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FINAL REPORT
ON
HDFC STANDARD LIFE INSURANCE PVT LTD
SUBMITTED TO
FACULTY GUIDE
SUBMITTED BY
VINCY
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DECLARATION
Date: VINCY
Place
2
ACKNOWLEDGEMENT
Last but not the least, I am grateful to all people who directly or indirectly
helped me in preparing this report.
Vincy
CONTENTS
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Introduction
Insurance industry in India
Overview of the company
Products
Distribution network
Board of directors
Associate companies
Who is who?
About the competitors
About the customers
Business objectives
Target/Task
Strategy
Analysis of performance
Limitations
Learning in ET
Awards / Rewards
Conclusion
IP DETAILS
INTRODUCTION
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As my project, I get an opportunity to do my SIP program in HDFC
Standard Life Insurance Company Ltd. Its world’s one of the top insurance
company.
Insurance is a form of risk management primarily used to hedge against the
risk of contingent loss. Insurance is defined as the equitable transfer of the risk of
a loss, from one entity to another, in exchange for a premium.
Insurer- is the company that sells the insurance.
Insurance rate- is the factor used to determine the amount called premium,
to be charged for a certain amount of insurance coverage.
Type of Insurance
• Health
• Casualty
• Life time
• Property
• Liability
• Credit
• Other type
• Insurance financing vehicles
Insurance companies
May be classified in to two types
• Life insurance
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• General insurance
Life Insurance
General insurance
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Insurance sector in India is one of the booming sectors of the economy and
is growing at the rate 15-20 per cent annum. Together with banking services, it
contributes to about 7 per cent to the country’s GDP. Insurance is a federal subject
in India and insurance Industry in India is governed by Insurance Act, 1938, the
life Insurance Business (Nationalization) Act, 19722, Insurance Regulatory and
Development Authority (IRDA) Act, 1999 and other related acts.
History
The origin of life insurance in India can be traced back to 1818 with the
establishment of the Oriental Life Insurance Company in Calcutta. It was
conceived as a means to provide for English Widows. In those days a higher
premium was charged for Indian lives then the non-Indian lives were considered
riskier for coverage. The Bombay Mutual Life Insurance Society that started its
business in 1870 was the First Company to charge same premium for both Indian
and non-Indian lives. In 1912 insurance regulation formally began with the
passing of Life Insurance Companies Act and Provident fund act.
By 1938, there were 176 insurance companies in India. But a number of
frauds during 1920s and 1930s tainted the image of insurance industry in India. In
1938, the First comprehensive legislation regarding insurance was introduced with
the passing of Insurance Act of1938 that provided strict State Control over
insurance business.
Insurance sector in India grew at a faster pace after Independence. In 1956
Government of India brought together 245Indian and foreign insurers and
provident societies under one nationalized monopoly corporation and formed Life
Insurance Corporation (LIC) by an Act of Parliament, viz. LIC Act, 1956, with a
capital contribution of Rs.5crore.
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The (non-life) insurance business/general insurance remained with the
private sector till 1972. There were 107 private companies involved in the business
of general operations and their operations were restricted to organized trade and
industry in large cities. The General Insurance Business (Nationalization) Act,
1972 nationalized the general insurance business in India with effect from January
1, 1973.The 107 private insurance companies were amalgamated and grouped into
four companies: National Insurance Company, New India Assurance Company,
Oriental Insurance Company and United India Insurance Company. These were
subsidiaries of the General Insurance Company (GIC).
In 1993, the first step towards insurance sector reforms was initiated
with the formation of Malhotra Committee, headed by former Finance
Secretary and RBI Governor R.N. Malhotra. The committee was formed to
evaluate the Indian insurance industry and recommend its future direction with the
objective of complementing the reforms initiated in the financial sector.
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who came under the income-tax bracket. Despite all this, LIC was synonymous
with insurance in India and it had established an enviable brand image for itself,
especially in the rural areas and small towns. However, with the entry of new
players, the insurance market changed almost overnight. The private insurers
seemed all set to make the industry marketing-driven, wherein technical and
service excellence would be the key factors of success. The private companies, in
a bid to make their presence felt and their brand noticed, initiated a series of
aggressive marketing and promotion initiatives, something that buyers of
insurance were not accustomed to.LIC had made Indian insurance industry a
sellers market, where customer had no option other than to buy its (LIC’S)product.
LIC had also not tried to explore the market but were happy what they were
getting effortlessly.
Life insurers
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• HDFC standard life insurance co.ltd
• ICICI prudential life insurance co.ltd
• ING vysya life insurance co.ltd
• Life Insurance Corporation of India
• Max newyork life insurance co.ltd
• Metlife india insurance co.pvt ltd
• Om kotak mahindra life insurance co.ltd
• SBI life insurance co.ltd
• Tata AIG life insurance co.ltd
HDFC Standard Life Insurance Co. Ltd was incorporated on 14th august
2000. It is a joint venture between Housing Development Finance Corporation
Limited (HDFC Ltd.) India and UK based Standard Life Company. Both the joint
venture partners being one of the leaders in their respective areas came together in
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this 81.4:18.6 joint venture to form HDFC Standard Life Insurance Company
Limited.
The MD and CEO of HDFC Standard Life Mr. Deepak Satwalekar, has
given the company new directions and has helped the company achieve the status
it currently enjoys. HDFC Standard Life brings to you a whole range of insurance
solutions be it group or individual or NAV services for corporations; they can be
easily customized as per specific needs. HDFC Standard Life Insurance India
boasts of covering around 8.7 lakh lives by March'2007.
PRODUCTS IN HDFC
➢ Protection Plans
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• Unit Linked Endowment Plus
• Money Back Plan
• Children's Plan
• Unit Linked Youngstar
• Unit Linked Youngstar Plus
DISTRIBUTION NETWORK
Customer Service
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1. My accounts
2. premium payment option
• At our branches
• Post or courier
• Online payment
• Drop boxes
• Credit cards
• Easy bills
•
3. Bonus
4. Contact us
5. Policy servicing
Change in personal details
Change in policy benefits
Others such as loss of policy document, policy cancellation in the Free-Look
Period
6. Lapsation and Revival
7 Claims
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HUMAN RESOURCES
Board of Directors
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Development, Strategy & Planning, Corporate Responsibility and Shared Services
Centre. Ms. Campbell joined the Board of Directors in November 2005.
Mr. Ravi Narain is the Managing Director & CEO of National Stock
Exchange of India Limited. Mr. Ravi Narain was a member of the core team to set-
up the Securities & Exchange Board of India (SEBI) and is also associated with
various committees of SEBI and the Reserve Bank of India (RBI).
Mr. Paresh Parasnis is the Principal Officer and Executive Director of the
company since November 14, 2008. A fellow of the Institute of Chartered
Accountants of India, he has been associated with the HDFC Group since 1984.
During his 16-year tenure at HDFC Limited, he was responsible for driving and
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spearheading several key initiatives. As one of the founding members of HDFC
Standard life, Mr. Parasnis has been responsible for setting up branches, driving
sales and servicing strategy, leading recruitment, contributing to product launches
and performance management system, overseeing new business and claims
settlement, customer interactions etc
HDFC Limited
HDFC Bank
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HDFC Mutual Fund
HDFC SALES
Who is who?
The following companies are present in the life insurance industry in India. all
these company’s are the competitors
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➢ Birla sun life insurance Co.Ltd
HDFC provide premier life gold plan for high level income people.
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➢ Business persons
The business persons have an opportunity to invest in market with safe and
Secured. Will get insurance coverage like life time gold
HDFC provide so many plans for middle level income people. Will get
benefit as pension.
➢ Family
Smart kids plan is especially for family Who are interested to invest in market
share? These persons all their customers
BUSINESS OBJECTIVE
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• Take this opportunity to become a part of MNC
Targets/Tasks
Strategies
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For my task, I entered to natural market. First I decided to go and meet my
relatives for doing my business. Why I selected it is, that to get an idea about the
customer’s questions. I felt comfort to answer for their questions and through this I
got a rough idea about the customer’s response towards persons who are working
in this area. Through this way I build a self confidence in my job. If I meet a
person who is not willing to take a IRDA licence, then I-try to get maximum
reference from him. In this way I made many reference to consider. This way I
continued in convincing others and try to make a personal attachment by giving
maximum help which I can do.
Every one in the market has to maintain their own strategies to achieve their
goals. It is not a single action; it is a series of actions that we have to follow. My
strategies and plans for my executive training:-
1 20000 20000
2 20000 20000
3 20000 20000
4 20000 20000
5 20000 20000
6 20000 20000
7 20000 20000
8 25000 30000
9 30000 35000
10 30000 32000
11 30000 32000
12 30000 35000
13 35000 40000
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LIMITATIONS/PROBLEMS DURING ET
General Problems
• Lack of knowledge about the Insurance among the people.
Most of the people lack knowledge about the insurance and its benefits
especially in rural areas. Most of the people think that they will lose their
money.
• Lack of market support
From the very beginning of my ET the market shows a downward trend. So the
existing customers were not ready for any further investments as they had
already suffered a huge loss from the market fall.
Specific Problems
• Time constraint to meet customers
• Attitude of customers
Some people are having a negative attitude towards the insurance, towards the
company and also sometimes towards the marketing executives due to several
reasons such as:-
○ They seen us for the first time
○ Visiting them alone
○ No identity to prove myself
○ Lack of faith
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LEARNING IN THE EXECUTIVE TRAINING
IRDA License
CONCLUSION
From the Executive Training I got practical experience in how to deal with
the customers and how to canvas them. It is quite different from the class room
teaching and it was an exposure to the real business or marketing environment. I
took this training as an opportunity to learn market situation. Definitely the
internship program helped me to improve my skills and performance. It was an
entry to the corporate culture. I have faced a lot of challenges. It helped me to
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know about the insurance sector especially about HDFC Standard Life Insurance
Company. It also helped to deal with various products and services offered by the
company. Any way it was a nice experience for me.I have achieved the target set
by the company and a lot of incentives are offered by the company. The executive
training period is an asset for me.
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