RECRUITMENT AND

SELECTION AT
HDFC STANDARD LIFE

By:- Vinod
Prajapat
 Agenda
• Executive Summary.
• Company Profile.
• Features Of The Product & Benefits.
• Marketing Strategies.
• Recruitment Of FC’s .
• Data Analysis and Interpretation.
• SWOT Analysis.
• Conclusions & Suggestions
 Executive Summary
• Project Title: RECRUITMENT &
SELECTION

OF FINANCIAL
CONSULTANT
• Objective:- To study of the perfect
market for
HDFC SLIC. And To
approach to the
interested people
towards HDFC SLIC
 Company Profile
HDFC Standard Life Insurance Company
Ltd:-It was incorporated on 14th august
2000. It is a joint venture between Housing
Development Finance Corporation Limited
(HDFC Ltd.) India And UK based Standard
Life Company. Both the joint venture
partners being one of the leaders in their
respective areas came together in this
81.4:18.6 joint venture to form HDFC
Standard LifeInsurance Company Limited.
• Mr. Deepak Satwalekar is the MD and CEO of
the venture.
• HDFC Standard Life Insurance Corporation is
sure to become one of the leaders and the
 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) Benefit
5. Accelerated Sum Assured (ASA)
6. Term Assurance Plan
7. Money Back Plan
8. Endowment Assurance Plan
9. Loan Cover Term Assurance
10.Group Term Insurance (GTI)
 Marketing Strategies
• REASON FOR THEIR GOOD
CONDITION: 
• 1. Consultants hold on the market
When it comes for the case of market, there is a clear and
complete hold of HDFC SLIC Consultants.
• 2.Quality
HDFC SLIC provides good quality of products, which is
praised by most of the consumers. The reason for 65% of
the market cover by HDFC Standard Life Insurance is
because of quality of products.
• 3.Demand
Demand for the product of HDFC Standard life is very high
in the societies.
• 4.Supply
COMPETITORS:-
 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
Dad doesn’t know what to say as
he looks at the cheque.
Daughter pleads: “Please…dad”
Daughter: “Dad”. Father: “Bolo”
Daughter: “Nayi car lene mein hee
bhalaai hai.”
Dad nods in agreement without
looking up. Dad: “Hmmm…”
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 ”
 Recruitment of Financial
Consultants (FC) in HDFC
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 contacts.
• He should have convincing power.
• He should be above 18th year old.
EXCELLENT
OPPORTUNITY:-

2. Flexible work timings

3. Any one can join
4. Zero Investment
5. Certificate by IRDA
6. Attractive Remuneration
 Documents Required:
2. 8 photograph
3. Age proof (passport, Birth certificate,
College Leaving Certificate, Driving
License)
4. Address proof
5. Education proof
6. Copy of PAN Card Duely Signed
Cancelled Cheque of self
7. 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.
 Recruitment process of
FCs
Fill up of Agency form

IRDA Training (50 hrs)

IRDA Exam
 

Fail Pass

 
Exit Product Training

Traditional Pr. ULIP Product

 
 
 
 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
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.
 REWARDS & RECOGNITION:-
Within 30 days of Licensing Consultant can
become

• STAR – Converted premium 2

Lacs
Silver Medal-Worth Rs
5200(approx)
• RISING STAR – Converted premium of
5 Lacs
Gold Medal-Worth Rs
13,000(approx)
• MILLIONAIRE STAR – Converted premium of
 MONTHLY & QUARTERLY
CONTESTS:-

• Gift Vouchers
• Home Appliances
• Two-Wheelers
• Gold/Diamonds Jewelry
• Foreign Trips
• Mobile Phones
• Laptops
• Cars etc.
 SWOT Analysis :-
STRENGTH :-
1. Domestic image of HDFC supported by
Prudential’s international image is strength of
the company.
2. Strong and well spread network of qualified
intermediaries and sales person.
3. Strong capital and reserve base.
4. The company provides customer service of
the highest order.
5. Huge basket of product range which are
suitable to all age and income groups.
6. Large pool of technically skilled manpower
with in depth knowledge and understanding of
the market.
7. The company also provides innovative
products to cater to different needs of different
1. Your Age?

2. Marital
status?
3. Educational Qualification?

4. Number Of year’s Are You in Pune?

 5. Your Occupation?

6. Your annual household income?

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

8. What is your perception about insurance

sector?
9. Do you know about HDFC Standard Life
Insurance?

10. Do you have any Insurance Policy?

11. Name of Insurance Company?

12. Do you know about HDFC Standard Life

Insurance recruitment policies related to
financial consultant?
13. Will you be interested to become
Financial Consultant?

14. Would you like to earn an additional

income through a business opportunity
with HDFC STANDARD LIFE?
 WEAKNESS
1. Heavy management expenses and
administrative costs.
2. Low customer confidence on the private
players.
3. Vertical hierarchical reporting structure with
many designations and cadres leading to power
politics at all levels without any exception.
4. Poor retention percentage of tied up agents. .
OPPORTUNITIES
1. Insurable population –According to ING only
10% of the population is insured, which
represents around 30% of the insurable
population. This suggests more than 300m
people, with the potential to buy insurance,
remain uninsured.
2. There will be inflow of managerial and
financial expertise from the world’s leading
insurance markets. Further the burden of
educating consumers will also be shared among
 THREATS :-

• Other Private Insurance Companies Also

vying For The Same uninsuranced
Population.
• Big Public Secter insurance Companies Like
LIC India, National insurance Company Ltd,
Oriented Insurance Ltd, New India
Assurance Company Ltd, And United
Insurance Company Ltd. People Trust Them
And go to them more.
• Poaching of Customer by other companies.
• Most People donot understand the need or
 SUGGESTIONS:
To make people aware about the benefit
of becoming HDFC Standard Life’s
Financial Consultant, following activities
of advertisement should be done through
:-
– Print Media.
– Hoarding & Banners.
– Stalls in Trade Fares
– Distribution of leaflets containing details
information.
Company can recruit sales promoters so that
• By showing additional and alternative income source along
with various schemes for Financial Consultant in the
company so that more and more FC can be recruited.
 
• Free life cover for every active Financial Consultant.
 
• Discounted rate premium for its family members.

• Make people understand about the meaning of the IRDA

authorization and its validity.

• Company should organize the program in the society, so that

people will be aware about the company

• Separate time slot for Working Professionals, House Wives

and Retired people.

• Agency of non-life products should also be provided along

with life.