno>ati>e products on offer# Some of these products include in>estment plans with insurance and good returns Dunit linBed plansEA multi C purpose insurance plansA pension plansA child plans and mone" bacB plans# Dwww#wiBipedia#comE

42

P&"!2*t' "f HDFC 'ta$!a&! lif i$'2&a$*

I$!i%i!2al G&"26 S"*ial I$!i%i!2al P&"!2*t' 3e at $D7/ Standard 4ife realiGe that not e>er"one has the same Bind of needs# 0eeping this in mindA we ha>e a >aried range of Products that "ou can choose from to suit all "our needs# These will help secure "our future as well as the future of "our famil"# P&"t *ti"$ Pla$' :ou can protect "our famil" against the loss of "our income or the burden of a loan in the e>ent of "our unfortunate demiseA disabilit" or sicBness# These plans offer >aluable peace of mind at a small price# 2ur Protection range includes our Term Assurance Plan = 4oan /o>er Term Assurance Plan# I$% 't8 $t Pla$' 2ur Single Premium 3hole 2f 4ife plan is well suited to meet "our long term in>estment needs# 3e pro>ide "ou with attracti>e long term returns through regular bonuses# P $'i"$ Pla$' 2ur Pension Plans help "ou secure "our financial independence e>en after retirement# 2ur Pension range includes our Personal Pension PlanA Unit 4inBed PensionA Unit 4inBed Pension Plus Sa%i$9' Pla$' 2ur Sa>ings Plans offer "ou fle@ible options to build sa>ings for "our future needs such as bu"ing a dream home or fulfilling "our children immediate and future needs# 2ur Sa>ings range includes %ndowment Assurance PlanA Unit 4inBed %ndowmentA Unit 4inBed %ndowment PlusA Unit 4inBed %ndowment Plus 66A 43

Unit 4inBed %nhanced 4ife Protection 66A /hildrenFs PlanA Unit 4inBed :oung StarA Unit 4inBed :oung Star PlusA Unit 4inBed :oung Star Plus 66#

44

G&"26 P&"!2*t' O$ -'t"6 '-"6 f"& 86l"( -J $ fit '"l2ti"$' $D7/ Standard 4ife has the most comprehensi>e list of products for progressi>e emplo"ers who wish to pro>ide the best and most inno>ati>e emplo"ee benefit solutions to their emplo"ees# 3e offer different products for different needs of emplo"ers ranging from term insurance plans for pure protection to >oluntar" plans such as superannuation and lea>e encashment# 3e now offer the following group products to our esteemed corporate clients! G&"26 T &8 I$'2&a$* G&"26 @a&iaJl T &8 I$'2&a$* G&"26 U$it-Li$E ! Pla$

An in>estment solution that pro>ides funding >ehicle to manage corpuses with ratuit"A Defined Benefit or Defined /ontribution Superannuation or 4ea>e %ncashment schemes of "our compan" Also suitable for other emplo"ee benefit schemes such as salar" sa>ing schemes and wealth management schemes S"*ial P&"!2*t D % l"68 $t i$'2&a$* 6la$ De>elopment 6nsurance plan is an insurance plan which pro>ides life co>er to members of a De>elopment Agenc" for a term of one "ear# 2n the death of an" member of the group insured during the "ear of co>erA a lump sum is paid to those member beneficiaries to help meet some of the immediate financial needs following their loss# Eli9iJilit( Members of the de>elopment agenc" and their spouses with! Minimum age at the start of the polic" -; "ears last birthda" 45

Ma@imum age at the start of polic" '& "ears last birthda"

46

AD@ERTISEMENT AND SALES PROMOTION

7ilm opens in the compound of a house# 7ather is checBing something inside the bonnet of an old small car# $is daughterA around .(L.; "ears oldA is worBing on a lap top ne@t to him

Daughter! MDadN# 7ather! MBoloN Daughter! M1a"i car lene mein hee bhalaai hai#N Dad nods in agreement without looBing up# Dad! M$mmm5N

Daughter continues affirmati>el" as she signs on a cheque# Daughter! MAur wo bhi badi wali#

Dad looBs at her Dad! M$uhA Badi B"on?N

and

asBs#

Dad doesnHt Bnow what to sa" as he looBs at the cheque# Daughter pleads! MPlease5dadN

47

Daughter! MRela@ dadA plan Bi"a#N Dad doesnHt Bnow what to sa"! MPar###N

Super! Unit 4inBed Sa>ings Plans M92! MUnit 4inBed Sa>ings Plans from $D7/ Standard 4ife# Gimmedari nibhaoA Aaj bhi Bal bhi N

7ather daughter are M92! MSar Utha 0e <i"o#N

sitting#

48

FINANCIAL PERFORMANCE
$D7/ Standard 4ifeA one of the leading pri>ate life insurance companies in 6ndia declared its annual results for the financial "ear ending March ,-A .&&;# The compan" generated 1ew Business Premium 6ncome of Rs# .A*;' crores in 7:.&&(L&; registering a "earLonL"ear growth of *,P# The growth was primaril" dri>en b" the success of the compan"Fs initiati>e on structured sales processes based on customer needs and their assessments# $D7/ Standard 4ifeA one of the leading pri>ate life insurance companies in 6ndia declared its annual results for the financial "ear ending March ,-A .&&;# The compan" generated 1ew Business Premium 6ncome of Rs# .A*;' crores in 7:.&&(L&; registering a "earLonL"ear growth of *,P# The growth was primaril" dri>en b" the success of the compan"Hs initiati>e on structured sales processes based on customer needs and their assessments# Mr# DeepaB SatwaleBarA MD = /%2A $D7/ Standard 4ife attributed this growth to the qualit" of life insurance solutions offered b" the compan" and its increased geographical reach# $e also emphasisedA M3e belie>e that our success is a result of our efforts in gi>ing customersA the best longLterm solutions to taBe care of their insurance needs# 2ur endea>our to pro>ide high qualit" insurance and pension solutions to customers through qualit" preLsales ad>iceA based on a sound needLbased solutions approachA and postLsales ser>ice has started to pa" off#N $ighlights of 7inancial :ear .&&(L&; 1ew Business Premium 6ncome up b" *,P to Rs# .A*;' crores# Total Premium 6ncome is up b" (&P at Rs# +A;') crores as against Rs# .A;'* crores in 7:.&&*L&( Alternate /hannels including bancassurance has recorded an impressi>e growth of o>er *,P to contribute +-P to the %ffecti>e Premium 6ncome D%P6E roup business funds under management ha>e increased to Rs# )') croresA registering a growth of ;,P o>er 7:.&&*L&( The a>erage premium has increased to Rs# ,,A&&&

49

/ompan" products and ser>ices are now a>ailable in (.* cities and towns across the countr" Strength of 7inancial /onsultants has increased to -A+'A&&&#

$D7/ Standard 4ife tracBs its 1ew Business Premium on the basis of %ffecti>e Premium 6ncome D%P6E# %P6 is calculated b" gi>ing onl" a -&P >alue to a Single Premium polic" and is an internationall" accepted indicator of an insurance compan"Hs performance# The total premium income Dincluding renewal premiumE grew b" (&P to touch a figure of Rs# +A;') crores# $igh le>els of persistenc" ha>e resulted in higher le>el of renewal premiums# Although there has been a slight dip from ;)P to ;*PA we continue to ha>e the highest persistenc" le>el in the industr"# The cumulati>e sum assured for all policies issued upto March ,-A .&&; crossed Rs# ;(A&&& crores# 6n offering unit linBed productsA the structured sales process adopted b" the compan" has paid rich di>idends# M3e belie>e that we should be able to lengthen the maturit" profile of our polic" portfolioA now that the regulator" disincenti>e has been remo>ed with effect from April -A .&&;AN added Mr# SatwaleBar# $D7/ Standard 4ife offersA bothA life insurance policies as well as pension products on a unit linBed platform as also the con>entional Uwith profitsH platform# 2>er '&P of the sum assured as on March ,-A .&&;A is in respect of non unitLlinBed policies# 2>er ,&P of funds under management are in respect of nonLlinBed businessA which reflects the balanced booB between con>entional and unitLlinBed business in the total portfolio of the compan"# The compan"Hs national relationships with large public and pri>ate sector banBs ha>e also helped it reach out to a larger number of customers across the countr"# The compan" plans to further strengthen these relationships through the introduction of products speciall" designed for this channel# $D7/ Standard 4ife continues to ha>e one of the widest reaches among new insurance companies# The compan" strengthened its number of offices from -&, to '(. across the 50

countr" in less than , "ears# Through these officesA the compan" toda" ser>ices customer needs in o>er (.* cities and towns# The compan" also increased its depth in e@isting marBets b" increasing its 7inancial /onsultant strength from (+A&&& as on March ,-A .&&( to -A+'A&&& as on March ,-A .&&;# There has been a huge jump of ,&&P o>er the last , "ears in the number of its 7inancial /onsultants who ha>e qualified to become members of the prestigious Million Dollar Round Table DMDRTE /lub# The strength of MDRT qualified members has gone up to +)* as on December ,-A .&&(# As against the regulator" requirement of writing -;P of all policies in rural areasA $D7/ Standard 4ife has issued o>er .-(A&&& policies accounting for .,P of all policies issued during .&&(L&;# Additionall"A during .&&(L&;A $D7/ Standard 4ife has co>ered '-A,.* li>es under the social sector categor"A as against the requirement of .'A&&& li>es# 2>erallA the compan" has co>ered o>er )A')A&&& li>es during the "ear ending March ,-A .&&;# To meet the demands arising from the compan"Hs rapid growthA shareholders ha>e contributed additional Rs# +(& crores of equit" to taBe the paidLup share capital as on March .&&; to Rs# -A.(- crores# $D7/ Standard 4ifeA one of the leading pri>ate life insurance companies in 6ndia declared its annual results for the financial "ear ending March ,-A .&&;# The compan" generated 1ew Business Premium 6ncome of Rs# .A*;' crores in 7:.&&(L&; registering a "earLonL"ear growth of *,P# The growth was primaril" dri>en b" the success of the compan"Fs initiati>e on structured sales processes based on customer needs and their assessments#

51

FUTURE PLANS
HDFC Sta$!a&! Lif , 6la$' IPO i$ L00 MumbaiA $D7/ has booBed a profit of around Rs -.& cr in a Rs .&& cr transaction in>ol>ing sale of (#-'P staBe in $D7/ Standard 4ife to its British partner# The promoters of $D7/ Standard 4ife ha>e said also said that the" will dilute staBe through an 6P2 before .&&)# N G HDFC Sta$!a&! Lif 6"li*( MumbaiA $D7/ Standard 4ife has launched a new product called OUnit 4inBed 3ealth Ma@imiser PlusO# This is a single premium in>estment cum protection planA with a minimum premium of Rs - laBh# The polic"holder has the option to choose from fi>e fund options L Mone" Plus 7undA Bond 2pportunities 7undA 4argeLcap 7undA MidLcap 7undA and ManagerFs 7und# $D7/ Standard 4ife will offer regular lo"alt" units of &#-& per cent e>er" "ear as long as the polic" is not surrendered# The accumulated >alue of the funds is recei>ed at the end of the polic" term# 6n the e>ent of unfortunate demise of the polic"holder during the polic" tenureA $D7/ Standard 4ife will pa" the greater of the Sum Assured Dless all applicable withdrawalsE and the total fund >alue to the famil" members of the polic"holder# The polic" offers life insurance co>er until the age of )) "ears

52

CHAPTER 6

53

CAREER PATH IN HDFC SLIC

HDFC Sta$!a&! Lif I$'2&a$* C"86a$( Lt!# is one of 6ndiaFs leading pri>ate insurance companiesA which offers a range of indi>idual and group insurance solutions and pro>iding the career opportunities to its emplo"ees# 6t is a joint >enture between $ousing De>elopment 7inance /orporation 4imited D$D7/ 4td#EA 6ndiaFs leading housing finance institution and a roup /ompan" of the Standard 4ifeA U0# $D7/ as on December ,-A .&&( holds (.#,; per cent of equit" in the joint >enture#

CAREER PATH
Circle Head Circle Manager #AM$ Seni r Sales Manager #SSM$ Sales Manager Assistant Sales Manager Business Devel !"ent Manager Sales Devel !"ent Manager
54

%inancial C nsultant #%C$

The /areer Path in HDFC Sta$!a&! Lif I$'2&a$* C"86a$( Lt!# mainl" has two operations in its all branches# HDFC Sta$!a&! Lif I$'2&a$* C"86a$( Lt!# has di>ided its operation into two departments for the better management# These departments are! C-a$$ l D % l"68 $t D 6a&t8 $t 1# A& a Ma$a9 &' 2# C-a$$ l D % l"68 $t Ma$a9 &' ># C-a$$ l D % l"68 $t E7 *2ti% ' 4# R *&2it8 $t C"$'2lta$t Sal ' D 6a&t8 $t 1# T &&it"&( Ma$a9 & 2# 32'i$ '' D % l"68 $t Ma$a9 &' ># Sal ' D % l"68 $t Ma$a9 &' 4# Fi$a$*ial C"$'2lta$t'

Channel Development Department

Channel Development Department is department which plays a major role in the organization. This department is engaged in recruiting the effective and efficient FCs for the organization so the people they are recruiting is capable to bring the business for the organization and fulfill the organizational goals and objectives. Recruiting the FCs not only task for the channel development department but to provide the IRDA training to the selected candidate and preparing for the IRDA exams for getting the IRDA license. After getting the IRDA license a candidate is able to sell the insurance product and become the Financial Consultant, and he/she transferred to the sales department for the further process.

55

Role of CDMs & CDEs

1. Team building The first step for any CDM is make a team for the recruitment process. A CDM can use the different resource for the recruitment like Recruitment Consultants, Project Trainees, E2E vendors & RPs. Through these resource of recruitment a CDM can move for the further process. 2. Training & Induction The next step is to provide the training & induction programs for his/her team (i.e. recruitment resource) and he/she should has to do field work with his/her team. 3. Planning & Implementation of Lead Generation Activities. A CDM required minimum one BOP per week, he can use the canopy, road shows, BTL activities as well for better recruitment for the organization. 4. Resource Motivation and Drive. One Vendor Review meet per Week ( Channel Development Manager to Review) One Vendor Meet per Month( AM-CD to Address) Felicitation & Rewards to top performers 5. IRDA Training & Examination A CDM has to arrange FCs 50 hours training tracking through LC & RCs. and IRDA Examination Tracking through LC & RCs and increasing I/O Ratio. 6. MIS & Documentation A CDM keeps the records of documentation of vendor contracts & payment modes and MIS on recruitment & licensing Of FC BM/TM wise Keeping an Eye on first Business track,activisation through LC and HO Biz Update. 7. Relationship Management at Local Level A CDM has to be regular branch visits to keep the better relationship with local level: Relationship Management( RM,TM,BM,SDM & Ops) Allocation of FCs through TM/BM Retail FC Recruitment, Licensing & Business Updates to Retail functions Updating Ops-Agency Co-Ordinator on Process Changes

8. Checking Quality Parameters Q Score 56

Q Score >3 is not allowed FC Pre Login Interview Sheet Fulfillment of RI documents

9. Recruitment Activity Monitor Ensure you update RAM daily 100 % adherence

Sales Department

Sales Department is the most important department for any organization, without it no organization move further. All the business is depends on the sales department and all the operations are done for promoting the sales. So i.e. the better management and better sales executive are require for increasing the sale of Insurance products (Insurance Policies). The Territory Manager monitors the branch and all the BDMs are the subordinate of him. TM keeps the eyes on all the activities or a branch and his/her subordinates like BDMs, SDMs, CDMs, FCs and others. The Channel Development department helps in recruiting the best Financial Consultant to the organization so he/she would be able to take more business (large amount of Premiums) and helps in achieving the organizational goal. After getting the IRDA licence FCs are transferred to sales department from channel de>elopment department under different SDMs = BDMs# Then sales department pro>ides them product and other training which can maBe them to go in the marBet and to sell the insurance policies#

3 a Fi$a$*ial C"$'2lta$t Be a part of HDFC Standard Life Insurance Company Ltd. and grab the unlimited
opportunities and enjoy the reward, recognition and many more

Tap into an unlimited earning potential

57

 UtiliGe spare time producti>el" et 1ational = 6nternational Recognition

6n>est time and not mone"T Build stronger and lifeLlong relationship Rein>ent "our life

58

3USINESS DESCRIPTION
Be our /ertified 7inancial /onsultant <oin $D7/ Standard 4ife 6nsurance as a 7inancial /onsultant and help anal"Ge "our customerHs financial needsA pro>ide customiGed financial solutions to each one and conduct re>iews on a regular basis to Beep "our customers on tracB# Along with being a great career mo>e "ou get associated with $D7/ Standard 4ife 6nsuranceA 6ndiaHs Most Respected Pri>ate 4ife 6nsurance /ompan"# 3e at $D7/ Standard 4ife also offer "ou unmatched support with >arious training programmes to help "ou e@cel in "our endea>our# A great career mo>e in e>er" wa" Wero in>estmentA there is no startLup capital# :ou can worB fullLtime or partLtimeA depending on "our con>enience Sunrise industr" Support e>er" step of the wa" At $D7/ Standard 4ifeA training is an inherent element of our support s"stem L at no e@tra cost L for our new 7inancial /onsultants E?CELLENT OPPORTUNITY

<oin HDFC Sta$!a&! Lif I$'2&a$* as a Fi$a$*ial C"$'2lta$t and earn a rewarding career Fl 7iJl G"&E ti8i$9' + :ou can worB whene>er "ou liBe# :ou can worB fullLtime or partLtimeA depending on "our con>enience# $owe>erA the time "ou in>est will determine "our success

A$( "$ *a$ K"i$ L :oung graduatesA $ousewi>esA Retired PersonnelA SelfLemplo"ed or 3orBing Professionals#

B &" I$% 't8 $t L There is no startLup capital required# Be "our own boss with fle@ible worBing en>ironmentA unlimited earning potential and opportunities to be part of a world class sales team#

Att&a*ti% R 82$ &ati"$ L /ompan" offers e@cellent commissionsA award and rewards for the performers#

59

:ou ha>e unlimited earning potential# /ommission structure is prett" handsome and is -'L+&P and renewal commission of 'P second "ear onwards till the polic" is in force# C &tifi*at J( IRDAL :ou will get world class training free of cost and certification b" 6nsurance Regulator" De>elopment Authorit"#

TRAINING- Perfects "our Bnowledge about the insurance industr" as well as our products IRDA T&ai$i$9- Prepares "ou for "our career as a 7inancial /onsultant and enables "ou to pass the 6RDA e@amination easil" Di'-a T&ai$i$9- $ones "our selling sBillsA enables "ou to understand customer needs and pro>ide needLbased insurance solutions A!%a$* ! T&ai$i$9- Upgrades "our capabilit" and Bnowledge through sophisticated training programs customised for the changing world of financial products and marBets

DESIRED PROFILE1
A9 1 1. Y&' t" /< Y&' E!2*ati"$1 I$t &8 !iat "& 8"& E76 &i $* 1 N"t Ma$!at"&( T(6 "f J"J1 F2ll Ti8 "& Pa&t Ti8

JO3 DESCRIPTION FOR FINANCIAL CONSULTANTS

P& 'al ' &"l 6dentif"ing prospecti>e clients# Meeting prospecti>e clients# Understanding the need of the client# Presenting solutions to client# /losing sales# 60

P"'t 'al ' &"l TaBing -L. references from the client Pro>iding timel" updates to the client for maintaining 4ifelong relationship#

61

CHAPTER &

62

RECRUITMENT PROCESS OF FC'

Fill up of Agency form

IRDA Training 100 !r"# IRDA $%am

Fail

&a""

$%i'

&ro(uc' Training

Tra(i'ional &r)

*+I& &ro(uc'

In'ernal A""e""men'

Fail

&a""

$%i'

,er'ifica'ion

5HAT ARE THE ROLES OF A FINANCIAL CONSULTANTD 63

 M t 6 "6l a$! 6& ' $t ' &%i* ' U$! &'ta$! t- i& fi$a$*ial $ !' C2't"8iF Lif I$'2&a$* Pla$' P&"%i! ffi*i $t aft &-'al '266"&t

H l6 *2't"8 &' 6&"t *t t- i& lif 't(l ', R aliF t- i& !& a8' a$! $K"( t- i& li% '

HDFC Standard Life Insurance Company Ltd. the World of Opportunities

HDFC Sta$!a&! Lif welcomes "ou in the world of opportunitiesA $D7/ S46/ is pro>iding the great opportunities to its emplo"ees and its /areer Path in $D7/ is the competiti>e edge in this competiti>e era# The $D7/ S46/ has great opportunities!L O2& T a8 T- O66"&t2$iti ' C-""'i$9 t- &i9-t 6la* M*"86a$( R Ga&!' R *"9$iti"$ a$! & '6 *t S266"&t f2$*ti"$ T&ai$i$9 Ma&E ti$9 Sal '

U$li8it ! Ea&$i$9'

64

O2& T a8
HDFC Sta$!a&! Lif I$'2&a$* C"86a$( Lt!# has finest team o>er (&A&&&V 7/s D7inancial /onsultantsE comprises of retired personsA ProfessionalsA BroBersA housewi>esA students %ntrepreneurs K BusinessmenA /harted Accountants and salaried persons which is pro>iding the competiti>e ad>antage to the organiGation to compete its competitors in the insurance sector as competiti>e human resource#

OUR TEAM COMPRISES OF

Retired Pers ns Pr 'essi na ls

Salarie d

Br (e rs

Fi$ 't T a8 Of "% & =0,000 FC'

C+arted Acc unta

H use)ive s

Student s

Entre!reneu rs *Business"e n

65

T- O66"&t2$iti '

$D7/ S46/ is pro>iding the opportunities not onl" for the limited peopleA the $D7/ S46/ is pro>iding the world wide opportunities to all people to support their famil" incomeA financial 6ndependenceA start business with Gero in>estmentsA e@perience in the 7inancial domainA no worB pressureA supplement incomeA completeKdi>ersified product portfolioA lifelong relationshipsA build relationships with a noble causeA time fle@ibilit" and man" more opportunities# $D7/ S46/ pro>iding opportunities to!L

5"8 $ Supplement famil" income 7inancial 6ndependence

Y"2$9 E$t& 6& $ 2&' Start business with W%R2 in>estment 2wn boss $andsLon e@perience in the financial domain

Fi$a$*ial P&"f ''i"$al' S266l 8 $t i$*"8 A *"86l t M!i% &'ifi ! 6&"!2*t 6"&tf"li" 32il! lif l"$9 & lati"$'-i6'

R ti& ! MaE ("2& ' *"$! i$$i$9' 't&"$9 & t-a$ fi&'t 66

32il! & lati"$'-i6' Git- a $"Jl *a2' Fi$a$*ial I$! 6 $! $*

C-""'i$9 t- &i9-t 6la* M*"86a$(

HDFC Sta$!a&! Lif I$'2&a$* C"86a$( Lt!# is one of 6ndiaFs leading pri>ate insurance companiesA which offers a range of indi>idual and group insurance solutions and pro>iding the career opportunities to its emplo"ees# 6t is a joint >enture between $ousing De>elopment 7inance /orporation 4imited D$D7/ 4td#EA 6ndiaFs leading housing finance institution and a roup /ompan" of the Standard 4ifeA U0# $D7/ as on December ,-A .&&( holds (.#,; per cent of equit" in the joint >enture# 3h" "ou should join the HDFC Sta$!a&! Lif I$'2&a$* C"86a$( Lt!# amongst all insurance companies! HDFC Sta$!a&! Lif I$'2&a$* C"86a$( Lt!# i' tfi&'t P&i%at Lif I$'2&a$* C"86a$( t" li* $' ! J( IRDA La&9 $ tG"&E "f "% & >00 J&a$*- ' O% & 10la*'# Sati'fi ! *2't"8 &' O% & =0,000 Fi$a$*ial C"$'2lta$t' Ma7i828 $"# "f MDRT C2alifi &'

R Ga&!', R *"9$iti"$ a$! & '6 *t

HDFC Sta$!a&! Lif I$'2&a$* C"86a$( Lt!# is pro>iding the rewardsA recognition = respect to its famil" member for moti>ation and to create sprit of self belongingness so that the emplo"ees can able to gi>e their potential to the compan" and to achie>e the organiGational goals and objecti>e# 67

7or 6ncreasing the producti>it" of the emplo"ees HDFC Sta$!a&! Lif I$'2&a$* C"86a$( Lt!# is pro>iding the different facilities through rewardsA recognition = respect!

Sta& "$ D J2t Cl2J f"& $ G*"8 & FC' Cl2J' liE 3&"$F , Sil% &, G"l! I C $t2&i"$ t" $-a$* t M"$t-l( *"$t 't' T"66 &H' C l2J Sal ' C"$% $ti"$' at E7"ti* l"*ati"$' MDRT, COT I TOT Eli9iJilit( a&$i$9'

S266"&t F2$*ti"$
HDFC Sta$!a&! Lif I$'2&a$* C"86a$( Lt!# has created a world class support functions which help its 7/s to increase his earning# Thought "ou are "our own boss but "ou are ne>er aloneA in case of needKhelp in this profession HDFC SLIC Support s"stem is alwa"s with "ou# 7or e@ample "ou are not able to con>ince "our prospect due to some reason liBe information and other then "ou can taBe help from S#D#M#DSale De>elopment ManagerE as well as 3#D#M# DBusiness De>elopmentE# HDFC SLIC has e@cellent training and de>elopment facilities and different /ustomer /ontact programs which impro>es and sharps the BnowledgeA communication sBillsA con>incing power and e>er"thing which would help "ou to increase the business or to aid sales of the organiGation# Support s"stem! 5"&l! *la'' t&ai$i$9 S266"&t "f $28 &"2' C2't"8 & C"$ta*t P&"9&a8' t" ai! 'al ' O$-fi l! S266"&t f&"8 t- Sal ' t a8 St&"$9 3&a$! R *"9$iti"$ 24 -"2&' C2't"8 & S266"&t 68

 S26 &i"& P&"!2*t P"&tf"li" (Lowest Fund Management Charges)

U$li8it ! Ea&$i$9'
/ommission on issuance of e>er" polic"# /ommission directl" credited to banB account of 7/s within -' da"s# These commission >aries from (#'L+&P according to plan# 3ASIC COMMISSION 7irst "ear /ommission pa"able on regular premium con>entional policies issued on or after .-st march .&&(

1ame of the plan %ndowment Assurance plan Mone" BacB plan /hildrenHs plan Term Assurance plan 4one co>er Term Assurance plan Personal Pension Plan

-st "ear commission +&P +&P +&P .'P .'P (#'P

RENE5AL COMMISSION1 Renewal commission would be paid from the .nd "ear onwards on regular premium policies# Renewal commission is not pa"able on single premium plans# 1ame of the plan %ndowment Assurance plan 69 Renewal commission .nd "ear onwards 'P

Mone" BacB Plan /hildrenHs plan 4one co>er Term Assurance Plan Term Assurance plan Personal Pension Plan 3ONUS COMMISSION

'P 'P 'P 'P .P

Bonus commission would be pa"able on the first "ear premium recei>ed and adjusted on the regular premium policies under the following plansA -#%ndowment Assurance Plan .#Mone" BacB Plan ,#/hildrenHs Plan +#Term Assurance Plan '#4one /o>er Term Assurance Plan Bonus commission is not pa"able on the single premium plans and on the policies issued under the Personal Pension Plan and all Unit 4inBed Plans# Bonus commission rate would depend on financial consultant crossing the minimum R1%PDRecei>ed 1et %ffecti>e PremiumE within one "ear#

Period

R1%P -A&&A&&& -A'&A&&& .A.'A&&&

Bonus commission P of the -st "ear Premium recei>ed 'P -&P -'P

6n one "ear

$ow do 6 earnA sa"A Rs# .'A&&&pm?

Y"2 $ ! t" ' ll P"li*( G"&t A% &a9 P& 8i28 70 R'# 1,2<,000MR'# >2,000M-

 N ! t" ' ll N ! t" 8 t at l a't 12 6 "6l #

4 P"li*i ' i# # 16 &'"$ i$ 2 !a('

A&t "f Ea&$i$9

N"# Of P"li*i ' A% &a9 P& 8i28 I$* $ti% Ea&$ E76 *t ! 32'i$ '' G&"Gt-

4 i$ a 8"$t- (Y a&l( <0) R'# >2,000M-( a&l( 20N i$ 1't Y a& I & $ Gal 4N 20N

Y a&
1 2 > 4 <
O6ndicati>e figures

32'i$ ''
1/#00 La* 10#20 La* 2>#00 La* 2=#/0 La* >>#00 La*

C"88i''i"$
>20000 >.4000 4/0000 <<2000 //0000

R $ Gal'
/4000 140.00 2>2.00 >4>200

T"talO
>20000 44.000 /00.00 =.4.00

100>200

Eli9iJilit( C&it &ia t" J *"8 a Fi$a$*ial C"$'2lta$t

Mi$i828 Eli9iJilit( C&it &ia (A$( >M< C&it &ia & C2i& !, fi&'t *&it &ia J i$9 8a$!at"&() A9 1 1. a$! AJ"% E!2*ati"$ 1 10t-P2 "& -i9- &# Ha' '6 $t Q > ( a&' i$ t- *it( "f *2&& $t & 'i! $* # I$*"8 Q > LaE-' 6 & a$$28# 71

P& -& C2i'it ' & C2i& ! t" J *"8 a Fi$a$*ial C"$'2lta$t S-"2l! 2$! &9" IRDA T&ai$i$9 f"& <0 -&'# S-"2l! Pa'' t- 6& -& *&2it8 $t 7a8 *"$!2*t ! J( I$'2&a$* I$'tit2t "f I$!ia#

Li* $'i$9 P&"* ''

St 6 1 1 R 9i't&ati"$ St 6 2 1 IRDA T&ai$i$9 St 6 > 1 IRDA E7a8i$ati"$

D"*28 $tati"$ R C2i& ! f"& A*C2i&i$9 a Li* $' F"&8' STEP 1 1 REGISTRATION
A9 $*( A66li*ati"$ f"&8 F"&8 @A E7a8 F"&8 A9& 8 $t C"6( ( all 6a9 ' t" J 'i9$ ! J( t- FC ) 4$"G Y"2& C2't"8 & ( 4YC ) A!! $!28

S266"&ti$9 P &'"$al D"*28 $t' & C2i& !

0 Pa''6"&t 'iF 6-"t"9&a6-' A9 P&""f P&""f "f E!2*ati"$ P&""f "f I! $tit( P&""f "f R 'i! $* 72

 PAN Ca&! "& PAN A66li*ati"$

F F

1 R'# 02< M- ( Off Li$ ) 1 R'# .2< M- ( O$ Li$ )

STEP 2 + IRDA TRAINING

All Ca$!i!at ' -a% t" 2$! &9" a$! *"86l t <0 -"2&' "f IRDA T&ai$i$9#

T(6 ' "f T&ai$i$9

1# Off Li$ (Cla'' R""8) T&ai$i$9 2# O$ Li$ T&ai$i$9 IRDA R f& '- & Cla'' ' a& *"$!2*t ! f"& t- FC J f"& t- IRDA E7a8#

STEP > + IRDA E?AMINATION

P& R *&2it8 $t E7a8i$ati"$ *a$ J !"$ J( 2 M"! ', 1# O$ li$ 2# Off li$ E7a8' a& *"$!2*t ! J( I$'2&a$* I$'tit2t "f I$!ia (III)

73

CHAPTER ,

74

RESEARCH METHODOLOGY
RESEARCH METHODOLOGY All the findings and conclusions obtained are based on the sur>e" done in the worBing area within the time limit# 6 tried to select the sample representati>e of the whole group during m" job training# 6 ha>e collected data from /hartered AccountantsA Ta@ /onsultantsA BusinessmanA Share BroBersA 4aw"ersA 3orBing ProfessionalsA $ouse 3i>es and Retired Persons in Pune# 1# O3JECTI@ES OF RESEARCH PROJECT1 PRIMARY O3JECTI@ES1 To recruit more and more 7inancial /onsultant and to promote the benefits those are pro>ided b" $D7/ Standard 4ife to its 7inancial /onsultants To find the different wa" of recruiting and selecting the 7inancial /onsultants who can produce more and fruitful results# To stud" awareness of the $D7/ Standard life insurance SECONDARY O3JECTI@ES1 To determine the need and purpose of 7inancial /onsultant# To understand the deciding criteria for people to become 7inancial /onsultant# To collect and anal"sis the information of prospect candidates in order to maBe them appear in front of management so that the" can be selected as 7inancial consultant# To offer suggestions based upon the findings# 2# RESEARCH PLAN1 1# P& li8i$a&( I$% 'ti9ati"$1 6n which data on the situation surrounding the problems shall be gathered to arri>e at X The correct definition of the problem# X An understanding of its en>ironment# 75

2# E76l"&at"&( St2!(1 To determine the appro@imate area where the problem lies# > RESEARCH DESIGN1 Research was initiated b" e@amining the secondar" data to gain insight into the problem# B" anal"Ging the secondar" dataA the stud" aim is to e@plore the short comings of the present s"stem and primar" data will help to >alidate the anal"sis of secondar" data besides on unre>ealing the areas which calls for impro>ement# 4# DE@ELOPING THE RESEARCH PLAN1 The data for this research project has been collected through self Administration# Due to time limitation and other constraints direct personal inter>iew method is used# A structured questionnaire was framed as it is less time consumingA generates specific and to the point informationA easier to tabulate and interpret# Moreo>er respondents prefer to gi>e direct answers# 6n questionnaires open ended and closedendedA both the t"pes of questions has been used# <#COLLECTION OF DATA1 11 S *"$!a&( Data1 6t was collected from internal sources# The secondar" data was collected on the basis of organiGational fileA official recordsA news papersA magaGinesA management booBsA preser>ed information in the companies database and website of the compan"# 21 P&i8a&( !ata1 All the /hartered AccountantsA Ta@ /onsultantsA 6nsurance AgentsA Auto loan pro>iders were personall" >isited and inter>iewed# The" were the main source of Primar" data# The method of collection of primar" data was direct personal inter>iew through a structured questionnaire#

/# SAMPLING PLAN1

76

Since it is not possible to stud" whole uni>erseA it becomes necessar" to taBe sample from the uni>erse to Bnow about its characteristics# Sa86li$9 U$it'1 /hartered AccountantsA Ta@ /onsultantsA 4aw"ersA Business ManA Professionals and $ouse 3i>es of Delhi# Sa86l T *-$iC2 1 Random Sampling# R ' a&*- I$'t&28 $t1 Structured Questionnaire# C"$ta*t M t-"!1 Personal 6nter>iew#

77

CHAPTER -

78

DATA ANALYSIS, INTERPRETATION I PRESENTATION

1#Y"2& A9 D TA3LE S&# N"# Cat 9"&( N"# "f R '6"$! $t' 1 2 > 4 P &* $ta9

18-23 .ear"

.+L.) :ears ,&L,' :ears ,' = abo>e Total Base .&& respondents GRAPH

40 =0 /0 >0 200

20N ><N >0N 1<N 100N

I$t &6& tati"$ 7rom the table and graph abo>e it can be seen that .&P respondentHs age are -; to ., "ears# ,'P respondentHs age are .( to .) "ears# ,&P respondentHs age are ,& to ,' "ears# -'P respondentHs age are ,' to abo>e "ears# 79

.# Ma&ital 'tat2'D TA3LE S&# N"# Cat 9"&( N"# "f R '6"$! $t' 1 2 Married Unmarried Total Base .&& respondents GRAPH 140 /0 200 =0N >0N 100N P &* $ta9

I$t &6& tati"$ 7rom the table and graph abo>e it can be seen that (&P respondentHs are married# ,&P respondentHs are unmarried# ,# E!2*ati"$al A2alifi*ati"$D TA3LE 80

S&# N"#

Cat 9"&(

N"# "f R '6"$! $t'

P &* $ta9

1 2 >

Under graduate raduate Post graduate Total Base .&& respondents GRAPH

<0 .0 =0 200

2<N 40N ><N 100N

I$t &6& tati"$ 7rom the table and graph abo>e it can be seen that .'P respondentHs are Under graduate# +&P respondentHs are raduate# ,'P respondents are Post graduate#

4#N28J & Of Y a&H' A& Y"2 i$ D l-iD TA3LE

81

S&# N"#

Cat 9"&(

N"# "f R '6"$! $t'

P &* $ta9

1 2

4ess than fi>e "ears More than fi>e "ears Total Base .&& respondents GRAPH

=. 122 200

>0N /1N 100N

I$t &6& tati"$ 7rom the table and graph abo>e it can be seen that ,)P respondentHs are in Delhi is less than fi>e "earHs# *-P respondentHs are in Delhi is more than fi>e "earHs# <# Y"2& O**26ati"$D TA3LE S&# N"# Cat 9"&( N"# "f R '6"$! $t' 1 Business 40 82 20N P &* $ta9

2 >

Profession Ser>ice Total

10. <2 200

<4N 2/N 100N

Base .&& respondents GRAPH

I$t &6& tati"$ 7rom the table and graph abo>e it can be seen that .&P respondentHs 2ccupation is Business# .*P respondentHs 2ccupation is Profession# '+P respondentHs 2ccupation is Ser>ice#

83

/# Y"2& a$$2al -"2' -"l! i$*"8 D TA3LE S&# N"# Cat 9"&( N"# "f R '6"$! $t' 1 2 4ess than . lacs Between . to ' lacs Between 'to ;lacs More than ; lacs Total Base .&& respondents GRAPH 0. /2 >0 10 200 40N >1N 1<N <N 100N P &* $ta9

I$t &6& tati"$ 7rom the table and graph abo>e it can be seen that +)P respondentHs annual household income is less than . lacs# ,-P respondentHs annual household income is between . to ' lacs# -'P respondentHs annual household income is between ' to ; lacs# 'P respondentHs annual household income is more than ; lacs# =# A& ("2 a 8 8J & "f a *l2JM9(8E-a$aD 84

TA3LE S&# N"# Cat 9"&( N"# "f R '6"$! $t' 1 2 :es 1o Total Base .&& respondents GRAPH .4 11/ 200 42N <.N 100N P &* $ta9

I$t &6& tati"$ 7rom the table and graph abo>e it can be seen that +.P respondentHs are member of a clubKg"mBhana# ';P respondentHs are not member of a clubKg"mBhana) .# 5-at i' ("2& 6 &* 6ti"$ aJ"2t i$'2&a$* ' *t"&D TA3LE

85

S&# N"#

Cat 9"&(

N"# "f R '6"$! $t'

P &* $ta9

1 2 >

$ard and lucrati>e $ard but not rewarding Smooth and

/0 1. .2 40 200

>0N 0N 41N 20N 100N

rewarding 4 1o idea Total Base .&& respondents GRAPH

I$t &6& tati"$ 7rom the table and graph abo>e it can be seen that ,&P respondentHs perception about insurance sector is $ard = lucrati>e# )P respondentHs perception about insurance sector is hard but not rewarding# +-P respondentHs perception about insurance sector is Smooth = rewarding# .&P respondentHs perception about insurance sector that the" ha>e no idea# 0# D" ("2 E$"G aJ"2t HDFC Sta$!a&! Lif I$'2&a$* D TA3LE 86

S&# N"#

Cat 9"&(

N"# "f R '6"$! $t'

P &* $ta9

1 2

:es 1o Total Base .&& respondents GRAPH

1/4 >/ 200

.2N 1.N 100N

I$t &6& tati"$ 7rom the table and graph abo>e it can be seen that ;'P respondentHs are Bnown about $D7/ Standard life insurance# -'P respondentHs are not Bnown about $D7/ Standard life insurance# 10# D" ("2 -a% a$( I$'2&a$* P"li*(D TA3LE S&# N"# Cat 9"&( N"# "f R '6"$! $t' 87 P &* $ta9

1 2

:es 1o Total Base .&& respondents GRAPH

1/0 40 200

.0N 20N 100N

I$t &6& tati"$ 7rom the table and graph abo>e it can be seen that ;&P respondentHs ha>e insurance polic"# .&P respondentHs do not ha>e insurance polic"#

88

11# Na8 "f I$'2&a$* C"86a$(D TA3LE S&# N"# Cat 9"&( N"# "f R '6"$! $t' 1 2 46/ 6/6/6 $D7/ S46/ 2T$%RS Total Base -*& respondents GRAPH 104 1/ . >2 1/0 /<N 10N <N 20N 100N P &* $ta9

I$t &6& tati"$ 7rom the table and graph abo>e it can be seen that *'P respondentHs are insured b" 46/6# -&P respondentHs are insured b" 6/6/6# 'P respondentHs insured b" $D7/S46/# .&P respondentHs insured b" 2T$%RS# 12# D" ("2 -"l! a$( li* $' "f a$( i$'2&a$* *"86a$(D

89

TA3LE S&# N"# Cat 9"&( N"# "f R '6"$! $t' 1 2 :es 1o Total Base .&& respondents GRAPH =0 1>0 200 ><N /<N 100N P &* $ta9

I$t &6& tati"$ 7rom the table and graph abo>e it can be seen that ,'P respondentHs are holding license of an" insurance compan"# *'P respondentHs are not holding license of an" insurance compan"#

90

1># A& ("2 'ati'fi ! Git- t- *"86a$(D TA3LE S&# N"# Cat 9"&( N"# "f R '6"$! $t' 1 2 :es 1o Total Base (& respondents GRAPH 42 2. =0 /0N 40N 100N P &* $ta9

I$t &6& tati"$ 7rom the table and graph abo>e it can be seen that *&P respondentHs are satisfied with their insurance compan"# +&P respondentHs are not satisfied with their insurance compan"#

91

14# D" ("2 E$"G aJ"2t HDFC Sta$!a&! Lif I$'2&a$* & *&2it8 $t 6"li*i ' & lat ! t" fi$a$*ial *"$'2lta$tD TA3LE S&# N"# Cat 9"&( N"# "f R '6"$! $t' 1 2 :es 1o Total Base .&& respondents GRAPH .2 11. 200 41N <0N 100N P &* $ta9

I$t &6& tati"$ 7rom the table and graph abo>e it can be seen that +-P respondentHs are Bnown about $D7/ Standard 4ife 6nsurance recruitment policies related to financial consultant# ')P respondentHs are not Bnown about $D7/ Standard 4ife 6nsurance recruitment policies related to financial consultant# 1<# 5ill ("2 J i$t & 't ! t" J *"8 Fi$a$*ial C"$'2lta$tD 92

TA3LE S&# N"# Cat 9"&( N"# "f R '6"$! $t' 1 2 :es 1o Total Base .&& respondents GRAPH /0 140 200 >0N =0N 100N P &* $ta9

I$t &6& tati"$ 7rom the table and graph abo>e it can be seen that ,&P respondentHs are interested to become financial consultant# (&P respondentHs are not interested to become financial consultant# 1/# 5"2l! ("2 liE t" a&$ a$ a!!iti"$al i$*"8 t-&"29- a J2'i$ '' "66"&t2$it( GitHDFC STANDARD LIFED TA3LE 93

S&# N"#

Cat 9"&(

N"# Of R '6"$! $t'

P &* $ta9

1 2

:es 1o Total Base *& respondents GRAPH

<4 / /0

00N 10N 100N

I$t &6& tati"$ 7rom the table and graph abo>e it can be seen that )&P respondentHs are interested to earn additional income# -&P respondentHs are not interested to earn additional income

94

CHAPTER 1.

95

S5OT ANALYSIS
$D7/ and Standard 4ife came together for a possible joint >entureA to enter the life 6nsurance marBetA in <anuar" -))'# 6t was clear from the outset that both companies shared similar >alues and beliefs and a strong relationship quicBl" formed# 6n 2ctober -))'A the companies signed a ,L"ear joint >enture agreement# 1# STRENGTH -# Domestic image of $D7/ supported b" PrudentialHs international image is strength of the compan"# .# Strong and well spread networB of qualified intermediaries and sales person# ,# Strong capital and reser>e base# +# The compan" pro>ides customer ser>ice of the highest order# '# $uge basBet of product range which are suitable to all age and income groups# *# 4arge pool of technicall" sBilled manpower with in depth Bnowledge and understanding of the marBet# (# The compan" also pro>ides inno>ati>e products to cater to different needs of different customers# 2# 5EA4NESS -# $ea>" management e@penses and administrati>e costs# .# 4ow customer confidence on the pri>ate pla"ers# ,# Poor retention percentage of tied up agents# ># OPPORTUNITIES -# 6nsurable population CAccording to 61 onl" -&P of the population is insuredA which represents around ,&P of the insurable population# This suggests more than ,&&m peopleA with the potential to bu" insuranceA remain uninsured# .# There will be inflow of managerial and financial e@pertise from the worldHs leading insurance marBets# 7urther the burden of educating consumers will also be shared among man" pla"ers# 96

,# 6nternational companies will help in building world class e@pertise in local marBet b" introducing the best global practices# 4# THREATS -#2ther Pri>ate 6nsurance /ompanies Also >"ing 7or The Same uninsuranced Population# .#Big Public Secter insurance /ompanies 4iBe 46/ 6ndiaA 1ational insurance /ompan" 4tdA 2riented 6nsurance 4tdA 1ew 6ndia Assurance /ompan" 4tdA And United 6nsurance /ompan" 4td# People Trust Them And go to them more# ,#Poaching of /ustomer b" other companies# +#Most People donot understand the need or are not willing to taBe insurance policies in general#

97

CHAPTER 11

98

CONCLUSIONS
$D7/ Standard 4ifeA the insurance arm of $D7/ is e@pected to go on stream# Promoted b" $D7/ = Standard 4ifeA alread" has good number of emplo"ees on board and is recruiting 7inancial /onsultants hea>il" to taBe the headcount to man" more# 6t is on the brim of increasing its client through its attracti>e schemes and offer# The project opportunities pro>ided was marBet segmentation and identif"ing prospecti>e clients in potential geographical location and for recruiting them as financial consultant so to e@plore new Business 2pportunit"# Through this projectA it could be concluded that people are not much aware about the >arious benefit of being 7inancial /onsultant that are currentl" pre>ailing in the insurance industr"# 6nsurance was considered as unsought good which require hard core sellingA but in changing trend in income and people becoming financiall" literateA the demand for insurance is increasing da" b" da"# SoA it is the compan" that first approaches gets its share of reward# Proper after sale ser>ice can help the ad>isors to generate more business# raduall" people are realiGing the fact that insurance is not a necessar" e>il but means to attain worr" free life# This acti>it" much attract unemplo"ed people as for them a source of income is a great help for de>eloping there future# /ompan"Hs promotional acti>ities for recruiting 7inancial /onsultant are also >er" less# SoA at last the conclusion is that there is tough competition ahead for the compan" from its major competitors in terms of number of 7inancial /onsultants# 4ast but not the least 6 would liBe to thanB $D7/ S46 for gi>ing me an opportunit" to worB in the field of 7inancial /onsultant# 6 hope the compan" finds m" anal"sis rele>ant#

99

CHAPTER 12

100

SUGGESTIONS AND RECOMMENDATIONS

7inall" some recommendations for the compan" are as fallows!L To maBe people aware about the benefit of becoming $D7/ Standard 4ifeHs 7inancial /onsultantA following acti>ities of ad>ertisement should be done through 1# Print Media# 2# $oarding = Banners# ,# Stalls in Trade 7ares +# Distribution of leaflets containing details information# '# /ompan" can recruit sales promoters so that ma@imum information can be pro>ided to the potential client# B" showing additional and alternati>e income source along with >arious schemes for 7inancial /onsultant in the compan" so that more and more 7/ can be recruited# 7ree life co>er for e>er" acti>e 7inancial /onsultant# Discounted rate premium for its famil" members# MaBe people understand about the meaning of the 6RDA authoriGation and its >alidit"# /ompan" should organiGe the program in the societ"A so that people will be aware about the compan" Separate time slot for 3orBing ProfessionalsA $ouse 3i>es and Retired people# Agenc" of nonLlife products should also be pro>ided along with life# /ompan" should open more branches in different cities The importance of alliances and tieLups means that companies will ha>e to integrate related but separate pro>iders into their s"stems to ensure seamless deli>er"# Build strong relationship with intermediates such as agents# Ad>ertise about the rural marBet as it has huge potential /reate a positi>e perception about insurance MaBing purchase of policies a less cumbersome process Promote insurance in corporate houses and colleges# 101

 Attracting "outh b" educating about higher rate of return as compared to banBs# Tr" to sell the plan according to his need and not according to the agentHs commission#

102

CHAPTER 13

103

3I3LIOGRAPHY
The following companies and associationHs web sites were referred while collecting information used in the research# - # INTERNET SOURCE Y http!KKwww#hdfcinsurance#com Y http!KKwww#mone" control#com Y http!KKwww#licindia#com Y http!KKwww#hdfcbanB#com Y http!KKwww#irdaindia#org http!KKwww#woopidoo#comKarticlesKd"lanKcareerLpath#htm http!KKtimharford#comK.&&)K&;KaLrecessionLproofLcareerLpathLonl"LforLtheLlucB"LonesK

.# 3OO4SMMAGABINES REFFERD Stud" uideL Principles = Practices of 4ife 6nsurance B" A6MA# BooBs Published B" 61SURA1/% 61ST6TUT% 27 61D6A# 467% 61SURA1/% B" Mc ill# 61SURA1/%3AT/$# M21%:2UT4220# ># ARTCLE USED 1# CHOOSING THE RIGHT CAREER PATH A&ti*l J( Mi*-a l D(la$ http!KKwww#woopidoo#comKarticlesKd"lanKcareerLpath#htm

104

105

CHAPTER 14

106

ANNE?URE

HDFC SLIC
.*K- D%3A1 $2US%A A<A: %1/4A9%A SUB$AS$ 1A ARA 1%3 D%4$6L--&&.( Dear SirKMadamA 6 am a student of 429%4: S/$224 27 BUS61%SSA LPU DPU1<ABE and presentl" doing a marBet sur>e" MMAR0%T R%S%AR/$ 21 761A1/6A4 /21SU4TA1TS 72R $D7/S46/A D%4$6N# 6 request "ou to Bindl" fill the questionnaire below and 6 assure "ou that the data generated shall be Bept confidential# Na8 1 555555555555555555555555555## A!!& ''1 55555555555555555555555555## C"$ta*t N" 1R555555D 2E555555 DME555555555 Cit(1 555###############Pi$1 5555555#Stat 1 555555555# # -# :our Age! ZZZZZZZZZZZZZZZZZZZZ .# %ducation Qualification# Undergraduate [ ,# Marital Status# Married [ 1o# of /hildren! ZZZZZZZZZZ +# 1umber 2f "earHs Are :ou in Delhi# 4ess than fi>e "earHs [ '# 2ccupation# Business [ Profession [ Ser>ice [ DPlease mention below the t"pe of businessKprofession "ou are in incase of ser>ice please mention "our organiGation name and designationE ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ *#:our annual household income# \than . lacB [ [ 107 Between . to ' lacB [ Between ' to ; lacB [ ]than ; lacB More than fi>e "earHs [ Single [ raduate [ Post graduate [

(# 3hat is "our perception about insurance sector? $ard =lucrati>e [ Smooth =rewarding [ ;# Do "ou Bnow about $D7/ S46/? :es [ :es [ 46/ [ 1o [ 1o [ 6/6/6 [ $D7/ S46/ [ 2T$%RS [ )#Do "ou ha>e an" insurance polic"? -&#1ame insurance compan"? 6f othersA please specif"ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ --# Do "ou hold an" license of an" insurance compan"? :es [ 1o [ 6f "esA please specif" which compan"ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ ReasonZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ -.# Are "ou satisfied with the compan"? :es [ 1o [ Reason specif"ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ -,# Do "ou Bnow about $D7/ S46/Hs recruitment policies related to financial consultant? :es [ :es [ STA1DARD 467%? :%S [ Dat 1 Pla* 1 Si9$at2& 1o [ 1o [ 1o [ -+# 3ill "ou be interested to become financial consultant? -'# 3ould "ou liBe to earn an additional income through a business opportunit" with $D7/ $ard but not rewarding [ 1o idea [

108

109