RECRUITMENT AND SELECTION AT HDFC STANDARD LIFE INSURANCE COMPANY LTD Click to edit Master subtitle style

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Agenda

Executive Summary. Company Profile. Features Of The Product & Benefits. Marketing Strategies. Recruitment Of FCs . Data Analysis and Interpretation. SWOT Analysis. Conclusions & Suggestions

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Executive Summary

Project Title: RECRUITMENT SELECTION OF

&

FINANCIAL

CONSULTANT

Objective:- To study of the perfect market for HDFC SLIC. And To

approach to the
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Company Profile
HDFC Standard Life Insurance Company Ltd:-It was incorporated on 14th august 2000. It is a joint venture between Housing Development Finance Corporation Limited (HDFC Ltd.) India And UK based Standard Life Company. Both the joint venture partners being one of the leaders in their respective areas came together in this 81.4:18.6 joint venture to form HDFC Standard LifeInsurance Company Limited.

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Features Of The Product & Benefits

1. 2. 3.

Accidental Death Benefit (ADB) Critical Illness (CI) Benefit Double Sum Assured (DSA) Benefit Waiver of Premium (WOP) Benefit Accelerated Sum Assured (ASA) Term Assurance Plan

4.

5. 6.

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1.

Accidental Death Benefit (ADB):-ADB provides an additional amount equal to the basic sum assured (SA) in case of the death of the policyholder due to an accident, within 90 days of the accident. Critical Illness (CI) Benefit:-CI provides an additional amount equal to the SA on diagnosis of the any one of the 6 specified critical illnesses --- cancer, coronary artery bypass graft surgery, heart attack, kidney/renal failure, major organ transplant (as recipient) and 4/16/12

2.

4. Waiver of Premium (WOP) Benefit:WOP basically waives the premium in case the policyholder becomes totally disabled. However, the waiver is applicable only during the period of the disability. 5. Accelerated Sum Assured (ASA):Upon diagnosis of any of the specified six critical illnesses, ASA provides an amount equal to the amount payable on death. 6. Term Assurance Plan:-The SA is 4/16/12 payable in the case of the death of the

7. Money Back Plan:-This plan pays periodic cash lump sums during the tenure of the policy. The lump sums, essentially a proportion of the basic SA are paid at 5year intervals. On survival, the basic SA plus bonus less the cash lump sums paid earlier are provided. However, in the case of the demise of the policyholder, the basic SA plus any bonus is provided to the family. 8. Endowment Assurance Plan:-As is normal with all endowments, on the death of the life assured during the term, the 4/16/12 beneficiary will get the SA. On survival, the

9. Loan Cover Term Assurance:-This is a unique product meant as a safety net in case one has taken a loan to buy a house. It is designed to help the family repay the outstanding loan in the case of the death of the breadwinner. 10. Group Term Insurance (GTI) :-HDFC Standard Life also offers GTI, meant essentially for employees of an organization. GTI is extremely convenient for an employer as he can take insurance for all or certain categories of employees.
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Marketing Strategies

REASON FOR THEIR GOOD CONDITION:

1. Consultants hold on the market

When it comes for the case of market, there is a clear and complete hold of HDFC SLIC Consultants.
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COMPETITORS:-

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ADVERTISEMENT AND SALES PROMOTION:-

Film opens in the compound of a house. Father is checking something inside the bonnet of an old small car. His daughter, around 27-28 years old, is working on a lap top next to him

Daughter: Dad. Father: Bolo Daughter: Nayi car lene mein hee bhalaai hai. Dad nods in agreement without looking up. Dad: Hmmm

Father looks at her and says emotionally. Dad: Car badi ho gayi, aur beti bhi. Daughter smiles with pride.

Dad doesnt know what to say as he looks at the cheque. Daughter pleads: Pleasedad

Mother enters with tea. She senses something serious and questions them. Mother: Aree Kya hua?

Super: Unit Linked Savings Plans MVO: Unit Linked Savings Plans from HDFC Standard Life. zimmedari nibhao, Aaj bhi kal bhi

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Recruitment of Financial Consultants (FC) in HDFC Standard Life

Criteria for FC:

He should be at least 12th passed. He should complete IRDA training. He should clear the IRDA exam. He should through successfully the exam and training. He should have good personal 4/16/12

Some other criteria:

EXCELLENT OPPORTUNITY:1. 2. 3. 4. 5.

Flexible work timings Any one can join Zero Investment Certificate by IRDA Attractive Remuneration

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Documents Required:
1. 2.

8 photograph Age proof (passport, Birth certificate, College Leaving Certificate, Driving License) Address proof Education proof Copy of PAN Card Duely Signed Cancelled Chequeofself A candidate needs to bring a DD of

3. 4. 5.

6.

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Recruitment process of FCs

Fill up of Agency form

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IRDA Training (50 hrs)

Benefits to FCs

Financial Benefits:Commission on
issuance of every policy. Commission directly credited to bank account of FCs within 15 days. These commission varies from 7.5-40% according to plan.

BASIC COMMISSION Name of the plan

Endowment Assurance plan Money Back plan Childrens plan Term Assurance plan Lone cover Term Assurance plan Personal Pension Plan 4/16/12

1st year commission

40% 40% 40% 25% 25% 7.5%

RENEWAL COMMISSION: Renewal commission would be paid from the 2nd year onwards on regular premium policies. Renewal commission is not payable on single premium plans.
Name of the plan
Endowment Assurance plan Money Back Plan Childrens plan Lone cover Term Assurance Plan Term Assurance plan Personal Pension Plan Renewal commission 2nd year onwards 5% 5% 5% 5% 5% 2%

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REWARDS & RECOGNITION:Within 30 days of Licensing Consultant can become

STAR premium 2 Lacs

Converted

Silver MedalWorth Rs 5200(approx)

RISING STAR 4/16/12 premium of 5 Lacs

Converted

MONTHLY & QUARTERLY CONTESTS:

Gift Vouchers Home Appliances Two-Wheelers Gold/Diamonds Jewelry Foreign Trips Mobile Phones Laptops

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Data Analysis and Interpretation

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1. Your Age?

Age of Respondents

2.

Marital status?

Marital Status

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3. Educational Qualification?
Educational Qualification of Respondents

4. Number Of years Are You in Pune?

Staying Years in Pune

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5. Your Occupation?
Occupation

6. Your annual household income?

Annual Household Income

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7. Are you a member of a club/gymkhana?

Mebership of Club/Gymkhana

8. What is your perception about insurance sector?

Perception About Insurance

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9. Do you know about HDFC Standard Life Insurance?

Awareness About HDFCSLIC

10. Do you have any Insurance Policy?

No. of Insured

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11. Name of Insurance Company?

No. of Respondents

12. Do you know about HDFC Standard Life Insurance recruitment policies related to financial consultant?
Knows about HDFCSLIC recruitment policies

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13. Will you be interested to become Financial Consultant?

Interested to Become Financial Consultant

14. Would you like to earn an additional income through a business opportunity with HDFC STANDARD LIFE?
Willing To Earn Additional Income

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SWOT Analysis :STRENGTH :1. Domestic image of HDFC supported by Prudentials international image is strength of the company. 2. Strong and well spread network of qualified intermediaries and sales person. 3. Strong capital and reserve base. 4. The company provides customer 4/16/12

WEAKNESS 1. Heavy management expenses and administrative costs. 2. Low customer confidence on the private players. 3. Vertical hierarchical reporting structure with many designations and cadres leading to power politics at all levels without any exception. 4. Poor retention percentage of tied up agents. .
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THREATS :

Other Private Insurance Companies Also vying For The Same uninsuranced Population. Big Public Secter insurance Companies Like LIC India, National insurance Company Ltd, Oriented Insurance Ltd, New India Assurance 4/16/12

SUGGESTIONS:
To make people aware about the benefit of becoming HDFC Standard Lifes Financial Consultant, following activities of advertisement should be done through :

Print Media. Hoarding & Banners. Stalls in Trade Fares Distribution of leaflets containing details information. Company can recruit sales promoters so that

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By showing additional and alternative income source along with various schemes for Financial Consultant in the company so that more and more FC can be recruited. Free life cover for every active Financial Consultant. Discounted rate premium for its family members.
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NK HA T OU Y

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