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SUMMER TRAINING REPORT
ON
RECRUITMENT OF LIFE ADVISERS
In the partial fulfillment of the Degree of Master of Business Administration
Session: (2012-2014)
Submitted by:
VIVEK NARAYAN SINGHROLL No. 60
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RAJARSHI SCHOOL OF MANAGEMENT AND TECHNOLOGY,
(U.P. COLLEGE CAMPUS VARANASI)
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PREFACE
Practical training is an important part of management courses.
Theoretical studies are not sufficient to get into corporate world
and understand the complexities of large-scale organizations.
Practical training exposes us to real practices of management in the
organization. It also exposes students to the treasures of
experience, knowledge and leaning which prerequisites of making
a successful career are.
I deem it privilege to have undergone this project. I acknowledge
that the practical training that I got from this cannot be gained
otherwise. I found my project very interesting and challenging.
(VIVEK NARAYAN SINGH)
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DECLARATION
I hereby declare that study of “RECRUITMENT OF LIFE ADVISERS” has
been exclusively done by me for the degree of MASTERS OF BUSINESS
ADMINISTRATION and not for any other degree, Diploma or fellowship.
This is my own study done under the guidance of guide and Managers of the
company.
I hereby declare that the contents of this report are true and best to my
knowledge.
(VIVEK NARAYAN SINGH)
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Brief summary
Introduction:
A general term ‘insurance’ is related to service sector. Insurance is
concerned with the protection of economic value of assets. For
example in case of a factory or a cow, the product generated by it
is sold and income is generated. In this project the Bharti AXA
Life Insurance Company is undertaken which is one of the popular
sector insurance sectors. The analysis of “Bharti AXA Life
Insurance” is taken form different sectors.
For creating strong relationship and for a success full business
every insurance company required financial planner.
Objective of the study:
How to recruit agents for Bharti-AXA life insurance.
To understand the process of RECRUITMENT OF LIFE
ADVISERS in life insurance.
Why people are not willing to work as an agent in life
insurance sector specially with private companies.
Need of the study:
The study is undertaken to know how many people are interested
to work as life insurance agent in Bharti AXA and their thinking
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about the Bharti AXA Life Insurance Company or about private
insurance company.
Conclusion:
In India, there is throat cut competition in the market of life
insurance that brand service which adopt new strategies for sales. I
concluding the whole story it can be said that people are much
more aware about the aspects of life insurance and also have
knowledge about the role and act of agent but mostly people
unwilling to work as life insurance agent and mostly people prefer
to work with LIC because it is a semi government corporation.
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Table of Contents
CHAPTER NO. PARTICULARS
CHAPTER 1 INDUSTRY PROFILE
CHAPTER 2 COMPANY PROFILE
CHAPTER 3 INTRODUCTION OF RECRUITMENT AND
SELECTION PROCESS OF AGENT
CHAPTER 4 RESEARCH METHODOLOGY
OBJECTIVES OF THE STUDY
CHAPTER 5 DATA PRESENTATION AND
INTERPRETATION
CHAPTER 6 LIMITATIONS AND FINDINGS
CHAPTER 7 CONCLUSION AND SUGGESTIONS
CHAPTER 8 BIBLIOGRAPHY
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WHAT IS INSURANCE
The business of insurance is related to the protection of the
ECONOMIC VALUES OF ASSETS. Every asset has a value. The
asset would have been created through the efforts of the owner.
The asset would have been created through the efforts of the
owner. The asset is valuable to the owner, because he expects to
get some benefits form it. It is a benefit because it meets some of
his needs. The benefit may be an income or in some other form. In
the case of a factory or a cow, the product generated by it is sold
and income is generated. In the case of a motor car, it provides
comfort and convenience in transportation. There is no direct
income. Both are assets and provide benefits.
Every asset is expected to last for a certain period of time during
which it will provide the benefits. After that, the benefit may not
be available.
There is a life-time for a machine in factory or a cow or a motor
car. None of them will last for ever. The owner is aware of this and
he can so manage his affairs that by the end of that period or life-
time, a substitute is made available. Thus he makes sure that the
benefit is not lost. However, the asset may get lost earlier. An
accident or some other unfortunate event may destroy it or make it
incapable of giving the benefits. An epidemic may kill the cow
suddenly. In that case, the owner and those enjoying the benefits
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therefore, would be deprived of the benefits. The planned
substitute would not have been ready. There is an adverse or
unpleasant situation. Insurance is a mechanism that helps to reduce
the effects of such adverse situations. It promises to pay to the
owner or beneficiary of the asset, a certain sum if the loss occurs.
HISTORY OF INSURANCE
Insurance has been known to exist in some form or other
since 3000 BC. The Chinese traders, traveling treacherous
river rapids would distribute their goods among several
vessels, so that the loss form any one vessel being lost, would
be partial and shared, and not total. The Babylonian traders
would agree to pay additional sums to lenders, as the price
for writing off the loans, in case of the shipment being stolen.
The inhabitants of Rhodes adopted the principle of general
average of ‘general average’, whereby, if goods are shipped
together, the owners would bear the losses in proportion, if
loss occurs, due to jettisoning during distress. {Captains of
ships caught in storms, would throw away some of the cargo
to reduce the weight and restore balance. Such throwing
away is called jettisoning} The Greeks had started benevolent
societies in the late 7 th century AD, to take care of the
funeral and families of members ho died. The great fire of
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London in 1666,in which more than 13000 house were lost,
gave a boost to insurance and the first fire insurance
company, called the fire office, was started in 1680.
The origins of insurance business as in vogue at present, is
traced to the Lloyd’s Coffee House in London. Traders, who
used to gather in the Lloyd’s coffee house in London, agreed
to share the losses to their goods while being carried by
ships. The losses used to occur because of pirates who robbed
on the high seas of because of bad weather spoiling the goods
or sinking the ship. In India, insurance began in 1818 with
life insurance being transacted by an English company, the
Oriental Life Insurance Co. in 1870 in Mumbai. This was
followed by the Bharat Insurance co. in 1896 in Delhi, the
Empire of India in 1897 in Mumbai, The United India in
Chennai, the National, the National Indian and Hindustan
Cooperative in Kolkata.
Later, were established the cooperative Assurance in Lahore,
the Bombay Life (originally called the swadeshi life), the
India Mercantile, the new India and the Jupiter in Mumbai
and the Lakshmi in New Delhi. These were all Indian
companies started as a result of the swadeshi movement in
the early 1900s. By the year 1956, when life insurance
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business was nationalized and the life Insurance Corporation
of India (LIC) was formed on1st September 1956, there were
170 companies and 75 provident fund societies transacting
life business in India. After the amendments to the relevant
laws in 1999, the L.I.C. did not have the exclusive privilege
of doing life insurance business in India. By 31.8.2007,
sixteen new life insurers had been registered and were
transacting life insurance business in India.
The History of Insurance in India
Some of the important milestones in the life insurance
business in India are:
1912 - The Indian Life Assurance Companies Act enacted as
the first statute to regulate the life insurance business.
1928 - The Indian Insurance Companies Act enacted to
enable the government to collect statistical information about
both life and non-life insurance businesses.
1938 - Earlier legislation consolidated and amended to by the
Insurance Act with the objective of protecting the interests of
the insuring public.
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1956 - 245 Indian and foreign insurers and provident
societies taken over by the central government and
nationalized. LIC formed by an Act of Parliament, viz. LIC
Act, 1956, with a capital contribution of Rs. 5 crore from the
Government of India.
The General insurance business in India, on the other hand,
can trace its roots to the Triton Insurance Company Ltd., the
first general insurance company established in the year 1850
in Calcutta by the British.
Life Insurance a Basic Need
Life insurance is a contract providing for payment of a sum of
money to the person assured or, failing him, to the person
entitled to receive the same, on the happening of certain event.
A family is generally dependent for its food, clothing and shelter
on the income brought in at regular intervals by the bread winner
of the family. So long as the he lives and the income is received
steadily, that family is secure; but should death suddenly intervene
the family may be left in a very difficult situation and sometimes,
in stark poverty.
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Uncertainty of death is inherent in human life. It is this uncertainty
that is risk, which gives rise to the necessity for some form of
protection against the financial loss arising from death; insurance
substitutes this uncertainty by certainty.
Few Advantages of Life Insurance.
1. It is superior to an ordinary savings plans:
This is so because unlike other saving plans, it affords full
protection against risk of death. In case of death, the full sum
assured is made available under a life assurance policy; whereas
under other savings schemes the total accumulated savings alone
will be available. The latter will be considerably less than the sum
assured, if death occurs during early years.
2. Insurance encourages and forces thrift:
A savings deposit can be too easily withdrawn. Many may not be
able to resist the temptation of using the balance for some less
worthy purpose. On the other hand, the payment of life insurance
premiums becomes a habit and comes to be viewed wit the same
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seriousness as the payment of interest on a mortgage. Thus
insurance, in effect brings about compulsory saving.
3. Easy settlement and protection against creditors:
The life assured can name a person or persons to whom the policy
moneys would be payable in the event of his death. The proceeds
of a life insurance policy can be protected against.The claims of
the creditors of the life assured by effecting a valid assignment of
the policy. A married women’s property act policy constitutes a
trust in favor of the wife and children and no separate assignment
is necessary. The beneficiaries are fully protected from creditors
except to the extent of any interest in the policy retained by the
assured.
.
4. Administering the legacy for beneficiaries:
It often happens that a provision which a husband or father has
made through insurance is quickly lost through speculative or
unwise investment or by unnecessary expenditure on luxuries.
These contingencies can be provided against in the case of
insurance. The policyholder can arrange that in the in the event of
his death the beneficiary should receive, instead of a single sum
(a). payment of the net claim amount by equal installments over a
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specified period of years, or (b).payment of the claim amount by
smaller monthly installments over the selected period followed by
a lump sum at the end thereof.
5. Ready marketability and suitability for quick borrowings:
After an initial period, if the policy holder finds himself unable to
continue payment of premiums he can surrender the policy for a
cash sum. Alternatively he can tide over a temporary difficulty by
taking loan on the sole security of the policy without delay. Further
a life insurance policy is sometimes acceptable as security for a
commercial loan.
6. Tax relief:
For computing income tax (especially in India the Indian income
tax act) follows deduction from income tax payable, a certain
percentage of a portion of the taxable income of individuals which
is diverted to payment of insurance premiums. When this tax relief
is taken into account it will be found that the assured is n effect
paying a lower premium for his insurance.
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How Insurance Works
The mechanism of insurance is very simple. People who are
exposed to the same risks come together and agree that, if any one
of the members suffers a loss, the others will share the loss and
make good to the person who lost. All people who send goods by
ship are exposed to the same risk related to water damage, ship
sinking, piracy, etc. those owning factories are not exposed to
these risks, but they are exposed to different kinds of risks like,
fire, hailstorms, earthquakes, lightening, burglary, etc. like this,
different kinds of risks can be identified and separate groups, made
including those exposed to such risks. By this method, the risk is
spread among the community and the likely big impact on one is
reduced to smaller manageable impacts on all.
If a Jumbo Jet with more than 350 passenger’s crashes, the loss
would run into several crores of rupees. No airline would be able
to bear such a loss. It is unlikely that many Jumbo Jets will crash at
the same time. If 100 airline companies flying Jumbo Jets, come
together into an insurance pool, whenever one of the jumbo jets in
the pool crashes, the loss to be borne by each airline would come
down to a few lakhs of rupees. Thus, insurance is a business
‘sharing’.
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Role of Insurance in Economic Development
For economic development, investments are necessary.
Investments are made out of savings. A life insurance
company is a major instrument for the mobilization of
savings of people, particularly from the middle and lower
income groups. These savings are channeled into investments
for economic growth.
An insurance company’s strength lies in the fact that huge
amounts come by way of premiums. Every premium
represents a risk that is covered by that premium. In effect,
therefore, these vast amounts represent pooling of risks. The
funds are collected and held in trust for the benefit of the
policyholders.
The management of insurance companies is required to keep
this aspect in mind and make all its decisions in ways that
benefit the community. This applies also to its investments.
This is why successful insurance companies would not be
found investing in speculative ventures. Their investments
benefit the society at large.
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The system of insurance provides numerous direct and
indirect benefits to the individual and his family as well as to
industry and commerce and to the community and the nation
as a whole. Those who insure, both individuals and
corporate, are directly benefited because they are protected
from the consequences of the loss that may be caused by the
accident or fortuitous event. Insurance, thus, in a sense
protects the capital in industry and releases the capital for
further expansion and development of business and industry.
The every existence of risk that is, uncertainty concerning the
future, is a severe handicaps in economic activities. Insurance
removes the fear, worry and anxiety associated with this
future uncertainty and thus encourages free investment of
capital in business enterprises and promotes efficient use of
existing resources.
Thus insurance encourages commercial and industrial
development and there by contributes to a vigorous economy
and increased national productivity.
Present day organization of industry, commerce and trade
depend entirely on insurance for their operation, banks and
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financial institutions lend money to industrial and
commercial undertakings only on the basis of the collateral
security of insurance. No bank or financial institution would
advance loans on property unless it is insured against loss or
damage by insurable perils.
Insurers are closely associated with several agencies and
institutions engaged in fire loss prevention, cargo loss
prevention, cargo loss prevention, industrial safety and road
safety. Before acceptance of a risk, insurers arrange survey
and inspection of the property to be insured, by qualified
engineers and other experts.
The object of these surveys is not only to assess the risk for
rating purposes but also to suggest and recommend to the
insured, various improvements in the risk, which will attract
lower rates of premium and what is more important , reduce
the loss potential. For example, burglary surveyors make
recommendation in regard to security measures such as better
locking system, appointment of Watchman, etc. Engineering
surveys play a most useful part in accident prevention as
valuable technical advice is provided in respect of plant and
machinery.
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Insurance ranks with export trade, shipping and banking
services as earner of foreign exchange to the country. It helps
to earn foreign exchange and represent invisible exports.
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List of Insurance Companies Listed in Different Years
List of Life Insurance Companies
S.
No
.
Regist
ration
Numb
er
Date of
Reg.
Name of the Company
1 101 23.10.2
000
HDFC Standard Life Insurance
Company Ltd.
2 104 15.11.2
000
Max New York Life Insurance Co.
Ltd.
3 105 24.11.2
000
ICICI Prudential Life Insurance
Company Ltd.
4 107 10.01.2
001
Kotak Mahindra Old Mutual Life
Insurance Limited
5 109 31.01.2
001
Birla Sun Life Insurance Company
Ltd.
6 110 12.02.2
001
Tata AIG Life Insurance Company
Ltd.
7 111 30.03.2
001
SBI Life Insurance Company
Limited .
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8 114 02.08.2
001
ING Vysya Life Insurance Company Private
Limited
9 116 03.08.2
001
Bajaj Allianz Life Insurance Company
Limited
10 117 06.08.2
001
Metlife India Insurance Company Ltd.
11 133 04.09.2
007
Future Generali India Life Insurance
Company Limited
12 135 19.12.2
007
IDBI Fortis Life Insurance Company
Ltd.
1
3
102 23.10
.2000
Royal Sundaram Alliance
Insurance Company Limited
1
4
103 23.10
.2000
Reliance General Insurance
Company Limited.
1 106 04.12 IFFCO Tokio General
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5 .2000 Insurance Co. Ltd
1
6
108 22.01
.2001
TATA AIG General
Insurance Company Ltd.
1
7
113 02.05
.2001
Bajaj Allianz General
Insurance Company Limited
1
8
115 03.08
.2001
ICICI Lombard General
Insurance Company Limited.
1
9
131 03.08
.2007
Apollo DKV Insurance
Company Limited
2
0
132 04.09
.2007
Future Generali India
Insurance Company Limited
2
1
134 16.11
.2007
Universal Sompo General
Insurance Company Ltd.
2
2
121 03.01
.2002
Reliance Life Insurance
company Ltd.
2
3
122 14.05
.2002
Aviva Life Insurance Co.
India Pvt. Ltd.
2
4
127 06.02
.2004
Sahara India Insurance
Company Ltd.
2
5
128 17.11
.2005
Shriram Life Insurance
Company Ltd.
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2
6
130 14.07
.2006
Bharti AXA Life Insurance
Company Ltd.
2
7
133 04.09
.2007
Future general Indai life Insurance Co.Ltd
2
8
135 19.12
.2007
IDBI Fortis Life Insurance
Company Ltd.
2
9
136 08.05
.2008
Canara HSBC Oriental Bank
of Commerce Life
Insurance Company Ltd.
3
0
138 27.06
.2008
Aegon Religare Life
Insurance Company Ltd.
3
1
140 27.06
.2008
DLF Pramerica Life
Insurance Company Ltd.
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List of General Insurance Companies
1 123 15.07
.2002
Cholamandalam General
Insurance Company Ltd.
2. 124 27.08
.2002
Export Credit Guarantee
Corporation Ltd.
3. 125 27.08
.2002
HDFC-Chubb General
Insurance Co. Ltd.
1 139 27.06
.2008
Bharti Axa General Insurance
Company Ltd.
2 141 15.12
.2008
Raheja QBE General
Insurance Co. Ltd
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History of Bharti AXA Life Insurance
Bharti AXA Life Insurance is a joint venture between Bharti, one
of India’s leading business groups with interests in telecom, agri
business and retail, and AXA, world leader in financial protection
and wealth management. The joint venture company has a 74%
stake from Bharti and 26%stake of AXA.
The company launched national operations in December 2006.
Today, company have over 8000 employees across over 12 states
in the country and a national footprint of distributors trained to
provide quality financial advice and insurance solutions to the
large Indian customer base. Open first branch office in Hyderabad.
Introduces 2 unit linked products- “future confident’ and ‘wealth
confident’
As we further expand our presence across the country with a large
network of distributors, we continue to provide innovative product
and service offerings to cater to specific insurance and wealth
management needs of customers. Whatever your plans in life, you
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can be confident that Bharti AXA Life will offer the right financial
solutions to help you achieve them.
Bharti-AXA perform over following cities
Hyderabad
Mumbai
Delhi
Bangalore
Kolkata
Chennai
Ahmedabad
Ludhiana
Lucknow
Surat
Kochi
Indoor
Chandigarh
Vadodra
Bhubneshwar
Jaipur
Mohali
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Vision
To be a leader and the preferred company for financial protection
and wealth management in India
values
professionalism
InnovationTeam Spirit
Pragmatism Integrity
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Strategy
To achieve a top 5 market position in India through a multi-
distribution, multi-product platform
To adapt AXA's best practice blueprints as a sound platform
for profitable growth
To leverage Bharti's local knowledge, infrastructure and
customer base
To deliver high levels of shareholder return
To build long term value with our business partners by
enhancing the proposition to their customers
To be the employer of choice to attract and retain the best
talent in India
To be recognised as being close and qualified by our
customers
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Bharti Group
Bharti Airtel Ltd
Bharti Airtel Ltd is one of Asia's leading telecommunications
service provider. The Company is India’s largest integrated
telecom company in terms of customer base and offers Mobile
Services, Fixed Line services, Broadband & IPTV, DTH, Long
Distance and Enterprise services. Airtel also offers mobile services
in Sri Lanka on a state-of-the art 3.5 G network.
Bharti TeleTech Ltd
Bharti Teletech is India’s leading telecom & allied products
company. It is one of the largest manufacturers of landline
telephones in the world. With a strong distribution network across
the country, the company is also the primary distributor of IT and
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Telecom products from interntional brands such as Motorola,
Blackberry, Thomson, Polycom, Transcend, and Logitech.
Telecom Seychelles Ltd
A subsidiary of Bharti, Telecom Seychelles Ltd provides
comprehensive telecom services including 3G mobile services in
Seychelles, under the ‘Airtel’ brand.
Comviva Technologies Ltd
Comviva is the leading provider of integrated VAS solutions for
mobile operators in emerging markets. Among the top 3 global
providers of integrated VAS solutions in rapidly growing markets,
Comviva has deployed solutions for over 100 mobile operator
customers in over 80 countries worldwide.
FieldFresh Foods Pvt. Ltd.
FieldFresh Foods Pvt. Ltd., is a venture between Bharti Enterprises
and Del Monte Pacific Limited, to offer fresh and processed fruits
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and vegetables in the domestic as well as international markets,
including Europe and the Middle East.
Bharti Retail Pvt Ltd
Bharti Retail is a wholly owned subsidiary of Bharti Enterprises.
Bharti Retail operates a chain of multiple format stores that offer
consumers affordable prices, great quality and wider choice. The
company’s neighbourhood format stores operate under the
"Easyday" brand and the compact hypermarket format under the
“Easyday market” brand.
Bharti AXA General Insurance Company
Bharti AXA General Insurance is a joint venture between Bharti
Enterprises and AXA, world leader in financial protection and
wealth management. The company was incorporated in July 2007
and offers a full suite of general insurance solutions to meet the
needs of businesses and individuals alike.
Page 35
Bharti AXA Life Insurance Company
Bharti AXA Life Insurance Company Ltd is a joint venture
between Bharti Enterprises and AXA, world leader in financial
protection and wealth management. The company offers a range of
life insurance and wealth management products with an endeavour
to help customers lead a confident life.
Bharti AXA Investment Managers Pvt. Ltd.
Bharti AXA Investment Managers Pvt. Ltd., an asset management
company in India, is a joint venture between Bharti Enterprises,
AXA Investment Managers (AXA IM) and AXA Asia Pacific
Holdings (AXA APH).
Page 36
Centum Learning Limited
Centum Learning Limited provides end-to-end learning and skill-
building solutions to several large corporates. It provides solutions
that impact business performance through enhanced employee
productivity, customer profitability and effective talent
transformation.
Jersey Airtel Ltd
Jersey Airtel, a subsidiary of Bharti, offers world-class mobile
services in Jersey (Channel Islands) over its full 2G, 3G and
HSDPA enhanced network. The Company brings market-leading
products and services to its customers under Airtel-Vodafone
brand.
Bharti Foundation
Bharti Foundation was set up in 2000, with the vision, “To help
underprivileged children and young people of our country realize
their potential”. It aims to create and support programs that bring
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about sustainable changes through education and the use of
technology and information.
Bharti Realty
Bharti Realty Limited is a young, vibrant and dynamic realty
company with expanding interests in commercial, retail and
residential real estate. Bharti Realty aims to be amongst the most
admired real estate players in India and aspires to attain highest
degree of customer trust through superior product design and
maintaining an uncompromising stand towards environmental
responsibility, ethics and safety
Bharti Infratel
Bharti Infratel, a wholly owned subsidiary of Bharti Airtel,
provides passive infrastructure services on a non-discriminatory
basis to all telecom operators in India. Bharti Infratel also holds
approximately 42% stake in Indus Towers, a joint venture between
Bharti, Vodafone and Idea to offer passive infrastructure services.
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Bharti Enterprises
Bharti Airtel Ltd:
Bharti Airtel Ltd is India’s leading provider of
telecommunications service. The company has 4 distinct Business
divisions- mobile and telephone services, broadband services, long
distance services and enterprise services,
Bharti Teletech Ltd
Bharti Teletech Ltd manufactures and exports world-class telecom
equipment under the brand ‘Beetel’.
Telecom Seychelles Ltd
Telecom Seychelles ltd provides telecom services in Seychelles,
under the brand ‘Airtel’.
Bharti AXA Life Insurance
Bharti AXA Life Insurance is a joint venture between Bharti, one
of India’s leading business groups with interests in telecom, agri
business and retail, and AXA, world leader in financial protection
Page 39
and wealth management. The joint venture company has a 74%
stake from Bharti and 26%stake of AXA.
Bharti Telesoft Ltd
Bharti Telesoft Ltd delivers best-in-class,
Revenue-critical Vas products and service to telecom carriers,
Tele Tech Service Ltd
Tele Tech Service (India) Ltd is Joint venture with Tele Tech Inc.,
U.S.A. It offers a range of Customer Management Services.
Field Fresh Foods Pvt Ltd
Field Fresh Foods Pvt Ltd is Bharti’s Venture with EL Rothschild
Group owned ELRO holding India Ltd., to export fresh Agricltural
products exclusively to markets in Europe and USA.
Page 40
AXA
AXA Group is a worldwide leader in Financial Protection. AXA's
operations are diverse geographically, with major operations in
Western Europe, North America and the Asia/Pacific area. AXA
had Euro 1,315 billion in assets under management as of
December 31, 2006. For full year 2006, IFRS revenues amounted
to Euro 79 billion, IFRS underlying earnings amounted to Euro
4,010 million and IFRS adjusted earnings to Euro 5,140 million.
The AXA ordinary share is listed and trades under the symbol
AXA on the Paris Stock Exchange. The AXA American
Depository Share is also listed on the NYSE under the ticker
symbol AXA.
AXA Asia Pacific Holdings
AXA Asia Pacific Holdings Ltd (AXA APH) is listed on the
Australian stock exchange and is 52.3% owned by AXA SA. AXA
APH is responsible for AXA SA’s life insurance and wealth
management businesses in the Asia-Pacific region. It has
operations in Australia, New Zealand, Hong Kong, Singapore,
Indonesia, Philippines, Thailand, China, India and Malaysia. AXA
APH had A$106.4 billion in total funds under management and
administration at 30 June 2007 and reported a profit after tax
Page 41
before non-recurring items of A$374.0 million for the six months
ended 30 June 2007.
Products of Bharti-AXA Life Insurance
Bright stars
This is a regular premium unit-linked insurance policy, which,
which offers you the twin benefits of protecting your loved ones
and creating wealth for them over the desired period.
As a caring parent, you want only the best for your child. As
your child grows, his aspirations will grow too and so will your
responsibilities. Whether it’s higher studies abroad, a grand
wedding or a comfortable home … you can now ensure that your
child is always one step ahead
You can fulfill all the dreams you have for your child, and give
him what he deserves. A bright future!
The plan also offers the flexibility to make modifications,
depending on the changing needs of your child. As his dreams
grow, the plan will grow too… so financial hurdles will never
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come in the way of his growing dreams! With Bharti AXA Life
Bright Stars,
Spot suraksha
Introduction
Parameter EligibilityMinimum age at entry 18 yearsMaximum age at entry 70 years minus policy benefit period
chosen.
E.G: for policy benefit period of 17
years, the maximum age at entry is 53
years.Maximum age at
maturity
70 years
Minimum premium Rs.15,000 p.a. for annual & semi-
annual modes Rs18,000 p.a for
monthly modePremium modes Annual, semi-annual and monthlyPolicy benefit periods
available
7 years,10 years,15 years, 17 years and
20 yearsMinimum top-up
premium
Rs. 2,500
Page 43
Spot Suraksha is a unit liked insurance product, which offers you
an instant insurance protection and benefit of wealth creation in the
long-term.
Main Advantages of Spot Suraksha
Understand the product:(Read and understand the product
brochure)
Answering the simple health related questions, Sign up the
simple application form, submit photograph, proofs for identity,
address and age.
A cover note is issued to policy holder and insurance cover starts
instantly.
100% allocation of premium- Full allocation of premium to the
Investment Fund, according to policy holder choice from 2nd year
onwards.
A guaranteed special addition equal to 130% of annualized
premium in the first policy year is added in the policy fund at
maturity or death, which is earlier.
Page 44
PARAMETER ELIGIBILITY
Minimum age at entry 5 years
Maximum age at entry 55 years
Maximum age at maturity 70 years
Minimum premium Rs. 12,000 p.a
Premium Modes Annual, Semi-annual and
monthly
Policy term 15 years
Minimum top up premium Rs. 5,000
Page 45
Dream life pension
Let you live your retired life king-size
This plan is made for old persons and to make them self
independent and live a life of dignity and self-respect. Today you
are busy climbing the ladder of success and realizing your dreams.
Today, time is with you. Just take a moment and think.
The bharti AXA Life Dream life pension gives you:
A post retirement income for life.
Policy holder choose the age at which he/she would like to retire
(vesting age), which determines your premium paying term.
Alternatively you can opt for single premium payment.
Page 46
PARAMETER ELIGIBILITY
Minimum age at entry 18 years
Maximum age at entry 70 years
Minimum age at vesting
Maximum age at vesting
45 years
80 years
Premium modes Single pay, yearly, Half-
yearly ,Quarterly and monthly
Minimum premium Annual Regular Premium:
Rs.12, 000p.a.
Minimum policy term 10 years
Minimum top-up premium Rs.2, 500 and no maximum
limit on top-up premium and
top up allowed only after first
policy year.
Page 47
MERIT PLUS
This is a regular premium unit-linked insurance policy which
offers you the twin benefits of protection against financial loss in
the unfortunate event of the death and helping you to create wealth
systematically over the long-term. Hence this product is suitable
for your long-term objective like retirement planning, children’s
future and giving a total protection to you and your family.
PARAMETER ELIGIBILITY
Minimum age at entry 0 year
Maximum age at entry 60 years (For death benefit
option A)
55 years (For death benefit
option b)
Maturity age 80 years (for death benefit
option A)
75 years (for death benefit
option B)
Policy benefit period 80 year less age at entry (for
death benefit option A)
Page 48
75 years less age at entry (For
death benefit option B)
Premium payable period Yearly, Half-Yearly And
Monthly
Minimum premium Rs.10,000
Minimum Top-up premium 500
Benefits of Bharti AXA Life merit plus
In merit plus the policy holder must have to choice one option out
of the two.
1.Sum assured(less all partial withdrawals made form the basic
policy fund during the 12 months prior to the date of death of life
assured) or the policy Fund Value as on the date of intimation of
death, which is higher, will be paid.
2.The sum of sum assured and the policy fund value as on the date
of intimation of death will be paid.
Page 49
Future confident
Future confident is a suitable product for you, if your objective is
long-term targeted wealth creation over 15-20 year, either for your
own retirement or for your children’s future, while at the same
time providing your family enhance financial protection.
PARAMETER ELIGIBILITY
Minimum age at entry 0 year
Maximum age at entry 60 years
Maturity age 70 years
Policy benefit period 70 year less age at entry
Premium payable period Yearly, Half-Yearly, quarterly
and Monthly
Minimum premium Rs.10,000 for yearly, 5,000 for
half-yearly 2,500 for quarterly
and Rs.834 for monthly
premium
Minimum Top-up premium 500
Page 50
Secure Confidence
Provide complete financial protection to your family, even when
you are not there.
Secure confident is suitable to you if your objective is to protect
your family against any financial loss caused due to unfortunate
death, disability due to an accident or critical illnesses which may
deprive them of a secured future.
Parameter Eligibility
Minimum age at entry 18 years
Maximum age at entry 55 years
Minimum sum assured Rs.5 ,00,000
Minimum premium RS.1,500 for yearly,Rs.780 for
half-yearly, Rs.405 for quarterly
and Rs.135 for monthly
premium
Policy benefit period 5,10,15,20 and 25 years
Maximum age at maturity. 60 years
Premium paying term Equal to the policy benefit
period.
On death On survival
A sum assured is paid to the
policy holder or nominee and
the policy shall be terminated.
The policy shall be terminated
and no monies shall be payable
to the policy holder.
Page 51
Introduction of the process of
Recruitment of Life Advisers
Page 52
Objectives of the study
To understand the process of RECRUITMENT OF LIFE
ADVISERS in Bharti AXA life insurance.
How to recruits agent for Bharti-AXA life insurance
To know about the view of general public about the job of agent
Why people are not willing to work with as an agent, especially
with private player.
Meaning of Recruitment
Finding the right people is a make-or-break factor for success in
business today. Recruiting the top talent for a job takes time and
you have to attract quality candidates who have the knowledge and
skills needed to help your company grow.
The fact is, your success with recruitment depends on how well
you prepare your job ad, and use source of recruitment, and your
interviewing skills.
Page 53
Prepare a job ad that works to start, you want to be sure that your
potential candidate truly understands the job. The clearer you are
with the task description, working conditions and advantages, the
less time you will waste examining and rejecting applications
The essentials of any job description are:
A brief description of your company
Detailed outline of the tasks involved
Qualifications and experience required
Equipment and resources used to do the work
Skills required using them.
However, you should also include work benefits (e.g., vacation,
travel and perks), general working conditions (e.g., scheduling,
outside work) and the specific traits required (e.g.,
teambuilding and communications skills). Ultimately, you want to
be perceived as an attractive employer in a competitive market.
Find the right recruitment vehicle choose the vehicle that best
works for your company, depending on your budget and resources.
Word of mouth, or simply telling your employees, friends and
Page 54
colleagues about a job opening, is a less expensive strategy but
generates fewer candidates. The advantage is that you already
know something about your recruiters and their skills, knowledge
and achievements. This is a preferred method with companies that
have a finder's fee program for their employees.
Advertising is a toss of the dice. If it goes well, it can help you find
ideal candidates in a regional, national, or international pool. If not,
it's a costly investment yielding few results. Make sure to factor in
the time it takes to go through
a large number of resumes.
Employment agencies cost more but generally provide a good
range of candidates. The employment advisors look at your needs,
screen a number of candidates, and only send you the applications
that meet your requirements. Bear in mind that the largest
employment agencies do not necessarily offer the best choice of
candidates. There are numerous agencies that specialize in
recruitment in specific sectors.
Page 55
Recruiting online such as monster.ca, workopolis.com, and
jobboom.com. These can provide inexpensive, worldwide access to
employees. In fact, 65% of job seekers now have access to these
types of services.
Using the Internet for recruiting usually involves regular visits to
specialized recruitment sites, joining newsgroups, and posting your
job openings on recruitment sites, electronic publications and on
your own Web site.
Page 56
After recruitment the next part is selection of best candidates.
Make the interview deliver
Since the purpose of an interview is to identify and verify the
candidate's potential, it should be structured to bring out all the
desired competencies and aptitudes. Remember that you have to
decide between the candidates: you could create a point system or
analysis grid for comparing their strengths and weaknesses.
Here are a few points to consider when structuring an interview:
Make a list in advance of the points for discussion and
corresponding questions.
Present the candidates with a situation they could face on the
job and ask them how they would react. This will enable you to
evaluate the candidates' knowledge, skills and work methods.
Ask the candidates to describe some difficult situations
encountered in previous jobs and to explain the way in which
they were resolved. This will give you the chance to gauge the
Page 57
candidates' self-confidence, creativity and problem-solving
skills.
Ask the candidates to describe a difficult situation involving
colleagues and how it was resolved. This will enable you to test
their aptitude for teamwork.
Ask the candidates about their ambitions and plans to ensure
they fit your company profile.
Beware of asking questions about personal interests. They can get
the interview off track or annoy people who want to keep their
work and private lives separate.
Definition of Agent
Page 58
According to section 182 of Indian contracts Act, an “agent” is a
person employed to do any act for another or to represent
another in dealing with a third person. In the insurance industry,
the term “agent” is ordinarily applied to a person engaged by the
insurer to procure new business. The insurance Act definers and
insurance agent as one who is licensed under Section 42 of that
Act and is paid by way of commission or otherwise, in
consideration of his soliciting of procuring insurance business,
including business relating to the continuance, renewal or revival
of policies of insurance. He is, for all purposes, an authorized
salesman for insurance and needs a license.
An agent is one who acts on behalf of another. The “another” on
whose behalf the agent acts, is called the principal in this case.
The insurance company is the principal in this case. The lawyer
is the agent of the client, when he argues the case in court. An
ambassador is an agent of his country. The agent represents the
principal and acts on his behalf. Some insurers designate their
agents as ‘advisers”,” consultants” etc. as if they are independent
advisor or consultant would not be appointed by an insurance
company. He would be knowledgeable enough as a person to be
Page 59
approached for advice or consultation. Some insurance agents
may acquire that status. All insurance agents should strive to
attain that status.
Procedure for becoming an Agent
Page 60
The insurance Act, 1938 lays down that an insurance agent must
possess a licence under Section 42 of that Act. The licence is to be
issued by the IRDA. The IRDA has authorized designated persons,
in each insurance company, to issue the licences on behalf of the
IRDA.
In terms of the Insurance Act, a licences will not be given if the
person is
(a) minor,
(b) found to be of unsound mind,
(c) found guilty of criminal misappropriation or criminal
misappropriation or criminal breach of trust or cheating or
forgery or an abetment of or attempt to commit any such
offence
(d) found guilty of or knowingly participation in or conniving
at any fraud, dishonesty or misrepresentation against an
insurer or an insured,
(e) not possessing the requisite qualifications and specified
training,
(f) Found violating the code of conduct as specified in the
regulations.
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(g) The fee for a licence is Rs.825 for individual. A licence is
granted for 3 years. It may be renewed after 3 years and
again valid for 3 years.
A licence issued by the IRDA may be to act as an agent for a life
insurer, for a general insurer or as a composite insurance agent
working for a life insurer as sell as a general insurer. No agent is
allowed to work for more than one life insurer or more than one
general insurer.
The Qualifications necessary before a licence can be given are that
the person must be
(a) Not a minor.
(b) Have passed at least the 12th standard or equivalent
examination, if he is to be appointed in a place with a
population of 5,000 or more. (10th standard otherwise.)
(c) Have undergone practical training for at least 50 hours in
life or general insurance business, as the case may be,
form an institution, approved and notified by the IRDA.
IN the case of a person wanting to become a composite
insurance agent, the applicant should have completed at
Page 62
least 75 hours practical training in life and general
insurance business, which may be spread over six to eight
weeks.
d) Have passed the pre-recruitment examination conducted by
the insurance institute of India or any other examination
body authorized by the IRDA.
The licence once issued, can be cancelled whenever the person
acquires a disqualification. Applications for renewal have to make
at least thirty days before the expiry of the licence, along either the
renewal fee of Rs.250. If the application is not made at least thirty
days before the expiry, but is made before the date of expiry of
licence, an additional fee of Rs.100 is payable . If the application is
made after the date of expiry, it would be normally being refused.
Prior to renewal of the licence, the agent should have completed at
least 25 hours practical training in life or general insurance
business or at least 50 hours practical training in life and general
insurance business in the case of a composite insurance agent.
Page 63
Insures who select agents for appointment, make arrangements for
training, for appearing in the prescribed examinations, and
obtaining the licence.
NOTE
The insurance Act provides, In Section 44, for payment of
commission on renewal premium even after termination of the
agency. The commission will be limited to a rate not exceeding
4%, to be eligible for this; the agent should have been an agent
with that insurer for at least
(1) five years and policies for at least Rs50,000 are in force
one year before termination of agency or,
(2) 10 year.
This commission will be payable to the heirs of the agent after the
agent’s death.
Page 64
FUNCTION OF AN AGENT
Understanding the prospect’s needs and persuade him to buy
a plan of life insurance that suits his interests best.
Complete the formalities:- paper work, medical examination,
which are necessary to get the policy expeditiously.
Keep in touch to ensure that changing circumstances are
reflected in the arrangements relating to premium payments,
nomination and other necessary alterations.
Facilitate quick settlement of claims.
Be totally honest with both the prospect and the insurer.
Not to induce prospects to submit wrong information.
Page 65
Career with Bharti AXA
Opportunity to earn unlimited income.
Career Growth.
Be your own boss.
High quality training & Support to improve productivity.
Compensation amongst the best.
Club member benefits.
Payout structured to facilitate your cash flows better.
Best in class & competitive products.
Pension for life.
Page 66
Recruitment Process
Develop a Profile
Develop sources of recruitment
Approaching the Targeted recruits
Initial screening and Interviews
Reality check
Page 67
Sources of Recruitment
Controlled Uncontrolled
Natural Market
Central of Influence
Agent gets Agents
Job Ads/Inserts
Placement Consultants
Presentation / Seminar
Cold Prospecting
Data Base
Primary Secondary
Page 68
Controlled Market
Natural market
Your family
Your friends
People at job/business
Neighbors
Extended Natural market
The following are sources of names:
People know through children.
People know through spouse.
People know through hobbies/ games.
People known through social groups
People known through public service.
People you do business with.
Friends of friends.
CENTRE OF INFLUNCE
People with influence and prestige, other member of society
believe and faith on them.
Page 69
People who have a big circle of relationships: like secretary in
societies, president of an association.
People who are known to you and are wiling to help you.
People who have contacts with the class of people you want to
deals with.
People who have faith in your leadership.
A centre of influence is a person who is in contact with many
people through social, political, religious or business
angulations
Usually a respected individual with influence over the people
with he/she is in contact.
Uncontrolled Sources
Job Ads/Inserts
This program should be on regular long range basis.
Example: Navajeevan sharma who is a relationship officer in
bhrati AXA Life Insurance company put an ad in the
newspaper, in which he called for the reader to phone him
during a specified 2 to 4 hours period on Monday or Sunday
morning
From those who called Navjeevan Sharma was able to eliminate
more misfits (who are not qualified) and arrange for two to six
personal visits.
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Placement consultants
MOA can recruit a placement consultant or register him self in
internet job search sites to get list of prospects.
Seminars/job fairs
Manager of agency can also organized seminars at
management institutes and colleges.
OR
Bharti AXA life insurance company participate in the job fairs
and then short list
prospects and then look for further opportunities for them.
Cold Prospecting
MOA can use the telephone directory.
MOA and telecaller can use the directories of various business
and social organizations.
Database
Primary data: Direct collection of data of from the source of
information, technology including personal interviewing, survey
etc.
Secondary Data: Indirect collection of data from sources can
be purchased from the open market and various kind of database
are available such as telephone databases of various surveys.
Page 71
Point to be noted while recruiting the Agents
Mature and responsible family person.
Ambitious, hungry for recognition, challenges.
Occupation.
Experience and current designation.
For how many years he is living in the city.
Greedy person.
Occupation of parent.
Family income.
Any experience in life insurance sector.
Leadership qualities.
Social and amiable.
Page 72
Sources for RECRUITMENT OF LIFE ADVISERS
used during Training
Secondary Data (Telephone Directory)
Natural Market Market Survey
Page 73
Telephone Script
Hello sir,
I am Paramjit Singh from Bharti AXA. I want your few minute to
speak.
Sir, Bharti AXA is going to expend the Business by recruiting
quality people and offering them the potential of a very rewarding
career opportunity.
We have acquired your business card and we are aware of the
company you work for and you are one of the selective person with
whom our company want to concern.
So I would like to meet you for coffee to explain the exciting and
rewarding opportunity. It may have for you in terms of career
compensation and support..
(Excellent I look forward to meeting you please May I have your
address and I will confirm our meeting in writing)
OR
(According to your convenience will you please tell me when and
where we can meet?)
Page 74
Thank You Sir.
Step 1. Documents Required
Age proof.
Address proof.
Photo – 8.
Education proof.
Q score sheet.
Agency application.
Form V A.
Fill NAAF.
Step 2. Interview section
During the interview the senior manager/MOA asked following
question to the candidate to judge his ability and knowledge.
Qualification.
Present occupation.
Knowledge or experience in insurance sector
Tenor of stay in the town.
Number of family member.
Page 75
Household income.
Occupation of parent.
If selected then the senior manager/MOA approve the application.
The managers take the help of scoring Mechanism. Scoring
Mechanism was filled at the time of apply.
Age Below 25
years
Between
25-40
More than
40
Score
Scoring
mechanism
0 2 1
Marital
status
Unmarried married
1 2
Education 10th
standard or
12th
standard
graduate Post
graduate
1 2 2
Tenor of
stay in
city/town
Less than 3
years
3-5 years More than
5 years
0 1 2
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Household
income
Less than 2
lakhs
2-5 lakhs More than
5 lakhs
Total score
Q Score:
Acceptable Range of Score Greater than or equal to 7
Additional Approvals 5 or 6
Rejected application if 4 or less
If the Q score is less than 7 then BSM/ARSM comments and
signatures are required.
Step 3. Training
50 Hours Training and also provide a text book (IC-33 life
insurance) for pre-recruitment Examination for Life Insurance
Agents, which is based on syllabus prescribed by insurance
Regulatory & Development Authority.
Page 77
IRDA for short, has laid down that those who wish to become
insurance agents will be given licenses only after they complete a
course of study, training and pass an examination prescribed by it.
During this training the knowledge about the entire essential
concept related to life insurance is provided to agent. Insurers will
have different practices and offer different benefits in their plans.
All of them will be based on these concepts. The details of the
practices and the plans of each insurer will have to be learnt from
the respective insures.
Step 4. During training following things will be teaches.
What is insurance
Principles of life Assurance
Premiums and Bonuses
Life Insurance products
Underwriting
Insurance Documents
Policy conditions
Claims
Linked life insurance products
Insurance agency
Laws and Regulations
Page 78
IRDA Regulation 2000.
IRDA Regulation 2002.
Step 5. Examination and Code
Examination is the second last part of the recruitment and selection
process.
It include one hour test under, which contain 50 objective
questions, one marks each,
Pass marks are 25.
There are two method of examination.
Online
Manual
In case of online the result is declared on the spot and in the case
of manual result is declared within one month.
After clearing the exam, ULIP training of two days will be given to
the advisor about the product of company and then agency code is
generated.
Page 79
OBJECTIVES
AND
RESEARCH METHODOLGY
Page 80
Objectives of the study
To understand the process of RECRUITMENT OF LIFE
ADVISERS in Bharti AXA life insurance.
How to recruits agent for Bharti-AXA life insurance
To know about the view of general public about the job of
agent
Why people are not willing to work with as an agent,
especially with private player.
Research Methodology
Research Methodology is the investigation of specific problem in
detail. At first problem is defined carefully for conducting
research. There should be a good research plan for conducting
research. No research can be done without data collection. After all
this analyze is made for getting solution for problem.
Defining the problem
Defining the sampling plan
Collection of data
Analyze and interpretation
Page 81
Defining the problem
Defining the research problem is first necessary step for any
research. This work should be done carefully. Here research
problem is to know wiliness of general public to work as an agent
with private player or Bharti-AXA life insurance.
Sampling plan
The sampling plan calls for three decisions.
A) Sampling Unit: I have completed my survey in
CHANDIGARH, MOHALI.
B) Sample Size: The selection of 20 respondents. The sample was
drawn from shopkeepers. The selection of the respondent was done
on the basis of simple random sampling.
C) Contract methods
I have conduct the respondent through personal interviews
Research Instrument
A close friend questionnaire was constructed for my survey.
Questionnaire consisting of a set of questions made to filled by
various respondents.
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Collecting the Information
After this, I have collected the information from the respondent
with the help of questionnaire.
Analyze the Information
The next step is to extract the pertinent finding from the collected
data. I have tabulated the collected data & developed frequency
distributions.
Thus the whole data was grouped aspect wise and was presented in
tabular from. Thus, frequencies & percentages were to reder
impact of the study.
Presentations of Findings
This was the last stop of the survey.
Page 83
Data Presentation and Interpretation
Name: - Address:-
Location:-
Mobile no.
Shop Type:- (Mobile stores, General store, Chemist etc. Please
specifyScript
Bharti has expanded into new territories of business and
they now offer the best
in class insurance products. This new venture is named
Bharti-AXA.
Mr. Sunil Bharti mittal is introducing insurance to Punjab
and Chandigarh retailers and would like to give you an
opportunity to earn and setup a new income which can give
you 15-20% margin on an average.
In this business you only have to contact your known people
or regular customers and their references to introduce
Bharti’s product and get an appointment.
Page 84
Post this, manager form Bharti-AXA will go, explain the
product & close he sale for you. You will in turn receive 15-
20 % margin on sale. E.g. if a policy is sold by Bharti-AXA
manager for 10,000 you will receive 2,000.
We are here to understand your interest in this proposal
specially designed by Mr. Sunil Bharti Mittal for Punjab and
Chandigar
Page 85
1) Would you be interested in taking up this business opportunity
with Bharti?
Yes No
8, 20%
32, 80%yes
no
Only 20% shopkeepers were interested in taking up this
business opportunity with Bharti.(8 shopkeeper were
interested in this activity)
Page 86
2) How much time can you dedicate per day for this activity?(For
getting Appointments)
½ hr 1-2 hrs 3-h hrs 5 hrs or more
6,75%
2,25%half hour
1/2 to 2
2 to 4
4 to 5
From the above 8 people , 6 people said that they can spend
½ hour for this activity daily.
2 said that they can spent ½ to 2 hours for this activity.
Page 87
3) Do you have any knowledge of or experience in Insurance?
Yes No
8, 20%
32, 80%
no yes
80% of shopkeeper said that they have knowledge about
insurance.
20% of shopkeeper said that they have no knowledge about
insurance.
Page 88
4) Do you have Experience as an agent?
Yes No
6, 15%
34, 85%
yes
no
15% of shopkeepers have experience in the field of life
insurance.
85% of shopkeepers have no experience in the field of life
insurance.
If yes, then please specify the name of the company.
Page 89
3,50%2, 33%
1, 17%LIC
HDFC
ICICI
Out of 6 people 33%(3) of shopkeeper working with LIC
33% (2) of shopkeeper working with HDFC Standard Life
insurance
33% (1) of shopkeeper working with ICICI Prudential Life
Insurance Co. Ltd.
Page 90
5) Can you spare 1/2 day on training to understand to product and
how can introduce it to your customer? Yes NO
4; 10%
36; 90%
Yes
no
10 % of shopkeepers were interesting to spare 1/2 day on training
to understand to product.
Name: - Address:-
Location:-
Mobile no.
Shop Type:- (Mobile stores, General store, Chemist etc. Please
specify
Page 91
QUESTIONNAIRE
1) Would you be interested in taking up this business
opportunity with Bharti?
Yes No
2) How much time can you dedicate per day for this activity?
(For getting
Appointments)
½ hr
1-2 hrs
3-h hrs
5 hrs or more
3) Do you have any knowledge of or experience in Insurance?
Knowledge
Page 92
Yes
No
Experience
Yes
No
If yes, then please specify the name of the company.
4) Can you spare ½ day on training to understand the product
and how can introduce it to your customer?
Page 93
Yes
No
5) How many people do you know in this city?
Under 50
51-100
101-300
301-600
Above 600
Limitation
Page 94
I didn’t get complete feed from the shopkeepers about the
question as they are busy in there work and had less time to fill
questioned.
Sincerity of answering the questions cannot be judged.
Time was the major constraint for me to understand the long
process of recruitment and selection.
Limited money available for project.
Page 95
Finding
Why people are not ready to work with private players in life
insurance?
Or
Why people are not ready to work as an agent in any
company?
In these days LIC created a very well image in the mind of
General public because it is semi Government Company and
also an oldest company. In short most people of Indian believe
upon the LIC only.
During the training period we felt that most of people who are
already working in insurance sector think that it is easy to sell
the product of LIC than to sell the product of other life
insurance company.
Most of people say that this job affects upon there social
relation with other and also effect upon there business.
Most of people believe that private insurance companies carried
out fraud activity that’s why they never believe upon the private
players.
Page 96
People think that it is a time consuming activity and also
required huge market skills.
Some people said that only greedy people like to work in
insurance sector.
Because of three days compulsory training.
Page 97
Conclusion
In India, there is throat cut competition in the market of life
insurance that brand service which adopt new strategies for sales. I
concluding the whole story it can be said that people are much
more aware about the aspects of life insurance and also have
knowledge about the role and act of agent but mostly people
unwilling to work as life insurance agent and mostly people prefer
to work with LIC because it is a semi government corporation.
Page 98
Suggestions
Bharti-AXA life insurance company must give more
advertisements on electronic media and print media, as it help in
enhance its goodwill and more people are willing to work with
reputed companies, through proper advertisement it become easy
to sell the product.
An insurance company must work with honesty to win the
confident of its agent and general public.
Duration of training must be reducing as in these day people have
no extra time.
Fees charged by companies from candidate for IRDA exam and
training should reduce.
Many other extra facilities must be provide to agent to attract them
such local and foreign trips, special price on achieving a target,
open bank account at free of cost,
Bharti-AXA Life Insurance Company must organize more and
more seminars and also participate in the job trade fairs to find out
more candidates.
Page 99
Increase the commission of agents.
Company must relic to candidate or other people that they are
doing a social service for the welfare of society.
Better career opportunity must be provided to an adviser, such as
on role job, promotion etc.
A special function must organize time to time in which the special
prizes distribute among those agent who perform well.
The duration of the process of recruitment and selection is too long
(one and half month), during this process mostly candidate loss
there interest, so there is an urgent need to reduce the duration of
this period.
Reduce the minimum premium amount it will help company to
attract the agent of other company, as it increases the scope of
market of its agent.
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BIBLIOGRAPHY
S. Balachandran, (2009), IC-33 Life Insurance, Shri S.J Gidwani
Publishers, Mumbai
www.irdaindia.org
www.bhart-axalife.com
www.wikipedia.org
www.ibef.org
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The opportunity
About 2/3 of the Indian population is ‘insurable”
High % of population is uninsured or underinsurance.
We Indian are “natural savers”
Indians save the maximum in the world.
Those ‘insured’ are ‘underinsured’.