SUMMER INTERNSHIP PROGRAMME REPORT

ON
HDFC Life Insurance, Wardha
[01-08-2020 to 15-09-2020]

SKILL DEVELOPMENT INITIATIVE OF

MASTER OF BUSINESS ADMINISTRATION

R.T.M. NAGPUR UNIVERSITY, NAGPUR (M.S.)

SUBMITTED BY:-
Ms. Kruttika M. Bhoyar
MBA IIst YEAR

UNDER THE GUIDANCE OF:-

(Dr. Shailesh kediya)
HOD-MBA
MBA, D.M.I.E.T.R. SAWANGI (MEGHE) WARDHA

DEPARTMENT OF BUSINESS MANAGEMENT

DATTA MEGHE INSTITUTE OF ENGINEERING, TECHNOLOGY AND RESEARCH,
SAWANGI (MEGHE), WARDHA (M.S.)

ACADEMIC YEAR 2019-20

 DATTA MEGHE INSTITUTE OF ENGINEERING, TECHNOLOGY,
& RESEARCH
SAWANGI (MEGHE), Wardha.
Off : 07152-287893, 287894, Principal Office : 07152-287891. Fax 07152-287892

E-mail : Principal [email protected], Web site : www.dmietr.edu.in

Department of Business Management

CERTIFICATE
This is to certify Ms. Kruttika M. Bhoyar, a bonafide student of M.B.A. 2 nd Semester
from Department Of Business Management, Datta Meghe Institute Of Engineering,
Technology And Research, Wardha for the session 2019-20, has completed her Summer
Internship Programme at HDFC Life Insurance under the guidance of Dr. Shailesh Kediya,
Faculty Department Of Business Management, DMIETR, Wardha and under the guidance
of Abhijeet Kale, (Sales Manage- HDFC Life Insurance), Wardha.
This is bonafide work done by him in the session as per the initiative of Department
Of Business Management, Data Meghe Institute of Engineering Technology And Research,
Salod (Hirapur), Wardha.

(Dr. Shailesh O. Kediya) (Abhijeet Kale)

(HOD-MBA) (Assistant Sales Manager)
DMIETR, Wardha HDFC Life Insurance,
Wardha

Dr. Shailesh O. Kediya Dr. Prasanna Zade

(HOD-MBA) (Principal)
DMIETR, Wardha DMIETR, Wardha

Date : 08/12/2020
Place : Nagpur
 ACKNOWLEDGEMENT

There is always a sense of gratitude towards the people who have helped me in
summer internship. I am indebted to all who have directly & indirectly helped me in
completing the summer internship. I am thankful to our institute for giving me this
marvelous opportunity.
I am sincerely grateful to HDFC Life Insurance, Wardha. (Abhijeet Kale, Assistant
Sales Manager) who gave me opportunity to work in his organization. I take this opportunity
to thanks to all technical officers for imparting valuable information.
I also take this opportunity to express my deepest gratitude to Dr. Prassana Zade ,
Principal, Datta Meghe Institute Of Engineering Technology And Research, Wardha & Dr.
Shailesh Kediya, Head Of Department Of Business Management (MBA) and to thank my
guide Dr. Shailesh Kediya, Training And Placement Coordinator for their guidance and
encouragement.
I also like to express my gratitude to my colleagues, parents, faculties & others who
have directly & indirectly help me in many ways to make this project possible.

Ms. KRUTTIKA M. BHOYAR

 DECLARATION

I, hereby declare that, the SUMMER INTERNSHIP PROGRAM with HDFC Life
Insurance, Wardha was done by me.
The content of this report are based on the information collected by me from
various sources, under the guidance of my industrial guide Mr. Abhijeet Kale
The project is being submitted for the partial fulfillment of the requirement for the
award of the degree of MBA (Master of Business Administration) from R.T.M. Nagpur
University, at Department of Business Management, Datta Meghe Institute of Engineering
Technology And Research, Salod, Wardha.

Date : 08/12/2020 MS. KRUTTIKA M. BHOYAR

Place : Wardha
 INDEX

Sr. No. Chapter Page No.

1 Introduction
1.1 Company Profile
2 Summer Internship Programme Objectives & Duration
3 Work Experience
3.1 Work Profile Given By Company
3.2 Work Performed By Intern
4 Learning From Summer Internship Programme
5 Conclusions
6 Suggestions
7 Certification
 INTRODUCTION

HDFC Life Insurance Company Limited (formerly HDFC Standard Life Insurance
Company Limited) ('HDFC Life' / ‘Company’) is a joint venture between HDFC Ltd., India’s
leading housing finance institution and Standard Life Aberdeen, a global investment
company. 
Established in 2000, HDFC Life is a leading long-term life insurance solutions provider
in India, offering a range of individual and group insurance solutions that meet various
customer needs such as Protection, Pension, Savings, Investment, Annuity and Health. As on
September 30, 2020, the Company had 36 individual and 13 group products in its portfolio,
along with 7 optional rider benefits, catering to a diverse range of customer needs.
HDFC Life continues to benefit from its increased presence across the country having
a wide reach with 420 branches and additional distribution touch-points through several
new tie-ups and partnerships. The count of our partnerships is in excess of 300, comprising
traditional partners such as NBFCs, MFIs and SFBs, and includes more than 50 new-
ecosystem partners. The Company has a strong base of financial consultants.

Corporate History
The Insurance Regulatory and Development Authority (IRDA) was constituted in
1999 as an autonomous body to regulate and develop the insurance industry. The IRDA
opened up the market in August 2000 with the invitation for application for registrations.
HDFC Life was established in 2000 becoming the first private sector life insurance company
in India.
By 2001, the company had its 100th customer, strengthened its employee force to
100 and had settled its first claim. HDFC Life launched its first TV advertising campaign 'Sar
Utha Ke Jiyo' in 2005. In 2006, a study conducted by the Brand Equity – Economic Times had
put HDFC Life at 29th rank in the most trusted Indian Brands amongst the Top 50 Service
Brands of 2010.
The Insurance Regulatory and Development Authority (IRDA) gave accreditation to
HDFC Life for 149 training centres housed in its branches to cater to the mandatory training
required to be given as well as for other sales training requirements in 2009.
In 2012, it the first private life insurance company to bring back pension plans under
the new regulatory regime, with the launch of two pension plans - HDFC Life Pension Super
Plus and HDFC Life Single Premium Pension Super.
 Company profile

HDFC Life Insurance is a long-term life insurance provider with its headquarters

in Mumbai, offering individual and group insurance services.

Trade name HDFC Life Insurance Company Ltd.

Type Public

 BSE: 540777
Traded as
 NSE: HDFCLIFE
 NSE NIFTY 50 Constituent

Industry Life Insurance

Founded 2000

Headquarters Mumbai, India

Area served India

Key people Ms. Vibha Padalkar

(MD & CEO)

Products Insurance

₹1,687.70 crore (US$240 million) [1] (2020)
Revenue

Operating income ₹1,313.92 crore (US$180 million) [1] (2020)

Net income ₹1,297.45 crore (US$180 million) [1] (2020)

 ₹132,223.86 crore (US$19 billion) [2] (2020)
Total assets

₹6,801.03 crore (US$950 million) [2] (2020)
Total equity

Website hdfclife.com
 Summer Internship Programme Objectives &
Duration

Objectives

 Study about HDFC Life Insurance.

 The study of insurance in India & unit linked insurance plans.

 Gain the professional knowledge while working in corporate environment.

 learn that how to face the customer and convince them for taking Hdfc Life
Insurance’s plans.

 To develop skills of applying theory into practical work situations.

 To develop skills expected by industries in MBA students.

 To developed sense of responsibility.

 To adopt and acquire good work habits.

Duration

Summer Intership Programme Duration [01-08-2020 to 15-09-2020]

Work Experience
3.1 Work Profile Given By Company

 Assignment
 Recruitment task
 Operation task

Task 1. Assignment:
They gave us some questions for assignment to improve our knowledge of Hdfc Life
Insurance and I collected some information of those questions and write appropriate
answers of it. The questions are like,

 Collect information of HDFC Life Insurance?

Ans : HDFC Life Insurance is a long-term Life Insurance provider with its headquarters
in Mumbai, offering individual and group insurance services.
The company is a joint venture between Housing Development Finance Corporate Ltd
(HDFC), one of India's leading housing finance institutions and Standard Life Aberdeen plc, a
global investment company. As on 31 March 2020, the promoters; HDFC Ltd. and Standard
Life (Mauritius Holdings) 2006 Ltd. hold a 51.4% and 12.3% stake in HDFC Life respectively.
The remaining equity is held by public shareholders. HDFC Life has 421 branches and is
present in 980+ cities and towns in India. The company has also established a liaison office
in Dubai. The MD & CEO of the company is Vibha Padalkar, Executive Director is Suresh
Badami.

 Market competitors of SBI?

Ans :
1. : Bajaj Allianz Life Insurance Co. Ltd.
2. Birla Sun Life Insurance Co. Ltd
3. HDFC Life Insurance Co. Ltd
4. ICICI Prudential Life Insurance Co. Ltd
5. ING Vysya Life Insurance Co. Ltd
6. Max New York Life insurance Co Ltd
7. Met Life India Insurance Co Ltd
8. Kotak Mahindra Old Mutual Life Insurance Co. Ltd
9. Tata AIG Life Insurance Co. Ltd
10. Reliance Life Insurance Co. Ltd
11. Aviva Life Insurance Co Ltd
12. Sahara India Life Insurance Co. Ltd’
13. Shriram Life Insurance Co. Ltd
14. Bharti AXA Life Insurance Co. Ltd
15. Future Generali Life Insurance Co Ltd
 16. IDBI Federal Life insurance Co. Ltd.
17. Canara H.S.B.C. Oriental Bank of Commerce Life Insurance Co. ltd.
18. AEGON Religare Life Insurance Co. Ltd.
19. D.L.F. Pramerica Life insurance Co. Ltd.
20. Star Union Dai-ichi Life Insurance Co. Ltd
21. India First Life Insurance Co. Ltd.

 Life insurance products?

Ans:

Products & Services

HDFC Life's products include Protection, Pension, Savings, Investment, Health along
with Children and Women plans. The company also provides an option of customizing the
plans, by adding optional benefits called riders, at an additional price. The company
currently has 37 retail and 11 group products, along with 6 optional rider benefits (as on 24th
March 2020).

 Protection Plans - insurance plans that provide protection and financial stability
to the family in case of any unforeseen events.
 Click2Invest is their online ULIP investment plan.
 Health Plan – offers financial security to meet health related contingencies.
 Savings & Investment plans - These plans help in investment to achieve financial
goals.
 Retirement plans - financial security for life post retirement.
 Women's plans - plans catering to different financial needs of women.
 Children's plans – plans meant to secure children's future.
 Rural & social Plans – meant specifically for rural customers.
 Click2Retire completed their Click2 portfolio.
 ULIP Investment with more funds

 What is Ulip?
Ans:
Unit Linked Plans (ULIPs):
ULIP (Unit linked Insurance Plan). ULIP’s are a combination of insurance + investment. A
small portion of the money invested goes to securing your life whereas the rest of the
money is invested in the market. Policyholders can pay premiums monthly/annually. 
In Unit Linked Insurance Plans(ULIP), the investments made are subject to risks associated with
the capital markets. This investment risk in investment portfolio is borne by the policy holder.
Thus, you should make your investment choice after considering your risk appetite and needs.
Another factor that you need to consider is your future need for funds. HDFC Standard Life
offers you a variety of unit-linked insurance products to suit your goals - be it for your retirement
planning, for your health, for your child's education and marriage or for investment purposes.

 What is IRDA Act?

The Insurance Regulatory and Development Authority of India (IRDAI) is an
autonomous, statutory body tasked with regulating and promoting the insurance and re-
insurance industries in India. It was constituted by the Insurance Regulatory and
Development Authority Act, 1999, an Act of Parliament passed by the Government of
India. The agency's headquarters are in Hyderabad, Telangana where it moved from Delhi in
2001.
IRDAI is a 10-member body including the chairman, five full-time and four part-time
members appointed by the government of India.

Task 2. Recruitment:

 According to task I met several people who were interested to work in HDFC Life
Insurance.

 Especially, we used our communication skill for convince people who interested to
do job in HDFC Life Insurance.

 I got the information about awareness of people regarding life insurance that is,

 That I found 65% of people having insurance policy, But some people does not prefer
insurance policy due to lack of knowledge of insurance policy.

 So I had attended to many meetings with the people but only few people were
interested.

 The criterion of HDFC Life Insurance should be :

 He or she should be 10th or 12th pass.

 He or she can be perusing study during consultant profile.
 Also, life mytra should have its own ADHAR CARD, PAN CARD, BANK PASBOO,
TWO PHOTOS.
  I had work on the plan of HDFC Life that is super income plan :
HDFC Life Super Income Plan has been awarded as the 'Best Product Innovation' at
the Indian Insurance Awards, 2014.HDFC Life Super Income Plan is a participating regular
money back policy plan in India with guaranteed benefits plus bonuses to best plan your
investment needs. This money back policy offers guaranteed income for a period of 8 to 15
years and is ideal for individuals who need regular income at their disposal so that they
don’t have to worry about future expenses and fulfill their financial goals uninterrupted.

Task 3. Operation task:

 HDFC Life insurance has operation as well as sales department in its branch.

 Whenever policies sales by HDFC Life, it is necessary to process all the data and
information about policy holder and it is done with the help of operation
department.

 Operation department concern with documentation process and every single

transaction is carried out with the help of operation executive.

 “InstaFR, MLearn, InstaVerify, MConnect” are the special type of software which is
automatically send the alert message’s to customer’s before due to date of their
monthly, quarterly or yearly premium’s
 Policy servicing, policy generation or policy claims are done with the help of
operation department.

 The main function of operation department is processing of data for further

transactions.

Learning from summer internship program

 During this summer internship program I learned basic responsibilities of job.

 Through this SIP I learned that communication skills are very important, also
we learned how the work is done in team. In every organization team work is
the most important factor because individual person can’t handle all the work.

 The most important thing that we learned from this SIP is that to make the
interaction with the customer.

 I enjoyed working there and learned many things which can help me for my
future.

 It is all about to convincing to the people about policies.

 So I improved my communication skills as well as learned how to handling

people along with knowledge.

 Also I learnt marketing strategies and how to make promotion of the policies.

 Also I improve my presentation skills and learnt how to make presentation.

 Also I learn how to manage the human resource, I suffer lot of problems while
doing human resource planning but I learn so many things from this work.

Conclusions
 The internship opportunity I had with SBI LIFEINSURANCE was a great chance for me
to learn things which are related to HR and operation.

 This will help me in my future to do job at corporate level.

 This internship program taught me how to increase the customer relations and
how to interact with them.

 The thing that I enjoyed the most was how to deal with people is all about
building connections with customers.

 It was great platform for me to interact with people.

 I enjoyed working there and learned many things which can help me for my
future.
 The management of SBI LIFE INSURNACE was very helpful.
.
 They gave us information about their products as much possible.

 Our trainer always encouraged me to deliver my best even if I was only an

intern and not permanent.

Suggestions

 Need to train and develop life insurance agent with more comprehensive knowledge
and skills to counter every queries of the customer.

 It is suggested that the company should be focus on marketing as well as

advertisement of policies with the help digital marketing, also marketing should be
done with help of TV adds, via radio, etc.
 The advisors should be aware and educated so that they can extend their services
not only in term of collection of premium from the customers but also to educate
them about the insurance.

 Proper training is required for advisors.

Certification