A Project Report on Recruitment and Selection Process of Financial Consultant at HDFC

Recruitment and Selection Process of Financial Consultant

TABLE OF CONTENTS

TOPIC

PAGE NO.

EXECUTIVE SUMMARY

1

INTORDUCTION TO INSURANCE SECTOR

5

COMPANY PROFILE

25

INTORDUCTION TO STUDY

48

RESEARCH METHODOLOGY

55

ANALYSIS

57

FINDINGS AND SUGGESTION

80

CONCLUSION

84

BIBLOGRAPHY

85

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Recruitment and Selection Process of Financial Consultant

EXECUTIVE SUMMARY

EXECUTIVE SUMMARY

The Insurance sector, after the opening up, provides greater opportunities. Several global players have emerged and the market has changed significantly. In the changed scenario, the expectation is that the low insurance premium as a percentage of GDP prevailing in India will improve offer better opportunities to the insurance players.

Over the past three years, more than thirty companies have expressed interest in doing business in India. The IRDA (Insurance Regulatory Development Authority) is the Babasabpatilfreepptmba.com

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regulatory authority, which looks all related aspects of the insurance industry. The provisions of the IRDA bill acknowledge many issues related insurance premium. The IRDA provides for three levels of players- insurance company, insurance brokers and insurance agent.

HDFC Standard Life Insurance Company Ltd. is one of India’s leading private Life Insurance Companies. 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. HDFC operates through 75 locations throughout the country with its Corporate Headquarters in Mumbai, India.

Scope of the study: To study the Recruitment process and Selection criteria followed by the company for the selection of Financial Consultant at HDFC Standard Life Insurance Belgaum Objectives of Study To understand the effectiveness of recruitment process for the profile of financial consultant.

To know selection procedure followed by the company.

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To know different methods used to recruit financial consultant.

To know satisfaction level of financial consultant towards company s service.

Methodology: Data is collected through:

Personal interview Observations Questionnaire

Data Source: Primary: Through survey method by using questionnaire Secondary: Secondary data consists of readily available information on various websites, Magazines & company database Sample size: 100 Selection of the sampling method: Convenience sampling used.

Limitation  Since private life insurance is new theory in the Indian Market and in depth study was not possible.  Some of the advisor did not give proper answer for some questions.  It was not possible to have personal interaction with some of the advisor since they were busy with work.  Time constraints of 8 weeks Babasabpatilfreepptmba.com

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Important Findings:  The students are more interested to become financial consultant as they want to make their career and earn good money as by doing it as part time job.  It is been found that most of them are been recruited by personal contacts and advertisement.  Most of the financial consultants are satisfied with the selection criteria followed by the company.  60%of financial consultant feels that they were selected because of their social network and around 55% of them feel that they have good convincing skills so they were selected

.

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INTRODUCTION

INTRODUCTION TO INSURANCE The business of insurance is related to the protection of the economic values of the assets. Every asset has a value the asset would have been created through the efforts of the owner. The asset is valuable to the owner because he expects to get some benefit from it. Insurance is a mechanism that helps to reduce the effect of such adverse situation.

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INSURANCE INDUSTRY Origin of Insurance The origin of insurance dates back to the 12th century, the origin of insurance appeared first in marine and land fields. The ideas of insurance were made in Babylonia and India at quite an early period; the courts of Hammurabi and Mano recognized the provision for sharing the future losses. However there is no evidence that insurance to the present day, one can easily gauge the performance of industry both collectively as an industry as well as individually by the companies.

In earlier times, travellers by sea and land were very much exposed to the risk of losing their vessels and merchandise because piracy on the open sea and highway robbery of caravan were common. References to similar practise are also found in ‘Manab Dharma Shastra’ which contained rules for seas from contracts which was observed by traders.

Insurance conceived as method of sharing of the losses embodying the principal of cooperation existed in the early civilization.

Many may not be aware that life insurance industry of India is as old as it is in any other part of the world. The first Indian life insurance company was oriental life insurance company, This was started in India in 1818 at Kolkata. a number of players (over 259 in life and about 100 in non – life) mainly with regional focus flourished all across the country.

However, the government of India, concerned by the unethical standard adopted by the some players against the consumers, nationalise the industry in two phases in 1956 (life) and in 1972(non-life).the insurance business of the country was then brought under two Public sectors India (GIC) .reforms were initiated with passage of insurance regulatory and development authority (IRDA) bill in 1999. IRDA was set up as an independent regulatory authority, which has put in place regulation in line with global norms. So far

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in the private sector, 12 life insurance companies and 9 general insurance have been registered.

INSURANCE REGULATORY AND DEVELOPMENT ATHORITY ACT 1999(IRDA) •

The object of this act is to provide for the establishment of an authority to protect the interest of holders of insurance policies, to promote and ensure orderly growth of insurance industries. Insurance regulatory and development authority (IRDA) has sought the comments of industry participants to finalize the guidelines for online agents training institutes.

•

These proposed guidelines are in addition to its standard instructions and guidelines applicable for approval/renewal of agents training institutes. The guidelines would be applicable to all the online training institutes including in – house training institutes of the insurers.

•

As per the draft guidelines, the applicant should undergo at least 120 hours practical training in life or general insurance business. The composite training should be at least 180 hours, where the applicant is seeking licence for the first time to act as an insurance agent.

•

The duration should be minimum for 24 days for 120 hours training and 36 days for 180 hours training with maximum 5 hours per day. Stating that no product training/market survey be included into this 120/180 hours training, the regulator revision examination could form part of the training.

•

Duties , powers and functions of authority:

•

The powers and functions of the authority include registration, intermediaries and agents regulations of terms and conditions of contract of insurance, promoting

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and regulating professional organization connected with the insurance, monitoring investment of funds and solvency margin of insurance companies.

•

The authority is to be advised by committee to be known as the insurance advisory committee, which shall consist of not more than 25 members including exofficio members in the insurance sector. The insurance advisory committee is expected to advice the authority on matters relating to making of the regulations.

•

An Indian insurance company has been defined as a company incorporated under the companies act – 1956 and the paid up capital of General insurance business will have to be not less than Rs 100 /crores and in case of companies wanting to transact reinsurance business the paid up capital will have not less than Rs200/crores.

•

It has also been notified that every insurance company will have to appoint an actuary to be approved by I.R.D.A the duty of the actuary is to insure that  The assets are valued in appropriate manner  The liabilities are evaluated as required  The prescribed margin for maintaining solvency is complied with.

The I.R.D.A. also issued regulation with regards to advertisement so as to include almost any public communication for sale of insurance policy.

The Business of Insurance The business of insurance is to: 

Bring together persons with common insurance interests (sharing the same risks),



Collect the share or contribution (called premium) from all of them, and



Pay out compensations (called claims) to those who suffer.

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In India, insurance business is classified primarily as life and non-life or general. Life insurance includes all risks related to the lives of human beings and general insurance covers the rest. General insurance has three classifications is; Fire, Marine and Miscellaneous. Personal accident and sickness insurance, which are related to human beings, is classified as ‘non-life’ in India, but is classified as ‘life’, in many other countries.

The business of insurance is nothing but one of sharing. It spreads losses of an individual over the group of individuals who are exposed to similar risks. People who suffer loss get relief because their loss is made good. People who do not suffer loss are relieved because they were spared the loss

Insurance business is divided into four classes: 1) Life Insurance Business.

2) Fire Insurance Business.

3) Marine Insurance Business.

4) Miscellaneous Insurance Business Meaning of Life Insurance Business:

Life insurance, originally conceived to protect a man's family when his death left them without income, has developed into a variety of policy plans.

Meaning of Fire Insurance Business: Fire insurance usually includes damage from lightning; other insurance against the elements includes hail, tornado, flood, and drought.

Meaning of Marine Insurance Business: Marine insurance protects shipping companies against the loss of a ship or its cargo, as well as many other items, and so-called inland marine insurance covers a vast miscellany of items, Babasabpatilfreepptmba.com

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including tourist baggage, express and parcel-post packages, truck cargoes, goods in transit, and even bridges and tunnels

Meaning of Miscellaneous Insurance Business:

Special casualty forms are issued to cover the hazards of sudden explosions from equipment such as steam boilers, compressors, electric motors, flywheels, air tanks, furnaces, and engines. Boiler and machinery insurance has several distinctive features.

A substantial portion of the premium collected is used for inspection services rather than loss protection.

The business of insurance started with marine business. Traders, who used to gather in the Lloyd’s Coffee house in London, agreed to share the losses to their goods while being carried by ships. The losses used to occur because of pirates who robbed on the high seas or because of bad weather spoiling the goods or sinking the ship. The first insurance policy was issued in 1583 in England. In India, insurance began in 1870.

The business of insurance is the protection of economic values of assets. Every asset is expected to last for a certain period of time during which it will perform. Insurance is a mechanism that helps to reduce the effect of such adverse situation. Insurance is relevant only if there are uncertainties.

Life Insurers transact life insurance business; the rest is transacted by General Insurers.

No composites are permitted as per law.

The business of Insurance essentially means defraying risks attached to any activity over time (including life) and sharing the risks between various entities, both persons and organizations.

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Insurance companies (ICs) are important players in financial markets as they collect and invest large amounts of premium. Insurance products are multi purpose and offer the following benefits:

1. Protection to the investors 2. Accumulate savings 3. Channelize savings into sectors needing huge long-term investments.

ICs receive, without much default, a steady cash stream of premium or contributions to pension plans. Various actuary studies and models enable them to predict, relatively accurately, their expected cash outflows. Liabilities of ICs being long-term or contingent in nature, liquidity is excellent and their investments are also long-term in nature. Since they offer more than the return on savings in the shape of life-cover to the investors, the rate of return guaranteed in their insurance policies is relatively low. Consequently, the need to seek high rates of returns on their investments is also low. The risk-return trade off is heavily tilted in favor of risk. As a combined result of all this, investments of insurance companies have been largely in bonds floated by GOI, PSUs.,state governments, local bodies, corporate bodies and mortgages of long term nature. The last place where Insurance companies are expected to be over-active is bourses.

Lately ICs have ventured into pension schemes and mutual funds also. However, life insurance constitutes the major share of insurance business. Life Insurance depends upon the laws of mortality and there lies the difference between life and general insurance businesses. Life has to extinguish sooner or later and the claim in respect of life is certain. In case of general insurance, however, there may never be a claim and the amount can never be ascertained in advance. Hence, Life Insurance includes, besides covering the risk of early happening of an event, an element of savings also for the beneficiaries.

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Pension business also derives from life insurance in as much as the pension outgo again depends upon the laws of mortality. The forays made by insurance companies in this area are, therefore, natural corollary of their business.

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

A Brief History Of The Insurance Sector: The business of life insurance in India in its existing form started in India in the year 1818 with the establishment of the Oriental Life Insurance Company in Calcutta.

Some of the important milestones in the life insurance business in India are: 1) 1912: The Indian Life Assurance Companies Act enacted as the first statute to

regulate the life insurance business.

2) 1928: The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses.

3) 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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4) 1956: 245 Indian and foreign insurers and provident societies taken 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.

The General insurance business in India, on the other hand, can trace its roots to the Triton Insurance Company Ltd., the first general insurance company established in the year 1850 in Calcutta by the British.

1) 1907: The Indian Mercantile Insurance Ltd. set up, the first company to transact all classes of general insurance business.

2) 1957: General Insurance Council, a wing of the Insurance Association of India, frames a code of conduct for ensuring fair conduct and sound business practices.

3) 1968: The Insurance Act amended to regulate investments and set minimum solvency margins and the Tariff Advisory Committee set up.

4) 1972: The General Insurance Business (Nationalization) Act, 1972 nationalized the general insurance business in India with effect from 1st January 1973.

5) 107 insurers amalgamated and grouped into four companies viz. the National Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental

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Insurance Company Ltd. and the United India Insurance Company Ltd. GIC incorporated as a company.

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Insurance Sector Reforms: In 1993, Malhotra Committee headed by former Finance Secretary and RBI Governor R.N. Malhotra was formed to evaluate the Indian insurance industry and recommend its future direction.

The Malhotra committee was set up with the objective of complementing the reforms initiated in the financial sector. The reforms were aimed at "creating a more efficient and competitive financial system suitable for the requirements of the economy keeping in mind the structural changes currently underway and recognizing that insurance is an important part of the overall financial system where it was necessary to address the need for similar reforms".

In 1994, the committee submitted the report and some of the key recommendations included: 1) Structure: o Government stake in the insurance Companies to be brought down to 50%. o Government should take over the holdings of GIC and its subsidiaries so that these subsidiaries can act as independent corporations. o All the insurance companies should be given greater freedom to operate.

2) Competition: o

Private Companies with a minimum paid up capital of Rs.1bn should be allowed to enter the industry No Company should deal in both Life and General Insurance through a single entity.

o

Foreign companies may be allowed to enter the industry in collaboration with the domestic companies.

o

Postal Life Insurance should be allowed to operate in the rural market.

o

Only One State Level Life Insurance Company should be allowed to operate in each state.

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3) Regulatory Body: o

The Insurance Act should be changed.

o

An Insurance Regulatory body should be set up.

o

Controller of Insurance (Currently a part from the Finance Ministry) should be made independent.

4) Investments: o

Mandatory Investments of LIC Life Fund in government securities to be reduced from 75% to 50%.

o

GIC and its subsidiaries are not to hold more than 5% in any company (There current holdings to be brought down to this level over a period of time).

5) Customer Service: o

LIC should pay interest on delays in payments beyond 30 days.

o

Computerization of operations and updating of technology to be carried out in the insurance industry The committee emphasized that in order to improve the customer services and increase the coverage of the insurance industry should be opened up to competition.

o

But at the same time, the committee felt the need to exercise caution as any failure on the part of new players could ruin the public confidence in the industry. Hence, it was decided to allow competition in a limited way by stipulating the minimum capital requirement of Rs.100 crores.

The committee felt the need to provide greater autonomy to insurance companies in order to improve their performance and enable them to act as independent companies with economic motives. For this purpose, it had proposed setting up an independent regulatory body.

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WHY LIFE INSURANCE Life insurance cover is essential for it provides the following benefits: a. A lump sum payments to the nominees at the time of the death of policy holder. b. A regular payments to the nominees in the event of the death of the policyholder c. Tax benefits , as premium paid to reduce the liability of tax; d. Relieves economic hardships in the family on the uneventful death of the sole income holder; e. Inculcates the habit of saving.

Purpose and Need of Insurance: 

Assets are insured; because they are likely to be destroyed through accidental occurrences such possible occurrences are called perils. Fire floods breakdowns, lightning, earthquakes.. etc, are perils. If such perils can cause damage to the asset, the asset is exposed to that risk.



The risk only means that there is a possibility of loss or damage. The damage may or may not happen. Insurance is done against the contingency that it may happen. There has to be an uncertainty about the risk. Insurance is relevant only if there are uncertainties. In the case of a human being, death is certain, but the time of death is uncertain. In the case of a person who is terminally ill, the time of death is not uncertain, though not exactly known.



Insurance does not protect the asset. It does not prevent its loss due to the peril. The peril can sometimes be avoided, through better safety and damage control management. Insurance only tries to reduce the impact of the risk on the owner of the asset and those who depend on that asset.



It only compensates the losses- and that too, not fully. Only economic consequences can be insured. If the loss is not financial, insurance may not be possible.

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Need for Insurance 

The need for insurance comes from the need to safeguard out family. If you care for your family’s needs you will definitely consider insurance.



Today’s insurance has become even more important due to the disintegration of the prevalent joint family system , a system in which a number generation co existed in harmony , a system in which a sense of financial security was always there were more earnings members.



Times have changed and nuclear family has emerged. Apart from the other pitfalls nuclear family, a high sense of insecurity is observed in it today besides, the family has shrunk.

Needs are increasing with time fulfilment of these need is a big question mark.



How will you be able to satisfy all those needs? Better life style good education and your long desired house. But again you just cannot fritter away all your earnings. You need to save a apart for the future too a wise decision. This is where insurance helps you.



Factors such as fewer numbers of earnings members, stress and pollution increased, competition, higher ambitions etc are some of the reasons why insurance has gained importance and where insurance and where insurance plays a successful role.

TYPES OF INSURANCE POLICIES There are 3 types of insurance policies: •

Term Insurance Plans

•

Whole life Insurance

•

Endowment Insurance Plans

Term Insurance Plans Pure life cover where you pay for risk cover and do not expect to receive anything else in return is now available in india. Opting for such policy will improve the efficiency of policy premium and enables you for a bigger risk cover for the same cost .These are term insurance plans with maturity Babasabpatilfreepptmba.com

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benefits;some term plans give your premium amounts back with interest . this is marketing policy to suit the general psychology and should normally involve higher premium cost.

Whole life Insurance plans: Whole life insurance policies require you to pay through out your life and cover risk for whole life.

The policies without profit are cheaper .

Endowment Insurance Plans (with or without money back) Endowment policies are costliest and among this group, money back policies involve paying highest premium . they give you maturity benefits (normally sum assured) and additional profit by way of bonus , guaranteed additions; loyalty bonus etc. money policies also provide partial payments back to you at pre-set time periods.

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LIFE INSURANCE COMPANIES IN INDIA: 1. Life Insurance Corporation of India (LIC) The Life Insurance Corporation (LIC) was established about 44 years ago with a view to provide an insurance cover against various risks in life. A monolith then, the corporation, enjoyed a monopoly status and became synonymous with life insurance. Its main asset is its staff strength of 1.24 lakh employees and 2,048 branches and over six lakh agency force.

LIC has hundred divisional offices and has established extensive training facilities at all levels. At the apex, is the Management Development Institute, seven Zonal Training Centres and 35 Sales Training Centres. At the industry level, along with the Government and the GIC, it has helped establish the National Insurance Academy. It presently transacts individual life insurance businesses, group insurance businesses, social security schemes and pensions, grants housing loans through its subsidiary; and markets savings and investment products through its mutual fund. It pays off about Rs 6,000crore annually to 5.6 million policyholders.

2. ICICI Prudential Life Insurance ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premier financial powerhouse, and prudential plc, a leading international financial services group headquartered in the United Kingdom. Prudential plc established in London in 1848, Prudential plc, through its businesses in the UK and Europe, the US and Asia, provides retail financial services products and services to more than 16 million customers, policyholder and unit holders worldwide. ICICI Prudential enjoys the second highest market share after Life insurance corporation.ICICI Prudential equity base stands at Rs. 925 crore with ICICI Bank and Prudential plc holding 74% and 26% stake respectively. In the period April-December 2004, the company garnered Rs 860 crore of new business premium for a total sum assured of over Rs 7,360 crore and wrote nearly 345,000

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3.Birla Sun Life Insurance Company Limited Birla Sun Life Insurance is the coming together of the Aditya Birla group and Sun Life Financial of Canada to enter the Indian insurance sector. The Aditya Birla Group, a multinational conglomerate has over 75 business units in India and overseas with operations in Canada, USA, UK, Thailand, Indonesia, Philippines, Malaysia and Egypt to name a few.

Foreign Partner: Sun Life Assurance, Sun Life Financial's primary insurance business, has excellent ratings with the world's top rating agencies. With assets under management as on September 30, 2000 totalling more than CDN billion, it ranks amongst the largest international financial services organisations in the world. Today, the Sun Life Financial Group of companies and partners are represented globally in Canada, the United States, the Philippines, Japan, Indonesia, India and Bermuda.

4. OM Kotak Mahindra Life Insurance Established in 1985 as Kotak Capital Management Finance promoted by Uday Kotak the company has come a long way since its entry into corporate finance. It has dabbled in leasing, auto finance, hire purchase, investment banking, consumer finance, broking etc. The company got its name Kotak Mahindra as industrialists Harish Mahindra and Anand Mahindra picked a stake in the company. Kotak Mahindra is today one of India's leading Financial Institutions.

Old Mutual Old Mutual plc is an international financial services group based in London with expanding operations in life assurance, asset management, banking and general insurance. Old Mutual is listed on the London Stock Exchange (where it is included on the FTSE 100 Index) and also on the South African, Namibian, Malawi and Zimbabwe stock exchanges. It has 156 years of experience in the life insurance business.

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OM Kotak Mahindra OM Kotak Mahindra is the coming together of Kotak Mahindra Finance Ltd., and Old Mutual plc to enter the Indian insurance arena to offer a wide range of innovative life insurance products.

5. Max New York Life: Max India: Max India Limited is a multi-business corporation that has business interests in telecom services, bulk pharmaceuticals, electronic components and specialty products. It is also the service-oriented businesses of healthcare, life insurance and information technology.

New York Life: New York Life has grown to be a Fortune 100 company and an expert in life insurance. It was the first insurance company to offer cash dividends to policy owners. In 1894, New York Life pioneered the then unheard-of concept of insuring women at the same rate as men.

Thereafter, it continued to introduce a series of firsts - a disability benefit clause in 1920, unemployment insurance in 1992, and complete customer care on the Web in 1998. Today New York Life has over US billion in assets under management and over 30,000 agents and employees worldwide. The October 2000 Fortune Survey named New York Life amongst the top three most admired life and health insurance companies worldwide. With over 3 million policyholders, New York Life is a leading provider of insurance in a host of countries worldwide.

Aviva Life Insurance India: Aviva Life Insurance India is joint venture between Dabur, one of India's oldest and largest groups of companies and Aviva. Aviva plc. is UK’s largest insurer. In accordance with government regulations, Aviva holds a 26 percent stake in the new venture and Dabur holds a 74 percent share.

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Aviva: Aviva is the world's seventh-largest insurance group(Based on gross worldwide premiums) and the biggest in the UK. It is one of the leading providers of life and pensions products to Europe and has substantial businesses elsewhere around the world. Its main activities are long-term savings, fund management and general insurance.

6. ING Vysya Life Insurance: ING Group: ING Vysya Life Insurance is a joint venture between three pioneers, ING Insurance, ING Vysya Bank and GMR Group. Over the last 150 years, ING Group has grown to become one of the largest life insurance organizations in the world. Today it touches the lives of over 50 million people across 65 countries. It offers a range of financial services including insurance, pensions, banking and asset management. In the year 2000, total assets of the group stood at over INR 28, 42,000 crores. ING Group has wide and deep experience in setting up companies in new markets, which require substantial investments underlining ING's longterm commitment. In the last 20 years, ING Group has established successful life insurance companies in 15 countries contributing to the development of insurance services in these countries.

ING Vysya Bank Limited: It is one of India's premier private sector banks with a heritage of over 70 years. With 1.5 million customers, 480 outlets and 6000 employees it is known for its innovative banking services and for pioneering several products and services. ING Vysya Bank has a longstanding relationship with its customers and deep understanding of the Indian market.

7. GMR Group: It has a solid track record of over two decades of growth and has wideranging interests in fields such as power generation, infrastructure, manufacturing, software and banking. GMR group has an excellent reputation of being able to successfully develop ventures from scratch.

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8. MetLife India Insurance Pvt. company: MetLife India was incorporated as a joint venture between MetLife International Holdings, Inc., Jammu & Kashmir Bank, M Pallonji & Co. and other private investors. MetLife India is headquartered in Bangalore with offices and presence in major Indian cities, and additional 1000 outreach points through its channel partners.

MetLife:Ranked 38 on the Fortune 500 list (April 2003), MetLife, Inc. (MetLife) is one of the world’s largest, strongest and most respected financial organizations. MetLife, through its affiliates, is the number 1 life insurer in the U.S. with approximately $2.4 trillion of life insurance in force (as of December 2002) and has been delivering reliable, high quality service to customers since 1868. The MetLife companies serve approximately 12million individuals in the U.S. as well as the employees of 88 of the Fortune 100 companies.

Headquartered in New York, MetLife operates through its affiliates and subsidiaries in 12 countries across the Americas, Europe and Asia.

9. Allianz Bajaj Life Insurance Co. Allianz Bajaj Life Insurance Co. Ltd. is a joint venture between two leading conglomeratesAllianz AG, one of the world's largest insurance companies, and Bajaj Auto, one of the biggest 2 and 3 wheeler manufacturers in the world.

Foreign Partner: Allianz Group is one of the world's leading insurers and financial service providers.

Founded in 1890 in Berlin, Allianz is now present in over 70 countries with almost 174,000 employees. At the top of the international group is the holding company, Allianz AG, with its head office in Munich. Allianz Group provides its more than 60 million customers worldwide with a comprehensive range of services in the areas of • Property and Casualty Insurance, • Life and Health Insurance, • Asset Management and Banking.

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10. SBI Life Insurance Company Ltd: SBI Life Insurance Company Ltd. is a joint venture between India's largest bank, State bank of India (SBI) & Cardiff S.A., a leading Life Insurance company in France. State Bank of India (SBI) is a household name, and it stands as the last word for financial strength and security in the country. SBI's illustrious background dates back to the year 1806 when it started business, as a presidency bank, known as Bank of Bengal. Over the long journey, it has learnt to combine the best of banking practices handed down from the imperial management with the more dynamic ways of doing banking in the modern India. It has grown as a responsible giant in the banking field over the years.

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COMPANY PROFILE

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COMPANY PROFILE

 ABOUT HDFC STANDARD LIFE INSURANCE  HISTORY OF HDFC STANDARD LIFE INSURANCE  VISION AND MISSION OF HDFC STANDARD LIFE INSURANCE  MANAGEMENT OF HDFE STANDARD LIFE INSURANCE  ORGANIZATION STRUCTURE  PRODUCTS  AWARDS FOR HDFC STANDARD LIFE INSURANCE

Housing Development Financial Corporation Ltd

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Recruitment and Selection Process of Financial Consultant

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 net worth of the Corporation as on March 31, 2000 stood at Rs. 2,096 crores. HDFC operates through 75 locations throughout the country with its Corporate Headquarters in Mumbai, India. HDFC also has an international office in Dubai, U.A.E., with service associates in Kuwait, Oman and Qatar.

HDFC Standard Life Insurance Company Ltd: HDFC Standard Life Insurance Company Ltd. is one of India’s leading private life insurance companies, which offers a range of 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. Incorporated on 14th August 2000, it was the first life company to be granted a certificate of registration by the IRDA on the 23rd of October 2000. HDFC Standard Life is one of the first companies to be granted license by the IRDA to operate in life insurance sector. It is a joint venture of HDFC Ltd and Standard Life Europe's largest mutual life assurance company. HDFC is the majority stakeholder in the insurance JV with 81.4 % stake and Standard Life has a stake of 18.6%. Mr. Deepak Satwalekar is the MD and CEO of the venture.

HDFC Standard Life Insurance is a new Indian life insurance company that operates out of 52 locations. It offers clients a range of insurance plans to meet their savings, investment and protection needs. In the financial year 2002-03, the company registered a year-on-year growth of over 260%. It is also the first new life insurance company to declare its third successive bonus for participating policy holders.

In order to survive in the insurance segment, HDFC had to introduce new products. They were looking for a robust and integrated solution to support the new product. HDFC was also facing numerous problems with their current systems in terms of performance, reliability and scalability.

HDFC Standard Life Insurance sells a range of individual savings, pension and group life assurance products and has branch offices in 39 locations throughout India. It was recently Babasabpatilfreepptmba.com

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rated as the "Best New Insurer - 2003" by Outlook Money magazine. Both the promoters are well known for their ethical dealings and financial strength and are thus committed to being a long-term player in the life insurance industry.

HDFC Standard Life Insurance is one of the leading private life insurance companies. The company generated premium from new business of Rs. 486 Cr in 2004-05, registering a year-on-year growth of over 132%. The total premium income (including renewal premium) grew by 130% to touch a figure of Rs. 687 Crores. The company also achieved a major milestone during the financial year by crossing a Sum Assured figure of Rs. 30,000 Cr. The company also declared its fifth bonus for participating policyholders. HDFC operates through 75 locations throughout the country with its Corporate Headquarters in Mumbai, India. HDFC also has an international office in Dubai, U.A.E., with service associates in Kuwait, Oman and Qatar.

Standard Life Group, UK 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 its original Edinburgh premises, opening offices in other towns and acquiring other similar businesses.

Standard Life currently has assets exceeding over ÂŁ70 billion under its management and has the distinction of being accorded "AAA" rating consequently for the past six years by Standard & Poor.

The Joint Venture

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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. Each 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.

VISION & MISSION STATEMENT The most successful and admired life insurance company, which mean 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. In short, “The most obvious choice for all”.

Key Values: Innovation: To exceed customer expectation and maximize customer retention, achieve competitive advantage, growth and upgrade standards in the industry, foster creativity amongst employees and partners, & open a world of new possibilities Security: Providing long term financial security to our policy holders will be our constant Endeavour. We will be do this by offering life insurance and pension products.

Trust: We appreciate the trust placed by our policy holders in us. Hence, we will aim to manage their investments very carefully and live up to this trust.

Integrity: Integrity is the bedrock on which the company and the expectations of the customers and employees are built. Integrity establishes the credibility of the person defines the character and empowers one to do justice to the job. Enables building confidence and trust, achieving transparency and laying a strong foundation for a binding relationship.

Guiding principle for all walks of life.

Customer centric: Reinforce brand loyalty by complete transparency. Customer is the source of revenue for the company. Customer is the reason for our existence. Ensure that Babasabpatilfreepptmba.com

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customer chooses our company to do business with. Customers’ goodwill alone can bring more business and more customers. Will contribute to customer retention People Care: People are the most valuable assets of the company. Motivate individual to give his / her best. Establish a valuable relationship with them to create a joyful working environment .

Team work: Together Everyone Achieves More, It adds joy at work place, Team work generates synergy and provides a focused approach. An idea or activity performed in a group has greater acceptability “One for all and all for one.

Board Members

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Recruitment and Selection Process of Financial Consultant

Mr. Deepak S Parekh

Chairman of HDFC Limited.

Mr. Keki M Mistry

Managing Director of HDFC Limited.

Mr. Alexander M Crombie

Group Chief Executive of the Standard Life

Ms. Marcia D Campbell

Group Operations Director

Mr. Keith N Skeoch

Chief Executive in Standard Life

Mr. Ranjan Pant

Global Management Consultant

Ms. Renu S. Karnad

Executive director of HDFC Limited

Key strengths: Financial Expertise Babasabpatilfreepptmba.com

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As a joint venture of leading financial services groups, HDFC Standard Life has the financial expertise required to manage your long-term investments safely and efficiently.

Range of Solutions We have a range of individual and group solutions, which can be easily customized to specific needs. Our group solutions have been designed to offer you complete flexibility combined with a low charging structure.

Track Record so far Our cumulative premium income, including the first year premiums and renewal premiums is Rs. 672.3 Crores for the current financial year, Apr-Nov 2005.

We have covered over 11, 00,000 individuals out of which over 3, 40,000 lives have been covered through our group business tie-ups.

Highlights of Financial Year 2006-07 •

New Business Premium Income up by 132% to Rs. 486 Crores. Total Premium Income of Rs.687 Crores as against Rs. 298 Crores in FY 05-06.

•

Alternate Channels including bank assurance have recorded an impressive growth of over 400% to contribute 37% to the Effective Premium Income (EPI).

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Group business increased to Rs. 32 Crores on EPI basis.

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The average premium doubled to Rs 17,000

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Company products and services available in 444 locations across the country.

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Over 220% increase in MDRT numbers over the previous year.

Performance: HDFC Standard Life Insurance is the First Private Sector Life Insurance Company to be granted a license. It has increased its market share from 0.76% to 1.12% by collecting a Babasabpatilfreepptmba.com

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premium income of 209bn. in the year ending March 2003-04.It has registered an premium growth rate of 61.88% over previous year.

Insurance sector has grown not only in size but in maturity as well, in the sense that from very simple products, which were available earlier on to the present. What has been done is that Insurance Industry placed the customer in centre & developed products and services around the customer.

In the past what we had was a bundled product so you get 3 or 4 benefits out of which it may be possible that you may need just 1 or 2 benefits but in the process you end up paying for all the four. In fact we were among the first to divide the offering into two -a core product and the benefits or the riders. And then it is up to the customer to choose and customize his own scheme according to needs and desires and pay for such scheme. I think that is the single largest revolution that has come about. The other revolution in the Insurance sector is in terms of distribution channels. Earlier we were having only agents but now we have agents, Bancassurance, corporate brokers and direct sales people. Retail agents and bancassurance are the 2 biggest insurance distribution channels.

The insurance penetration levels have considerably increased from 1.6 % to about 2.75%.

Now whether that growth is enough in three year period, we can always counter that. In the last 3 years private insurance companies have grown at 200-300 % levels. But if you look at a longer time horizon say at 10 years the insurance companies would grow at 13-14% rate which would make it one of the fastest growing sectors.

If we want an acronym of our products, we call it PIPS, which stands for Protection, Investment, Pension, & Safety. These are the basic requirements of any individual & thus our products satisfy each of these needs.

We have got conventional products, which are in the conventional structure i.e. available with profits like Endowment, Money back then you have Unit Linked plans which are for those investors who understand the capital markets, debt markets & equity markets.

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In terms of popularity, little fewer than 50% products are savings products whether it is endowment, unit-linked or money back which are basically savings oriented. About 20% are investments oriented for e.g. single premium income policies where you pay in a shot and enjoy the protection & investments returns in future. About 20 % are in pensions. Pure protection is just about 5%. All these are in terms of premium income.

USP is something that the customer will have to find because life insurance is a long-term process and it is about stability, being conservative. We don't hear about aggressive life insurance companies who survive for a longer period.

To be in business when we are talking of an insurance policy for say 30 years, your perspective is different in comparison to when you are taking a short term loan say a car loan for 3 years. Therefore different companies have chosen different models. Some of them have chosen to be in for the long run while some have chosen to be in for the short run. For in the short run, you need to have a high valuation of company, for high valuation you need to have high & rapid sales. Higher the sales higher are the valuation & higher the valuation higher is the price that you can charge.

Insurance sector, you can’t differentiate on the basis of innovative products. The reason being, if yours is an excellent product it will not take too much time to be copied by other players. The thing which they can’t copy is your services and, I think, that would be the differentiating factor in the insurance arena for eg if you look at the HDFC model. There are banks that are lending at lower rates but even then HDFC is able to grow at 30% thus if HDFC grows at 30%, it is on that balance sheet, while others might grow 100% but that would be on that small size. Thus it is important that people trust you. It matters to do the right things even if they are not beneficial in the shorter run. Thus we know the purpose of our existence in this sector.

The main support, which we get from our foreign partner, is in terms of actuary support.

Actuaries are the people who arrive at the premium rates. It is a monopoly market & there are not too many players who get into this. There is a shortage of actuaries in India but yes now the people are pursuing it as a career.

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We get a lot of actuarial support from our foreign partner in terms of product development, valuation processes & it is necessary at each step to know what the implications are.

PRODUCTS: HDFC Standard Life offers a bouquet of insurance solutions 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 products. We have incorporated various downloadable forms and product details so that you can make an informed choice about buying a policy.

INDIVIDUAL PRODUCTS: For individuals, they have a range of protection, investment, pension and savings plans that assists and nurture dreams apart from providing protection. You can choose from a range of products to suit your life-stage and needs.

GROUP PRODUCTS: For organizations they have a host of customized solutions that range from Group Term Insurance, Gratuity, Leave Encashment and Superannuation Products. These affordable plans apart from providing long term value to the employees help in enhancing goodwill of the company.

RURAL PRODUCTS: Individual Products: HDFC Standard Life realizes that not everyone 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 your needs.

These will help secure your future as well as the future of your family.

Protection Plans One can protect their family against the loss of your income or the burden of a loan in the event of your unfortunate demise, disability or sickness. These plans offer valuable peace of Babasabpatilfreepptmba.com

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mind at a small price. Protection range includes our Term Assurance Plan & Loan Cover Term Assurance Plan.

Investment Plans Single Premium Whole of Life plan is well suited to meet your long term investment needs.

We provide you with attractive long term returns through regular bonuses.

Pension Plans Pension Plans helps one secure their financial independence even after retirement. Pension range includes Personal Pension Plan and Unit Linked Pension Plan.

Savings Plans Savings Plans offers flexible options to build savings for ones future needs such as buying a dream home or fulfilling your children’s immediate and future needs. Savings range includes Endowment Assurance Plan, Unit Linked Endowment Assurance Plan, Money Back Plan, Children’s Plan, Unit Linked Youngstar Plan.

INDIVIDUAL PRODUCTS: Term Assurance Plan: If you have a family that you care for, you should consider what would happen in case of your unfortunate death. The emotional void cannot be filled, but financial insecurity can be avoided. By taking this affordable life insurance plan, you can provide for the well-being of your family in case of your unfortunate death. This plan comes to you at a minimal cost and is well-suited for the value-conscious customer. Under this plan, a sum assured is payable in case of death of the life assured during the term of the contract.

One can choose the lump sum that would replace the income lost to one's family in the unfortunate event of one's death. Since this non-participating (without profits) plan is a pure risk cover plan, no benefits are payable on survival to the end of the term of the policy.

Term Assurance Plan:

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A protection plan to secure higher protection needed for your family at economical rates.

Optional riders for enhanced protection Unique joint life option to cover your spouse under the same plan Single / regular premium payment option PERSONAL PENSION PLAN Today, one is busy climbing the ladder of success and realizing their dreams. Today, time is with you. Just take a moment and think. Will you be able to continue at the same pace? Will your income be the same forever? Will you be able to live life on your own terms even after you retire?

HDFC PERSONAL PENSION PLAN: HDFC understands ones need to build a secure future for themself. Hence, the HDFC Personal Pension Plan is an insurance policy that is designed to provide a post – retirement income for life with the freedom to choose your retirement date. You can choose your premium, the Sum Assured and your retirement date. At the end of the policy term, you will receive the Sum Assured plus any attaching bonus, which will provide your post - retirement income. The HDFC Personal Pension Plan is an insurance policy, which can benefit one in the following ways: Provides a post retirement income in your golden years Gives you the flexibility to plan your retirement date Gives you tax benefits on your premiums The plan receives simple Reversionary Bonuses, which are usually added annually. At the end of the term an additional Terminal Bonus may be paid depending on the performance of the underlying investment.

Easy steps to get insured are: •

Choose your retirement age

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Estimate the post – retirement income you require.

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Work out the premium payable with your Financial Consultant.

UNIT LINKED PENSION PLAN: Babasabpatilfreepptmba.com

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Lead a life of respect and dignity. Even after retirement Today, one is busy climbing the ladder of success and realizing their dreams. Today, time is with you. Just take a moment and think. Will you be able to continue at the same pace? Will your income be the same forever? Will you be able to live life on your own terms even after you retire?

HDFC UNIT LINKED PENSION PLAN

HDFC understands ones need to build a secure future for themselves. The HDFC Unit Linked Pension Plan is an insurance policy that is designed to provide a retirement income for life with the freedom to maximize your investment returns by providing a choice of thoroughly researched and selected investments. Stride into your golden years of retirement with dignity and pride. You can choose your premium and the investment fund or funds. We will then invest your premium, net of charges in your chosen funds in the proportion you specify. At the end of the policy term, you will receive the accumulated value of your funds, which will be used to provide your pension income . In the event of your unfortunate demise during the policy term, your spouse will receive a cash lump sum to help him or her manage their retirement years.

The HDFC Unit Linked Pension Plan is an insurance policy, which benefits you in the following ways: Provides a post retirement income for life ,Gives you the flexibility to plan your retirement date, Gives you the freedom to invest premiums as per your preference, Offers you potentially higher market linked returns, Give you tax benefits on your premiums and on receiving the lump sum

Easy steps to get insured are: •

Choose your retirement age

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Choose the premium you wish to invest, based on your retirement needs.

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Choose the investment fund or funds you desire.

Endowment Assurance Plan:

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Recruitment and Selection Process of Financial Consultant

You have given your family the very best. And there is no reason why they should not get the very best in the future too. As a judicious family man, your priority is to secure the wellbeing of those who depend on you. Not just for today, but also in the longterm.More importantly, you have to guard your loved ones against any eventuality. How will they sustain their way of life, so lovingly built by you, in your absence? With our HDFC Endowment Assurance Plan, you can ensure that your family remains financially independent, even if you are not around. You can ensure that they live a life of respect and dignity. Always The HDFCSL Endowment Assurance Plan gives: An ideal way to secure your long-term financial goals, Valuable protection to your family by way

of lump sum payment in case of your unfortunate death within policy term, Provides lump sum payment (basic Sum Assured plus any bonus additions) on survival up to maturity date, Very flexible benefit options and payment options.

In case of your unfortunate demise during the policy term, this participating (‘With Profits’) insurance plan will pay your family the Sum Assured (together with the attached bonuses) you had chosen.

The plan receives simple Reversionary Bonuses, which are usually added annually. At the end of the term an additional Terminal Bonus may be paid depending on the performance of the underlying investment

Easy steps to get insured are: •

Choose the amount of targeted savings and policy term using our Financial Planning Tool.

•

Choose from any one of the 4 additional benefit options as per your requirement.

Work out the premium payable and Sum Assured with our Financial Consultant.

CHILDREN'S PLAN:

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As a parent, your priority is your child’s future and being able to meet your child’s dreams and aspirations. Today, providing a good education, establishing a professional career or even a modest wedding is expensive. Costs are increasing fast. Just imagine how much you’ll need when your child takes these important steps in life! Plan today to ensure a bright future for your child. Start building savings today with our HDFC Children’s Plan. So that your child is able to lead a life of respect and dignity with a secured financial future.

HDFC Children's Plan The HDFC Children's Plan gives:

 Invaluable financial support to your child  Helps you customize an ideal plan for your child  Provides you multiple options for multiple benefits

The HDFC Children’s Plan is designed to secure your child’s future by giving your child (the beneficiary) a guaranteed lump sum, on maturity or in case of your unfortunate demise, early in the policy term. The premiums, paid by you, are invested by the company to give you good long-term returns.

The plan receives simple Reversionary Bonuses, which are usually added annually. At the end of the term an additional Terminal Bonus may be paid depending on the performance of the underlying investment (See ‘Bonuses’ for more details).

Easy steps to follow: •

Choose the amount of targeted savings and policy term using our Financial Planning Tool.

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Choose any one of the 3 plan options as per your child's requirement.

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Work out the premium payable and Sum Assured with our Financial Consultant.

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UNIT LINKED YOUNG STAR PLAN: As a parent, your priority is your children’s future and being able to meet their dreams and aspirations. Today, providing a good education, establishing a professional career or even a modest wedding is expensive. Costs are increasing fast. Just imagine how much you will need when your children take these important steps in life. Plan today to ensure a bright future for your children. Start building savings today with the HDFC Unit Linked Young Star Plan. So that your child is able to lead a life of respect and dignity with a secured financial future.

The HDFC Unit Linked Young Star Plan gives you:

An outstanding investment opportunity by providing a choice of thoroughly researched and selected investments  Valuable protection in case of the insured parent’s unfortunate demise  Very flexible benefit combinations and payment options  Flexible additional benefit options such as critical illness cover.

Easy steps to follow: •

Choose the premium you wish to invest.

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Choose the amount of Protection (Sum Assured) you desire.

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Choose the additional benefit options you desire.

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Choose the investment fund or funds you desire.

Money Back Plan: Babasabpatilfreepptmba.com

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You have always believed in living life on your own terms. So why let the changing realities of everyday life overwhelm you and make your aspirations take a back seat? You can plan now to ensure that you have the necessary funds to meet your future financial needs.

The HDFC Money Back Plan is a ‘With Profit’ Plan that gives you:

A proportion of the basic Sum Assured as cash lump sums at regular 5-year intervals within the policy term (see the table given below) – an ideal way to secure your long-term as well as short-term financial goals A lump sum payment on survival up to maturity date Valuable protection to your family by way of lump sum payment in case of your unfortunate death within the policy term. This is over and above any earlier payouts Making the right kind of investment will enable you to achieve your objectives – be it your immediate expenses or else securing your future financial needs. Our Money Back Plan gives you a wide range of terms and cash benefit schedule to choose from. A summary of Key Benefits including the cash lump sum payments, expressed as a percentage of Sum Assured is shown below.

Maturity Value On maturity you receive survival benefit due at that point of time along with attaching bonuses for the full Sum Assured calculated for the full term. You can ensure your financial independence. And be able to live life on your own terms.

Easy Steps to be followed: •

Choose the amount of targeted savings and policy term using our Financial Planning Tool

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Choose from any one of the 4 additional optional benefits as per your requirement.

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Work out the premium payable and Sum Assured with our Financial Consultant.

Group Products: One-stop shop for employee-benefit solutions Babasabpatilfreepptmba.com

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HDFC Standard Life has the most comprehensive list of products for progressive employers who wish to provide the best and most innovative employee benefit solutions to their employees. We offer different products for different needs of employers ranging from term insurance plans for pure protection to voluntary plans such as superannuation and leave encashment HDFC offer the following group products to their esteemed corporate clients: Group Term Insurance with Riders Group Term Insurance with Profit-Share Group Unit-Linked Plan

For Gratuity For Defined Benefit Superannuation For Defined Contribution Superannuation

GROUP TERM INSURANCE Whatever the business - it’s the people who make it a success. Everybody requires some type of life insurance, especially when others depend on them financially. The Group Term Insurance plan meets precisely this need and serves as an ideal way for companies to reinforce their bond with their employees. The sort of needs you, as an employer might have can be: An employee benefit •

A cover for housing loan or vehicle loan given by you to your employees.

•

A cover for future service gratuity liability to be taken along with the HDFC SL Group Unit Linked Plan

The Group Term Insurance (GTI) is a cost-effective plan that addresses these needs. In addition you have the choice to opt for a GTI with an experience discount feature, wherein a discount is given on future premiums in case of favourable claim experience The Group Babasabpatilfreepptmba.com

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Term Insurance plan will have the following structure One year renewable term insurance plan One master policy issued covering all members of the group Sum assured is payable on death (either due to natural causes or accidents)

Key features of the plan Our product has been designed to offer innovative features and a high degree of customization. These are:

Convenient medical procedures The members do not need to undergo any medical examination up to the “Free Cover Limit�. This limit is dependent upon the sum assured and the size of the group.

Awards and Accolades: March, 2008 Unit Linked Savings Plan Tops Mint Best TV Ads Survey Babasabpatilfreepptmba.com

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The Unit Linked Savings Plan advertisement of HDFC Standard Life, one of the leading private insurance companies in India, has topped Mint’s Top Television Advertisement survey conducted, for February 2008. HDFC Standard Life’s Unit Linked Savings Plan advertisement was ranked 4th in terms of a combined score of ad awareness and brand recall and 3rd in terms of ad diagnostic scores (likeability, enjoyment, believability, and claim).

The respondents were between 18 and 40 years. Mint’s exclusive report, ‘New voices in a makeover’ outlines the survey in detail.

February,

2008

Deepak M Satwalekar Awarded QIMPRO Gold Standard Award 2007

Mr Deepak M Satwalekar, Managing Director and CEO, HDFC Standard Life, received the QIMPRO Gold Standard Award 2007 in the business category at the 18th annual Qimpro Awards function. The award celebrates excellence in individual performance and highlights the quality achievements of extraordinary individuals in an era of global competition and expectations.

January, Sar Utha Ke Jiyo Among India’s 60 Glorious Advertising Moments

2008

HDFC Standard Life’s advertising slogan honoured as one of ‘60 Glorious Advertising & Marketing Moments' over the last 60 years in India,’ by 4Ps Business and Marketing magazine.

The magazine said that HDFC Standard Life is one of the first private insurers to break the ice using the idea of self respect (Sar Utha Ke Jiyo) instead of 'death' to convey its brand proposition. This was then, followed by others including ICCI Prudential, thus giving HDFC Standard Life the credit of bringing up one such glorious advertising and marketing moment in the last 60 years.

December, 2007 Pension Plan Tops Mint’s Survey of Best TV Ads

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HDFC Standard Life’s pension plans topped the ad diagnostics and ranked eighth on ad reach in a survey of new television advertisements in November, 2007, conducted by Mint, the leading business newspaper of the Hindustan Times Group. Our pension advertising was ranked first in terms of ad diagnostic scores (likeability, credibility, enjoyment). The

respondents were between 18 and 40 years. We were ranked 8th in terms of a combined score of ad awareness and brand recall.

September,

2007

Ranked Sixth Most Effective Advertisement:

HDFC Standard Life was ranked 6 th amongst ‘The 10 most effective ads’ in September 2007, according to the JuxtConsult’s Ad Box Office Monthly Monitor. We have moved up from 56 th position in August 2007. JuxtConsult’s Ad Box Office is India’s biggest monthly monitor of most effective television ads amongst urban consumers. The ranking was based on the total effectiveness of the ad in connecting the Sar Utha Ke Jiyo ranked 10 th in the Top 10 Top-of-mind ad slogans in September, 2007, according to the JuxtConsult’s Ad Box Office

Monthly Monitor. The ranking was based on how much our ad slogan recalled ‘top of mind’ in the daily ad clutter.

June, Received PCQuest Best IT Implementation Award 2007

2007

HDFC Standard Life received the PCQuest Best IT Implementation Award 2007 for Wonders, its path-breaking implementation of an enterprise-wide workflow system.

PCQuest, the leading IT publication from the CyberMedia Group identified six most innovative IT implementation projects deployed successfully across India for the award.

The winners of the 4th PCQuest Best IT Implementation Awards were chosen from 250 nominations across 22 industries and 23 projects ranging from government, banking finance and insurance, manufacturing, petroleum, and IT/ITES to poultry, travel and tourism, real estate, construction, power and utilities

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INTRODUCTION TO STUDY

RECRUITMENT AND SELECTION

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Before an organization can fill a job vacancy, it must find people who not only are qualified for the position but also want the job. Recruitment process is one of the ways that an organization can deal with shortages in its human resources needs.

Recruitment refers to organizational activities that influence the number and type of applicants who apply for a job and whether the applicants accepts jobs that are offered i.e. a process of searching for prospective employees and stimulating and encouraging them to apply for jobs in an organization.

Although recruitment can be quite expensive, organization have not always treated it as systematically as other HR functions, such as selection. During the coming years, however, the importance of recruitment will probably increase for many organizations.

Recruitment process is affected by various factors in the environment. The recruitment process with an attempt to find employees with the abilities and attitudes desired by the organization and to match them with the tasks to be performed. Where there potential employees will respond to the tasks to be performed. Where there potential employees will respond to the recruiting effort depends on the attitudes they have developed towards those tasks and the organization on the basis of their past social and working experience. Their experience of the task will also be affected by the work climate in the organization.

Source of recruitment : 1) Internal recruiting 2) External recruiting

Internal Recruiting Organization can make effective use of skills inventories for identifying internal applicants for job vacancies. It is difficult, however, for HR managers to be aware of all current employees who might be interested in the vacancy. To help with this problem., they use an approach called job posting and bidding.

In the past, job posting was little more than the use of bulletin and company publications for advertising job openings. Today, however , job posting has become one of the more

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innovative recruiting techniques being used by organizations. Many companies now see job posting as an integrated component of an effective career management system.

A model job posting program was implemented at national semiconductor. Posting are computerized and easily accessible to employees. Computer software allows the employees to match an available job with their skills and experience. It then highlights where gaps exist so the employees know what is necessary if they wish to be competitive for given job.

Internal sources within the organization Merits * It improves morale of employees. * It is easier to evaluate the existing employees through a sense of job security and opportunities and advancement * It promotes loyalty among the employees require less training since they already know the company’s policies and procedure * It is less costly Demerits * It may lead to in breeding within the organization * The possibility of the right candidate being chosen may depend upon the recruiter’s perception about employees * It may not be suitable for jobs requiring some innovative techniques.

Methods Of Internal Recruitment Promotion Transfer Demotion

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EXTERNAL RECRUITING When an organization has exhausted its internal supply of applicants, it must turn to external sources to supplement its workforce. Research indicates that walk in interviews provide an important external source of applicants. As labour shortages increase, however, organizations are becoming more proactive in their recruitment efforts . a number of methods are available for external recruiting ; media, advertising, e-recruiting , employment agencies , executive search firms, special events recruiting , and summer internship etc.

Media Advertisements: Organization advertise to acquire recruits. Various media are used , the most common being help-wanted ads in daily newspaper. Organizations also advertise for people in trade and professional publications. Other media used are billboards, subway and bus cards, radio, telephone, and television.

E Recruiting: perhaps a method has ever had as revolutionary an effect on organizational recruitment practices as the internet. There are many reasons for the popularity of the internet as a method of recruitment. From the organizations perspective, the internet allows for searches over broader array of geographical and company posting than was ever before possible.

Organization is also beginning to see that having their own human resource. Web pages on the internet can be effective addition to their overall recruitment strategy. A typical organizational home page will provide background information about the company , its product and services, and employment opportunities and applicant procedures.

Special –Events Recruiting: when the supply of employees available is not large or when the organization is new or not well known , some organizations have successfully used special events to attract potential employees. One of the most interesting approaches is to provide job fairs.

Summer Internships: another approach to recruiting and getting specialized work done that has been tried by organization is to hire students as internship is, in fact dramatically increasing. Organizations are using more internship to improve the diversity of their recruitment efforts.

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Recruitment and Selection Process of Financial Consultant

College Recruiting: There is growing gap between the skills that organizations will need over the several years and those currently possessed by potential employees. College recruiting can be extremely difficult, time consuming, and expensive for the organization.

Recruiters believe that college recruiting is one of the most effective ways of identifying talented employees. All this suggest that college recruiting will continue to play an important role in organizations over all recruitment strategies, but that organization will be careful about controlling expense.

External: outside the organization Merits *It provides larger pool candidate from which recruitment can be done. *If the appropriate candidate is chosen, he may require less training Demerits *It needs proper preparation and hence consumes a lot of time of the recruiter *It is costly affair.

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An overview of Recruitment and Selection at HDFC Standard Life Insurance Consultant as a Profession The field of life insurance is a challenging one though, by far one of the most rewarding careers one can get into. When a financial consultant approaches a prospect with proposal for life insurance, the chances are that the prospect will not know much about the benefits under various plans. He may be vaguely familiar with the alternative available, but it is unlikely to sure of the details of all of them. He would need expert advice. In other words a life insurance consultant while dealing with the prospect be thinking of his situation.

As a consultant of the prospect, he is expected to look after the interests of the prospect.

Even the people who are generally experts in financial matters may not be aware of the implication of insurance, in relation to terms and condition, warranties, exclusion, tax, provisions, rights of parties. Advisors have the dual responsibilities of being true to the interest of both the parties in the interest. He obliged to reveal to the prospect all the important terms and conditions of the insurer all the true facts about the prospects and the subjects of insurance.

Recruitment Process As an HDFC SL associate, suspects are your most important assets. Its just like any manufacturing company, where the raw materials is the most important assets, and whatever product is manufactured will be made from raw material. Now what we know who suspect for us and who is not.

1) Initially starts with suspecting, suspecting is done before recruiting therefore suspecting stops when recruitment starts.

2) Collection of database from all the segments such as students, business, housewives, selfemployed, with all having minimum qualification 10+2 basic requirement.

3) The next stage is that either approaches them through telecalling and fixes appointment at their convenient time, which is feasible to the candidate and the manager.

4) Presentation, procedure and documentation are given to the client.

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Recruitment and Selection Process of Financial Consultant

Selection of Financial Consultant A suspect is a person who can become Financial Consultant or introduce you to a person who can become Financial Consultant. A whole lot of people can be your suspect . However a qualified suspect is called as a prospect Financial Consultant should possess at least 4-5 criteria Age – 25 – 60 years Qualification – Graduate or above Marital status – Married.

Nativity – Minimum 2 years in the city Sales experience – 1 year or more Time 6 hours or more per week Among these criteria mentioned above minimum 3 have to be fulfilled for recruitment. Once these criteria are fulfilled the candidate has to submit the necessary documents and then he is been selected as Financial Consultant.

If a person does not fulfil these criteria, the person will either not be able to become Financial Consultant or will not be eligible for one

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Recruitment and Selection Process of Financial Consultant

Research Methodology Methodology: Title of the Study: Effectiveness of Recruitment And Selection of Financial Consultant At HDFC Standard Life Insurance.

Objectives of study To understand the effectiveness of recruitment process for the profile of financial consultant To know selection procedure followed by the company To know different methods used to recruit financial consultant To know satisfaction level of financial consultant towards company s service SAMPLE DESIGN Sample Technique: Convenience sampling Sample Area: Belgaum Sample Size: 100

Tools Used For Analysis: 1. Graphical Representation of Analysis: Pie charts

Data collection Primary data has been used to carry out the research successfully. The secondary data has been collected from various journals and publications. For the purpose of gathering primary data a structure and non-disguised questionnaire was designed to collect data from the Retailers. The questionnaire contains both open-ended and close-ended questions.

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Method of Communication: In order to minimize the bias in data collection, the method of personal interview was adopted.

Data Source: The sources of data collected are: •

Primary: a) survey method by using questionnaire. b) Observation and interview technique

•

Secondary: a) Information is collected through internet b) From various text books c) Journals and magazines

Analyze the collected information: It involves of data using statistically measures on them for developing frequency distribution and calculating the means.

Report research findings: The report with the research findings is formal written document. The research and personal experience will be used to propose recommendations.

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Recruitment and Selection Process of Financial Consultant

ANALYSIS

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Analysis of Recruitment and Selection

Age Valid

Cumulative Percent 71.0

18-28

Frequency 71

Percent 71.0

Valid Percent 71.0

28-48

26

26.0

26.0

97.0

48-68

3

3.0

3.0

100.0

100

100.0

100.0

Total

Age 48-68 3.0% 28-48 26.0%

18-28 71.0%

Interpretation: From the above graph we understand that the company recruits youngster who can work on field and also who have good social network.

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Recruitment and Selection Process of Financial Consultant

Marital Status

Valid

Married Unmarried Total

Frequency 31

Percent 31.0

Valid Percent 31.0

Cumulative Percent 31.0

69

69.0

69.0

100.0

100

100.0

100.0

Marital status

Married 31.0%

Unmarried 69.0%

Interpretation: From the above analysis we come to know that 69% respondents are unmarried who want s make their career in this field and earn good commission.31%respondents are married who are interested in part time job .

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Recruitment and Selection Process of Financial Consultant

Education Qualification

Valid

Frequency 18

Percent 18.0

Valid Percent 18.0

Cumulative Percent 18.0

Graduate

47

47.0

47.0

65.0

Post Graduate

Under Graduate

30

30.0

30.0

95.0

Other

5

5.0

5.0

100.0

Total

100

100.0

100.0

Education Qualification Other 5.0% Post Graduate 30.0% Under Graduate 18.0%

Graduate 47.0%

Interpretation: From the above graph we can analysis that graduates and post graduates are been more recruited by the company which shows that company needs more youngster as FC.

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Recruitment and Selection Process of Financial Consultant

Occupation

Valid

Housewife

Frequency 8

Percent 8.0

Valid Percent 8.0

Cumulative Percent 8.0

Employee

19

19.0

19.0

27.0

Business

10

10.0

10.0

37.0

Student

41

41.0

41.0

78.0

Financial consultant

12

12.0

12.0

90.0

Other

10

10.0

10.0

100.0

Total

100

100.0

100.0

occupation Housew ife

Other

8.0%

10.0% Financial consultant

Employee

12.0%

19.0%

Buisness 10.0% Student 41.0%

Interpretation: Here we understand that 41% of the students are interested in pursuing this job as part time job which will help them for their future career.

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Recruitment and Selection Process of Financial Consultant

What made you join HDFC as Financial Advisor?

Valid

Money Careers Brand Image Rewards/Recognition Others Total

Frequency 27 43 18 9 3 100

Percent 27.0 43.0 18.0 9.0 3.0 100.0

Valid Percent 27.0 43.0 18.0 9.0 3.0 100.0

Cumulative Percent 27.0 70.0 88.0 97.0 100.0

Finacial Advisor Others 3.0% Rew ards/Recognition 9.0% Brand Image 18.0%

Money 27.0%

Careers 43.0%

Interpretation: Here we understand that 43 % respondents of them have chosen this job as to make their career, and 27% respondents to earn good money through commission and 18% respondents have taken up this job because of company’s brand image.

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Recruitment and Selection Process of Financial Consultant

Are you satisfied with Registration fee for financial consultant set by HDFC?

Valid

Highly satisfied Satisfied Average Dissatisfied Highly dissatisfied Total

Frequency 3 33 39 20 5 100

Percent 3.0 33.0 39.0 20.0 5.0 100.0

Valid Percent 3.0 33.0 39.0 20.0 5.0 100.0

Cumulative Percent 3.0 36.0 75.0 95.0 100.0

Registration Fee Highly satisfied

Highly dissatisfied

3.0%

5.0% Dissatisfied 20.0%

Satisfied 33.0%

Average 39.0%

Interpretation: From the above graph 39% respondents said they are averagely satisfied with registration fee and 33 % respondents are satisfied with the fee for registration to register the consultants licence.

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Recruitment and Selection Process of Financial Consultant

By which method you were been Recruited?

Valid

Frequency 11

Percent 11.0

Valid Percent 11.0

Cumulative Percent 11.0

Advertisement

18

18.0

18.0

29.0

Personal cont Act/Reference

67

67.0

67.0

96.0 100.0

Cold calling

Others Total

4

4.0

4.0

100

100.0

100.0

Recruitment Method Others

Cold calling

4.0%

11.0%

Advertisement 18.0%

Personal cont/Ref 67.0%

Interpretation:

From the above analysis we understand that 67% respondents are recruited through personal contacts and reference and only 18% respondents through advertisement.

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Recruitment and Selection Process of Financial Consultant

Are you satisfied with selection criteria followed by the company?

Valid

Frequency 24

Percent 24.0

Valid Percent 24.0

Cumulative Percent 24.0

Satisfied

49

49.0

49.0

73.0

Average

97.0

Highly satisfied

24

24.0

24.0

Dissatisfied

2

2.0

2.0

99.0

Highly dissatisfied

1

1.0

1.0

100.0

100

100.0

100.0

Total

Selection Criteria Highly dissatisfied 1.0% Dissatisfied 2.0% Average 24.0% Highly satisfied 24.0%

Satisfied 49.0%

Interpretation: This shows the satisfaction level of the consultant with respect to the selection process followed by the company, i.e. 49% respondents are satisfied and 24% respondents are highly satisfied.

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Recruitment and Selection Process of Financial Consultant

Analysis of Induction Program What kind of training did you under go?

Valid

Manual

Frequency 88

Online Total

Percent 88.0

Valid Percent 88.0

Cumulative Percent 88.0 100.0

12

12.0

12.0

100

100.0

100.0

Training Online 12.0%

Manual 88.0%

Interpretation: From the survey we understand the kind of training undertaken by consultants that is 88% have undergone Manual training (class room training: off job training) and only 12% online training.

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Recruitment and Selection Process of Financial Consultant

How did you like the Advisor Induction Program(AIP)?

Valid

Missing Total

VeryGood Good Average Bad Very Bad Total System

Frequency 24 44 27 1 2 98 2 100

Percent 24.0 44.0 27.0 1.0 2.0 98.0 2.0 100.0

Valid Percent 24.5 44.9 27.6 1.0 2.0 100.0

Cumulative Percent 24.5 69.4 96.9 98.0 100.0

Advisor Induction Program Missing 2.0% Very Bad 2.0% Bad 1.0% Average 27.0% Very Good 24.0%

Good 44.0%

Interpretation Here 44% respondents said that training session was good and around 24% respondents said it was very good and 27%respondents said it was average and it added to their knowledge.

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Recruitment and Selection Process of Financial Consultant

Do you think more training is required?

Valid

Yes No Total

Frequency 67 33 100

Percent 67.0 33.0 100.0

Valid Percent 67.0 33.0 100.0

Cumulative Percent 67.0 100.0

Is training more required?

No 33.0%

Y es 67.0%

Interpretation: From the survey we can understand that 67% respondents said training is more required where as 33% respondents says training is not required.

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Recruitment and Selection Process of Financial Consultant

If yes kindly specify what kind?

Valid

Percent 13.0

Valid Percent 19.1

Cumulative Percent 19.1

8

8.0

11.8

30.9

Product

16

16.0

23.5

54.4

Sales

13

13.0

19.1

73.5

Stock market

17

17.0

25.0

98.5

1

1.0

1.5

100.0

68

68.0

100.0

Tax benefit Underwriting

Others Total Missing

System

Total

Frequency 13

32

32.0

100

100.0

Different Kinds of Training

Tax benef it 13.0% Missing

Underwriting

32.0%

8.0%

Product 16.0%

Others 1.0% Stock market

Sales

17.0%

13.0%

Interpretation: From the above graph we understand that most of the consultants feel that training is required on product, stock market and tax benefit etc.

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Recruitment and Selection Process of Financial Consultant

Impact of Recruitment and Selection Are you satisfied with the Monetary Benefits provided by the company?

Valid

Frequency Highly satisfied 15 Satisfied 36 Average Dissatisfied Highly dissatisfied

Total

Percent 15.0

Valid Percent 15.0

Cumulative Percent 15.0

36.0

36.0

51.0

42

42.0

42.0

93.0

6

6.0

6.0

99.0

1

1.0

1.0

100.0

100

100.0

100.0

Monetary Benefits

Highly dissatisfied 1.0% Dissatisf ied

Highlysatif ied

6.0%

15.0%

Average 42.0%

Satisf ide 36.0%

Interpretation: This shows the satisfaction level among the consultant with respect to the Monetary Benefits provided by the company, 36% of the respondents are satisfied, 42% are averagely satisfied .

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Recruitment and Selection Process of Financial Consultant

How frequently does the Sales Development Manager interact with you?

Valid

Frequency 18

Percent 18.0

Valid Percent 18.0

Cumulative Percent 18.0

Frequently

43

43.0

43.0

61.0

Rarely

26

26.0

26.0

87.0

Very Rarely

11

11.0

11.0

98.0 100.0

Very frequently

No interaction Total

2

2.0

2.0

100

100.0

100.0

Interaction between FCs &SDMs No interaction 2.0% Very Rarely

Very frequently

11.0%

18.0%

Rarely 26.0%

Frequently 43.0%

Interpretation: This shows the how frequently SDM s interact with FC ; here 43% respondents feel that SDMs interact with them frequently, 26% of the respondents feel that SDMs interact rarely.

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Recruitment and Selection Process of Financial Consultant

Do you want fix salary to be provided by the company or satisfied with commission??

Valid

Frequency 9

Percent 9.0

Valid Percent 9.0

Cumulative Percent 9.0

Commission

10

10.0

10.0

19.0

Salary and commission

52

52.0

52.0

71.0

All of the above

29

29.0

29.0

100.0

100

100.0

100.0

Salary

Total

Fix Salary or Commission All of the abov e 29.0% Salary 9.0% Commission 10.0%

Salary & Commission 52.0%

Interpretation: From the above analysis we can interpret ate that 52% respondents wish for fix salary and commission from the company.

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Recruitment and Selection Process of Financial Consultant

Is there any target for Financial Consultant set by the company?

Valid

Yes

Frequency 78

Percent 78.0

Valid Percent 78.0

Cumulative Percent 78.0

22

22.0

22.0

100.0

100

100.0

100.0

No Total

Target f or Financial Consultant No 22.0%

Yes 78.0%

Interpretation: Here we understand that the company has target for the financial consultant, i.e. 78 % respondents says that they are aware of the target given to them .

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Recruitment and Selection Process of Financial Consultant

Do you achieve your target every time?

Valid

Frequency 71

Percent 71.0

Valid Percent 75.5

Cumulative Percent 75.5

No

23

23.0

24.5

100.0

Total

94

94.0

100.0

6

6.0

100

100.0

Yes

Missing

System

Total

Acheivement of Target Missing 6.0% No 23.0%

Yes 71.0%

Interpretation: This shows the target achieved by the financial consultant, 71% respondents says that they achieve their target given by the company, 23%respondents says that they don’t achieve because no contacts or busy schedule.

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Recruitment and Selection Process of Financial Consultant

Are you satisfied with the target given to you?

Valid

Frequency 7

Percent 7.0

Valid Percent 7.1

Cumulative Percent 7.1

Satisfied

39

39.0

39.8

46.9

Average

44

44.0

44.9

91.8

6

6.0

6.1

98.0 100.0

Highly Satisfied

Dissatisfied Highly dissatisfied Total Missing

System

Total

2

2.0

2.0

98

98.0

100.0

2

2.0

100

100.0

Satisfaction with Target Missing 2.0% Higly dissatisf ied 2.0% Highly Satisf ied

Dissatisf ied

7.0%

6.0%

Satisf ied 39.0%

Av erage 44.0%

Interpretation: This shows the satisfaction level of the target designed for the financial consultant by the company; here 44% of the respondents are averagely satisfied with the target.

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Recruitment and Selection Process of Financial Consultant

Are you been pressurized by the company?

Valid

Frequency 54

Percent 54.0

Valid Percent 55.7

Cumulative Percent 55.7

No

43

43.0

44.3

100.0

Total

97

97.0

100.0

3

3.0

100

100.0

Yes

Missing

System

Total

Pressurized by the Company Missing 3.0% No 43.0%

Yes 54.0%

Interpretation: This shows that the FC are been pressurized by the company to achieve the targets, and 54% says yes they are being pressurized by the company to achieve the targets because if FC don’t achieve their target the FC’s licence might lapse.

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Why do you think the company has selected you as financial consultant? a) I have good convincing skills

(

)

b) I have good social network

(

)

c) I have been doing this job for different investment company

(

)

d) I am very much knowledgeable on insurance

(

)

(Rate them as 1 being highest and 4 being lowest) I have good convincing Skills

Valid

Frequency 55

Percent 55.0

Valid Percent 55.0

Cumulative Percent 55.0

Good

31

31.0

31.0

86.0

Average

10

10.0

10.0

96.0

Lowest

4

4.0

4.0

100.0

100

100.0

100.0

Highest

Total

I have good convincing Skills Low est 4.0% Average 10.0%

Highest Good

55.0%

31.0%

Interpretation: From the above graph we understand that 55% respondents agrees that they have good convincing skill and the company selected them as FC on their skills as this skill require in convincing the customer and selling the more no. of products.

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I have good social Network

Valid

Frequency 60

Percent 60.0

Valid Percent 60.0

Cumulative Percent 60.0

27

27.0

27.0

87.0

Average

9

9.0

9.0

96.0

Lowest

4

4.0

4.0

100.0

100

100.0

100.0

Highest Good

Total

I have good social Network Low est 4.0% Average 9.0%

Good 27.0%

Highest 60.0%

Interpretation: From the analysis we understand that 60% of the respondents think that they were selected because they have good social network, this is the cause where in the personal contacts are used to recruit more no. of FC through the respondents network.

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I have been doing this job for different investment company

Valid

Frequency 9

Percent 9.0

Valid Percent 9.0

Cumulative Percent 9.0

Good

25

25.0

25.0

34.0

Average

31

31.0

31.0

65.0 100.0

Highest

Lowest Total

35

35.0

35.0

100

100.0

100.0

I have been doing this job for different Investment Company Lowest 35.0%

Highest 9.0%

Good 25.0%

Average 31.0%

Interpretation: The graph shows that 35 % of the respondents were not in to different Investment Company which means that most of the FC don’t have experience in this job and are very new to insurance sector such as Graduates, Project trainee House wife etc.

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Recruitment and Selection Process of Financial Consultant

I am very much knowledgeable on Insurance

Valid

Frequency 11

Percent 11.0

Valid Percent 11.0

Cumulative Percent 11.0

Good

24

24.0

24.0

35.0

Average

34

34.0

34.0

69.0

Lowest

31

31.0

31.0

100.0

100

100.0

100.0

Highest

Total

I am very much knowledgeable on Insurance Highest 11.0% Low est 31.0% Good 24.0%

Average 34.0%

Interpretation: Here we can see 24 % respondents says that they have good knowledge on insurance so they were selected as financial consultant and 34 % of the respondents says that they have average knowledge on insurance but have interest in doing this job.

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Recruitment and Selection Process of Financial Consultant

FINDINGS AND SUGGESTIONS

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FINDINGS The findings of the project are:  The students are more interested to become financial consultant as they want to make their career and earn good money by taking up this job as part time. House wives also want put their network in use so that even they can earn and make their career.  It is been understood that most of them are satisfied with the registration fee for the financial consultant taken by the company, some of them feel that it is very high to become FC of the company.  Most of them are been recruited by personal contacts as SDMs have good social network and due to their target they use their social network and recruit their friends or relatives as financial consultant.  Selection procedure is satisfactorily satisfied by the financial consultant.  Training mode is manual which is off the job and class room training and FCs are satisfied with the training method.  Most of the financial consultant demand is for fixed salary and commission and good monetary benefits.  It is found that there are targets for financial consultant set by the company, and most of them are satisfied by the company’s target.  Financial consultant feels that they were selected because of their social network and good convincing skills so that.

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SUGGESTION The company should reduce the registration fee for the financial consultant as it is quite more compare to other company which would change the way of thinking of the consultant.

The company should provide more training on product, tax benefit, sales and stock market which would gain more knowledge on insurance and would help FCs to sell the policy more easily.

Most of the financial consultants demand is for fix salary and commission so the company should make sure and provide good commission, a monetary benefit which motivates the consultants to do more business.

As the competition is increasing the company should use the new emerging channels(like Internet , Advertisement , Media etc) to get the competitive advantage on others.

HDFC Standard Life Insurance Company has to appoint well qualified Advisors as maximum business comes from company Advisor & Agent groups who are having good communication skill.

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Recruitment and Selection Process of Financial Consultant

CONCLUSION

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CONCLUSIONS As HDFC standard Life Insurance is private life Insurance sector, the recruitment and selection process for FCs in the company is well outlined and systematically followed. My study at HDFC Standard Life Insurance indicates most of the recruitment is done through personal contact / References by the Sales Development Manager.

As far as the consultant feeling is concerned they feel that more training is needed. More of product training, stock market and sales training is required. The consultants demand is for fix salary and commission which would motivate them to do more business. The company satisfies the consultants with the monetary benefits.

To conclude, I would like to say that working with HDFC Standard Life Insurance for 2 months was a great experience and I have gained a lot of practical knowledge and has added to my confidence level.

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Recruitment and Selection Process of Financial Consultant

BIBLIOGRAPHY

1. JOURNALS: Company journals and Magazines Human capital Magazine.

2. WEB SITE: hdfcstandardlifeinsurance.com, google.com 3. BOOKS: Personal Management: Mamoria Human Resource Management: Subba Rao

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