Human resource Department in

HDFC Standard Life Insurance

`

“Recruitment and selection in

HDFC Standard Life Insurance”

Kavita Singh
M.B.A. 2nd Semester, M-1

UPTU Roll No. 0905470054

Department of Management,

Babu Banarasi Das National Institute of Technology and

Management, Lucknow.

Submitted To: Ms Monica Kapuria

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 Human resource Department in
HDFC Standard Life Insurance
`

Acknowledgement

I am very much thankful to my faculty members especially Ms. Monica

Kapuria for making this endeavor possible by not only showing me the
direction but also laying light on it by sharing valuable insights and their vast
experience and knowledge on the subject.

I also convey my gratitude to all those who are directly or indirectly related
to this project and helped me to complete this project report.

Thanks and Regards,

KAVITA SINGH

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 Human resource Department in
HDFC Standard Life Insurance
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S.N. CHAPTER PAGE

NO.

1 Company Profile 4

2 7
Recruitment of Financial
Consultants (FC) in HDFC

3 Recruitment process of 6
FCs

4 Benefits to FCs 8

5 MONTHLY & QUARTERLY 9

CONTESTS

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 Human resource Department in
HDFC Standard Life Insurance
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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.
• Mr. Deepak Satwalekar is the MD and CEO of
the venture.
• HDFC Standard Life Insurance Corporation is
sure to become one of the leaders and the

Features Of The Product &

Benefits
1. Accidental Death Benefit (ADB)
2. Critical Illness (CI) Benefit
3. Double Sum Assured (DSA) Benefit
4. Waiver of Premium (WOP) Benefit
5. Accelerated Sum Assured (ASA)
6. Term Assurance Plan
7. Money Back Plan
8. Endowment Assurance Plan
9. Loan Cover Term Assurance
10.Group Term Insurance (GTI)

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 Human resource Department in
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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.

• 2.Quality
HDFC SLIC provides good quality of products, which is
praised by most of the consumers. The reason for 65% of
the market cover by HDFC Standard Life Insurance is
because of quality of products.

• 3.Demand
Demand for the product of HDFC Standard life is very high
in the societies.

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 Human resource Department in
HDFC Standard Life Insurance
`

Recruitment of Financial
Consultants (FC) in HDFC

1.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.
Some other criteria:-
• He should have good personal contacts.
• He should have convincing power.
• He should be above 18th year old.
2. Flexible work timings
3.Any one can join
4. Zero Investment
5. Certificate by IRDA
6.Attractive Remuneration

EXCELLENT
OPPORTUNITY:-
Documents Required:
1. Identification prof
2. 8 photograph
3. Age proof (passport, Birth certificate,
College Leaving Certificate, Driving

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 Human resource Department in
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License)
4. Address proof
5. Education proof
6. Copy of PAN Card Duely Signed
Cancelled Cheque of self
7. A candidate needs to bring a DD of Rs.
925/- in case of offline training and
Rs.825 in case of online training
towards HDFC SLIC LTD payable at
Mumbai.

Recruitment process of
FCs
Fill up of Agency form
IRDA Training (50 hrs)
IRDA Exam
Fail Pass
Exit Product Training
Traditional Pr. ULIP Product
Internal Assessment

Benefits to FCs

• Financial Benefits: Commission on

issuance of every policy. Commission
directly credited to bank account of FCs

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 Human resource Department in
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within 15 days. These commission varies
from 7.5-40% according to plan.

• BASIC COMMISSION
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.

REWARDS & RECOGNITION:-

Within 30 days of Licensing Consultant can
become
• STAR – Converted premium 2
Lacs
Silver Medal-Worth Rs
5200(approx)
• RISING STAR – Converted premium of
5 Lacs
Gold Medal-Worth Rs
13,000(approx)
• MILLIONAIRE STAR – Converted premium of

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 Human resource Department in
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MONTHLY & QUARTERLY

CONTESTS:-
• Gift Vouchers
• Home Appliances
• Two-Wheelers
• Gold/Diamonds Jewelry
• Foreign Trips
• Mobile Phones
• Laptops
• Cars etc.

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 Human resource Department in
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SUGGESTIONS

To make people aware about the benefit of becoming

HDFC Standard Life’s Financial Consultant, following
activities of advertisement should be done through:-
– Print Media.
– Hoarding & Banners.
– Stalls in Trade Fares
– Distribution of leaflets containing detailed information.

Company can recruit sales promoters so that-

• 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.
• Make people understand about the meaning of the IRDA
Authorization and its validity.
• Company should organize the program in the society, so that
people will be aware about the company
• Separate time slot for Working Professionals, House Wives
and Retired people.
• Agency of non-life products should also be provided along
with life.

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