hdfc insurance

A
Project Report
On
Recruitment And Selection
At
HDFC Standard Life Insurance Company
In Partial Fulfillment of Bachelor of Business Administration
Programme of G.G.S.I.P.University.
Submitted by:
DIVYARTH KUMAR
04712201709
DELHI COLLEGE OF ADVANCED STUDIES
B-7, Shanker Garden, Vikaspuri
New Delhi-110018

Student declaration
I declare that the project entitled “PROJECT ON RECUIRTMENT
AND SELECTION AT HDCF-SLIC” Is an original done by me and no
part of the project is taken from any other project or material published
or otherwise or submitted earlier to any other college or university.
Divyarth kumar

ACKNOWLEDGMENT
I was actively involved with HDFC Standard life
insurance co mpany ltd Delhi, for a period of 6 weeks,
and I came across a lot of people who put in their time and
effort towards acclimatizing me to the workings of their organization.

PREFACE
I, student of DELHI COLLEGE OF ADVANCE STUDIES
affiliated to GURUGOBIND INDRAPRASTHA UNIVERSITY
pursuing BBA (gen) course. I have put my sincere efforts to
accomplish my objectives within the stipulated time.
Despite all the limitations, obstacles, hurdles and
hindrances, I have toiled and worked to my optimum
potential to achieve the desired goal. Being in the highly
co mpetitive world of business, I came across some
difficulties to make my objectives a reality. Anyhow, with the
kind help and genuine interest of one and all and formally
supported by the guidance of my guide, I am presenting
this hand carved effort in colored. I tried my level
best to conduct a research to gain a thorough knowledge
about the project in my topic “Recruitment and Selection
at HDFC Standard Life Insurance Company” I have put the best of my
efforts and have also tried to do justice with the available.

EXECUTIVE SUMMARY
HDFC Standard Life insurance is India's premier insurance
enabling company. HDFC Standard Life insurance is the one-stop-
shop for requirements of services in the areas of insurance, optimum
investment, financial coverage and losses, mortality benefit, and
health option etc. This is backed by HDFC Standard life
insurance service support infrastructure - the widest in the country.
The objective of the project was to understand how
financial consultant s play an important role for
insurance company like HDFC STANDARD LIFE. The main
objective of the project is to understand the recruitment and
selection of financial consultant more effectively and efficiently,
because financial consultant plays most important role in business of
insurance.
Various areas in city were selected. The data gave
knowledge about customer‟s satisfaction, loyalty & their feelings
about the HDFC Standard Life Insurance. Recruitment was conducted
using questionnaires. The information about various attributes
and factors were collected about the financial consultant.
All the data collected, was filtered & analyzed, represented in the
form of graphs & charts. Secondary data was also used in report such as
company profile. On the basis of analysis of data, conclusions were
drawn and suggestions were given.

ORGANISATION OVERVIEW
HISTORY
MAN WITH A MISSION
If ever there was a man with a mission it wasHasmukhbhai Parikh, Founder and
Chairman-Emeritus of HDFC Group who left this earthly abode on November18,
1994. Born in a traditional banking family in Surat,Gujurat, Mr. Parikh started his
financial career at Harkisandass Lukhmidass – a leading stock broking firm. The
firm closed down in the late seventies, but, long Before that, he went on to
become a towering figure on the Indian financial scene. In 1956 he began his
lifelong financial affair with the Economic world, as General Manager of the
newly-formed Industrial Credit and Investment Corporation of India(ICICI). He
rose to become Chairman and continued so till his retirement in 1972.At the ripe
age of 60, Hasmukhbhai started his second dynamic life, even more Illustrious
than his first. His vision for mortgage finance for housing gave birth to the
Housing Development Finance Corporation –It was a trend-setter for housing
finance in the Whole Asian continent. He was also a writer in his own right. There
are over 200 published articles by him...? In 1992, the Government of India
honored him with the Padma Bhushan Award.
London School of Economics & Political Science conferred on him an Honorary

Fellowship.He was one of the Founder Members of the Centre for Advancement
of Philanthropy, and it’s Chairman till 1993. He took active interest in the Bombay
Community Public Trust, designed specifically to serve the needs of the city’s
underprivileged citizens. When Mr. Deepak Parikh took over as Chairman from
Hasmukhbhai, he said: “Taking over from H.T. Parikh is a formidable task; his
vision… brought about not Only an institution, but an entire concept which has
proved itself to be of lasting Importance.”
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.
The Standard Life group originally operated only through branches or agencies of
the mutual company in the United Kingdom and certain other countries.
Its Canadian branch was founded in 1833 and its Irish operations in 1838. This
largely remained the structure of the group until 1996, when it opened a branch
in Frankfurt, Germany with the aim of exporting its UK life assurance and
pensions operating model to capitalise on the opportunities presented by EC
Directive 92/96/EEC (the “Third Life Directive”) and offer a product range in that
market.
In the 1990s, the group also sought to diversify its operations into areas which
complemented its core life assurance and pensions business, with the intention of
positioning itself as a broad range financial services provider. Banking and
investment.The group set up Standard Life Bank, its UK mortgage and retail
savings banking subsidiary, in 1998 and Standard Life Investments, which had
previously been the in-house investment management unit of the group’s life
assurance and pensions business, was separated into a distinct legal entity in the
same year, with the aim of establishing it as an independent investment
management business providing services to both the group and third party retail.

Company prospects
Introduction
HDFC Standard Life Insurance Company Limited. is one of India's leading private
insurance companies, which offers a range of individual and group insurance
solutions. It is a joint venture between Housing Development Finance Corporation
Limited (HDFC Limited), India's leading housing finance institution and a Group
Company of the Standard Life Plc, UK. As on February 28, 2009 HDFC Ltd. holds
72.43% and Standard Life (Mauritius Holding) 2006, Ltd. holds 26.00% of equity
in the joint venture, while the rest is held by Others.
Our Parentage
HDFC Limited
HDFC Limited, India‟s premier housing finance institution has assisted more than
3.3 million families own a home, since its inception in 1977 across 2400 cities and
towns through its network of over 250 offices. It has international offices in Dubai,
London and Singapore with service associates in Saudi Arabia, Qatar, Kuwait and
Oman to assist NRI‟s and PIO‟s to own a home back in India. As of December
2008, the total asset size has crossed more than Rs. 95,000 crores including the
mortgage loan assets of more than Rs. 82,800 crores. The corporation has a deposit
base of Rs. 17,551 crores, earning the trust of more than 9,00,000 depositors.
Customer Service and satisfaction has been the mainstay of the organization.
HDFC has set benchmarks for the Indian housing finance industry. Recognition for
the service to the sector has come from several national and international entities
including the World Bank that has lauded HDFC as a model housing finance
company for the developing countries. HDFC has undertaken a lot of consultancies
abroad assisting different countries including Egypt, Maldives, and Bangladesh in
the setting up of housing finance companies.
Standard Life Group (Standard Life plc and its subsidiaries)
The Standard Life Group has been looking after the financial needs of customers
for over 180 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. 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 pension‟s 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.
Our Vision & Values
Our Vision
'The most successful and admired life insurance company, which means 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'.
'The most obvious choice for all'.
Our Values
Values that we observe while we work:
Integrity
Innovation
Customer centric
People Care “One for all and all for one”
Team work
Joy and Simplicity

ADVERTISEMENT AND SALES PROMOTION
Film opens in the compound of a
house. Father is checking
something inside the bonnet of an
old small car. His daughter,
around 27-28 years old, is working
on a lap top next to him
Daughter: “Dad”. Father: “Bolo”
Daughter: “Nayi car lene mein hee
bhalaai hai.”
Dad nods in agreement without
looking up. Dad: “Hmmm…”
Daughter continues affirmatively
as she signs on a cheque.
Daughter: “Aur wo bhi badi wali.”
Dad looks at her and asks.
Dad: “Huh, Badi kyon?”
Daughter, walks towards him with
swinging hand in air and says.
Daughter: “Kyonki Toolika Sharma
chahti hai uske dad style se travel
kare.”
Dad goes back to checking the
engine and says in a light hearted
tone.
Dad: “Aur Extra paise dad dega
kya?”
Daughter replies firmly: “Nahi.
Mere dad ki beti.”

Daughter: “Relax dad, plan kiya.”
Dad doesn’t know what to say:
“Par...”
And hands him the cheque. Dad
looks at the cheque and
questions.
Dad (seriously): “Itne paise aaye
kahaan se?”
Dad doesn’t know what to say as
he looks at the cheque.
Daughter pleads: “Please…dad”
Mother enters with tea. She
senses something serious and
questions them.
Mother: “Aree Kya hua?”
Father looks at her and says
emotionally.
Dad: “Car badi ho gayi, aur beti
bhi.”
Daughter smiles with pride.
Super: Unit Linked Savings Plans
MVO: “Unit Linked Savings Plans
from HDFC Standard Life.
zimmedari nibhao, Aaj bhi kal bhi ”

AREAS OF OPERATION
Helping Indians experience the joy of home ownership. The road to
success is a tough and challenging journey in the dark where only
obstacles light the path. However, success on a terrain like this is not
without a solution. As we found out nearly three decades ago, in 1977,
the solution for success is customer satisfaction. All you need is the
courage to innovate, the skill to understand your clientele and the desire
to give them your best. Today, nearly three million satisfied customers
whose dream we helped realise, stand testimony to our success. Our
objective, from the beginning, has been to enhance residential housing
stock and promote home ownership. Now, our offerings range from
hassle-free home loans and deposit products, to property related services
and a training facility. We also offer specialized financial services to our
customer base through partnerships with some of the best financial
institutions worldwide.
Father daughter are sitting.
MVO: “Sar Utha Ke Jiyo.”

The Housing Development Finance Corporation Limited (HDFC) was
amongst the first to receive an 'in principle' approval from the Reserve
Bank of India (RBI) to set up a bank in the private sector, as part of the
RBI's liberalisation of the Indian Banking Industry in 1994. The bank was
incorporated in August 1994 in the name of 'HDFC Bank Limited', with
its registered office in Mumbai, India. HDFC Bank commenced
operations as a Scheduled Commercial Bank in January 1995.
HDFC Mutual Fund has been one of the best performing mutual funds in
the last few years. HDFC Asset Management Company Limited (AMC)
functions as an Asset Management company for the HDFC mutual fund.
AMC is a joint venture between housing finance giant HDFC and British
investment firm Standard Life Investments Limited. It conducts the
operations of the Mutual Fund and manages assets of the schemes,
including the schemes launched from time to time. As of Aug 2006, the
fund has assets of Rs.25,892 crores under management.
IN 2003, following a decision by the Zurich Insurance Company (ZIC),
the Sponsor of Zurich India Mutual Fund, to divest its asset management
business in India, AMC had entered into an agreement with ZIC to
acquire the asset management business. Consequently, all the schemes
of Zurich Mutual Fund in India had been transferred to HDFC mutual
fund and renamed as HDFC schemes.
Here is a list of mutual funds of HDFC which includes Equity Funds,
Balanced Funds and Debt Funds.

HDFC Securities, a trusted financial service provider promoted by
HDFC Bank and JP Morgan Partners and their associates, is a leading
stock broking company in the country, serving a diverse customer base
of institutional and retail investors.
HDFCsec.com provides investors a robust platform to trade in Equities
in NSE and BSE , and derivatives in NSE. Our website will support you
with the highest standards of service, convenience and hassle-free
trading tools.
Our research team tracks the economy, industries and companies to
provide you the latest information and analysis. Our content offers
financial information, analysis, investment guidance, news & views, and
is designed to meet the requirements of everyone from a beginner to a
savvy and well-informed trader.
HDFC Realty is a wholly owned subsidiary of HDFC. We have assisted
individuals in acquiring homes valued at 5000 million rupees.
HDFC is a pioneer housing finance institution in India and with over 30
years in operations has provided finance to over a million families in
India.
We are a team of real estate professionals facilitating Buying, Selling or
Leasing of Residential / Commercial property.
At HDFC Realty, we provide personalized attention to the individuals
and corporates in their process of identifying properties. From
understanding the requirement to organizing the site visits to completion
of transaction, we make every effort to make the process of acquiring a
property, hassle free and convenient.

PROUCT RANGE & VARIETY
At HDFC Standard Life, we offer a bouquet of insurance solutions to
meet every need. We cater to both, individuals as well as to companies
looking to provide benefits to their employees. This section gives you
details of all our products. We have incorporated various downloadable
forms and product details so that you can make an informed choice
about buying a policy.
For individuals, we have a range of protection, investment, pension and
savings plans that assist and nurture dreams apart from providing
protection. You can choose from a range of products to suit your life-
stage and needs.
For organizations we 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.
We at HDFC Standard Life realize that not everyone has the same kind
of needs. Keeping this in mind, we have a varied range of Products that
you can choose from to suit all your needs. These will help secure your
future as well as the future of your family.
Type of products
(1) Protection
Term assurance plan
Loan cover term assurance plan

A) Term assurance plan:-
Under this plan, a sum assured is payable in case of death of the life
assured during the term of the contract. One can choose the lump sum
that would replace the income lost to one‟s family in the unfortunate
event of one‟s death. Since this no-participating plan is pure risk cover
plan, no benefits are payable on the survival to the end of the term of the
policy.
B) Loan cover term assurance plan:-
This plan provides a lump sum on the unfortunate death of the life
assured during the term of the plan. The lump sum will be a decreasing
percentage of the initial sum assured. As the outstanding loan decreases
as per the loan schedule, the cover under the policy decreases as per the
policy schedule. Since this is a non-participating, risk is there, no
benefits are payable on survival to the end of the term of the policy.
(2) Investment
 Single premium whole of life
Single premium whole of life:-
Single Premium Whole of Life Plan is well suited to meet your long
term investment needs. This participating (with profit) plan offers you
the following benefits:

A sound investment:
Your money will be invested in our „with profit fund‟. The fund aims to
provide secure and stable long term growth. Normally, we declare a
compound reversionary bonus for your policy every year and add it to
your policy on its anniversary. In addition, on death, surrender or on the
guaranteed dates, a terminal bonus might be payable. You have to pay a
single premium and the policy will pay you a lump sum amount.
Flexibility of term:
Even after choosing your policy, you can decide on the policy term. For
4 weeks after any one of the 10th
, 15th
, 20th
, and subsequent five-year
anniversaries, you can choose to receive the sum assured plus any
attaching bonuses, in full. Once the money has been received, your
policy will cease.
(3) Pension plan
A. Personal pension plan
B. Unit linked personal pension plan
A) Personal pension plan:-
This participating plan is basically a saving contract, which is designed
to provide an income for life from retirement. It does this by providing a
national lump sum on retirement, comprising of sum assured plus any

attaching bonus. Subject to the prevailing regulations, part of this lump
sum can be taken in form of cash and the rest converted to an annuity at
the rate then offered by HDFC Standard Life. Alternately, if it is
permitted by the prevailing regulation, the national lump sum can be
used to buy an annuity with any other insurance company
B) Unit linked personal pension plan:-
The unit linked pension plan is basically an insurance contract, which is
designed to provide a retirement income for life. Your premiums are
invested in units of the investment fund of your choice, based on the
prevailing unit price. On investing the vale of your units will be used to
buy your retirement benefits. On earlier death, the beneficiary receives
the value of your units plus a cash lump sum of Rs. 1,000.
(4) Saving
A. Unit linked endowment plan
B. Money back
C. Endowment plan
D. Unit linked youngster plan
A) Unit linked endowment plan:-
The unit linked endowment plan is an insurance policy that is designed
to pay a lump sum amount on the maturity or on earlier death. The unit

linked endowment plan also gives the option of additional protection
against common critical illness, as well as additional protection if death
is as the result of an accident.
Your premiums are invested in units of the investment fund of your
choice, based on the prevailing unit price. On maturity you receive the
value of your units. On death (or critical illness, if chosen) you receive
the value of your units and your selected basic sum assured.
B) Money back:-
It is a participating (with profits) insurance plan that offers the features
listed below:
i) Payment of cash lump sum, each of which is a proportion of the
basic sum assured, at 5-year intervals during the term of policy.
ii) On survival up to maturity, a payment equal to the basic sum
assured plus any bonus additions less the cash lump sums paid
is provided.
In case of the unfortunate death of the life assuror within the term of the
policy, the basic sum assured plus any bonus additions is provided. This
is over and above the earlier payout.

C)Endowment plan:-
It is a participating (with profits) insurance plan that offers the
following features:
i) It provides financial support to the family by way of a lump
sum payment in case of the unfortunate death of the life
assured within the term of the policy.
ii) It provides a lump sum payment to the life assures on survival
up to maturity. The lump sum mentioned is the basic sum
assured plus any bonus additions.
D) Unit linked youngster plan:-
HDFC Unit linked Young Star plan is designed to provide a lump sum to
the child at maturity. It also provides financial security to the child in his
future, even in case of the insured parent‟s unfortunate death during the
policy term. The Unit linked Young Star plan also gives the option of
additional protection against the six common critical illnesses. Your
premiums are invested in units of the investment funds of your choice,
based on the prevailing unit price. On maturity the value of the units will
be paid. On death (or critical illness, if chosen) the selected basic sum
assured is paid, and the policy continues until maturity.

LIST OF MAJOR COMPITITOIRS
1. Aviva Life Insurance
2. Bajaj Allianz
3. Birla Sun Life Insurance
4. ICICI Prudential Life Insurance
5. Kotak Mahindra Old Mutual Life Insurance Limited
6. Life Insurance Corporation of India (LIC)
7. Max New York Life Insurance
8. MetLife India Insurance
9. Reliance Life Insurance
10. SBI Life Insurance
11. ShriRam Life Insurance
12. TATA AIG Life Insurance
13. BHARTI AXA
Head Office –
Edinburgh, Scotland (UK)

ACHIVEMENT OF THE COMPANY
Awards and Recognition
Year Award
• 2003 Company of the Year
• 2001 Best Personal Pension Provider
• 1999 Company of the Decade
• 1996-99 Company of the year
• 1995 4 star service award
• 1992-94 Overall best company
• 1991 3 star service award
• Standard Life has been awarded the "Raising Standards" quality
mark.
This shows that the Company:
uses clear language to describe their products on key documents,
have appropriate products and
Provide a quality service for the customers.

 Money Marketing Awards
Company of the Year every year from 1999 to 2005
Best Pension Provider 2004 and 2005
Best Group Pension Provider every year from 1998 to 2003
Best Personal Pension Provider every year since 1998 to 2003
Best Life Investment Product Provider 2003 and 2004
Gold Award in the Poster Campaign Category (Advertising) 2004
 Money facts Investment, Life & Pensions Awards
Best Pension Product 2003, 2004 and 2005
Best Pension Service 2003, 2004 and 2005
 Bank hall Achievement Awards
Pension Provider of the Year 2003 and 2004
 Financial Adviser Provider Awards
Overall Winner in 1999, 2000, 2001 and 2002
Pensions Provider of the Year 1999, 2000, 2001, 2002 and 2003
Pensions Company of the Year 2004
Individual Pensions Company of the Year 2004
Group Pensions Provider of the Year 2004
Health Insurance Company of the Year 2004

 Financial Adviser Service Awards
Company of the Year every year from 1997 to 2001
5 Star Life and Pensions Provider every year from 1996 to 2004
5 Star Investment Provider every year from 1996 to 2002 and
2004
 Pensions Management Administration and Service Awards
Overall Winner - Personal Pensions 2003
Overall Winner - Stakeholder Pensions 2002 and 2003
Overall Winner - Group Personal Pensions 2002 and 2004
Member Communications - Personal Pensions, Group Personal
Pensions & Stakeholder Pensions 2003
Backup (branch office) - Personal Pensions 2003
Industry Profile
INSURANCE
Insurance is a legal contract that protects people from the financial
costs that result from loss of life, loss of health, or property damage.
Insurance provides a means for individuals and societies to cope with
some of the risks faced in everyday life. People purchase contracts of
insurance called policies from a variety of insurance called policies,
from a variety of insurance organizations.
Insurance is conceived as a method of saving of these losses ,
embodying the principle of co-operation existed in the early civilization .

There is evidence that during the Aryan civilization , loss of profits in
industry was insured by the village co-operative in India .
Almost everyone living in modern , industrialized countries buys
insurance for instance laws in most states require people who own a car
to buy insurance before driving it on public roads . lenders require
anyone who finances the purchase of home or car with borrowed money
to insure that property .business partners take out life insurance on each
other to make sure that business will succeed even if one of the partner
dies.
Two types of insurance:
Life insurance:
Life insurance is a contract for payment of a sum money to the person
assured on the happening of the event insured against . usually the
contract also provides for the payment of premium periodically to the
corporation by the assured.
General insurance:
General insurance includes many areas of insurance like maraine, motor,
eng, health, fire etc the contract provides for the payment of an amount
on the happening of some contingency .These types of contracts are
annual in nature.
A. Origin and Development of the Industry
Historians believe that insurance first developed in sydney by babylonia
. The merchants and traders of these transferred and pooled their money
to protect themselves and pirates.
In the 18th century BC, Babylonian king samurai developed a code a
law, known as the code of specific rules governing the practices of early

risk sharing activities . Insurance also developed during the 1700s in the
North American colonies. In 1730 Benjamin frank contributed for the
insurances of houses from loss by fire.
Early development of insurance was unorganized . it was mainly
insuring commercial risks. The insurance in human life started in
England in 1538 AD for term assurance for 12 months ,which was
issued for the first time . in 1705 amicable society started paying
assurance on death a term carried on unto 1757. in 1762 equitable
society was the first co. to start charging premium on scientific basis.
In INDIA, the references to insurance history relates to the East India Co
when some policies were issued on the life of brusiers in foreign
currency.
In 1870-Bombay mutual fund insurance ltd
In 1874-Oriental Govt security life assurance Co ltd
In 1896-Bart insurance co. and 1897 empire of India
In 1905-no of insurance company life Hindustan co-op united India,
Bombay life national-Asian were setup up during the above period.
After 2nd
world war several new companies were established ,most
important being new assurance co. others were Jupiter ,lame ,Andhra
,industrial metropolation and new asiastic.
After 1st
world war the peace of industrlization was accelarted in India.
the swedish movement had already gathered momentum and
nationalism in the twenties,
Offices began to take due share of the country business .it continuously
progressed and there seemed to be steady rise in per capita insurance in
the country.

The government started to exercise control with the passing of
insurance act, 1912
There was a marked increase in the volume of insurance business and
other form of business .in 1938 the deptt of insurance under the authority
of the supritendent of insurance was established. This act was futher
amended in 1950 .
Before nationalization there were 97 operatng centers almost all urban.
There were 245 different insurance companies then.
Nationalization of the insurance business in 19 jan 1956. lic act was
passed by the parliament and recived presidential assent on 18 june1956
and act came on 1 sept 1956.
Insurance benefits the society by allowing individuals to share the risks
faced by many people but it also serves the other economic and societal
functions because insurance is affordable , banks can make loans with
the assurance that the loan with the assurance is easily covered against
damage. Insurance also provides the capital that communities need to
quickly rebuild and recover economically from natural disasters.
B.Growth and Present Status of the Industry
The Indian insurance has finally opened up. The first move towards
liberalization came with Ampohra committee report in 1993. which
recommended the privatization of insurance .Indian stands to gain witty
the following major advantages :
Better products with more reasonable and affordable pricing.
Quick servicing
Increased saving rate
Long –term funds for infrastructure development will be available
to the country.

It is debated that the insurance business does not produce profit in the
first five year .
Cross subsidization is a feature of the Indian market . event the fire
portfolio which is considered profitable, cross subsidizes the other
department . tariff reductions are likely to reduce further. Insurer will
have to institute proper claims management process in order to extract
proficiencies.
The government is soon to present the new model for tax saving life
insurance companies at internationally competitive advantage and sketch
their alliances accordingly.
Infect alliances related to distribution rather than to product or
technology will prove most valuable in the long run . Brokers will come
into the market for first time and there is bound to be intense
competition As a result of this in the multi channels of distribution.
Since beginning of the world ,man has always felt insecurity for his
assets and even life . there is uncertainty in every aspect of life, its an old
saying that only death and tax are certain. Uncertainties in every aspect
of life is exposés to our assets to losses and consequently endless
problems. A fire in the factory may burn everything
and owner only of income with huge capital is finished but insurance
will come for rescue if its taken. Insurance does not only provide
reimbursement but some suggestive measures also to reduce the effect
of hazards and losses .earthquake, flood , riot, strike, theft, explosion etc.
Some of the common dangers to our assets. Moreover life insurance
besides providing financial assistance to the insured, these policies
provides investment opportunities and even pension plans at market
interest rate.

C. FUTURE OF THE INDUSTRY
In Indian market , the opportunity for insurance companies is huge. The
efforts of government companies have lacked sincerity , as there is large
untapped market even after 61 years of nationalization . according to
sources 30 cores people of India can afford insurance however only 8
cores of them have taken away. Life insurance in a year is collected is
only 2% of GDP in India with that of 12 % in USA.
Total non –life insurance premium is mere of 0.6% of GDP which is
almost negligible. on the basis of this it can be sold that there is huge
scope for insurance in India. The latest foreseen in Indian market and the
success of liberalized market in emergent economies to make this
opportunity . to avail this may international players including the world
leaders have setup their business in India form the last so many years.
i.e. Hdfc-slic, Icici Prudential life ,Max life insurance corporation ,
Bajaj-allianz..

SWOT Analysis of the HDFC Standard Life Insurance Company
STRENGTH
1. HDFC has one of the highest brand recalls of around 80% (source:
AC Neilson ORG MARG).
2. HDFC has different types of training methods for their FC‟s, Agents
or Advisor. For Example Disha training, IRDA training, Basic
training and induction, Advanced training.
3. Financial Expertise.
4. Range of solutions.
5. Having good network.
6. One of the most aggressive marketing strategies.
7. Training provided to all people associated with the bank provides
services like checking the plan or policies online.
8. Free switching options online informing customers about the
performance of their investment by sending monthly reports and
statements
9. Have around 145000 financial advisors

WEAKNESS
1. They are unable to target rural area as compare to LIC.
2. Poor awareness for new products in consumers Poor Distribution
network.
3. Negligence to customers after the investment is sold.
4. Very Huge Premium of policies compared to major rival LIC.
5. Target Upper class people only.
6. All Brochures are in English only.
7. Sometimes right advice is not given to the customers.
8. The full charges are not revealed to the customers
OPPORTUNITIES
In India still there is a big market for insurance field.
1. 75% of Indian market is still untapped.
2. Attract more people by providing more customer centric products.
3. Strong brand of the bank helps to boost sales in market.
4. No.1 in adapting new technologies like online search etc.
5. Tie up with brokers also having a large data base of the customers.
6. Getting leads from the branch members.

THREATS
1. Many private players are coming into the market.
2. Some brands in the market gives there product with more features.
3. .LIC, ICICI & Bajaj Allianz is the major competitor with better
network.
4. Threats from other banks selling same types of investments.
5. Change in the policies of IRDA.
6. Change in the mentality of people
7. Fear of the market to crash down.
8. Employee attrition.

FUNCTIONAL DEPARTMENTS OF THE ORGANIZATION
MARKETING DETAILS
Marketing generally refers as the task of creating, promoting and
delivering goods
And services to consumers and business. Marketing managers seeks to
influence the Level of timing and composition of demand to meet the
organization‟s objectives.
Marketing people are involved in 10types of entities: goods, services,
experiences,
Events, persons, places, properties, organization, information and ideas.
The
Marketing concept rests on four pillars: target market, customer needs,
integrated Marketing and profitability.
“Marketing is defined as a societal process by which individuals and
groups obtain
What they need and want through creating, offering and freely
exchanging products And services of value with others.
The basic four P‟s of marketing are PRODUCT, PRICE, PLACE and
PROMOTION.
The last few years have seen an increased attention to mutual funds
across all genres of investors‟ big or small, individuals or corporate.

FINANCIAL DETAILS
IMPORTANCE OF FINANCE
Finance is regarded as the life blood of a business enterprise. This is
because in the Modern money oriented economy. Finance is the one of
the basic foundation of all Kind of electronic activity. It is the master
key which provides access to the entire Source for being employed in
manufacturing and merchandizing activities. It has Rightly been said the
business needs money to make more money. However it
is also True that money begets more money, only when it is properly
managed. Hence, Efficient management of every business enterprise is
closely linked with efficient Management of its finance.
MEANING OF BUSINESS FINANCE
In general finance may be defined as the provision of money at the time
it is wanted.
However, as a management function it has a special meaning. Finance
function may be defined as the procurement of funds and their effective
utilization. Some of the authoritative definitions are as follows:
“Business finance is that business activity which is concerned with the
acquisition and conservation of capital funds in meeting financial needs
and overall objectives of far Business enterprise.”
“Business finance can broadly be defined as the activity concerned with
planning, controlling and administrating of the funds used in the
business.”

RECRUITMENT AND SELECTION
RECRUITMENT:
Recruitment is concerned with developing suitable techniques for
attracting more and more candidates. The aim of personnel planning is
to determine the needs for persons both in terms of number and type. For
deciding about the number both present and future requirements should
be taken into account. If there are expansion plans in near future then
these requirements should also be considered. Besides number, the type
of persons needed is also important. The educational and technical
requirements to manage various jobs should e properly analyzed so that
right type of persons are employed.
Recruitment is sometimes confused with employment. The two are not
one and the same. Recruitment is just one step in the process of
employment. Recruitment is a linkage activity bringing together those
with jobs and those seeking jobs. When more persons apply for jobs then
there will be scope for recruiting better persons.
DEFINITION :
“Recruitment is the process of searching for prospective employees and
stimulating and encouraging them to apply for jobs in an organization.”

RECRUITMENT POLICY :
It specifies the objective of recruitment and provides a framework for
the implementation of the recruitment programme. A recruitment policy
may involve commitment to broad principles such as filling vacancies
with the best-qualified individuals. It may also involve the
organizational system to be developed for implementing recruitment
programme and procedure to be employed.
ELEMENTS OF GOOD RECRUITMENT POLICY :
A good recruitment policy must contain the following elements:
1) Organizational objectives :
Both short term and long term organizational objectives must
be taken into consideration.
Identification of recruitment needs :
The recruiters should prepare profiles for each category of
workers and accordingly work out the main specifications,
decide the sections, departments or branches where they
should be placed.
2) Preferred sources of recruitment :
The sources of recruitment should be identified properly.
3) Criteria of selection and preferences :

Selection and preferences should be based on conscious
thought and serious deliberation.
4) Monetary aspects :
The cost of recruitment and financial implications of the
same have to be kept in mind also.
PRE-REQUISITES OF GOOD RECRUITMENT POLICY :
1) It should be in conformity with the general personnel policies.
2) It should be flexible enough to meet the changing needs of the
organization.
3) It should provide employees with job security and continuous
employment.
4) It should integrate organizational needs and employee needs.
5) It should match the qualities of the employees with the
requirements of the work for which they are employed.
6) It should highlight the necessity of establishing job analysis.
FACTORS AFFECTING RECRUITMENT
Every organization, big or small has to engage in recruitment of persons,
recruitment has two aspects-

1) To find out the number of vacancies to be notified and the type of
applicants needed to fill them.
2) To approach the potential applicants to apply for such vacancies.
No organization can recruit successfully without taking into
consideration the following factors –
1) The Economic Factors –
The economic conditions of a country influence the
recruitment process in all organization. The globalization and
liberalization of Indian economies since 1991 onwards has
resulted in a boom in financial services in India. As a result
of the new economic policy, the demands of well
2) The Social Factors –
These also affect the recruitment policy of an organization.
Social changes in the past two decades in India, have forced
organization to place increased emphasis on recruitment. The
mentality of modern employees has changed from just any
job to a satisfying career.
3) The Technological Factors –
New technology have created new jobs and existing jobs
have undergone rapid changes. Several old jobs have
disappeared from the scene.

4) The Legal Factors –
The different legislative policies governing child labour,
night shifts, bonded labour etc. have brought legal
environment to a major factor.
PROCESS OF RECRUITMENT
It passes through the following stages :
1) Recruitment process begins when personnel department
receives requisition for recruitment from any department of the
company.
2) Locating and developing the sources of required number and
type of employees.
3) Identifying the prospective employees with required
characteristics.
4) Developing the techniques to attract the desired candidates.
5) The next stage in the process is to stimulate as many candidates
as possible.
6) Evaluating the effectiveness of recruitment process.

SOURCES OF RECRUITMENT
Before an organization actively begins to recruit applicants it should
consider the mostly likely source of the type of employee it needs. Some
companies try to develop new sources while most try to tackle the
existing sources they have. These sources accordingly may be termed as
internal and external.
Internal Sources –
This is one of the important sources of recruitment. The employees
already working in the organization may be more suitable for higher jobs
than those recruited outside. Internal sources consist of the following :
1) Present Employees :
Promotions and transfers among the present employees can
be a good source of internal recruitment.
2) Employee Referrals :
In an organization with a large number of employees referrals
can provide quite a large pool of potential organizational
members.
3) Former Employee :
These are another internal source of recruitment. Some
retired employees may be willing to come back to work.

4) Previous Employees :
Those who have previously applied for jobs can be contacted
by mail.
External Sources :
These are as follows –
1. Advertisement
2. Professional Organization
3. Data Bank
4. Walk in
5. Recruiting Agencies
6. Competitors
7. Displaced Persons
8. E-recruitment
12. Cold calling
RECRUITMENT PROCESS COMPANY ADOPTS
1) Internal sources
2) Advertisement
3) Consultants
4) Data banks

SELECTION OF FINANCIAL CONSULTANT
UNDERSTANDING SELECTION PROCESS
Recruitment function helps the organization to develop a pool of
prospective human resources. It is difficult for the HR manager to
employ the suitable people out of the pool. Infact, many organizations
face critical problems in choosing the people. Selection techniques and
methods reduce the complexities in choosing the right candidates for the
job. After identifying the sources of human resources, searching for
prospective employees and stimulating them to apply for jobs in an
organization, the management has to perform the function of selecting
the right employees at the right time. The obvious guiding policy in
selection is the intention to choose the best person who have good social
contact. The objective of the selection decision is to choose the
individual who can most successfully perform the job from the pool of
qualified candidates. The selection procedure is the system of functions
and devices adopted in a given
company to ascertain whether the candidate specifications are matched
with the job specifications and requirements or not.
The selection process can be successful if the following requirements are
satisfied:
 Someone should have the authority to select. This authority comes

from the employment requisition, as developed by an analysis to
the
workload and work force.
 There must be some standard of personnel with which a
prospective
employee may be compared, i.e. a comprehensive job description
and
job specification should be available before hand.
 There must be a sufficient number of applicants from whom the
required number of employees may be selected.
The ability of an organization to attain its goal effectively and to
develop in a dynamic environment largely depends upon the
effectiveness of its selection programme. If the right person is selected,
he is valuable asset to the organization
.
SELECTION PROCEDURE:
Selection procedure employs several methods of collecting information
about the candidates qualifications, experience, physical and mental
ability, nature and behavior, knowledge and aptitude for judging whether
a given applicant is suitable or not for the job. Therefore the selection
procedure is not a single act but is essentially a series of methods or
stages by which different types of information can be secured through

various selection techniques. At each step facts may come to light,
which are useful for comparison with the job requirement and employee
specifications.
Steps in Scientific Selection Procedure:
 Job analysis
 Recruitment
 Application form
 Written examination
 Preliminary interview
 Tests
 Medical examination
 Reference checks
 Line manager s decision
IN DETAIL EXPLANATION:
(A) JOB ANALYSIS:
Job analysis is the basis for selecting the right candidates. Every
organization should finalize the job analysis, job description, job
specification and employee specifications before proceeding to the next
step of selection.

(B) HUMAN RESOURCE PLAN:
Every company plans for the required number of and kind of employees
for a future date. This is the basis for recruitment function.
(c) RECRUITMENT:
Recruitment refers to the process of searching for prospective employees
and stimulating them to apply for jobs in an organization. It is the basis
for the remaining technologies of the screening the candidates in order to
select the appropriate candidates for the jobs.
(D) DEVELOPMENT OF BASES FOR SELECTION:
The company has to select the appropriate candidates from the pool of
applicants. The company develops or borrows the appropriate
bases/techniques for screening the candidates in order to select the
appropriate candidates for the jobs.
(E) APPLICATION FORM:
Application form is also known as application blank. The techniques of
application blank are traditional and widely accepted for securing
information from the prospective candidates. It can also be used as a
device to screen the candidates at the preliminary level.
Many companies formulate their own style of application forms
depending upon the requirement of information based on the size of the

company, nature of business activities, type and level of the job etc.
Information is generally required on the following items in the
application forms:
 Personal background information
 Educational qualifications
 Work experience
 Salary (drawing and expecting)
 Personal attainments including likes and dislikes
 References
(F) WRITTEN EXAMINATION:
Organizations have to conduct written examination for the qualified
candidates after they are screened on the basis of the application blanks
so as to measure the candidate s ability in arithmetical calculations, to
know the candidate s attitude towards the job, to measure the candidate s
aptitude, reasoning, knowledge in various disciplines, general
knowledge and English language.
(G) PRELIMINARY INTERVIEW:
The preliminary interview is to solicit necessary information from the
prospective applications and to assess the applicant s suitability to the
job. An assistant in the personnel department may conduct this
preliminary interview. The information thus provided by the candidate

may be related to the job or personal specifications regarding education,
experience, salary expectations, attitude towards job, age, physical
appearance and other requirements etc. Thus, preliminary interview is
useful as a process of eliminating the undesirable and unsuitable
candidates. If a candidate satisfies the job requirements regarding most
of the areas, he may be selected for further process. Preliminary
interviews are short and known as stand up interviews or sizing up of the
applicants or screening interviews. However, certain required amount of
care is to be taken to ensure that the desirable workers are not
eliminated. This interview is also useful to provide the basic information
about the company to the candidate.
(H) BUSINESS GAMES:
Business games are widely used as a selection technique for selecting
management trainees, executive trainees and managerial personnel at
junior, middle and top management positions. Business games help to
evaluate the applicants in the areas of decision-making, identifying the
potentialities, handling the situations, problem-solving skills, human
relations skills etc. participants are placed in a hypothetical work
situation and are required to play the role situations in the game. The
hypothesis is that the most successful candidate in the game will be most
successful one on the job.

GROUP DISCUSSION is used in order to secure further information
regarding the suitability of the candidate for the job. Group discussion is
a method where groups of the successful applicants are brought around a
conference table and are asked to discuss either a case study or subject
matter. The candidates in the group are required to analyze, discuss, find
alternative solutions and select the sound solution. A selection panel
then observes the candidates in the areas of initiating the discussion,
explaining the problem, soliciting unrevealing information based
on the given information and using common sense, keenly observing the
discussion of others, clarifying controversial issues, influencing others,
speaking effectively, concealing and mediating arguments among the
participants and summarizing or concluding aptly.
The selection panel, based on its observation, judges the candidate s skill
and ability and ranks them according to their merit. In some cases, the
selection panel may also ask the candidates to write the summary of the
group discussion in order to know the candidate s writing ability as well.
Types of test:
Tests are classified into six classes, each class is again divided into
different types of tests. They are:
APTITUDE TESTS:
These tests measure whether an individual has the capacity or latent
ability to learn a given job if given adequate training. Aptitudes can be
divided into general and mental ability or intelligence and specific
aptitudes such as mechanical, clerical, manipulative capacity etc.

(1)Skill tests:
These tests measure the candidate s ability to do a job perfectly and
intelligently. These tests are useful to select the candidates to perform
artistic jobs, product design, design of tools, machinery etc. The
candidates can be selected for assembly work, testing and inspection
also.
(2) Mechanical aptitude tests:
These tests measure the capabilities of spatial visualization, perceptual
speed and knowledge of mechanical matter. These tests are useful for
selecting apprentices, skilled, mechanical employees, technicians etc.
(3) Psychomotor tests:
These tests measure abilities like manual dexterity, motor ability and
eyehand coordination of candidates. These tests are useful to select
semi-skilled workers and workers for repetitive operations like packing
and watch assembly.
(4) Clerical aptitude tests:
These types of tests measure specific capacities involved in office work.
Items of this tests include spelling, computation, comprehension,
copying, word measuring etc.

ACHIEVEMENT TESTS:
These tests are conducted when applicants claim to know something as
these tests are concerned with what one has accomplished. These tests
are more useful to measure the value of a specific achievement when an
organization wishes to employ experienced candidates. These tests are
classified into (a) job knowledge test and (b) work sample test. Thus, the
candidate s achievement in his career is tested regarding his knowledge
about the job and actual work experience.
SITUATIONAL TESTS:
This test evaluates a candidate s in a similar real life situation. In this test
the candidate is asked either to cope with the situation or solve critical
situations of the job.
(1) Group discussion:
This test is administered through the group discussion approach to solve
a problem under which candidates are observed in the areas of initiating,
leading, proposing valuable ideas, conciliating skills, oral
communicating skills, coordinating and concluding skills.
(2) In basket:
Situational test is administered through in basket method. The candidate
in this test is supplied with actual letters, telephone and telegraphic
message,reports and requirements by various officers of the

organization, adequate information about the job and organization. The
candidate is asked to take decisions on various items based on the in
basket information regarding requirements in the memoranda.
INTEREST TESTS:
These tests are inventories of the likes and dislikes of candidates in
relation to work, job, occupations, hobbies and recreational activities.
The purpose of this test is to find out whether a candidate is interested or
disinterested in the job for which he is a candidate and to find out in
which area of the job range/occupation the candidate is interested. The
assumption of this test is
that there is a high correlation between the interest of a candidate in a
job and job success. Interest inventories are less faked and they may not
fluctuate after the age of 30.
PERSONALITY TESTS:
These tests prove deeply to discover clues to an individual s value
system, his emotional reactions and maturity and characteristic mood.
They areexpressed in such traits like self-confidence, tact, distrust,
initiative, emotional control, optimism, decisiveness, sociability,
conformity,objectivity, patience, fear, judgment dominance or
submission, impulsiveness, sympathy, integrity, stability and self-
confidence.

(1) Objective tests:
Most personality tests are objective tests as they are suitable for group
testing and can be scored objectively.
(2) Projective tests:
Candidates are asked to project their own interpretation of certain
standard stimulus basing on ambiguous pictures, figures etc. under these
tests. Personality tests have disadvantages in the sense that sophisticated
candidates can fake them and most candidates give socially acceptable
answers. Further, personality inventories may not successfully predict
job success. A number of corrective measures tried as personality
inventories are widely subject to faking. They are:
 Forced choice of Edward s personnel preference schedule.
 Gordon personal profile.
 The Minnesota Multi-phasic Inventory offers different methods for
identifying faking. The faking can be countered by repeating the
same
question in different parts to measure consistency.
MULTI-DIMENSIONAL TESTING:
However, the need for multi-skills is being felt be most of the companies
consequent upon globalization, competitiveness and the consequent

customer-centered strategies. Organization have to develop
multidimensionaltesting in order to find out whether the candidates
possess a variety of skills or not, candidate s ability to integrate the
multi-skills and potentiality to apply them based on situational and
functional requirement.

(J) INTERVIEW:
Final interview follows after tests. This is the most essential step in the
process of selection. In this step the interviewer matches the information
obtained about the candidate through various means to the job
requirements and to the information obtained through his own
observation during the interview. The different types of interviews are:
PRELIMINARY INTERVIEW:
(1) Informal interview:
This is the interview, which can be conducted at any place by the person
to secure the basic and non-job related information. The interaction
between the candidate and the personnel manager when the former
meets the latter to enquire about the vacancies or additional particulars
in connection with the employment advertisement is an example of the
informal interview.
(2) Unstructured interview:
In this interview, the candidate is given the freedom to tell about himself
by revealing his knowledge on various items/areas, his background,
expectations, interest etc. Similarly, the interviewer also
providesinformation on various items required by the candidate.

CORE INTERVIEW:
It is normally the interaction between the candidates and the line
executive or experts on various areas of job knowledge, skill, talent etc.
This interview may take various forms like:
(1) Back ground information interview:
This interview is intended to collect the information which is not
available in the application blank and to check that information provided
in the application blank regarding education, place of domicile, family,
health, interest, hobbies, likes, dislikes and extra curricular activities of
the applicant.
(2) Job and probing interview:
This interview aims at testing the candidate s job knowledge about
duties, activities, methods of doing the job, critical/problematic areas,
methods of handling those areas etc.
(3) Stress interview:
This interview aims at testing the candidate s job behavior and level of
understanding during the period of stress and strain. The interviewer
tests candidate by putting him under stress and strain by interrupting the
applicant from answering, criticizing his opinions, asking questions
pertaining to unrelated areas, keeping silent for unduly long periods after
he has finished

speaking etc. Stress during the middle portion of the interview gives
effective results. Stress interview must be handled with utmost care and
skills. This type of interview is often invalid, as the interviewer s need
for a job and his previous experience in such type of interviews may
inhibit his actual behavior under such situations.
(4) Group discussion interview: There are 2 methods of conducting
group discussion interviews, viz. group interview method and discussion
interview method. All the candidates are brought into one room and are
interviewed one by one under group interview. This method helps a busy
executive to save valuable time and gives a fair account of the
objectivity of the interview to the candidates. Under the discussion
interview method, one topic is given for discussion to the candidates
who assemble in one room and they are asked to discuss the topic in
detail. This type of interview helps the interviewer in appraising certain
skills of the candidates like initiative, inter-personal skills, dynamism,
presentation, leading, comprehension, collaboration etc. Interviewers are
at ease in this category of interview because of its informality and
flexibility.
(5) Formal and structured interview:
In this type of interview, all the formalities, procedures like fixing the
value, time, panel of interviewers, opening and closing, intimating the
candidates officially etc. are strictly followed in arranging and

conducting interview. The course of the interview is preplanned and
structured, in advance, depending on job requirements.
(6) Panel interview:
A panel of experts interview each candidate, judges his performance
individually and prepares consolidated judgement. This type of
interview is known as panel interview. Interviewers for middle level and
senior level mangers are normally conducted are the panel of experts.
(7) Depth interview:
In this interview, the candidate would be examined extensively in core
areas of job skills and knowledge. Experts test the candidate s
knowledge in depth. Depth interviews are conducted for specialist jobs.
DECISION-MAKING INTERVIEW:
After the experts including the line managers of the organization in the
core areas of the job examine the candidates, the head of the
department/section concerned interviews the candidates once again,
mostly through informal discussion. The interviewer examines the
interest of the candidate in the job, organization, reaction/adaptability to
the working conditions, career planning, promotional opportunities,
work adjustment and allotment etc. The personnel manger also
interviews the candidates with a view to find out his reaction/acceptance

regarding salary, allowances, benefits, promotions, opportunities etc.
The head of the department and the personnel manager exchange the
view and then they jointly inform their decision to the chairman of the
interview board, which finally makes the decision about the candidate s
performance and their ranks in the interview. Most of the organizations
have realized that employee s positive attitude matters much rather than
employee s skill and knowledge. Employees with positive attitude
contribute much to the organization. Hence, interviewers look for the
candidates with the right attitude while making final decision.
(K) MEDICAL EXAMINATION:
Certain jobs require certain physical qualities like clear vision, perfect
hearing unusual stamina, tolerance of hardworking conditions, clear tone
etc. Medical examination reveals whether or not a candidate possesses
these qualities. Medical examination can give the following information:
 Whether the applicant is medically suited for the specific job
 Whether the applicant has health problems or psychological
attitudes
likely to interfere with work efficiency or future attendance.
 The offer. Whether the applicant suffers from bad health which
should
be corrected before he can work satisfactorily
 It reveals the applicant s physical measurements and

(L) REFERENCE CHECKS:
After completion of the final interview and medical examination, the
personnel department will engage in checking references. Candidates are
required to give the names of references in their application forms.
These references may be from the individuals who are familiar with the
candidates academic achievement or form the applicant s previous
employer, who is well versed with the applicant s job performance, and
sometimes from coworkers. Incase the reference check is from the
previous employer; information for the following areas may be obtained.
They are job title, job description, and period of employment, pay and
allowances, gross emoluments, benefits provided, rate of absence,
willingness of the previous employer to employ the candidate again and
soon. Further, information regarding candidate s regularity at work,
character, progress etc. can be obtained.
Often a telephone call is much quicker. The method of mail provides
detailed information about the candidate s performance, character and
behavior. However, a personal visit is superior to the mail and telephone
methods and is used where it is highly essential to get the detailed,
actual information, which can also be secured by observation. Reference
checks are taken as a matter of routine and treated casually or omitted
entirely in many organizations. But a good reference check used
sincerely will fetch useful and reliable information to the organization.

(M) FINAL DECISION BY THE LINE MANAGER:
The line manager concerned has to make the final decision whether to
select or reject a candidate after soliciting the required information
through techniques discussed earlier. The line manager has to take much
care in taking the final decision not only because of economic
implications but alsobecause of behavioral and social implications. A
careless decision of rejecting would impair the morale of the people and
they would suspect the selection procedure and the basis of selection of
this organization. A true understanding between line managers and
personnel managers should be established to take proper decisions.
(N) JOB OFFER:
Thus, after taking the final decision, the organization has to intimate this
decision to the successful as well as unsuccessful candidates. The
organization offers the job to the successful candidates either
immediately or after some time depending upon its time schedule. The
candidate after receiving job offer communicates his acceptance to the
offer or requests the company to modify the terms and conditions of
employment or rejects the offer.
(O) EMPLOYMENT: The company may modify the terms and
conditions of employment as requested by the candidate. The company
employs those candidates who accept the job offer with or with out

modification of terms and conditions of employment and place them on
the job.
With the employment of the candidate the recruitment and selection
process is completed.
RECRUITMENT AND SELECTION AT HDFC STANDARD LIFE
Recruitment is the process of attracting prospective candidates who are
likely to get selected. Recruitment process starts with the drafting of
advertisement for the required post mentioning the name of the post,
qualifications required, place of posting etc. the advertisement is
released in all major and national newspaper across the country. Not
only print media, but other media like internet is also used for posting
the advertisement. Placement agencies and educational institutions are
considered if the requirements are for fresh graduates. Employee
references by are also encouraged. After receiving the applications, it is
initially screened by HR division based on minimum requirements and
qualifications prescribed for the post. Screened applications from HR
division are sent to respective divisional heads for their screening in case
of applications for higher posts. Selection is the process of selecting
right candidates from the list of prospective candidates. Selection
process involves tests, interviews, group discussions, psychometric tests
or a combination of these depending on the nature or sensitivity of the
level and the post. For technical posts, tests are used as elimination
means while for some other posts like management trainee, tests are not
used as elimination means. The shortlisted candidates are called for the
final interview. Regret letters are sent to those who are not shortlisted.
Background checking of the shortlisted candidates is done to ensure that
they will fit with the culture of the organization. Job offers are made to
the selected candidates and they are asked to give their confirmation that
they accept the job offer. On receiving their confirmation, appointment
letter is prepared by personnel and administration division and given to
the candidate at the time of joining.

METHODOLOGY
Generally two types are data are used for any research, which are very
important for the research, these can be discussed as –
1. Primary Data
2. Secondary Data
Primary Data –
Primary data are the data which are original in character, obtained for
the first time, being collected from the respondents, either through
questionnaire or through personal interviews. This can be collected by
various methods like
Surveys
Observation
Experimentation
Measurements
Personal interview
Telephonic interview
Questionnaires
But my chosen way of collecting data was through Personal Interview
and Questionnaires.
Secondary data –
Secondary data is the data, which has been collected by someone else for
some other purpose and is used by the researcher in his research for
study.
Various sources of secondary data are Catalogues, Brochures,
Magazines and Websites, Television etc. In this project I made use
secondary data for gaining more and more about the company, its
products and various benefits an advisors will be getting. For acquiring
this knowledge I have studied secondary sources like company websites,
brochures, paper presentations etc.

Analysis of data / Statistical data
After the data is collected the researcher has to analyze the collected
data, the researcher has to classify the data into purposeful and usable
category. The analysis can be done by means of various statistical
measures. For representation of the data use of bar charts, Pie Chart is
made.
Interpretation of data
After data analysis is done, the obtained information is interpreted and
various inferences are made and also conclusions are drawn related to
the objectives, which have been listed, in the beginning of project.

ANLAYSIS AND FINDINGS
From the analyzed data I could find that –
 The main source of the recruitment is through external sources i.e. through
advertisement.
 The other source of recruitment is through references , natural market and
consultants.
 Maximum prospects fulfils all the criteria prescribed by the IRDA.
 Research shows that the Financial Advisors generally belong to the age of
30-50 years
 It is found that the company provides both types of training and mainly
prospects goes for the online training.
 Every year company recruits as many as 50 Advisors in order to increase the
sales force of the company.
 Most of the recruited people are aware of the insurance sector and the
person who are not aware of the insurance sector are made aware through
the training before sitting for the test.
 It has been found through the studies that most of the candidate recruited
belongs the banking and insurance sector . It means that they are having
some knowledge about the insurance sector.
 For most of the prospects attending 21 days training is a major problem. As
the timings for the training are full time 10:30 am to 5.00 p.m.
 For most of the prospects they join HDFC STANDARD LIFE for the extra
income.
 Most of the recruited people continue working as a Financial Advisor.

LIMITATIONS
1) This Project Report is restricted only for the interviewed people.
2) Biased reply of the respondents like giving wrong information.
3) Non availability of the data or the relevant information of the respondent.
4) Sometimes it happens that the respondent was busy so as to get the
information it becomes difficult
5) The project is done in near by areas of the Aundh Branch of the company &
therefore findings of it may not be applicable in other areas.
6) Time Constraints – The duration of the project is only 2 months. In this
duration we have to finish the project so the sample size considered for this
project is also limited which may give some misleading outputs.
7) Although ICICI Prudential is a well known brand, it invests heavily in the
advertisements, but somehow the concept of financial advisor was not
known to the customers and it requires great amount of efforts to convince
the various benefits to them.

CONCLUSION AND SUGGESTION
1. It is found that in the last five years the Indian economy has progressed,
which has increased the average purchasing power & the insurance sector
has contributed significantly in this.
2. Since last five to six years many Private Company has entered in insurance
sectors & because of which the Indians are having number of options in
front of them investing their money & to safeguard the life.
3. While doing this project it is found that recruiting of the advisor is done by
the Unit Manager, and the parameters on which the advisors are to be
recruited are :
Income Level – 1.2lacs to 2 lacs per annum
Marital Status – Married
Age – above 25 years
Minimum Education – Graduation
Staying in the same city for more than 5 years
4. The study of the profile of the advisor is depending on their industry
background i.e. their work experience and the age wise distribution.
5. The level of awareness of the prospects about the private insurance
company has increased because of the heavy advertising ad marketing by
the companies over the period of time.
6. It is important to appoint only those prospects as financial advisor, who can
give & generate long term business for the company, so to analyze the
prospects & study their status is very important thing.
7. Most of the prospects wanted to join, as their first preference to earning
extra money, second to start business with no capita investment, third to
Association with the No. 1 Private Life Insurance Company.

Based on the findings in the Research following suggestions are made –
 Finding new prospects is like breathing, so Unit Manager should be in
regular touch with the market so that he will gets some good prospects.
 Company should go for regular Market Survey for finding out the smart
worker who can stay under the Managers Sales Team, and will generate
long term business.
 Branch Manager should take the feedback from the existing advisors so
that he can easily understand the advisors problem as well s he can
recommend new changes.
 The company should concentrate on the rural part so that they can
compete with LIC India, and can generate some business from there as it is
found that most of the Private Life Insurance companies are targeting the
urban market.
 Company should follow the pull strategy where it can use advertising
media, by preparing attractive Ads, through Newspaper, T.V. , and radio
can increase the awareness about the company & will help in improving the
market share.
 Unit Manager should meet regularly with the existing advisors so that he
can find out their problems & also take their suggestions.
 Most of the Indian families still believe in the LIC. They don’t feel
comfortable with other brands. In such cases ICICI Prudential can opt for
descriptive advertisements how our solutions are better than the
traditional business solutions.

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