Date: 27-Oct-2015
To,
Harwinder Singh
House no -65,
Hargobindpura Basti,
Sangrur, 148001
Dear Harwinder Singh,
Subject: Offer – Cum- Appointment Letter
With reference to your application and the subsequent interview, we are pleased to offer you a promising career with us. Your appointment
with HDFC Standard Life Insurance Company will be subject to your agreement/ acceptance of the terms and conditions as defined therein, else
the letter shall automatically stand invalidated without any further obligation on the part of the Company. The details of the terms and
conditions are as mentioned below:-
Designation - Sales Development Manager
Department - Agency
Organizational Band/ Grade – J3
Location - Khanna - G.T. Road
Date Of Joining- within 15 days of 27-Oct-2015
Job Detail:
Although your normal work will consist of the duties and business targets as assigned to you from time to time, which shall be achieved by you
to the satisfaction of the company; you may at any time be called upon to discharge any other duties which in the opinion of the company are
within capacity to discharge and you will forthwith undertake to discharge those duties with diligence and care.
Compensation & other Benefits
1. Your annual emoluments will be 180,000 per annum on Cost to Company basis. The brief details of which are shown in
Annexure-1.The Company will deduct taxes and other statutory dues as may be applicable from time to time from the remuneration
payable to you.
2. Besides emoluments, based on your performance and the Company’s performance, you may be eligible for variable pay/incentives or
performance bonus as applicable to your grade, as declared by the Company from time to time.
3. Based on your grade entitlement and as per the rules and policies determined by the Company from time to time, you will participate
in :-
a) The Provident Fund Scheme and other retirement schemes, if any.The company will contribute 12% of your basic salary per
month as its contribution and an equal amount will be deducted from your payroll as your contribution towards this fund as
per the Provident Fund Act, 1952
b) Medical Hospitalisation Scheme ,as applicable.
c) Group Term Insurance plan, as applicable.
d) Gratuity - You will be entitled to gratuity as per 'Payment of Gratuity Act, 1972'. Please note that gratuity is payable only on
completion of 5 years of service
e) Emplyees State Insurance Corporation – You will be entitled to the benefits under Employees State Insurance Corporation
Act, 1948 depending on your eligibility
4. The Company in line with its business requirement or based on your performance as applicable to you from time to time reserves the
right in its sole discretion to effect change in the compensation structure or its components.
5. All matters pertaining to compensation on your joining or thereafter is to maintained under strict confidentiality and not shared with
any third party..
Probation Period
6. You will be on probation for a period of six (6) months from the date of your joining the Company, which may be extended in case it is
found necessary by the Company. You will continue to be on probation unless specifically confirmed in writing.
Your confirmation in the Company would be based on your performance, which would be evaluated at the end of 3rd and 6th month
from the date of your joining or at the end of 12th month in the event of extension of probation. While on probation, your services
can be terminated at any time by either party, without notice or wages/compensation in lieu therein and without assigning any
reason whatsoever.
Transfer
7. Although you are initially appointed at our Khanna - G.T. Road office, the Company may at its discretion transfer your services either
temporarily or permanently to any other location or department of the Company or to any of its affiliates, subsidiaries, or any of their
branches and you shall comply with all directions and instructions in that behalf. While on your transfer, you will be governed by the
rules, regulations and conditions of service as applicable.
Leave
8. You will be eligible for leave as per the rules of the Company applicable from time to time.During probation, you will be entitled to 5
days of Sick Leaves only. Once confirmed, your entitlement will be pro-rated from the commencement date of employment.
Retirement
9. You will automatically retire on attaining the age of 58 years and that no further notice whatsoever to you will be necessary in this
regard.The last day of the month when you attain the age of 58 years would be considered as your relieving date.
Conflict of interest
10. Whilst in the employment of the Company, you shall engage yourself exclusively in the work assigned to you by the Company and
shall not take up any independent or individual assignments whether on part time or full time basis or in an advisory capacity either
directly or indirectly.
11. On your joining and during the course of your employment with the Company, you will relinquish all your previous interest, if any,
either as a licensed agent or distribution agency of any other form with any other company, institution, firm, individual either in the
same line of business or otherwise.
12. You will always maintain utmost confidentiality and shall not either during your engagement with the Company or thereafter, divulge
to any person whatsoever any records, documents, formulae, processes, methods ideas or any other information or communication
whether written, visual or oral and whether or not marked as confidential, concerning the business and affairs of the Company or any
of its dealings, transactions which come to your knowledge during the course of your employment, or use any of the same for your
own benefit.
13. Whilst in employment of the Company, you shall at all times whether or not you have any financial interest or otherwise either
directly or indirectly, keep the Company disclosed fully of any conflicting business interest of your immediate relatives, if any,
associated with the Company either as employee, distribution agent or otherwise.
14. Any invention, improvement, or idea conceived by you in connection with your employment with the Company, shall become the
Company’s exclusive property. For the purpose of this section / point, the Company shall in addition to (HDFC Standard Life Insurance
Company Limited) mean and include any other firm, person or company subsidiary to or affiliated with the Company
15. Unless specifically authorized by the proper authority within the Company, you will not engage or represent the Company, whether in
person or by way of any written document and, in any manner.
16. During the course of your employment you will be required to abide by governing laws, applicable rules and regulations and maintain
highest standard of personal conduct and integrity and comply with all policies and procedures of the Company. Any breach,
deviation, disobedience of code of conduct/procedures/policies/laws/regulations including but not restricted to any acts of
insubordination, negligence, corruption, fraud, forgery, misappropriation and unacceptable behaviour, which bring disrepute to the
Company either within or outside the Company premises would warrant stern disciplinary action, including dismissal from services of
the Company without notice or wages in lieu of notice.
Notice on confirmation
17. This engagement may be terminated by either party by giving to the other, at any time, notice of fifteen days in writing or by paying
wages/compensation for fifteen days in lieu of notice.
18. Notwithstanding anything contained herein, your employment with the Company shall stand terminated forthwith without any notice
or payment in lieu of notice on account of :
a. breach of governing laws, applicable rules and regulations;
b. breach of applicable Company policies, procedure or code of conduct whether express or implied;
c. performance below defined targets as applicable from time to time;
d. any act/s which is/are regarded as breach to the interest of the Company.
Others terms and condition
19. Whilst in the employment of the Company you are required to effectively carry out all duties and responsibilities assigned to you.
Disrespect for other employees, insubordination or flouting company policies will not be tolerated.
20. You will be bound by all the existing rules and regulations as framed by the Company and those as enforced by the regulator in the
insurance industry from time to time.
21. You are required to provide all the necessary documents/ evidence required on the information furnished by you while seeking
employment and as required under the rules and regulations of the Company.
22. We believe that you have not made any false declaration or willfully suppressed any material information. Accordingly, the offer of
appointment is made relying upon information furnished and representation made by you. However, the offer of appointment is
subject to reference and background check to be conducted by the Company at its discretion at any point of time during the course of
your employment. If for any reason it is found that the reference or background check is negative or detrimental to the interest of the
Company as determined by the Company, in its sole discretion, the Company is entitled to terminate your services at any time during
or even after completion of the probation period with immediate effect without notice or any salary in lieu of notice.
23. If for any reason, you remain absent/abstain from duty for a continuous period of seven (7) days without pre-approved leave or
without intimating and obtaining the prior approval of your manager/immediate superior, or if you remain absent/abstain from duty
for a period of seven (7) days beyond the period of leave originally granted without intimation or without obtaining the approval of
your manager/immediate superior, it would be treated as abandonment of service and you will be deemed to have voluntarily
abandoned your service without notice. The Company / employer would not be responsible for any further intimation towards such
separation / abandonment of service nor any compensation or any full and final settlement payouts towards the same.
24. In case your employment with the Company is discontinued for any reason within 30 days from the date of joining, you will not be
eligible for payment of dues or any other benefit from the Company on account of the expenses incurred by HDFC Life towards
on-boarding activities.
25. It will be your sole responsibility to inform the Company in writing of any change in your address, failing which any communication
sent to you in the address last stated by you shall be deemed to be validly served on you.
26. On your joining, you will be required to undergo a Regional Induction programme for a period of twelve (12) days at the Specified
Regional location as communicated by the Regional Human Resources Manager, designated to your location .In case you are required
to travel and stay at another location other than your base location for your induction, you will be eligible for training allowance as per
Company Policy.
27. Whilst in the employment of the Company and for a period of three (3) months thereafter your salary bank account as reflected on
the Company’s records, may be subject to audit at any point of time. By signing this letter, you hereby authorize and provide to the
Company an irrevocable right to access your salary bank account for audit purposes during the period specified herein.
Management reserves the right to effect change in any of the above clauses and the same will be communicated to you through SAP or other
communication channels as prevalent . If you are agreeable to the above mentioned terms and conditions, please acknowledge your acceptance
by signing the duplicate copy of this letter.
We look forward to a mutually rewarding relationship.
Regards,
For & On behalf of
HDFC Standard Life Insurance Company Ltd.
Pramit Sen
AVP - Human Resources
I agree to and accept all the above terms and conditions.
Signature :
Annexure-1
Date: 27-Oct-2015
Name: Harwinder Singh
Designation: Sales Development Manager
Location: Khanna - G.T. Road
Band: J3
Fixed Cost To Company
Particulars Annual Monthly
Basic 54,000 4,500
House Rent Allowance 27,000 2,250
Conveyance 19,200 1,600
Special Allowance 47,591 3,966
Bonus 8,400 700
Monthly Gross 156,191 13,016
Group Insurance Benifit 7,300
Provident Fund 6,480
Gratuity 2,610
ESIC 7,419
Fixed CTC 180,000
Total CTC 180,000
The Bonus component shown above is as per the Payment of Bonus Act and would be paid as part of monthly salary. Sales incentives/VPP as
applicable, will be over and above this.
Other Eligibilities
On appointment you will be covered under the Group Term insurance as per Company policy for a term cover of Rs. 12,00,000.
Date: 27-Oct-2015
To,
Harwinder Singh
House no -65,
Hargobindpura Basti,
Sangrur, 148001
Dear Harwinder Singh,
Subject: Offer – Cum- Appointment Letter
With reference to your application and the subsequent interview, we are pleased to offer you a promising career with us. Your appointment
with HDFC Standard Life Insurance Company will be subject to your agreement/ acceptance of the terms and conditions as defined therein, else
the letter shall automatically stand invalidated without any further obligation on the part of the Company. The details of the terms and
conditions are as mentioned below:-
Designation - Sales Development Manager
Department - Agency
Organizational Band/ Grade – J3
Location - Khanna - G.T. Road
Date Of Joining- within 15 days of 27-Oct-2015
Job Detail:
Although your normal work will consist of the duties and business targets as assigned to you from time to time, which shall be achieved by you
to the satisfaction of the company; you may at any time be called upon to discharge any other duties which in the opinion of the company are
within capacity to discharge and you will forthwith undertake to discharge those duties with diligence and care.
Compensation & other Benefits
1. Your annual emoluments will be 180,000 per annum on Cost to Company basis. The brief details of which are shown in
Annexure-1.The Company will deduct taxes and other statutory dues as may be applicable from time to time from the remuneration
payable to you.
2. Besides emoluments, based on your performance and the Company’s performance, you may be eligible for variable pay/incentives or
performance bonus as applicable to your grade, as declared by the Company from time to time.
3. Based on your grade entitlement and as per the rules and policies determined by the Company from time to time, you will participate
in :-
a) The Provident Fund Scheme and other retirement schemes, if any.The company will contribute 12% of your basic salary per
month as its contribution and an equal amount will be deducted from your payroll as your contribution towards this fund as
per the Provident Fund Act, 1952
b) Medical Hospitalisation Scheme , as applicable.
c) Group Term Insurance plan, as applicable.
d) Gratuity - You will be entitled to gratuity as per 'Payment of Gratuity Act, 1972'. Please note that gratuity is payable only on
completion of 5 years of service
e) Emplyees State Insurance Corporation – You will be entitled to the benefits under Employees State Insurance Corporation
Act, 1948 depending on your eligibility
4. The Company in line with its business requirement or based on your performance as applicable to you from time to time reserves the
right in its sole discretion to effect change in the compensation structure or its components.
5. All matters pertaining to compensation on your joining or thereafter is to maintained under strict confidentiality and not shared with
any third party..
Probation Period
6. You will be on probation for a period of six (6) months from the date of your joining the Company, which may be extended in case it is
found necessary by the Company. You will continue to be on probation unless specifically confirmed in writing.
Your confirmation in the Company would be based on your performance, which would be evaluated at the end of 3rd and 6th month
from the date of your joining or at the end of 12th month in the event of extension of probation. While on probation, your services
can be terminated at any time by either party, without notice or wages/compensation in lieu therein and without assigning any
reason whatsoever.
Transfer
7. Although you are initially appointed at our Khanna - G.T. Road office, the Company may at its discretion transfer your services either
temporarily or permanently to any other location or department of the Company or to any of its affiliates, subsidiaries, or any of their
branches and you shall comply with all directions and instructions in that behalf. While on your transfer, you will be governed by the
rules, regulations and conditions of service as applicable.
Leave
8. You will be eligible for leave as per the rules of the Company applicable from time to time.During probation, you will be entitled to 5
days of Sick Leaves only. Once confirmed, your entitlement will be pro-rated from the commencement date of employment.
Retirement
9. You will automatically retire on attaining the age of 58 years and that no further notice whatsoever to you will be necessary in this
regard.The last day of the month when you attain the age of 58 years would be considered as your relieving date.
Conflict of interest
10. Whilst in the employment of the Company, you shall engage yourself exclusively in the work assigned to you by the Company and
shall not take up any independent or individual assignments whether on part time or full time basis or in an advisory capacity either
directly or indirectly.
11. On your joining and during the course of your employment with the Company, you will relinquish all your previous interest, if any,
either as a licensed agent or distribution agency of any other form with any other company, institution, firm, individual either in the
same line of business or otherwise.
12. You will always maintain utmost confidentiality and shall not either during your engagement with the Company or thereafter, divulge
to any person whatsoever any records, documents, formulae, processes, methods ideas or any other information or communication
whether written, visual or oral and whether or not marked as confidential, concerning the business and affairs of the Company or any
of its dealings, transactions which come to your knowledge during the course of your employment, or use any of the same for your
own benefit.
13. Whilst in employment of the Company, you shall at all times whether or not you have any financial interest or otherwise either
directly or indirectly, keep the Company disclosed fully of any conflicting business interest of your immediate relatives, if any,
associated with the Company either as employee, distribution agent or otherwise.
14. Any invention, improvement, or idea conceived by you in connection with your employment with the Company, shall become the
Company’s exclusive property. For the purpose of this section / point, the Company shall in addition to (HDFC Standard Life Insurance
Company Limited) mean and include any other firm, person or company subsidiary to or affiliated with the Company
15. Unless specifically authorized by the proper authority within the Company, you will not engage or represent the Company, whether in
person or by way of any written document and, in any manner.
16. During the course of your employment you will be required to abide by governing laws, applicable rules and regulations and maintain
highest standard of personal conduct and integrity and comply with all policies and procedures of the Company. Any breach,
deviation, disobedience of code of conduct/procedures/policies/laws/regulations including but not restricted to any acts of
insubordination, negligence, corruption, fraud, forgery, misappropriation and unacceptable behaviour, which bring disrepute to the
Company either within or outside the Company premises would warrant stern disciplinary action, including dismissal from services of
the Company without notice or wages in lieu of notice.
Notice on confirmation
17. This engagement may be terminated by either party by giving to the other, at any time, notice of fifteen days in writing or by paying
wages/compensation for fifteen days in lieu of notice.
18. Notwithstanding anything contained herein, your employment with the Company shall stand terminated forthwith without any notice
or payment in lieu of notice on account of :
a. breach of governing laws, applicable rules and regulations;
b. breach of applicable Company policies, procedure or code of conduct whether express or implied;
c. performance below defined targets as applicable from time to time;
d. any act/s which is/are regarded as breach to the interest of the Company.
Others terms and condition
19. Whilst in the employment of the Company you are required to effectively carry out all duties and responsibilities assigned to you.
Disrespect for other employees, insubordination or flouting company policies will not be tolerated.
20. You will be bound by all the existing rules and regulations as framed by the Company and those as enforced by the regulator in the
insurance industry from time to time.
21. You are required to provide all the necessary documents/ evidence required on the information furnished by you while seeking
employment and as required under the rules and regulations of the Company.
22. We believe that you have not made any false declaration or willfully suppressed any material information. Accordingly, the offer of
appointment is made relying upon information furnished and representation made by you. However, the offer of appointment is
subject to reference and background check to be conducted by the Company at its discretion at any point of time during the course of
your employment. If for any reason it is found that the reference or background check is negative or detrimental to the interest of the
Company as determined by the Company, in its sole discretion, the Company is entitled to terminate your services at any time during
or even after completion of the probation period with immediate effect without notice or any salary in lieu of notice.
23. If for any reason, you remain absent/abstain from duty for a continuous period of seven (7) days without pre-approved leave or
without intimating and obtaining the prior approval of your manager/immediate superior, or if you remain absent/abstain from duty
for a period of seven (7) days beyond the period of leave originally granted without intimation or without obtaining the approval of
your manager/immediate superior, it would be treated as abandonment of service and you will be deemed to have voluntarily
abandoned your service without notice. The Company / employer would not be responsible for any further intimation towards such
separation / abandonment of service nor any compensation or any full and final settlement payouts towards the same.
24. In case your employment with the Company is discontinued for any reason within 30 days from the date of joining, you will not be
eligible for payment of dues or any other benefit from the Company on account of the expenses incurred by HDFC Life towards
on-boarding activities.
25. It will be your sole responsibility to inform the Company in writing of any change in your address, failing which any communication
sent to you in the address last stated by you shall be deemed to be validly served on you.
26. On your joining, you will be required to undergo a Regional Induction programme for a period of twelve (12) days at the Specified
Regional location as communicated by the Regional Human Resources Manager, designated to your location .In case you are required
to travel and stay at another location other than your base location for your induction, you will be eligible for training allowance as per
Company Policy.
27. Whilst in the employment of the Company and for a period of three (3) months thereafter your salary bank account as reflected on
the Company’s records, may be subject to audit at any point of time. By signing this letter, you hereby authorize and provide to the
Company an irrevocable right to access your salary bank account for audit purposes during the period specified herein.
Management reserves the right to effect change in any of the above clauses and the same will be communicated to you through SAP or other
communication channels as prevalent . If you are agreeable to the above mentioned terms and conditions, please acknowledge your acceptance
by signing the duplicate copy of this letter.
We look forward to a mutually rewarding relationship.
Regards,
For & On behalf of
HDFC Standard Life Insurance Company Ltd.
Pramit Sen
AVP - Human Resources
I agree to and accept all the above terms and conditions.
Signature :
Annexure-1
Date: 27-Oct-2015
Name: Harwinder Singh
Designation: Sales Development Manager
Location: Khanna - G.T. Road
Band: J3
Fixed Cost To Company
Particulars Annual Monthly
Basic 54,000 4,500
House Rent Allowance 27,000 2,250
Conveyance 19,200 1,600
Special Allowance 47,591 3,966
Bonus 8,400 700
Monthly Gross 156,191 13,016
Group Insurance Benifit 7,300
Provident Fund 6,480
Gratuity 2,610
ESIC 7,419
Fixed CTC 180,000
Total CTC 180,000
The Bonus component shown above is as per the Payment of Bonus Act and would be paid as part of monthly salary. Sales incentives/VPP as
applicable, will be over and above this.
Other Eligibilities
On appointment you will be covered under the Group Term insurance as per Company policy for a term cover of Rs. 12,00,000.
