A

Project Study Report

On
Training Undertaken at

Titled
Market Research on Financial Consultant for HDFCSL

Submitted in partial fulfillment for Post Graduate Diploma in

Management
from Vyas Institute of Management, Jodhpur.

Submitted to: Submitted by:

Dr. G.N. Purohit Sohan lal Choudhary
MBA IIndYear
Roll No. – MB08104745

VYAS INSTITUTE OF MANAGEMENT

(An institution of Rajasthan Vikas Sans than)

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 Near kuri hoad, kuri ganv
Jodhpur (Raj.)

EXECUTIVE SUMMARY

HDFC Standard Life insurance is the oldest life insurance company in the world. It is
the largest insurer in the UK and is the 28 th largest company in the world. In India, the
company is marketing life insurance products and unit linked investment plans. From
my research at HDFC SLIC, I found that the company has a lot of competition from
other private insurers like ICICI, Aviva, Birla Sun Life and Tata AIG. It also faces
competition from LIC. To compete effectively HDFC SLIC could launch cheaper and
more reasonable products with small premiums and short policy terms (the number of
year’s premium is to be paid). The ideal premium would be between Rs. 5000 – Rs.
25000 and an ideal policy term would be 10 – 20 years.

HDFC must advertise regularly and create brand value for its products and services.
Most of its competitors like Aviva, ICICI, Max, Reliance and LIC use television
advertisements to promote their products. The Indian consumer has a false perception
about insurance – they feel that it would not benefit them if they do not live through
the policy term. Nowadays however, most policies are unit linked plans where a
customer is benefited even if their death does not occur during the policy term. This
message should be conveyed to potential customers so that they readily invest in
insurance.

Family responsibilities and high returns are the two main reasons people invest in
insurance. Optimum returns of 16 – 20 % must be provided to consumers to keep them
interested in purchasing insurance.

On the whole HDFC standard life insurance is a good place to work at. Every new
recruit is provided with extensive training on unit linked funds, financial instruments
and the products of HDFC. This training enables an advisor/sales manager to market
the policies better. HDFC was ranked 13 in the Best Places to Work survey. The
company should try to create awareness about itself in India. In the global market it is
already very popular. With an improvement in the sales techniques used, a fair bit of
advertising and modifications to the existing product portfolio, HDFC would be all set
to capture the insurance market in India as it has around the globe.

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 TABLE OF CONTENTS

CHAPTER 1: INTRODUCTION ………………………………….....…………………...5

CHAPTER 2: ORGANIZATIONAL PROFILE…………………………………….…...7

CHAPTER 3: RESEARCH OBJECTIVES & SCOPE OF RESEARCH PROJECT...25

CHAPTER 4: RESEARCH METHODOLOGY & LIMITATIONS…………………..27

CHAPTER 5: DATA ANALYSIS, INTERPRETATION AND PRESENTATION….30

CHAPTER 6: CONCLUSIONS & SUGGESTIONS……………………………………46

CHAPTER 7: LIMITATIONS…………………………………………………………...48

REFERENCES………………………………………………………………………..….49

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 ACKNOWLEDGMENT

I would like to thank my project guide Mr. Anil Bohra, Sales Development Manager
HDFC Standard Life Insurance, Jodhpur for guiding me through my summer internship
and research project. His encouragement, time and effort are greatly appreciated.

I would like to thank Prof. S.P. Joshi for supporting me during this project and providing
me an opportunity to learn outside the class room. It was a truly wonderful learning
experience.

I would like to dedicate this project to my parents. Without their help and constant
support this project would not have been possible.

Lastly I would like to thank all the respondents who offered their opinions and
suggestions through the survey that was conducted by me in Jodhpur.

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 CHAPTER 1: INTRODUCTION

1.1 THE TOPIC: “MARKET RESEARCH ON FINANCIAL CONSULTANT FOR

HDFCSLIC”

At HDFC Standard Life Insurance, I was assigned with the topic as “Market Research on Financial
Consultant” for my project work. The selection of the topic was in order to take know how do these
companies generates business through them.

Financial Consultants are those sources of a company who have their own relations and personal
contacts among common public that they use to generate business through. Company has certain
criteria to recruit these Financial Consultants. The steps are as follows.
• He should be at least 12th passed.
• He should complete IRDA training.
• He should clear the IRDA exam.
• He should through successfully the exam and training.
Some other criteria:
• He should have good personal contacts.
• He should have convincing power.
• He should be above 18th year old.
Once he through all these steps of recruitment, he becomes the legal Financial Consultant of the
company and reserve the right to sale the policy to any prospect client also he is paid the
commission a certain percentage. There are some reward and tour package also.

1.2 REASON FOR SELECTION OF THIS TOPIC:

The financial sector is one of the booming and increasing leaps and bounce, some of the experts say
only 20% of Indian population is insured which means 80% Indian are not insured and therefore
having a bright prospect of progress of this sector where I too would like to build my career and be a
part of success story.

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The Financial consultants are another channel through which the company sales its policy. It is
really difficult to convince and sale a single policy but since these consultants have their contacts
which they can sale a single policy. Whereas I found my interest in dealing, interacting and handling
a team, because all this most of time park you in some critical zone which becomes challenge for
you and your responsibility becomes to solve the critical situation or problems.

1.3 IMPORTANCE TO THE COMPANY:

After interacting with company’s marketing head I got to know that they have many Financial
Consultants but not getting the policies up to the expectations level of the company. Company is
really interested in knowing if there is any mistake or lacking somewhere in process of recruiting
and or the criteria they have fixed for the recruitment. The ultimate purpose of giving me this topic
was to revise its recruitment policy/process.

1.4 LEARNING FROM THE STUDY:

• The process of recruitment of HDFC STANDARD LIFE INSURANCE LTD.

• How is the training given?
• What are the criteria of selection?
• The culture of insurance company particularly of HDFC.
• What are the problems faced by these financial consultants on daily basis?
• How to convince and convert the prospect client into real client?

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 CHAPTER 2: ORGANIZATIONAL PROFILE

2.1 FORMATION OF COMPANY:

HOUSING DEVELOPMENT FINANCE CORPORATION:

HDFC was started by Hasmukh Bhai Parekh in1977 with the formation of Malhotra Committee.
HDFC was incorporated with the primary objective of meeting a social need that of promoting home
ownership by providing long-term finance to households for their housing needs. HDFC was
promoted with an initial 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’s main goals are to:

a) Develop close relationships with individual households.

b) Maintain its position as the premier housing finance institution in the country.

c) Transform ideas into viable and creative solutions.

d) Provide consistently high returns to shareholders.

e) To grow through diversification by leveraging off the existing client base.

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STANDARD LIFE:

The Standard Life Assurance Company ("Standard Life") was established in 1825 and the first
Standard Life Assurance Company Act was passed by Parliament in 1832. Standard Life was
reincorporated as a mutual assurance company in 1925.

Standard Life is Europe's largest mutual life assurance company. Standard Life, which has been in
the life insurance business for the past 182 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 £70 billion under its management and has the
distinction of being accorded "AAA" rating consequently for the past six years by Standard & Poor.

STANDARD LIFE ASIA LIMITED/JOINT VENTURES:

The group’s Hong Kong subsidiary, Standard Life Asia Limited (“SL Asia”), was incorporated in
1999 as a joint venture and became a wholly-owned subsidiary of Standard Life in 2002. The
group’s operations in Hong Kong were established to give the group a presence in the Far East from
which it could expand into China. The group’s joint ventures in India with Housing Development
Finance Corporation Limited (“HDFC”) were incorporated in 2000 (in relation to the life assurance
and pension’s joint venture) and 2003 (in relation to the investment management joint venture). The
group’s joint venture in China with Tianjin Economic Development Area General Company
(“TEDA”) became operational in 2003.

STANDARD LIFE GROUP:

• The Standard Life group has been looking after the financial needs of customers for over
182 years
• It currently has a customer base of around 7 million people who rely on the company for
their insurance, pension, investment, banking and health-care needs
• Its investment manager currently administers £125 billion in assets

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 • It is a leading pensions provider in the UK, and is rated by Standard & Poor's as 'strong'
with a rating of A+ and as 'good' with a rating of A1 by Moody's
• Standard Life was awarded the 'Best Pension Provider' in 2004, 2005 and 2006 at the
Money Marketing Awards, and
• It was voted a 5 star life and pension’s provider at the Financial Adviser Service Awards
for the last 10 years running.
• The '5 Star' accolade has also been awarded to Standard Life Investments for the last 10
years, and to Standard Life Bank since its inception in 1998.
• Standard Life Bank was awarded the 'Best Flexible Mortgage Lender' at the Mortgage
Magazine Awards in 2006.

INCORPORATION OF HDFC STANDARD LIFE INSURANCE CO. LTD.:

The company was incorporated on 14th August 2000 under the name of HDFC Standard Life
Insurance Company Limited.

Their ambition from the beginning was to be the first private company to re-enter the life insurance
market in India. On the 23rd of October 2000, this ambition was realized when HDFC Standard Life
was the first life company to be granted a certificate of registration.

HDFC are the main shareholders in HDFC Standard Life, with 81.4%, while Standard Life owns
18.6%. Given Standard Life's existing investment in the HDFC Group, this is the maximum
investment allowed under current regulations.

HDFC and Standard Life have a long and close relationship built upon shared values and trust. The
ambition of HDFC Standard Life is to mirror the success of the parent companies and be the
yardstick by which all other insurance companies in India are measured.

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 one of the subsidiaries of Standard Life plc, leading providers of financial
services in the United Kingdom.

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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.

2.2 PRODUCT SCOPE:

HDFC Standard Life offers a bouquet of insurance solutions to meet every need. The company
caters to both, individuals as well as to companies looking to provide benefits to their employees.

For individuals, the company has a range of protection, investment, pension and savings plans that
assist and nurture dreams apart from providing protection. The customers can choose from a range
of products to suit their life-stage and needs.

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.

The products of the company are categorized into various sections which are as follows :

A. INDIVIDUAL PRODUCTS
B. GROUP PRODUCTS
C. RURAL PRODUCTS
D. SOCIAL PRODUCTS
E. TAX BENEFITS

For Individuals, HDFC Standard Life has a range of protection, investment, pension and savings
plans that assist and nurture dreams apart from providing protection. Customer can choose from a
range of products to suit his life-stage and needs.

For Organizations, HDFC Standard Life has 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.

Individual Products:

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 1. HDFC Children's Plan,
2. HDFC Endowment Assurance Plan,
3. HDFC Loan Cover Term Assurance Plan,
4. HDFC Money Back Plan,
5. HDFC Personal Pension Plan,
6. HDFC Single Premium Whole Of Life Plan,
7. HDFC Term Assurance Plan,
8. HDFC Unit Linked Endowment,
9. HDFC Unit Linked Endowment Plus,
10. HDFC Unit Linked Pension,
11. HDFC Unit Linked Pension Plus,
12. HDFC Unit Linked Young Star,
13. HDFC Unit Linked Young Star Plus

At HDFC Standard Life realize that not everyone has the same kind of needs. Keeping this in mind,
varied range of products that customer can choose from to suit all needs. These will help secure
customer future as well as the future of family.

Protection Plans:
Customer can protect his family against the loss of his income or the burden of a loan in the event of
his unfortunate demise, disability or sickness. These plans offer valuable peace of mind at a small
price.
HDFC Standard Life Protection range includes Term Assurance Plan & Loan Cover Term
Assurance Plan.

Investment Plans:
HDFC Standard Life Single Premium Whole of Life plan is well suited to meet long term
investment needs. HDFC Standard Life provides with attractive long term returns through regular
bonuses.
Pension Plans:
HDFC Standard Life Pension Plans help secure financial independence even after retirement.
Pension range includes Personal Pension Plan, Unit Linked Pension, and Unit Linked Pension Plus
Savings Plans.

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Savings Plans:
HDFC Standard Life Savings Plans offer flexible options to build savings for future needs such as
buying a dream home or fulfilling children’s immediate and future needs.
Group Products:
1. Group Term Insurance,
2. Group Variable Term Insurance,
3. Group Unit Linked Plan,
4. Gratuity Group Unit Linked Plan,
5. Superannuation Group Unit Linked Plan ,
6. Leave Encashment

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 PRODUCT PORTFOLIO

HDFC offers products as per the life stages of the customers and their respective needs.

Your insurance need will change as your life does, from starting to work to enjoying your golden
years and all the stages in between. Each one of these stages may pose a different insurance
need/cover for you. In this section, we have drawn up the basic life stages and help you analyze
various insurance needs accordingly.

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 LIFE STAGES & NEEDS IN HAT STAGES

STAGE 1: YOUNG & SINGLE

An important stage where one lays down the foundation of a successful life ahead. Take advantage
of the time and power of compounding to ensure that you build up your dreams. Start saving early

NEEDS:
 Save for Home & Wedding
 Tax Planning
 Save for Golden Years

STAGE 2: JUST MARRIED

Marriage brings about a significant change. New dreams and new opportunities
also bring in additional responsibilities. While both of you look forward to a happy and secure life, it
is equally important to ensure that eventualities don’t come in the way of shaping your dreams.

NEEDS:
 Planning for home / securing your home loan liability.
 Save for vacation.
 Save for your first child.

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 STAGE 3: PROUD PARENTS

Once you have children, your need for life insurance is even more. You need to protect your family
from an untoward incident. Ensure your protection umbrella takes into account the future cost of
securing your child’s dream. You will want life to go on for your loved ones, and having enough life
insurance is a way to help ensure that.

NEEDS:
 Provide for children's education
 Safeguarding family against loan liabilities
 Savings for post-retirement

STAGE 4: PLANNING FOR RETIREMENT

While you are busy climbing the ladder of success today, it is important for you
to take time and plan for your life after retirement. Having an early start for retirement planning can
make a significant difference to your savings. Think about your golden years even before you have
reached them. The key is to think ahead and plan well using your time and money.

NEEDS –
 Provide for regular income post retirement
 Immediate Tax benefits
 Lead a secure, independent and comfortable life style in your retirement years.

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COMPARITIVE ADVANTAGE OVER COMPETITORS PRODUCT:

• I compared two products, ICICI smart kid unit link and HDFC young star, in both the
policies parent is insured and child in nominee or beneficiary,

• Both the policies contains same features, only additional rider is available in smart kid is
income benefit rider (IBR), how this rider works? this rider comes in the picture when the
parent expires or becomes permanent disable at that time this rider pay 10% of sum
assurance to nominee,

• HDFC Young star offers Insurance Cover up to 20 Times of Annual Premium. You may Pay
Rs. 30000 per year & take Insurance Cover of Rs. 6 Lacs.

• You may take Critical Illness Rider in HDFC Young star up to 65 years Age(as it Cheaper
than other ULIPS ).

• The returns from HDFC Tax saver, HDFC LT Advantage fund are better than the returns
from HDFC Standard Life Equity Fund.

• HDFC Standard ULIP Returns are over 70% in last 1 year.

• HDFC Young star with Maximum Insurance Cover of Rs.3.6 Lacs

2.3 MILESTONES IN THE HISTORY

• HDFC is India’s leading housing finance institution and has helped build more than 23,
00,000 houses since its incorporation in 1977.
• In Financial Year 2003-04 its assets under management crossed Rs.36000Cr.
• As at March 31, 2004, outstanding deposits stood at Rs. 7,840 crores. The depositor base
now stands at around 1 million depositors.
• Rated ‘AAA’ by CRISIL and ICRA for the 10th consecutive year
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 • Awarded The Economic Times Corporate Citizen of the year Award for its long-standing
commitment to community development.
• Presented the ‘Dream Home’ award for the best housing finance provider in 2004 at the
third Annual Outlook Money Awards
• HDFC Standard Life Insurance is the first private life insurance company to be granted a
license by IRDA
• Rated as the "Best New Insurer - 2003" by Outlook Money magazine, India’s number 1
personal finance magazine
• Rated by ‘Business world’ as ‘India’s Most Respected Private Life Insurance Company’ in
2004.
• Has the highest brand recall, close to 80% (Source: AC Neilson ORG MARG, April 2005)
• Has one of the widest branch networks with offices in over 100 cities servicing over 440
towns

2.4 COLLABORATIONS & AFFILIATIONS:

SUBSIDIARY AND ASSOCIATE COMPANIES:

• HDFC Bank
• HDFC Mutual Fund
• HDFC Standard Life Insurance Company
• HLSIL
• HDFC Chubb General Insurance Company Ltd.
• Intelnet Global Services Ltd.
• Other Companies Co-Promoted by HDFC
• Financial Information with regard to Subsidiary Companies

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 BANCASSURANCE
GROUP COMPANIES PARTNERS

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2.5 HEAD OFFICES AND BRANCHES
HEAD OFFICE: HDFC Standard Life Insurance Co. Ltd.
'Trade Star', 2nd floor, ’A’ Wing,
Junction of Kondivita and M.V. Road,
Andheri-Kurla, Road,
Andheri (East), Mumbai - 400 059.
PHONE: (Board) (022) 2822 0055 / 6751 6666
Fax: 2822 9998 / 2822 2414

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BRANCH LOCATIONS SITE MAP:

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2.6 TABLE OF FINANCIAL FIGURES:

APR-MAR
PARAMETERS APR-MAR
2005-06 GROWTH (%)
2004-05 (Rs.Cr.)
(Rs.Cr)
Total received premium 668.40 1532.21 129.23
New business 486.15 1028.94 111.65
Renewal 182.25 503.27 103.47
Effective Premium Income
436.08 887.30 103.47
(Total)
Group Business Premium (EPI) 49.40 135.15 173.58

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2.7 QUALITY POLICY:

• SECURITY: Providing long term financial security to our policy holders will be our
constant endeavor. 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.
• INNOVATION: Recognizing the different needs of our customers, we will be offering a
range of innovative products to meet these needs.
• INTEGRITY
• CUSTOMER CENTRIC
• PEOPLE CARE “ONE FOR ALL AND ALL FOR ONE”
• TEAM WORK
• JOY AND SIMPLICITY

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 2.8 ORGANIZATION CHART:

Chairman

MD

Zonal Manager

Regional Manager

Retail Marketing Alternative Chanel Operation Chanel Human Resource

MMMarkeMMar

Territory Manager Territory Manager Team Manager HR Executive

Branch Manager Branch Manager Operation Manager

Asst. B.M. Channel Executive

Business Dev. Mgr.

Sales Dev. Mgr.

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 CHAPTER 3: RESEARCH OBJECTIVES & SCOPE OF RESEARCH PROJECT

3.1 PROBLEM DEFINATION:

Recruit consultants were with good background human being and through rigorous process of
recruitment but still not able to perform up to the expectation level of company, HR is not able to
short out the problem why the performance is not coming even after giving the full marketing
support.

3.2 OBJECTIVES OF RESEARCH PROJECT:

PRIMARY OBJECTIVES:

• To recruit more and more Financial Consultant and to promote the benefits those are
provided by HDFC Standard Life to its Financial Consultants
• To find the different way of recruiting and selecting the Financial Consultants who can
produce more and fruitful results.
• To study awareness of the HDFC Standard life insurance

SECONDARY OBJECTIVES:

• To determine the need and purpose of Financial Consultant.

• To understand the deciding criteria for people to become Financial Consultant.
• To collect and analysis the information of prospect candidates in order to make them appear
in front of management so that they can be selected as Financial consultant.
• To offer suggestions based upon the findings.

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3.3 GEOGRAPHICAL SCOPE:

The same problem was with the all other branches of HDFC even out of the Pune city. The
management is conducting the same research on a big ground while my contribution is tiny. Though
my sample size and geographical area was defined and confine to a particular territory but the
application of out put from the research are going to be wide.

3.4 PROJECT SCOPE:

• Market segmentation to find the potential consultants for HDFCSLIC.

• To customize benefit package for consultants and help them to overcome their agency
problem arising out of their sedentary nature of work.
• Corporate marketing of this product.

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CHAPTER 4: RESEARCH METHODOLOGY & LIMITATIONS

All the findings and conclusions obtained are based on the survey done in the working area within
the time limit. I tried to select the sample representative of the whole group during my job training. I
have collected data from Chartered Accountants, Tax Consultants, Businessman, Share Brokers,
Lawyers, Working Professionals, House Wives and Retired Persons in Pune.

RESEARCH PLAN:

1. Preliminary Investigation: In which data on the situation surrounding the problems shall be
gathered to arrive at
• The correct definition of the problem.
• An understanding of its environment.
2. Exploratory Study: To determine the approximate area where the problem lies.

4.1 RESEARCH DESIGN:

Research was initiated by examining the secondary data to gain insight into the problem. By
analyzing the secondary data, the study aim is to explore the short comings of the present system
and primary data will help to validate the analysis of secondary data besides on unrevealing the
areas which calls for improvement.

DEVELOPING THE RESEARCH PLAN:

The data for this research project has been collected through self Administration. Due to time
limitation and other constraints direct personal interview method is used. A structured questionnaire
was framed as it is less time consuming, generates specific and to the point information, easier to
tabulate and interpret. Moreover respondents prefer to give direct answers. In questionnaires open
ended and closed ended, both the types of questions has been used.

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COLLECTION OF DATA:

1: Secondary Data: It was collected from internal sources. The secondary data was collected on the
basis of organizational file, official records, news papers, magazines, management books, preserved
information in the companies’ database and website of the company.
2: Primary data: All the Chartered Accountants, Tax Consultants, Insurance Agents, Auto loan
providers were personally visited and interviewed. They were the main source of Primary data. The
method of collection of primary data was direct personal interview through a structured
questionnaire.

4.2 SAMPLING PLAN:

Since it is not possible to study whole universe, it becomes necessary to take sample from the
universe to know about its characteristics.

• Sampling Units: Chartered Accountants, Tax Consultants, Lawyers, Business Man,

Professionals and House Wives of Pune.
• Sample Technique: Random Sampling.
• Research Instrument: Structured Questionnaire.
• Contact Method: Personal Interview.

4.3 SAMPLE SIZE:

My sample size for this project was 200 respondents. Since it was not possible to cover the whole
universe in the available time period, it was necessary for me to take a sample size of 200
respondents.

4.4 DATA COLLECTION INSTRUMENT DEVELOPMENT:

The mode of collection of data will be based on Survey Method and Field Activity. Primary data
collection will based on personal interview. I have prepared the questionnaire according to the
necessity of the data to be collected.

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4.5 RESEARCH LIMITATIONS:

• It was not possible to understand thoroughly about the different marketing aspects of the
Financial Consultant within 60 days.
• As stipend, money was not given it was difficult to continue the project work.
• All the work was limited in some limited areas of Jodhpur so the findings should not be
generalized.
• The area of research was Jodhpur; It was too vast an area to cover within 60 days.

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CHAPTER 5: DATA ANALYSIS, INTERPRETATION AND PRESENTATION

1. Your Age?

TABLE
Sr. No. Category No. of Respondents Percentage
1 18-23 Years 40 20%
2 24-29 Years 70 35%
3 30-35 Years 60 30%
4 35 & above 30 15%
Total 200 100%
Base 200 respondents

GRAPH

Interpretation
From the table and graph above it can be seen that
 20% respondent’s age are 18 to 23 years.
 35% respondent’s age are 27 to 29 years.
 30% respondent’s age are 30 to 35 years.
 15% respondent’s age are 35 to above years.

2. Marital status?

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TABLE
Sr. No. Category No. of Respondents Percentage
1 Married 140 70%
2 Unmarried 60 30%
Total 200 100%
Base 200 respondents

GRAPH

Interpretation
From the table and graph above it can be seen that
 70% respondent’s are married.
 30% respondent’s are unmarried.

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3. Educational Qualification?

TABLE
Sr. No. Category No. of Respondents Percentage
1 Under graduate 50 25%
2 Graduate 80 40%
3 Post graduate 70 35%
Total 200 100%
Base 200 respondents

GRAPH

Interpretation
From the table and graph above it can be seen that
 25% respondent’s are Under graduate.

 40% respondent’s are Graduate.

 35% respondents are Post graduate.

4. Number Of year’s Are You in Pune?

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TABLE
Sr. No. Category No. of Respondents Percentage
1 Less than five years 78 39%
2 More than five years 122 61%
Total 200 100%
Base 200 respondents

GRAPH

Interpretation
From the table and graph above it can be seen that
 39% respondent’s are in Pune is less than five year’s.
 61% respondent’s are in Pune is more than five year’s.

5. Your Occupation?

TABLE

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 Sr. No. Category No. of Respondents Percentage
1 Business 40 20%
2 Profession 108 54%
3 Service 52 26%
Total 200 100%
Base 200 respondents

GRAPH

Interpretation
From the table and graph above it can be seen that
 20% respondent’s Occupation is Business.
 26% respondent’s Occupation is Profession.
 54% respondent’s Occupation is Service.

6. Your annual household income?

TABLE
Sr. No. Category No. of Respondents Percentage
1 Less than 2 lacs 98 49%

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 2 Between 2 to 5 lacs 62 31%
3 Between 5to 8lacs 30 15%
4 More than 8 lacs 10 5%
Total 200 100%
Base 200 respondents

GRAPH

Interpretation
From the table and graph above it can be seen that
 49% respondent’s annual household income is less than 2 lacs.

 31% respondent’s annual household income is between 2 to 5 lacs.

 15% respondent’s annual household income is between 5 to 8 lacs.

 5% respondent’s annual household income is more than 8 lacs.

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

TABLE
Sr. No. Category No. of Respondents Percentage
1 Yes 84 42%
2 No 116 58%

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 Total 200 100%
Base 200 respondents

GRAPH

Interpretation
From the table and graph above it can be seen that
 42% respondent’s are member of a club/gymkhana.

 58% respondent’s are not member of a club/gymkhana.

8. What is your perception about insurance sector?

TABLE
Sr. No. Category No. of Respondents Percentage
1 Hard and lucrative 60 30%
2 Hard but not rewarding 18 9%
3 Smooth and rewarding 82 41%
4 No idea 40 20%

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 Total 200 100%
Base 200 respondents

GRAPH

Interpretation
From the table and graph above it can be seen that
 30% respondent’s perception about insurance sector is Hard & lucrative.
 9% respondent’s perception about insurance sector is hard but not rewarding.
 41% respondent’s perception about insurance sector is Smooth & rewarding.
 20% respondent’s perception about insurance sector that they have no idea.

9. Do you know about HDFC Standard Life Insurance?

TABLE
Sr. No. Category No. of Respondents Percentage
1 Yes 164 82%
2 No 36 18%
Total 200 100%
Base 200 respondents

GRAPH

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Interpretation
From the table and graph above it can be seen that
 85% respondent’s are known about HDFC Standard life insurance.

 15% respondent’s are not known about HDFC Standard life insurance.

10. Do you have any Insurance Policy?

TABLE
Sr. No. Category No. of Respondents Percentage
1 Yes 160 80%
2 No 40 20%
Total 200 100%
Base 200 respondents

GRAPH

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Interpretation
From the table and graph above it can be seen that
 80% respondent’s have insurance policy.

 20% respondent’s do not have insurance policy.

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11. Name of Insurance Company?

TABLE
Sr. No. Category No. of Respondents Percentage
1 LICI 104 65%
2 ICICI 16 10%
3 HDFC SLIC 8 5%
4 OTHERS 32 20%
Total 160 100%
Base 160 respondents

GRAPH

Interpretation
From the table and graph above it can be seen that
 65% respondent’s are insured by LICI.
 10% respondent’s are insured by ICICI.
 5% respondent’s insured by HDFCSLIC.
 20% respondent’s insured by OTHERS.

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12. Do you hold any license of any insurance company?

TABLE
Sr. No. Category No. of Respondents Percentage
1 Yes 70 35%
2 No 130 65%
Total 200 100%
Base 200 respondents

GRAPH

Interpretation
From the table and graph above it can be seen that
 35% respondent’s are holding license of any insurance company.
 65% respondent’s are not holding license of any insurance company.

13. Are you satisfied with the company?

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TABLE
Sr. No. Category No. of Respondents Percentage
1 Yes 42 60%
2 No 28 40%
Total 70 100%
Base 70 respondents

GRAPH

Interpretation
From the table and graph above it can be seen that
 60% respondent’s are satisfied with their insurance company.
 40% respondent’s are not satisfied with their insurance company.

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

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TABLE
Sr. No. Category No. of Respondents Percentage
1 Yes 82 41%
2 No 118 59%
Total 200 100%
Base 200 respondents

GRAPH

Interpretation
From the table and graph above it can be seen that
 41% respondent’s are known about HDFC Standard Life Insurance recruitment policies
related to financial consultant.
 59% respondent’s are not known about HDFC Standard Life Insurance recruitment policies
related to financial consultant.

15. Will you be interested to become Financial Consultant?

TABLE
Sr. No. Category No. of Respondents Percentage
1 Yes 60 30%

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 2 No 140 70%
Total 200 100%
Base 200 respondents

GRAPH

Interpretation
From the table and graph above it can be seen that
 30% respondent’s are interested to become financial consultant.
 70% respondent’s are not interested to become financial consultant.

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16. Would you like to earn an additional income through a business opportunity with HDFC
STANDARD LIFE?

TABLE
Sr. No. Category No. of Respondents Percentage
1 Yes 54 90%
2 No 6 10%
Total 60 100%
Base 60 respondents

GRAPH

Interpretation
From the table and graph above it can be seen that
 90% respondent’s are interested to earn additional income.
 10% respondent’s are not interested to earn additional income

CHAPTER 6: CONCLUSIONS & SUGGESTIONS

CONCLUSIONS:
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HDFC Standard Life, the insurance arm of HDFC is expected to go on stream. Promoted by HDFC
& Standard Life, already has good number of employees on board and is recruiting Financial
Consultants heavily to take the headcount to many more. It is on the brim of increasing its client
through its attractive schemes and offer.

The project opportunities provided was market segmentation and identifying prospective clients in
potential geographical location and for recruiting them as financial consultant so to explore new
Business Opportunity. Through this project, it could be concluded that people are not much aware
about the various benefit of being Financial Consultant that are currently prevailing in the insurance
industry.

Insurance was considered as unsought good which require hard core selling, but in changing trend in
income and people becoming financially literate, the demand for insurance is increasing day by day.
So, it is the company that first approaches gets its share of reward. Proper after sale service can help
the advisors to generate more business. Gradually people are realizing the fact that insurance is not a
necessary evil but means to attain worry free life.

This activity much attract unemployed people as for them a source of income is a great help for
developing there future. Company’s promotional activities for recruiting Financial Consultant are
also very less.

So, at last the conclusion is that there is tough competition ahead for the company from its major
competitors in terms of number of Financial Consultants.

Last but not the least I would like to thank HDFC SLI for giving me an opportunity to work in the
field of Financial Consultant. I hope the company finds my analysis relevant.

SUGGESTIONS:
Finally some recommendations for the company are as fallows:-

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 To make people aware about the benefit of becoming HDFC Standard Life’s Financial
Consultant, following activities of advertisement should be done through

1. Print Media.
2. Hoarding & Banners.
3. Stalls in Trade Fares
4. Distribution of leaflets containing details information.
5. Company can recruit sales promoters so that maximum information can be provided
to the potential client.

 By showing additional and alternative income source along with various schemes for
Financial Consultant in the company so that more and more FC can be recruited.

 Free life cover for every active Financial Consultant.

 Discounted rate premium for its family members.

 Make people understand about the meaning of the IRDA authorization and its validity.

 Company should organize the program in the society, so that people will be aware about the
company

 Separate time slot for Working Professionals, House Wives and Retired people.

 Agency of non-life products should also be provided along with life.

 Company should open more branches in different cities

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 CHAPTER 7: LIMITATIONS

Every work has its own limitation. Limitations are extent to which the process should not
exceed. Limitations of this project are:-

 The project was constrained by time limit of two months.

 Mindset of people may very depending upon their age, gender, income etc.
 Getting appointment from the concern person was very difficult.
 People mind set about the survey was an obstacle in acquiring complete information &
positive interaction.
 Respondents were very busy in their schedule. So it was very time taken in every
Questionnaire response by them.

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 QUESTIONNAIRE

Dear Sir/Madam,

I am a student of VYAS INSTITUTE OF MANAGEMENT, JODHPUR and presently doing a

market survey “MARKET RESEARCH ON FINANCIAL CONSULTANTS FOR HDFCSLIC”. I
request you to kindly fill the questionnaire below and I assure you that the data generated shall be
kept confidential.

.
Name: ………………………………………………………………………..

Address: ……………………………………………………………………..

Contact No :®………………( O)……………… (M)………………………

City: ………...............Pin: ………………….State: ……………………….

1. Your Age: ____________________

2. Education Qualification.

• Undergraduate □
• Graduate □
• Post graduate □

3. Marital Status.

• Married □
• Single □
No. of Children: __________
4. Number Of year’s Are You in Pune.

• Less than five year’s □

• More than five year’s □

5. Occupation.

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 • Business □
• Profession □
• Service □
(Please mention below the type of business/profession you are in incase of service please mention
your organization name and designation)

6.Your annual household income.

• <than 2 lack □
• Between 2 to 5 lack □
• Between 5 to 8 lack □
• >than 8 lack □

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

• Yes □
• No □

If yes, Name of the club /gymkhana_______________________________________

8. What is your perception about insurance sector?

• Hard &lucrative □
• Hard but not rewarding □
• Smooth &rewarding □
• No idea □

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9. Do you know about HDFC SLIC?

• Yes □
• No □

10.Do you have any insurance policy?

• Yes □
• No □
11.Name insurance company?

• LICI □ ICICI

• HDFC SLIC □ OTHERS

If others, please specify___________________________________________________

12. Do you hold any license of any insurance company?

• Yes □
• No □
If yes, please specify which company________________________________________

Reason______________________________________________________________

13. Are you satisfied with the company?

• Yes □
• No □

Reason specify_________________________________________________________

14. Do you know about HDFC SLIC’s recruitment policies related to financial consultant?

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 • Yes □
• No □

15. Will you be interested to become financial consultant?

• Yes □
• No □

16. Would you like to earn an additional income through a business opportunity with HDFC
STANDARD LIFE?

• YES □
• NO □

17. If yes, how many hours in a week can you commit for this business opportunity?
______________________________________________________________________

Date:
Place: Signature

Thank You

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 BIBLIOGRAPHY

1.BOOKS AUTHORS
 Marketing Management (10th Edition) Philip Kotler
 Marketing Management (3rd Edition) V.S. Ramaswamy
 Research Methodology (2nd Edition) C.R.Kothary
 Research Methodology S.P. Kasande

2. NEWS PAPERS

 Times of India
 Financial Express

3. WEBSITES

 www.hdfcinsurance.com
 www.irda.com
 www.google.com

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