HDFC STANDERD LIFE INSURANCE

COMPANY

Post-Graduate Diploma in Management

By
Pawan Kumar Pandey

Name
Pawan Kumar Pandey
Roll No.
PG – 07 – 044
Under the guidance of

Dr.Meenal
Faculty.
INMANTEC, Ghaziabad

INMANTEC
Integrated Academy of Management and Technology
Ghaziabad
July 2008

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 HDFC Standerd life Insurance Company

Summer project submitted

In

Partial Fulfilment of the Requirements for the Award of

Post Graduate Diploma in Management
(Recognized by AICTE, Ministry of HRD, Govt. of India)
By
Pawan Kumar Pandey

Name
Pawan Kumar Pandey
Roll No.
PG – 07 - 044

Integrated Academy of Management and Technology

Ghaziabad

July 2008

2
 ACKNOWLEDGEMENT
Behind every successful venture, there are some hand .I pay my all regard to all those
people who are directly or indirectly with me for the encouragement and because of their
immense help I could complete my project successfully.

In my prior list ,I would like to express my profound sense of gratitude to the

authorities of “HDFC STANDARD LIFE INSURANCE CO.LTD.”especially
Mr.RAKESH TIWARI (sales Development Manager )for providing me the platform and
track for the purpose.

I my prior list, I would like to express my profound sense of gratitude to the authorities of
“INTEGRATED ACADEMY OF MANAGEMENT AND TECHNOLOGY” Ghaziabad
especially to Prof. Dr.Pankaj Gupta (Director General) whop is give me a better
efforts ,Mrs.Meenal (Project Head) for providing me better guidance.

With a deep sense of reverence, I would like to express my whole hearted thanks and
obligation to my family specially my parents who have always been a source of
inspiration for me. Their everlasting cooperation, smiling affection inspired me to rise up
to what I am today.

Last but not the list, I would offer my special thanks to all of the people for providing me
their precious time in fulfilling the questionnaire as a primary data.

PAWAN KUMAR PANDEY

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 ABSTRACT:-
It’s my privilege to get an opportunity to do my summer training from a well renowned
Company i.e. HDFCSLIC.In earlier a number of queries keeping in my mind I said “yes”
to myself as well as to this company that I will work with full of my zeal and zest. I
started my odyssey of “Summer Internship” on project “The Brief History of
HDFCSLIC and Recruitments of it’s financial Fc’s” on 10th of May under the Project
head Mr. Rakesh Tiwari “SDM”and my faculty guide Mrs.Meenal

The feeling of wandering over the road in a deadly scorching sun during the summer
training was making me morbid. On 10th when I met Mr. Rakesh Tiwari (SDM), he made
me understand about my project.

I started working on my “Summer Internship” with fill of enthusiasm being fully fledged.
I was given some Fc’s name, and then I had to collect the data bases of their customers to
get the view about HDFC products and satisfaction level about HDFC from them. Then I
had to give a conclusion, followed by a suggestion on it.
.

It was really a nice experience working with HDFCSLIC. I felt a learning experience
while doing market research and satisfaction level about HDFCSLIC”. All my formidable
fear vanished away and I am awaiting for my corporate life.

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CONTENTS:-

Topics Page No.

Company Profile 6

Introduction of Insurance 7

About The company 10

Organization Structure 18

Product of HDFC 20

Research Objective 26

Research methodology 28

Analysis and Finding 30(1-17)

Swot Analysis 32

Questionnaire 33

Suggestion 38

Bibliography 39

Annexure 41

Declaration 43

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 HDFC Head Office

Head Office:-
Ramon House, 169, Backbay Reclamation,
H T Parekh Marg, Churchgate

Company Profile

The business of insurance relates to safe guarding the economic value of assets
.every assets has value .the assets is beneficial to he owner because he can expect to get
some profit from it. The benefit can be income or some other thing. It is accommodate
few of his requirements. In the case of an automobile, it provides easy and convenient
transportation. Every asset has a time period, .after which, it might not be beneficial.
There is a life time for a machine in a factory or an automobile. The owner makes
arrangement for the substitution before the end of the time period of the machinery to
avoid losses in income of depreciation in value. But there are chances of the assets being
lost earlier. A mishap or some other calamity may damage it or make it unusable. In such
circumstances, the owner and those benefiting from it would not be able to profit and the
pre-planed substitutes would not be ready. Insurance is a tool that helps to reduce the
effect of such unfavorable situation.

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 INTRODUCTION TO INSURANCE

The business of insurance began with marine business .traders who would gather in the
Lloyd’s coffee house in London, agreed to shared the losses to there goods while being
carried by ships .the losses would occurred because of pirates who used to rob on the
high seas of because of bad weather running the goods or sinking the hip. The first
insurance policy was issued in 1583 in England. In India insurance began in 1870 with
life insurance being transacted by an English company, the European and Albert. The
first Indian insurance company was the Bombay mutual assurance society LTD. Formed
in 1870.the oriental life Assurance go in 1874 came next time and then the Bharat in
1896 and then to follow was empire of Indian in 1987.

Afterwards ,the Hindustan was formed in Calcutta ,the united Indian in madras
,the Bombay life in Bombay ,the national in Calcutta ,the new India in Bombay ,the
Jupiter in Bombay and the lakshimi in new Delhi .these were all Indian company which
began as a results of a the swadeshi movement in the 1900s .by the year 1956 ,when the
life insurance business was nationalized and the life insurance corporation of India (LIC)
was formed in 1st sept.1956,there were 170 companies and 75 provident fund societies
transacting life insurance business in India .after changes to he relevant laws in 1999,
the LIC did not have exclusive privilege of doing life insurance business India.

Insurance is required assets to prevent damages through unpredictable and

accidental events .such event are known as perils. they can be any things ranging from
fire , floods ,break down ,lighting, to earthquake .if such perils damage the assets is set to
be exposed to that risk. Risks are significant losses or damages .the risk to a owner of an
assets, because perils may be a few lacks of a few corers of the rupees, depending on cost
of the assets and it contents. the risk only indicants that loss or damage is possible
insurance is done again the possibility that may happen .there has to be an uncertainty
about the risk .only if is there risk regarding the occurrence of an event,it can’t be insured
.in the case of human being, death is certain ,but the time of death is not certain .in the
case of a person who is terminally till ,the time of death is certain, though not exactly
known .he can not be insured. Insurance does not provide protection for the assets .the
perils can not be avoided through insurance. The impact of a risk on the owner of the
assets and the people depending on it, is reduced by the insurance .it partly compensates
the losses .insurance only applies to financial losses.

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 THE BUSINESS OF INSURANCE

Insurance companies are called insures. they insures :bring together person with similar
insurance interest (sharing the same risks) .
Collect the share and contribution (known as premium) from all of them ,
Pay out compensaanceshntionch (known as claim) to those who suffer .Insurance is
divided into two parts.
Life an Insurance:-life insurance included all risk related to the lives of human being and
general insurance cover the other aspects.
NON –LIFE OF GENERAL INSURANCE:-General insurance have three classic
fictions viz. fire (dealing with all fire related risks),marine (dealing with all related risks
and ships) and miscellaneous (dealing with all their’s like liability ,fidelidy,motor ,crop
,personal accident ,etc.). Personal accident and sickness insurance which are related to
human .
Beings, is classified as non –India, but is classified as “life”: in any other countries.
The premium is based on expectation of the losses that are based on information through
the study of occurrences in the past and use of statically principals .there is an statistics ,a
“law of large no.) Variation will be less as a percentage .therefore the greater the no. of
risks included in the pool; the better chances that the assumption regarding the probility
of the risk occurring (on which premium calculation is based ) will be realized in practice
.hence ,the greater the spread of the business ,the better the expectations.
The insurer holds the position of a trusty as is managing .the common fund ,for and on
behalf the community of policy holder .it has to make certain that none is allowed to take
unfair advantage of the arrangement .that means the arrangement of the insurance
business require care to prevent entry of individual to he group ,whose risks are not
similar as well paying claims on losses that are not accidental. the amount decision to
allow entry is known as the processes of underwriting of risks .underwriting includes
determining the risks i.e. to evaluate how much risks exposure involved .the premium
that is changed is dependent on the determination of risk involve .

8
 Insurance of economic development

Investment are made out of saving and they are necessary for furthering economic
development .the life insurance company is a quit important in mobilizing saving of
people ,especially from the middle and lower income groups and these saving are
channeled into investment for economic growth .
Most of the life insurance companies have large fund that are accumulated through the
payment of small amount of premium of individual and these fund further the economic
development of the countries in which they do business .
These fund are collected and held in trust for the benefits of the policy holder .the
management of the life insurance company have to remember this aspects and take
decision keeping in mind the benefits of the community.
Business and trade also benefits through insurance .without insurance ,trade and
commerce is expose to perils and it will find it difficulty to face the impact of such events
.
ADVANTAGES
It is incorrect to say that life insurance is investment or means savings .the saving and
investment option are deposits in the banks ,in national saving certificate in mutual funds
and all o0ther savings certificates ,in mutual funds and all other saving instrumental
.money invested in buying share and stocks are at risks of being lost in the fluctuation of
the stock market .assuming there is no loss ,the money available at any time is the amount
invested plus appreciation .in life insurance the fund available better is not the total of
saving all ready period (premium paid) ,but the amount one wishes to have at the end of
saving period according to his choice .hence life insurance can not be substituted as there
are no other scheme that proved this kind benefits .

Life insurance has the following advantage s in comparison to other form of saving
.settlement is easy in case of death .facility of nomination and assignment makes the
collection of money by the heirs quicker .now some bank accounts provide facility of
nomination .creditor can be protected against attachment by courts but can not claim the
life insurance moneys. there are tax benefits in income tax and n capital gains .a life
insurance policy is property an can be transferred or mortgaged and loans can be raged
against the policy as market ability are better .

9
ABOUT THE

COMPANY

10
INTRODUCTION

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 LOCATION

HDFC Standards life insurance Co.Ltd is a joint venture between HDFC ,India’s largest
housing finance institution and standard life insurance company ,Europe’s largest mutual
life company .HDFC manage over US $ 100 billion assets .both th e promoter are well
known for their ethical dealing ,their financial strength and their commitment to be a long
term platter in 16th life insurance industry all important factors to consider when choosing
your insurer .in the city of Varanasi HDFCSLIC LTD. Is opening as a branch office
located at d-64/127 –c-h.3rd floor Arihant Complex, Sigra, Varanasi -5. the head office of
HDFCSLIC is second floor ,Trade Star Building ,wing Junction of kondiveta & M.V.
road Andheri Kurla road ,Andheri (E) Mumbai -400095 Ph.022-28220055,Fax-022-
28222113

MANAGEMENT STYLE
The company follows two types of management style (a) sales officer is reporting to
resident manager or sales manager in turn the resident manger is reporting to regional
manager in turn he /she reports to zonal manger in turn he /she reports to general manager
sales and marketing in turn he /she reports to chief executive officer (v) operation officer
is manager is reporting to all India team operation manager is reporting to operation head

HDFC SLIC LTD.is one of India’s leading private life insurance companies which offers
a range of individual and group insurance solution .It is a joint venture between housing
development finance corporation LTD. (HDFC LTD.) India’s leading housing finance
institution and the Standard life assurance company a leading provider of financial
services from the United Kingdom. Both the promoter are well known for their ethical
dealings an financial strength an are thus committed to be in a long term player in the life
insurance industry . all important factors to considered when choosing your insurer.

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 OUR KEY STRENGTH
Financial expertise as a joint venture of leading financial services groups HDFC standard
life has the financial expertise required to manage your long term investment safely and
efficiently.

RANGE OF SOLUTIONS
We have a range of individual an group solution, which can be easily customized to
specific needs. our group solution have been design to offer you complete flexibility
combined with low charging structure .

TRACK RECORD SO FAR

Out cumulative premium income including the first year premiums and renewal premium
is Rs. 1532.21 Cores Apr-Mar 2005-06 we have covered over 1.6 million individual out
of which over 5,00,000 lives have been covered through our group business tie-ups.

OUR PARENTAGE HDFC LIMITED

HDFC is India’s leading housing finance institution and has helped build more than 23
00000 houses since its in corporation in 1977 .In financial year 2003-04 it’s assets under
management crossed Rs 36.00 Crores as at march 31st 2004 .outstanding deposits stood
at Rs 7.840 Crores .the depositor based now stands at around 1 million depositor .

READ AAA BY CRISIL AND ICRA FOR THE 10TH

CONSECUTIVE YEAR :-
 Stable and experience management
 High service standards
 Awarded the economic times corporate citizen of the year award for its.
 Long –standing commitment to communities development.
 Presented the dream home award for the best housing finance provider in 2004 at
the 3rd annual out look money awards.

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 STANDERD LIFE ASSURANCE COMPANY
 Standard life has been looking after financial needs of customers for more than
180 year.
 It currently has a customer base of over 7 million people who rely on the
company for there insurance pension investment banking and health –care
needs.Leader in the employee benefit market in both the UK and Canada.Rated by
standard and Poor’s as “strong” with a rating of “A+” and as good with a rating of
A1 by Moody’s winner of numerous prestigious industries awards in the UK
,including :-Company of the year for the seven successive year (money marketing
awards) .Best pension provider (2004 and 2005 money marketing award) .Best
pension product (2003- 2005 money facts investment life and pension
awards)Groups pension provider of the year (financial adviser life and pension
awards 2004 )

ACCOLADES AND RECOGNITION

Rated by business world as India’s most respected private life insurance company in
2004.

Rated as a the “Best New Insurer- 2003” by outlook money magazine India’s number 1
personal finance magazine.

OUR PRODUCTS
At HDFC Standard life ,we offer a bouquet of insurance solution to meet every need .we
cater to both individuals as well as to companies looking to provide benefits to their
employees .This section gives you details of all our product .We have incorporated
various downloadable forms and product details so that you can make an informed choice
about buying a policy .

INDIVIDUALS

We have range of protection, investment pension and savings plans that assist and nuture
dreams apart from providing protection .You can choose from a range of products to suit
your life –stage and needs.

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 OUR VISION
The most successful and admired life insurance company, which means that we are the
most trusted company the easiest to deal with ,offer the best value the most obvious
choice for all.

OUR VALUES
Value that we observe while work …
 Integrity
 Innovation
 Customer centric
 People Care “One for all and for one “
 Team work
 Joy and simplicity

ORGANISATION
We have lots of customized solution that range from Group Team Insurance. Gratuity
Leave, Encashment and superannuation Products .these affordable plans apart from
providing long term value to the employees help in enhancing good will of company.

CUSTOMER SERVICE
We at HDFC standard life are committed to maintaining the highest level of customer
service .Interacting with you via this website is an extension of this commitment .

We have designed the “Customer Service” section keeping in mind all the information
you may want to seek regarding procedures such as paying your premium various policy
servicing options. Processing a claim and so on we have also provided relevant forms that
can be downloaded easily for your use case do the write to us at
In case you need any additional information or clarification and we will revert to you as
soon as possible .

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 KNOWLEDGE CENTRE
Our knowledge centre is your personal resource for information that can help you
understand the basic of insurance and help you make an informed decision about a
policy.
This section include details on insurance terms and concepts ,helps you analyze plans for
your various needs and lends meaning to some of the insurance jargon that you
encounter.

CAREER
HDFC finest investment is in it’s Human Resources. It draws its personal form may
disciplines. They are building block on which company’s performance & productivity is
based Mr.H.T.Parekh Founder-Chairman, HDFC Ltd.

HDFC Standard Life is one of the leading life insurance companies having a track record
f declaring bonuses every year since inception .We attribute this success to our people,
who are our most important assets. We believe that they are a key facet of company and it
is their contribution that has enable us to achieve our current status. Since they deserve
the best, our effort have been to provide them with the best environment, best culture and
the best development opportunities possible.

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 CHOSSING THE RIGHT PLAN
Identifying the right plan basis your need is the first crucial step towards insurance
planning .At HDFC SLIC we help you through this decision by identifying your various
needs offering plans that are customized for you. You may also choose a plan for your
self by identifying the life stage you are at.

ANALYSING NEED:-

What is your need –

Protection:-

 Need for a sound income protection in case of your unfortunate demise.

Investment:-

 Need to insure long –term real growth of your company.

Saving:-

 Save for the milestones and protect your saving too.

Pension:-

 Need to save for a comfortable life post retirement.

 Once you have analyzed your needs as per above classification, you need
to then ascertain important factors such as type of cover, insurance amount
as per one’s income, life stage and dependents. It is difficult to arrive at all
these figures yourself. Our financial consultants can help you with all the
analysis to offer a customized solution by doing a through need analysis.

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 ORGANISATION STRUCTURE

The organization structure of HDFC standard life insurance Co.Ltd.is hierarchy wise start
from Sales Development Manager(SDM)in the lower rank to the Chief Executive Officer
(CEO)at the highest ranks.
In between the ranks in higher order are Business Development Manager
(BDM),Assistant Sales Manager (ASM).

CHIEF EXECUTIVE OFFICER(CEO)

GENARAL MANAGER

HEAD RETAIL SALES

ZONAL MANAGER(ZM)

REGIONAL MANAGER(RM)

SALES MANAGER(SM)

BRANCH MANAGER(BM)

ASSISTANT BRANCH MANAGER(ASM)

ASSISTANT SALES MANAGER

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 Corporate Governance:-

Sound governance practices and responsible corporate behaviour contribute to superior

long-term performance of companies. Best practices on governance issues is an
evolutionary and continuing process. There is no single template to define good
governance. Broadly, however, corporate governance practice embodies the dual goals of
protecting the interests of all stakeholders while respecting the duty of the board and
senior management to oversee the affairs of a company, ensure accountability, inculcate
integrity and promote long-term growth and profitability.
A number of financial irregularities across the globe have made regulators think of new
ways to ensure transparency, integrity and accountability. Corporate governance codes
are constantly being revised. Today, more than any time in our history, boardroom
discussion is focused on issues of governance, accountability and disclosure. The voice of
shareholder activism has never been louder and the focus of regulators perhaps never so
intense. In India, corporate governance codes are now being amended through consensus
and dialogue between practitioners and regulators.
The spirit of good corporate governance cannot be codified. Regulatory compliance only
ensures a minimum threshold limit for accountability. The ethical role of directors is
crucial. The 'tone at the top' that directors set by action and example is the pivot of the
overall ethical environment of their companies.

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PRODUCT OF HDFSLIC

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 INDIVIDUAL PRODUCTS
We at HDFC Standard realize that not every one has the same kind of needs keeping this
in mind ,we have a varied range of products that you can choose from to suit all needs.
these will help secure your future as well as the future of your family.

PROTACTION PLAN:-

You can protect your family against the loss of your income or the burden of a loan in the
event of your unfortunate demise, disability or sickness. These plan offer valuable peace
of mind at a small price.

Our protection range includes our term Assurance plan & Loan cover Term
Assurance plan.

INVESTMENT PLAN:-

Our single premium whole of life plan is well suited to meet your long term returns
through regular bonuses.

PENSION PLAN:-

Our pension plan help you secure your financial independence even after retirement. Our
pension range includes our personal pension plan .Unit link plan plus. it is basically a
saving contract designed to provide an income for life after retirement. It provides a
national lump sum on retirement ,comprising of sum assured plus any attaching bonus
.Subject of the prevailing regulation ,part of this lump sum can be taken in form of cash
and the rest converted to an annuity at the rate then offered by HDFC Standard life
insurance or with any other insurance company who will accepts such business.

SAVING PLAN:-

Our saving plan offer your flexible option to build saving for your future needs such as
buying a dream home or fulfilling your children’s immediate and future needs.

Our saving range includes endowment assurance plan. Unit linked Endowment ,Unit
Linked Endowment Plus, Money back Plan Children’s plan, Unit Linked YoungstarPlus.

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RURAL PRODUCT :-

According to our research findings, there is keenness among the rural customers to invest
in saving cum protection plan with a term of five years, especially if the premium amount
is low and affordable .keeping this view ,we have designed a special product called Bima
Bachat Yojana.

BIMA BACHAT YOJANA:-

The key objective of this project is to provide cover to economically weaker section and
also to popularize benefits on death before maturity Rs-1000.

BENEFITS ON MATURITY:-

On survival of the life assured to maturity, benefits of Rs 200 will be paid. Age limit 18
to 50 years.

SUPER BACHAT YOJANA;-

Super Bachat yojana combines the benefits of life protection as well as super saving .it
helps you save.

BENEFITS ON MATURITY:-

Sum assured, Reversionary bonus, Interim and Terminal Bonus

BENEFITS ON DEATH:-

During the first year a basic benefits of 80% of premium paid and after the first year less.

TAX BENEFITS:-

Premium paid are eligible for tax relief under section 80 C of the income Tax Act ,
1961 .Any sum receive is exempt under section 10 (10D) of the income Tax Act 1961.

AGE AND TERMS LIMITS:-

 Minimum age at entry 18 years

 Maximum age at entry 60 years

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  Maximum age at maturity 75 years
 Minimum Terms 10 years
 Maximum Term 30 years

MINIMUM PREMIUM & POLICY:-

Option Premium Fee

Annual 1800 150
Half yearly 1000 80
Quarterly 550 45

DOCUMENTS REQUIRED FOR CLAIM PAYMENTS

 Fully completed claim form

 Original Policy documents
 Original Death Registration Certificate
 Original Certificate of Doctor certifying death
 Original Certificate of cremation
 There are NO exclusions under this procedure

DEVELOPMENT INSURANCE PLAN

Development insurance plan is an insurance plan which provides life cover to member of
a development Agency of for a term of one year. On the death of any member of group
insured during the year of cover, a lump sum is paid to that member’s beneficiaries to
help meet some of the immediate financial needs following their loss.

PREMIUM PAYMENTS
The premium to be paid will be quoted per member in the group and will be the same for
all member of group.
The premium can only be paid by development agency as a single lump sum that include
all premium for the group to be covered .cover will not start until the premium and all the
member information in our specified format has been received.
The premium rate is Rs.25 per Rs. 10,000of lump sum per member.

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 BENEFITS
On the death of each member covered by the policy during the year of cover a lump sum
equal to sumasured will be paid to their beneficiaries or legal heirs. where the death is as
a result of an accidents ,an additional lump sum will be paid equal to half the sum
assured. There are no benefits paid at the end of year of cover and there is no surrender
value available at any time.

THE ROLE OF DEVELOPMENT AGENCY:-

Due to nature of group covered ,HDFC Standard life will be passing certain
administrative task on to the development agency. By passing on these tasks the premium
charged can be lower. These tasks will include:-
 Submission of member data in a specified computer format
 Collection of premium from group members
 Recording changes in the detail of group of members.
 Disbursement of claim payments and the mortality rebate (if any) to group
members.
 These tasks would be in addition to the usual duties of a policy holder such as:
 Payment of premium
 Reporting to claims
 Keeping policy holder information up to date
Training and support will be available to give guidance on how to compete the tasks
appropriate .Since these additional tasks will impose in burden on the development
Agency .The Development agency may charge a Rs.10 administration fee to their
members.

Prohibition of rebates-

Sub regulation section 41 of the insurance act, 1938 states

No person shall allow or offer to allow ,either directly or indirectly ,as an inducement
.many person take out or renew or continue an insurance n respect of an
Relating to lives or property in India .any rebate the whole or part of the commission
payable or any rebate of the premium shown on the policy .nor shall any person taking
out of renewing or continuing the policy except any rebate.exept such rebate as may be
allowed in accordance wit the public prospectus or table of the insurer.

24
If any person fail to comply with (previous point) above, he shall be liable to payment of
a fine which may extend to Rs 500.

Income tax cross annual how much tax HDFCSL

Plans salary can you save?
Section
Sec.800 across an up to Rs 33,660 all the life
Income slabs saved on investment
Of
Insurance plans Rs.1, 00,000

Sec 80,000 do do all the insurance

Plans

Sec 80 D+ do do all the health

Insurance riders Rs 10, 00,000 with the

Available
Conventional
Plans

STRATGEY:-

VISION:- to be the most successful and admire life insurance Co. i.e. the most trusted
ones. Easiest to deal with the offer of the best value of the money .in shorts the most
obvious choice for all.

MISSION:- to reach out an influence our target customer so as to provide them. World-
class competitive insurance solution .HDFCSLIC focuses long term strategy.

The company also focused on “NEED BASED SELLING APPROACTH”in the

company focuses on the targeted customers what are their needs and what their needs are
and what
They want from the company; accordingly to the needs of the customers the company
designs their products so to satisfy the customer needs.

VARIOUS PRODUCT LINE

HDFCSLIC has two type of products line

1. Conventional product.

2. Unit link products.

25
Conventional products are those products in which the customer gets bonus every year.
conventional products are meant to cater to different needs.

Conventional products fall in four different and the categories and the categories one as
follows.

A. protection
B. Investment
C. pension
D. saving

 products that fall in the protection to the family in case of pure mature death .
 product that fall in the investment category has the objective to provide the
returns
 a product that falls in the pension category has the objective to support old a
senior
 person financially
 product that falls in the saving category fulfill the event and these product also
cover the risk

Unit links products are those plans where the customers gets returns related to the
market .customer gets returns related to the market movement. The unit link plan
products are of these types

1:-Saving for children future

2:-Saving for events
3:-Saving for pension

FINANCIAL ANALYSIS:-

HDFC Standard life insurance Co. has shown a growth of 112%in the period of 2005
April to 2006 march whereas the industry growth was 89% and also HDFC Standard life
Insurance Co. witnessed 32% growth .Average premium increased by 62% from Rs
17000 in 2004 – 2005 to Rs 27,000 to in 2005 -2006 accumulated premium is to the
return of Rs 1029 Crores
M.D. and C.E.I. of HDFC Standard life insurance company stated the GDP has been
growing over 8% per annum and 47% of all saving are none in the financial saving forms
;16% in provident fund and pension .for instant 32% of India’s financial saving of the
house hold sector need to be lapsed “the company’s cumulative premium income
including the first year premium and renewal premium is Rs 1532.2 Crore in April-
March 2005-2005.

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 REASEARCH OBJECTIVE

 To know the pattern of investment in insurance sector in context of Varanasian

 To know the financial literacy of investor of Varanasi people.
 To judge the risk taking attitudes of Varanasi people
 To know the investment motives preferred by Varanasi people.
 To know how the people make investment decisions in Varanasi .

27
 RESEARCH METHODOLOGY

RESEARCH AND METHODOLOGY

1: PLANNING OF THE SURVEY:-

Preplanning is sine-guenon for any kind of survey. their some must be some preliminary
preparation. first and foremost I decided the topics to works on and then prepared some
question related to the topic considering every possible point of view .finally, I framed
the questionnaire is the language .I used simple words and easy sentences to be fairly
understood .
2:-OBJECTIVE OF THE SURVE:-
-
The objective of any survey is to study the opinion of the respondent about the chosen
items. the opinions are drawn in the form of answer given to the set of question in the
questionnaire .
The topic of the present survey is “THE BRIEF STUDY OF HDFCSLIC AND
RECRUITMENT OF ITSFINANCIAL CONSULTANT’S”
SCHEDULE:-
Contains of the schedule are determine by taking into account the aim of the survey and the
subsequent collection of the information form the informants with the help of a questionnaire .it
is a vital part of the survey and has to be prepared with utmost care ,once the contents of the
schedule have been determine .
a-it insures complete information and data required in min.no.of question

28
b-the question should be worded in a simple language so that it may be easily understandable to
both the interviewer and as well as interviewees.
c-the information‘s could be filled quickly and easily with min. errors and omission.
D-there should be MCQ whose answer could be given by putting a tick mark.
E-there should be ambiguity.

Keeping in the mind the aim of my survey and all these consideration regarding schedule, the
questionnaire was formed bearing the heading “THE BRIEF STUDY OF HDFCSLIC AND
RECRUTEMENT OF IT’S FC “

TECHINQUE OF DATA COLLECTIONS AND SIMPLING TECH.:-

The formostpart of project is to prepare the tools of the data collection .data have been
collected here through questionnaire interviewing every person in Varanasi who present
at time of survey in the Primary data collection total 100 customer were interviewed
.some of unable to give time for it because of their hectic schedule busy .the interview
was the direct one and the question were asked in face to face situation.
During the time of data collection the customers had to fill up .the questionnaire at the
every moment before me .they also discussed some of the question with me reasons for
using the direct method of interview was the accuracy of the personal interview .

DURATION OF THE SURVE :-

Survey was started from 10th May 2008 and got completed in the First week of july
2008
.

REPORT WRITING –
In this very project only a few things have been analyzed which are essential .few things
could not get analyzed due to unreliable information supplied by the respondents.

IMPORTANCE TERMS OF REASERCH METHODOLOGY:-

a).type of research-Descriptive &conclusive

b)-data type –Primary data
c)-data size -100
d) data collection method –questionnaire
e)-data collection instruments-structured questionnaire
f)-Sample unit-All
g)-Sample technique –Random
h)-Data analysis Tools and techniques –Bar and Pie Charts

29
ANALYSIS AND FINDING

30
 Awareness about The sales Experience

1
2
3

:
Interpretation remaining 80 people have no any type of thOut of 100 people only 20
people have the sales experience sales experience.

31
 Awareness about the single

1
2

Single More than single income family

Interpretation:-
Out of 100 people family only 60 people family is single income family
and 40 member family is more than single income family

32
 Awareness about HDFC SLIC

1
2
3

Know but Not is

YES NO Detail

33
 Interpretation:
Out of 100 people 40 people know about HDFC SLIC, 20 people not know
HDFC SLIC and 40 people know but not in detail.

Awareness about the number in family

45

40
35

30

25
Series1
20

15

10
5

0
1 2 3 4

None
Interpretation:
1to2
out of hundred people 15people have no member in family ,25 people 1 to 2 member and 40
people 2 to 3 member and 20 people having more than 3 members in the family. having more
than 3 members in the family.

34
Awareness about the sales experience
0%
20%

1
2
3

80%

*yes *no
Interpretation
Remaining 80 people have no any type of sales experience
Out of hundred people only 20 people have the sales experience.

35
Purpose of choosing the HDFC SLIC

35

30

25

20
Series1
15

10

0
1 2 3 4

To earn the money Due to corporate group A and B both Daily passing the time
To earn the money due to reported money Group A and B daily passing the
both time

Interpretation

OUT of 100 people 30 people choose the HDFC SLIC for earning the money ,20 people due to
reported organization ,30 people choose both the reason and 20 people choose only for passing
the time.

36
Awareness about the educational Qualification

45

40
35

30

25
Series1
20

15

10

0
1 2 3 4

High school Intermediate Graduate post graduate

Interpretation
Out of 100 people 40 people qualified 10th pass,30 people 12th pass ,20 people graduate and
only 10 people qualified post graduate.

37
Which type of product would you to like to sale
40

35

30
25

20 Series1

15

10
5

0
1 2 3 4 5

children plan pension plan life insurance pension plan money back plan all plan

Interpretation
Out of hundred people 30 people want to sale children plan ,10 people personal pension plan,10
people life insurance pension plan, 5 people Money back plan,and 35 people want to sale all type
the plan.

38
Awareness about Rate your self in term of Insurance

0%
30%

1
2
3

70%

*Conservative Subscriber Moderate Subscriber

Interpretation
Out of 100 people 30 people rate our self as a conservative subscriber, and 70 people rate
our self as a moderate subscriber

39
where do you know about HDFC SLIC
40

35

30

25
40
20 Series1

15
20 20
10
10 10
5

0
1 2 3 4 5

Financial Any
News paper advertisement television consultant other

Interpretation
Out of 100 people 20 people know by the news paper ,20 people know by the advertisement,40
know by television,10 people know by the FC,and 10 people know by any other way

40
Awareness About the income
80

70

60

50

40 Series1
70
30

20

10 20
8 4
0
1 2 3 4

Less than 1 lacs RS 1 lac to 2 lac Rs 2 lac to 4 lac More than 4 lac

Interpretation:
Out of 100 people the earning of 70 people under 1lac 20 people under 1 to 2 lac,8 people under
2 to 4 lac and only 2 people came under the earning of 4 lacs

41
Awareness about having the Agency

4%

1
2

96%

YES NO

Interpretation
Out of hundred people only 4 people having the agency in a company, remaining 96 people have
no agency

42
Awareness about Mandatory Parameters
45

40

35

30

25
Series1
20 40

15 30 30

10

0
1 2 3

Resident Mobile Office

Interpretation
Out of 100 peoples, 30 people are using the Residential Phone, and 30 people using the office
phone, and 40 people use only mobile.

43
Awareness about the occupation

20%

1
2
50% 3

30%

*Salaried Self Employed *Student

Interpretation

44
Out of 100 people,50 people are student 30 people self employed and 20 people are
salaries

Awareness About rate your self in term of insurance subscriber

0%
30%

1
2
3

70%

Conservative Subscriber *Moderate Subscriber

Interpretation:
Out of 100 people 30 people rate our self as a conservative subscriber,and 70 people rate our
self as Moderate Subscriber

45
Which type of policy you have
30 30
30

25

20
20

15 Series1
10 10
10

0
0
1 2 3 4 5 6

children plan persional pension plan life insurance pension plan money back plan all plan

Interpretation:
Out of hundred people 10 have children plan 20 people have personal pension plan , 30 people
have life insurance pension plan,30 people gave money back plan and 10 people have all type
plan

46
Which company agency having by the people?

25

20

15
25
Series1
20 20 20
10

10
5

0
1 2 3 4 5

Any
LIC ICICI BAJAJ ALLIANCE HDFC ING Vasya other

Interpretation:
Out of 100 people the agency having by the people 20 people LIC,20 ICICI,25 Bajaj
Alliance.20HDFC, 10 ING,and 5 any other companies.

47
 OBSTACLES IN SURVEY
Difficulties do arrive in empirical investigation .My experience is no exception to it
.however ,they did not reflect on my project work much .Brief description of difficulties
is reproduce here
1)-the first and the foremost difficulties before me was that I was questioned about utility
of the survey.
2)-Most discouraging and the greatest difficulties before me was that some of the
respondents to took no interest in giving the required information’s considering it as a
sheer waste of time and some did not give the full and faithful information .
3)-Many of the respondents hesitated to divulge the correct amount of their monthly
income.
4)-Some of the respondent took help of imagination instead of reality

48
 SWOT ANALYSIS:-

STRENGTH:-

1.Financial expertise: as a join venture of leading financial serviced groups

.HDFC life insurance has the financial expertise required ti manage the long term
investment safely an efficiently of their customer .
2:-Range of solution : HDFC life has a range of individual an groups solution ,which can
be easily customize to specific need .The company has design the group solution for their
customer to offer complete flexibility combined with a loan charging structure

WEAKNESS:-
HDFC Standard life insurance is a company with conservative outlook .it believes in
gradually moving up .the Company is not very aggressive

OPPURTUNITY:-
According to MD and CE of HDFC Standard life 90 % to 10 % people of India are
insured so the opportunities to immense . the target have been double and so the man
power is also increased .

THREAT:-
The competitor of the company are of the aggressive nature but HDFC standard
life insurance is of conservative nature so if the competitor of the company continue

49
doing aggressive nature selling the HDFC Standard life insurance Co. will loose their
target customers.

Questionnaire
Name –
…………………………………………………………………………………..............

• Designation:-
…………………………………………………………………………………………..
• Can you please share with us about your experience in this company?

…………………………………………………………………………………………
…………………………………………………………………………………………
…………………………………………………………………………………………
…………………………………………………………………………………………
…………………………………………………………………………………………
• Please tell us something about your duties &responsibilities in this organization.

…………………………………………………………………………………………
…………………………………………………………………………………………
…………………………………………………………………………………………
…………………………………………………………………………………………
………………………………………………………………………………………….
ABOUT RECRUITMENT IN YOUR ORGANIZATION

• Do you have recruitment policy ?

Yes No

• What are different methods that are engaged in your company?

50
 Internal External
• What are the internal and external source you rely on ?

INTERNAL SOURCES:-

a) Present employees b) employee referrals

c) Former employees d) Former applicants

EXTENAL SOURCES :-

a) Professional or trade association b)Adervertisements

c)employment exchangement d) college/university/institute placement
services
e)Walk ins and write ins f)consultant

g) Contractor h?) Displaced persons

i) redo and television j) Acquisition and mergers

k) Competitor

ABOUT SELECTION-

• What is the selection procedure in your organization?/what are eligibility test

conducted for screening?
…………………………………………………………………………………………
…………………………………………………………………………………………
…………………………………………………………………………………………
Do you have any procedure for placement?
…………………………………………………………………………………………
…………………………………………………………………………………………
…………………………………………………………………………………………
…………………………………………………………………………………………..
ORIENTATION & TRAINING

• What is possessor orientation

…………………………………………………………………………………………
…………………………………………………………………………………………
…………………………………………………………………………………………
…………………………………………………………………………………………
…………………………………………………………………………………………

51
• Do you have training policy?

Yes No

• What is the procedure for training?

…………………………………………………………………………………………
…………………………………………………………………………………………
…………………………………………………………………………………………
…………………………………………………………………………………………
………………………………………………………………………………
• What is the base for training procedure?

…………………………………………………………………………………………
…………………………………………………………………………………………
…………………………………………………………………………………………
…………………………………………………………………………………………
…………………………………………………………………………………………..

• What are the difference types of training you rely on?

On the job off the job both

a) Orientation training a) vestibule
b) Job instruction training b) Lecture
c) Appetents training c) Special study
d) Internship and assistantship d) Films
e) Job rotation e) Television
f) Coaching f) Conference
g) Case study
h) Role play
i) Simulation
j) The programmer instruction
k) Laboratory training

PERFORMANCE APPRAISAL:-

• Do you have any policy for performance appraisal?

Yes No
• What are the methods of performance appraisal?

TRADITIONAL METHODS MODERN METHODS

A) Rating scale A) MBO

B) Check list B) KRA
C) Forced choicer method C) 360-degree appraisal

52
 D_ Forced distribution method D) Psychologically appraisal
E) Critical incident method e) assessment centers
f) Behaviorally anchored scales
g) Field review method
h) Performance tests and observation
i) Annual confidential reports
j) Easy methods
k) Cost accounting approach
l) Comparative evaluation approach

• What is the end result of performance appraisal?

…………………………………………………………………………………………
…………………………………………………………………………………………
…………………………………………………………………………………………
…………………………………………………………………………………………
…………………………………………………………………………………………

• Do you have any welfare policy ?

Yes No
• What are the different welfare activity conducted by your organization ?

INTRAMURAL EXTRAMURAL
a) Drinking water a) Social Insurance
b) Toilets b) Benevolent fund
c) Crèche c) Maternity benefits
d) Washing facility d) Health & medical facility
e) Occupational safety e) educational facilities
f) Uniform & protective clothing f) Housing facilities
g) Shift allowance g) Recreation facilities
h) Canteen h) Leave travel facilities
i) Cleanliness & Sanitation i) Vocational training training
j) First aid appliances j) Transport facilities
k) Compensation & for accident k) Amusement facilities
l) Bathing facilities l) Games & sports
m) Improvement in condition of
employment

• Do you conduct exit interview when employee leaves the organization?

Yes No

53
SUGGESTIONS

54
 Suggestions

The suggestion part of the project is significant for any kind of analysis.

During my survey and beyond the survey, I noticed some of the fact , which I am
reproducing here for the purpose.

a) For proper communication with the people, there should be a weakly/ for night of
SDM /BDM which facilitate them to come up with their problem and solutions.
b) All the schemes regarding product of insurance should be clear and reached at
once to the financial consultant /people, after the declaration from Branch
Head /BDM of the Branch.
c) The coverage should be broader as many of the particular branch and customer
demanded for it.
d) There should be limited financial consultant and nor performing financial
consultant must be motivated or eliminated.
e) There is a need of a proper orientation financial consultant in term of various
training, new product knowledge and all skill.
f) Considering the branch of Varanasi, HDFC SLI product plan is more effective
then the other insurance company.
g) Company should arrange a regular meetings of its financial consultant’s and
employee.
h) Company should ensure higher percentage of commission to Fc’s.

55
BIBLIOGRAPHY

56
 BIBLIOGRAPHY

# Research Methodology

* By C. R. Kothari
#Statistical Method

*S.P.Gupta

*S.N. Maheshwari
#Analysis and Finding

*By the primary data

#About the company

*By the secondary data

57
ANNEXURE

58
 BOARD MEMBERS

BRIEF PROFIL OF THE BOARD OF DIRECTORS

MR.DEEPAK S.PAREKH-CHAIRMAN OF THE COMPANY

MR. KEKI M. MISTRY-BOARD OF THE DIRECTOR OF COMPANY

MR.ALEXANDER M. CROMBIE-BOARD OF THE DIRECTOR OF THE

COMPANY

MS.MARCIA D. CAMPBELL-CURRENTLY THE GROUP OPRATION

DIRECTOR IN THE STANDERD LIFE
ASSURANCE COMPANY

AND IS RESPONSIBLE FOR GROUP

OPERARTION

MR.GAUTAM R, DIVAN- PRACTISING CHARTERD ACCOUTANT

MR. RAVI NARAYAN –THE MANAGING DIRECTOR AND CEO OF

NATIONAL STOCK EXCHANGE OF INDIA

59
 LIMITED

MR.DEEPAK M.SATWALEKAR-THE MANAGING DIRECTOR AND

CEO OF THE COMPANY.

DECLARATION

This project report is based on my studies in HDFCSLIC and will not be misused
by any other institution.
The project has been carried on with a definite attention
towards HDFCSLIC Varanasi,I submit this report in partial fulfillment of
awarding INMANTEC,Ghaziabad and as a record of my own work.

I here by declare that the project report submitted by me is

original and has not been copied any other project ,except the theoretical aspects,
which have been taken from different books.

PAWAN KUMAR PANDEY

60
61