market research on financial consultant for hdfcsl

8/9/2019 Market Research on Financial Consultant for HDFCSL

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A

Project Study Report

OnTraining Undertaken at

Titled

Market Research on Financial Consultant for HDFCSL

Submitted in partial fulfillment for Post Graduate Diploma in

Management

from Vyas Institute of Management, Jodhpur.

Submitted to: Submitted by:Dr. G.N. Purohit Sohan lal Choudhary

MBA IIndYearRoll No. MB08104745

VYAS INSTITUTE OF MANAGEMENT

(An institution of Rajasthan Vikas Sans than)

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Near kuri hoad, kuri ganv

Jodhpur (Raj.)

EXECUTIVE SUMMARY

HDFC Standard Life insurance is the oldest life insurance company in the world. It is

the largest insurer in the UK and is the 28 th largest company in the world. In India, the

company is marketing life insurance products and unit linked investment plans. From

my research at HDFC SLIC, I found that the company has a lot of competition from

other private insurers like ICICI, Aviva, Birla Sun Life and Tata AIG. It also faces

competition from LIC. To compete effectively HDFC SLIC could launch cheaper and

more reasonable products with small premiums and short policy terms (the number of

years premium is to be paid). The ideal premium would be between Rs. 5000 Rs.

25000 and an ideal policy term would be 10 20 years.

HDFC must advertise regularly and create brand value for its products and services.

Most of its competitors like Aviva, ICICI, Max, Reliance and LIC use television

advertisements to promote their products. The Indian consumer has a false perception

about insurance they feel that it would not benefit them if they do not live through

the policy term. Nowadays however, most policies are unit linked plans where a

customer is benefited even if their death does not occur during the policy term. This

message should be conveyed to potential customers so that they readily invest in

insurance.

Family responsibilities and high returns are the two main reasons people invest in

insurance. Optimum returns of 16 20 % must be provided to consumers to keep them

interested in purchasing insurance.

On the whole HDFC standard life insurance is a good place to work at. Every new

recruit is provided with extensive training on unit linked funds, financial instruments

and the products of HDFC. This training enables an advisor/sales manager to market

the policies better. HDFC was ranked 13 in the Best Places to Work survey. The

company should try to create awareness about itself in India. In the global market it is

already very popular. With an improvement in the sales techniques used, a fair bit of

advertising and modifications to the existing product portfolio, HDFC would be all set

to capture the insurance market in India as it has around the globe.

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TABLE OF CONTENTS

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

CHAPTER 2: ORGANIZATIONAL PROFILE....7

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

CHAPTER 4: RESEARCH METHODOLOGY & LIMITATIONS..27

CHAPTER 5: DATA ANALYSIS, INTERPRETATION AND PRESENTATION.30

CHAPTER 6: CONCLUSIONS & SUGGESTIONS46

CHAPTER 7: LIMITATIONS...48

REFERENCES...49

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ACKNOWLEDGMENT

I would like to thank my project guide Mr. Anil Bohra, Sales Development Manager

HDFC Standard Life Insurance, Jodhpur for guiding me through my summer internship

and research project. His encouragement, time and effort are greatly appreciated.

I would like to thank Prof. S.P. Joshi for supporting me during this project and providing

me an opportunity to learn outside the class room. It was a truly wonderful learning

experience.

I would like to dedicate this project to my parents. Without their help and constant

support this project would not have been possible.

Lastly I would like to thank all the respondents who offered their opinions and

suggestions through the survey that was conducted by me in Jodhpur.

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CHAPTER 1: INTRODUCTION

1.1 THE TOPIC: MARKET RESEARCH ON FINANCIAL CONSULTANT FOR

HDFCSLIC

At HDFC Standard Life Insurance, I was assigned with the topic as Market Research on Financial

Consultant for my project work. The selection of the topic was in order to take know how do these

companies generates business through them.

Financial Consultants are those sources of a company who have their own relations and personal

contacts among common public that they use to generate business through. Company has certain

criteria to recruit these Financial Consultants. The steps are as follows.

He should be at least 12th passed.

He should complete IRDA training.

He should clear the IRDA exam.

He should through successfully the exam and training.

Some other criteria:

He should have good personal contacts.

He should have convincing power.

He should be above 18th year old.

Once he through all these steps of recruitment, he becomes the legal Financial Consultant of the

company and reserve the right to sale the policy to any prospect client also he is paid the

commission a certain percentage. There are some reward and tour package also.

1.2 REASON FOR SELECTION OF THIS TOPIC:

The financial sector is one of the booming and increasing leaps and bounce, some of the experts say

only 20% of Indian population is insured which means 80% Indian are not insured and therefore

having a bright prospect of progress of this sector where I too would like to build my career and be a

part of success story.

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The Financial consultants are another channel through which the company sales its policy. It is

really difficult to convince and sale a single policy but since these consultants have their contacts

which they can sale a single policy. Whereas I found my interest in dealing, interacting and handling

a team, because all this most of time park you in some critical zone which becomes challenge for

you and your responsibility becomes to solve the critical situation or problems.

1.3 IMPORTANCE TO THE COMPANY:

After interacting with 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.

1.4 LEARNING FROM THE STUDY:

The process of recruitment of HDFC STANDARD LIFE INSURANCE LTD. How is the training given?

What are the criteria of selection?

The culture of insurance company particularly of HDFC.

What are the problems faced by these financial consultants on daily basis?

How to convince and convert the prospect client into real client?

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CHAPTER 2: ORGANIZATIONAL PROFILE

2.1 FORMATION OF COMPANY:

HOUSING DEVELOPMENT FINANCE CORPORATION:

HDFC was started by Hasmukh Bhai Parekh in1977 with the formation of Malhotra Committee.

HDFC was incorporated with the primary objective of meeting a social need that of promoting home

ownership by providing long-term finance to households for their housing needs. HDFC was

promoted with an initial share capital of Rs. 10 crores.

HDFC has since emerged as the largest residential mortgage finance institution in the country. The

corporation has had a series of share issues raising its capital to Rs. 119 crores. The net worth of the

corporation as on March 31, 2000 stood at Rs. 2,096 crores.

HDFC operates through 75 locations throughout the country with its Corporate Headquarters in

Mumbai, India. HDFC also has an international office in Dubai, U.A.E., with service associates in

Kuwait, Oman and Qatar.

HDFCs main goals are to:

a) Develop close relationships with individual households.

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

c) Transform ideas into viable and creative solutions.

d) Provide consistently high returns to shareholders.

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

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STANDARD LIFE:

The Standard Life Assurance Company ("Standard Life") was established in 1825 and the first

Standard Life Assurance Company Act was passed by Parliament in 1832. Standard Life was

reincorporated as a mutual assurance company in 1925.

Standard Life is Europe's largest mutual life assurance company. Standard Life, which has been in

the life insurance business for the past 182 years, is a modern company surviving quite a few

changes since selling its first policy in 1825. The company expanded in the 19th century from its

original Edinburgh premises, opening offices in other towns and acquiring other similar businesses.

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

distinction of being accorded "AAA" rating consequently for the past six years by Standard & Poor.

STANDARD LIFE ASIA LIMITED/JOINT VENTURES:

The 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 the group a presence in the Far East from

which it could expand into China. The groups 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:

The Standard Life group has been looking after the financial needs of customers for over

182 years

It currently has a customer base of around 7 million people who rely on the company for

their insurance, pension, investment, banking and health-care needs

Its investment manager currently administers 125 billion in assets

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It is a leading pensions provider in the UK, and is rated by Standard & Poor's as 'strong'

with a rating of A+ and as 'good' with a rating of A1 by Moody's

Standard Life was awarded the 'Best Pension Provider' in 2004, 2005 and 2006 at the

Money Marketing Awards, and

It was voted a 5 star life and pensions provider at the Financial Adviser Service Awards

for the last 10 years running.

The '5 Star' accolade has also been awarded to Standard Life Investments for the last 10

years, and to Standard Life Bank since its inception in 1998.

Standard Life Bank was awarded the 'Best Flexible Mortgage Lender' at the Mortgage

Magazine Awards in 2006.

INCORPORATION OF HDFC STANDARD LIFE INSURANCE CO. LTD.:

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

Insurance Company Limited.

Their ambition from the beginning was to be the first private company to re-enter the life insurance

market in India. On the 23rd of October 2000, this ambition was realized when HDFC Standard Lifewas 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 Development Finance Corporation Limited (HDFC Ltd.), Indias leading housing

finance institution and one of the subsidiaries of Standard Life plc, leading providers of financial

services in the United Kingdom.

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Both the promoters are well known for their ethical dealings and financial strength and are

thus committed to being a long-term player in the life insurance industry.

2.2 PRODUCT SCOPE:

HDFC Standard Life offers a bouquet of insurance solutions to meet every need. The company

caters to both, individuals as well as to companies looking to provide benefits to their employees.

Forindividuals, 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.

Fororganizations they have a host of customized solutions that range from Group Term Insurance,

Gratuity, Leave Encashment and Superannuation Products. These affordable plans apart from

providing long term value to the employees help in enhancing goodwill of the company.

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

A. INDIVIDUAL PRODUCTS

B. GROUP PRODUCTS

C. RURAL PRODUCTS

D. SOCIAL PRODUCTS

E. TAX BENEFITS

For Individuals, HDFC Standard Life has a range of protection, investment, pension and savings

plans that assist and nurture dreams apart from providing protection. Customer can choose from a

range of products to suit his life-stage and needs.

For Organizations, HDFC Standard Life has a host of customized solutions that range from Group

Term Insurance, Gratuity, Leave Encashment and Superannuation Products. These affordable plans

apart from providing long term value to the employees help in enhancing goodwill of the company.

Individual Products:

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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.

Group Products:

1. Group Term Insurance,

2. Group Variable Term Insurance,

3. Group Unit Linked Plan,

4. Gratuity Group Unit Linked Plan,

5. Superannuation Group Unit Linked Plan ,6. Leave Encashment

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PRODUCT PORTFOLIO

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

Your insurance need will change as your life does, from starting to work to enjoying your golden

years and all the stages in between. Each one of these stages may pose a different insurance

need/cover for you. In this section, we have drawn up the basic life stages and help you analyze

various insurance needs accordingly.

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LIFE STAGES & NEEDS IN HAT STAGES

STAGE 1: YOUNG & SINGLE

An important stage where one lays down the foundation of a successful life ahead. Take advantage

of the time and power of compounding to ensure that you build up your dreams. Start saving early

NEEDS: Save for Home & Wedding

Tax Planning

Save for Golden Years

STAGE 2: JUST MARRIED

Marriage brings about a significant change. New dreams and new opportunities

also bring in additional responsibilities. While both of you look forward to a happy and secure life, it

is equally important to ensure that eventualities dont come in the way of shaping your dreams.

NEEDS:

Planning for home / securing your home loan liability.

Save for vacation.

Save for your first child.

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STAGE 3: PROUD PARENTS

Once you have children, your need for life insurance is even more. You need to protect your family

from an untoward incident. Ensure your protection umbrella takes into account the future cost of

securing your childs dream. You will want life to go on for your loved ones, and having enough life

insurance is a way to help ensure that.

NEEDS:

Provide for children's education

Safeguarding family against loan liabilities

Savings for post-retirement

STAGE 4: PLANNING FOR RETIREMENT

While you are busy climbing the ladder of success today, it is important for you

to take time and plan for your life after retirement. Having an early start for retirement planning can

make a significant difference to your savings. Think about your golden years even before you have

reached them. The key is to think ahead and plan well using your time and money.

NEEDS

Provide for regular income post retirement

Immediate Tax benefits

Lead a secure, independent and comfortable life style in your retirement years.

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COMPARITIVE ADVANTAGE OVERCOMPETITORS PRODUCT:

I compared two products, ICICI smart kid unit link and HDFC young star, in both the

policies parent is insured and child in nominee or beneficiary,

Both the policies contains same features, only additional rider is available in smart kid is

income benefit rider (IBR), how this rider works? this rider comes in the picture when the

parent expires or becomes permanent disable at that time this rider pay 10% of sum

assurance to nominee,

HDFC Young star offers Insurance Cover up to 20 Times of Annual Premium. You may Pay

Rs. 30000 per year & take Insurance Cover of Rs. 6 Lacs.

You may take Critical Illness Rider in HDFC Young star up to 65 years Age(as it Cheaper

than other ULIPS ).

The returns from HDFC Tax saver, HDFC LT Advantage fund are better than the returns

from HDFC Standard Life Equity Fund.

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

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

2.3 MILESTONES IN THE HISTORY

HDFC is Indias leading housing finance institution and has helped build more than 23,

00,000 houses since its incorporation in 1977.

In Financial Year 2003-04 its assets under management crossed Rs.36000Cr.

As at March 31, 2004, outstanding deposits stood at Rs. 7,840 crores. The depositor basenow stands at around 1 million depositors.

Rated AAA by CRISIL and ICRA for the 10th consecutive year

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Awarded The Economic Times Corporate Citizen of the year Award for its long-standing

commitment to community development.

Presented the Dream Home award for the best housing finance provider in 2004 at the

third Annual Outlook Money Awards

HDFC Standard Life Insurance is the first private life insurance company to be granted a

license by IRDA

Rated as the "Best New Insurer - 2003" by Outlook Money magazine, Indias number 1

personal finance magazine

Rated by 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

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 BANCASSURANCEPARTNERS
http://images.google.co.in/imgres?imgurl=http://www.domain-b.com/finance/insurance/200204apr/hdfc-standard-life-insurance%2520logo.gif&imgrefurl=http://www.domain-b.com/finance/insurance/200204apr/20020404_equity.html&h=64&w=173&sz=3&hl=en&star%20http://www.cibil.com/http://www.intelenetglobal.com/http://www.hdfcrealty.com/http://www.hdfcsec.com/http://www.hdfcfund.com/http://www.hdfcbank.com/http://www.hdfc.com/http://www.bankofbaroda.com/http://www.bajajcapital.com/http://www.saraswatbank.in/http://www.indian-bank.com/http://www.unionbankofindia.com/http://www.hdfcbank.com/http://www.hdfc.com/


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2.5 HEAD OFFICES AND BRANCHES

HEAD OFFICE: HDFC Standard Life Insurance Co. Ltd.

'Trade Star', 2nd floor, A Wing,

Junction of Kondivita and M.V. Road,

Andheri-Kurla, Road,

Andheri (East), Mumbai - 400 059.

PHONE: (Board) (022) 2822 0055 / 6751 6666

Fax: 2822 9998 / 2822 2414

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BRANCH LOCATIONS SITE MAP:

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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

21

2.6 TABLE OF FINANCIAL FIGURES:


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2.7 QUALITY POLICY:

SECURITY: Providing long term financial security to our policy holders will be our

constant endeavor. We will be do this by offering life insurance and pension products.

TRUST: We appreciate the trust placed by our policy holders in us. Hence, we will aim to

manage their investments very carefully and live up to this trust.

INNOVATION: Recognizing the different needs of our customers, we will be offering a

range of innovative products to meet these needs.

INTEGRITY

CUSTOMER CENTRIC

PEOPLE CARE ONE FOR ALL AND ALL FOR ONE

TEAM WORK

JOY AND SIMPLICITY

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2.8 ORGANIZATION CHART:

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Chairman

MD

Retail Marketing Alternative Chanel Operation Chanel Human Resource

Regional Manager

Zonal Manager

Territory Manager

Branch Manager

Asst. B.M.

Business Dev. Mgr.

Sales Dev. Mgr.

Territory Manager

Branch Manager

Channel Executive

Team Manager

Operation Manager

HR Executive


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CHAPTER 3: RESEARCH OBJECTIVES & SCOPE OF RESEARCH PROJECT

3.1 PROBLEM DEFINATION:

Recruit consultants were with good background human being and through rigorous process of

recruitment but still not able to perform up to the expectation level of company, HR is not able to

short out the problem why the performance is not coming even after giving the full marketing

support.

3.2 OBJECTIVES OF RESEARCH PROJECT:

PRIMARYOBJECTIVES:

To recruit more and more Financial Consultant and to promote the benefits those are

provided by HDFC Standard Life to its Financial Consultants

To find the different way of recruiting and selecting the Financial Consultants who can

produce more and fruitful results.

To study awareness of the HDFC Standard life insurance

SECONDARY OBJECTIVES:

To determine the need and purpose of Financial Consultant.

To understand the deciding criteria for people to become Financial Consultant.

To collect and analysis the information of prospect candidates in order to make them appearin front of management so that they can be selected as Financial consultant.

To offer suggestions based upon the findings.

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3.3 GEOGRAPHICAL SCOPE:

The same problem was with the all other branches of HDFC even out of the Pune city. The

management is conducting the same research on a big ground while my contribution is tiny. Though

my sample size and geographical area was defined and confine to a particular territory but the

application of out put from the research are going to be wide.

3.4 PROJECT SCOPE:

Market segmentation to find the potential consultants for HDFCSLIC.

To customize benefit package for consultants and help them to overcome their agency

problem arising out of their sedentary nature of work.

Corporate marketing of this product.

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CHAPTER 4: RESEARCH METHODOLOGY & LIMITATIONS

All the findings and conclusions obtained are based on the survey done in the working area within

the time limit. I tried to select the sample representative of the whole group during my job training. I

have collected data from Chartered Accountants, Tax Consultants, Businessman, Share Brokers,

Lawyers, Working Professionals, House Wives and Retired Persons in Pune.

RESEARCH PLAN:

1. Preliminary Investigation: In which data on the situation surrounding the problems shall be

gathered to arrive at

The correct definition of the problem.

An understanding of its environment.

2. Exploratory Study: To determine the approximate area where the problem lies.

4.1 RESEARCH DESIGN:

Research was initiated by examining the secondary data to gain insight into the problem. By

analyzing the secondary data, the study aim is to explore the short comings of the present system

and primary data will help to validate the analysis of secondary data besides on unrevealing the

areas which calls for improvement.

DEVELOPING THE RESEARCH PLAN:

The data for this research project has been collected through self Administration. Due to time

limitation and other constraints direct personal interview method is used. A structured questionnaire

was framed as it is less time consuming, generates specific and to the point information, easier to

tabulate and interpret. Moreover respondents prefer to give direct answers. In questionnaires open

ended and closed ended, both the types of questions has been used.

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COLLECTION OF DATA:

1: Secondary Data: It was collected from internal sources. The secondary data was collected on the

basis of organizational file, official records, news papers, magazines, management books, preserved

information in the companies database and website of the company.

2: Primary data: All the Chartered Accountants, Tax Consultants, Insurance Agents, Auto loan

providers were personally visited and interviewed. They were the main source of Primary data. The

method of collection of primary data was direct personal interview through a structured

questionnaire.

4.2 SAMPLING PLAN:

Since it is not possible to study whole universe, it becomes necessary to take sample from the

universe to know about its characteristics.

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

Professionals and House Wives of Pune.

Sample Technique: Random Sampling.

Research Instrument: Structured Questionnaire.

Contact Method: Personal Interview.

4.3 SAMPLE SIZE:

My sample size for this project was 200 respondents. Since it was not possible to cover the whole

universe in the available time period, it was necessary for me to take a sample size of 200

respondents.

4.4 DATA COLLECTION INSTRUMENT DEVELOPMENT:

The mode of collection of data will be based on Survey Method and Field Activity. Primary data

collection will based on personal interview. I have prepared the questionnaire according to the

necessity of the data to be collected.

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4.5 RESEARCH LIMITATIONS:

It was not possible to understand thoroughly about the different marketing aspects of the

Financial Consultant within 60 days.

As stipend, money was not given it was difficult to continue the project work.

All the work was limited in some limited areas of Jodhpur so the findings should not be

generalized.

The area of research was Jodhpur; It was too vast an area to cover within 60 days.

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CHAPTER 5: DATA ANALYSIS, INTERPRETATION AND PRESENTATION

1. Your Age?

TABLE

Sr. No. Category No. of Respondents Percentage

1 18-23 Years 40 20%

2 24-29 Years 70 35%

3 30-35 Years 60 30%

4 35 & above 30 15%

Total 200 100%

Base 200 respondents

GRAPH

Interpretation

From the table and graph above it can be seen that

20% respondents age are 18 to 23 years.



15% respondents age are 35 to above years.

2. Marital status?

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TABLE


1 Married 140 70%

2 Unmarried 60 30%

Total 200 100%


GRAPH

Interpretation


70% respondents are married.

30% respondents are unmarried.

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3. Educational Qualification?

TABLE


1 Under graduate 50 25%

2 Graduate 80 40%

3 Post graduate 70 35%

Total 200 100%


GRAPH

Interpretation


25% respondents are Under graduate.

40% respondents are Graduate.

35% respondents are Post graduate.

4. Number Of years Are You in Pune?

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TABLE

Sr. No. Category No. of Respondents Percentage1 Less than five years 78 39%

2 More than five years 122 61%

Total 200 100%


GRAPH

Interpretation


39% respondents are in Pune is less than five years.

61% respondents are in Pune is more than five years.

5. Your Occupation?

TABLE

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1 Business 40 20%

2 Profession 108 54%

3 Service 52 26%Total 200 100%


GRAPH

Interpretation


20% respondents Occupation is Business.

26% respondents Occupation is Profession.

54% respondents Occupation is Service.

6. Your annual household income?

TABLESr. No. Category No. of Respondents Percentage

1 Less than 2 lacs 98 49%

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2 Between 2 to 5 lacs 62 31%

3 Between 5to 8lacs 30 15%

4 More than 8 lacs 10 5%

Total 200 100% Base 200 respondents

GRAPH

Interpretation


49% respondents annual household income is less than 2 lacs.

31% respondents annual household income is between 2 to 5 lacs.

15% respondents annual household income is between 5 to 8 lacs.

5% respondents annual household income is more than 8 lacs.

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

TABLE

Sr. No. Category No. of Respondents Percentage1 Yes 84 42%

2 No 116 58%

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Total 200 100%


GRAPH

Interpretation


42% respondents are member of a club/gymkhana.

58% respondents are not member of a club/gymkhana.

8. What is your perception about insurance sector?

TABLE


1 Hard and lucrative 60 30%

2 Hard but not rewarding 18 9%3 Smooth and rewarding 82 41%

4 No idea 40 20%

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Total 200 100%


GRAPH

Interpretation


30% respondents perception about insurance sector is Hard & lucrative.

9% respondents perception about insurance sector is hard but not rewarding.

41% respondents perception about insurance sector is Smooth & rewarding.

20% respondents perception about insurance sector that they have no idea.

9. Do you know about HDFC Standard Life Insurance?

TABLE


1 Yes 164 82%

2 No 36 18%

Total 200 100%


GRAPH

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Interpretation


85% respondents are known about HDFC Standard life insurance.

15% respondents are not known about HDFC Standard life insurance.

10. Do you have any Insurance Policy?

TABLE


1 Yes 160 80%

2 No 40 20%

Total 200 100%


GRAPH

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Interpretation


80% respondents have insurance policy.

20% respondents do not have insurance policy.

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11. Name of Insurance Company?

TABLE


1 LICI 104 65%

2 ICICI 16 10%

3 HDFC SLIC 8 5%

4 OTHERS 32 20%

Total 160 100%


GRAPH

Interpretation


65% respondents are insured by LICI.

10% respondents are insured by ICICI.

5% respondents insured by HDFCSLIC.

20% respondents insured by OTHERS.

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

TABLE


1 Yes 70 35%

2 No 130 65%

Total 200 100%


GRAPH

Interpretation


35% respondents are holding license of any insurance company.

65% respondents are not holding license of any insurance company.

13. Are you satisfied with the company?

____________________ _____________________________________________________40


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TABLE

Sr. No. Category No. of Respondents Percentage1 Yes 42 60%

2 No 28 40%

Total 70 100%

Base 70 respondents

GRAPH

Interpretation


60% respondents are satisfied with their insurance company.

40% respondents are not satisfied with their insurance company.

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

consultant?

____________________ _____________________________________________________41


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TABLE


1 Yes 82 41%

2 No 118 59%

Total 200 100%


GRAPH

Interpretation


41% respondents are known about HDFC Standard Life Insurance recruitment policies

related to financial consultant.

59% respondents are not known about HDFC Standard Life Insurance recruitment policies

related to financial consultant.

15. Will you be interested to become Financial Consultant?

TABLE


1 Yes 60 30%

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2 No 140 70%

Total 200 100%


GRAPH

Interpretation


30% respondents are interested to become financial consultant.

70% respondents are not interested to become financial consultant.

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

STANDARD LIFE?

TABLE


1 Yes 54 90%

2 No 6 10%

Total 60 100%

Base 60 respondents

GRAPH

Interpretation


90% respondents are interested to earn additional income.

10% respondents are not interested to earn additional income

CHAPTER 6: CONCLUSIONS & SUGGESTIONS

CONCLUSIONS:

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HDFC Standard Life, the insurance arm of HDFC is expected to go on stream. Promoted by HDFC

& Standard Life, already has good number of employees on board and is recruiting Financial

Consultants heavily to take the headcount to many more. It is on the brim of increasing its client

through its attractive schemes and offer.

The project opportunities provided was market segmentation and identifying prospective clients in

potential geographical location and for recruiting them as financial consultant so to explore new

Business Opportunity. Through this project, it could be concluded that people are not much aware

about the various benefit of being Financial Consultant that are currently prevailing in the insuranceindustry.

Insurance was considered as unsought good which require hard core selling, but in changing trend in

income and people becoming financially literate, the demand for insurance is increasing day by day.

So, it is the company that first approaches gets its share of reward. Proper after sale service can help

the advisors to generate more business. Gradually people are realizing the fact that insurance is not a

necessary evil but means to attain worry free life.

This activity much attract unemployed people as for them a source of income is a great help for

developing there future. 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 SLI for giving me an opportunity to work in the

field of Financial Consultant. I hope the company finds my analysis relevant.

SUGGESTIONS:

Finally some recommendations for the company are as fallows:-

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To make people aware about the benefit of becoming HDFC Standard 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 validity.

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

company

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

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

Company should open more branches in different cities

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CHAPTER 7: LIMITATIONS

Every work has its own limitation. Limitations are extent to which the process should not

exceed. Limitations of this project are:-

The project was constrained by time limit of two months.

Mindset of people may very depending upon their age, gender, income etc.

Getting appointment from the concern person was very difficult.

People mind set about the survey was an obstacle in acquiring complete information &

positive interaction.

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

Questionnaire response by them.

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QUESTIONNAIRE

Dear Sir/Madam,

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

market survey MARKET RESEARCH ON FINANCIAL CONSULTANTS FOR HDFCSLIC. I

request you to kindly fill the questionnaire below and I assure you that the data generated shall be

kept confidential.

.

1. Your Age: ____________________

2. Education Qualification.

Undergraduate

Graduate

Post graduate

3. Marital Status.

Married

Single

No. of Children: __________

4. Number Of years Are You in Pune.

Less than five years

More than five years

5. Occupation.

____________________ _____________________________________________________

Name: ..

Address: ..

Contact No :( O) (M)

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

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Business

Profession

Service

(Please mention below the type of business/profession you are in incase of service please mention

your organization name and designation)

6.Your annual household income.

than 8 lack

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

Yes

No

If yes, Name of the club /gymkhana_______________________________________

8. What is your perception about insurance sector?

Hard &lucrative

Hard but not rewarding

Smooth &rewarding

No idea

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9. Do you know about HDFC SLIC?

Yes

No

10.Do you have any insurance policy?

Yes

No

11.Name insurance company?

LICI ICICI

HDFC SLIC OTHERS

If others, please specify___________________________________________________

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

Yes

No

If yes, please specify which company________________________________________

Reason______________________________________________________________

13. Are you satisfied with the company?

Yes

No

Reason specify_________________________________________________________

14. Do you know about HDFC SLICs recruitment policies related to financial consultant?

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Yes

No

15. Will you be interested to become financial consultant?

Yes

No

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

YES

NO

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

______________________________________________________________________

Date:

Place: Signature

Thank You

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BIBLIOGRAPHY

1.BOOKS AUTHORS

Marketing Management (10th Edition) Philip Kotler

Marketing Management (3rd Edition) V.S. Ramaswamy

Research Methodology (2nd Edition)

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
http://www.hdfcinsurance.com/http://images.google.co.in/imgres?imgurl=http://www.domain-b.com/finance/insurance/200204apr/hdfc-standard-life-insurance%2520logo.gif&imgrefurl=http://www.domain-b.com/finance/insurance/200204apr/20020404_equity.html&h=64&w=173&sz=3&hl=en&star%20http://www.hdfcinsurance.com/

market research on financial consultant for hdfcsl

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