and report on hdfc slic

8/9/2019 and Report on Hdfc Slic

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HDFC STANDARD LIFE INSURANCE, JAMSHEDPUR

INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE,BHUBANESWAR

1

A SUMMER TRANING REPORT

OnA 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 GuideProf.S.P.PADHI

COMPANY GUIDE

MR.RAJNEESH KUMAR

As a partial fulfillment of PGPFC programmed


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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


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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


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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 neededto 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


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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 anddeveloping 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 projectA 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 VChapter I

Introduction 08

1.1 Objective1.2 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 VBibliography 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


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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 isA 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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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 companys 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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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 groups 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 groups 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. Thegroups joint ventures in India with Housing Development Finance Corporation

Limited (HDFC) were incorporated in 2000 (in relation to the life assurance and

pensions joint venture) and 2003 (in relation to the investment management joint

venture). The groups 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'sas '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 pensions 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 ofHDFC 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 Indias 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.), Indias leadinghousing 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 andsavings 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 & LoanCover 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 childrens immediate and future

needs.


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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


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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 dont come in the way of

shaping your dreams.

NEEDS:

planning for home / securing your home loan liability.


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HDFC STANDARD LIFE INSURANCE JAMSHEDPUR


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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 Indias leading housing finance institution and has helped build morethan23, 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, Indias

Number 1 personal finance magazine

Ratedby Business world as Indias 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



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GROUP COMPANIES



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BANCASSURANCE PARTNERS



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2.5 HEAD OFFICES AND BRANCHES

HEAD OFFICE: HDFC Standard Life Insurance Co. Ltd.

'Trade Star', 2nd floor,AWing,

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 willbe 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, wewill aim to manage their investments very carefully and live up to this trust.



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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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BUSINESS PERFORMED BY HDFC SLIC, JAMSHEDPUR in FY 2008.

branch-1, 120,

30%

branch-2, 65,

16%

branch-3, 65,16%

branch-4, 150,

38%branch-1

branch-2

branch-3

branch-4



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Chairman

MD

ZONAL

MANAGER

REGIONAL

MANAGER

Retail

Marketing

Alternative

Chanel

Operation

Chanel

Human

Resource

TerritoryManager

TERRITORYMANAGER

Branchmanager

Asst. B.M.

BusinessDev. Mgr

Sales Dev. Mgr.

BranchManager

ChannelExecutive

TeamManager

OperationManager

HR Executive



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4.1 RESEARCH OBJECTIVES & SCOPE OF RESEARCHPROJECT

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



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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



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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



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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, managementbooks, 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.



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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 60days.



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CHAPTER 5: DATA ANALYSIS, INTERPRETATION AND PRESENTATION

1. Your annual income

TABLE

1 8 lacs 4

GRAPH

Slice 1

8 lakh



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Interpretation

From the table and graph above it can be seen that

26% respondent have more than 2 lakh.

40% respondents annual incomes are 2 to 5 lakh.

30% respondents annual incomes are 5 to 8 lakh.

04% respondents 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


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3. why you have chosen it?

TABLE

1 Attractive incentive 43

2 Commission 29

3 Self development 21

4 career 07

GRAPH

attractive

incentive30%

commission

40%

self

developm

ent

19%

career

11%

attractive incentive commission

self development career



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Interpretation


25% respondents chose it to gain attractive incentives.

40% respondents 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

3-D Pie 1, 30%

3-D Pie 1, 19%3-D Pie 1, 35%

3-D Pie 1, 16%

15-20 20-30 30-40 more than this



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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



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GRAPH

1---2, 142--4, 16

4--6, 40

more, 30

0

5

10

15

20

25

30

35

40

1---2

2--44--6

more

Interpretation


14% respondents meet 1-2 costomers daily.

16% respondentsmeet2-4 costomers daily

40% respondents meet 4-6 costomers daily

30% respondents meet more than this daily.



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6. Number of policy sold annually.

1. 5-10 16

2. 10-15 34

3. 15-20 42

4. more 08

Graph

5..10

16%

1015

34%

15.20

42%

more

8%

5..10

1015

15.20

more

Interpretation:

From the graph and table I conclude that:-



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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 323 Children plan 13

4 Pension plan 10

Interpretation:-

From the graphi conclude that:-

o 45% FC sell endowment plan.

endowment plan

money back plan

children plan

pension plan



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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


i i d b d S i i h h fi h i h f


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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. Companys

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:-


T k l b t th b fit f b i HDFC St d d Lif


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To make people aware about the benefit of becoming HDFC Standard Lifes

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


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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.



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Getting appointment from the concern person was very difficult.

People mind set about the survey was an obstacle in acquiring completeInformation

& positive interaction.

Respondents were very busy in their schedule. So it was very time taken inevery

Questionnaire response by them.



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QuestionnaireName:-

Address:- Contact No: - City:-

Pin: - State:-

1. Your annual household income.

(a) 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


6. Number of policy sold annually.


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6. Nu be o po cy so d a ua y.

(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


BIBLIOGRAPHY


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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)

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

and report on hdfc slic

Documents