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APROJECT REPORT
ON
ANALYSIS OF AGENCYDEVELOPMENT&
CONSURMER AWARENESS IN LIFEINSURANCE
Sar Utha Ke Jiyo
For Partial Fulfillment In award degree ofMaster of Business Administration
ACADAMIC YEAR 2007-09
SUBMITTED BYGUIDED BY
Mr. Ravi Kumar Verma Mr. YadvendraLakhan
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INSTITUTE OF CO-OPERATIVE &CORPORATE MANAGEMENT RESEARCH&TRAINING
RING ROAD, INDIRA NAGAR, LUCKNOW
ABSTRACT
PGDM program is one of the most reputed professional course in the field of management.
This course includes both theory and its application contents of curriculum. Summer
training is an integral part of the PGDM program at ACCORD BUSINESS SCHOOL
SHAHJANPUR Each student is required to undergo summer training from an institute of
repute in his or her trimester. As complimentary to that, every trainee has to prepare and
submit a report on the research work conducts by the students.
This report is at continuation of the above tradition. This summer training was done at
HDFC Standard Life Insurance Co. Ltd. Gorakhpur. The topic of the training was
Analysis of Agency Development & Consumer awareness in life Insurance is very
significant for the Life Insurance Company.
This research is an attempt to present a report on account of interviews and
surveys with the customers and consumers.
Sasheysh Tripathi
PGDM 3rd Trimester
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ACKNOWLEDGEMENT
Success of my project depends upon two factors internal & external. External factor
includes sincere efforts, dedication to the work and good potential whereas internal factors
includes cooperation and support of potential customers who patiently hears about the
schemes and plans of insurances plan and then gives response about the product.
Good guidance and cooperation from others are external factors, which affects the
percentage of success. Though in completing this project I tried my level best but it could
not be possible without proper guidance from the staff of HDFC Standard Life
Insurance Co. Ltd.
Im heavily indebted to .. for his valuable guidance and
suggestion, which I sincerely value and appreciate.
I also want to give my thanks to ...
RAVI KUMAR VERMA
M.B.A IIIrd Semester
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CONTENTS
TOPIC PAGE NO
1. INTRODUCTION...8-25
Introduction of Insurance8 Fundamental Principles of Insurance...9-11 History of Insurance.12-13 Why Life Insurance..14-16 Review of Insurance Sector..16 Privatization of Insurance16-17 Libralization of Insurance Sector.17-19 IRDA19 Why Insurance in India20-22 Need of Brand Name in Insurance...22-23 Market Share among Private Companies.24
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Market Potential for Private Co...25
2. COMPANY PROFILE26-31
3. PRODUCT AND SERVICES..33-44
4. CHANNEL DEVELOPMENT45-60
Why to recruit ?...............................................................47 Who to recruit ?...............................................................47-48 How to recruit ?..............................................................48-49 Recruitment Activities ?................................................50-51 What to check while we are recruiting ?.......................51-52 Advisor Role.52-53 Working Environment...53 Your opportunity...53 Benefits of joining HDFC SLIC...54-56 Recognition Programms.56 Career progression & future opportunity...57 Fast trak pinnacle programmes...57-58 Extensive Advisor Training...58-59 Support team the co59 Expectation of team60
5. CONSUMER AWARENESS IN HDFC SLIC61-65
6. PROBLEMS OF INVESTORS.66-68
7. RESEARCH METHODOLOGY.69-71
8. RESEARCH OBJECTIVE72
9. FINDING ABOUT ADVISORS WHO ARE WORKING IN HDFC
SLIC
QUESTIONNARE...74-89
10. FINDING ABOUT THE SELECTION OF NEW ADVISORS
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QUESTIONNARE91-100
11. S.W.O.T ANALYSIS.101-103
12. CONCLUSION .104
13. RECOMMENDATION105-106
14. BIBLIOGRAPHY.107
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INTRODUCTION
The aim of all insurance is to compensate the owner against loss arising from a variety of
risks, which he anticipates, to his life, property and business. Insurance is mainly of two
types: life insurance and general insurance. General insurance means Fire, Marine andMiscellaneous insurance which includes insurance against burglary or theft, fidelity
guarantee, insurance for employer's liability, and insurance of motor vehicles, livestock and
crops.
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The Insurance Act, 1972 and the General Insurance Business (Nationalisation) Act, 1972
govern Fire and Marine Insurance, while the Indian Marine Insurance Act, 1963 governs
marine insurance in our country. These laws contain provisions relating to the constitution,
management and winding up of insurance companies and the conduct of insurance business
of all types. All insurance business in India has been nationalised.
A Contract of insurance is a contract by which one party undertakes to make good the loss
of another, in consideration of a sum of money, on the happening of a specified event, e.g.
fire accident or death. Law recognises insurance as a system of sharing risk too great to be
borne by one individual.
FUNDAMENTAL PRINCIPLES OF INSURANCE
Some useful terms in Insurance:
INDEMNITY
A contract of insurance contained in a fire, marine, burglary or any other policy (excepting
life assurance and personal accident and sickness insurance) is a contract of indemnity.
This means that the insured, in case of loss against which the policy has been issued, shallbe paid the actual amount of loss not exceeding the amount of the policy, i.e. he shall be
fully indemnified. The object of every contract of insurance is to place the insured in the
same financial position, as nearly as possible, after the loss, as if he loss had not taken place
at all. It would be against public policy to allow an insured to make a profit out of his loss
or damage.
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UTMOST GOOD FAITH
Since insurance shifts risk from one party to another, it is essential that there must be
utmost good faith and mutual confidence between the insured and the insurer. In a contract
of insurance the insured knows more about the subject matter of the contract than theinsurer. Consequently, he is duty bound to disclose accurately all material facts and nothing
should be withheld or cancealed. Any fact is material, which goes to the root of the contract
of insurance and has a bearing on the risk involved. It is only when the insurer knows the
whole truth that he is in a position to judge (a) whether he should accept the risk and (b)
what premium he should charge.
If that were so, the insured might be tempted to bring about the event insured against in
order to get money.
Insurable Interest- A contract of insurance effected without insurable interest is void. It
means that the insured must have an actual pecuniary interest and not a mere anxiety or
sentimental interest in the subject matter of the insurance. The insured must be so situated
with regard to the thing insured that he would have benefit by its existence and loss from its
destruction. The owner of a ship run a risk of losing his ship, the charterer of the ship runs a
risk of losing his freight and the owner of the cargo incurs the risk of losing his goods and
profit. So, all these persons have something at stake and all of them have insurable interest.It is the existence of insurable interest in a contract of insurance, which distinguishes it
from a mere watering agreement.
Causa Proxima - The rule of causa proxima means that the cause of the loss must be
proximate or immediate and not remote. If the proximate cause of the loss is a peril insured
against, the insured can recover. When a loss has been brought about by two or more
causes, the question arises as to which is the causa proxima, although the result could not
have happened without the remote cause. But if the loss is brought about by any cause
attributable to the misconduct of the insured, the insurer is not liable.
Risk - In a contract of insurance the insurer undertakes to protect the insured from a
specified loss and the insurer receive a premium for running the risk of such loss. Thus, risk
must attach to a policy.
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Mitigation of Loss- In the event of some mishap to the insured property, the insured must
take all necessary steps to mitigate or minimize the loss, just as any prudent person would
do in those circumstances. If he does not do so, the insurer can avoid the payment of loss
attributable to his negligence. But it must be remembered that though the insured is bound
to do his best for his insurer, he is, not bound to do so at the risk of his life.
Subrogation - The doctrine of subrogation is a corollary to the principle of indemnity and
applies only to fire and marine insurance. According to it, when an insured has received full
indemnity in respect of his loss, all rights and remedies which he has against third person
will pass on to the insurer and will be exercised for his benefit until he (the insurer) recoups
the amount he has paid under the policy. It must be clarified here that the insurer's right of
subrogation arises only when he has paid for the loss for which he is liable under the policyand this right extend only to the rights and remedies available to the insured in respect of
the thing to which the contract of insurance relates.
Contribution - Where there are two or more insurance on one risk, the principle of
contribution comes into play. The aim of contribution is to distribute the actual amount of
loss among the different insurers who are liable for the same risk under different policies in
respect of the same subject matter. Any one insurer may pay to the insured the full amount
of the loss covered by the policy and then become entitled to contribution from his co-
insurers in proportion to the amount which each has undertaken to pay in case of loss of the
same subject-matter.
In other words, the right of contribution arises when (I) there are different policies which
relate to the same subject-matter (ii) the policies cover the same peril which caused the
loss, and (iii) all the policies are in force at the time of the loss, and (iv) one of the insurers
has paid to the insured more than his share of the loss.
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THE HISTORY OF INSURANCE IN INDIA:
( Insurance Regulatory and Development Authori ty ) in Apr il 2000.
The Indian Insurance Industry was dominated by two states Insures
i.e. The Life Insurance Corporation in Life Insurance and The General
Insurance Corporation in general insurance before 2000 which were
created after the nationalizat ion of the Life and non Life sector in 1956and
1972 respectively. In Dec99, the IRDA Act was passed which l imi ted
foreign investor s to a 26% cap on equi ty part ic ipa tion , and minimum
capital requirement of $20 Mill ion. At present, more than 12 pr ivate
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players are in the market and some are in the pipel ine. The advent of the
new kids poses to LIC to somewhat extent , for which LIC wil l have to
change its current policies regarding marketing and product management.
Insurance is not necessarily an investment from which one expects
THE LIFE INSURANCE SCENARIO IN INDIA:
Since 1956, wi th the nat ional izat ion i f Insurance Indust ry, the s tates run
Lif e I ns ur ance Cor pora ti on o f I nd ia ( LI C) has hel d t he monopol y i n
countrys l i fe insurance sector . General Insurance Corporation of India
(GIC), with i ts four subsidiaries , was i ts counterpart in the casualty sector .
Over the t ime, taking advantages of i ts monopoly and vir tual prerogative in
establishing the premiums, LIC has evolved into a monoli th. With around
60,000 agents in every nook and corner of the vast country, i t has created
an enviable brand name, par ticular ly among the rural population of the
country. It has around $40 billion as its financial sector. However, on the
quali tat ive side, i t has every l i t t le pride in, And there l ies the potential for
playe rs to challenge this behemoth.
As typical with monopolies, the premiums rates charged LIC are among the highest in the
world, and its track record in customer service can at best be called shabby. With a huge
unionized, rigid workforce mostly in clerical category. LIC run the risk of high fixed cost,
which will be the deciding factor productivity in the competitive scenario. While boasting
full-scale automations of its operation, the truth is that its technology outdated. The newplayers, with the state- of-the- art technology under the belt, will be in advantageous
position. 80% of LICs business is procured by 20% of its ill-trained agent force. The
foreign player, with the domestic partners string brand value, can test the unconventional
distribution channels like brokers, the Internet, the banking distribution system etc.,
although foreign players may be tempted to keep their operations in big cities for the
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cream layer of the society, the real market lies in rural India, which accounts for the lions
share of LICs present business. The foreign players must adapt to Indian realities, the well
published failures of the world famous consumer goods companies like Electrolux,
Whirlpool, Reebok, Nike etc. to gauge the Indian psyche and sentiments demonstrate the
concept. They failed in the area of realistic pricing, product promotion and reaching to the
consumer. The foreign companies know the ground realities to the details.
WHY LIFE INSURANCE:
Life Insurance has come a long way f rom the ear l ier days when i t was
originally conceived medium for short periods of tome. covering temporary
r is k s it ua ti on , s uch a s s ea voyages. As L if e I ns ur ance became mor e
establi shed, i t was r ea li zed what a usefu l tool i t was for a number of
including
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TEMPORARY NEED / THREATS:
The original purpose of the Life Insurance remains an important elements,
namely for replacement of income on death etc.
REGULAR SAVING:
Providing for ones family and onesel f , as a medium to long term
exerci se ( through a ser ies of r egular payment or premiums). This has
become more relevant in recent times as people sect financial independence
for their family.
INVESMENT:
Put simply, the building up of saving while safeguarding it from the ravages
of infl a tion . Unlike r egular saving products , investment product s a re
t raidonai l ly lump sum inves tment , where the individual makes a one off
payment.
RETIREMENT:
Provision for later years becomes increasingly necessary, especially in a cultural and social
environment. One can buy a suitable insurance policy, which will provide periodical
payments in ones old age.
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Let us take an example to understand the need for Insurance:
Mr. VINOD is 45 and self-employed. His wife VENEETA, who is a housewife, looks after
their two children aged 3 and 7 years. They stayed in a rented accommodation, where the
rent is Rs.15000/- per month. Mr. VINOD, has taken a loan of Rs. 2 Lakh. His monthly
earnings on average are Rs.40,000/-. Mr. Amit passes away in an unfortunate road accident.
What are some of the financial implications of his death on his family?
There may be several financial implications on his family. Some of these
are:
The monthly income, previously provided would stop.
His wife and children may have to seek financial assistance from other relatives.
His wife may not have enough money to pay back the loan of Rs.2 lakhs.
The families have to move into a cheaper accommodation.
The widow may have to take up work to earn money.
The education of their children may suffer.
This simple example illustrates the impact premature death can have on a family, where the
main earner has no life cover.
Had Mr. VINOD, taken a life cover, his family would not have faced such
hardships in the event of his unfortunate death. A simple life insurance policy could have
provided Mr. VINODs family with a lump sum that could have been invested to provide
an income equal to all or part of his income.
In simple words, insurance protects against untimely losses. Insurance has been
found useful in the lives of persons both in the short-term and long-term. Short term needs
like sudden medical costs and long-term needs like marriage expenses etc. can be met with
using life insurance.
REVIEW OF INSURANCE SECTOR :
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India is having population of 1 Billion with a middle class population estimated up to 300
million. It being the 5 th largest economy in the world in terms of Purchasing Power Parity
(PPP) has a GDP growth rate of over 6% per year on an average for the last decade. The
saving rate is estimated to be about 26% of the GDP. In the total population, the insured the
population is estimated to be about 70 million.
PRIVATIZATION OF INSURANCE :
The Indian Insurance Sector has finally opened up and it is with much anticipation that new
players are awaiting their share of market. License have been issued to both Indian and
Foreign Players- Reliance, HDFC Standard-Life, Max India-New York, Royal Sundaram
Alliance, ICICI Prudential, IFFCO-Tokyo Marine, Bajaj Allianz, Birla Sunlife, Tata AIG,
AVIVA Life Insurance, SBI Life, Om Kotak Mahindra are some of the entrants into the
newly liberalized Indian Insurance market .
The first move for the liberalization came with the Malhotra Committee Report
in 1993 which recommended the privatization of Insurance, setting of an insurance
regulatory authority and restructuring the government monopoly LIC and GIC and its
subsidiaries IRDA Act passed in November 1999 had set ball rolling for the entry of
Private Players in domestic sector.
LIBERALIZATION OF INSURANCE SECTOR:
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Liberalization commitment of the country to help in disciplining future economic policies
will include the insurance reforms. When world over insurance market has been opened up.
India cannot remain in isolation. History has shown that it is very difficult to proper in
isolation.
Globalization is the new economic reality, which is here to stay, heralding a new
era of Insurance in India. With the opening of the insurance industry, Indian stands to gain
with the following major advantages.
Globalization will provide opportunities to the consumer for the better production.
With more reasonable and affordable pricing.
The customer will get quicker service
It will enhance the saving rate.
Long-term funds for infrastructure development will be available to the country.
It will secure for India larger inflow of foreign capital need to sustain our GDP
growth
ADVANTAGES OF LIBERLIZATION:
The opening up will enable the country to save more and invest more for the
development in infrastructure.
With new insurance intermediaries and more distribution channels the market is
bound to develop by leaps and bounds
In the next few years it is established that the Indian insurance sector will develop a
better understanding of consumer requirement leading to more satisfaction of
consumers.
Lead to increase in employment.
Social and rural obligations will also be served as IRDA has come out with clear
regulation in this regard, which makes the development in this area mandatory.
Global competition will help in building expertise with their global practice.
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Unlike west, in India, insurance is sold as the instrument of saving. About 18% of the
policies are sold as death risk consideration. Impression about LIC is that they are not
meant for the market requirements. They are only intended to find customers. Insurance
awareness is therefore low. Unit linked insurance products are not available. Insurance
covers are expensive and returns are low. Turn over the agent is high. The choice available
to the insuring public is inadequate in terms of services, products and prices. These are the
areas of weakness, which may act as opportunities for new players who may work to offer
policies to the customer with the value additions at a competitive premium with much
improved servicing.
The IRDA Governs the critical aspect of Insurance Sector Including:
The number and role of Private Sector operates including-Roman area
intermediaries.
Regulate covering investment, solvency norms
Product Range
Accounting Practices
Consumer Protection Norms Ensuring the Rural and Health Insurance are
developed.
Fixing of License fee
Perhaps all the most critical regulation is the 26% equity Capital for Foreign Insurers. This
regulation bring in issues regarding management control and one of the reasons for joint
venture breaking up Cubb-Kotak, Liberty-Dabur, AllState-Dabur, Manu Life-UTI are some
of the broken up alliances.
IRDA(Insurance Regulatory Development Authority):
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The insurance sector has been opened up in India, as there was an urgent need. The
international experience indicates those country with a liberalized insurance sector have
witnessed a rapid growth in premium volumes enhancing the domestic saving rate. This
happened in China, Malaysia and Singapore where a competitive market has led to
improvement in Services and quicker settlement of claims. It is also important to note that
competition will bring about advancement in information, communication and technology.
And rightly therefore a decision was taken by the Government of India to open up
Insurance sector. The establishment ofIRDA in the month of April 2000 has been
important development in this direction, making the end of monopoly in the insurance
sector.
WHY INSURANCE IN INDIA:
Only 22% of the insurance population has been extended cover. Market penetration is
low and the potential to exploit is high.
Insurance premium per capita is very low.
Lack of comprehensive social system benefit and welfare means that demand for
pension products is high.
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Huge middle class of approximately 300 Million.
Existing insurance company score low on customer service front.
The insurance market registered growth in the Asian region even though Indias share in
global insurance is less than 0.5% (1988) as compared to USA (24.2%) and Japan (21%).
Studies have reveled that in an emerging market, as disposable income rises, Insurance
premiums as a ratio of GDP shoots up. The confederation of Indian Industry projected a
growth of Life Insurance premiums from Rs. 350 Billion at present to Rs.140 Billion. The
growth of non-life insurance premium is expected to increase from 75 billion to 375 billion.
Out of which, only 10% is tapped by the existing insurer.
Insurance even more than banking is a volume game. A very exclusive approach in view is
unlikely to provide meaningful numbers. Currently, insurance is bought for the purpose of
tax-benefits. A higher percentage of business is in the rural market. The share of rural new
business insurance total new business is 55% in terms of policies and 47% in terms of sum
assured. However, this needs to be viewed in the light of some recent issues that have been
raised regarding as to what constitutes the rural market. Therefore, private insurers will be
best served by middle market approach, targeting the customer segments that are presently
unexploited.
How many Indians are aware that LIC has more than 60Products and GIC has more than
180Products? Not only there is a reduction in the premiums of Life Insurance products
have long overdue since Indian morality rate has decreased three folds in the last 50years.
There is also scope to increase the yield on life insurance policies (presently 6%) with
proper risk management in place.
It is been debated that insurance business does not produce profit in the first five
years cross subsidization is a feature of Indian market. Even the first portfolio vote that is
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considered profitable, cross subsidizes other departments. Tariffs reduction is likely to
reduce profits; further insurers have to institute proper claims management progress in
order to extract efficiencies. At present life insurance business in the country is taxed at
12.5% of the profit in financial year. The government is soon to present a new model of
taxing life insurance companies at international rates.
New entrants should be well advised to look ahead to the stage where brand strength will
be a competitive advantage and sketch their alliances accordingly. In fact, we believe that
alliance related to distribution rather than to produce or technology will prove most
valuable in the long run.
Banks and financial companies will emerge, as attractive distribution channel for this
insurance trend will be led by two factors, which already apply in other world market. First
Banking food insurance, fund management and other financial services companies are
being to increase their profitability and provide maximum value to their customers.
Therefore, they are themselves looking for a range of products to distribute.
In other market notably Europe; this has resulted in bank assurance. Bank entering into the
insurance business in India to bank hope to maximize expensive existing network by selling
a range of products more of a loss alliance between insurance and bank than a formal
ownership. Some Indian entrants like Reliance, ICICI and HDFC and hope to ride their
existing network and customer bases.
NEED OF BRAND NAME IN INSURANCE:
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Branding is the new key challenge in the financial services industry. Life in the 21st century
will be longer with more choice in more field of activity. The financial consequence of the
increased life span is particularly likely to be tough. Inevitably, this will lead to more
complexity, which in turn necessities greater clarity and appeal from the service providers.
Branding is more important in the financial services market which not only
faces the problem of securing and retaining customers in an increasing competitive market
place but also experience the need for heightened relevance of the brand positioning in a
world where brand has been termed as new religion.
Life Insurance
Company Premiums Sum Assured
LIC 0.32 5.52
Reliance life insurance 0.56 25.50
ICICI Prudential 0.67 30.15
HDFC Standard-Life 5.97 100
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Birla Sunlife 14099.66 2,03,085.28
Focus and strategies are essential for development of brand in any sector but the less
tangible world of financial products historically has escaped the branding issues that have
governed development and culture in other industries.
If there was an industry, which is least, considered as an essentiality it would be the
insurance industry. It was always felt as abstract services or a fall back, more likely a safety
net. But it is more of shifting through competitive products to select most appropriate one,
but with liberalization of the industry, players have to realize the need for branding in a
competitive environment. Insurance companies need to strive for a greater customer focus
regardless the customer is the end or the intermediary.
Market Share Among Private Companies:
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Pie Chart of market share of private life insurancecompanies
Market Potential for Private Life Insurance Companies in
India:It has been found that:
85 percent of t he I nd ians p re fe r L IC t han any o ther i ns ur ance
companies.
24
Market Share of
private players
8% 3%
7%
5%
1%
12%
2%15%
32%
7%
5%
3% 0%
TATA AIG
OMKOTAK MAHINDRA
BIRLA SUNLIFE
MAX NEW YORK
ING VYSYA
HDFC STANDARD
MET LIFE
BAJAJ ALLIANZ
ICICI PRUDENTIAL
SBI
AVIVA
RELIANCE LIFE
SAHARA LIFE
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Prevention of Loss, Assured Returns and Long term Investment
are the important f ac tor s influencing Indians in opting for Life
Insurance
O nly f ew o f th e I nd ia ns a re aw ar e o f p ri va te l ife in su ra nc e
companies.
Mos t o f t he I nd ians a re o f t he opi ni on t ha t p ri va te i ns ur ance
companies would be able to perform well in the long run.
Most of the Indians are interested in Money back policies than
others
Most of them are in teres ted in insur ing for an amount of Rs . 1- 2
lakhs
There is s ignif icant relat ionship exist ing between monthly household
income and amount insured
Based on the monthly household income, Indians prefer to the ir
investment needs l ike bank deposit , post off ice schemes, real estate,
i ns ur ance , gol d, chi t f unds , s ha res e tc . * Agent s a re mos tl y
responsible for selling insurance products in India.
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ABOUT HDFC SLIC
HDFC Standard Life Insurance Company Ltd. is one of India's leading private insurance
company, which 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 a Group Company of the Standard Life, UK. HDFC
as on December 31, 2007 holds 72.38 % of equity in the joint venture.
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Our key strengths
Financial Expertise
As a joint venture of leading financial services groups, HDFC Standard Life has thefinancial expertise required to manage your long-term investments safely and efficiently.
Range ofSolutions
We have a range of individual and group solutions, which can be easily customized to
specific needs. Our group solutions have been designed to offer you complete flexibilitycombined with a low charging structure.
Track Record so far
Our gross premium income, for the year ending March 31, 2008 stood at Rs. 4,859 crores
and new business premium income stood at Rs. 2,685 crores.
The company has covered over 9, 59,000 lives year ending March 31, 2008.
FACT SHEET
HDFC Standard Life Insurance Co. Ltd. is a joint venture between HDFC Ltd., India's
largest housing finance institution and Standard Life Assurance Company, Europe's
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largest mutual life company. It was the first life insurance company to be granted a
certificate of registration by the IRDA on the 23rd of October 2000.
Standard Life, UK was founded in 1825 and has experience of over 180 years.
Companies. The company is rated as "very strong" by Standard & Poor's (AA) and
"excellent" by Moody's (Aa2).
HDFC Standard Life's cumulative premium income, including the first year
premiums and renewal premiums is Rs. 672.3 Crores for the financial year, Apr-
Nov 2005. So far the company has covered over 11,00,000 individuals and has
declared 5th consecutive bonus in as many years for its 'with profit' policyholders.
Board Members
Brief profile of the Board of Directors
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Mr. Deepak S Parekh is the Chairman of the Company. He is also the ExecutiveChairman of Housing Development Finance Corporation Limited (HDFC Limited). Hejoined HDFC Limited in a senior management position in 1978. He was inducted as awhole-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 aFellow of the Institute of Chartered Accountants (England & Wales).
Mr. Keki M Mistry joined the Board of Directors of the Company in December, 2000.He is currently the Managing Director of HDFC Limited. He joined HDFC Limited in1981 and became an Executive Director in 1993. He was appointed as its ManagingDirector in November, 2000. Mr. Mistry is a Fellow of the Institute of CharteredAccountants of India and a member of the Michigan Association of Certified PublicAccountants.
Mr. Alexander M Crombie joined the Board of Directors of the Company in April,2002. He has been with the Standard Life Group for 34 years holding various seniormanagement positions. He was appointed as the Group Chief Executive of the StandardLife Group in March 2004. Mr. Crombie is a fellow of the Faculty of Actuaries inScotland.
Ms. Marcia D Campbell is currently the Group Operations Director in the StandardLife group and is responsible for Group Operations, Asia Pacific Development,Strategy & Planning, Corporate Responsibility and Shared Services Centre. Ms.
Campbell joined the Board of Directors in November 2005.
Mr. Keith N Skeoch is currently the Chief Executive in Standard Life InvestmentsLimited and is responsible for overseeing Investment Process & Chief ExecutiveOfficer Function. Prior to this, Mr. Skeoch was working with M/s. James Capel & Co.holding the positions of UK Economist, Chief Economist, Executive Director, Directorof Controls and Strategy HSBS Securities and Managing Director InternationalEquities. He was also responsible for Economic and Investment Strategy researchproduced on a worldwide basis. Mr. Skeoch joined the Board of Directors in November2005.
Mr. Gautam R Divan is a practising Chartered Accountant and is a Fellow of theInstitute of Chartered Accountants of India. Mr. Divan was the Former Chairman andManaging Committee Member of Midsnell Group International, an InternationalAssociation of Independent Accounting Firms and has authored several papers ofprofessional interest. Mr. Divan has wide experience in auditing accounts of largepublic limited companies and nationalised banks, financial and taxation planning ofindividuals and limited companies and also has substantial experience in structuring
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overseas investments to and from India.
Mr. Ranjan Pant is a global Management Consultant advising CEO/Boards onStrategy and Change Management. Mr. Pant, until 2002 was a Partner & Vice-President
at Bain & Company, Inc., Boston, where he led the worldwide Utility Practice. He wasalso Director, Corporate Business Development at General Electric headquarters inFairfield, USA. Mr. Pant has an MBA from The Wharton School and BE (Honours)from Birla Institute of Technology and Sciences.
Mr. Ravi Narain is the Managing Director & CEO of National Stock Exchange ofIndia Limited. Mr. Ravi Narain was a member of the core team to set-up the Securities& Exchange Board of India (SEBI) and is also associated with various committees ofSEBI and the Reserve Bank of India (RBI).
Mr. Deepak M Satwalekar is the Managing Director and CEO of the Company sinceNovember, 2000. Prior to this, he was the Managing Director of HDFC Limited since1993. Mr. Satwalekar obtained a Bachelors Degree in Technology from the IndianInstitute of Technology, Bombay and a Masters Degree in Business Administrationfrom The American University, Washington DC.
Ms. Renu S. Karnad is the Executive director of HDFC Limited, is a graduate in lawand holds a Master's degree in economics from Delhi University. She has beenemployed with HDFC Limited since 1978 and was appointed as the Executive Director
in 2000. She is responsible for overseeing all aspects of lending operations of HDFCLimited.
Group Companies
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Bancassurance Parteners
Some of our valued bancassurance partners.
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Individual Products
We at HDFC Standard Life realize that not everyone has the same kind of needs. Keepingthis in mind, we have a varied range of Products that you can choose from to suit all yourneeds. These will help secure your future as well as the future of your family.
Protection Plans
You can protect your family against the loss of your income or the burden of a loan in theevent of your unfortunate demise, disability or sickness. These plans offer valuable peaceof mind at a small price.
Our Protection range includes
Term Assurance PlanLoan Cover Term Assurance PlanHome Loan Protection Plan
Investment Plans
HDFC Standard Life provide you with attractive long term returns through regularbonuses.
Our Investment range includes
Single Premium Whole Of Life plan
Pension Plans
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Our Pension Plans help you secure your financial independence even after retirement.
Our Pension range includes
Personal Pension PlanUnit Linked Pension,Unit Linked Pension Plus
OurImmediate Annuity plan will aid you in receiving income post retirement andsecuring you financial independence.
Savings Plans
Our Savings Plans offer you flexible options to build savings for your future needs suchas buying a dream home or fulfilling your childrens immediate and future needs.
Our Savings range includes
Endowment Assurance PlanAssurance PlanSavings Assurance PlanChildrens PlanMoney BackUnit Linked EndowmentUnit Linked Endowment PlusUnit Linked Endowment SuvidhaUnit Linked Endowment Suvidha PlusUnit Linked Endowment Plus IIUnit Linked Young StarUnit Linked Young Star PlusUnit Linked Young Star SuvidhaUnit Linked Young Star Suvidha Plus
Unit Linked Young Star Plus IIUnit Linked Enhanced Life Protection II
Group Products
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One-stop shop for employee-benefit solutions HDFC Standard Life has the mostcomprehensive list of products for progressive employers who wish to provide the best and
most innovative employee benefit solutions to their employees. We offer different productsfor different needs of employers ranging from term insurance plans for pure protection tovoluntary plans such as superannuation and leave encashment. We now offer the followinggroup products to our esteemed corporate clients:
Group Term InsuranceGroup Variable Term InsuranceGroup Unit-Linked Plan
An investment solution that provides funding vehicle to manage corpuses with
Gratuity, Defined Benefit or Defined Contribution Superannuation orLeaveEncashment schemes of your companyAlso suitable for other employee benefit schemes such as salary saving schemes andwealth management schemes
Social Product
Development Insurance Plan Development Insurance plan is an insurance plan whichprovides life cover to members of a Development Agency for a term of one year. On thedeath of any member of the group insured during the year of cover, a lump sum is paid tothat member beneficiary to help meet some of the immediate financial needs followingtheir loss.
Eligibility:
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Members of the development agency and their spouses with:
- Minimum age at the start of the policy 18 years last birthday
- Maximum age at the start of policy 50 years last birthday
Employees of the Development Agency are not eligible to join the group. The group to
be covered is only eligible if it contains more than 500 members.
Premium Payments
The premium to be paid will be quoted per member in the group and will be the same forall members of the group.The premium can only be paid by the Development Agency as a single lump sum thatincludes all premiums for the group to be covered. Cover will not start until the premiumand all the member information in our specified format has been received.
The premium rate is Rs. 25 per Rs. 10,000 of lump sum, per member.
Benefits
On the death of each member covered by the policy during the year of cover a lump sumequal to the sum assured will be paid to their beneficiaries or legal heirs. Where thedeath is as a result of an accident, an additional lump sum will be paid equal to half thesum assured. There are no benefits paid at the end of the year of cover and there is nosurrender value available at any time.
The role of the Development Agency
Due to the nature of the groups covered, HDFC Standard Life will be passing certainadministrative tasks onto the Development Agency. By passing on these tasks thepremium charged can be lower. These tasks would include:
Submission of member data in a specified computer format
Collection of premiums from group members
Recording changes in the details of group members
Disbursement of claim payments and the mortality rebate (if any) to group members
These tasks would be in addition to the usual duties of a policyholder such as:
Payment of premiums
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Reporting of claims
Keeping policy holder information up to date
Training and support will be available to give guidance on how to complete the tasksappropriately.
Since these additional tasks will impose a burden on the Development Agency, theDevelopment Agency may charge a Rs. 10 administration fee to their members.
Prohibition of rebates
Section 41 of the Insurance Act, 1938 states
No person shall allow or offer to allow, either directly or indirectly, as an inducementto any person to take out or renew or continue an insurance in respect of any kind ofrisk relating to lives or property in India, any rebate of the whole or part of thecommission payable or any rebate of the premium shown on the policy, nor shall anyperson taking out or renewing or continuing a policy accept any rebate, except suchrebate as may be allowed in accordance with the published prospectus or tables of theinsurer
If any person fails to comply with sub regulation (previous point) above, he shall beliable to payment of a fine which may extend to rupees five hundred
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Tax Benefits:
INCOME TAX
SECTION
GROSS
ANNUAL
SALARY
HOW MUCH TAX
CAN YOU SAVE?
HDFC STANDARD LIFE
PLANS
Sec. 80CAcross Allincome Slabs.
Upto Rs. 33,990 savedon investment ofRs. 1, 00,000.
All the life insurance plans.
Sec. 80 CCCAcross allincome slabs.
Upto Rs. 33,990 savedon Investment of Rs.1,
00,000.
All the pension plans.
Sec. 80 D*Across allincome slabs.
Upto Rs. 3,399 savedon Investment ofRs. 10,000.
All the health insurance ridersavailable with theconventional plans.
TOTALSAVINGSPOSSIBLE **
Rs. 37,389
Rs. 33,990 under Sec. 80C and under Sec. 80 CCC, Rs.3, 399 underSec. 80 D, calculated for a male with gross annual income
exceeding Rs. 10, 00,000.
Sec. 10 (10)DUnder Sec. 10(10D), the benefits you receive are completely tax-free,subject to the conditions laid down therein.
* Applicable to premiums paid for Critical Illness Benefit, Accelerated SumAssured and Waiver of Premium Benefit.** These calculations are illustrative and based on our understanding of currenttax legislations, which are subject to change.Please contact your tax consultant for exact calculation of your tax liabilities.
Benefits:
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Life Cover Benefit: You can choose the basic Sum Assured within the minimum and
maximum levels mentioned below
Minimum Sum Assured:
Regular Premium: Annualized Premium for 5 years or for half the Policy term
Single Premium: 125% of the single premium
Maximum Sum Assured: No Limit (Rs 500,000 for age up to 12 years)
In case of unfortunate loss of life, your Beneficiary will get sum Assured or Unit Account
Value whichever is higher.
Maturity Benefit: On survival, at maturity the value of your Unit Account will be paid
out.
Rider Benefit: You can add the Accidental Death & Accidental Total and Permanent
Disablement Benefit Rider (available only with regular premium option).
What are the different fund options?
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HDFC Standard Life Insurance co. understands the value of your hard earned money and in
our endeavour to help you grow your wealth, we offer you 4 different tailor-made
investment funds. You have the option to allocate your premium in these funds as you
wish.
Thefourdifferent funds offered are:
1.Capital Secure Fund:The investment objective of this fund is to maintain the
value of all contributions (net of charges) and all interest additions. This Fund offers
steady return for very little risk. The risk profile of this fund is low. Your funds are
invested 100% in Bank Deposits, Government Bonds and debt instruments that
offer financial security.
Further, allocation in Capital Secure Funds for a policy is a subject to a
maximum limit of 20% at any time.
2.Balanced Fund: The investment objective of this Fund is to provide you
with investment returns which exceed the rate of inflation in the long term while
maintaining a low probability of negative investment returns. In this fund, a major
portion of your funds are invested in fixed securities while a small percentage is
invested in the equity market, which is exposed to market movements. The risk
profile of this fund is low to medium.Investment would be at least 80% in fixed
interest securities and maximum 20% in equities.
3.Growth Fund: The investment objective of this Fund is to provide you with
investment returns which exceed the rate of inflation in the long term while
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maintaining a moderate probability of negative investment returns. This fund offers
a greater portion of your funds are invested in fixed securities while a small
percentage is invested in the equity market, which is exposed to market movements.
The risk profile of this fund is medium to high.
Investment would be at least 60% in fixed interest securities and maximum 40% in
equities.
4.Equity Fund: The investment objective of this fund is to provide Policyholders
with high exposure to equities and the possibility of investment recognizing that
there is a significant probability of negative investment returns in the short term.
This fund offers a totally equity based investment option. Your returns depend
entirely upon the performance of the equity market. The risk profile of this fund is
high. The higher risk of this portfolio means that expected returns would also be
higher. Investments would not exceed 30% in Bank Deposits and may be 100% in
equities.
Value of Units:
The unit price of each Fund will be the unit value calculated on a daily basis.
Unit Price =
Total Market Value of assets plus/less expenses incurred in the
purchase/sale of assets plus Current Assets plus any accrued income
net of fund management charges less Current Liabilities less
ProvisionTotal Number of units on issue (before any new units are
allocated/redeemed)
Flexibility:
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Pay top-ups
If you have received a bonus or some lumpsum money you can use that as a top-up to
increase the investments component in your Policy. Top-ups are allowed only if all
premiums due till date are paid.
There is no restriction on the maximum amount of top-ups. However top-ups made over
and above 25% of the basic regular premium paid till date will lead to an increase in Sum
Assured to the extent of 125% of the excess top up premiums. The minimum top-up
amount is Rs. 2,500. 98% of any amount paid as top-up is allocated to your funds.
Make partial withdrawals
After three years,
If your Unit Account Value is less than the Sum Assured, then the maximum partial
withdrawal can be Rs 5,000 per partial withdrawal.
If your Unit Account Value is more than the Sum Assured, then the maximum
partial withdrawal is the difference between the Unit Account Value and the Sum
Assured plus Rs 5000.
Higher amounts of partial withdrawals are allowed subject to underwriting.
Two partial withdrawals are allowed every year. Minimum Fund Value after each
partial withdrawal should be Rs 10,000.
For the purpose of partial withdrawals, top-ups would have a lock-in of three years from
the date the top-ups are made until then no partial withdrawals areallowed. This condition
is not applicable if the top-ups premiums are paid during the last three years of the Policy
term.
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Assured is minor, - partial withdrawals are allowed on or after attainment of age 18
returns which generate a high real rate of return in the long term while
Where the Life years or after 3 years if later.
the maturity date instead of a lump sum on the maturity date. You can choose to redeem
the units in his/her Unit Fund anytime up to 5 years from the date of maturity.
Who can buy this product?
Minimum Age at entry 30 days
Maximum Age at entry 65 years
Maximum Age at maturity 80 years
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CHANNEL DEVELOPEMENT
Why to recruit ?...............................................................47
Who to recruit ?...............................................................47-48
How to recruit ?..............................................................48-49
Recruitment Activities ?.................................................50-51
What to check while we are recruiting ?........................51-52
Advisor Role..52-53
Working Environment....53
Your opportunity....53
Benefits of joining HDFC SLIC....54-56
Recognition Programms.56
Career progression & future opportunity...57
Fast trak pinnacle programmes...57-58
Extensive Advisor Training...58-59
Support team the co59
Expectation of team60
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WHY TO RECRUIT
There are two aspects of employment in the insurance sector today. One is
Permanent Employment , for sales , operat ion , IT support , back off ice
services and So on. We are also offering the other kind of employment for
people to sell Life Insurance they are called Life Advisors. Or
Certifide Financial Consultant . This is a big area of employment.
Because we are supposed to !!
That the way to do this business.
More recruits, more active advisors, more BDM
WHO TO RECRUIT
Quali ty Deptt . has given some indicators in terms of what are the common
traits(Q-SCORE) of our successful advisors-
The commonalities were
Age : between 30 -45
Education : graduate
Family Income : above Rs. 2 lacs p.a.
The important fact to remember is that 61% of our RED
category advisors do not fall into any of this category-
This is a broad pointer for us to remember what are the his/her profile
Some other pointer from Quality
Most of the RED category advisors FAILED in the DISC profile
which means that DISC is good indicator of chanced of
success or failure
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Successful advisors usually have 2 years of work exp. In their
current profession
Small time businessmen / entrepreneurs v. successful profile
Women/Housewives are very successful- however they have notbeen sustainable over long periods. They usually have become
inactive after 6 7 months of joining. But till the time they are
working , thei r average WAPI & Productivi ty i s very h igh
compared to others.
People who are new to the city are least probable to do well.
How to Recruit?
Things which you should have while meeting the prospect.
BOP Presenter.
Reward points booklet OR take a copy of the catalog from the
website show the gifts, a prospect wouldnt understand
points, but will value the gifts.
Advisor Manual - can show how the manual can answer many
procedural issues.
Talk about email id & tech support the prospect would like to
know what all ill the company give
My Market show 100 show the booklet and stress its
importance.
Copy of any certificate MDRT certificates, Sales Champion
certificate etc to show recognition.
Insist on doing the BOP presentation it gives a complete
picture of what yo u have to present & answers a lot of
questions.
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Stress on di f ferent things to di f ferent prof i les change your
proposition as per the customer.
Women Rewards, - gift items, household goods, gold .
Young marketing background career Pinnacle.
Tax/ MF/ LIC Agents Rewards & Recognit ion, Star Clubs. As
foreign trips, preferential treatment in all aspects, dont talk
about commissions, stress on the extras.
Smal l bus inessman / Entrepreneurs show ROE Return on
Energy , t o t he ear n t he s ame amoun t o f money f rom your
business; you would be spending much more time & energy a
lot of capital from your pocket.
THE P OWER R EN EWA L C OMMISION S :Always , a lways ,
always stress on the fact that renewal commissions ARE THE
differentiator from every other sort of business
Spend lot of t ime on the Commiss ions s t ructure given in the
BOP
Try to do an example in f ront of them t ry ing to por t r ay the
commiss ions payable for the same amount of bus iness done
every year
THE EARNI NG CALCULATOR W ILL BE OF THE HELP
HERE
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Recruitment Activities
Each of us should have a mix of
Activities which have done well with us in the recent past:
49
Mass Media Activities - Spray & Pray Lead Generation activities
Ads, Classified, paper Inserts,
Pamphlets, Banners
Database cal l ing, cold cal l ing, te le-
cal ling , mai le rs , mass BOPs , f ish
bowl activity, Yellow Pages, Trade
Directories etc.
Over the last one year, the response
f rom thi s basket of ac tivi t ies has
gone down drast ical ly, thus forcing
us t o be c reat ive t o c reat e o ther
avenues
We need to develop lead generat ion
act iv i ti es more so as to have more
people to touch upon and tell about
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Joggers Park
Summer Trainees
Mass BOPs
Database Calling
Lead Generation Activities
Tele Calling set ups
Some more ways on how to recruit:
Database Attack can be done through a trainee.
Cold Cal l ing helps a lot as the respondent does not waste
your time by dilly dallying.
RWA Activi t ies Tambola or children painting competi t ion-
gives real time leads, cost effective per lead.
Look at level MBA colleges for Pinnacle probable.
Source local databases Cable TV Service providers , home
delivery caterers.
Fish Bowl Activity- in high football places.
What to check while recruiting:
ENERGY, ENERGY always check the persons energy
levels , as this career i s al l about meet ing new people, f inding
new prospects and more so handling rejections
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His past / present occupation gives tremendous insight into his
energy levels
Show him the path in his current environment how insurance
selling can fit in lowers the resistance of time availability
Check his environment his family locality
Check whether he can work on his own
Find out i f he i s looking for money or career as he can have
both here
Things to check while recruiting:
Always t ry to meet the person at his res idence- check for the
local i ty, his household, s tandard of l iving, t ry to involve the
spouse in the presenta t ion so tha t they know what they are
getting into
Always check on need for money & a drive to do well in life if
he has been doing wel l in l i fe , he wi ll make ef for ts to do wel l
with us
Ask questions about his past, find instances of accomplishments
Keep checking on the pointers & do a mental check l i s t of the
acceptable points
Be convinced about the profile and then only go ahead
Advisor Role
To provide ongoing financial advice for his/her client:
Identify future client
Making appointments
Conduct financial review meetings with prospects/clients
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Close sale
Get referrals
Provide service to clients
Follows internal sales & reporting systems:
Working environment:
To be part of a world class sales team.
Work from your own office or residence.
Work full time or part time.
Earn commission, bonus $ incentives.
No upper limits in earnings .
Flexible career.
Your opportunity:
No startup capital required.
Flexible working environment.
Be your own boss.
Unlimited earning potential.
To be part of world - class team.
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BENEFITS OF JOINING HDFC SLIC:
Commission & Renewals: As insurance advisor you can earn handsome commission,which varies from 5% to 40% depending upon product to product and in addition 1st yearcommission entitled to renewal commission also.
Star on debut: If our new advisor sources RENP 2,00,000 in 30 days licensing thenhe/she is entitled to Silver Medal(Approxvalue Rs. 5,000) + certificate (signed by ZM& Reg. Mgr).
Rising Star on Debut: If our new advisors sources RENP of Rs.5,00,000 in 30 days
of licensing then he/she is entitled to Gold Medal(Approx value Rs.13000) + certificate(signed by ZM & Reg. Mgr).
Millionaire Star on Debut: If our new advisors sources RENP of Rs.10,00,000 in 30days of licensing then he/she is entitled to Gold Medal(Approx value Rs.25000) +certificate (signed by ZM & Reg. Mgr).
Global Star on Debut: If our new advisors sources RENP of Rs.24,00,000 in 30 days
of licensing then he/she is entitled to Gold Medal(Approx value Rs.60000) + certificate(signed by ZM & Reg. Mgr).
Star of the Month: Top 3 FCs, 1st Rank: Trophy + Certificate recognizing theperformance signed by ZM & Reg. Mgr., 2nd &3rdReg. Mgr.
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To recognize best talent our company has following clubs:
Bronze Club: Non Monetary Benefit 1%. Minimum RENP Rs. 3, 00,000 (contestperiod 5th July-30th Jun)
Silver Club: Non Monetary Benefit 3% and Retention Bonus Rs.5,000. MinimumRENP Rs. 6, 00,000 (contest period 5th July-30th Jun)
Gold Club: Non Monetary Benefit 5% and Retention Bonus Rs.10,000. MinimumRENP Rs. 15, 00,000 (contest period 5th July-30th Jun)
Toppers Club: Top 101st to 225th ranked CFCs on RENP Minimum RENP Rs.40,
00,000 Non Monetary Benefit 5% and Retention Bonus 1% Total 6%. (Contest Period5th July-30th Jun)
Centurion Club: Top 100 ranked CFCs on RENP Minimum RENP Rs.40,00,000 NonMonetary Benefit 5% and Retention Bonus 1.25% Total 6.25% up to 10% (ContestPeriod 5th July-30th Jun)
Other Schemes & Incentives:
Our Company announces from time to time different incentive schemes in which gifts varyfrom small item like Leather bag to luxury car for example Skoda Octavia.
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Career Opportunity for Certified FCs
Branch Manager
Assistant Sales Manager
Branch Development Manager
Sales Development Manager
Certified Financial Consultants
CFC Welcome Kit:
Welcome letter Laminated Identity Card
Copy of agency agreement
IRDA License
Bank account
100 visiting card from the branch
Commission booklet
Reward& recognition booklet
Pin to access HDFCSLIC website
Recognition programs :
Foreign trips & seminars.
Select club m emberships:
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o Presidents club.
o DHFC SLIC star club.
MDRT Membership.
Career progression & future opportunities:
Exclusive program for high potential achievers.
Hand picked advisors.
A fast track career path.
Recognition as Tiger
Continue doing your business.
Criteria.
-Age 25 40 years
-At least 1 year in system
-Case count 2 per month
Part time career as a Trainer.
Conduct foundation programs.
Share best flied practices.
Replicate your business.
Continue doing your business.
Criteria.
-Age 25-45 years
-At least 6 months s in s ystem
- 2 case count per month
Fast track pinnacle programmes:
A full time career as audit manager
Growth within HDFC SLIC.
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Greater earning potential
Personal Development
Performance criteria
-Age 25-45 years-At least 6month in system
-30 issuance within 6 months
Agency champion:
Take your business to the next level
Entrepreneurs ,develop your own business
Recruit new advisor and make your own team
Increased reach and earning potential
Criteria
-At least 1 year in system
-Minimum 60 policies and 9.0 lacs premium
-Selection process (assessment center)
Extensive training to make you a professionaladvisor:
Selling skills Product knowledge
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Relationship skills
Training delivery through several convenient options Face to face Online Self learning
Next steps
Confirmation of mutual interest
Selection interview
Profiling test dates
Draft payment favoring
Reliance life insurance co.Ltd
paya ble in Channai
Finalize Training Dates,venue
Support team the Company :
Field visits
Training on products
& selling skills
regular business reviews
be a coach & mentor
recognize high performers
help you become financially indipendent
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Expectations of team
Achieve sales targets
Participate in all meetings
Attend all training programs
Weekly reviews at the office
Follow the sales process
Follow weekly reporting process
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CONSUMER AWARENESS : INSURANCE SECTOR
IRDA's regulatory initiatives have set the stage for a new era in functioning of the
Insurance Companies.
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The theme for this conference organized by FORTE & IRDA: "Consumer Awareness :
Insurance Sector" is another major step which hopefully leads to meaningful discussions.
For the purpose of this conference, I rather use a different nomenclature to facilitate
recognizing the issues and aspects relevant to the theme:
Life insurance always involves two beneficiaries (consumers), namely, those who are
designated to benefit in the event of death of the 'insured', and also, and this is highly
important, the premium payer himself while he is living. The protective influence of life
insurance extends to the insured himself enabling him to live more efficiently and fully
than otherwise be the case.
When we start with the 'beneficiary' in the modern life insurance as the center of thinking,
the line of thought moves out in the direction of an ever widening circle. The thought
process gives rise to a host of economic, social, psychological, legal, actuarial and financial
implications of great magnitude.
Only by emphasizing the potential needs of "beneficiaries", by fostering a keen sense of
responsibility on the part of the family heads for the welfare of their dependents, by
developing effective procedures for translating family love and affection into practical
financial plans, and by using motivation techniques built on beneficiary relationships could
the institution of life insurance ever attain the stature and achievement required to make life
insurance a more effective instrument for safeguarding the interest of beneficiaries.
Legislators and regulators all over have evidenced their concern for the beneficiaries and
the latter's confidence in life insurance as a practical means of furthering the social welfare.
Courts have evidenced similar beliefs in their numerous decisions.
Every life insurance policy must some day be measured against the job that it must perform
for "beneficiaries". THE trouble is that if it is not measured until it becomes a claim and
then falls short of doing the job, there is nothing that can be done to remedy the situation.
Therefore, the important role of the intermediaries (Agents, Brokers etc). A skilled and
competent intermediary must be able to take men in their imagination into the future to be
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able to foresee the risk and by proper planning lessen the impact of financial consequences.
The primary service they offer should be prescriptive through recommending suitable
plans.
Product and Service Combined :
Because life insurance should be purchased to meet 'beneficiaries' financial needs, it is
essential to look beyond the policy as a product and consider their personal situation.
Service includes selling the right policy to fill the policy owner's need, making sure the
policy owner understands the transaction fully, arranging ownership and beneficiary
designation as required. Thus the product and the service are very much interwoven. In the
light of these factors, it is understandable that a number of life insurance industry
organizations abroad, specially in USA and Canada are continuously engaged in special
research projects with a view to understanding better the service function. Improvements in
the nature and quality of service to beneficiaries/policy owners should follow when the
industry has a clearer understanding of what services policy owners require and how they
are best rendered.
Important as life insurance is today, its real progress is yet to come, largely through the
national education system - collegiate level education as well as public education. Our
time-honoured professions use colleges and universities as allies for the effective initial
preparation of their practitioners and to provide opportunity for continued study. It has to
be so with insurance subject as well which is a relative newcomer on our socio-economic
scene. Insurance and financial counseling as a vocation and profession could advance and
acquire stature and dignity in direct proportion to the education received and success
achieved by those in the business and with the public.
Also Public education in insurance represents a "great selling / teaching movement" to
spread the beneficial influence of the concept of life insurance into millions of our homes
and business enterprises. Public education should be designed to prepare the buying public
for ready and willing acceptance of the professional service of the intermediaries. In fact,
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this should be the first and most important step taken in the process of developing
marketing methodology and marketing orientation.
It is true that the life insurance business has tended to describe as a duality, a combination
of protection and savings account, what is really the unity of permanent life insurance. We
have not communicated with sufficient clarity that the savings like features of life insurance
are a by-product of the reserves necessary for long term or life time protection, and that
without them the protection runs out when the need might be greatest.
Need for regulatory mechanism is recognized as Insurance is effected with public interest
in view of the large numbers involved. As a contract necessarily embodying a host of legal
details, and specially imbalance of bargaining power of the insured (Asymmetrical
information) insurance invites regulatory oversight to adequately protect the insurance
consuming public. (beneficiaries)
No element of insurance business deals more closely with the insurance consuming public
than insurance intermediaries(Agents, brokers and others)
Most of the major problems and issues confronting the life insurance business are market
oriented. Questionable market conduct and misleading sales practices on a widespread
basis could emerge as a major issue.
Related closely to these issues are:
1. How should industry foster thinking on risk with a view to building up a body of
thinkers and a body of literature, which shall be the beginning of more adequate
recognition of the subject influencing our actions?
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2. What kind of men and women should be selected to solicit etc., insurance? What
kind of persons to direct the life insurance marketing programme? It is true we have
not perfected the techniques of selecting and recruiting, and managing retention of
agents to keep turnover within limits that would be optimum for the economics of
the business and for the satisfaction of all the individuals involved.
Insurance industry is in transition and passing through an era of discontinuity.
Competitiveness demands a commitment to truth and willingness to confront brutal facts of
reality. We need to cultivate and use "truth tellers" - people on whom we can rely to "call
them the way they see them". We need "unfiltered feedback".
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Changing Consumer Perceptions aboutInsurance HDFC SLIC
Abstract
The caselet details the well-designed marketing communications initiatives developed by
HDFC Standerd Life Insurance (HDFC SLIC) that helped it gain leadership position in the
Indian life insurance market. During its initial years HDFC SLIC focused on creating a
strong brand identity and awareness and designed the marketing communication strategy
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accordingly. However, in 2002 it completely changed the communications strategy and
began to promote specific products from its product portfolio based on the consumer
research study. One of the promotional objectives designed was to create a feel good factor
around retirement and change customers perception of retirement as a mark of old age and
loss of financial independence
Issues:
Role of marketing communications in financial services sector
Corporate advertising and its role in financial services
Product specific advertising and its significance
Importance of post advertising tests
Introduction
In the year 2000, the Government of India opened up the life insurance market to private
players. Till then, the Indian life insurance industry had been dominated by Life Insurance
Corporation of India (LIC), the only player in the insurance market. This monopoly had
created such a strong brand identity and awareness for LIC that LIC became a generic word
for life insurance in India.-
After deregulation, many domestic and international players entered the life insurance
market.However, the Indian insurance industry continued to face various problems such as
low penetration (only 22% of the insurable population were insured) and low premium to
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GDP ratio (of 1.3). Growth was also hampered by the existing customer perception that life
insurance was a tax saving tool. Another problem was that the entry of many players had
cluttered up the market.
Questions for Discussion:
1. HDFC SLIC deviated from the usual advertising strategy that other insurance providers
adopt of promoting the product line. Instead, it launched an ad campaign Sar Utha Ke
Jiyo, that highlighted the HDFC SLIC brand. Explain the motives of the co. in launching
this ad campaign?
2. Though HDFC SLIC corporate advertising campaign reaped rich dividends, the companychose to adopt a product specific advertising strategy in later years. What customer
demographics did the company identify, that led it to adopt a change in the existing
advertising strategy?
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RESEARCH METHODOLOGY
The Research specifies the following information required to address needed issues,
designs the methods for collecting information, manages and implements the data
collection process, analyzes and communicates the findings and their implications.
The research methodology implemented in this project primarily consists of personal
interviews with the Public ofGORAKHPUR. To understand and evaluate the Interest of
earned extra income and the perception of financial Advisors in HDFC STANDARD
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LIFE INSURANCE, I had conducted interviews to get the general overview about the
company policies, system of working and employee psychology.
Information Sources:
PRIMARY DATA was collected with the help of interviews with the employees of
different cadre and a structured questionnaire has been floated in different places to get
inside knowledge of the research topic.
SECONDARY DATA was collected through the Internet, Magazines, Newspapers and
Corporate Profile
Data Collection Tools:
The main methodology used was Descriptive Design with its main tools being
Discussion Guidelines
Questionnaire
Personal Interviews
Sample size:
It could be very difficult and more time consuming to collect data from whole population,
so accordingly the sample size of 100 has been taken through careful design and analysis,
for this study purpose.
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RESEARCH OBJECTIVES
In any research the objective or purpose for which the research has been conducted lies on
the focal point around which whole project revolves.
It is the foundation on which the project is build
The objective of my project was-
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To find out the perceptions of Respondent for the interest of the extra
income and join as financial advisor in HDFC STANDARD LIFE INSURANCE CO.
To find out the perceptions of Financial Advisor who are working as a
financial Advisor in HDFC STANDARD LIFE INSURANCE CO.
The sub objectives of my project are-
To find out the percentage of respondent for the interest of extra income
To find out the percentage of financial advisor who are working in HDFC
STANDARD LIFEINSURANCE CO.
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QUESTIONNAIRE
1:- Name ..
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2:- Age
A) less than 25 B) 25-35 C) 35-50 D) 50 Above
3:- Address
4:- Contact No.5:-Annual Business Provided by Advisors?
A) 0-35000 B) 35000-70000 C) More than 70000
6:-Satisfaction Level of Financial Advisor?
A) Highly Satisfied B) Satisfied C) Dissatisfied D) Highly Dissatisfied
E) Cant Say
7:- Reasons of Liking HDFC SLIC?
A) Integrity B) Good Working EnvironmentC) Customer- friendly D) Can work all over the country
8:-Working Environment of the Company?
A) Very Good B) Good C) Average D) Poor
9) Pattern of Working ?
A) Part Time B) Full Time
10) Duration of Working with HDFC SLIC?
A) 0-1 yrs. B) 1-2 yrs. C) 2-3 yrs. D) More than 3 yrs.
11) Previous Sales Experience Sales of Advisors?
A) Nill B) Less than 1 yrs. C) 1-3 yrs. D) More than 3 yrs.
12) Duration of Advisor Residence in Gorakhpur?
A) By Birth B) less than 5 yrs. C) More than 5 yrs.
13) Total Household Income of Advisor (per annum)?
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A) Less than 1 lakh B) 1 lakh - 2 lakh C) 2 lakh 3 lakh D) More than 3 lakh
14) Main Profession of Advisors?
A) Engineer B) Doctor C) CA/CWA/CFA/ CS D) Lawyer
E) Teacher F) MBA G) Businessman H) others
15) Educational Qualification of Advisors?
A) Post Graduate B) Graduate C) Diploma D) 12th
16) Marital Status of Advisor?
A) Unmarried B) Ma