Recruitment & Selection at Hdfc

8/2/2019 Recruitment & Selection at Hdfc

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RECRUITMENT ANDSELECTION AT

HDFC STANDARD LIFE

INSURANCE COMPANYLTD


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Agenda

Executive Summary.

Company Profile.

Features Of The Product & Benefits. Marketing Strategies.

Recruitment Of FCs .

Data Analysis and Interpretation.

SWOT Analysis.

Conclusions & Suggestions


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Executive Summary

Project Title: RECRUITMENT &SELECTION

OF FINANCIALCONSULTANT

Objective:- To study of the perfectmarket for

HDFC SLIC. And To

approach to the


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Company Profile

HDFC Standard Life InsuranceCompany Ltd:-It was incorporated on14th august 2000. It is a joint venturebetween Housing Development Finance

Corporation Limited (HDFC Ltd.) India AndUK based Standard Life Company. Both thejoint venture partners being one of the

leaders in their respective areas cametogether in this 81.4:18.6 joint venture toform HDFC Standard LifeInsuranceCompany Limited.


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Features Of The Product &Benefits

1. Accidental Death Benefit (ADB)

2. Critical Illness (CI) Benefit

3. Double Sum Assured (DSA)Benefit

4. Waiver of Premium (WOP)

Benefit5. Accelerated Sum Assured (ASA)

6. Term Assurance Plan


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1. Accidental Death Benefit (ADB):-ADB

provides an additional amount equal tothe basic sum assured (SA) in case ofthe death of the policyholder due to anaccident, within 90 days of the accident.

2. Critical Illness (CI) Benefit:-CIprovides an additional amount equal tothe SA on diagnosis of the any one of the

6 specified critical illnesses --- cancer,coronary artery bypass graft surgery,heart attack, kidney/renal failure, major

organ transplant (as recipient) and


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7. Money Back Plan:-This plan paysperiodic cash lump sums during the tenure

of the policy. The lump sums, essentially aproportion of the basic SA are paid at 5-year intervals. On survival, the basic SA

plus bonus less the cash lump sums paidearlier are provided. However, in the caseof the demise of the policyholder, the basicSA plus any bonus is provided to the family.

8. Endowment Assurance Plan:-As isnormal with all endowments, on the deathof the life assured during the term, the

beneficiary will get the SA. On survival, the


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9. Loan Cover Term Assurance:-This is aunique product meant as a safety net in

case one has taken a loan to buy a house.It is designed to help the family repay theoutstanding loan in the case of the death of

the breadwinner.10. Group Term Insurance (GTI) :-HDFCStandard Life also offers GTI, meant

essentially for employees of anorganization. GTI is extremely convenientfor an employer as he can take insurancefor all or certain categories of employees.


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Marketing Strategies

REASON FOR THEIRGOOD CONDITION:

1. Consultants hold on themarket

When it comes for the case ofmarket, there is a clear and completehold of HDFC SLIC Consultants.


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COMPETITORS:-


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ADVERTISEMENT AND SALESPROMOTION:-

Film opens in the compound of ahouse. Father is checking somethinginside 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: BoloDaughter: Nayi car lene mein hee

bhalaai hai.Dad nods in agreement without

looking up. Dad: Hmmm

Father looks at her and saysemotionally.

Dad: Car badi ho gayi, aur beti

bhi.Daughter smiles with pride.

Dad doesnt know what to say ashe looks at the cheque.

Daughter pleads: Pleasedad

Mother enters with tea. Shesenses something serious and

questions them.Mother: Aree Kya hua?

Super: Unit Linked Savings PlansMVO: Unit Linked Savings Plans

from HDFC Standard Life.zimmedari nibhao, Aaj bhi kal bhi


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Consultants (FC) in HDFCStandard Life

Criteria for FC:-

He should be at least 12th passed.

He should complete IRDA training. He should clear the IRDA exam.

He should through successfully the

exam and training.

Some other criteria:-

He should have good personal


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1. Flexible work timings

2. Any one can join

3. Zero Investment

4. Certificate by IRDA5. Attractive Remuneration

EXCELLENT

OPPORTUNITY:-


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Documents Required:

1. 8 photograph2. Age proof (passport, Birth

certificate, College Leaving

Certificate, Driving License)3. Address proof

4. Education proof

5. Copy of PAN Card Duely SignedCancelled Cheque of self

6. A candidate needs to bring a DD of-


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ecru men process oFCs

Fill up of Agency form

IRDA Training (50 hrs)

B fit t FC


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Benefits to FCs Financial Benefits: Commission on

issuance of every policy. Commissiondirectly credited to bank account of FCswithin 15 days. These commission variesfrom 7.5-40% according to plan.

BASIC COMMISSION Name of the plan 1st yearcommission

Endowment Assurance plan 40%

Money Back plan 40%

Childrens plan 40%

Term Assurance plan 25%

Lone cover Term Assurance plan 25%

Personal Pension Plan 7.5%

RENEWAL COMMISSION


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RENEWAL COMMISSION:

Renewal commission would be paid fromthe 2nd year onwards on regular premiumpolicies. Renewal commission is notpayable on single premium plans.

Name of the plan Renewal commission 2nd yearonwards

Endowment Assurance plan 5%

Money Back Plan 5%

Childrens plan 5%

Lone cover Term Assurance Plan 5%

Term Assurance plan 5%

Personal Pension Plan 2%


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REWARDS &

RECOGNITION:- Within 30 days of LicensingConsultant can become

STAR Convertedpremium 2 Lacs

Silver Medal-Worth Rs 5200(approx)

RISING STAR Convertedremium of 5 Lacs


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MONTHLY & QUARTERLYCONTESTS:-

Gift Vouchers

Home AppliancesTwo-Wheelers

Gold/Diamonds Jewelry Foreign Trips

Mobile Phones

Laptops


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Data Analysis andInterpretation

1 Y A ?


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1. Your Age?

Age of Respondents

2. Maritalstatus? Marital Status

3 Ed ti l Q lifi ti ?


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3. Educational Qualification?

4. Number Of years Are You in Pune?

Educational Qualification of Respondents

Staying Years in Pune

5 Y O ti ?


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5. Your Occupation?

6. Your annual household income?

Occupation

Annual Household Incom e

7 A b f l b/ kh ?


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

8. What is your perception about insurance

sector?

Mebership of Club/Gymkhana

Perception About Insurance

9 Do you know about HDFC Standard Life


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9. Do you know about HDFC Standard LifeInsurance?

10. Do you have any Insurance Policy?

Awareness About HDFCSLIC

No. of Insured

11 Name of Insurance Company?


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11. Name of Insurance Company?

12. Do you know about HDFC Standard LifeInsurance recruitment policies related tofinancial consultant?

No. of Respondents

Knows about HDFCSLIC recruitment policies

13 Will you be interested to become


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13. Will you be interested to becomeFinancial Consultant?

14. Would you like to earn an additionalincome through a business opportunitywith HDFC STANDARD LIFE?

Interested to Becom e Financial Consultant

Willing To Earn Additional Income


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SWOT Analysis :-

STRENGTH :-

1. Domestic image of HDFC supportedby Prudentials international image isstrength of the company.2. Strong and well spread network ofqualified intermediaries and salesperson.3. Strong capital and reserve base.

4. The company provides customer


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WEAKNESS

1. Heavy management expenses andadministrative costs.2. Low customer confidence on the private

players.3. Vertical hierarchical reporting structurewith many designations and cadresleading to power politics at all levelswithout any exception.4. Poor retention percentage of tied upagents. .


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THREATS :-

Other Private Insurance CompaniesAlso vying For The Sameuninsuranced Population.

Big Public Secter insuranceCompanies Like LIC India, Nationalinsurance Company Ltd, Oriented

Insurance Ltd, New India Assurance


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SUGGESTIONS:

To make people aware about the benefitof becoming HDFC Standard Lifes FinancialConsultant, following activities of

advertisement should be done through :- Print Media.

Hoarding & Banners.

Stalls in Trade Fares

Distribution of leaflets containing detailsinformation.

Com an can recruit sales romoters so that


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By showing additional and alternativeincome source along with various

schemes for Financial Consultant in thecompany so that more and more FC canbe recruited.

Free life cover for every active Financial

Consultant.

Discounted rate premium for its family

members.


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THANK

YOU

Recruitment & Selection at Hdfc

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