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ACKNOWLEDGEMENT

It is a matter of great pleasure to acknowledge the

guidance, enormous assistance and co-operation
extended to me from every corner, while proceeding with
my internship.

I sincerely express my gratitude to Mr. SOURINDRA

GHOSH (Branch Sales Manager) for allowing me to pursue
my internship in HDFC Standard Life Siliguri.

I would also like to express my gratitude to all other

people who had extended their helping hand directly or
indirectly throughout the internship, and without whose
help my internship would not have been completed. I
would also like to thank my parents for their guidance
and support. They have remained a source of inspiration
for me.
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INDUSTRY PROFILE
INSURANCE:

Insurance can be defined as assurance for uncertainty. Insurance

is about something going wrong. Its’ often about things going
right; One of the Wonders of human nature is that we never
believe anything can actually go wrong.

The insurance sector in India has come full circle from being an
open competitive market to nationalization and back to liberalized
market again. Tracking the development in Indian insurance
sector reveals the 360 degree turn witnessed over a period of
almost two centuries.

The business of life insurance in Indian in its existing form started

in India in the year 1818 with the establishment of Oriental Life
Insurance Company at Kolkata. Some of the important milestones
in life insurance business in India are.

1912: The Indian Life insurance Companies Act enacted as first

statue to regulate the life insurance business.

1928: The Indian Insurance Compan9es Act enacted to enable the

government to collect statistical information about life and non-
life insurance businesses.

1938: Earlier legislation consolidated and amended to by the

insurance Act with the objective of protecting the interests of the
insuring public.
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1965: 245 Indian and foreign insurers and provident societies

take over by the central government and nationalized. LIC
formed by an act of parliament viz. LIC. Act . 1956,with a capital
contribution of Rs. 5 Crore from the government of India.

COMPANY PROFILE

HDFC Standard Life Insurance Company

Ltd.
HDFC Incorporated in 1977 with a share capital of Rs 10 Crores, HDFC has since
emerged as the largest residential mortgage finance institution in the country The
corporation has had a series of share issues raising its capital to Rs. 119 crores. The
gross premium income for the year ending March 31, 2009 stood at Rs. 5, 565
crores and new business premium income at Rs. 2,644 crores. The company has
covered over 10, 07,000 lives year ending March 31, 2009.
HDFC operates through almost 450 locations throughout the
country with its corporate head quarters in Mumbai, India. HDFC
also has an International Office in Dubai, UAE, with service
associates in Kuwait, Oman and Qatar.

HDFC is the largest Housing Company in India

since the last 27 years.

SNAPSHOT-I
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• Incorporated in 1977 as the first specialized mortgage

company in India.
• Almost 90% of initial shareholding in the hands of domestic
intuitions and retail investors. Current 77% of shares held by
foreign institutional investors.
• Besides the core business of mortgage HDFC has evolved
into a financial conglomerate with holdings In:
• HDFC Standard Life insurance Company- HDFC holds 78.07
%.
• HDFC Asset Management Company – HDFC holds 50.1%
• HDFC Bank- HDFC holds 22.25%.
• Intelenet Global (Business Process Outsourcing) – HDFC
holds 50%.
• HDFC Chubb General Insurance Company – HDFC holds 74%.

SNAPSHOT-II

• Loan Approvals Rs. 1205 billion.

(Up to Dec 2009)

• Loan Disbursements Rs.1069 billion

(Up to Dec. 2009)

• Housing Units financed 5.8 million.

• Distribution
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➢ Offices 268
➢ Outreach Programs 145

DECISION MAKER

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
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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. Deepak S Parekh

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.

GROUP COMPANIES

HDFC Bank: World Class Indian Bank- among the top private

banks in India.
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HDFC AMC: One of the top 3 AMCs in India- Preferred investment

manager.

Intelent Global : BOP services for international customers.

CIBIL: Credit information services bureau.

HDFC Chubb: Upcoming Private companies in the field of General

Insurance.
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STANDARD LIFE

Standard Life is Europe’s largest mutual life assurance company.

Standard Life, which has been in the life insurance business for
the past 175 years is a modern company surviving quite a few
changes since selling its first policy in 1825. The company
expanded in the 19th century from kits original Edinburgh
premises, opening offices in other towns and acquitting other
similar businesses.

Standard Life Currently has assets exceeding over £ 70 billion

under its management and has the distinction of being accorded
“AAA” rating consequently for the six years by Standard and
Poor.

SNAPSHOT

• Founded in 1875, company supporting generation for last

179 years.
• Currently over 5 m. Policy holders benefiting from the
services offered.
• Europe’s largest mutual life insurer.
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J
O
I
N
T

V
E
N
T
U
R
E
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JOINT VENTURE

HDFC Standard Life Insurance Company Limited was one of the

first companies to be granted license by the IRDA to operate in
life insurance sector. Reach of the JV player is highly rated and
been conferred with many awards. HDFC is rated ‘AAA ’ by both
CRISIL and ICRA. Similarly, Standard Life is rated ‘AAA’ both by
Moody’s and Standard and Poor’s. These reflect the efficiency
with which HDFC and Standard Life manage their asset base of
Rs. 15,000 Cr and Rs. 600,000 Cr. Respectively.

HDFC Standard Life Insurance Company Ltd was incorporated on

14th August 2000. HDFC is the majority stakeholder in the
insurance JV with 81.4 %stale and Standard :of as a staple pf
18.6% Mr. Deepak Satwalekar is the MD and CEO of the venture.

HDFC Standard Life Insurance Company Ltd. Is one of India’s

leading Private Life Insurance Companies., which offers a range of
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individual and group insurance solutions. It is a joint venture

between Housing Development Finance Corporation Limited
(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 promoters are will
known for their ethical dealings and financial strength and are
thus committed to being a long-term player in the life insurance
industry- all important factors to consider when choosing your
insurer.

JOB PROFILE
I have pursued my summer internship in HDFC Standard Life,
Siliguri. As an intern in Insurance sector I was required to do a
field study of the various gamut of Insurance sector. My
experience with this organization has provided me with vital
knowledge about the practical work of the insurance sector.
My job at HDFC Standard Life was “To understand the acceptance
of private life insurance companies in India vis-à-vis LIC”.
Today insurance forms the most integral part of every individual’s
financial investments. I spent time in understanding the customer
and their financial profile and also their risk appetite.
Before getting into selling procedure I managed to get adequate
knowledge of various financial products and tried to find out
where the products were best fitted as per customer need. The
most important part of any insurance is to convince the customer.
The insurance person should have empathy to find out what a
customer exactly needs. By this behavior I managed to approach
different customers explaining various products.
Most of the customers don’t believe in private insurance
companies due to the fear of uncertainty as they believe that LIC
is the only efficient insurance company which fulfills their
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requirement pertaining to financial investment. My job was to

convince those customers by making them aware with brand
image of HDFC Standard Life. I managed to reflect them with the
benefit of HDFC Standard Life products.
I was provided with customer database with whom I used to
communicate regarding company’s new product and there
advantages against LIC.
Basically I worked as financial consultant and I dealt with
following aspects:
• Assessing and analyzing the clients risk profile.
• Finding the best product or products available in the
market.
• Negotiating the best deal available.
• Continuity of service throughout the period of insurance.

SWOT ANALYSIS

STRENGTH WEAKNESS

• Strategic fit between the

strategy adopted and the • Some gaps in range for
offering. certain sectors.

• Superior customer service • Customer service staff need

vs. competitors. training.

• Consistent Brand Image • Most of the people is not

• High degree of customer willing to invest in private

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satisfaction. insurance company.

• Good place to work • Lack of faith in private

• Lower response time with insurance company

efficient and effective • In case of some policy

service. premium is much high.

• One of the largest private

sector insurance company
in India.
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Opportunities Threats

• Profit margins will be good. • Competitive market

• Could extend to overseas

broadly. • Competitors coming with
• New specialist applications different new types of
or services could be product.
develop.

• Could seek better customer

deals.
• Very high competition
• Can make foray in rural prevailing in the industry.
market.
• Will come out with some • Lack of infrastructure in
saving plans for rural areas could constrain
students with nominal investment.
investment.
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LEARNING

Summer Training in HDFC Standard Life really helped me in

gaining immense experience and knowledge. I learned in general
how an insurance industry like “HDFC Standard Life” uses various
marketing skills to market their range of products. I learned:

• How they take care of their customers.

• What is the work of the financial consultants?
• What value addition to be done for the products in order to
survive in fiercely competitive and rapidly changing
scenario?

Being in HDFCSL, I gained certain practical experiences of

Financial Industry. I have also learned the rate of commission
given to the agents, I elicited certain motivational scheme which
motivates insurance agents to increase their customer base.

Customers are the key aspect of any business and it’s applicable
for the insurance sector too. For any insurance company, to get a
new customer is 10 times costlier then to retain an existing one.
Hence a sales person or insurance agent should convince more
customers in less time to significantly increases company
efficiency to deal with more customers.

Except these, I got the experience that how the private sector
insurance companies are working in the market and what is the
procedure of attracting the customers.
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CONCLUSION

After collection of data interpretation is done on that basis

conclusion is drawn. Conclusion:

After my field study I come to know customer usually prefer

government insurance company other than private insurance
companies due to its reliability.

Customers are more brand oriented rather than product oriented.

Customers are less aware about the private insurance companies.

Private Players in order to encase maximum number of customers

are introducing new and innovative scheme for their FC.

Customers like to invest in other investment zones due to the

hectic rules and regulations associated with, entering into a
contract with insurance companies.

Customers do not feel secure with private insurance companies.

The central problem with the insurance companies is having that

they are trying to convince customers for a product which do not
have any present relevance, i.e. each policy which the customer
is going to purchase will have a future set of action and benefits.
Due to which most of the people like to invest in those securities
or investment, which will give them a fruitful return in short
period of time?
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Life insurance Corporation has completed more than three

decades and that’s where counts, inters of brand name, different
number of policies for differed class and age group of customers.

The Private players are on the way, but they need a lot of time
investment for creating a favorable brand image.

So by this I want to conclude that insurance sector is one of the

booming sector,

but they can sustain only when they provide product relevant to
customer benefit

and which can fulfill customer need.

By:

RAVI MAHESHWARI!!