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Summer Training Project Report NEW
Summer Training Project Report NEW
ON
SUBMITTED FOR THE PARTIAL FULFILLMENT OF MASTER OF BUSINESS ADMINISTRATION (2011-2012) OF GAUTAMA BUDDHA TECHNICAL UNIVERSITY, LUCKNOW
UNDER GUIDENCE OF: MR. NIPUN JOHRI (CHANNEL DEVELOPMENT MANAGER) SUBMITTED TO: Dr. Ritesh Saxena SUBMITTED BY: Priya Mishra M.B.A. 3RD Sem
(Dean of F.I.M.T)
ACKNOWLEDGEMENT
Before write down anything about my project report I would like to thank all those people who helped me in the completion of this project.
I am greatly obliged Mr. Nipun Johri (Channel Development Manager) for given me an opportunity to work in the organization.
I express my sincere gratitude to who gave me an opportunity to complete my project report on RECRUITMENT PROCESS IN HDFCSLIC for his able guidance, continuous support and cooperation throughout my project, without them completion of project was not possible. I would also like to thank the entire team of HDFC LIFE, for the constant support and help in the successful completion of my project. Also, I am thankful to my project guide Dr. Ritesh Saxena for his continued guidance and invaluable encouragement.
PREFACE
It gives me immense pleasure to present this research project to the readers. Readers will get this report interesting & easy to get true information.
It studies bins management system in depth. It describes the A study of recruitment and selection in HDFC LIFE. It describes the difference between HDFCSLIC. & other insurance companies, which are available in the market.
This report is self-exploratory and every possible effort has been taken to make it to the point informative.
I hope that this report provides sufficient information regarding my work on the project. I would consider my efforts to be fruitful if it proves useful to somebody at some later stage.
CONTENTS
Topics About HDFCSLIC Ltd. About Standard Life Insurance About Standard Life Vision of HDFCSLIC Mission Statement of HDFCSLIC Future plans and values of HDFCSLIC About IRDA Brief overview of Indian Insurance Industry other Insurance Companies in India Board of Directors SWOT Analysis of HDFCSLIC Products Insurance the Basics Plans Research Methodology Research Design Analysis and Interpretation Findings Limitation Suggestion Questionnaire Bibliography
Financial Expertise
Standard Life has the financial expertise required to manage customers long term investments safely and efficiently.
Range of Solutions
Company has a range of individual and group solutions, which can be easily customized to specific needs. Companys group solutions have been designed to offer customers complete flexibility combined with a low charging structure.
Financial Security
Standard Life has the financial strength to remain secure and competitive. We aim to offer products that provide competitive returns to their customers while maintaining an adequate level of financial strength to ensure their security. Like most people, you want to know that your financial future is in good hands. Standard Life places a great deal of importance on getting your money to work hard for you; that's why we believe you can have confidence in us. Standard Life has been awarded the "Raising Standards" quality mark. This shows that we: use clear language to describe their products on key documents, have appropriate products and Provide a quality service for our customers. The quality mark covers products bought by individuals including pensions, long-term savings and protection. We were independently tested against a number of rigorous standards. And we have to continue to pass these tests every year to keep using the quality mark. Standard Life won the Money Marketing 'Company of the Year' award in March 2005 for the seventh year running. Other awards the Standard Life group has received include:
Year Award
2003 Company of the Year 2002 Company of the Year 2001 Best Personal Pension Provider 2000 Company of the Year 1999 Company of the Decade 1996-99 Company of the year 1995 4 star service award 1992-94 Overall best company 1991 3 star service award 1990 Best mortgage services
HDFC HDFC Bank HDFC Mutual Funds HDFC Securities HDFC Realty.com Intelnet Credit Information Bureau (India) Limited
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The standard life group has been looking after the financial needs of customers for over 180 years. It currently has a customer base of around 7 million people who rely on the company for their insurance, pension, investment, banking and health care needs. Its investment manager currently administers 125 billion assets It is a leading pensions provider in the UK, and is rated by Standard & poors as strong. Standard Life was awarded the Best Pension Provider in 2004, 2005 and 2006 at the Money Marketing Awards, and it was voted a 5 star life and pension peovider at the Financial Adviser Service Awards for the last 10 years running. The 5 Star accolade has also been awarded to Standard Life Investments for the last 10 years, and to Standard Life Bank since its inception in 1998. Standard Life Bank was awarded the Best Flexible Mortgage Lender at the Mortgage Magazine Awards in 2006.
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Company Ltd. (IDFC). Standard Life also started to use the services of the HDFC Treasury department to advise them upon their investments in India. Towards the end of 1999, the opening of the market looked very promising and both companies agreed the time was right to move the operation to the next level. Therefore, in January 2000 an expert team from the UK joined a hand picked team from HDFC to form the core project team, based in Mumbai. In a further development Standard Life agreed to participate in the Asset Management Company promoted by HDFC to enter the mutual fund market. The Mutual fund was launched on 20th July 2000.
Ethics SECURITY: Providing long term financial security to our policy holders will be our constant
endeavor. We will be doing this by offering life insurance and pension products.
TRUST: We appreciate the trust placed by our policyholders in US. Hence, we will aim to
manage their investment very carefully and live up to this trust.
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Saving Plans
Endowment Assurance Plan Unit Linked Endowment Plan Money Back Plan Childrens Plan Unit Linked Young star Plan
Investment Plans
Single Premium Whole Of Life Plan
Protection Plans
Term Assurance Plan Loan Cover Term Assurance Plan
Pension Plan
Personal Pension Plan Unit Linked Pension Plan
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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 for money, and set the standards in the industry.
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The company aim to be the top Life Insurance Company in the market. This does not just mean being the largest or the most productive company in the market, rather it is a combination of several things like:-
Customer services of the highest order. Value for money for customer. Professionalism in carrying out business. Innovative products to cater to different needs of different customer. Use of technology to improve service standard. Increasing market share.
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To enhance sales by increasing the number of Financial Consultant and corporate agents. The company is planning to decentralize its underwriting facility. To increase the branches to 500 across the India in upcoming years.
Values of HDFCSLIC
Integrity Innovation Customer centric People Care One for all and all for one. Team work Joy and Simplicity
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About IRDA
What is IRDA?
The IRDA Regulations, 2002 deals with the vast area of rights of the investors starting with the rights to obtain a copy of the proposal, the free look in period in respect of the life policies, a copy of the concluded policy to be furnished to the client and also the obligations of the insurance company regarding servicing and extending of the policy, payment of interest in case of delay settlement of the policy claims, etc. The regulations also prescribe a procedure for settlement of the grievances including the appointments of the Insurance Ombudsman at specific centers in India. In addition to this, the IRDA Act empowers the Authority to look into the settlement of the grievances and in cases where the policyholders approach the Authority directly; the Authority often intervenes with the insurers for the protection of their rights. Notification The Authority has been receiving in no. of letters from the members of the public and also from the client of insurance companies regarding the protection of the policies under the current regulations. Often time question are also raised about the credibility of the insurance companies in the private sector as to whether they will continue to function in India in the future also to discharge liabilities. The Authority has been taking steps to indicate to the general public that no company can carry on any business in India without being registered with the IRDA. The process of registration is very long and strict process where the credibility of he applicants is assessed in regard to their ability of continuing the business, their commitment to the Indian market and their financial strength. In addition, before the product is launched in the market by Insurance Companies the proposal of the product along-with the entire related document is to be filed with the Authority for the period of thirty days. The Authority makes sure from the proposal of the product filed with it that is the product is suitable for the Indian market and fulfills all the requirement of the market.
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The Authority is a ten members team consisting of 1. A Chairman; 2. Five whole-time members; 3. Four part-time members; (All appointed by the Government of India)
Issue to the applicant a certificate of registration, renew, modify, withdraw, suspend or cancel
such registration. Protection of the interests of the policy holders in matters concerning assigning of policy, nomination by policy holders, insurable interest, settlement of insurance claim, surrender value of policy and other terms and conditions of contracts of insurance. Specifying requisite qualifications, code of conduct and practical training for intermediary of insurance intermediaries and agents. Specifying the code of conduct for surveyors and loss assessors. Promoting efficiency in the conduct of insurance business. Promoting and regulating professional organizations connected with the insurance and reinsurance business. Levying fees and other charges for carrying out the purposes of this Act. Calling for information from, undertaking inspection of, conducting enquiries and investigations including audit of the insurers, intermediaries, insurance intermediaries and other
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organizations connected with the insurance business. Control and regulation of the rates, advantages, terms and conditions that may be offered by insurers in respect of general insurance business but so controlled and regulated by the Tariff Advisory Committee under section 64U of the Insurance Act, 1938 (4 of 1938). Specifying the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by insurers and other insurance intermediaries. Regulating investment of funds by insurance companies. Regulating maintenance of margin of solvency. Adjudication of disputes between insurers and intermediaries or insurance intermediaries. Supervising the functioning of the Tariff Advisory Committee. Specifying the percentage of premium income of the insurer to finance schemes for promoting and regulating professional organizations referred to in clause (f). Specifying the percentage of life insurance business and general insurance business to be undertaken by the insurer in the rural of social sector Exercising such other powers as may be prescribed.
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AVIVA
Aviva Life Insurance Company India Pvt. Ltd. is a joint venture between Aviva of UK and Dabur, one of India's leading producers of traditional healthcare products. Aviva holds a 26 per cent stake in the joint venture and the Dabur group holds the balance 74 per cent share. Aviva is UK's largest and the world's sixth largest insurance Group. It is one of the leading providers of life and pensions products to Europe and has substantial businesses elsewhere around the world. Aviva pioneered the concept of Banc assurance in India. Currently, Aviva has Banc assurance tieups with ABN Amro Bank, American Express Bank, Canara Bank, Centurion Bank of Punjab, The Lakshmi Vilas Bank Ltd. and Punjab & Sind Bank, 11 Co-operative Banks in Gujarat, Rajasthan, Jammu & Kashmir and Maharashtra and one regional Bank in Sikkim. Aviva has 40 Branches in India (including rural branches) supporting its distribution network. Through its Banc assurance partner locations, Aviva products are available in 378 towns and cities across India.
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Bajaj Allianz
Bajaj Allianz is a joint venture between Allianz AG one of the world's largest insurance companies, and Bajaj Auto, one of the biggest 2 and 3 wheeler manufacturers in the world. Bajaj Allianz is into both life insurance and general insurance. Allianz Group is one of the world's leading insurers and financial services providers. Founded in 1890 in Berlin, Allianz is now present in over 70 countries with almost 174,000 employees. Bajaj group is the largest manufacturer of two-wheelers and three-wheelers in India and one of the largest in the world. Today, Bajaj Allianz is one of India's leading and fastest growing insurance companies. Currently, it has presence in more than 550 locations with over 60,000 Insurance Consultants.
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ICICI Prudential is currently the No. 1 private life insurer in the country. For the financial year ended March 31, 2005, the company garnered Rs 1584 crore of new business premium for a total sum assured of Rs 13,780 crore and wrote nearly 615,000 policies.
ING Vysya
ING Vysya Life Insurance Company Limited is a joint venture between Vysya Bank and ING Group of Holland, the world's 4th largest financial services group, with presence across 50 countries, and a heritage of over 150 years. ING Vysya Life Insurance Company Private Limited entered the private life insurance industry in India in September 2001. With in a short span of time ING Vysya Life Insurance has registered an impressive growth. The company currently has over 10,000 active advisors working from 75 branches (in 30 cities) across the country and over 2300 employees.
METLIFE INDIA
MetLife India Insurance Co. Pvt Ltd is a joint venture between MetLife Group and its Indian partners. The Indian pars include J&K Bank, Dhanalakshmi Bank, Karnataka Bank, Karvy Consultants, Geojit Securities, Way2Wealth, and Mini Muthoothutner. Met Life Group has presence in America and Asia and has an experience of over 137 years in providing financial services. The MetLife companies are the number one life insurer in the U.S.
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with approximately US $2.8 trillion of life insurance in force. MetLife serves 88 of the top one hundred FORTUNE 500 companies. MetLife entered Indian insurance sector in 2001.
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TATA AIG
Tata AIG Life Insurance Company Limited is a joint venture between Tata Group and American International Group, Inc. (AIG). Tata Group is one of the oldest and leading business groups of India. Tata Group has had a long association with India's insurance sector having been the largest insurance company in India prior to the nationalization of insurance. The Late Sir Dorab Tata, was the founder Chairman of New India Assurance Co. Ltd., a group company incorporated way back in 1919. American International Group, Inc is the leading U.S. based international insurance and financial services organization and the largest underwriter of commercial and industrial insurance in the United States. AIG has one of the most extensive life insurance networks in the world.
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BOARD OF DIRECTORS
Board of directors Brief profile of the Board of Directors
Mr. Deepak S Parekh is the Chairman of the Company. He is also the Executive Chairman of Housing Development Finance Corporation Limited (HDFC Limited). He joined HDFC Limited in a senior management position in 1978. He was inducted as a whole-time director of HDFC Limited in 1985 and was appointed as its Executive Chairman in 1993. He is the Chief Executive Officer of HDFC Limited. Mr. Parekh is a Fellow of the Institute of Chartered Accountants (England & Wales). Mr. Keki M Mistry joined the Board of Directors of the Company in December, 2000. He is currently the Managing Director of HDFC Limited. He joined HDFC Limited in 1981 and became an Executive Director in 1993. He was appointed as its Managing Director in November, 2000. Mr. Mistry is a Fellow of the Institute of Chartered Accountants of India and a member of the Michigan Association of Certified Public Accountants. Mr. Alexander M Crombie joined the Board of Directors of the Company in April, 2002. He has been with the Standard Life Group for 34 years holding various senior management positions. He was appointed as the Group Chief Executive of the Standard Life Group in March 2004. Mr. Crombie is a fellow of the Faculty of Actuaries in Scotland. Ms. Marcia D Campbell is currently the Group Operations Director in the Standard Life group and is responsible for Group Operations, Asia Pacific Development, Strategy & Planning, Corporate Responsibility and Shared Services Centre. Ms. Campbell joined the Board of Directors in November 2005. Mr. Keith N Skeoch is currently the Chief Executive in Standard Life Investments Limited and is responsible for overseeing Investment Process & Chief Executive Officer Function. Prior to this, Mr. Skeoch was working with M/s. James Capel & Co. holding the positions of UK Economist, Chief Economist, Executive Director, Director of Controls and Strategy HSBS Securities and Managing Director International Equities. He was also responsible for Economic and Investment Strategy research produced on a worldwide basis. Mr. Skeoch joined the Board of Directors in November 2005. Mr. Gautam R Divan is a practising Chartered Accountant and is a Fellow of the Institute of Chartered Accountants of India. Mr. Divan was the Former Chairman and Managing Committee
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Member of Midsnell Group International, an International Association of Independent Accounting Firms and has authored several papers of professional interest. Mr. Divan has wide experience in auditing accounts of large public limited companies and nationalised banks, financial and taxation planning of individuals and limited companies and also has substantial experience in structuring overseas investments to and from India. Mr. Ranjan Pant is a global Management Consultant advising CEO/Boards on Strategy and Change Management. Mr. Pant, until 2002 was a Partner & Vice-President at Bain & Company, Inc., Boston, where he led the worldwide Utility Practice. He was also Director, Corporate Business Development at General Electric headquarters in Fairfield, USA. Mr. Pant has an MBA from The Wharton School and BE (Honours) from Birla Institute of Technology and Sciences. Mr. Ravi Narain is the Managing Director & CEO of National Stock Exchange of India Limited. Mr. Ravi Narain was a member of the core team to set-up the Securities & Exchange Board of India (SEBI) and is also associated with various committees of SEBI and the Reserve Bank of India (RBI). Mr. Deepak M Satwalekar is the Managing Director and CEO of the Company since November, 2000. Prior to this, he was the Managing Director of HDFC Limited since 1993. Mr. Satwalekar obtained a Bachelors Degree in Technology from the Indian Institute of Technology, Bombay and a Masters Degree in Business Administration from The American University, Washington DC. Ms. Renu S. Karnad is the Executive director of HDFC Limited, is a graduate in law and holds a Master's degree in economics from Delhi University. She has been employed with HDFC Limited since 1978 and was appointed as the Executive Director in 2000. She is responsible for overseeing all aspects of lending operations of HDFC Limited. Group Companies.
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Environmental Scan
Internal Analysis
External Analysis
Strength
Weakness
Opportunities
Threats
SWOT Matrix
Weakness
Not optimum utilization of available resources Product promotion is not good
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Opportunities
Available of lives and resource is sound The literacy regarding life insurance is increase by the government campaign.
Threats
Current per capital consumption of policies in India is far less than other countries High power tariff, increasing prices of administrating products have added to the woes of domestic industry competing with abroad enjoying advantage of economies of scale, advanced technology, low cost of finance, cheaper power tariff etc.
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Customer retention Product quality Service quality Distribution effectivenes s Promotion effectivenes s Sales force effectivenes s Geographic al coverage
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Protection plans: Term Assurance Plan Loan Cover Term Assurance Plan
Pension Plan: Personal Pension Plan Unit Linked Pension Plan Unit Linked Pension Plus Plan
Saving Plans: Endowment Assurance Plan Unit Linked Endowment Plan Unit Linked Endowment Plus Plan Money Back Plan Childrens Plan Unit Linked Youngster Plan Unit Linked Youngster Plus Plan
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The primary purpose of life insurance is therefore protection of the family in the event of death. Today insurance is also seen as a tool to plan effectively for your future years, your retirement, and for your childrens future needs. Today, the market offers insurance plans that not just cover your life and but at the same time grow your wealth too.
SCOPE OF INSURANCE
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comprehensive financial instrument as a part of person financial planning offering you savings & investment facilities along with cover against financial loss. By choosing the right policy as per for persons self and there loved ones. Persons needs i.e. customized solutions , people will be able to plan for a secure future.
Risks and uncertainties part of lifes great adventureaccident, illness, theft, natural disasterthey are all built into the working of the Universe, waiting to happen. Insurance then is mans answer to the vagaries of life. If you cannot beat man-made and natural calamities, well, at least be prepared for them and their aftermath. Insurance is a contract between two parties the insurer and the insured. Wherein the insurer agrees to pay the insured for financial losses arising out of any unforeseen events in return for a regular payment of premium. These unforeseen events are defined as risk and that is why insurance is called a risk cover. Hence, insurance is essentially the means to financially compensate for losses that life throws at people corporate and otherwise.
Analyzing Needs :-
Protection- Need for a sound income protection in case of persons unfortunate demise. Investment- Need to ensure long term real growth of persons money. Saving- Save for the milestones and protect persons savings too.
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term of the policy. With the entry of private sector players in insurance, you have a wide range of products and services to choose from. Further, many of these can be further customized to fit individual/group specific needs. Considering the amount you have to pay now, its worth buying some extra sleep.
Almost 4,500 years ago, in an ancient land of Babylonia, traders used to bear risk of caravan trade by giving loans that had to be later repaid with interest when the goods arrived safely. In 2100 BC, the code of Hammurabi granted legal status to the practice. That perhaps, was how insurance made its bigining. Life Insurance had its origins in ancient Rome, where citizens formed burial clubs that would meet the funeral expenses of members as well as help survivors by making some payments. As European civilization progressed, its social institutions and welfare practices also got more and more refind, with the discovery of new lands, sea routes and the consequent growth in the trade, medieval guilds took it upon themselves to protect their member traders from loss on account of fire, shipwrecks and the like. Since most of the trade took place by sea, there was also the fear of pirates. So these guilds even offered ransom for members held captive by pirates. Burial expenses and support in times of sickness and poverty were other services offered. Essentially, all these revolved around the concept of insurance or risk coverage. Thats how old these concepts are, really. In 1347, in Genoa, European maritime nations entered into the earliest known insurance contract and decided to accept marine insurance as a practice.
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There were more off shoots of the process of industrialization. In 1897, the British government passed the Workmens Compensation Act, which made it mandatory for a company to insure its employees against industrial accidents. With the advent of the automobile, public liability insurance, which first made its appearance in the 1880s, gained importance and acceptance? In the 19th century, many societies were founded to insure the life and the health of their members, while fraternal orders provided low cost, members only insurance. Even today, such fraternal orders continue to provide insurance coverage to members as do most labour organizations. Many employers sponsor group insurance policies for their employees, providing not just life insurance, but sickness and accident benefits and oldage pensions. Employees contribute a certain percentage of the premium for these policies.
In India.
Insurance in India can be traced back to the Vedas. For insurance, Yogakshema, the name of Life Insurance Corporation of Indias corporate headquarters, is derived from the Rig Veda. The term suggests that a form of community insurance was prevalent around 1000 BC and practiced by the Aryans. Burial societies of the kind found in ancient Rome were formed in Buddhist period to help families, build houses, protect widows and children. Bombay Mutual Assurance Society, the first Indian life assurance society, was fond in 1870. Other companies like Oriental Bharat and Empire of India were also setup in 1870-90s. It was during the swadeshi movement in the early 20th century that insurance witnessed a big boom in India with several more companies being set up.
As these companies grew, the government began to exercise control on them. The Insurance Act was passed in 1912, fallowed by a detailed and amended Insurance Act of 1938 that looked into investments expenditure and management of these companies funds.
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By the mid-1950s, there were around 170 insurance companies and 80 provident fund societies in the companies life insurance scene. However, in the absence of regulatory systems, scams and irregularities were almost a way of life at most of these companies. As a result, the government decided nationalize the life assurance business in India. The Life Insurance Corporation of India was setup in 1956 to take over around 250 life companies. For years thereafter, insurance remained a monopoly of the public sector. It was only after seven years of deliberation and debate after the R.N. Mahrotra Committee report of 1994 became the first serious document calling for reopening up of the insurance sector to private players that the sector was finally opened up to private players in 2001. The Insurance Regulatory & Development Authority, an autonomous insurance regulator set up in 2000, has extensive powers to oversee the insurance business and regulate in a manner that will safeguard the interests of the insured.
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Childrens Plan is designed to provide a lump sum to the child as maturity. It also provides beneficial security to the child in the future, even in the case of insured parents unfortunate death during the policy term. Childrens Plan receives simple reversionary bonuses, which are usually added annually. This is the flexible plan with three options for consumer to choose from, depending on customer requirements. The details of these options are explained in the next section.
Exclusions:No benefit will be paid if the death has occurred directly or indirectly as a result of suicide within one year from the date of first being covered under the policy. HDFC SLIC will not pay health benefits if the critical illness has occurred within 6 months of the start of the contract. HDFC SLIC may not pay health benefits if HDFC SLIC does not receive a duly completed claim from within 26 weeks of the illness, disability, operation or other circumstances giving rise to the claim. HDFC SLIC will not pay health benefits if the critical illness is caused directly or indirectly.
EXCLUSIONS
The following exclusions applies HDFC SLIC will not pay any benefit if the death of the life assured has occurred directly or indirectly as a result of suicide within one year of the date of commencement or the date of issue, if later and the policy will lapse without any value.
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HDFC SLIC future of customer child is most important to him/her. Customer need to plan today to ensure a bright future for customer child, whenever it is education, marriage or establishing a professional career. To help customer save for customer child, HDFC SLIC at HDFC Standard Life, present the HDFC Unit Linked Young Star Plan. The plan is affordable, customized to customer needs and above all, enables customer to realize its dreams for customer child. This plan is HDFC SLIC well suited for the value conscious customer, and above all, for every loving parent. The plan can also be chosen by grandparents, other relatives or any adult for the benefit of the child.
Customers agree to pay a level premium regularly, either quarterly, half-yearly or annually, throughout the term of the policy.
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Life Option
This option consists of a Maturity Benefit and a Death Benefit. The Maturity Benefit will pay the value of the unit-linked fund at the end of the policy term.
Is customer eligible? Minimum Term Life Option Life Health Option and 10 25 18 55 65 10 Maximum Term 25 Minimum Maximum Maximum Age Age at Age at Entry at Expiry Entry 18 60 75
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3 years of regular premiums have been paid. The monetary value of the unit holding across all funds is at least Rs 15,000. Customer can pay additional single premium top-up at any point of time.
Challenges
HDFC SLIC will deduct charges from the policy to cover HDFC SLIC costs. The unit price each day will include a fund management charge. This charge is 0.80% of the fund value per annum taken on a daily basis. A flat fee of Rs 15 per month will be deducted by cancellation of units on each monthly charge date. This will be proportioned across funds according to the fund holdings at the time of cancelation of units. Risk benefits will be charged for by cancelling units on each monthly charge date, based on the persons age at the time.
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Alteration to Challenges
No changes can be made to HDFC SLIC current charges without prior approval from the Insurance Registery and Development Authority. The following are the maximum caps on each of the different type of charges: The fund management charge will not exceed 2% per annum. The flat fee can be altered from the value at inception increased in line with inflation subject to a maximum of 5% per annum over the period since inception.
Exclusions
No benefit will be paid if the death has occurred directly or indirectly as a result of suicide within one year from the date of first being covered under the policy. HDFC SLIC will not pay Extra Health Benefits if the critical illness has occurred within 6 months of the start of the contract. HDFC SLIC may not pay Extra Health Benefits if HDFC SLIC do not receive a dully completed claim from within 26 weeks of the illness, disability, operation or other circumstances giving rise to the claim.
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It is a participating (with profits) insurance plan that offers the following features: 0 payment of cash lump sums, each of which is a population of the basic sum assured, at 5-year intervals during the term of the policy. On survival up to maturity, a payment equal to the basic sum assured plus any bonus additions less the cash lump sums paid earlier is provided. In case of the unfortunate death of the life assured within the term of the policy, the basic sum assured plus any bonus additions is provided.
Is consumer eligible?
This plan can be taken on a single life basis or a joint life (first claim) basis.
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Exclusions
The following exclusions applies:
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Surrender value: Customer can terminate the policy any time, after it has been in force for at
least 6 months, and receive a surrender value.
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In case of unfortunate death: Customer nominee gets the sum assured secured by
customer premium, plus any attaching bonuses.
No medical requirements: HDFC SLIC do not require customer to undergo any medical test
for this plan.
Is Customer eligible?
The eligibility ages are as follows: Minimum age at entry Maximum age at entry 18 years 70 years
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Is customer eligible?
This plan can be taken on a single life basis or a joint life basis .
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EXCLUSIONS:
The following exclusions apply: Term assurance plan: HDFC SLIC shall not be liable to pay the benefit amount indicated in customer policy schedule if the death of life assured or the death of the first to die of the lives assured is caused directly or indirectly by suicide within one year of the date of commencement, or the date of issue of the policy, if later. Critical Illness Benefit: HDFC SLIC will not pay Critical Illness Benefit if it is caused directly or indirectly from any of the following: 1. Intentionally self-inflicted injury or attempted suicide, irrespective of mental condition. 2. Alcohol or solvent abuse, or the taking of the drugs except under the direction of a registered medical practice holder. 3. War, invasion, hostilities (whether war is declared or not), civil war, rebellion, revolution or taking part in a riot or civil commotion. 4. Taking part in any flying activity, other than as a pasenger in a commercially licensed aircraft. 5. Taking part in any act of a criminal nature. 6. Pregnancy or child birth or complications arising there form. Accidental Death Benefit: HDFC SLIC will not pay Accidental Death Benefit if death is caused directly or indirectly from any of the following: 1. Suicide within one year of the date of commencement or the date of issue of the policy, if later. 2. Alcohol or solvent abuse, or taking of drugs except under the direction of a registered medical practice holder. 3. Taking part or practicing for any hazardous hobby, pursuit or race unless previously agreed to by us in writing.
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This plan provides a lump sum on the unfortunate death of the life assured during the term of the plan. The lump sum will be a decreasing percentage of the initial sum assured. As the outstanding loan decreases as per the loan schedule, the cover under the policy decreases as per the policy schedule. Since this is a non-participating (without profits) pure risk cover plan, no benefits are payable on survival to the end of the term of the policy.
Is customer eligible?
This plan can be taken on a single life basis or a joint life basis.
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Before customer enter into any financial contract, it is important that customer understand what the product is, how it works, the risks involved and what a decision to buy could mean for customer. HDFC SLIC recommends that customer read this document before purchasing a policy from HDFC Standard Life Insurance Company.
Purpose: The policy is basically a savings contract, which is designed to provide an income for
life from retirement, with an option to take the lump sum elsewhere to buy the annuity, provided it is permitted by the prevailing regulations.
Customer commitment: Customer agree to pay a single premium or level premiums with
installments due every quarter, half-year or year throughout the deferment period of the policy, after which customer will start receiving its pension.
Risk Factors: If customer ceases to pay premiums HDFC SLIC may pay a surrender value. This
will be determined at company discreation. If any of the information which customer provide is incorrect, company reserve the right to vary the benefits which may be payable and, further, if there has been non-disclosure of a material fact then HDFC SLIC may treat customer policy as void. HDFC SLIC WILL not pay out if a claim arises from the excluded cause of death. Future bonuses are not guaranteed. They are dependent on HDFC SLIC future experience. The principal elements of experience are HDFC SLIC investment performance and expenses.
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Plans Savings Plans:Endowment Assurance Plan Unit Linked Endowment Plan Childrens Plan Unit Linked Young Star Plan Money Back Plan
Benefits
Life Insurance with Savings Life Insurance and Savings with choice of Investment Funds. Financial Security for your child. Financial Security for your child with choice of investment funds. Life Insurance with Savings. Investment with Life Insurance.
Protection Plans:Term Assurance Plan Lone Cover Term Assurance Plan Life insurance at an affordable price. Life Insurance customized for home loans.
Retirement Plans:Personal Pension Plan Unit Linked Pension Plan Savings for Retirement Retirement savings with a choice of investment funds.
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Type of plan Endowment assurance plan Money back plan Term assurance plan Loan cover term assurance plan Personal pension plan Unit linked endowment assurance plan Unit linked pension plan
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RESEARCH METHODOLOGY
Research in common parlance refers to a search for knowledge. The success of any formal financial
research project is sound research methodology. A research design purely and simply the framework or plan for a study that guides the collection and analysis of the data. In the research methodology we evaluate that why we have chosen the particular method.
Research Methodology has following steps:Step 1. To decide the objective of the study. Step 2. To design the research design. Step 3. To determine the source of data. Step 4. To design data collection methods. Step 5. To design sample size and sample design. Step 6. To process and analyze the data collection form. Step 7. To prepare research report.
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Descriptive Research
A descriptive study determinates who, what, when, where and how of a topic. Descriptive study may employ any of the methods of data collection such as interview, questionnaire , observation etc.in the descriptive study the researcher must be careful to make a note that may creep in at every stage of the study formulating the objective of the study, designing the methods of data collection, selecting the sample, collecting processing and analyzing the data and reporting the findings
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Data Source Research Approach Sampling Technique Research Instrumet Contact Method
Primary Data, Survey Method Random Sampling Questionnaire Technique Personal Interviews done through questionnaire.
Primary Data:Primary data may be described as those data that have been observed and recorded by the researchers for the first time to their knowledge. The primary data was obtained through direct communication with the prospects and filling up of questionnaires.
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Secondary Data:Secondary data are those data which have been already collected and analyzed by some
earlier agency for its own use, and later the same data are used by a different agency. The secondary data was collected through the : Internet
Step 4:- To design the data collection methodFor this project I have chosen survey method, in which my concentration was on Personal Interview Questionnaire technique
Data Collection Instrument Questionnaire:Questionnaire is a list of questions to be asked from the respondents. It also contains a suitable space where the answers can be recorded. A semi-structured kind of questionnaire was designed which contains open ended, close-ended and multiple-choice questions.
Procedure
I have been given complete freedom to operate. I have done personal interviews through questionnaire technique. The aim of the present study was to know about recruitment process in HDFCSLIC Ltd.
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DATA ANALYSIS TABULATION SHEET (SAMPLE SIZE-100) Marital Status Type of Occupation Gender Married
90
Unmarried
10
Divorcee (M)
None
Divorcee (F)
None
Student
45
Business
15
Services
12
Other
28
Male
86
Female
14
Age Current Income Existing agents Economic condition Social Contact Base Image of HDFCSLIC
20 35-45 years
20
Postgraduate 67 Above 45
5
<10,000 35 LIC
25
Salaried
40
Selfemployed
39
Nonemployed
21
100-200 45 Average
10-15
>=200 50 Good
50-70
Excellent
15-20
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No. of Respondents
90 10
Percentage
90 10
100
100
Marital Status
Male Female
10%
90%
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OCCUPATION OF RESPONDENT
Occupation
Student Service Business Other
No. of Respondent
45 15 12 28
Percentage
45 15 12 28
Total
100
100
Type of Occupation
Student Business Service Others
28% 45%
12% 15%
63
Percentage 86 14 100
14%
86%
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Qualifications of Respondents
Qualification
High School Intermediate Graduate Postgraduate
No. of Respondents
3 10 26 61
Percentage
3 10 26 61
Total
100
100
Qualifications of Respondents
High school Intermediate 3% 10% Graduate Postgraduate
26% 61%
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Age
18-25 years 25-35 years 35-45 years Above 45 years
No. of Respondent
45 30 20 5
Percentage
45 30 20 5
Total
100
100
5% 20% 45%
30%
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Current Income
<=10,000 10,000-15,000 15,000-20,000 >=20,000
No. of Respondent
35 30 25 10
Percentage
35 30 25 10
Total
100
100
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No. of Respondents
5 45 50
Percentage
5 45 50
Total
100
100
5%
50% 45%
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JOB
Regular income source with promotion & growth Part time job For experience only
No. of Respondents
24 56 20
percentage
24 56 20
Total
100
100
20%
24% Regular income source with promotion and growth Part time job 56% For experience only
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Experience
No experience <=1 year 1-2 years >=2 years
No. of Respondents
35 10 29 26
Percentage
35 10 29 26
Total
100
100
26%
29%
10%
>=2 years
70
Existing Agents
LIC ICICI PRU BAJAJ ALLIANZ BIRLA SUN LIFE NOT ANY AGENTSHIP 25 6 3 5 61
No. of Respondents
25% LIC 6% 61% 5% 3% ICICI PRUDENTIAL BAJAJ ALLIANZ BIRLA SUN LIFE NOT ANY AGENTSHIP
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FINDINGS
2 persons are ready for the job of Financial Consultant. 1 person refuses because of he could not pay the I.R.D.A. training fees. The image of selling policies is very bad in the mind of peoples. No body wants to do a commission based job. 1 person is recruited for the job of Financial Consultant. Persons who are doing their jobs they have no time to do I.R.D.A. training. Most of the villagers do not have pan cards.
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LIMITATIONS
The researcher was carried out in a short span of time where the researcher could not study wider. Hence 100% accuracy can not be assured. Less knowledge of the respondents. Less attention while giving the answer. The image of selling policies in the minds of the respondents. Shortage of documents for the registration.
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SUGGESTIONS
It should not be only a commission based job. It should be a salary based job. Training fees should be affordable to the pocket of peoples. Documents for registration should be only :4 Passport Size Photograph Statement of bank passbook ID can be Ration Card and For qualification should be the last qualified examination proof. Pan card should not be necessary.
Some people who are from village they have not enough documents. There should be some more facilities for higher degree eligible persons.
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QUESTIONNAIRE
Sir, I am Priya Mishra student of M.B.A. 3rd semester at Future Institute of Management and technology Bareilly. I am working on a project with the topic of A STUDY OF RECRUITMENT IN HDFC SLIC under the guidance of Mr. Nipun Johri (Channel Development Manager). I want to know your kind option in this regard.
Q.3 Date of birth Q.4 Address. Q.5 Mobile No. ............................................................. Q.6 Tel ..... Q.7 Are you satisfied with your current income Yes ( ) No ( )
Q.8 Are you interested in doing a job as a Financial Consultant In HDFC Yes ( ) No ( )
If interested then-----
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Q.10 E. Mail ID
Rs 15,000-Rs 20,000 (
Q.14 This job is for you as-
Regular income source with promotion & growth Part time job For experience only
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Q.16 What is your personal opinion for the job of FC? Q.13 I.R.D.A. Training Online ( ) Offline ( )
Thanks for filling up the questionnaire and for your valuable time Thank You.
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BIBLIOGRAPHY
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