And Report On HDFC Slic

HDFC STANDARD LIFE INSURANCE, JAMSHEDPUR
A SUMMER TRANING REPORT
On
“A MARKET RESEARCH ON FINANCIAL CONSULTANT IN HDFC SLIC LIMITED, JAMSHEDPUR
At
HDFC STANDARD LIFE INSURANCE COMPANY LIMITED

JAMSHEDPUR
Prepared By
SACHIDANAND SINGH
(08fc128) PGDFC
Institutional Guide
Prof.S.P.PADHI
COMPANY GUIDE
MR.RAJNEESH KUMAR
As a partial fulfillment of PGPFC programmed
1
INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE,BHUBANESWAR
DECLARATION
I hereby declare that this project report submitted by us in Partial fulfillment

of the Post Graduate Diploma in Services FINANCE &
CONTROL from the Institute of Management and Information Science,
Bhubaneswar, is exclusively Prepared & conceptualized by me and is not
submitted to any other organization or Published anywhere before. This is
the work which is done by us under the guidance and supervision of my
Company guide Mr. RAJNEESH KUMAR (Sales development manager).
Signature
Date: ( Sachidanand Singh)
ACKNOWLEDGEMENT
2
At the very outset, I would like to express my sincere and profound gratitude to
Captain K.S.V Subramanian (Retd.), Chief Coordinator (Placement), IMIS for taking
the trouble to provide us an opportunity to undergo our summer training at HDFC
SLIC, outskirts of Jamshedpur in INSURANCE SECTOR.
I would also like to express MY deep sense of gratitude to Mr. RAJNEESH KUMAR,
(SDM) &MR B.P. KERKETA (HR HEAD), at HDFC SLIC JAMSHEDPUR, for
giving me an opportunity in getting exposure of functional aspects and practical
experience of an organization.
I also express my profound gratitude to Prof. S. P.Padhi (Faculty of finance & control,
IMIS), for helping, guiding and also giving required information and suggestions that
expand/enrich our knowledge to take a proper decision.
Last but not the least I am thankful to all the staff of HDFC SLIC JAMSHEDPUR, for
their kind cooperation for the success of my project.
THANK YOU…………………
EXECUTIVE SUMMARY
3
I had undergone a project in, HDFC SLIC LIMITED, JAMSHEDPUR, as a partial

fulfillment of Post Graduate Diploma in Finance & control from the Institute of
Management and Information Science. The project assigned to me is –“A market
research on financial consultant‟‟.
The major objectives of this project are:
1) To get an overview of the insurance industry.

2) To find out insurance pattern with their behavior in various aspects that is
time value of money.
3) To find out the technological innovations and strategies which are needed
to be adopted by the hdfc slic in order to retain their development, with
taking into account the changing customer preference and availability of
alternatives.
The principal methodology adopted in the project was conclusive surveys/Observation,

which was conducted with the help of interaction and some interview with the same for
the collection of primary data, and Internet, previous project report, magazines etc.,
was used for secondary data.
PREFACE
4
As a partial fulfillment of the PGPFC course in which Eight weeks training

has been incorporated in the curriculum, during which a study is to be done
in an organization mainly to extract the practical knowledge & skill from
actual work environment. This project provided me an opportunity to gain
profound insight into a practical applicability of management concepts and
developing better ability to analyze problems and decisions that has
contributed significantly for better use of resources available to the
management.
To understand and to apply the concepts of the curriculum, I have
undergone summer training in HDFC STANDARD, JAMSHEDPUR, in the
title of the project––“A MARKET RESEARCH ON FINANCIAL
CONSULTANT”. For which a report has been prepared with suggestions
and opinion of the respective subject given by me.
In this report every possible step that had been taken in the
project are shown as a glimpse, with a hope that it will be a tool to help the
organization through the findings and opinion given in the report.
CONTENTS
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 Certificate I
 Declaration II
 Acknowledgement III
 Executive Summary IV
 Preface V
Chapter I
Introduction 08
1.1 Objective
1.2 Scope 09
Chapter II
2.1 Introduction 10
2.2 A complete view on FINANCIAL CONSULTANT 11
Chapter III
3.1 Company Profile 17
3.2 Product scope 24
Chapter IV
4.1 4.1 Data analysis and Interpretation 46
4.2 4.2 Findings/Conclusions 62

Chapter V
Bibliography 69
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Chapter-I
 OBJECTIVE
 Scope
1.1 OBJECTIVES
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Our overall objective in writing this report is: -
 To get an overview of the FINANCIAL ADVISOR.
 To find out FINANCIAL CONSULTANT WORKING BEHAVIOR and their

spending power in various aspects that are time value of money and
flexibility towards hdfc slic.
 To analyze the extent to which FINANCIAL CONSULTANTS ARE AS
instrumental in the development of insurance for HDFC SLIC.
 To find out the technological innovations and strategies which are

needed to be adopted by the hdfc in order to retain their
development, with taking into account the changing customer
preference and availability of alternatives through financial
consultant.
1.2 SCOPE
8
People differ from each other not only due to the biological characteristics but also due
to financial position such as income, expenditure, saving they have. According to these
their needs varied from each other. Due to this the financial requirement and ability to
get the requirement differ from person to person so the financial strategies/ market.
The title of my project is ––“A market research on financial consultant” means
 To find out the Behavior pattern and side by side their spending power in
various aspects that are time value of money, flexibility etc.
 To gain a lucrative career.
To have a clear and practical exposure of the corporate .
2.1 INTRODUCTION:-
At HDFC Standard Life Insurance, I was assigned with the topic as
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“Market Research on Financial Consultant” for my project works. 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.
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 He should have convincing power.
 He should be above 18th year old.
2.2 Work of financial consultant:
The FC is the interface between the customer and insurance company. The agent
should be able to accomplish the following service.
 Assessing and analyzing the clients risk profile.
 Finding the best product or products available in the market.
 Negotiating the best deal available.
 Continuity of service throughout the period of insurance.
Recruitment of Financial consultant (FCs) of a excellent profile and their retention

strategies and what are their benefit that company going to provided for retention of
their FCs.
(A) What type of people are we looking for?
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 Committed people who have the drive, determination and ability to

become professional financial consultants.
 Ability to sell a range of financial products.
(B) What do We Expect from financial Consultant?

 Devote a time and energy during training.
 Sell at least 5 policies each month once after licensed with company.
 We look forward to a long term mutually beneficial relationship.

(C) Why should financial consultant choose HDFC standard life ?
Brand value and the reputation of the partners (HDFC Limited) Market leader in
housing finance:
o 15 lakhs home financed.
o lakhs retail deposits customer base.
 Reputation for providing the higher standards of customer service.

 Financial Strength of the partners.
 Brand value and the reputation of the partners standard life:
 175 years experience in life insurance.
 Largest mutual life insurer in Europe.
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 Product innovation.
Strategies:
Strategies Employed to achieve the target are as follows:-
 Telecalling
 Contacting the person directly (interview)
 Collect references.
Some important steps to make effective telecalling:-
1. Open the call in a friendly and positive way.

2. State the name, position and company name.
3. Check the prospect has time to speak.
4. State the reason for the call.
5. Clearly succinctly explain how the meeting will be benefiting the prospect.
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.
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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.
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 the critical situation or
problems.
IMPORTANCE TO THE COMPANY:
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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.
LEARNING FROM THE STUDY:
 The process of recruitment of HDFC SLIC limited.
 How is the training given?
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 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?
3.1 ORGANIZATIONAL PROFILE
FORMATION OF COMPANY
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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.
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HDFC‟s main goals are to:
 Develop close relationships with individual households.
 Maintain its position as the premier housing finance institution in the

Country.
 Transform ideas into viable and creative solutions.
 Provide consistently high returns to shareholders.
 To grow through diversification by leveraging off the existing client
base.
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.
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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
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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:
1. The Standard Life group has been looking after the financial needs of
customers for over 182 years ·
2. 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.
3. Its investment manager currently administers £125 billion in assets
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4. 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
5. Standard Life was awarded the 'Best Pension Provider' in 2004, 2005 and
2006 at The Money Marketing Awards, and
6. It was voted a 5 star life and pension‟s provider at the Financial Adviser
Service Awards for the last 10 years running.
7. 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.
8. 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.:
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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
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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.
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.
3.2 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.
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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
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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 PRODUCT:
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,
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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.
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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
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.
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.
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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 Pla6. Leave Encashment
PRODUCT PORTFOLIO:
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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
29
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.
LIFE STAGES & NEEDS IN THAT 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.
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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.
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 Save for vacation.
 Save for your first child.
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
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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
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Style in your retirement years.
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 Youngster 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).
·
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 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
than23, 00,000 houses since its incorporation in 1977.
 In Financial Year 2003-04 its assets under management crossed Rs.36,000Cr.
 · 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
longstanding 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.
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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.
 Intel net Global Services Ltd.
 Other Companies Co-Promoted by HDFC

 Financial Information with regard to Subsidiary Companies
37
GROUP COMPANIES
38
BANCASSURANCE 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:
________________________________________________
PARAMETERS APR-MAR
2004-05 (Rs.Cr)
APR-MAR
2005-06 (Rs.Cr)
GROWTH (%)
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
(Total)
436.08 887.30 103.47
Group Business Premium (EPI) 49.40 135.15 173.58
2.6 TABLE OF FINANCIAL FIGURES:
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.
41
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
42
BUSINESS PERFORMED BY HDFC SLIC, JAMSHEDPUR in FY 2008.
branch-3, 65,
16%
branch-4, 150, branch-1
branch-2, 65,
38% branch-2
16%
branch-3
branch-4
branch-1, 120,
30%
43
Chairman
MD
ZONAL
MANAGER
REGIONAL
MANAGER
Retail Alternative Operation Human

Marketing Chanel Chanel Resource
TERRITORY Territory Team

MANAGER Manager Manager HR Executive
Branch Branch Operation

manager Manager Manager
Channel
Asst. B.M. Executive
Business
Dev. Mgr
Sales Dev
. Mgr.
44
4.1 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
45
 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.
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
46
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.
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.
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RESEARCH PLAN:
 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.
 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
48
prefer to give direct answers. In questionnaires open ended and closed ended, both the
types of questions has been used.
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.
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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: Financial consultant/advisors who are working in HDFC

STANDARD LIFE, JAMSHEDPPUR.
 Sample Technique: Random Sampling.
 Research Instrument: Structured Questionnaire.
 Contact Method: Personal Interview.
4.3 SAMPLE SIZE:
My sample size for this project was 100 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 100 respondents.
50
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 base on personal interview. I have prepared the
questionnaire according to the necessity of the data to be collected.
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 Jamshedpur so the findings
should not be generalized.
 The area of research was Jamshedpur; It was too vast an area to cover within 60
days.
51
CHAPTER 5: DATA ANALYSIS, INTERPRETATION AND PRESENTATION
1. Your annual income
TABLE
1 <2 lacs 26
2 Between 2 to 5 lacs 40
3 Between 5 to 8 lacs 30
4 >8 lacs 4
GRAPH
Slice 1
<2 lakh
between 2 to 5 lakh
between 5 to 8 lakh
>8 lakh
52
Interpretation
From the table and graph above it can be seen that
 26% respondent „have more than 2 lakh.

 40% respondent‟s annual incomes are 2 to 5 lakh.
 30% respondent‟s annual incomes are 5 to 8 lakh.
 04% respondent‟s incomes are more than 8 lakh.
2. Source from which you join it
TABLE
1 Personal contact 43
2 advertisement 29
3 Field activity 21
4 other 07
53
personel
contact
advertisment
field activity
other
GRAPH
Interpretation
 43% respondents are joined through personal contact.

 29% respondents are joined through advertisement.
 21% respondents „are joined through field activity.
 7% respondents are joined through others activity.
54
3. why you have chosen it?
TABLE
1 Attractive incentive 43
2 Commission 29
3 Self development 21
4 career 07
GRAPH
career attractive
self
incentive
developm 11%
30%
ent
19%
commissi
on
40%
attractive incentive commission

self development career
55
Interpretation
 25%respondent‟s chose it to gain attractive incentives.

 40% respondent‟s are choose it to gain commission.
 35% respondents are choose because for self development.
4. No. of phone calls you do daily
TABLE
1. 15-20 30
2. 20-30 19
3. 30-40 35
4. More than this 16
GRAPH
15-20 20-30 30-40 more than this
3-D Pie 1, 16%

3-D Pie 1, 30%
3-D Pie 1, 35%

3-D Pie 1, 19%
56
Interpretation
 30% respondents are do phone calls 15-20 daily.

 19% respondents are do phone calls 20-30 daily.
 35% respondents are do phone calls 30- 40 daily.
 16% respondents are do phone calls more than this daily.
5. no. of customers you meet daily.
TABLE
1. 1-2 14
2. 2-4 16
3. 4-6 40
4. more 30
57
GRAPH
40 4--6, 40
35
30 more, 30
25 1---2
2--4
20
2--4, 16 4--6
15 1---2, 14 more
10
5
0
Interpretation
 14% respondent‟s meet 1-2 costomers daily.

 16% respondent‟smeet2-4 costomers daily
 40% respondent‟s meet 4-6 costomers daily
 30% respondent‟s meet more than this daily.
58
6. Number of policy sold annually.
1. 5-10 16
2. 10-15 34
3. 15-20 42
4. more 08
Graph
more 5…..10
8% 16%
5…..10
10…15
15….20 15….20
42% 10…15 more
34%
Interpretation:
From the graph and table I conclude that:-
59
o 42% respondents sold 15-20 policy annually.

o 34% respondents sold 10- 15 policy annually.
o 16% respondents sold 5- 10 policy annually.
o 08% respondents sold more than that nos.
07. which policy you sold more
1 Endowment plan 45
2 Money back plan 32
3 Children plan 13
4 Pension plan 10
endowment plan
money back plan
children plan
pension plan
Interpretation:-
From the graphi conclude that:-

o 45% FC sell endowment plan.
60
o 32% FC sell money back plan.

o 13% FC sell children plan.
o 10% FC sell pension plan.
4.2 CONCLUSIONS & SUGGESTIONS

________________________________________________
CONCLUSIONS:
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
61
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
SLIC 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:-
62
 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.
63
 Make people understand about the meaning of the IRDA authorization and its
validity.
 Companyshould 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.
 Companyshould open more branches in different cities.
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.
64
 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.
65
Questionnaire
Name:-
Address:- Contact No: - City:-
Pin: - State:-
1. Your annual household income.
(a) <than 2 lacs □ (b) between 2 to 5 lacs □

(c) Between 5 to 8 lacs □ (d) >than 8 lacs □
2. From which source you join HDFC SLIC

(a) Personnel contact (b) advertisement (c) Field activity (d) other
3. Why you have chosen as a FA/FC in HDFC SLIC not in other.

(a) Attractive incentive (b) commission
(c) Self development (d) career
4. Number of phone calls you do daily

(a) 15 -20 (b). 20-30 (c). 30-40 (d). More than this
5. Number of customers you meet daily
(a.) 1-2 (b). 2-4 (c) 4-6 (d) More
66
6. Number of policy sold annually.

(a). 5-10 (b). 10-15 (c). 15-20 (d). More
7. Which policy you sold more.

(a) Children plan (b) money back plan (c) endowment plan (c) pension
plan (e) others.
8. Are you a member of a club/gymkhana?

Yes □ · No □
9. Are you satisfied with the company?
Yes □ · No □
Reason
specify_________________________________________________________
10.Would you like to earn an additional income through a business

opportunity with HDFC STANDARD LIFE?
YES □ · NO □
11.Where you want to see yourself after doing a job of 5 years in HDFC SLIC,
JAMSEDPUR.
Thank you
67
BIBLIOGRAPHY
1. BOOKS AUTHORS
 Marketing Management (10th Edition) Philip Kotler
 Marketing Management (3rd Edition) V.S. Ramaswamy
 Research Methodology (2nd Edition)
 Research Methodology C.R.Kothary S.P. Kasande
2. NEWS PAPERS
Times of India
 Financial Express
3. WEBSITES
 www.hdfcinsurance.com
 www.irda.com
 www.google.com
68

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HDFC STANDARD LIFE INSURANCE, JAMSHEDPUR

A SUMMER TRANING REPORT

HDFC STANDARD LIFE INSURANCE COMPANY LIMITED

As a partial fulfillment of PGPFC programmed

I hereby declare that this project report submitted by us in Partial fulfillment

I had undergone a project in, HDFC SLIC LIMITED, JAMSHEDPUR, as a partial

1) To get an overview of the insurance industry.

The principal methodology adopted in the project was conclusive surveys/Observation,

As a partial fulfillment of the PGPFC course in which Eight weeks training

4.2 4.2 Findings/Conclusions 62

Our overall objective in writing this report is: -

 To get an overview of the FINANCIAL ADVISOR.

 To find out FINANCIAL CONSULTANT WORKING BEHAVIOR and their

 To analyze the extent to which FINANCIAL CONSULTANTS ARE AS

instrumental in the development of insurance for HDFC SLIC.

 To find out the technological innovations and strategies which are

The title of my project is ––“A market research on financial consultant” means

At HDFC Standard Life Insurance, I was assigned with the topic as

 He should be at least 12th passed.

 He should complete IRDA training.

 He should clear the IRDA exam.

 He should through successfully the exam and training.

Some other criteria:

 He should have good personal contacts.

 He should have convincing power.

 He should be above 18th year old.

2.2 Work of financial consultant:

Recruitment of Financial consultant (FCs) of a excellent profile and their retention

 Committed people who have the drive, determination and ability to

(B) What do We Expect from financial Consultant?

 Reputation for providing the higher standards of customer service.

Some important steps to make effective telecalling:-

1. Open the call in a friendly and positive way.

REASON FOR SELECTION OF THIS TOPIC:

IMPORTANCE TO THE COMPANY:

LEARNING FROM THE STUDY:

 The process of recruitment of HDFC SLIC limited.

 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

 How to convince and convert the prospect client into real

3.1 ORGANIZATIONAL PROFILE

HOUSING DEVELOPMENT FINANCE CORPORATION:

HDFC operates through 75 locations throughout the country with its

HDFC‟s main goals are to:

 Develop close relationships with individual households.

 Maintain its position as the premier housing finance institution in the

 Transform ideas into viable and creative solutions.

 Provide consistently high returns to shareholders.

 To grow through diversification by leveraging off the existing client

The Standard Life Assurance Company ("Standard Life") was established in

STANDARD LIFE ASIA LIMITED/JOINT VENTURES:

STANDARD LIFE GROUP:

3. Its investment manager currently administers £125 billion in assets

INCORPORATION OF HDFC STANDARD LIFE INSURANCE CO. LTD.:

HDFC Standard Life Insurance Company Ltd. is one of India‟s leading

Development Finance Corporation Limited (HDFC Ltd.), India‟s leading

3.2 PRODUCT SCOPE:

1. HDFC Children's Plan,

2. HDFC Endowment Assurance Plan,

3. HDFC Loan Cover Term Assurance Plan,

4. HDFC Money Back Plan,