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Last but not least we are indebted to those

entire people who indirectly contributed and whom

this work should not have been possible.

Endeavour has been made to make the project

error free yet I apologies for the mistakes.

.

DECLARATION

I hereby declare that his project report entitled A DETAILED STUDY

OF RECRUITMENT AND RETNETION STRATEGIES OF FCs IN LIFE

INSURANCE INDUSTRY WITH A SPECIAL FOCUS TO HDFC SLIC

held at , is the result of Original work Carried out by me during

40 Days. () in intensive study of the field, for the award of the

Degree of MASTERS OF BUSINESS ADMINISTRATION.

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This Report has not been copied from anywhere, up to the best of my

belief and knowledge. It has not been submitted anywhere else for Award of

any other Degree/diploma.

VISION STATEMENT

The most successful and admired life insurance company,

which means that we are the most trusted company, the easiest to deal

with, offer the vest values for money, and easiest the standards in the

industry, In short, Them most obvious choice for all.

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VALUES

Integrity

Innovation

Customer centric.

People care.

Team work.

Joy and Simplicity.

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INDUSTRY PROFILE

INSURANCE:

Insurance can be defined as assurance for uncertainty. Insurance is about something

going wrong. Its often about things going right.; One of the Wonders of human nature is

that we never believe anything can actually go wrong.

The insurance sector in India has come a full circle from being an open competitive

market to nationalization and back to liberalized market again. Tracking the development

in Indian insurance sector reveals the 360 degree turn witnessed over a period of almost

two centuries.

The business of life insurance in Indian in its existing form started in India in the year

1818 with the establishment of Oriental Life. Insurance Company in Calcutta. Some of

the important milestones in life insurance business in India are.

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INSURANCE REGULATORYAND DEVELOPMENT AUTHORITY

Reforms in the Insurance sector were initiated with the passes of the IRDA Bill in

Parliament in December 1999. The IRDA since its incorporation as a statutory body in

April 2000 has fastidiously such to its schedule of framing regulations and registering the

private sector insurance companies.

The other d4ecisoin taken simultaneously to provide the supporting systems to the

insurance sector and in particular the life insurance companies was the launch of the

IRDA online service for issue and renewal of licenses to agents.

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COMPANY PROFILE

HDFC Standard Life Insurance Company Ltd.

HDFC Incorporated in 1977 with a share capital of Rs 10 Crores, HDFC has sinceemerged 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 grosspremium income for the year ending March 31, 2007 stood at Rs. 2, 856 crores and newbusiness premium income at Rs. 1,624 crores. The company has covered over 8,77,000lives year ending March 31, 2007.

HDFC operates through almost 450 locations throughout the country with its corporatehead quarters in Mumbai, India. HDFC also has an International Office in Dubai, UAE,with service associates in Kuwait, Oman and Qatar.HDFC is the largest housing Company in India for the last 27 years.

SNAPSHOT-I

Incorporated in 1977 as the first specialized mortgage company in India.

Almost 90% of initial shareholding in the hands of domestic intuitions and retail

investors. Current 77% of shares held by foreign institutional investors.

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Besides the core business of mortgage HDFC has evolved into a financial

conglomerate with holdings In:

HDFC Standard Life insurance Company- HDFC holds 78.07 %.

HDFC Asset Management Company HDFC holds 50.1%

HDFC Bank- HDFC holds 22.25%.

Intelenet Global (Business Process Outsourcing) HDFC holds 50%.

HDFC Chubb General Insurance Company HDFC holds 74%.

SNAPSHOT-II

Loan Approvals Rs. 805 billion.

(up to Dec 2004) (US $ 18.30 bn.)

Loan Disbursements Rs.669 billion

(up to Dec. 2004) (US $ 15.20 bn)

Housing Units Financed 2.5 million.

Distribution

Offices 181

Outreach Programs 90

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KEY PLAYERS

Mr. Deepak S Parekh is the Chairman of the

Company. He is also the Executive Chairman of

Housing Development Finance Corporation

Limited (HDFC Limited). He joined HDFC

Limited in a senior management position in 1978.

He was inducted as a whole-time director of

HDFC Limited in 1985 and was appointed as its

Executive Chairman in 1993. He is the Chief

Executive Officer of HDFC Limited. Mr. Parekh is

a Fellow of the Institute of Chartered Accountants(England & Wales).

Mr. Deepak S Parekh

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Mr. Deepak M Satwalekar is the Managing Director and CEO of the Company since

November, 2000. Prior to this, he was the Managing Director of HDFC Limited since

1993. Mr. Satwalekar obtained a Bachelors Degree in Technology from the Indian

Institute of Technology, Bombay and a Masters Degree in Business Administration from

The American University, Washington DC.

Mr. Deepak M Satwalekar

GROUP COMPANIES

HDFC Bank: World Class Indian Bank- among the top private banks in India.

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

Intelent Global : BOP services for international customers.

CIBIL: Credit information services bureau.

HDFC Chubb: Upcoming Private companies in the field of General Insurance.

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STANDARD LIFEStandard Life is Europes largest mutual life assurance company. Standard Life, which

has been in the life insurance business for the past 175 years is a modern company

surviving quite a few changes since selling its first policy in 1825. The company

expanded in the 19th century from kits original Edinburgh premises, opening offices in

other towns and acquitting other similar businesses.

Standard Life Currently has assets exceeding over 70 billion under its management and

has the distinction of being accorded AAA rating consequently for the six years by

Standard and Poor.

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SNAPSHOT

Founded in 1875, company supporting generation for last 179 years.

Currently over 5 m. Policy holders benefiting from the services offered.

Europes largest mutual life insurer.

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JOINT VENTURE

HDFC Standard Life Insurance Company Limited was one of the first companies to be

granted license by the IRDA to operate in life insurance sector. Reach of the JV player ishighly rated and been conferred with many awards. HDFC is rated AAA by both

CRISIL and ICRA. Similarly, Standard Life is rated AAA both by Moodys and

Standard and Poors. These reflect the efficiency with which HDFC and Standard Life

manage their asset base of Rs. 15,000 Cr and Rs. 600,000 Cr. Respectively.

HDFC Standard Life Insurance Company Ltd was incorporated on 14th August 2000.

HDFC is the majority stakeholder in the insurance JV with 81.4 %stale and Standard :of

as a staple pf 18.6% Mr. Deepak Satwalekar is the MD and CEO of the venture.

HDFC Standard Life Insurance Company Ltd. Is one of Indias 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.) Indias leading housing finance institution and the Standard Life Assurance

Company, a leading provider of financial services from the United Kingdom. Both the

promoters are will known for their ethical dealings and financial strength and are thus

committed to being a long-term player in the life insurance industry- all important factors

to consider when choosing your insurer.

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JOINT VENTURE

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BUSINESS GROWTH

Track Record so far

The gross premium income of HDFC, for the year ending March 31, 2007 stood at

Rs. 2, 856 crores and new business premium income at Rs. 1,624 crores.

The company has covered over 8,77,000 lives year ending March 31, 2007. Company

also declared our 5th consecutive bonus in as many years for our with profit

policyholders.

KEY STRENGTH

Financial Expertise

16

117.3299.51

152.16

126.97

197.15

162.07

0.00

50.00

100.00

150.00

200.00

250.00

FY 03 FY 04 FY 05

LOANS APPROVED LOANS DISBUR

LOAN APPROVALS AND DISBURSEMENTS

TotalTotal

Growth FY 05Growth FY 05

ApprovalsApprovals30%30%

DisbursementsDisbursements28%28%

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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.

Strong Ethical Values:

HDFC is an ethical and Cultural Organization. False selling or false commitment with

the customers is not allowed.

Most respected Private Insurance Company

HDFC was awarded No-1 Private Insurance Company In 2004 by the World Class

Magazine Business World. Integrity, Innovation and Customer Care.

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MAJORPLAYERSININSURANCEINDUSTRY

LIFE INSURANCE CORPORATION

Life insurance made its debut in India well ob4er 100 years ago. Its salient features are

not as widely understood in our county, as they ought to be. What follows is an attempt

to acquaint readers with some of the concept of life insurance, with special reference to

LIC. It should, however, be clearly understood that the following narration is by no

means an exhaustive description of terms and conditions of LIC policy or its benefits or

privileges.

For more details, please contact our branch or divisional office. An LIC it will be glad to

help you choose the life insurance plan to meet your needs and render policy servicing.

ICICI PRUDENTIAL

ICICI Prudential life insurance company is a joint venture between ICICI bank, a premier

financial powerhouse and prudential plc. A leading international financial service group

headquartered in the United Kingdom. ICICI prudential was amongst the first private

sector insurance company to being operations in December 2000 after receiving approval

from Insurance Regulatory Development Authority (IRDA) . ICICI Prudential equity

base 74% and 26% stake respectively. In the period April-December 2004, the company

garnered Rs. Billion of new business premium for a total sum assured of over Rs 73.6

billion and wrote nearly 345000 policies.

The company has a network of over 50000 advisor; as well as 7 bankassurance tie-ups. Today, ICICI Prudential has emerged as the No -1 Private Life insured

in the country. With a wide range of flexible products that meet the needs of the

customer at every step in life.

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BAJAJ ALLIANZ: SHARED VISION

A household name in India teams up with a global conglomerate Bajaj Auto Ltd, the

flagship company of the Rs. 8000 corers Bajaj group is the largest manufactured of two-

wheelers and three-wheelers in Indian and one of the largest in the world.

A household name in India, Bajaj Auto has a strong brand image and locality

synonymous with quality and customer focus. With over 15000 employees, the company

is a Rs. 4000 crores auto giant. It is the largest 2/3 wheelers manufactured in India and

the 4th in the world .AAA rated by crises, Bajaj auto has in a operation for over 55 years.

It has joined hands with Allianz to provide the Indian consumer with a distance option in

term of life insurance products. As a promoter of Bajaj Allianz Life Insurance Co. Ltd.Bajaj auto has following to offer-

Financial strength and stability to support the Insurance Business.

A Strong brand-equity.

A good market reputation as a world class organization.

Adequate experience of r4unning a large organization.

A 10 million strong base of retail customers using Bajaj Products.

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Why HDFC is better ?

1. Investment returns: investment returns and business growth provided by HDFC

is validated by bajaj Capital report. HDFC pacify the need of invertors up to

healthy level and make the strong relationship with them.

2. Financial Background and Experience: HDFC existing in the market since 1977.

It has a very handsome experience in the field of finance because it completely

involved in finance Sector only where as the others are running in many other field

also like Reliance (Petroleum, Textile, Telecom etc.)

3. Ethics and Values: HDFC is an ethical and cultural organization which prevents

the false selling and prohibit the false commitment to the customer.

4. Sales Force: Properly trend licensed and Educated People are the strength of the

company. So that they could give the best customer service.

5. Huge branch network HDFC is having 450 branches in all over the country.

6. Online accessibility : It makes the process faster and make the customer delighted.

Who can be the financial consultant: ?

Section 42(4) of the amended Insurance Act, 1938 states an agent to be one who is not: A

minor.

Found to be sound mind by a court of competition jurisdiction.

Found guilty of criminal background.

Found guilty of having knowingly participated in or connived at any fraud

/dishonesty or misrepresentation against an insured.

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Work of financial consultant:

The FC is the interface between the customer and insurance company. l 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.

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OBJECTIVE

Recruitment of Financial consultant (FCs) of a excellent profile and their retentionstrategies and what are their benefit that company going to provided for retention of their

FCs.

(A) What type of people are we looking for ?

1- Committed people who have the drive, determination and ability to become

professional financial consultants.

2- Ability to sell a range of financial products.

(B) What do We Expect from financial Consultant ?

1- Devote a time and energy during training.

2- Sell at least 5 policies each month once after licensed with company.

3- 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:

15 lakhs home financed.

11 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.

Product innovation.

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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:-

Open the call in a friendly and positive way.

State the name, position and company name.

Check the prospect has time to speak.

State the reason for the call.

Clearly succinctly explain how the meeting will be benefiting the prospect.

Achievements:

Recruited eight financial consultants for company.

Increase in confidence level.

Got the knowledge about, how to differentiate our product form that of LIC.

Made more and more people aware about my companies Products (Policies)

Taken some appointments for policies and got positive response from 8 persons with the

help of my BDM.

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Limitations:-

So though the study aim to achieve the above mentioned Objective in full earnest and

accuracy, it may be hampered due to certain limitation. Some of the limitations are as

follows:

To cover the various section for the society.

Respondents may not be at home and may have to re-contacted or replaced by

others.

Getting accurate response form the respondents due to their inherent problem is

difficult.

Limited response from client.

There is a time limitation it is not possible to study whole thing I covered some

special aspect as well as some topics.

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RESEARCH METHODOLOGY

Research can be defined as systematized effort to gain knowledge. A research is carried

out by different methodology, which has their own pros and cons.

Research methodology is a way to solve research problem along with the logic behind

them. Thus when we talk of the research methodology we not only take of research

method but also context of our research study and explain why we are using a particular

method or techniques and why we are not using other so that research result are capable

of being evaluated either by the researchers himself or by others.

Research methodology means the method carried out to study the problem . It shows the

type of the sample design used, its size and the procedure used to dew sample. The extent

of precision achieved and the method used for handling any special problem during the

course of the study.

Research methodology has following steps:

Step: 1 To decide the objective of the study.

Step: 2 To design research design.

Step: 3 To determine the source of data.

Step: 4 To design data collection form.

Step: 5 To determine sample size and sample design.

Step: 6 To organize and conduct fieldwork.

Step: 7 To process and analyze the collected data.

Step: 8 To prepare the research report.

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Explanation

Step: 1 To decide the objective of the study to be carried out.

To study about HDFC Standard life.

To find the prospective financial consultant for thee company.

To find retention strategies which provide to financial consultant.

Step: 2 To decided the research design.

What is research design ?

Research design is a plan, structure, strategy of investigation

conceived so as to obtain answer to research question and control variance. There are

three types of research design system.

Explanatory Research.

Descriptive Research

Casual Research.

Among the above mentioned types descriptive research design has been chosen.

Descriptive research is to find ad efficient sales force, of FC. In order the study the

characteristics and variables, cross sectional analysis was conducted by using field

survey method . In the process of field survey, a questionnaire was developed and

circulated to the respondents, which formed the basis for entire research.

Step: 3 To determine the source of data.

Data source are the data resources or collection of fresh and data to obtain

results. There are two types of data sources: thus happen to be original in character.

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Primary Data: Primary data is that which is collected fresh and thus happen

to be original in character.

Secondary data:Secondary data is any data, which have been gathered earlier for

some other purpose.

Among the above mentioned types of data was used for the study and analysis of the

objective of this project, Also the secondary to data proved to be helping hand in framing

up the industry scenario and also the relevant topics in the entire project report.

Reason for selecting primary data:

In terms of primary data structure questionnaire was prepared to interview the

professional, unemployed students, housewives, investment consultant, post office agent

and other in Bilaspur location. Analysis clearly reflected the views and preference

regarding the perception of the people towards joining HDFC standard life.

Step 4: To design data collection.

There are two types of mode to collect the data:-

Observation method.

Survey method.

As for as the data collection method for this project is concerned, designing the data

collection forms or survey forms is applicable to the project. The method selected survey

method.

A survey can be conducted by:-

Personal interview.

Telephonic interview.

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Amongst the above method personal interview method was conducted to gather

information in detail . this method was chosen because along with the study of projects

primary objective i.e. study of people and convince them to join as FC for HDFC

standard life.

Step 5 To determine sample design sample size.

Sample size specification

155 which include professionals, unemployed student, Housewives, investment

consultant, post office agent.

FIELD METHODOLOGYThe methodology adopted in the field to collect the data represented diagrammatically

below:

In order to determine the willingness

of the people to become FC for HDFC

28

Segmentation of People

Meeting with People

Filling up questionnaire

and Schedule

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SLIC in Bilaspur, data collected by surveying is treated as analysis. Response to the

parameter like professional, unemployed students, housewives, investment consultant,

post office agent.

Willingness to be FC for HDFC

Yes No Total

Professional 2 28 30

Working employees 2 33 35

House wives 2 18 20

Students 3 22 25

Investment consultants 2 18 20

Post office agents 3 12 15Others - - 10

Total 14 131 155

yes

No

PROFESSIONALS

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yes

No

Working Employees

ye

No

House wives

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ye

No

Student

ye

No

Investment Consultant

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yesNo

Post Office Agent

yes

No

Total

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FINDINGS

1- Customers are less aware about the private insurance company in market.

2- Some customer are like to join HDFC as FCs because it is a Part-time.

3- Many professions like CA, tax planner want a corporate age3ncy rather than to be

a financial consultant.

4- HDFC is too selective in making a FC rather than to appoint any one like LIC.

5- Customer dont want to join as financial consultant because its on commission

basis the4y want job on salary basis.

6- Educated customers are now vending towards private insurance Companies, due to

the attractive packages and services provided by various new insurance

companies.

7- LIC has created a branded image in 3-4 decades, due to which new insurance

companies are facing trouble in capturing market share.

8- If the customers are joining HDFC the segment is more of tax consultant,

investment for consultant and other people who are engaged in investmentbusiness that is because they want to diversity their portfolio.

9- HDFC SLIC is having good retention strategies for their financial consultant.

Reason for not joining HDFC SLIC.

Associated with an other company.

Do not have time

Low sales.

Private Player.

Lack of awareness.

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CONCLUSION

After collection of data interpretation is done on that basis conclusion is drawn. The

conclusion drawn.

Conclusion prefer government insurance company other than private insurance

companies due to its reliability.

Customers are more brand oriented rather than product oriented.

Customers are less aware about the private insurance companies.

Private Players in order to encase maximum number of customers are introducing new

and innovative scheme for their FC.

Customers like to invest in other investment zones due to the hectic rules and regulations

associated with, entering into a contract with insurance companies.

Customers do not feel secure with private insurance companies.

Customers dont want commission base job.

The central problem with the insurance companies is having that they are trying to

convince customers for a product which do not have any present relevance, i.e. eachpolicy which the customer is going to purchase will have a future set of action and

benefits. Due to which most of the people like to invest in those securities or

investment, which will give them a fruitful return in short period of time ?

Life insurance Corporation has completed more than three decades and

thats where counts, inters of brand name, different number of policies for differed class

and age group of customers.

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

favorable brand image.

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SUGGESTIONS

Customers should be made aware of the brand name of Insurance company

through advertisement.

The fear in the customer mind should be removed by company.

The insurance companies should try to nurture their brand name timely and

attractive facility provide to customer.

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BENEFITSOFBEINGA FINANCIAL CONSULTANTAREASFOLLOWS:

Financial consultant, the right way to start career:

As a financial consultant the role will be to identify prospective customer. You will

makes presentation, as to how you can help analyses their financial needs, provide

customize financial solution to cater to their respective needs and conduct reviews on

regular basis to keep customers on thank.

Easy way to start on career:

Zero investment: There is no start-up capital. Be an own boss with a flexible working

environment, unlimited earning potential and the opportunity to be part of world class

sales team.

Flexible work timings, part time or full time:FCs can work whenever he likes

and from whereeve4r he like, FCs can work full time depending on their convenience its

like no other job however, the time.

Sunrise industry:Life insurance in India has a huge potential for growth Statistics

reveal that only 25% of the insurable population in India is insured and those insured are

in need of still higher insurance cover. The over 100% growth displayed by private

life insurers indicates this hu7ge untapped potential.

Strong Partnership:

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A powerful brand HDFC Standard Life Insurance:

We were the first private life insurance company to be granted a license by IRDA.

We have been rated by business world magazine. As Indies most respected private life

insurance company 2004.

We have grown over 130% in the last and more than 8 Lakhs policy holder. HDFC

standard life insurance has one of the highest brand recall of around 80%

PROFESSIONAL TRAINING PROGRAMS AND CONTINUID GUIDANCE:

At HDFC standard training is an inherent element of our support system for FCs. Some

of our training and support initiative are as:

IRDA Training: Online training of 100 hrs. prepares for career as FCs and enables to

pass the IRDA examination. After the IRDA license, first step towards a successful

career as a FC.

Basic Training and Induction: Independence of work experience, this training will give

perfect knowledge about the insurance industry along with comprehensive knowledge

about the insurance along with comprehensive knowledge abut HDFC SLIC Product.

Disha training: This is a professional sales skill program eased by us to one selling

skills. Those program enable to understand customer need and provide need based

insurance solution.. A huge step from an amateur to a true finance professional.

Advance Training: Once Fc have settled down as a FC professional we will

continuously upgrade capability and knowledge through sophisticated training program,

fit for this dynamic world of financial products and markets.

UNMATCHED SUPPORT:

Marketing activity support to make task easier.

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Advertising and communication support throughout the year.

Customer friendly broachers and sales aid to help in selling insurance solutions to

customers.

24- hours information support, to help track the performance and income.

QUESIONNARIRES:

Dear Respondent,

I am an MBA student doing a HDFC standard life insurance company. I am

carrying a study on prospecting, Identifying, and Recruiting certified financial

consultant for HDFC SLIC-A study in Drug, Bilashpur, and Raipur City in this regard

I will like to spare some time to answer few adjustment, This study is conducted for just

academic purpose having no commercial relevance.

Information provided by you will be confidential.

..

QUESTIONNAIRE

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Q.1: Do you know about HDFC SLIC ?

Ans: (a) Yes (b) No

Q.2: Do you know about the working of financial Consultant of HDFC SLIC ?

Ans: (a) Yes (b) No (c) Insufficient Information.

Q.3 Do you currently have an agency of any life insurance Company ?

Ans: (a) Yes (b) No

Q.4 What would be the size of your social contact base who knows you on first name

basis ?

(E.g : Friendly, family, relative, colleagues if any etc.)

Ans: Mention in appropriate nos.

Q.5 How many members of your family are dependent on the income earner of the

family ?

Q.6 Do you have an idea about financial market ?

Ans: (a) Yes (b) No

Q. 7 Do you have any sales experience ? If yes, how many years ?

Ans: (a) Yes (b) No

Q.8 Do you have experience in selling financial product ? e.g. credit card, insurance etc

? If yes how many years ? (If yes to question 6)

Ans: (a) Yes ( ) (b) No ( )

Q. 9 What do you think ? in todays scenario life insurance Is NEED, WANT AND

DEMAND ?

Ans:

Q.10 In which of the financial market you have invested your

money ?

Ans: (a) Share (b) Mutual fund (c) Insurance.

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Q. 11 Are you interested in getting the opportunity of earning some additional income as

being financial consultant of HDFC SLIC and why ?

Ans: (a) Yes (b) No

Your Signature.

ABBREVIATIONS

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1- HDFC- Housing Development Finance Corporation.

2- SLIC- Standard Life Insurance Company.

3- FC- Financial Consultant.

4- SDM- Sales Development Manager.

5- BDM- Business Development Manager.

6- CFC- Certified Financial Consultant.

7- LA- Life Assured.

8- SA- Sum Assured.

9- TERM- No. of Years.

10- ADB- Accidental Death Benefit.

11- CI- Critical Illness.

BIBLIOGRAPHY

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Reference: To obtain more information regarding present study and to

subordinate it with theoretical proof following references were made.

Books Referred:

Personal management.

Book of license training programme for insurance advisers.