Recruitment & Selection Of Financial Consultant

RECRUITMENT & SELECTION OF FINANCIAL CONSULTANT OF

A report submitted to Delhi Business School, New Delhi As a part fulfillment of MBA + Post Graduate Program (Industry Integrated) in Entrepreneurship & Business. Submitted to:

Submitted By:

Director Academics

Name of Student: surendra

kumar Delhi Business School

Roll No: DBS/0810/W223

New Delhi

Batch: Winter Semester: 1ST University: Punjab technical university

Internal guide: Faculty: Delhi Business School,New Delhi

B-II/58, M.C.I.E., Mathura Road, New Delhi Website: www.dbs.edu.in

This is to certify that the summer training was done on “RECRUITMENT AND SELECTION OF FINANCIAL CONSULTANT OF HDFC STANDARD LIFE INSURANCE ” submitted to Delhi Business School, New Delhi by surendra Kumar in partial fulfillment of the requirement for the award of degree of MBA & Post Graduate Program in Entrepreneurship & Business, is a bonafide work carried out by him under my supervision and guidance. This work has not been submitted anywhere else for other degree/diploma. The original work was carried during 15/05/2008 to 15/07/2008 in “HDFC STANDARD LIFE INSURANCE”.

Mr.VISHAL SAWHNEY Manager

(Channle development) HDFC

Seal/stamp of the organization

STANDARD LIFE

INSURANCE Date: ----------------------

H.N.-2955 Street N.-12 Ranjeet Nagar New Delhi

110008

ACKNOWLEDGEMENT

At the very outset, I would like to take golden opportunity of thanking those persons without whose guidance, co-operation, inspiration and suggestion it would have been impossible for me to accomplish the project successfully. First of all I would like to thank Mr. Vishal sawhney. Channle development Manager of HDFC SLI, for his kind guidance and necessary support during the study. I also take this opportunity to extend my heartfelt gratitude to others who directly of indirectly helped me, by providing me necessary information required for successful completion of the project.

Surendra kumar Email Id:[email protected]

DECLARATION

This project well bred “RECRUITMENT

& SELECTION OF FINANCIAL CONSULTANT OF HDFC STANDARD LIFE INSURANCE

” presence proposes by me in the preferential discharge of obligations for the reward of M.B.A degree from Delhi Business School, affiliated to Punjab Technical University. I somewhere different for any other degree, credential have not submitted this effort. Whole snitches of tidings and assist are genuine and have been accredited in the report.

Surendra Kumar M.B.A-1st SEM Delhi Business School New Delhi Roll no-dbs/0810/W223

Table Of Contents  Executive Summary

 Objective of the study

Literature review  Introduction  The promoters  The Company and its product line  Features of the product 

Marketing strategy

 Share market position  Competitors  Future prospects  National international image  Major problems  Conclusion

EXECUTIVE SUMMARY:-

Project Title: RECRUITMENT Name of the organization:

& SELECTION OF FINANCIAL CONSULTANT

HDFC SLI

Place of the work: New friend’s colony, New Delhi

Organizational Guide: Mr.Vishal Sawhney Duration: 15th may to 15th July Major objectives: •

To study of the market .

•

To study of the perfect market for HDFC SLI.

•

To approach to the interested people towards HDFC SLI.

Research Methodology: Market research/survey Area of research I have done the research in Nehru placce, southwest Delhi, Faridabad, central Delhi

CP and many other places in Delhi.

Major Findings: •

There are more then one people live in Delhi

•

Only more then 25% people have the knowledge of investment in HDFC SLI.

•

There are many big and first insurance company in Delhi and it’s the heart of India.

HDFC STANDARD LIFE INSURANCE

1-INTRODUCTION:HDFC Standard Life Insurance Company Ltd. 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 one of the subsidiaries of Standard Life plc, leading providers of financial services in the United Kingdom. The Standard Life group has been looking after the financial needs of customers for over 180 years. It is a leading pension’s provider in the UK.

Both the promoters are well known in their respective fields of activities. For more details you may log on to http://www.hdfcinsurance.com

Mr. Deepak S Parekh is the Chairman of the Company. He is also the Executive Chairman of Housing Development Finance Corporation Limited (HDFC Limited). He joined HDFC Limited in a senior management position in 1978. He was inducted as a whole-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 a Fellow of the Institute of Chartered Accountants . 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 in 1981 and became an Executive Director in 1993. He was appointed as its Managing Director in November, 2000. Mr. Mistry is a Fellow of the Institute of Chartered Accountants of India and a member of the Michigan Association of Certified Public Accountan

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 senior management positions. He was appointed as the Group Chief Executive of the Standard Life Group in March 2004. Mr. Crombie is a fellow of the Faculty of Actuaries in Scotland Ms. Marcia D Campbell is currently the Group Operations Director in the Standard Life 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 Investments Limited and is responsible for

overseeing Investment Process & Chief Executive Officer Function. Prior to this, Mr. Skeoch was working with M/s. James Capel & Co. holding the positions of UK Economist, Chief Economist, Executive Director, Director of Controls and Strategy HSBS Securities and Managing Director International Equities. He was also responsible for Economic and Investment Strategy research produced on a worldwide basis. Mr. Skeoch joined the Board of Directors in November 2005 Mr. Gautam R Divan is a practising Chartered Accountant and is a Fellow of the Institute of Chartered Accountants of India. Mr. Divan was the Former Chairman and Managing Committee Member of Midsnell Group International, an International Association of Independent Accounting Firms and has authored several papers of professional interest. Mr. Divan has wide experience in auditing accounts of large public limited companies and nationalised banks, financial and taxation planning of individuals and limited companies and also has substantial experience in structuring overseas investments to and from India Mr. Ranjan Pant is a global Management Consultant advising CEO/Boards on Strategy 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 was also Director, Corporate Business Development at General Electric headquarters in Fairfield, 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 of India 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 of SEBI and the Reserve Bank of India (RBI).

Mr. Deepak M Satwalekar is the Managing Director and CEO of the Company since November, 2000. Prior to this, he was the Managing Director of HDFC Limited since 1993. Mr. Satwalekar obtained a Bachelors Degree in Technology from the Indian Institute of Technology, Bombay and a Masters Degree in Business Administration from The American University, Washington DC Ms. Renu S. Karnad is the Executive director of HDFC Limited, is a graduate in law and holds a Master's degree in economics from Delhi University. She has been employed 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 HDFC Limited

2 THE BACKGROUND

HDFC LIMITED HDFC was incorporated in 1977 with the primary objective of meeting a social need - that of promoting home ownership by providing long-term finance to households for their housing needs. HDFC was promoted with an initial share capital of Rs. 100 million.

Business Objectives The primary objective of HDFC is to enhance residential

housing stock in the country through the provision of housing finance in a systematic and professional manner, and to promote home ownership. Another objective is to increase the flow of resources to the housing sector by integrating the housing finance sector with the overall domestic financial markets..

Organisational Goals HDFC's main goals are to a) develop close relationships with individual households, b) maintain its position as the premier housing finance institution in the country, c) transform ideas into viable and creative solutions, d) provide consistently high returns to shareholders, and e) to grow through diversification by leveraging off the existing client base. HDFC operates through 75 location throughout the country with its Corporate Headquarters in Mumbai,India.HDFC also has an international office in Dubai, U.A.E.,with service associates in Kuwait, Oman and Qatar.

STANDARD LIFE GROUP The Standard Life Assurance Company ("Standard Life") was established in 1825 and the first Standard Life Assurance Company Act was passed by Parliament in 1832. Standard Life was reincorporated as a mutual assurance company in 1925.The Standard Life group originally operated only through branches or agencies of the mutual company in the United Kingdom and certain other countries. Its Canadian branch was founded in 1833 and its Irish operations in 1838. This largely remained the structure of the group until 1996, when it opened a branch in Frankfurt, Germany with the aim of exporting its UK life assurance and pensions operating model to capitalise on the opportunities presented by EC Directive 92/96/EEC (the “Third Life Directive”) and offer a product range in that market with features which local providers were unable to offer. In the 1990s, the group also sought to diversify its operations into areas which complemented its core life assurance and pensions business, with the intention of positioning itself as a broad range financial services provider.

JOINT VENTURE HDFC Standard Life Insurance Company Ltd HDFC Standard Life Insurance Co. Ltd was incorporated on 14th august 2000. It is a joint venture between HousingDevelopment Finance

Corporation Limited (HDFC Ltd.) India And UK based Standard Life Company. Both the joint venture partners being one of the leaders in their respective areas came together in this 81.4:18.6 joint venture to form HDFC Standard Life Insurance Company Limited. Mr. Deepak Satwalekar is the MD and CEO of the venture.HDFC Standard Life brings to you a whole range of insurance Solutions be it group or individual or NAV services for Corporations, they can be easily customized as per specific needs. HDFC Standard Life Insurance India boasts of covering around 8.7 lakh lives by March'2007. The gross incomes standing at a whopping Rs. 2, 856 crores, HDFC Standard Life Insurance Corporation is sure to become one of the leaders and the first preference for any life insurance customer.

VISION STATEMENT “The most successful and admired life insurance company, which mean that we are the most trusted company, the easiest to deal with, offer the best value for money, and set the standards in the industry.In short, “The most obvious choice for all”. Admired mean the company should be known for its standards. Not only customers, but also the competing life insurance companies should benchmark against HDFC SLI a nutshell, even the IRDA should give an example of HDFC SL as a guiding principle.

2- THE PROMOTERS

Joint ventures and associated undertakings Country of registration or Share class Name incorporation and proportion held Year end Nature of business

Heng An Standard Life China Ordinary shares 50.0% 31 Dec

Life

assuranceHDFC

Standard

Life

Insurance

Company Limited** IndiaOrdinary shares 18.6% 31 Mar Life

assuranceHDFC

Asset

Management

Company

Limited* ** India Ordinary shares 49.9% 31 Mar Investment management* Owned by a subsidiary undertaking of the Company.** The Company also has a 14.5% interest in Housing Development

Finance

Corporation

Limited

(“HDFC

Limited”). HDFC Limited owns 81.4% and 50.1%of HDFC Standard Life Insurance Company Limited and HDFC Asset Management Company respectively. This gives theGroup an effective interest in thesecompanies of 30% and 57% respectively. The Company does not exercise dominant influence over either of these joint ventures.The current operations of these companies

are not significant in relation to the accounts of the Group.

Strength:A wide geographic reach, growing clients, and a diversified portfolio of products and services. . Premium Payment

This section gives you all the details that you may require to pay your premium and make it a hassle free experience. Along with various premium payment options currently available to you, we have also drawn up a Checklist of details that you will need in case you are paying through cheque or demand draft.

premium:

7 Easy Ways to pay your

At any of Our branches You can deposit Cheque / Demand Draft drawn in favour of “HDFC SLIC” at any of Our branch during the following business hours Monday to Friday : 9.30 AM to 4.30 PM (For Cash) Monday to Friday : 9.30 AM to 5.00 PM (For Cheque) Saturday : 9.30 AM to 12.00 Noon (For Cash & Cheques) Closed on Sundays

Postage / Courier You can send cheques and demand drafts drawn in favour of HDFC SLIC to any of our branch offices

Online Payment You can make online payment of premium anytime and from any location, at a click of the mouse by using the Online payment facility. It is currently offered to all the policyholders who are registered users of billjunction.com or have net banking facility with any of the following banks - HDFC Bank, ICICI Bank, Axis Bank, State Bank of India, Punjab National Bank, Union Bank of India, Bank of Baroda

Drop Boxes You can drop cheques and demand drafts drawn in favour of HDFC SLIC into any of our drop boxes installed at various locations in various cities

Electronic Clearing Service (ECS) or Auto Debit facility of RBI

You can also pay renewal premiums through Electronic Clearing Service (ECS) of Reserve Bank of India (RBI) presently available in following 61 cities

Agra, Ahmedabad, Allahabad, Amritsar, Aurangabad, Bardhaman,

Baroda,

Bhilwara,

Bhopal,

Bangalore,

Bhubaneshwar,

Calicut,

Chandigarh, Chennai, Cochin, Coimbatore, Dehradun, Delhi, Durgapur, Erode, Gorakhpur, Guwahati, Gwalior, Hubli, Hyderabad, Indore, Jabalpur, Jaipur, Jalandhar, Jammu, Jamshedpur, Jodhpur, Kanpur, Kolhapur, Kolkata, Lucknow, Ludhiana, Mangalore, Mumbai, Mysore, Nagpur, Nellore, Panjim, Patna, Pune, Raipur, Rajkot, Ranchi, Salem, Shimla,

Sholapur,

Siliguri,

Surat,

Thirupur,

Tirupati,

Trichur,

Trivandrum, Udaipur, Varanasi, Vijaywada, Vizag

Standing Instructions (SI) Mandate

You can also pay your renewal premium through a Standing Instructions Mandate if you have an account with HDFC Bank anywhere in India

Credit Card Facility You can pay your renewal premium through your HDFC Bank credit card.

Checklist while paying your renewal premium through cheque/ demand draft

•

your policy number and name correctly on the reverse side of the cheque/ demand draft

•

We do not accept Post Dated Cheques (PDC’s) beyond the next banking day from date of receipt

•

In case of any overwriting on your cheque, please countersign the same

•

As per RBI guidelines, Non MICR Cheques may not be acceptable at few locations. In this scenario, please contact your nearest branch for more details

•

Unit Linked Polices you can pay using Local Cheques/ Demand Drafts

•

other policies you can pay using either Local or Outstation cheques or Demand Drafts

Weaknesses:-

Lapsation & Revival

Your renewal premium should reach us by the due date specified in the premium reminders. It is always advisable to pay on time so that your valuable policy benefits can continue. However we do understand that there may be times when you may not be able to pay the renewal premium by the due date. Therefore we allow for some additional number of days from the due date, which is specified in your policy document, to help you make your premium payment. In case we still don’t receive your premium payments by the end of the above mentioned period, we would do either one of the following:

•

Lapse” the policy – if you haven’t paid premiums for the first 3 policy

• •

years

Either of these may mean loss/reduction of valuable benefits of your policy. refer to your policy document for details. We do, however, allow you to restore the original benefits for a Lapsed

or a Paid up policy under certain conditions.

On receipt we will send you the details of amount, that you will have to pay towards revival. This amount may include all or some of the outstanding premiums, revival interest and revival processing charges If your policy is lapsed or paid-up for more than six months or lapsed due to any reasons like illness, accidents etc. you may need to submit a Personal Health Statement

we reserve our right to impose some new terms and conditions at the time of revival decided on a case-to-case basis

3-THE COMPANY AND ITS PRODUCT LINE:-

COMPETITOR BY PRODUCT

Bancassurance is the selling of insurance products by a bank. For HDFC Standard Life Insurance, bancassurance and other alternative channels contribute around 42 per cent of the business. The Bancassurance partners of HDFC Standard Life Insurance Co Ltd are HDFC, HDFC Bank India Limited, Union Bank of India, Indian Bank, Bank of Baroda, Saraswat Bank and Bajaj Capital.

HDFC BANK HDFC Bank is the largest insurance distributor of HDFC Standard Life Insurance.

INDIAN BANK Indian Bank enters into a strategic tie-up with HDFC Standard Life Insurance Company Ltd .

INDIAN BANK with over 90 years of standing in the financial market with the reputation for excellent customer service, has entered into a strategic tie-up with HDFC Standard Life Insurance Company Ltd., the first in the private sector to receive the Certificate of Registration for foray into Life Insurance business for distribution of latter’s insurance products. A Memorandum of understanding has been signed by the Bank with the Insurance Company on 8th February 2001 to this effect. The Bank has to its strength 1377 branches spread across the country with ready built infrastructure and the expertise in marketing financial products. Initially the insurance products will be marketed through select branches in the South where the Bank has strong presence. The insurance products from HDFC Standard Life, will be competitive and customer friendly. The tie-up would benefit the Bank's customers, as they will have wider choice of life insurance policies at competitive premium

FINANCIAL POSITION OF HDFC SLIC IN FY 2007-08 HDFC Standard Life, one of the leading private life insurance companies in India declared its annual results for the financial year ending March 31, 2008. The company generated New Business Premium Income of Rs. 2,685 crores in FY2007-08 registering a year-on-year growth of 63%. The growth was primarily driven by the success of the company's initiative on structured sales processes based on customer needs and their assessments.

Highlights of Financial Year 2007-08

New Business Premium Income up by 63% to Rs. 2,685 crores. Total Premium Income is up by 70% at Rs 4,859 crores as against Rs. 2,856 crores in FY2006-07 •

Alternate Channels including bancassurance has recorded an impressive growth of over 63% to contribute 41% to the Effective Premium Income (EPI).

•

Group business funds under management have increased to Rs. 959 crores, registering a growth of83% over FY2006-07

•

The average premium has increased to Rs. 33,000.

•

Company products and services are now available in 726 cities and towns across the country. Strength of Financial Consultants has increased to 1,45,000

Knowledge Center Our Knowledge Centre is your personal resource for information that can help you understand the basics of insurance and help you make an informed decision about buying a policy. This section includes details on insurance terms and concepts, helps you analyse plans for your various needs and lends meaning to some of the insurance jargon that you may encounter

Life Stages Your insurance need will change as your life does, from starting to work to enjoying your golden years and all the stages in between. Each one of these stages may pose a different insurance need/cover for you. In

this section, we have drawn up the basic life stages and help you analyse various insurance needs accordingly.

STAGE 1

Young and Single

An important stage where one lays down the foundation of a successful life ahead. Take advantage of the time and power of compounding to ensure that you build up your dreams. Start saving early.

Your needs •

Save for a home and wedding

•

Tax Planning

•

Save for Golden years

STAGE 2

Just Married Marriage brings about a significant change. New dreams and new opportunities also bring in additional responsibilities. While both of you look forward to a happy and secure life , it is equally important to ensure that eventualities don’t come in the way of shaping your dreams.

Your needs •

Planning for home / securing your home loan liability

•

Save for vacation

•

Save for your first child

STAGE 3

Proud Parents Once you have children, your need for life insurance is even more. You need to protect your family from an untoward incident. Ensure your protection umbrella takes into account the future cost of securing your child’s dream. You will want life to go on for your loved ones, and having enough life insurance is a way to help ensure that.

Your needs •

Provide for children’s education

•

Safeguarding family against loan liabilities

•

Savings for post-retirement

STAGE 4

Planning for Retirement While you are busy climbing the ladder of success today, it is important for you to take time and plan for your life after retirement. Having an early start for retirement planning can make a significant difference to your savings. Think about your golden years even before you have reached them. The key is to think ahead and plan well using your time and money.

Your needs •

Provide for regular income post retirement

•

Immediate Tax benefits

•

Lead a secure, independent and comfortable life style in your retirement years

4 FEATURES OF THE PRODUCT & BENIFIT HDFC Standard Life: A good cover

The opening up of life insurance has given finally given a level-playing field to the private sector. A. N. Shanbhag , February 19, 2002 Competition in the market always proves favourable to the consumer. So it is in the case of life insurance. After what seems like almost an eon, finally the doors of the life insurance sector were thrown open to the private sector players last year. The Finance Act, 2001 has thankfully cleared quite a lot of cobwebs giving a level-playing field to both the sectors. Notable amongst the new entrants is HDFC Standard Life Insurance, a joint venture between the global experience of Standard Life of UK and our own HDFC. Standard Life, founded in 1825 is amongst the forerunners of the insurance industry worldwide, having a presence not only in the UK but also Ireland, Spain, Germany, Austria and Canada. Voted as the 'company of the decade', Standard Life manages assets over US$ 119 billion. HDFC does not need any formal introduction, so strong is its brand already. After having a significant presence in the housing finance, banking and MF industries, this JV marks its foray into the life insurance sector. Private sector players would only be too aware that this is the proverbial first step of the thousand-mile journey that lies up ahead. Contending for a piece of market share with a Goliath that LIC is, will not be an easy task unless they offer qualitative and innovative products at an affordable price. That they would be pulling out all the stops to attract customers is not in doubt. Hence, this is as good a time as any to pay attention and see what is on display.

The strategy Too many options simply confuse the users whereas too few will surely turn them away. HDFC Standard Life has thankfully introduced products with basic premiums serving specific needs of all. Most products have some additional optional value adding benefits at marginal additional premiums. The proponent is free to choose any of the basic products along with none or some of the options as per his needs. Before examining the base products, let us see the options.

Accidental Death Benefit (ADB) ADB provides an additional amount equal to the basic sum assured (SA) in case of the death of the policyholder due to an accident, within 90 days of the accident.

Critical Illness (CI) Benefit CI provides an additional amount equal to the SA on diagnosis of the any one of the 6 specified critical illnesses --- cancer, coronary artery bypass graft surgery, heart attack, kidney/renal failure, major organ transplant (as recipient) and stroke. The sum assured is payable if the policy holder survives for 30 days after the date of the claim.

Double Sum Assured (DSA) Benefit DSA provides an additional amount equivalent to the basic SA in case of the death of the policyholder.

Waiver of Premium (WOP) Benefit WOP basically waives the premium in case the policyholder becomes totally disabled. However, the waiver is applicable only during the period of the disability.

Accelerated Sum Assured (ASA) Upon diagnosis of any of the specified six critical illnesses, ASA provides an amount equal to the amount payable on death. These options must be selected at the outset while choosing the product.

Now the base. Single Premium Bond This is basically a hybrid of insurance and investment. The life cover is quite low and therefore it functions almost like a deep discount bond. For a single upfront premium (read investment), the policy pays a lump sum (read maturity value) and its tenure of 10, 15, 20 years or more at 5-year intervals. A compound revisionary bonus is declared every year, which would be added to the policy upon its anniversary. The future bonuses though are not guaranteed and are dependent upon the company's experience and the conditions prevalent in the economy. The minimum age for buying the policy is 18 years, the maximum being 70. The minimum SA is fixed at Rs. 25,000, the maximum being Rs. 5,00,000. Normally, a policy acquires a paid up value (and the related surrender value) after premiums for 3 years are paid but in this case the holding period is specified to be just 6 months --- Excellent liquidity indeed!

Term Assurance Plan The SA is payable in the case of the death of the policyholder during the term but on survival, there are no maturity benefits. Consequently, the premium rates are absolutely the lowest. This is insurance in its purest form --- highest cover at lowest cost. There was a crying need for easy availability of this product. HDFC Standard Life deserves kudos to have catered to this need. Amongst the optional benefits listed above, ADB, CI and ASA are available for this plan.

Money Back Plan This plan pays periodic cash lump sums during the tenure of the policy. The lump sums, essentially a proportion of the basic SA are paid at 5-year intervals. On survival, the basic SA plus bonus less the cash lump sums paid earlier are provided. However, in the case of the demise of the

policyholder, the basic SA plus any bonus is provided to the family. This would be over and above any earlier payouts. The schedule of cash lump sums as a percentage of the basic SA is detailed in the table. Moreover, CI, DSA, ADB and WOP can be opted for if so desired.

Endowment Assurance Plan As is normal with all endowments, on the death of the life assured during the term, the beneficiary will get the SA. On survival, the policyholder gets the SA. From amongst the optional benefits, CI, DSA, ADB and the WOP benefit are available along with this plan. The indicative premiums for an SA of Rs. 1 lakh for a male life assured for a period of 20 years are detailed in the table.

Loan Cover Term Assurance This is a unique product meant as a safety net in case one has taken a loan to buy a house. It is designed to help the family repay the outstanding loan in the case of the death of the breadwinner. For starters, it provides a lump sum on the death of the life assured during the term of the plan. The difference in this case is that the lump sum is a decreasing percentage of the initial SA. As the loan decreases, as per its payment schedule, the cover under the policy decreases as per its own schedule. There is a choice of paying the premium in yearly, half-yearly or quarterly modes or even a single one time premium is payable. Amongst the optional benefits, ASA is available along with this plan.

Group Term Insurance (GTI) HDFC Standard Life also offers GTI, meant essentially for employees of an organisation. GTI is extremely convenient for an employer as he can take insurance for all or certain categories of employees. All members of a group, subject to some basic conditions are eligible.

GTI is used basically to provide life insurance as part of the employee benefits. It can also cover any housing or vehicle loan given by the employer to the employee.To sum A wise man had said that the time to mend the roof is when the sun is shining. This is applicable to life insurance too. Today as the breadwinner you are able to maintain a decent standard of living for yourself and your family. If you want enough bread for the family even after the death of the breadwinner, you should look at the Single Premium Bond. In other cases, life insurance is an absolute necessity. Have a look at other products.

Money Back Plan

Money Back Plan Total Policy Number of years from policy date Term 5 10 15 20 25 10 40%

15 30% 30%

20 25% 25% 25%

25 20% 20% 20% 20% 30 15% 15% 15% 15% 15% Endowment Assurance Plan Age

5 MARKETING STRATEGIE

MARKET CONDITION OF PRODUCT IN DELHI & NCR REGION

When it comes to study the market condition of HDFC Standard Life Insurance, it is quite easy to see that there is good demand for products, but the sale of Ulip products are very good. The market share is about 65% with compare to

their

competitor. REASON FOR THEIR GOOD CONDITION: 1. Consultants hold on the market When it comes for the case of market, there is a clear and complete hold of HDFC SLIC Consultants. 2.Quality HDFC SLIC provides good quality of products, which is praised by most of the consumers. The reason for 65% of the market cover by HDFC Standard Life Insurance is because of quality of products. 3.Demand

Demand for the product of HDFC Standard life is very high in the societies.

4.Supply Supply of product is also good, but in capturing whole market it take some time.

5 COMPETITORS

COMPETITORS BY COMPANY

MARKET SHARE POSITION Life Insurance Corporation of India’s (LIC’s) market share has slipped by almost 4% to 83.3% from 87% market share last fiscal. However, in terms of number of policies sold, LIC continues to dominate the Indian life insurance market with about 91% market share. In terms of group insurance schemes, LIC’s market share was at 72.2% after it covered 4.9 lakh lives. Private players had 27.9% of the market covering 1.9 lakh lives. The 12 private players in the country together mopped up Rs 385 crore in premium in the first two months selling over 2 lakh policies. ICICI Prudential Life leads with market share of 5.9% It is followed by Birla Sunlife with a market share of 2.6%, Allianz Bajaj (1.6%), Tata AIG (1.5%), HDFC Standard Life (1.4%) and SBI Life (1.2%). Each of the other private players like Aviva, Max New York Life, OM Kotak Life, ING Vysya, AMP Sanmar and MetLife had less than 1% market share but posted high growth in business. In terms of premium collection, ICICI Prudential mopped up Rs 136 crore followed by Birla Sunlife (Rs 60 crore), Allianz Bajaj (Rs 37 crore), Tata AIG (Rs 35 crore), HDFC Standard Life (Rs 33 crore), SBI Life (Rs 27 crore).

Life Insurance Corporation Of India(LIC)

About 154 Indian insurance companies, 16 non-Indian companies and 75 provident were operating in India at the time of nationalization of Life Insurance Industry. Nationalization was accomplished in two stages; initially the management of the companies was taken over by means of an

Ordinance, and later, the ownership too by means of a comprehensive bill. The Parliament of India passed the Life Insurance Corporation Act on the 19th of June 1956, and the Life Insurance Corporation of India was created on 1st September, 1956, with the objective of spreading life insurance much more widely and in particular to the rural areas with a view to reach all insurable persons in the country, providing them adequate financial cover at a reasonable cost. 245 Indian and foreign insurers and provident societies are taken over by the central government and nationalized. LIC continues to be the dominant life insurer even in the liberalized scenario of Indian insurance and is moving fast on a new growth trajectory surpassing its own past records. LIC has issued over one crore policies during the current year. It has crossed the milestone of issuing 1,01,32,955 new policies by 15th Oct, 2005, posting a healthy growth rate of 16.67% over the corresponding period of the previous year. For more details you may log on to http://www.licindia.com/history.htm HDFC Standard Life Insurance Company Ltd. HDFC Standard Life Insurance Company Ltd. 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 one of the subsidiaries of Standard Life plc, leading providers of financial services in the United Kingdom. The Standard Life group has been looking after the financial needs of customers for over 180 years. It is a leading pension’s provider in the UK. Both the promoters are well known in their respective fields of activities. For more details you may log on to http://www.hdfcinsurance.com

Max New York Life Insurance Co. Ltd.

Max New York Life Insurance Company Ltd. is a joint venture between New York Life, a Fortune 100 company and Max India Limited, one of India's leading multi-business corporations. The Company's paid up capital is Rs. 587 crore, which is more than the norm laid down by IRDA. . For more details you may log on to http://www.maxnewyorklife.com ICICI Prudential Life Insurance Company Ltd. ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank-one of India's foremost financial services companies-and Prudential plc- a leading international financial services group headquartered in the United Kingdom. Total capital infusion stands at Rs. 15.85 billion, with ICICI Bank holding a stake of 74% and Prudential plc holding 26%. ICICI Prudential commenced operations in December 2000. For more details you may log on to http://www.iciciprulife.com.

Kotak Mahindra Old Mutual Life Insurance Limited Kotak Mahindra Old Mutual Life Insurance Ltd. is a joint venture between Kotak Mahindra Bank Ltd. (KMBL), and Old Mutual plc. Kotak Mahindra is one of India's leading financial institutions, offering complete financial solutions that encompass every sphere of life. From commercial banking, to stock broking, to mutual funds, to life insurance, to investment banking, the group caters to the financial needs of individuals and corporates. Old Mutual plc is an international financial services group, whose activities are focused on asset gathering and asset management. For more details you may log on to http://www.kotaklifeinsurance.com

Birla Sun Life Insurance Company Ltd. Birla Sun Life Insurance is a joint venture between the Aditya Birla Group and Sun Life Financial, Birla Sun Life foraying into the life insurance and retirement planning business. The Aditya Birla Group has a turnover close to Rs. 38000 crores (as on March 31, 2006) and is one of the largest business houses in India. Additional information is available at www.adityabirla.com.Sun Life Financial Inc. is a leading international financial services organization providing a diverse range of wealth accumulation and protection products and services to individuals and corporate customers. Tracing its roots back to 1865, Sun Life Financial and its partners today have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. As of March 31, 2006, the Sun Life Financial group of companies had total assets under management of USD 343 billion. For more details you may log on to http://www.birlasunlife.com/BirlaSunLife/Insurance/ Tata AIG Life Insurance Company Ltd. Tata AIG Life Insurance Company Limited and Tata AIG General Insurance Company Limited (collectively 'Tata AIG') are joint ventures of the Tata Group and American International Group, Inc. (AIG). Tata AIG combines the strength of the Tata Group with AIG's international expertise and financial strength. The Tata Group holds 74 per cent stake in the insurance venture with AIG holding the balance 26 percent. Tata AIG Life provides insurance solutions to individuals and corporates. Tata AIG Life Insurance Company was licensed to operate in India on February 12, 2001 and started operations on April 1, 2001. For more details you may log on to http://www.tata-aig.com. SBI Life Insurance Company Limited .

SBI Life Insurance is a joint venture between the State Bank of India and Cardif SA of France. SBI Life Insurance is registered with an authorized capital of Rs 500 crore and a paid up capital of Rs 500 crores. SBI owns 74% of the total capital and Cardif the remaining 26%. State Bank of India enjoys the largest banking franchise in India. Along with its 7 Associate Banks, SBI Group has the unrivalled strength of over 14,500 branches across the country, the largest in the world. Cardif is a wholly owned subsidiary of BNP Paribas, which is The Euro Zone’s leading Bank. BNP Paribas is one of the oldest foreign banks with a presence in India dating back to 1860. Cardif is ranked 2nd worldwide in creditor’s insurance offering protection to over 35 million policyholders and net income in excess of Euro 1 billion mark. Cardif has also been a pioneer in the art of selling insurance products through commercial banks in France and 34 more countries. For more details you may log on http://www.sbilife.co.in ING Vysya Life Insurance Company Private Limited ING Vysya Life Insurance Company Private Limited (the Company) entered the private life insurance industry in India in September 2001.It has an advisor sales force of over 21,000 people, working from 140 branches located in 74 major cities across the country and over 3,000 employees. It also distributes products in close cooperation with the ING Vysya Bank network. ING is a global financial institution of Dutch origin. It has 150 years of experience, and provides a wide array of banking, insurance and asset management services in over 50 countries The Company has a is headquartered at Bangalore. For more details you may log on http://www.ingvysyalife.com Bajaj Allianz Life Insurance Company Limited

Bajaj Allianz Life Insurance Co. Ltd. is a joint venture between two leading conglomerates- Allianz AG, one of the world's largest insurance companies, and Bajaj Auto, one of the biggest 2 and 3 wheeler manufacturers in the world. Characterized by global presence with a local focus and driven by customer orientation to establish high earnings potential and financial strength, Bajaj Allianz Life Insurance Co. Ltd. was incorporated on 12th March 2001. For more details you may log on to http://www.bajajallianzlife.co.in Metlife India Insurance Company Pvt. Ltd. With over 137 years of experience, the MetLife companies are a leader in group benefits that serve 88 of the top one hundred FORTUNE 500®* companies, and provide benefits to 37 million employees and family members through its plans sponsors in the U.S. The MetLife companies are also ranked #1 in group life and #1 in commercial dental in the U.S. The MetLife companies are the number one life insurer in the U.S. with approximately US $2.8 trillion of life insurance in force. In India, MetLife was incorporated in 2001, and aims to differentiate itself through customized need based selling, simple and innovative products, and technology-backed service experience, to tread its path to build financial freedom for everyone. For more details you may log on to http://www.metlife.co.in/MetIndia Reliance Life Insurance Company Limited Reliance Life Insurance Company Limited is a part of Reliance Capital Ltd. of the Reliance - Anil Dhirubhai Ambani Group. Reliance Capital is one of India’s leading private sector financial services companies, and ranks among the top 3 private sector financial services and banking companies, in terms of net worth. Reliance Capital has interests in asset management and mutual funds, stock broking, life and general insurance,

proprietary investments, private equity and other activities in financial services. Reliance Capital Limited (RCL) is a Non-Banking Financial Company (NBFC) registered with the Reserve Bank of India under section 45-IA of the Reserve Bank of India Act, 1934. For more details you may log on to http://www.reliancelife.co.in Aviva Life Insurance Co. India Pvt. Ltd. Aviva is UK’s largest and the world’s fifth largest insurance Group. It is one of the leading providers of life and pensions products to Europe and has substantial businesses elsewhere around the world. In India, Aviva has a long history dating back to 1834. At the time of nationalization it was the largest foreign insurer in India in terms of the compensation paid by the Government of India. Aviva was also the first foreign insurance company in India to set up its representative office in 1995.In India, Aviva has a joint venture with Dabur, one of India's oldest, and largest Group of companies. A professionally managed company, Dabur is the country's leading producer of traditional healthcare products. In accordance with the government regulations Aviva holds a 26 per cent stake in the joint venture and the Dabur group holds the balance 74 per cent share. For more details you may log on to http://www.avivaindia.com Sahara India Insurance Company Ltd. The Sahara Pariwar’s life insurance company – Sahara India Life Insurance Company Ltd.- has been granted license by the insurance regulator – the IRDA on 6th February 2004. With this approval Sahara India Life Insurance Company Ltd. becomes the first wholly and purely Indian company, without any foreign collaboration to enter the Indian Life insurance market. The launch is with an initial paid up capital of 157 crores. The Chairman of the company is Shri Subrata Roy Sahara who is

also the Chairman of Sahara Pariwar. For more details you may log on to http://www.saharalife.com

Recruitment of Financial Consultants (FC) in HDFC Standard Life This is a good business opportunity offered by HDFC Standard Life to become a business partner and earn a good amount of money.

Business description Be our Certified Financial Consultant Join HDFC Standard Life Insurance as a Financial Consultant and help analyze your customer’s financial needs, provide customized financial solutions to each one and conduct reviews on a regular basis to keep your customers on track.

Along with being a great career move you get associated with HDFC Standard Life Insurance, India’s Most Respected Private Life Insurance Company. We at HDFC Standard Life also offer you unmatched support with various training programmes to help you excel in your endeavour. A great career move in every way Zero investment, there is no start-up capital. You can work full-time or part-time, depending on your convenience Sunrise industry Support every step of the way At HDFC Standard Life, training is an inherent element of our support system - at no extra cost - for our new Financial Consultants

EXCELLENT OPPORTUNITY Join HDFC Standard Life Insurance as a Financial Consultant and earn a rewarding career Flexible work timings – You can work whenever you like. You can work full-time or part-time, depending on your convenience. However, the time you invest will determine your success Any one can join - Young graduates, Housewives, Retired Personnel, Self-employed or Working Professionals. Zero Investment - There is no start-up capital required. Be your own boss with flexible working environment, unlimited earning potential and opportunities to be part of a world class sales team. •

Attractive Remuneration - Company offers excellent commissions, award and rewards for the performers. You have unlimited earning potential. Commission structure is pretty handsome and is 15-40% and renewal commission of 5% second year onwards till the policy is in force.

Certificate by IRDA- You will get world class training free of cost and certification by Insurance Regulatory Development Authority. • TRAINING •

Perfects your knowledge about the insurance industry as well as our products IRDA Training Prepares you for your career as a Financial Consultant and enables you to pass the IRDA examination easily Disha Training Hones your selling skills, enables you to understand customer needs and provide need-based insurance solutions Advanced Training Upgrades your capability and knowledge through sophisticated training programs customised for the changing world of financial products and markets

Desired Profile: Age: 18 Yrs to 65 Yrs Education: Intermediate or more Experience: Not Mandatory Type of Job: Full Time or Part Time Documents Required: 8 photograph Age proof (passport, Birthcertificate, College Leaving Certificate, Driving License) Address proof Education proof Copy of PAN Card Duely Signed Cancelled Cheque of self A candidate needs to bring a DD of Rs. 925/- in case of offline training and Rs.825 in case of online training towards HDFC SLIC

LTD

payable

at

Mumbai.

Recruitment process of FCs Fill up of Agency form IRDA Training (100 hrs) IRDA Exam

Fail

Pass

Exit

Product Training

Traditional Pr.

ULIP Product

Internal Assessment

Fail

Exit

Pass

Certification

Job Description for Financial consultants Pre sales role • Identifying prospective clients. • Meeting prospective clients. • Understanding the need of the client. • Presenting solutions to client. • Closing sales. Post sales role • Taking 1-2 references from the client • Providing timely updates to the client for maintaining Lifelong relationship.

Benefits to FCs Financial Benefits: Commission on issuance of every policy. Commission directly credited to bank account of FCs within 15 days. These commission varies from 7.5-40% according to plan. BASIC COMMISSION First year Commission payable on regular premium conventional policies issued on or after 21st march 2007 Name of the plan

1st year commission

Endowment Assurance plan

40% 40%

Money Back plan Children’s plan Term Assurance plan Lone cover Term Assurance plan Personal Pension Plan RENEWAL COMMISSION:

40% 25% 25% 7.5%

Renewal commission would be paid from the 2nd year onwards on regular premium policies. Renewal commission is not payable on single premium plans. Name of the plan Endowment Assurance plan Money Back Plan Children’s plan Lone cover Term Assurance Plan Term Assurance plan Personal Pension Plan

Renewal commission 2nd year onwards 5% 5% 5% 5% 5% 2%

BONUS COMMISSION Bonus commission would be payable on the first year premium received and adjusted on the regular premium policies under the following plans, 1.Endowment Assurance Plan 2.Money Back Plan 3.Children’s Plan 4.Term Assurance Plan 5.Lone Cover Term Assurance Plan Bonus commission is not payable on the single premium plans and on the policies issued under the Personal Pension Plan and all Unit Linked Plans. Bonus commission rate would depend on financial consultant crossing the minimum RNEP(Received Net Effective Premium) within one year. Period

RNEP

In one 1,00,000 year 1,50,000 2,25,000

Bonus commission % of the 1st year Premium received 5% 10% 15%

REWARDS & RECOGNITION Within 30 days of Licensing Consultant can become

STAR

–

Converted premium 2 Lacs Silver Medal-Worth Rs 5200(approx) RISING STAR – Converted premium of 5 Lacs Gold Medal-Worth Rs 13,000(approx) MILLIONAIRE STAR – Converted premium of 10 Lacs Gold Medal-Worth Rs 25,000(approx) GLOBAL STAR – Converted premium of 24 Lacs Gold Medal-Worth Rs 60,000(approx)

Extra Payouts for STAR Performers Star Performers Club Status

Bronze

Silver

Glod

Benefits

1%max Rs.5999

2.5%,max Rs.37499

5%,no upper Gradedlimit 4.5%to8.5%

0.50%

1.00%

Additional status retention Bonus

Centurion

1.50%

MONTHLY & QUARTERLY CONTESTS There are various Sales linked monthly & quarterly contests occur in which FCs has opportunity to gain something. Like • • • • • • • •

Gift Vouchers Home Appliances Two-Wheelers Gold/Diamonds Jewelry Foreign Trips Mobile Phones Laptops Cars etc.

OTHER BENEFITS

•

On field supportSDM/BDM.

Joint

fieldwork

with

respective

• Training support – Various training modules to enhance your sales skills, interpersonal skills etc. • Marketing support – Consumer Contact Programs. • Availability of office infrastructure for telecalling, quotations, benefits illustration etc. • Consultant corner to access illustration, sales done, and contest updates etc. • Personal email id.

Unit Linked Insurance Polices (ULIPS) Unit linked guidelines were notified by IRDA on 21st December 2005. The main intent of the guidelines was to ensure that they lead to greater transparency and understanding of these products among the insured, especially since the investment risk is borne by the policyholder. It is the endeavor of IRDA to enable the buyer to make the most informed decision possible when planning for financial security. We hope the following FAQs will enable a better insight to all buyers about the character and features of Unit linked Products. 1. What is a ULIP? ULIP is an abbreviation for Unit Linked Insurance Policy. A ULIP is a life insurance policy which provides a combination of risk cover and investment. The dynamics of the capital market have a direct bearing on the performance of the ULIPs. REMEMBER THAT IN A UNIT LINKED POLICY, THE INVESTMENT RISK IS GENERALLY BORNE BY THE INVESTOR.

2. What is a Unit Fund? The allocated (invested) portions of the premiums after deducting for all the charges and premium for risk cover under all policies in a particular fund as chosen by the policy holders are pooled together to form a Unit fund. 3. What is a Unit? It is a component of the Fund in a Unit Linked Policy. 4. What Types of Funds do ULIP Offer? Most insurers offer a wide range of funds to suit one’s investment objectives, risk profile and time horizons. Different funds have different risk profiles. The potential for returns also varies from fund to fund. The following are some of the common types of funds available along with an indication of their risk characteristics.

General

Nature of

Risk Category

Description Equity Funds

Investments Primarily invested in company stocks

Medium to High

with the general aim of capital Income, Fixed

appreciation Invested in corporate bonds,

Interest and Bond

government securities and other fixed

Funds Cash Funds

income instruments Sometimes known as Money Market

Medium

Low

Funds — invested in cash, bank deposits and money market Balanced Funds

instruments Combining equity investment with

Medium

fixed interest instruments 5. Are Investment Returns Guaranteed in a ULIP? Investment returns from ULIP may not be guaranteed.” In unit linked products/policies, the investment risk in investment portfolio is borne by the policy holder”. Depending upon the performance of the unit linked fund(s) chosen; the policy holder may achieve gains or losses on his/her investments. It should also be noted that the past returns of a fund are not necessarily indicative of the future performance of the fund. 6. What are the Charges, fees and deductions in a ULIP? ULIPs offered by different insurers have varying charge structures. Broadly, the different types of fees and charges are given below. However it may be noted that insurers have the right to revise fees and charges over a period of time.

 Premium Allocation Charge This is a percentage of the premium appropriated towards charges before allocating the units under the policy. This charge normally includes initial and renewal expenses apart from commission expenses.  Mortality Charges These are charges to provide for the cost of insurance coverage under the plan. Mortality charges depend on number of factors such as age, amount of coverage, state of health etc

Fund Management Fees These are fees levied for management of the fund(s) and are deducted before arriving at the Net Asset Value (NAV) .  Policy/ Administration Charges These are the fees for administration of the plan and levied by cancellation of units. This could be flat throughout the policy term or vary at a predetermined rate.  Surrender Charges A surrender charge may be deducted for premature partial or full encashment of units wherever applicable, as mentioned in the policy conditions.  Fund Switching Charge Generally a limited number of fund switches may be allowed each year without charge, with subsequent switches, subject to a charge.  Service Tax Deductions Before allotment of the units the applicable service tax is deducted from the risk portion of the premium. Investors may note, that the portion of the premium after deducting for all charges and premium for risk cover is utilized for purchasing units 7. What should one verify before signing the proposal? One has to verify the approved sales brochure for  all the charges deductible under the policy  payment on premature surrender  features and benefits  limitations and exclusions

 lapsation and its consequences  other disclosures  Illustration projecting benefits payable in two scenarios of 6% and 10% returns as prescribed by the life insurance council.

8. How much of the premium is used to purchase units? The full amount of premium paid is not allocated to purchase units. Insurers allot units on the portion of the premium remaining after providing for various charges, fees and deductions. However the quantum of premium used to purchase units varies from product to product. The total monetary value of the units allocated is invariably less than the amount of premium paid because the charges are first deducted from the premium collected and the remaining amount is used for allocating units. 9. Can one seek refund of premiums if not satisfied with the policy, after purchasing it? The policyholder can seek refund of premiums if he disagrees with the terms and conditions of the policy, within 15 days of receipt of the policy document (Free Look period). The policyholder shall be refunded the fund value including charges levied through cancellation of units subject to deduction of expenses towards medical examination, stamp duty and proportionate risk premium for the period of cover. 10. What is Net Asset Value (NAV)? NAV is the value of each unit of the fund on a given day. The NAV of each fund is displayed on the website of the respective insurers. 11. What is the benefit payable in the event of risk occurring during the term of the policy? The Sum Assured and/or value of the fund units is normally payable to the beneficiaries in the event of risk to the life assured during the term as per the policy conditions.

12. What is the benefit payable on the maturity of the policy? The value of the fund units with bonuses, if any is payable on maturity of the policy. 13. Is it possible to invest additional contribution above the regular premium? Yes, one can invest additional contribution over and above the regular premiums as per their choice subject to the feature being available in the product. This facility is known as “TOP UP” facility. 14. Whether one can switch the investment fund after taking a ULIP policy? Yes. “SWITCH” option provides for shifting the investments in a policy from one fund to another provided the feature is available in the product. While a specified number of switches are generally effected free of cost, a fee is charged for switches made beyond the specified number. 15. Can a partial encashment/withdrawal be made? Yes, Products may have the “Partial Withdrawal” option which facilitates withdrawal of a portion of the investment in the policy. This is done through cancellation of a part of units. 16. What happens if payment of premiums is discontinued? a) Discontinuance within three years of commencement – If all the premiums have not been paid for at least three consecutive years from inception, the insurance cover shall cease immediately. Insurers may give an opportunity for revival within the period allowed; if the policy is not revived within that period, surrender value shall be paid at the end of third policy anniversary or at the end of the period allowed for revival, whichever is later. b) Discontinuance after three years of commencement -- At the end of the period allowed for revival, the contract shall be terminated by paying the surrender value. The insurer may offer to continue the insurance cover, if so opted for by the policy holder, levying

appropriate charges until the fund value is not less than one full year’s premium. When the fund value

reaches an amount equivalent to one full year’s premium, the contract shall be terminated by paying the fund value. 17. What information related to investments is provided by the Insurer to the policyholder? The Insurers are obliged to send an annual report, covering the fund performance during previous financial year in relation to the economic scenario, market developments etc. which should include fund performance analysis, investment portfolio of the fund, investment strategies and risk control measures adopted. In case, you need any clarification, you may address your query to the following e-mail id: [email protected] Disclaimer: The above material is provided for general information only and do not constitute legal or other professional advice. This information is current at the date of publication but may be subject to change without notice and accordingly, may not be up to date at the time of viewing. Information specific to a product may be obtained from the concerned Insurer.