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OF
FINANCIAL CONSULTANT
OF
Mr.VISHAL
SAWHNEY
Manager
(Channle development)
HDFC
Seal/stamp of the organization STANDARD LIFE
INSURANCE
Date: ---------------------- H.N.-2955 Street N.-12
Ranjeet Nagar New Delhi
110008
ACKNOWLEDGEMENT
DECLARATION
Table Of Contents
Executive Summary
Introduction
The promoters
The Company and its product line
Features of the product
Marketing strategy
Share market position
Competitors
Future prospects
National international image
Major problems
Conclusion
EXECUTIVE SUMMARY:-
1-INTRODUCTION:-
HDFC Standard Life Insurance Company Ltd. offers a range of
individual and group insurance solutions. It is a joint venture between
Housing Development Finance Corporation Limited (HDFC Ltd.), India’s
leading housing finance institution and one of the subsidiaries of Standard
Life plc, leading providers of financial services in the United Kingdom.
The Standard Life group has been looking after the financial needs of
customers for over 180 years. It is a leading pension’s provider in the UK.
Both the promoters are well known in their respective fields of activities.
For more details you may log on to http://www.hdfcinsurance.com
Mr. Deepak S Parekh is the Chairman of the Company. He
is also the Executive Chairman of Housing Development
Finance Corporation Limited (HDFC Limited). He joined
HDFC Limited in a senior management position in 1978. He
was inducted as a whole-time director of HDFC Limited in
1985 and was appointed as its Executive Chairman in 1993.
He is the Chief Executive Officer of HDFC Limited. Mr.
Parekh is a Fellow of the Institute of Chartered Accountants
2 THE BACKGROUND
HDFC LIMITED
HDFC was incorporated in 1977 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. 100
million.
Business Objectives
Organisational Goals
JOINT VENTURE
VISION STATEMENT
“The most successful and admired life insurance
company, which mean that we are the most trusted
company, the easiest to deal with, offer the best
value for money, and set the standards in the
industry.In short, “The most obvious choice for all”.
Strength:-
A wide geographic reach, growing clients, and a
diversified portfolio of products and services.
.
Premium Payment
This section gives you all the details that you may require to pay your
premium and make it a hassle free experience. Along with various
premium payment options currently available to you, we have also drawn
up a Checklist of details that you will need in case you are paying through
cheque or demand draft. 7 Easy Ways to pay your
premium:
At any of Our branches
Postage / Courier
You can send cheques and demand drafts drawn in favour of HDFC SLIC
to any of our branch offices
Online Payment
You can make online payment of premium anytime and from any location,
at a click of the mouse by using the Online payment facility. It is currently
offered to all the policyholders who are registered users of
billjunction.com or have net banking facility with any of the following
banks - HDFC Bank, ICICI Bank, Axis Bank, State Bank of India, Punjab
National Bank, Union Bank of India, Bank of Baroda
Drop Boxes
You can drop cheques and demand drafts drawn in favour of HDFC SLIC
into any of our drop boxes installed at various locations in various cities
You can also pay your renewal premium through a Standing Instructions
Mandate if you have an account with HDFC Bank anywhere in India
You can pay your renewal premium through your HDFC Bank credit
card.
• Unit Linked Polices you can pay using Local Cheques/ Demand
Drafts
• other policies you can pay using either Local or Outstation cheques
or Demand Drafts
Weaknesses:-
• Lapse” the policy – if you haven’t paid premiums for the first 3
policy years
On receipt we will send you the details of amount, that you will have to
pay towards revival. This amount may include all or some of the
outstanding premiums, revival interest and revival processing charges
If your policy is lapsed or paid-up for more than six months or lapsed due
to any reasons like illness, accidents etc. you may need to submit a
Personal Health Statement
we reserve our right to impose some new terms and conditions at the time
of revival decided on a case-to-case basis
3-THE COMPANY AND ITS PRODUCT LINE:-
COMPETITOR BY PRODUCT
Bancassurance is the selling of insurance
INDIAN BANK
Indian Bank enters into a strategic tie-up with HDFC Standard Life
Insurance Company Ltd .
INDIAN BANK with over 90 years of standing in the financial
market with the reputation for excellent customer service, has
entered into a strategic tie-up with HDFC Standard Life Insurance
Company Ltd., the first in the private sector to receive the
Certificate of Registration for foray into Life Insurance business for
distribution of latter’s insurance products. A Memorandum of
understanding has been signed by the Bank with the Insurance
Company on 8th February 2001 to this effect. The Bank has to its
strength 1377 branches spread across the country with ready built
infrastructure and the expertise in marketing financial products.
Initially the insurance products will be marketed through select
branches in the South where the Bank has strong presence. The
insurance products from HDFC Standard Life, will be competitive
and customer friendly. The tie-up would benefit the Bank's
customers, as they will have wider choice of life insurance policies
at competitive premium
Knowledge Center
Our Knowledge Centre is your personal resource for information that can help
you understand the basics of insurance and help you make an informed decision
about buying a policy. This section includes details on insurance terms and
concepts, helps you analyse plans for your various needs and lends meaning to
some of the insurance jargon that you may encounter
Life Stages
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
analyse various insurance needs accordingly.
STAGE 1
Young and 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.
Your needs
• Save for a home and wedding
• Tax Planning
• Save for Golden years
STAGE 2
Just Married
Marriage brings about a significant change. New dreams and new opportunities
also bring in additional responsibilities. While both of you look forward to a
happy and secure life , it is equally important to ensure that eventualities don’t
come in the way of shaping your dreams.
Your needs
• Planning for home / securing your home loan liability
• Save for vacation
• Save for your
first child
STAGE 3
Proud Parents
Once you have children, your need for life insurance is even more. You need to
protect your family from an untoward incident. Ensure your protection
umbrella takes into account the future cost of securing your child’s dream. You
will want life to go on for your loved ones, and having enough life insurance is a
way to help ensure that.
Your needs
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.
Your needs
HDFC does not need any formal introduction, so strong is its brand
already. After having a significant presence in the housing finance,
banking and MF industries, this JV marks its foray into the life insurance
sector.
Private sector players would only be too aware that this is the proverbial
first step of the thousand-mile journey that lies up ahead. Contending for
a piece of market share with a Goliath that LIC is, will not be an easy task
unless they offer qualitative and innovative products at an affordable
price. That they would be pulling out all the stops to attract customers is
not in doubt. Hence, this is as good a time as any to pay attention and see
what is on display.
The strategy
Too many options simply confuse the users whereas too few will surely
turn them away. HDFC Standard Life has thankfully introduced products
with basic premiums serving specific needs of all. Most products have
some additional optional value adding benefits at marginal additional
premiums. The proponent is free to choose any of the basic products along
with none or some of the options as per his needs.
These options must be selected at the outset while choosing the product.
Now the base.
Single Premium Bond This is basically a hybrid of insurance and
investment. The life cover is quite low and therefore it functions almost
like a deep discount bond. For a single upfront premium (read
investment), the policy pays a lump sum (read maturity value) and its
tenure of 10, 15, 20 years or more at 5-year intervals. A compound
revisionary bonus is declared every year, which would be added to the
policy upon its anniversary. The future bonuses though are not
guaranteed and are dependent upon the company's experience and the
conditions prevalent in the economy.
The minimum age for buying the policy is 18 years, the maximum being
70. The minimum SA is fixed at Rs. 25,000, the maximum being Rs.
5,00,000.
Amongst the optional benefits listed above, ADB, CI and ASA are
available for this plan.
From amongst the optional benefits, CI, DSA, ADB and the WOP benefit
are available along with this plan. The indicative premiums for an SA of
Rs. 1 lakh for a male life assured for a period of 20 years are detailed in
the table.
For starters, it provides a lump sum on the death of the life assured
during the term of the plan. The difference in this case is that the lump
sum is a decreasing percentage of the initial SA. As the loan decreases, as
per its payment schedule, the cover under the policy decreases as per its
own schedule.
Total Policy
Number of years from policy date
Term
5
10
15
20
25
10
40%
15
30%
30%
20
25%
25%
25%
25
20%
20%
20%
20%
30
15%
15%
15%
15%
15%
Age
5 MARKETING STRATEGIE
5 COMPETITORS
COMPETITORS BY COMPANY
MARKET SHARE POSITION
Life Insurance Corporation of India’s (LIC’s) market share has
slipped by almost 4% to 83.3% from 87% market share last fiscal.
However, in terms of number of policies sold, LIC continues to
dominate the Indian life insurance market with about 91% market
share.
Each of the other private players like Aviva, Max New York Life,
OM Kotak Life, ING Vysya, AMP Sanmar and MetLife had less than
1% market share but posted high growth in business. In terms of
premium collection, ICICI Prudential mopped up Rs 136 crore
followed by Birla Sunlife (Rs 60 crore), Allianz Bajaj (Rs 37 crore),
Tata AIG (Rs 35 crore), HDFC Standard Life (Rs 33 crore), SBI Life
(Rs 27 crore).
Life Insurance Corporation Of India(LIC)
Birla Sun Life Insurance is a joint venture between the Aditya Birla
Group and Sun Life Financial, Birla Sun Life foraying into the life
insurance and retirement planning business. The Aditya Birla Group has
a turnover close to Rs. 38000 crores (as on March 31, 2006) and is one of
the largest business houses in India. Additional information is available at
www.adityabirla.com.Sun Life Financial Inc. is a leading international
financial services organization providing a diverse range of wealth
accumulation and protection products and services to individuals and
corporate customers. Tracing its roots back to 1865, Sun Life Financial
and its partners today have operations in key markets worldwide,
including Canada, the United States, the United Kingdom, Hong Kong,
the Philippines, Japan, Indonesia, India, China and Bermuda. As of
March 31, 2006, the Sun Life Financial group of companies had total
assets under management of USD 343 billion. For more details you may
log on to http://www.birlasunlife.com/BirlaSunLife/Insurance/
Tata AIG Life Insurance Company Limited and Tata AIG General
Insurance Company Limited (collectively 'Tata AIG') are joint ventures of
the Tata Group and American International Group, Inc. (AIG). Tata AIG
combines the strength of the Tata Group with AIG's international
expertise and financial strength. The Tata Group holds 74 per cent stake
in the insurance venture with AIG holding the balance 26 percent. Tata
AIG Life provides insurance solutions to individuals and corporates. Tata
AIG Life Insurance Company was licensed to operate in India on
February 12, 2001 and started operations on April 1, 2001. For more
details you may log on to http://www.tata-aig.com.
With over 137 years of experience, the MetLife companies are a leader in
group benefits that serve 88 of the top one hundred FORTUNE 500®*
companies, and provide benefits to 37 million employees and family
members through its plans sponsors in the U.S. The MetLife companies
are also ranked #1 in group life and #1 in commercial dental in the U.S.
The MetLife companies are the number one life insurer in the U.S. with
approximately US $2.8 trillion of life insurance in force. In India, MetLife
was incorporated in 2001, and aims to differentiate itself through
customized need based selling, simple and innovative products, and
technology-backed service experience, to tread its path to build financial
freedom for everyone. For more details you may log on to
http://www.metlife.co.in/MetIndia
Aviva is UK’s largest and the world’s fifth largest insurance Group. It is
one of the leading providers of life and pensions products to Europe and
has substantial businesses elsewhere around the world. In India, Aviva has
a long history dating back to 1834. At the time of nationalization it was the
largest foreign insurer in India in terms of the compensation paid by the
Government of India. Aviva was also the first foreign insurance company
in India to set up its representative office in 1995.In India, Aviva has a
joint venture with Dabur, one of India's oldest, and largest Group of
companies. A professionally managed company, Dabur is the country's
leading producer of traditional healthcare products. In accordance with
the government regulations Aviva holds a 26 per cent stake in the joint
venture and the Dabur group holds the balance 74 per cent share. For
more details you may log on to http://www.avivaindia.com
Business description
Be our Certified Financial Consultant Join HDFC Standard Life
Insurance as a Financial Consultant and help analyze your
customer’s financial needs, provide customized financial
solutions to each one and conduct reviews on a regular basis to
keep your customers on track.
Along with being a great career move you get associated with
HDFC Standard Life Insurance, India’s Most Respected Private
Life Insurance Company. We at HDFC Standard Life also offer
you unmatched support with various training programmes to help
you excel in your endeavour.
EXCELLENT OPPORTUNITY
Join HDFC Standard Life Insurance as a Financial
Consultant and earn a rewarding career
IRDA Training
Disha Training
Advanced Training
Desired Profile:
Age: 18 Yrs to 65 Yrs
Education: Intermediate or more
Experience: Not Mandatory
Type of Job: Full Time or Part Time
Documents Required:
8 photograph
Age proof (passport, Birthcertificate, College Leaving Certificate,
Driving License)
Address proof
Education proof
Copy of PAN Card
Duely Signed Cancelled Cheque of self
A candidate needs to bring a DD of Rs. 925/- in case of offline
training and Rs.825 in case of online training towards HDFC SLIC
LTD payable at Mumbai.
IRDA Exam
Fail Pass
Internal Assessment
Fail Pass
Exit Certification
Job Description for Financial consultants
Pre sales role
• Identifying prospective clients.
• Meeting prospective clients.
• Understanding the need of the client.
• Presenting solutions to client.
• Closing sales.
Benefits to FCs
Financial Benefits:
Commission on issuance of every policy.
Commission directly credited to bank account of FCs within 15
days. These commission varies from 7.5-40% according to plan.
BASIC COMMISSION
First year Commission payable on regular premium conventional
policies issued on or after 21st march 2007
Name of the plan 1st year
commission
Endowment Assurance plan 40%
Money Back plan 40%
Children’s plan 40%
Term Assurance plan 25%
Lone cover Term Assurance plan 25%
Personal Pension Plan 7.5%
RENEWAL COMMISSION:
Renewal commission would be paid from the 2nd year onwards
on regular premium policies. Renewal commission is not
payable on single premium plans.
BONUS COMMISSION
Bonus commission would be payable on the first year premium
received and adjusted on the regular premium policies under the
following plans,
1.Endowment Assurance Plan
2.Money Back Plan
3.Children’s Plan
4.Term Assurance Plan
5.Lone Cover Term Assurance Plan
• Gift Vouchers
• Home Appliances
• Two-Wheelers
• Gold/Diamonds Jewelry
• Foreign Trips
• Mobile Phones
• Laptops
• Cars etc.
OTHER BENEFITS
• On field support- Joint fieldwork with respective
SDM/BDM.
• Training support – Various training modules to enhance your
sales skills, interpersonal skills etc.
Mortality Charges
These are charges to provide for the cost of insurance coverage under the
plan. Mortality charges depend on number of factors such as age, amount
of coverage, state of health etc
Fund Management Fees
These are fees levied for management of the fund(s) and are deducted
before arriving at the Net Asset Value (NAV) .
Policy/ Administration Charges
These are the fees for administration of the plan and levied by cancellation
of units. This could be flat throughout the policy term or vary at a pre-
determined rate.
Surrender Charges
A surrender charge may be deducted for premature partial or full
encashment of units wherever applicable, as mentioned in the policy
conditions.
Fund Switching Charge
Generally a limited number of fund switches may be allowed each year
without charge, with subsequent switches, subject to a charge.
Service Tax Deductions
Before allotment of the units the applicable service tax is deducted from
the risk portion of the premium.
Investors may note, that the portion of the premium after deducting for all
charges and premium for risk cover is utilized for purchasing units
other disclosures