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HDFC Life Insurance Project
HDFC Life Insurance Project
ON
HDFC Life Insurance, Wardha
[01-08-2020 to 15-09-2020]
SUBMITTED BY:-
Ms. Kruttika M. Bhoyar
MBA IIst YEAR
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.
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.
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.
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
Type Public
BSE: 540777
Traded as
NSE: HDFCLIFE
NSE NIFTY 50 Constituent
Founded 2000
Headquarters Mumbai, India
Products Insurance
₹1,687.70 crore (US$240 million) [1] (2020)
Revenue
₹6,801.03 crore (US$950 million) [2] (2020)
Total equity
Website hdfclife.com
Summer Internship Programme Objectives &
Duration
Objectives
learn that how to face the customer and convince them for taking Hdfc Life
Insurance’s plans.
Duration
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,
Ans:
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.
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.
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.
“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 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.
Also I learnt marketing strategies and how to make promotion of the policies.
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.
The thing that I enjoyed the most was how to deal with people is all about
building connections with customers.
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.
Suggestions
Need to train and develop life insurance agent with more comprehensive knowledge
and skills to counter every queries of the customer.
Certification