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Introduction
Helping Indians experience the joy of home ownership.
The road to success is a tough and challenging journey in the
dark where only obstacles light the path. However, success on
a terrain like this is not without a solution.
As we found out nearly three decades ago, in 1977, the
solution for success is customer satisfaction. All you need is
the courage to innovate, the skill to understand your clientele
and the desire to give them your best.
Today, nearly three million satisfied customers whose dream
we helped realise, stand testimony to our success.Our objective, from the beginning, has been to enhance
residential housing stock and promote home ownership.
Now, our offerings range from hassle-free home loans and
deposit products, to property related services and a training
facility.
We also offer specialised financial services to our customer
base through partnerships with some of the best financialinstitutions worldwide.
Hdfc housing development finance corporation ltd
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HDFC Founder
MAN WITH A MISSION
An extract from the book 'A Tribute'If ever there was a man with a mission it was Hasmukhbhai Parekh,
our Founder and Chairman-Emeritus, who left this earthly abode on
November 18, 1994.
Born in a traditional banking family in Surat, Gujarat, Mr. Parekh
started his financial career at Harkisandass Lukhmidass - a leading
stock broking firm. The firm closed down in the late seventies, but,
long before that, he went on to become a towering figure on theIndian financial scene.
In 1956 he began his lifelong financial affair with the economic
world, as General Manager of the newly-formed Industrial Credit
and Investment Corporation of India (ICICI). He rose to become
Chairman and continued so
till his retirement in 1972.
At the ripe age of 60, Hasmukhbhai started his second dynamic life,
even more illustrious than his first. His vision for mortgage finance
for housing, gave birth to the Housing Development Finance
Corporation - it was a trend-setter for housing finance in the wholeAsian continent.
He was a true development banker. His building up HDFC without
any government assistance, is itself a brilliant chapter in financial
history. His wisdom and warmth drew people from all walks of life
to him, for advice, guidance and inspiration.
A soft spoken man of few words, Mr. Parekh nevertheless held
strong and definite views with a quiet conviction. He was always
concerned with building bridges, improving and encouraging
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communication between people.
He was also a writer in his own right. There are over 200 published
articles by him, full of incisive comments on finance and
economics. In 1953 he brought out a volume called: The Bombay
Money Market. It detailed the intricate working of the Indian money
market. His works in Gujarati - Hirane Patro, Hirane Vadhu Patro -
occupy pride of place in Gujarati literature. In 1992, the
Government of India honoured him with the Padma Bhushan
Award. The London School of Economics & Political Science
conferred on him an Honorary Fellowship.
But there was much more to the man than his financial genius. In
his own unassuming way, Hasmukhbhai devoted all his life to
raising resources for philanthropic causes. He was one of the
Founder Members of the Centre for Advancement of Philanthropy,
and its Chairman till 1993. He took active interest in the BombayCommunity Public Trust, designed specifically to serve the needs of
the city's underprivileged citizens.
When Mr. Deepak Parekh took over as Chairman from
Hasmukhbhai, he said: "Taking over from H.T. Parekh is a
formidable task; his vision. brought about not only an institution,
but an entire concept which has proved itself to be of lasting
importance."
In his last years, developments in the financial sector brought him
some measure of satisfaction. Says ICICI Chairman, N. Vaghul:
"The most gratifying aspect about his life is that values he cherished
all his life, came into reality in the last years. opening up the
financial sector, and deregulation of lending rates were issues he
stood for all his life, and this happened before he passed away."
Farewell dear Hasmukhbhai! All of us will miss not only H.T.
Parekh the financial wizard, but much more so, the man. The only
and best tribute we can pay to such an individual is to try and follow
in his footsteps, keeping in mind his high ideals and philanthropic
outlook.
As Henry W. Longfellow said:Lives of great men all remind us We can make our life sublime,
And, departing leave behind us Footprints on the sands of time.
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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 LifeInsurance Company Ltd., the first in the private sector to
receive the Certificate of Registration for foray into Life
Insurance business for distribution of latters insuranceproducts. 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 theinsurance 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 benefitthe Bank's customers, as they will have wider choice of life
insurance policies at competitive premium.
History of standard life
The Standard Life Assurance Company ("Standard Life") wasestablished 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 branchesor 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
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capitalise on the opportunities presented by EC Directive
92/96/EEC (the Third Life Directive) and offer a product rangein 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 rangefinancial services provider.
Banking, Healthcare & Investments -
The group set up Standard Life Bank, its UK mortgage and retailsavings banking subsidiary, in 1998 and Standard Life
Investments, which had previously been the in-house investment
management unit of the groups life assurance and pensions
business, was separated into a distinct legal entity in the same year,with the aim of establishing it as an independent investment
management business providing services to both the group and
third party retail and institutional clients. The group acquiredPrime Health Limited (subsequently renamed Standard Life
Healthcare) in the United Kingdom in 2000. Standard Life
Healthcare expanded in March 2006 with the acquisition of thePMI business of FirstAssist.
Standard Life Asia Limited/Joint ventures -
The groups Hong Kong subsidiary, Standard Life Asia Limited(SL Asia), was incorporated in 1999 as a joint venture and
became a wholly-owned subsidiary of Standard Life in 2002. Thegroups operations in Hong Kong were established to give thegroup a presence in the Far East from which it could expand into
China. The groups joint ventures in India with Housing
Development Finance Corporation Limited (HDFC) were
incorporated in 2000 (in relation to the life assurance and pensions
joint venture) and 2003 (in relation to the investment management
joint venture). The groups joint venture in China with Tianjin
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Economic Development Area General Company (TEDA)
became operational in 2003.
Standard Life International Limited -
The group also incorporated Standard Life International Limited
(SLIL) in 2005 for the purposes of providing the group with an
offshore vehicle, based in Ireland, through which it could sell tax-efficient investment products into the United Kingdom. Sales of
these products commenced in 2006.
Service company -
Following the groups strategic review in 2004, the group
established a service company structure for the provision of central
corporate services to the groups business units. Standard Life
Employee Services Limited (SLESL) supplies a wide range ofcentral services to the rest of the group, including IT, facilities,
legal and human resources services, and employs staff working in
the groups UK and Irish operations (other than SLI, SLB andSLH, which employ their staff directly). This service company
structure was created to enable Standard Life to comply with
regulatory restrictions on the provision of non-insurance servicesand to exploit group-wide synergies.
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Standard life purpose
Our overall corporate purpose
Why we exist;
Our corporate purpose is to generate sustainable, high-quality
returns for our shareholders.
(Delivery, Efficiency and Opportunity driving shareholder value)
Our Mission and Vision
Mission
What we do;
Our mission is to build valuable customer relationships by helping
customers grow and protect their assets.
Vision
What we aspire to achieve;
Our vision is to help our customers around the world feel confident
about their future wealth and wellbeing.
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Our strategy
How we will deliver our mission and vision;
Our strategy is to build valuable customer relationships withleading service and compelling propositions through:
y creating capital efficient, innovative products
y opening new routes to markets
y leveraging investment management expertise and
performance
y driving for operational excellence
Our values
What we believe in;
y Thinking holistically: taking a whole view of the person,
their needs and how these can be met
y Being flexible: developing innovative products, services andsolutions that allow for change and evolve with peoples
needs
y Delivering performance: being a better place to grow and
protect assets
y Acting with integrity: ensuring each and every one of us doesthe right thing
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About the Board
The Board meets regularly. The directors determine the size of the
Board and it currently comprises 7 non-executive directors and 3
executive directors.
The Company's Articles require that, following appointment to the
Board, directors must submit themselves for election by membersat the next Annual General Meeting. The Articles also state that
one third of directors must retire by rotation each year but are
eligible to submit themselves for re-election by the members.
All of the non-executive directors are considered by the Board tobe independent of management and free from any relationship
which could interfere materially with the exercise of their
independent judgement.*
*Corporate Governance guidelines recommend that a majority of
non-executives should be independent.
Corporate Governance
For the year ending 31 December 2007, the directors consider thatStandard Life has complied with all relevant provisions of Section
1 of the Combined Code on Corporate Governance.
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Governance
Application of the 'Combined Code' for year ending 31 December
2007:
The Board of Directors has reviewed Standard Life's Corporate
Governance procedures that enable it to comply with the relevantrequirements of the revised Combined Code on Corporate
Governance ('the Combined Code'), as issued by the Financial
Reporting Council in June 2006.
The directors consider that throughout the period, Standard Lifehas complied with all relevant provisions of Section 1 of the
Combined Code.
Structure of Standard Life plc
Standard Life plc owns all of the businesses and companies in thegroup. Standard Life plc is a holding company which is owned by
its shareholders (including those Eligible Members who received
and retained shares received as a result of demutualisation).
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Introduction of hdfc n standard life ins
Navigate w ithin this section
HDFC Standard Life Insurance Company Ltd.is one of India's leading private insurancecompanies, which offers a range of individualand group insurance solutions. It is a jointventure between Housing DevelopmentFinance 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 72.38per cent of equity in the joint venture. HDFCStandard Life Insurance Company Ltd. is oneof Indias leading private life insurancecompanies, which offers a range of individualand group insurance solutions. It is a jointventure between Housing Development
Finance Corporation Limited (HDFC Ltd.),Indias leading housing finance institution andone of the subsidiaries of Standard Life plc,leading providers of financial services in theUnited Kingdom. Both the promoters are wellknown for their ethical dealings and financialstrength and are thus committed to being along-term player in the life insurance industry
all important factors to consider whenchoosing your insurer.
Our key strengths
Financial Expertise A j i ur f l di fi i l r i
r up , HDFC S d rd Lif fi i lxp r i r quir d m y ur l - rm
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Why do we need Life Insurance?
Life insurance is designed to protect you and your family against financial uncertainties
that may result due to unfortunate demise or illness. You can also view it as acomprehensive financial instrument as a part of your financial planning offering you
savings & investment facilities along with cover against financial loss. By choosing theright policy as per your needs i.e. customised solutions, you will be able to plan for a
secure future for yourself and your loved ones.
Choosing the right plan
Identifying the right plan basis your needs is the first crucial step towards insuranceplanning.
At HDFC SL we help you through this decision by identifying your various needs and
offering plans that are customised for you. You may also choose a plan for yourself byidentifying the life stage you are at.
Analysing Needs
What is your need?
Protection
Need for a sound income protection in case of your unfortunate demise
Investment
Need to ensure long-term real growth of your money
Saving
Save for the milestones and protect your savings too
Pension
Need to save for a comfortable life post retirement
Once you have analysed your needs as per above classification, you need to
then ascertain important factors such as type of cover, insurance amount as
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per one's income, life stage and dependents. It is difficult to arrive at all
these figures yourself. Our financial consultants can help you with all the
analysis to offer a customised solution by doing a thorough need analysis.
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PRINCIPLES OF INSURANCE
1.A large number of homogeneous exposure units. The vast majority of
insurance policies are provided for individual members of very large classes
2.Definite Loss. The event that gives rise to the loss that is subject to
insurance should, at least in principle, take place at a known time, in a
known place, and from a known cause. The classic example is death of an
insured on a life insurance policy.
3.Accidental Loss. The event that constitutes the trigger of a claim should be
fortuitous, or at least outside the control of the beneficiary of the insurance.
The loss should be pure, in the sense that it results from an event for whichthere is only the opportunity for cost. Events that contain speculative
elements, such as ordinary business risks, are generally not considered
insurable
4.Large Loss. The size of the loss must be meaningful from the perspective
of the insured. Insurance premiums need to cover both the expected cost of
losses, plus the cost of issuing and administering the policy, adjusting losses,
and supplying the capital needed to reasonably assure that the insurer will be
able to pay claims. For small losses these latter costs may be several times
the size of the expected cost of losses. There is little point in paying such
costs unless the protection offered has real value to a buyer.
5.Affordable Premium. If the likelihood of an insured event is so high, or the
cost of the event so large, that the resulting premium is large relative to the
amount of protection offered, it is not likely that anyone will buy insurance,
even if on offer.
6.Calculable Loss. There are two elements that must be at least estimable, if
not formally calculable: the probability of loss, and the attendant cost.
Probability of loss is generally an empirical exercise, while cost has more to
do with the ability of a reasonable person in possession of a copy of the
insurance policy and a proof of loss associated with a claim presented under
that policy to make a reasonably definite and objective evaluation of the
amount of the loss recoverable as a result of the claim.
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7.Limited risk of catastrophically large losses. The essential risk is often
aggregation. If the same event can cause losses to numerous policyholders of
the same insurer, the ability of that insurer to issue policies becomes
constrained, not by factors surrounding the individual characteristics of a
given policyholder, but by the factors surrounding the sum of all
policyholders so exposed. Typically, insurers prefer to limit their exposure
to a loss from a single event to some small portion of their capital base, on
the order of 5 percent.
Commercially insurable risks typically share seven common
characteristics.
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A large number of homogeneous exposure units. The vast majority of
insurance policies are provided for individual members of very large classes.
Automobile insurance, for example, covered about 175 million automobiles
in the United States in 2004.[2] The existence of a large number of
homogeneous exposure units allows insurers to benefit from the so-called
law of large numbers, which in effect states that as the number of
exposure units increases, the actual results are increasingly likely to become
close to expected results. There are exceptions to this criterion. Lloyd's of
London is famous for insuring the life or health of actors, actresses and
sports figures. Satellite Launch insurance covers events that are infrequent.
Large commercial property policies may insure exceptional properties for
which there are no homogeneous exposure units. Despite failing on this
criterion, many exposures like these are generally considered to be insurable.
1. Definite Loss. The event that gives rise to the loss that is subject to insuranceshould, at least in principle, take place at a known time, in a known place, and
from a known cause. The classic example is death of an insured on a lifeinsurance policy. Fire, automobile accidents, and worker injuries may all easily
meet this criterion. Other types of losses may only be definite in theory.Occupational disease, for instance, may involve prolonged exposure to injurious
conditions where no specific time, place or cause is identifiable. Ideally, the time,place and cause of a loss should be clear enough that a reasonable person, with
sufficient information, could objectively verify all three elements.
2. Accidental Loss. The event that constitutes the trigger of a claim should befortuitous, or at least outside the control of the beneficiary of the insurance. The
loss should be pure, in the sense that it results from an event for which there isonly the opportunity for cost. Events that contain speculative elements, such as
ordinary business risks, are generally not considered insurable.
3. Large Loss. The size of the loss must be meaningful from the perspective ofthe insured. Insurance premiums need to cover both the expected cost of losses,
plus the cost of issuing and administering the policy, adjusting losses, andsupplying the capital needed to reasonably assure that the insurer will be able to
pay claims. For small losses these latter costs may be several times the size of theexpected cost of losses. There is little point in paying such costs unless the
protection offered has real value to a buyer.
4. Affordable Premium. If the likelihood of an insured event is so high, or thecost of the event so large, that the resulting premium is large relative to the
amount of protection offered, it is not likely that anyone will buy insurance, evenif on offer. Further, as the accounting profession formally recognizes in financial
accounting standards, the premium cannot be so large that there is not a
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reasonable chance of a significant loss to the insurer. If there is no such chance ofloss, the transaction may have the form of insurance, but not the substance.
5. Calculable Loss. There are two elements that must be at least estimable, if
not formally calculable: the probability of loss, and the attendant cost. Probabilityof loss is generally an empirical exercise, while cost has more to do with theability of a reasonable person in possession of a copy of the insurance policy and
a proof of loss associated with a claim presented under that policy to make areasonably definite and objective evaluation of the amount of the loss recoverable
as a result of the claim.
6. Limited risk of catastrophically large losses. The essential risk is oftenaggregation. If the same event can cause losses to numerous policyholders of the
same insurer, the ability of that insurer to issue policies becomes constrained, notby factors surrounding the individual characteristics of a given policyholder, but
by the factors surrounding the sum of all policyholders so exposed. Typically,insurers prefer to limit their exposure to a loss from a single event to some small
portion of their capital base, on the order of 5 percent. Where the loss can beaggregated, or an individual policy could produce exceptionally large claims, the
capital constraint will restrict an insurers appetite for additional policyholders.The classic example is earthquake insurance, where the ability of an underwriter
to issue a new policy depends on the number and size of the policies that it hasalready underwritten. Wind insurance in hurricane zones, particularly along coast
lines, is another example of this phenomenon. In extreme cases, the aggregationcan affect the entire industry, since the combined capital of insurers and reinsurers
can be small compared to the needs of potential policyholders in areas exposed toaggregation risk. In commercial fire insurance it is possible to find single
properties whose total exposed value is well in excess of any individual insurerscapital constraint. Such properties are generally shared among several insurers, or
are insured by a single insurer who syndicates the risk into the reinsurance market
Hdfc standard life insurance products
PROTECTION PLANS
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Features of the protection category
y Protects loss of income earning capacity
y Offers protection at a lower cost than other plans
y No benefits provided if the life assured lives through the term of the policy
Plans in the protection category
y Term assurance plan
y Loan cover term assurance plan
Features of protection plans
y The term assurance plan protect the income earning capacity
y The loan cover term assurance plan protects outstanding loans as well
Death benefits
y The term assurance plan provides sum assured as defined in the policy
y The loan cover term assurance plan provides loan cover, which decrease withtime.
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1.1HDFC TERM ASSURANCE PLAN
Secure your familys financial independence and self-respect.
Protection plans
Term assurance graph
y Protects the income earning capacityLoan cover term assurance plan
y Protects the outstanding loans
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1.2HDFC LOAN COVER TERM ASSURANCE PLAN
Secure your familys financial independence and self-respect.
You have always ensured that your loved ones keepliving a respectable life with their heads held high. But
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d r p r p li y dul .
Go ahead; blow your loan-worries away.
Investment plans
Features of investment category
y Preserves capital
y Long term growth of money
y Nullifies the effect of market fluctuations
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Plan in the investment category
y Single premium whole of life insurance plan
Features of single premium whole of life insurance plan
y Single premium policy
y A whole of life that invests the money in a with profits fund
y Plan aims to provide secure and stable long term growth of money
Death benefits
y Sum assured, compound reversionary bonus and terminal bonus(if any)
Single premium whole life insurance plan
Features
y Provides a lump sumwith a single premium
y A whole of life with-profits investment plan
y Plan designed to getbetter returns in the
long term
Death benefits
y Sum assured
y Compoundreversionary bonus
y Terminal bonus(ifany)
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2.1HDFC Single Premium Whole of Life Plan
Secure your financial independence
Money is like manure.You have to spread it around or itsmells.
-J. Paul Getty
The well-informed rightly said and proves howimportant investments are in todays date and age. Thequestion that we all fear is What about the risksattached?
GOOD NEWS for all the people who are anxious thesame way! HDFC Standard Life Insurance brings to youa safe investment plan that would take care of your
savings and nurture your earningsHDFC Single Premium Whole of Life Insurance Plan
HDFC Single Premium Whole Of Life Insurance Planis a tailor-made plan well ui ed meet y ur l -termi estmentneeds. T is p rti ip ting pl n ffers y u thef ll wing benefits:
Whole of life pl n imed t providing long-term realgrowthof your money
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Single premium investment planIn aseof your unfortunate demise during the poli yterm, this parti ipating (With Profits) insurance planwill pay your family the Sum Assured and compound
Reversionary Bonuses, which are usually addedannually. Anadditional Terminal Bonus may be paiddepending on the performance of the underlyinginvestmentsDuring Guaranteed Surrender Periods you get theSum Assured and all bonusesvested asatthe dateofsurrender
Pension plans
Features of the pension category
y Aims to provide good pension
y Provides regular income in old age
y Covers the risk of living too long
Pension plans
y Personal pension plan
y Unit linked pension plan
y Unit linked pension plus plan
Benefits of personal pension plan
y Vesting age benefits The policy holder gets sum assured ,reversionary bonus and terminal
bonus, if any in the form of national cash value or NCV The policyholder can choose to purchase annuity with NCV The policyholder can withdraw amount partially and purchase annuity
from the remaining amount
y Death benefit If the life assured dies in the first year of the policy term, the nominee
receives certain proportion of the premium paid
If the life assured dies in the subsequent years of the policy term, thenominee gets the sum assured plus reversionary bonus
Benefits of unit linked plans
y Vesting age benefits of the unit linked pension plan and unit linked pensionplus plan
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Policyholder gets the fund value immediately Policyholder can purchase pension from HDFC standard life Policyholder can also purchase pension from any other insurance company
y Death benefits of the unit linked pension and unit linked pension plus plans
If the policyholder dies anytime before the maturity of the policy term,the nominee gets the accumulated policy value The policy ends after the death benefit is paid
Fund choices of unit linked plans
y Liquid fund- hundred percent investment are made in bank deposits and moneymarket instruments
y Secure managed fund- hundred percent investments made in governmentsecurities and bonds
y Defensive managed fund- seventy to eighty five percent investment are made in
government securities and bonds and the remaining thirty to sixty percent inequity
y Equity managed fund- sixty to hundred percent investment are made in equity.Remaining, if any , is made in government securities and bond.
y Growth fund- hundred percent investment are made in equity
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3.1HDFC PERSONAL PENSION PLAN
H
old your head high.
Even after retirement.
Today, you are busy climbing the ladder of success andrealizing your dreams. Today, time is with you. Just takea moment and think. Will you be able to continue at thesame pace? Will your income be the same forever? Willyou be able to live life on your own terms even after you
retire?
HDFC Personal Pension Plan
We understand your need to build a secure future foryourself.Hence, the HDFC Personal Pension Plan is aninsurance policy that is designed to provide a post -
retirement income for life with the freedom to chooseyour retirement date.
You can choose your premium, the Sum Assured andyour retirement date. At the end of the policy term, youwill receive the Sum Assured plus any attaching bonus,
which will provide your post - retirement income.The HDFC Personal Pension Plan is an insurance policy,
which can benefit you in the following ways:
Provides a post retirement income in your golden years
Gives you the flexibility to plan your retirement dateGives you tax benefits on your premiums
The plan receivessimple Reversionary Bonuses, whichare
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usually added annually. Attheend oftheterm anadditionalTerminal Bonus may be paid dependingontheperformanceofthe underlying investment. (See 'Bonuses'for more details)
Don'tcompromiseon yourself-respect, ever. Goahead,hold yourhead highand enjoy lifewiththe HDFC PersonalPension Plan.
3.2HDFC UNIT LINKED PENSION
Lead a life of respect and dignity. Even after retirement.
Today, you are busy climbing the ladder of success and realizing
your dreams. Today, time is with you. Just take a moment and
think. Will you be able to continue at the same pace? Will your
income be the same forever? Will you be able to live life on your
own terms even after you retire?
The HDFC Unit Linked Pension is an insurance policy that isdesigned to provide a retirement income for life with the freedom
to maximize your investment returns. Stride into your golden years
of retirement with dignity and pride.
HDFC Unit Linked Pension
The HDFC Unit Linked Pension gives you:
An outstanding investment opportunity by providing achoice of thoroughly researched and selected investments
A post retirement income for life
Flexibility to plan your retirement date
Freedom to invest premiums as per your preference
You canchoose your premium and the investment fundor funds. Wewill then invest your premium, netofpremium allocationcharges in yourchosen funds inthe
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proportion you specify. Attheend ofthe policy term, youwill receivetheaccumulated valueof your funds, whichwill be used to provide your pension income.
Intheeventof your unfortunate demise duringthe policyterm, yourspousewill receiveacash lump sum tohelphim orher managethe retirement years.
Use HDFC Standard Lifesexcellent investmentoptionsto maximize yoursavings & secure yourgolden years.Dontcompromiseonself-respect, ever. Goahead, holdyourhead highand enjoy lifewiththe HDFC Unit-LinkedPension.
ALL U IT LI KED LIFE I SURA CE PLA S AREDIFFERE T FROM TRADITIO AL I SURA CE PLA SA D ARE SUBJECT TO DIFFERE T RISK FACTORS.
HDFC Standard Life isthenameofour InsuranceCompany and HDFC Unit Linked Pension isthenameofthis plan. Thenameofourcompany and thenameofour
plan donot, inany way, indicatethe quality ofthe plan,its future prospectsor returns.
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3.3HDFC UNIT LINKED PENSION PLUS
Lead a life of respect and dignity. Even after retirement.Today, you are busy climbing the ladder of success and realizingyour dreams. Today, time is with you. Just take a moment and
think. Will you be able to continue at the same pace? Will your
income be the same forever? Will you be able to live life on yourown terms even after you retire?
The HDFC Unit Linked Pension Plus is an insurance policy that is
designed to provide a retirement income for life with the freedomto maximize your investment returns. Stride into your golden years
of retirement with dignity and pride.
HDFC Unit Linked Pension Plus
The HDFC Unit Linked Pension Plus gives you:
An outstanding investment opportunity by providing a choice
of thoroughly researched and selected investments
Regular Loyalty Units to boost your fund value every yearA post retirement income for life
Flexibility to plan your retirement date
Freedom to invest premiums as per your preference
You canchoose your premium and the investment fund orfunds. Wewill then invest your premium, netof premiumallocationcharges in yourchosen funds inthe proportion
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you specify. Attheend ofthe policy term, you will receivetheaccumulated valueof your funds, whichwill be used toprovide your pension income.
Intheeventof your unfortunate demise duringthe policyterm, yourspousewill receiveacash lump sum tohelphim orher managethe retirement years.
Use HDFC Standard Life'sexcellent investmentoptionstomaximise yoursavings & secure yourgolden years. Don'tcompromiseonself-respect, ever. Goahead, hold yourhead highand enjoy lifewiththe HDFC Unit-LinkedPension Plus.
ALL U IT LI KED LIFE I SURA CE PLA S AREDIFFERE T FROM TRADITIO AL I SURA CE PLA SA D ARE SUBJECT TO DIFFERE T RISK FACTORS.
HDFC Standard Life isthenameofour InsuranceCompany and HDFC Unit Linked Pension Plus isthenameofthis plan. Thenameofourcompany and the
nameofour plan donot, inany way, indicatethe quality ofthe plan, its future prospectsor returns.
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Benefits and differences of unit linked pension plans
Differencesy Loyalty benefits
y Rate of premiuminvested in the
market
Unit linked pension and
unit linked pension plus
plans.
Death benefitsy Accumulated
policy value
y Policy ends
Vesting age benefity Fund value paid
immediately
y Flexibility topurchase pension
from HDFC or anyother insurer
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Conventional plans benefits
Personalpension plan- helps thepolicyholder save
for his or herretirement
- available for bothsingle premium and
regular premium.
Death benefit single premium
y In 1st year,90%of the premium
is paid
y In subsequentyears, thepolicyholder gets
sum assured plusreversionary
bonus
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saving plans
features of savings category
y Covers the risk of death
y Saves for important eventsy Provides good maturity value
y Protects targeted amount
Plans offered in savings category
y Endowment assurance plan
y Money back plan
y Childrens plan
y Unit linked endowment plus II plan
Death benefit- regular
premiumy In 1st year,80% of the
premium is paid
y In subsequent year, thepolicyholder gets anamount that is less
than either the sumassured plus
reversionary bonusand the premium paid
with 8% interest
Vesting age benefity Part of the NCV
is paid as annuity
y Policyholder canpurchase annuity
from HDFCstandard life
y Policyholder canalso opt to
purchase annuityfrom other
insurer
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y Unit linked young star plus II plan
y Unit linked enhanced life protection plan
4.3HDFC CHILDREN'S PLAN
Give your child the perfect start in life.
As a parent, your priority is your child's future and being able tomeet your child's dreams and aspirations.
Today, providing a good education, establishing a professional
career or even a modest wedding is expensive. Costs are increasing
fast. Just imagine how much you'll need when your child takes
these important steps in life!
Plan today to ensure a bright future for your child. Start building
savings today with our HDFC Children's Plan.
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Making the right kind of investment will enable you to achieve your objectives-b
your immediate expenses or else securing your future financial needs. Our Mone
Back Plan gives you a wide range of terms and cash benefit schedules to choose
from. A summary of Key Benefits including the cash lump sum payments, expre
as a percentage of Sum Assured is shown below.
Key Benefits
TotalPolicyTerm
Survival BenefitDea
Ben
5th Yrs. 10th Yrs. 15th Yrs. 20th Yrs. 25th Yrs. 30th Yrs.
Wit
PolTer
10 40%60% +
AttachingBonuses
- - - -100Su
Assu+
attacbonu
(Ovanaboth
earpayo
15 30% 30%40% +
AttachingBonuses
- - -
20 25% 25% 25%25% +
AttachingBonuses
- -
25 20% 20% 20% 20%20% +
AttachingBonuses
-
30 15% 15% 15% 15% 15%25% +
Attaching
Bonuses
Maturity Value
On maturity you receive survival benefit due at that point of time along with
attaching bonuses for the full Sum Assured calculated for the full term.
You can ensure your financial independence. And be able to live life on your
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own terms. Always.
4.6 HDFC Unit Linked Young Star Plus II
Invest in financial security and self respect for you &your family.
As a parent, your priority is your childrens future and being able to
meet their dreams and aspirations. Today, providing a good
education, establishing a professional career or even a modestwedding is expensive. Costs are increasing fast. Just imagine how
much you will need when your children take these important steps
in life.
Plan today to ensure a bright future for your children. Start building
savings today with our HDFC Unit Linked Young Star Plus II sothat your child is able to lead a life of respect and dignity with a
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secured financial future.
HDFC UNIT LINKEDYOUNG STAR PLUS II
The HDFC Unit Linked Young Star Plus II gives:
Valuable protection to your child in case you are not aroundAn outstanding investment opportunity by providing a
choice of thoroughly researched and selected investments
Regular Loyalty Units to boost your fund value every year
Flexible benefit combinations and premium payment optionsFlexible additional benefit options such as critical illness
cover
Flexible benefit payment preferences Double Benefit andTriple Benefit
You canchoose your premium and the investment fundor funds. Wewill then invest your premium, netofpremium allocationcharges in yourchosen funds intheproportion you specify. Attheend ofthe policy term, youwill receivetheaccumulated valueof your funds.
Incaseof your unfortunate demise duringthe policy term,wewill:
Pay the Sum Assured you had chosen to the beneficiary
AND
For Double Benefit continue to pay 100% of the original
regular premiums towards your Policy
For Triple Benefit continue to pay 50% of the original
regular premiums towards your policy and pay the balance50% of the premiums to the beneficiary.
This means we will continue to make savings on your behalf, in
your absence. The savings can be directed 100% towards your
policy or 50% towards your policy and 50% will be available
for the beneficiary s regular use until the original maturity
date. Use HDFC Standard Lifes excellent investment options
to maximise your savings and maximise your childsachievements.
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We will provide financial security for your child.
ALL UNIT LINKED LIFE INSURANCE PLANS ARE
DIFFERENT FROM TRADITIONAL INSURANCE PLANS
AND ARE SUBJECT TO DIFFERENT RISK FACTORS.
HDFC Standard Life is the name of our Insurance Company
and HDFC Unit Linked Young Star Plus II is the name of this
plan. The name of our company and the name of our plan donot, in any way, indicate the quality of the plan, its future
prospects or returns.
Saving plans at a glance
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Hdfcsl plans overview
Death benefit= sum assured+simple reversionary bonus+
terminal bonus, if any.
Maturity benefits= sum assured+simple reversionary bonus+
terminal bonus ,if any
Risk cover options life option life &health option
extra life option extra life &health option
death benefits:
death or critical illness- policyfund value or sum assured based
on whichever is greateraccidental death- additional sum
assuredmaturity benefits is the fund
Risk cover options
Only life option
Death benefits- policy fund
value or sum assured based onwhichever is greater
Maturity benefit- fund valueEnhanced life benefits- sum
assured increases by 5% every
year
Endowment assurance plan
Unit linked endowment plus
II plan
Unit linked enhanced life
protection II plan
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P
Covers the risk of premature death
Term assurance plan
Loan cover term assurance plan
I
Aims to give long term growth
Single premium whole of life insurance
plan
PCovers the risk of living too long without
an income
S Covers the risk of inability to save due todeath
RIDERS
(riders are not products butthey come under protection
category)
Additional term benefit Accidental death benefit Critical illness benefit Accelerated sum assured Waiver of premium
What is recruitment?
1) Recruitment is the process of attracting
qualified
Protection
Investment
Pension
Savings
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Applicants for a specific job. the process begins
when
applications are brought in and ends when the same
is
finished. the result is a pool of applicants, from
where
the appropriate candidate can be selected.
2) Thetask of recruitingnewstaff isan important buttime-consumingprocess, socompaniesoften prefertohireaspecialistagency tosourcesuitablecandidates. Inanutshell, theobjectiveofarecruitmentconsultant isto build relationshipswithclients, source job
vacancies, and find appropriatecandidates foreach role.
Why recruit?
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y Developing new agents is critical to the long term viability of theinsurance industry
y Current producers are reaching the later stages of their career 50%
of affiliated agents are 48 years or old, and 505 of independentproducers are56 years or older
y On an average, only 11% of career agents stay with the samecompany for 4 years
y Companies are competing with other organizations to attract shrinkingpool of experienced agents.
Why recruit?
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Recruiting good agents demands commitment
Growth in no.of quality
agents
Companys growth
Growth in
distributionHigh productivity
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y Recruiting is not just adding new bodies to an organization, it isacquiring and keeping new quality agents
y Recruiters cannot simply turn on a recruiting culture, it must evolve
and the source of the evolution is not a board of directors or an agencyadministration department . It begins in the field
y Current average no.of per sdm = ?
y Desired average no.of per sdm = ?
The task is enormous
Define: financial consultant
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A financial consultant isa professional who renders investmentadviceand financial planningservicesto individualsand businesses.Ideally, the financial adviserhelpstheclient maximizetheirnetworth
by properassetallocation. Financial advisers usestocks, bonds,mutual fundsand insurance productsto meettheneedsoftheir
clients. Many financial advisers receiveacommission payment forthevarious financial productsthatthey broker, although "fee-based"planning is becoming increasingly popular inthe industry. A furtherdistinctionshould be made between "fee-based", i.e., they chargefeesand collectcommissions, and "fee-only" advisers. Fee-onlyadvisers receive 100% oftheircompensation directly from their
clientsand havenooutsideconflictsof interestcreated bycommissionsor referral fees paid by other productorservice
providers
Who is a financial consultant (FC)?
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An financial consultant is the person who we recruit and who in turnprocures business (insurance premium) for the organization.
They are the most important link between the market and thecompany.
Financial consultant
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Where do I find them?
How do I find them?
How many financial consultant should an sales department managerhave?
What kind of financial consultant should an sales department managerhave?
Different sources to find financial consultant
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Sources
Personal network
Advisor referrals
Client referral
Industry seminars
Associations and clubs
HNI ladies forums
COI centers of influence
Advertisement in appropriate journals, media
Profiles of financial consultant
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Profiles
Housewives
Businessman
Accountants/ financial consultants
Sales person employed in private / public companies
Office bearers of leading clubs/ associations
Consistent lic mdrt/ cot agents
Vrs/ retired people
Ex serviceman
Teachers
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Financial consultant selection and linkage to business productivity income
profile
0%
10%
20%
30%
40%
50%
60%
70%
80%
= 1 l
i r
in i
inactive agents tend to come from low income classes
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0%
10%
20%
0%
0%
50%
60%
1 lac 5 lac 5 10 lac above10
percentage share in all achievers
majority of achievers are from 1- 3 lac annual income range
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financial consultant selection and linkage to business productivity
occupation
0%
10%
20%
0%
0%
50%
60%
70%
self
empl ed
service homemaker st dent retired
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Financial consultants quality check (Q score)
Recommended criteria
More than 30 years of age
Graduate (minimum)
Living in the same area since the past 3 years
Well networked
Family income of more than Rs 3lacs
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Financial consultants preferred qualities
Passion
Result oriented
Well networked
Good communication skills
Need for recognition
Need for money
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Financial consultant licensing
What does financial consultant licensing mean?
1. irda training manual / online2. appearing for exam3.passing exam4. documentation for licensing
input output ratio
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financial recruitment to licensing process
lead prospect recruit IRDA
examlicense activation
generation
Quality check
B P
50 hrs training
Online/manual
refre her
logistics
Exam centers
Failed/absent Re-appear
Business
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key levers for achieving retail business objectives
1.Number of licensed financial consultant
2. Financial consultant activation
3. Financial consultant productivity
number of policies (fc productivity) average premium per policy
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the story till date fc ramp up
the transition to a licensed financial consultant.
quarter No.of
candidates
registered
Registered
to appear
Appeared to
passed
Input - output
Qtr 1 40,528 61% 58% 35%
Qtr 2 59,925 60% 51% 31%
Qtr 3 142,589 49% 47% 23%
No. of candidates registered(07-08): 249924
No .of candidates appeared
for exam (07-08):133593
Passed:
61612
Higher input at the top,desired to ramp up the fc
base considering thecurrent drop outs in the
fi ure
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the story ahead fc ramp up
the persistence of vision: 08-09 fc ramp up plan
Fc ramp up plan
(end of the
month)
Exit mar 09 % spread
0-3 months 777 5%
4-6 months 762 5%
6-9 months 2291 15%
10-12 months 4659 30%
> 12 months 7012 45%total 15,500 100%
Fls vintage Hdfcsl
fc/fls
march
09
0-3 months 5
4-6 months 12
6-9 months 17
10-12months
20
> 12 months 32
overall 24
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The story till date- financial consultant activation
The diminishing base available for production trend
april December
07
Registered toappeared
Appeared to
passed (licensed)
Have never started
production
Only 8% of the total recruited financial consultant (registered for training),
are producing
To focus: pre licensing and post licensing efficiencies
249924
13359361612
20332
No. of candidates
registered
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Key focus areas emerging from these levers
higher financial consultant recruitment and licensing
(fc : fls ratio)
+
higher fc activation (active fc : fls ratio)
+
higher fc productivity
=
higher EPI
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Business model for fc recruitment and licensing 2008 09
s.no source percentage Fc recruitment
targets
1 Retail new fls
Retail old fls
50% 250000
2 Cd direct 25% 125000
3 Joint(cd+retail) 25% 125000
total 100% 500000
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Channel development role and responsibility
Why channel development?
Developing new financial consultant is critical to the long termviability of our company and life insurance industry
Need to focus on quality of financial development
Huge gap between desired financial consultant: fls ratio and actualfinancial consultant : fls ratio
Multi functionality of role of sdm
Channel development to supplement efforts of retail team on financialconsultant
Need for higher productivity from fls
Build a credible and long term source of good quality financialconsultant
Not just another financial consultant production line will work bestif channel development and retail work in tandem
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Functions of channel development
Cd direct
1. RC/ PT2. RP3. database calling4. E2E vendors
5. BTL
Fc recruitment &
licensing
Q scoreCost budget
Irda training &Exam
Input/ output ratio
CD Retail
Joint
1. BTL2. MGM
3. RC/PT
To retail
1. new flsmentoring for
recruitment2. fc:fls ratio
tracking3. help in
drivingcontest for fc
recruitment
4. BOPs
CD LAB
Devising alternative methods
for recruitment
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Functions of channel development
Supplement efforts of retail team in fc recruitment and licensingdirectly within timelines stated
Supplement efforts of retail team on financial consultant recruitmentand licensing through the collaborative process within timelines stated
To hand hold new fls (where channel development is present) onfinancial consultant recruitment
To ensure quality of financial consultant through Q score
To ensure quality of financial consultant recuritmnet within the cost
budget
To manage pipelines process of fc build up and logistics : fc rec _training examination licensing reworking
To develop alternate source of financial consultant recruitment
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How will financial consultant recruitment through channel development
happen?
Modules rolled out for financial consultant through channel development
Recruitment consultant module Project trainee module Referral partner module E2e vendor module Database calling and classified ads
Btl activitiesNationally driven campaigns
Modules rolled out for financial consultant recruitment through joint process
RC + PT modules Member get member (FC get FC) BTL activities (on ground activities)
BTL Activities
To be effective, be selected Template foe activity approval Pre approved activities and process for these activities Fixed cost activities vs variable cost activities Financial consultant segmentation / profile oriented activities
1. male / female2. sec a/ b3. age : 30 40 preferably4.professional, business, working men / women, retired, HNIs,
housewives, etc
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structure of
channel development 2008 09
channel development structure
location
number of channel development managers per location
rationale
1. focus on big cities stratergy2. high financial consultant receruitment targets
3. higher number of FLS4. Fc : FLS5. CDM : SDM span of coverage6. CD is still perfecting the process
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Channel development journey 2007 -08 : experiences and
learnings
Chak de experience1. rc recruitment , management, activisation, careerpath
Q score
Best practices in some zones1. financial consultant interview sheet2. 12 touch point sms (for tightening process of licensing)3. regular mis to retail team during campaigns& otherwise4. channel development part of all retail meetings5. e2evendor appointment retail involvement6.bms part of all rc meets7. involvement of retail team for R & R functions, approval for
any deviations
competition learnings ( RC, RC career path, E2E etc.) stressing on tracking activisation and productivity of channel
development financial consultants
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how is financial consultant recruitment through channel
development different?
Channel development structure and resources focus only onfinancial consultant recruitment
Modules for financial consultant recruitment
Budget for financial consultant recruitment variable cost
Stress on quality of financial consultant recruitment
Focus on larger / value driven markets in line with company stratergy
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Critical success factors
Speedy and timely recruitment and induction of channel developmentmangers
Speedy and timely recruitment of resources
Resource management , activisation, &productivity
Sales management process for entire channel development vertical
Timely payment to resource
New module launching
Co option of retail team and channel development
Multiple module management
Pipeline management
Guard against pit falls
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Ten commandments of channel development
Our ten commandments
Passion has a name in fact it now has 250 names
Pursuing quality will be our cornerstone
We will make getting further.nearer-
We will make a difference
We will end the statue quo we will be path finders
We will make each day count starting from now
Because if it matters to our retail team , it matters to us
After all , our future is base on making the most of theirs
We will be the most talked about team in the country
2008 09 will be the year of channel development
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HDFC Consulting Services
HDFC is a unique example of a housing finance company which has demonstrated theviability of market-oriented housing finance in a developing country. It is viewed as aninnovative institution and a market leader in the housing finance sector in India. TheWorld Bank considers HDFC a model private sector housing finance company indeveloping countries and a provider of technical assistance for new and existinginstitutions, in India and abroad. HDFCs executives have undertaken consultancyassignments related to housing finance and urban development on behalf of multilateral
agencies all over the world.HDFC has also served as consultant to international agencies such as World Bank, UnitedStates Agency for International Development (USAID), Asian Development Bank, UnitedNations Center for Human Settlements, Commonwealth Development Corporation (CDC)and United Nations Development Programme (UNDP). HDFC has also undertaken
assignments for the United Nations Capital Development Fund in Ethiopia, for theUNCHS in Nairobi, for USAID in Russia and Bulgaria, and projects of the World Bank inIndonesia and Ghana.At the national level, HDFC executives have played a key role in formulating nationalhousing policies and strategies. Recognising HDFCs expertise, the Government of Indiahas invited HDFCs executives to join a number of committees and task forces related tohousing finance, urban development and capital markets.
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Awards 2007
HDFC scored a rating of 4 out of 5 at the Karmayog Corporate Social ResponsibilityRatings - 2007Renu Sud Karnad as a Powerful Woman Business Today selects Renu Sud Karnad as a PowerfulWoman in Indian Business
Best 'Investment Management Company HDFC emerged as the best 'Investment ManagementCompany in India at the Liquid Real Estate Awards 2007 organised by EUROMONEYHDFC ranked 3rd Asian Banking and Finance Sector HDFC ranked 3rd amongst theAsianBanking and Finance Sectorfor Highest Return on Equity by AsiamoneyMs Renu Sud Karnad eminent women felicitated Ms Renu Sud Karnad, Executive Director, wasone of the eminent women felicitated by the FICCI Ladies Organization at their Women AchieversAward 2007Ranked 3rd: 'Highest Return on Equity HDFC ranked 3rd amongst the Asian Banking andFinance Sector for 'Highest Return on Equity by AsiamoneyRanked top 3 Best Managed Companies HDFC Ranked amongst the Top 3 Best ManagedCompanies by FinanceAsia 2007
Laadli Media Award 2007
HDFC
StandardLife
receivedLaadli
MediaAward 2007 for its 'Big car' TV
commercial. It showed how a daughter wants to be moreresponsible towards her family and asks her dad to upgrade to a
bigger car by offering him the extra money required to buy the car.
HDFC Standard Life received this award for two years
consecutively. In 2006, it won for the 'Papa' TV commercial, whichchallenged the stereotype parents saving only for their son'seducation or daughter's wedding. The company took a bold step by
showing parents saving for their daughter's education abroad,demonstrating progressive thinking.
Laadli Media Awards, instituted in 2007, by Population First, an
NGO working on women's rights and social development, is givento professionals in print and electronic media and ad makers for
gender sensitive news reports, articles, print, TV ads, and films.
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was then, followed by others including ICCI Prudential, thusgiving HDFC Standard Life the credit of bringing up one such
glorious advertising and marketing moment in the last 60 years.
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Group Companies
Group Companies
Some of our valued bancassurance partners.