b.B.a PROJECT Report on Training Methods

TABLE OF CONTENTS

1. CHAPTER – 1

INSURANCE

2. CHAPTER – 2

INSURANCE IN INDIA

3. CHAPTER – 3

BAJAJ ALLIANZ

4. CHAPTER – 4

BAJAJ ALLIANZ

5. CHAPTER– 5

PROJECT

6. CHAPTER – 6

QUESTIONNAIRE

7. CHAPTER – 7

SWOT ANALYSIS

8. CHAPTER -8

SUGGESTIONS AND RECOMMENDATIONS

9. CHAPTER – 9

BIBLIOGRAPHY

CHAPTER - 1

INSURANCE

INSURANCE

Concept of Insurance

Insurance is a contract by which one can protect oneself against specific losses

by paying a premium over a period. On one hand, human life is subject to

various risks-risk of death or disability due to natural or accidental causes.

Humans are also prone to diseases, the treatment of which may involve huge

expenditure. On the other hand, property owned by man is exposed to various

hazards, natural and man-made.

When human life is lost or a person is disabled permanently or

temporarily, there is a loss of income to the household. The family is put to

hardship. Sometimes survival itself is at stake for the dependents.

When it comes to property, loss or damage to property results in

either whole or partial loss in income to the person or entity.

Risk has the element of unpredictability. Death/disability or

loss/damage could occur at anytime. Losses can be mitigated through

insurance. Insurance is a commodity

which offers protection against various contingencies.

Insurance products available for life and non-life are many. In

non-life, apart from personal covers such as accident covers and health

insurance, there are products covering liabilities under a particular law and or

common law. The various products are designed to cater to different needs of

an individual or industry such as fire insurance policy on multi-storied building,

householder’s policy.

An insurance contract promises to make good to the insured

a certain sum in consideration for a payment in the form of premium from the

insured.

Human life cannot be valued. Hence, the sum assured is by

way of a ‘benefit’ in the case of life insurance. Life insurance products provide a

definite amount of money to the dependants of the insured in case the life

insured dies during his active income earning period or becomes disabled on

account of an accident causing reduction/complete loss in his income earnings.

An individual can also protect his old age when he ceases to earn and has no

other means of income by purchasing an annuity product.

A personal accident covers is also for protection. In the

event of death or disability, permanent or temporary, of the insured, it provides

for compensation which is either the whole or a percentage of the Capital Sum

Insured depending on the kind of loss.

In the case of Health Insurance, the policy seeks to cover

expenses towards treatment of diseases and /or injury up to the sum opted by

the insured.

In respect of insurance relating to property, there are many products available.

Property may be covered against fire and perils of nature including flood,

earthquake etc. Machinery may be insured for breakdown. Goods in transit can

be insured under a marine cargo insurance cover. Insurance covers are also

available for ships and other vessels. A motor insurance policy covers third

party damage as well as damage to the vehicle.

Insurance of property is based on the principle of

indemnity. The idea is to bring the insured to the same financial position as

he/she was before the loss occurred. It safeguards the investment in the

property. Where there is no insurance, losses can mar a project or an industry.

General Insurance offers stability to the economy and to the society.

Insurance offers security and so peace of mind to the individual. The concept of

insurance is that the losses of a few are made food by the contribution from

many. It is based on the law of large numbers. It stemmed from the need of man

to find a solution for mitigation of losses. It also reflects the nature of man to find

a solution collectively.

It is important for all to understand the various products

that life and general insurance companies offer before they make a choice as to

the product they want to buy.

As per regulations, insurers have to give the various

features of the products at the point of sale. The insured should also go through

the various terms and conditions of the products and understand what they

bought and met their insurance needs.

Concept of insurance

Life insurance is a contract by which one can protect oneself against specific

losses by paying a premium over a period of time. Since each one of us, during

our lives are faced with numerous risks- falling health, financial losses,

accidents and even fatalities, our instinct drives us to cover those losses risks.

Though an insurance cover cannot protect against the emotional losses arising

out of these risks, it softens the economic crisis that usually accompanies these

losses.

Life Insurance gains much more value if an individual is in a

nuclear family. Unlike in the traditional joint family system, in a nuclear family,

support from the extended family cannot be counted upon. So it is vital that an

individual has an insurance cover as the protective shield against unfortunate

losses. Everyday when any one of us opens the daily morning newspaper we

find a number of news stories reporting a number of accidents. This leaves us

wondering that what will happen if this tragedy happened to us.

A person may just be relieved of this fear if he/she has

insurance. Life insurance cannot return the person who has died but still it can

provide his/her family with monetary assistance, once that person is not with

them. This makes life insurance vary important in today’s turbulent times.

Necessity of Insurance:-

Life is a series of milestones that follow one another relentlessly-like planning

child’s education, their marriage, investing in and protecting one’s assets,

retirement plans etc. to mane just a few. Often on milestone defines the next.

And, therefore, all of them demand careful financial planning much ahead of

time. So, that we are not stranded midway to our goals. Or worse- our loved

ones are not able to live the dreams we dreamt for them. Life insurance plays a

role in helping to plan our life .the need of life insurance is as follow:

Temporary needs and threats:

The original purpose of the life insurance remains an

important element, namely providing for replacement of income on death

etc. like the case of the breadwinner dying an early death.

Regular Savings :-

Providing for ones family and oneself as a medium to

long term exercise has become a more relevant exercise in recent times as

people seek financial independence from their family.

Investments:-

The building up of savings while safeguarding it from

the ravages of inflations also a part of insurance. As while regular

product investment products are traditionally lump sum investments were

the individual makes one-time payment.

Retirement:-

Provision for ones later years becomes increasingly

necessary especially in the changing cultural and social environments. One

can buy a suitable insurance policy, which will provide periodical payments

in ones old age.

CHAPTER - 2

INSURANCE

IN INDIA

INSURANCE IN INDIA

History of Insurance in India

The business of life insurance in India in its existing form

started in India in the year 1818 with the establishment of the Oriental Life

Insurance Company in Calcutta. The origin of insurance is very old. The time

when we were not even born; man has some sort of protection from the

unpredictable calamities of the nature. The basic urge in man to secure himself

against any form of risk and uncertainty led to the origin of insurance.

The Indian life insurance company act 1912 was the first

statutory body that started to regulate the life insurance business in India. By

1956 about 154 Indian, 16 foreign and 75 provident firms were been

established in India. Then the central government took over these companies

and as a result the LIC was formed. Since then LIC has worked towards

spreading life insurance and building a wide network across the length and the

breadth of the country. After the liberalization the entrance of foreign players

has added to the competition in the market.

Some of the important milestones in the lifer insurance business in India are:

Year Important milestones

1912 The Indian Life Assurance Companies

Act enacted as the First statute to

regulate life insurance business.

1928 The Indian Insurance Companies d Act

enacted top enable the government to

collect statistical information about both

life and general insurance business.

1938 Legislation amendment for protecting the

interests of the insurance business.

1956 Rs. 5 crore from government of India 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

Reforms of Insurance Sector:--

In 1993, Malhotra Committee, headed by former finance secretary and RBI

Governor R.N.Malhotra, was formed to evaluate the Indian Insurance Industry

and recommended its future direction. The Malhotra committee was set up with

the objective of complementing the reforms initiated in the financial sector. The

committee came up with the following major provisions:-

Private companies with a minimum paid up capital of 1bn should be

allowed to enter the industry.

Foreign companies may be allowed to enter the industry in collaboration

with the domestic companies.

Only one state level life insurance company is allowed to operate in each

state.

Government stake in the companies to be brought down to 50%.

Then insurance act should be changed.

An Insurance Regulatory body should be set up.

Mandatory investments of LIC life fund in government securities to be

reduced from 75% to 50%.

GIC and other subsidiaries are not allowed to hold more than 5% in any

comp-any.

LIC should pay interest on delays beyond 30 days.

Insurance3 Companies must be encouraged to set up unit linked plans.

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY:

The IRDA since its corporation as a statutory body

in April 2000 gas fastidiously stuck to its schedule of framing regulations and

registering the private sector insurance companies. Reforms in the insurance

sector initiated with the passage of the IRDA Bill Parliament in December

1999.IRDA has put inn a framework of globally compatible regulations. In the

private sector 15 life insurance and 15 non-life insurance companies have been

registered. The approval of institutions for imparting training to agents has also

ensured that the insurance companies would have a trained workforce of

insurance agents in place to sell their products. The other decisions taken

simultaneously to provide the supporting systems to the insurance sector and in

particular the life insurance companied was the launch of the IRDA’s online

service fir issue and renewal of licenses to agents.

IMPACT OF LIBERALIZATION:

Poised at a phenomenal growth of 500%, the Indian insurance industry is

expected to reach US$ 60 billion in the next four years. This is attributed mainly

to the soaring demand in semi-urban and rural areas. While there are as many

as 27 direct insurance players, more await their foray into the county.

India is turning out to be a crucial market, with premium from India

accounting for almost 25% of Asia and Middle East’s gross written premium for

royal & sun alliance. The group expects the Indian market to double again in

the next five years substantially increasing the region’s share in world

insurance.

Allianz, New York, Prudential, standard life, AIG, Aviva, Axa, Metlife

and ING are all multinational insurance companies that have joint ventures in

the country. Yet another foreign insurance player entered the country when

Religare, a Ranbaxy group company providing financial services, joining hands

with the Dutch insurer action

INSURANCE SECTOR OF INDIA:

The insurance sector was opened up for private participation in the

year 1999. The reasons that prompted the government to bring in reform in

the insurance sector are well known. While the Public Sector Insurance

Companies made enormous contribution in the spread of awareness about

insurance, and expanded the market, it was recognized that their reach was

still limited, the range of products offered restricted and the service to the

customer inadequate. It was also felt that the rapid economic growth

witnessed in the 90s cannot be sustained without a thriving insurance sector.

It was also recognized that India has a vast potential that is waiting

to be tapped and this could be achieved when sufficient competition is

generated and it is exposed to the developments in the rest of the world. The

insurance sector was, therefore, opened up for private sector participation

with provision for limited foreign equity exposure. We have now four years

experience of the public and private sector together operation in the market.

Indian insurance business, which remained under developed

with low levels of insurance penetration and insurance density has shown

signs of improvement. The insurance penetration i.e. premia as percentage

of GDP has increased from 2.32%in 2000 to 2.88% in 2003. The insurance

density i.e. premia per capita has increased from USD 9.90 in 2003. The

overall world rankings in terms of total premium volumes have improved

from 23rd in 2000 to 19th in 2003. The world ranking in terms of premium

volumes has also improved from 20th in 2000 to 18th in 2003. The share in

world in world market has increased from 0.50% to 0.81%.

The total premium collected by the insurers both life and non-life in the years

– 1997-98, 2000-01 and 2003-04 in crores.

The diagrams represents that there is 83% increase in the last three years over

the base year 2000-01. There was also an increase of 66% from 1997-98 to

2000-01 after the opening up of the sector. The market share of the private

players has also to be seen in the context of this enlarged market. This is also

an evidence to show that the rate of growth of public sector undertakings had

not shown any decline after the entry of private players.

There is also an increase in non-life insurance rankings in term

of premium volumes from 29th in 2000 to 28th in 2003. The share on the world

market has increased from 0.25% to 0.29%.

The LIC has concentrated on retaining its market in traditional

products like endowment plans and money back and slackened its hold in the

world market. It has simultaneously started experimenting with new products

like ULIP where there is private sector domination. I have no doubt that LIC

continue to play a major role in the life insurance market. This would, in turn,

prompt the private companies to innovate, find niche markets and expand into

the rural areas. As a result the insurance penetration would increase and the

customer would stand to gain.

We are already witness the beneficial effects of this type of

competition between the public and private sector. The pension market has

been developing in a big way which would benefit the large section of the

people in the organized and unorganized sector. There is a thriving Unit Linked

insurance market that has been generated exclusively by the private sector.

The annuity market has started growing. There is a plethora of new and

innovative products with a variety of benefits as riders from which they can

choose. They can buy products and services that they need while hitherto they

were purchasing products as they alone are available in the market. This choice

has empowered the customers and this is a positive signal.

In the case of General Insurance also, the public sector has

responded to the challenge by entering into the corporate agency relationships

with providers of goods and services. The scope for innovation being limited in

the tariff market, the private general insurance companies seem to be

concentrating on provision of total risk management services to their corporate

clients. This has enabled them to make in roads into the profitable corporate

accounts of state insurers. In addition the private sector has concentrated on

providing a host of service to their clients like point of sale issuance of policies,

cashless settlement in the case of motor repairs, and SMS alerts on motor

claims status. The accent is on providing high-class service to the customers

and earning goodwill which would in due course help access large corporate

accounts. The general insurers have to come out with innovative products in

the personal lines if they are to expand business. I have no doubt that this

would happen and the IRDA would be happy to facilitate it by removing any

regulatory or tariff related obstacles.

In addition to the growth of insurance market the other area

where there is significant beneficial change with the entry of the private

insurance companies is in the area of insurance intermediation. Till two years

ago, the only mode of distribution or life insurance products was through

agents. We have today alternate channels like banc assurance, brokers,

Corporate agents and direct marketing through internet. Though it is too early to

predict, banc assurance has the potential to emerge as a significant distribution

mechanism. Banks have not only data from which they can identify potential

clients, but have also extensive reach and provide a point of contact for the

insured. The bank branch unlike an agent cannot be elusive after the sale of the

product and has to respond to the needs of the insured. If there is proper

disclosure at the time of sale of policy and efficient post sale service, there will

be significant increase in the use of this model by the insurers to enlarge their

business.

The insurance broker offers the most efficient distribution

system through which clients purchase commercial insurance. As the non-life

insurance market opens gradually, the value of the insurance broker’s role will

be better understood. There will be increasing opportunities to serve the needs

of midsize companies and small enterprises by delivering the specific services

these clients need and in the way they want them delivered.

This implies that there is enough business for a large number

of brokers for the present and an early start would give them adequate time and

opportunity to equip themselves with necessary skills to provide professional

services when the market is finally detariffed.

Corporate Agency is another area, which has been expanding

rapidly. This is a new institution and we have no experience of the functioning

of this new class of intermediary, as such an institution is not preventing in

insurance markets in the world. While this model has the potential to reach a

large section of the population in a short time, there are concerns about the

mode of sale of the policies. Insurance products are becoming complicated and

unless the agent is conversant with benefits and conditions attached to the

policy, there is a distinct possibility if the sale being affected without full

disclosure. While this may not be international repercussions could have far-

reaching consequences. The insurers will have to be extremely careful in

dealing with corporate agents and keep a vigilant eye on the way the sales are

affected. The IRDA would be issuing some guidelines in the manner of

selection of corporate agents, the manner in which their activities should be

monitored and the precautions to be taken to ensure that there is complete

disclosure to the clients of the policy implications.

In spite of the proliferation of the intermediary

channels, the traditional agent continues to play a dominant role in

the sale of insurance policies. The regulations provide for minimum

qualifications, specified training programme followed by a pass in the

test conducted by the insurance institute of India for becoming an

agent. The insurers have been aggressively recruiting candidates as

agents and after getting them trained sending them for the

examination. In view of the large numbers the Institute is finding it

difficult to exercise the required controls for conducting the

examination. We have come across some irregularities in the conduct

of both training and the examination. I have no doubt that the insurers

are interested in recruiting for their agency force a person with good

academic qualification and with impeccable credentials and conduct.

While from the Regulatory side we shall take action necessary to

ensure the fair and proper conduct of training and examination, I

would appeal to the CEO’s through this forum to send the message

down to their HR managers that they should exercise due diligence in

the recruitment of agents.

A significant feature in the post reforms era is the

ability of the agency force to assess the requirements of risk cover for

their prospect and suggest the policies that suit their individual

requirements it may be recalled that one of the criticisms against the

public sector insurers is that they concentrated on side of policies

without looking into the needs of the

customers. As a result many of the individuals remained

underinsured. The average size of the life insurance policy before the

opening up of the sector was around Rs. 50,000/-. This has now risen

to about Rs. 80,000/-. The policies sold by the private insurers are in

the range of Rs. 1.1 lakh to Rs. 1.2 lakh, way above the industry

average.

The limited coverage in the rural areas and the

available sections of the society continues to be a source of concern

for the regulatory body. While the private insurers are adhering to the

targets stipulated in the Regulations, there is need for a greater

involvement of the management at various levels so that the product

that is finally delivered serves the needs of those targeted group. We

have streamlined the definition of “RURAL AREAS” to bring it on par

with the classification followed by the Census Department to avoid

confusion on what constitutes a “rural area”. In the case of coverage

of the socially disadvantaged sections, the IRDA has come out with a

draft micro insurance regulation to facilitate easy coverage and

provide quality service to the insured.

As we look at these four years, one can reasonably

be proud of the strides made by the industry. We are witnessing a

demographic change in the country and the younger generation

which is exposed to the outside world demands products and

services which are at par with what is available in the

advanced countries. This is the biggest challenge. I have no doubt

that the Indian insurance companies would face this challenge and

provide services on par with services provided in the advanced

countries. The regulatory regime would be happy to facilitate this

process whenever its intervention is required.

SIZE:

Insurance is a $10 billion (premiums) industry in India: Grew by

25% in 2004-05 over the previous year.

In life insurance, the total premium collected in FY 2004-05 was

$5.8 billion for 26.2 million policies: Growth of 36% over 2003-

04.

Non-life insurance – Motor, marine, fire and health insurance

are the key segments.

For Non-life insurance, the premium collected in FY 2004-05

was $4.2 billion: Growth of about 12.8% over 2003-04.

STRUCTURE :

INDIAN Insurance market was opened to private & foreign

investment in 1999-2000.

Major international players like AIG, Aviva, Metlife, New

York, Prudential, Allianz, Sun Life, Standard Life and

Lombard are already

Present with minority stakes in joint ventures with Indian

companies for both life and non-life segments.

Life insurance market is still dominated by Life Insurance

Corporation (LIC) – a public sector company which has a

71.56% share of the market in April, 2007.

In Non-life insurance, private sector companies (almost all

are joint ventures with foreign insurers) account for 20% of

the market and have grown at 60% per annum.

COMPETITIVE STRUCTURE IN INSURANCE SECTOR:

There are presently 16 players in the Insurance

sector. The country’s largest life insurer, LIC, new premium grow 57

per cent to Rs. 2,134 crore in April by selling 15,89,684 policies

against Rs. 1,355 crore a year ago. It had a market share of 71.56%

in April.

The 15 private players together saw their business grow 32% to

Rs. 848 crore with a market share of 28.44 %. ICICI Prudential

topped the private player’s chart with its premium income rising

84.5% to Rs. 271 crore and had 9.08% share of the market. Bajaj

Allianz, which saw 15% decline in business, collected Rs. 124 crore

with a market share of 4.16%.

SHARE OF THE INSURANCE COMPANY IN MARKET

INSURERS PREMIUM (Rs. Crore)

LIC 2134.00

ICIC Prudential 271.00

Bajaj Allianz 124.00

SBI Life 90.00

HDFC Standard 70.00

Max New York Life 69.00

Tata AIG 48.00

Aviva 39.00

Reliance Life 33.00

Birla Sunlife 28.00

Kotak Mahindra Old Mutual 26.00

ING Vysya 22.00

Met Life 19.00

Shriram Life 4.50

Sahara Life 1.70

Bharti Axa Life 0.72

FUTURE OF INSURANCE IN INDIA

Liberalization of this sector has helped bring about several positive

developments as:

The markets size has expanded.

New products are entering the market.

Innovative channels of distribution are being used.

Customer servicing has improved tremendously. The insurance

market is likely to grow at a rate of 22-27 %, giving enough room to

all the players to grow. Of course ultimate success will be determined

by the servicing and customer satisfaction.

However, consumer awareness level is still off the mark.

According to the recently conducted FICCI survey on the Present

State of Indian Insurance Industry, the awareness levels regarding

insurance are still in the realm of medium to low. This clearly

indicates the onerous task that companies have in creating

awareness about “need to insure” and also tremendous potential they

have in expanding the markets by getting more customers in their fold

by increasing awareness levels.

Despite several positive developments and entry of several

large private players in the market, there are certain areas, which

need to be delivered in order to reap full potential of privatization. In

fact, the companies should start looking at the B&C population

segments, as the metro and large urban market will saturate in 3-5

years time. The success of the companies will be determined by the

insurer’s ability to innovate and distribute simple products for B&C

population segments.

The 26% Foreign Equity in insurance Joint Ventures

continues to be an issue of concern and needs to be reviewed.

I am sure government in due course will certainly look at it.

Also, in light of recent talk on benchmarking FDI limits for all

sectors at 74%, would this have any implication on insurance

sector as well? The issue of rebating has been bothering the

regulator as well as the players. This needs be looked at

seriously to ensure regulated and sustained growth of the

Insurance market. Taxation issue on the life side continues to

bother the private insurance companies. Desertification is

another critical element of insurance reforms. This sooner or

later will become a reality, as tariff and liberalization do not go

hand in hand. Worldwide, markets have gradually moved to

Desertification. It is, therefore, important to chalk out a

roadmap, prepare all the stakeholders of its likely impact, and

make the process less painful.

Health Insurance has a great potential in the country but

remains highly underdeveloped in India. According to some

estimates, only 3% of India’s population is covered under some form

of voluntary health insurance schemes.

POLICY:

FDI up to 26% is permitted under the automatic

route subject to obtaining a license from the Insurance

Regulatory and Development Authority (IRDA).

Plans to increase FDI up to 49%.

IRDA is the regulator for the Insurance Industry.

OUTLOOK:

Indian Insurance Market is expected to be around

$25 billion by 2010.

Expected CAGR of over 20% p.a.

POTENTIAL:

Largely untapped market: about 0.6% of the global

market for 17% of the world’s population.

Nearly 80% of the Indian population is without Life,

Health and Non-life insurance.

Insurance penetration is low at 2.9% as compared

to the world average of over 8%.

Non-life penetration is even lower than 1% in 2003.

Per capita life insurance premium in India in 2004

was $16 as compared to the world average of $292.

Strong economic growth with increase in affluence

and rising risk awareness leading to rapid growth in the

insurance sector.

Many more international players including AXA

have announced plans to enter India.

Investment opportunities exit in both life and non-life

segments.

Total estimated investment opportunities of $4-5

billion.

COMPANY PROFILE

About usBajaj Allianz Life Insurance Company Limited is a joint venture between

Allianz SE, one of the world’s largest insurance companies and Bajaj Auto, one

of the biggest 2 & 3- wheeler manufacturers in the world. Allianz SE is a

leading insurance conglomerate globally and one of the largest asset managers

in the world, managing assets worth over a trillion Euros. Allianz SE has over

115 years of financial experience and a strong presence in over 70 countries.

Bajaj Allianz life insurance company was incorporated on 12th March 2001,

when it got certification of Registration from the Insurance and Regulatory

Development Authority. Bajaj Auto has a share of 74%, whereas Allianz has

the remaining 26%. In the very first year, the company made a strong position

for itself in the industry and was reckoned amongst the top private insurers. The

premium income of the company as on 31st March 2006 was Rs. 1285 crores,

whereas the profit after tax made was Rs. 52 crores. Bajaj Allianz has a Pan

India network covering over 100 towns from Jammu to Thiruvananthapuram

and aims to spread its operations in many other cities.

BAJAJ ALLIANZ LIFE INSURANCE CO. LTD

Bajaj Allianz life Insurance co. is a joint venture between Bajaj SE and Bajaj

Auto India ltd.

ALLIANZ SE:

I. World’s largest Insurance company by Revenue-RS 5, 20, 353 cr.

II. Worldwide 2nd by gross written pemimum-RS4, 77,980cr.

III. 3rd largest asset under (AUM) largest amongst insurance COS AUM of

rest, 95, 94, 200 cr.

IV. 11th largest corporation in the world.

V. 50% of global business from life insurance. Close to 60 million lives

insured globally.

VI. 6.Established in 1890 , 110 years insurance more than 70 countries ,

173,750 employees world wide, insurance to almost half of the fortune

500COS.

BAJAJ AUTO:

I. One of largest 2& 3 wheeler manufacturer in the world.

II. 2 million + vehicles on the roads across the globe.

III. Managing funds over RS 5329 cr.

IV. Bajaj Auto finance one of the largest auto finance COS in India.

5. RS 6340 corers turnover & profits after tax of 767cr in 2005.

VISION AND MISSION

VISION:-

To be the best Life Insurance Company in India to buy from, work for

and invest in.

To be the first choice for customers, and provide job satisfaction to the

employees and create shareholder value. The organization strives to excel

in its products and services, providing total customer satisfaction

SHARED MISSION:-

To be in the Top 3 new life insurance companies in India by new business and in force business by 2004

To have PAN India presence.

To provide highest quality service by ensuring:-

Highest customer retention in industry (target 90% first year)

Every customer will be contacted by the company at least once per year

Company respond to customers /agents within 48 hours

Embrace technology to optimize efficiencies

ACCELERATED GROWTH

FISCAL YEAR NO. OF POLICIES SOLD IN FY.

NEW BUSINESS in F Y.(RS in corers)

2001-2002(6 mths) 21376 7

2002-2003 115965 69

2003-2004 186443 180

2004-2005 288189 857

2005-2006 781685 2717

2006-2007 2079217 4270

ACHIEVEMENTS

It has achieved iAAA rating, by ICRA Limited and has the highest claims-

paying ability and a stable position in the market. In a 2006 survey,

Business World has rated it among the Most Respected Companies, putting

it at No.2 position in Insurance sector Bajaj Allianz Life Insurance is the

leading private sector life insurer and has offices in over 900 towns across

the country. In FY 2006-07 Bajaj Allianz Life Insurance issued over 2 million

policies (highest in Private Sector) and collected over Rs 5300 crores in

premiums

» No.1 Pvt Life Insurer in Retail Business in 2005-06.

» Whopping growth of 216% for the FY 2005-06.

» Have sold over 15,00,000 policies to the satisfied customers

» Is backed by a network of 750 offices spanning the country.

since th Bajaj Allianz made a Rs. 167 crore profit before taxes. After generating

an amount of Rs. 105 crores, it became the first of its kind to cross the mark of

Rs.100 crores in profit after tax.

On 31st March 2008, Bajaj Allianz General Insurance collected a premium

income worth Rs. 2578 crore. This marked a growth by 43 % for the company e

last year.

In the first three months of 2008-09, Bajaj Allianz collected Rs.733.53 crores as

gross premium against Rs.573.73 core last year recording a 28% growth.

ORGANISATIONAL STRUCTURE

Harish Nambiar

AVP legal

Sameer Bakshi

Company sectary

Board Members:-

Anil singhChief actuary&Head product development

Malay GhoshHead agency sales

ECJ AugusineHead strategic initiative

Rajesh Viswand-han CFO

Niraj KumarHead alternate business

Sashi KrishnanInvestment officer

G B LaddhaInvestment consultant

V PhilipHead customer service & new initiative

Jaydeep chaure Head H R

Sanjay jainHead mkt.

A S narayanaBancass-urance

J K BhagatHead corporatebusiness

Safi gerogeHead operation

Ishta.M.Chief informat-ionofficer

Shabhir S. Head internalaudit

Yogesh GuptaHead businessProcure.

M S SiddhuHead traditionalbusines

Manish DwivediHead directMkt.

Kamlesh Goyal CEO

1. Rahul Bajaj2. Niraj Bajaj3. Sanjiv Bajaj4. Ranjit Gupta5. Dr. Werner Zedelius6. Heinz Doll berg7. Don Nguyen8. Alan Wilson9. Sanjay Asher

10. Suraj L Mehta11. Dipak Kumar Prodder

MANAGEMENT TEAM

Rahul Bajaj Chairman Kamesh Goyal Alternate Director & Chief Executive Officer -

Ranjit Gupta Director Rajesh Viswanathan Chief Financial Officer

Anil Singh Appointed Actuary

Sameer Bakshi Company Secretary

Channel Partners

1) Standard chartered.

2) Syndicate Bank.

3) Placement sales and services ltd.

4) Team life care co (India) ltd.

5) GE Money.

6) ECPL co pvt. Ltd.

7) The cosmos cooper

PRODUCTS OF BAJAJ ALLIANZ LIFE INSURANCE

UNIT LINKED PLANS

Market linked insurance plans invest the premium in to the equity, debt and

cash markets by the way of allocating units, which like any other mutual

fund have a NAV and the customer is free to switch between one fund class

to another depending on the risk factor he wishes to be in. ULIPs offer a

better return than the traditional endowment plans and offer a great deal of

flexibility along with great returns making them the finest product offering.

We at Bajaj Allianz Life Insurance have developed a number of ULIP

products which range from single premium to a regular premium option

along with investment funds ranging from index funds to mid-cap funds and

debt market linked funds

Regular Premium

New UnitGain Super

UnitGain Plus Gold

UnitGain Plus Gold

UnitGain Plus Gold

YoungCare Plus New

FamilyGain-R

YoungCare

Single Premium

New UnitGain Premier SP

New UnitGain Plus SP

PENSION PLANS

Bajaj Allianz Life Insurance offer Retirement Plans which will make sure that

we are there to support you in every stage of your life and your savings today

become your wealth and support for your future years to come.

Annuity

Pension Guarantee Retirement Future Income Generator

New UnitGain Easy Pension Plus RP

Swarna vishranti

New UnitGain Easy Pension Plus SP Future Secure

TRADITIONAL PLANS

Saving Plans, which offer bonuses, are excellent long term saving instruments

with complete safety. Our products offer additional benefits which include 4

times life cover at little extra costs, limited premium payment terms and

compounded reversionary bonuses making it a very good long term investment.

 Endowment

InvestGain

SaveCare Economy SP

Life Time Care

Super Saver

Money Back

CashGain

TERM PLANS

The sole objective of Term plans is to serve the protection needs of the

customers and by doing so, safeguard one’s family from the financial

implications of unfortunate circumstances that one cannot foresee.

These plans are pure risk cover plans with or without maturity benefit. These

pure risk plans cover your life at a nominal cost and you may want to take this

plan to cover your outstanding debts like a mortgage, a home loan etc

Protector

Term care

New risk care

WOMEN INSURANCE PLANS

Today’s lady is an inspiration to her family.

She takes important decisions in every household and at work. To cater to

women's special needs we offer innovative women specific plans which provide

investment benefits, savings, retirement solutions and medical insurance. Our

special plans help mothers plan for their children's education, save for the future

and take care of all medical emergencies in the family.

Our Regular investment and savings plan, offer:

1. Investments along with critical illness benefits which provide

good returns, long term saving and protection incase of a medical

emergency

2. Investment plans with accidental coverage

3. Children's education planning

4. Specialized retirement income plans for homemakers to provide a

secure and financial future

House Wives

Working Women

HEALTH PLANS

At Bajaj Allianz Life Insurance we offer unique hospitalisation-cum-insurance

plan that takes care of your hospitalization bills and also provides crucial

financial support to your dependents in case of your unfortunate death. Our

health insurance plans offer a sound protection to safe guard your family from

any medical emergencies and will make sure that financial problems are least of

your worries in trying to get yourself treated. We offer cash less Mediclaim

facility across 2000 hospitals in over 300 towns and provide best treatment in

the finest hospitals with our health insurance products.

Care first

Health care

Family care

CHILDREN PLANS

Ever wondered why you need an insurance policy for your child?

As a parent, you always dream the best for your child including marriage,

higher education, or that hand holding for a start in life. Whether you are there

to see your child grow up and settled or not, your child feels your love in the

financial support arranged by you through our wide range of Children's

insurance policies taking him from one milestone to another. Saving early and

saving regularly for your child helps combat inflation and ensures higher yields.

If you take an insurance policy for your child you can take advantage of lower

premium rates and ensure that your children remain covered throughout adult

hood, at a much lower rate. This also instills a saving-habit in your children at a

young age developing them as and when the policy vests in them

Bajaj Allianz Child Gain

Funds for critical stages in your child’s life like Graduation

Post Graduation

Marriage

Start a business 4

JUST LAUNCHED PLANS

We at Bajaj Allianz Life Insurance continuously try to improve our products

and services so that our customers get the best buy. Our recently launched

products are:

Family fortune

Fortune plus

Capital Shield

Century Plus

GROUP PLANS

One of the best ways for employers to retain their employees is to show them

that their organization cares not only for them but also their families. At Bajaj

Allianz Life Insurance we offer customized insurance plans, which safeguard

your employees’ interests and show your commitment to your employees.

Bajaj Allianz Life Insurance Group Plans offer

• Financial stability to employees

• Ease of operations and fund management

Credit Shield

Group Term Life(Non Employer Employee)

Group Suraksha

Swayam Shakti Suraksha

Group Loan Protector

Group Income Protection

Group Term Life(Employer Employee

Group Annuity

Group Save Plus

New Group Superannuation

Group Term Life in lieu of EDLI

Group Leave Encashment Scheme

MICRO INSURANCE PLANS

Their Micro Insurance products

Alp Nivesh Yojana

Jana Vikas Yojana

Saral Suraksha Yojana

CHAPTER –4

DETAILED JOB PROFILE

During my specified training at Bajaj Allianz Life Insurance, my job profile

was “Effectiveness of Training given to Advisors”. Training refers to the

process if learning a sequence of programmed behaviour. It is a short-term

process utilizing a systematic and organized procedure by which non-

managerial personnel learn technical knowledge and skills for a definite

purpose.

During the training period, we are the trainees in the company, receiving

training from the unit managers. The type of training we are receiving is “on

the job-training”, i.e. training after the appointment as financial advisor.

Once the person is recruited, he undergoes 50 hours of training given by

the institutes outside the company which are recognized by IRDA followed by

an exam by IRDA (Insurance Regulatory Development Authority). If the person

is able to pass the exam, he/she becomes the Advisor for that company and has

to bring business for them. These Advisors are also called IFAs (Independent

Financial Advisors). After becoming IFA, the advisors have to undergo training

for 4-5 days through which selling skills and product knowledge is imparted by

the company and this training is provided to them by the company and inside

the company premises.

MEANING OF AGENTS/ADVISORS:-

An agent is one who acts on behalf of others. An “Agent” is a person

employed to do any act for another or represent another in dealing with a third

person. In the insurance industry, the term ‘agent’ is applied to a person

engaged by the insurer to procure new business. IFAs are qualified

professionals who can provide invaluable help to the customer in identifying the

product that suits his personal requirements.

WHO CAN BECOME AN AGENT?

As per provisions of Section 184 of the Indian Contract Act, between 'the

principal' and 'the third person', any person may become an agent. If a minor is

employed as an agent, the principal would be bound by his acts. But the minor

himself will not be liable to his principal.

ROLE OF ADVISOR:-

To identify prospective customers by providing them the complete information

about the products offered, providing tailor-made solutions to cater their

individual needs, conduct regular reviews to keep customers on track, achieve

targets and also providing them better services which is most important in life

insurance because unlike other savings which is most important in life

insurance because unlike other savings or investment plans, life insurance is a

long term commitment.

ADVISOR POSSESS:-

Confidence

Self Motivation

Persuasion

Urge to be financially independent

Relationship skills

Recognition programs

Foreign trips and seminars

Club membership

Training:

Training is the process of imparting the knowledge and skill to the

new as well of to the existing employees. It helps in improving the

performance of the employees of the company.

Technique of training:

The technique of training adopted by the company is “ON THE JOB

TRAINING”. The company is following the technique of on the job as it

helps the company and the advisor both:

:

Reducing cost as no additional personnel of facilities are

required by the company because unit managers and

training manager provides the training.

The trainees (advisors) learn the rules and regulations of

the company.

It is most appropriate for teaching the knowledge and

skills as they are acquired in a relatively short period,

says some days.

The advisors are also encouraged as they are getting

the training after their appointment as the advisors in the

company.

The company is following the technique of “JOB

INSTRUCTION TRAINING” (JIT) as the advisors requires skilled

trainers, extensive job analysis, training schedules and prior assessment

of trainee’s job knowledge. The programme involves listing all necessary

steps in the job, each in proper sequence. These steps show what to do,

how to do, why to do etc. It is four step process starting with

a. Preparation of trainees for instruction.

b. Presentation of the instructions, giving essential

information in a clear manner.

c. Encouraging the questions and allowing the

trainee to work along and the trainer follows up

regularly.

d. Having the trainee try out the job to show that

he/she has understood the instructions

The company also provides practical training. Theoretical training

is interspersed with practical appointment settings with potential

customers, giving advisors a feel of how their business will work from

the very first day.

PARTS OF TRAINING:

Training provided to the advisor is provided in two parts, i.e.,

before the attainment of license and after the attainment of license but

both are the” on the job training”.

Training before attainment of license:-

Training given to the advisor is on the job training. After the

recruitment of the advisor, who possess the age of majority (above 18

years) and is not abide by the Indian law for carrying any type pf

business or lawful activity, has to undergo 50 hours training which is

provided to fulfill the following need:-

To increase or to impart the knowledge of insurance, its working,

products, different insurance companies in the market.

To guide them how to attract the customers.

To help the company to increase the efficiency of the agents by

guiding them how to do insurance related calculations.

To enable them to pass the examination taken by IRDA before

giving the license to the agents for operating as financial

advisors.

To build confidence in them by ensuring them that they will

become good agents.

Training after the attainment of license:-

After the attainment of the license from IRDA, the agents become

IFAs and can work independently for the company. Moreover, an agent

can also work for the company without license by fulfilling certain

formalities like filling of a form etc. but the attainment of license creates

confidence in the agent, company and the customer. The training after

the acquirement of license is provided to the advisors inside the

company premises as it is provided either by the unit managers, to

who’s team the agent belong or by the training manager. Although the

company cannot pass the license to the agent and doesn’t permit the

agent to carry the business as long as he/she takes part in this training

activity. Presently this training programme is conducted by the training

manager Mr. Sharma This training programme is being carried out for

the following purposes:-

To make the agent aware of the company, its profile, its

success, its portfolio.

To motivate the agents before starting up of their work by

telling them that they belong to a prestigious organization

which helps in satisfying the esteem and security needs along

with the physical needs of the agents.

To enable them to stand in front of the customer with full

confidence, courage and full information.

To make the agents aware of the history, structure,

achievement etc. of the company (introducing the company to

the agents).

To provide the knowledge about the company products. To

know how the company is better than its competitors.

Training to old advisors:-

The existing advisors are also provided with the training

programme from time to time when:-

New product has been launched by the company.

The unit manager notices down fall in the progress or the

working of the agent.

The manager thinks the agent needs more training for his/her

effective working.

The manager thinks more training will help the advisors to

achieve his/her targets effectively.

The manager thinks that the training will help the advisor in its

growth and development.

STEPS IN THE TRAINING PROGRAMME:

The company also follows the steps for performing the training

programme. The following steps are followed by the company:-

1. Discovering or identifying training needs:-

The first step in the training programme is the identification of

the need of training. Our company also identifies the need of the training

as new advisors need for knowing their work, its performance, duties,

company’s background and expectations of the company from them.

Existing advisors need training for improving their skills, increasing their

knowledge and their confidence.

2. Getting ready for the job:-

After the identification of the needs of the training

programme, the nest step is to decide to whom to give training as the

need of training to different advisors differs (existing advisor require

different training than a new advisor).

3. Preparation of the learner:-

The next step is the preparation of the learner (the person who has to

receive the training). It involves steps like

I. Putting the learner into ease (making him comfortable and

friendly and removing his nervousness).

II. Stating of the importance and ingredients of the job and its

relationship to work flow (telling him what he has to do and

what position he acquires in the company).

III. Explaining what will be taught to him in the programme.

IV. Creation of interest and encouraging queries and questions

from the advisors to know what he already knows about his

work.

V. Explanation of the whole job and relating it to some job which

the advisor already knows (relating selling of products to

selling of refrigerator).

VI. Familiarizing the advisor with the products rewards etc.

4. Presentation of the operation and knowledge:-

The next step is the trainer shows the operations (what to do,

how to do, how to speak and how to attract the customers). The trainer

teaches them to be patient, generous, polite, well-dressed, courteous

etc. with the customers.

5. Performance tryout:-

The trial of the performance of the advisor is the next step. In

this step, the advisors are asked to go through presentations which

he/she has to present to the customers. The presentations are being

done so that the trainer comes to know how much he/she is successful

in imparting the skills to the advisors. This step helps in the correction of

the mistakes of the advisors and it builds confidence in the advisors that

they can give presentation in a better way than the other trainees.

6. Follow up:

The last step is the testing of the effectiveness of training

efforts. This consists of:

I. Putting the advisors “in his/her own”.

.

II. Tapering off extra supervision and close follow-up until he is

qualified to work with normal supervision.

III. Checking frequently to be sure that the advisor had followed

instructions

Training period:

Training period after the attainment of license is of 4-5 days,

but it sometimes extends to a week depending upon the ability and

knowledge of the advisor. Before the attainment of license, 50 hours

training is given to the advisor.

Supporting material for training:-

a) Lectures (followed by reading assignments), conferences,

seminars, staff-meetings.

b) Role playing

c) Problem solving sessions.

d) Use of hand books, manuals etc.

e) Books, slides, movie projectors, filmstrips, tape recorders

Principles of training followed by the company:

Properly planning in a logical sequence of the programme so

that each step builds upon the previous one and the

probability of success increases.

Identification of components of tasks of final desired

performance, assuring that each component is fully achieved

and arranging the total learning situation in a sequence.

The job performance is related to the rewards and explains

how Clarification of the foals of the training and explanation

of how the training will improve his/her performance and

there by boost his/her rewards.

Proper feedback to the trainees as people work even faster

when they are told about their achievements.

Simplification of complex problem and discovery of new

alternative solutions to create an atmosphere of relaxation.

Training programme adopted by the company is adapted to

the training speeds of the separate trainees.

The company followed the principle of avoidance of

distraction as distraction makes the learning process

ineffective. The company provides the training to the

advisors in a separate

Classroom/room which is in the office but where only trainers

and trainees are allowed.

TRAINING EVALUATION:

Training Evaluation refers to the analysis of training

programme to see that whether the advisors have gained something

from the training. The main objective of training evaluation is to

determine the ability of the advisors in the training programme to

perform jobs, for which they are trained, the specific nature of training

deficiencies, whether the trainees required any additional on the job

training and the extent of training not needed for the participants to meet

job requirements. The company followed the following principles for the

evaluation of training programme:-

I. Evaluation specialist must be clear about the goals and purposes

of evaluation.

II. Evaluation must be continuous.

III. Evaluation must be specific.

IV. Evaluation must provide the means and focus for advisors to be

able to appraise themselves, their practices and their products.

V. Dates are being set for each phase of the evaluation process. A

sense of urgency is developed.

Code of conduct:-

The IRDA necessitated the training programme for the

financial advisors to improve their skills and imparting in the knowledge

of about the company, its products and about the rules and regulations

of the insurance industry and of the company to which they belong.

TRAINING INITIATIVES TAKEN BY BAJAB ALLIANZ:

The following training initiatives are taken by the company:-

FOUNDATON PROGRAMME:-

Independent of their work experience, the foundation program

will perfect the advisors knowledge about the Insurance Industry; equip

them with the excellent selling skills along with the Comprehensive

knowledge about the products.

INSTANT RECOGNITION:- Advisors achievements in the first three

months of business will be acknowledge with the company’s Sprint

and RACE awards. These are the trophies accompanied by the

certificate and point rewards to the advisors for getting off to a flying

start.

BUSINESS DEVELOPMENT CLINIC: - After one month of field

experience, this programme will give them the practical insights on

objections handling and generate ideas to get new customers and of

premium policies.

CHAPTER – 6

QUESTIONNAIRE

What has been the training technique for the year 2007-08?

The training is on the job training and more specifically it is job

instruction training.

Why do you prefer this job instructing training?

In this method of training the trainee learns fast through practice

and observation.

Do you find any development in the advisors after undergoing

training process?

Yes, the undergoing training process helps in developing the skills

of the financial advisors.

Do you think you need to increase the timings of the training

process?

Yes, training period’s timings need to be increased although

advisors are being imparted with skills yet all the advisors are not

fully trained i.e. Due to lack of time attention to each advisor

separately is not possible.

Do you find any improvement in the organization climate after

training?

Of course, the climate of the organization improves as when the

advisors are well trained and have full knowledge, they act and

thinks like professionals which in turn create the working

atmosphere.

What will be the next plan for training?

The next plan for training regarding same i.e. on the job but we

want to bring a slight change in the training programme. Advisors

before starting their job will be attached with the unit managers or

the old successful advisors.

Why you have adopted such type of training?

We have adopted this type of training as the top authorities feel

this method suitable. Not only the top authorities feel this method

right, we also agree with them as this method is helping us and

advisors.

If you have to adopt a new method, which method will you

adopt and why?

If we have to adopt a new method that method will be the method

of internship i.e. during the training period advisors will be paid

with some amount of money. So that they will with more dedication

Is the company satisfied with the period of training?

No, the company wants to increase the time period as this time

period is not sufficient for all the advisors.

Which skills company wants to impart in the advisors?

The company wants to impart skills like confidence, self

confidence, tactfulness while handling the customers, courtesy,

honesty towards the customers and towards the company,

dedication towards the work, concentration etc.

Do you think you are successful in imparting these skills?

Yes, we are successful in imparting these skills but we are not

completely successful as different customer shows different

behaviour and advisors also possess different behaviour and

attitudes.

How is BAJAJ ALLIANZ better than other companies like LIC?

The products offered by BAJAJ ALLIANZ are better than LIC and it

also offers incentives and higher commissions than LIC.

How you decide that the existing advisors need training?

Whenever the performance of the advisors is not up to the

expectations of the company and at the time when new products

are being launched by the company.

Do you have problem solving sessions even after the training

programme is over?

Yes, of course, there are problem solving sessions carried out by

either the trainer or sales manager. Apart from that, there is one

weekly meeting of the advisors with the unit managers and

monthly meetings with the sales managers.

POST TRAINING EVALUATION BY TRAINEE/ADVISORS:

Name of the training centers

Period of course

Designation and area of postings

1. How far knowledge training inputs are given in job assigned

a) fully related

b) not at all related

2. How far training inputs have helped in performing the areas in

which we are working?

3. What topics you suggest are to be included in training programme

based on your experience after the training?

POST TRAINING EVALUATION BY CONTROLLING OFFICER:

1. Working of advisors after attending the course:

a) acquisition of knowledge

b) acquisition of skills

2. Public Relations

a) Team Spirit

b) Motivation Application of knowledge

2. Whether the course is relevant to present requirements?

3. Any suggestion for imparting the course?

4. Any suggestion regarding imparting of more skills to the existing

employees?

5. Any suggestion regarding timings and course period of the training

course?

6. What should be done to solve the problems faced by the advisors

in more effective manner?

7. Will something additional be done apart from the existing method

of solving the problems of advisors?

CHAPTER - 7

SWOT ANALYSIS

STRENGTHS OF THE COMPANY:

1. Bajaj Allianz is a joint venture of ALLIANZ SE (worid’s largest

insurance company) and Bajaj Auto (2nd or 3rd largest two wheeler

company

2. Bajaj Allianz is one of the largest private player in the insurance

business.

3. It has its distribution channel spread through major cities to cater greater

population.

4. Bajaj Allianz offer its product at a low premium in comparison to ICIC

Prudential.

5. Although the company has a big structure yet it is able to avoid delay in

decision making and solving the problems of advisors during training and

after training and the problems of customers..

6. Effective doubt clearing sessions are being carried out to help advisors.

7. Constructive feedback concerning progress in training and

implementation of new acquired abilities.

8. Advisors are provided with personal assistance when he encounters

learning obstacles.

9. No delays in handling grievances of the customers and problems of

advisors and other employees working in the company.

10. A fixed salaries is given to its advisors.

WEAKNESSES:

1. High targets are being set for advisors and sale managers.

2. Low product awareness among public and advisors.

3. Low manual training sessions..

4. Higher premiums as compared to other companies.

5. Target high income group only.

6. The benefits of training are not cleared to all the advisors.

7. No rewards to trainees for carrying out effective training programme.

8. No proper plan for training.

9. Limited counseling and consulting services to the rest of the organization.

10.Same method of training to all types of financial advisors.

Threats

1. Weak perception of private players in the minds of the Indian people due to frequent financial scams.

2. Large number of insurance players.

3. Existing wrong business, practices of companies like – LIC first premium is paid by their agents where – as IRDA suggests that even forms to be filled by the client themselves.

Opportunities

1. Huge market is literally untapped. Out of estimated 320 millions insurable markets only 20% of the population is insured.

CHAPTER – 8

SUGGESTIONS AND RECOMMENDATIONS

Suggestions

1. It should be ensured that at least 99% of the attendance should be there at

training period as

Only 40% used to attend

50% attend often

10% attend very often.

2. More space will be provided as the space is less and the advisors are

more.

3. Customer queries regarding ULIPs should be handled carefully by the

financial advisor.

4. Tough competition has been given by the LIC Co. Ltd. To contain this

competition we have to leverage our competence by showing as an

efficient player in the market and who works on performance and

transparency in working.

5. Government personnel can be sold products like insurance cum pension

plans, child policies and long term investment plans.

6. Proper differentiation between ULIPs and traditional plans and their

benefits should be told to the advisors.

7. Awareness of products through publicity, hoarding, road shows.

8. Adoption of new and improved methods for attracting the customers.

9. To appoint advisors and get them trained for attracting the rural market as

the perceptions, needs, beliefs etc. of the rural population are different

from urban population.

10.Provide motivational schemes to the trainees (advisors), so that they can

work with confidence and zeal.

11.Provide the students with the sufficient formal training, so that they can

carry out their task with ease.

12.Specialised training should be provided to employees who have public

training.

Difficulties faced:

The following are the difficulties faced by me are:-

I. From the organization point of view:-

Not enough training was provided: as the rules set by the company are not

very flexible. Not only this, the sales manger, unit manger, training

personnel is ready to bring a slight change in the programme as this

programme is kept private only for the persons who are going to be

associated by the company and not to the outsiders. Sometimes, the trainer

got irritated after he was being asked any type of query.

II. From the manager’s point of view:-

The managers don’t have sufficient time to answer the queries. They don’t

want reveal all the facts except those which increases the goodwill of the

company and goodwill of them. Apart from that, only trainers, managers,

advisors and company employees are allowed to go the place where

training programmes is carried out.

LIMITATIONS OF THE STUDY:

While working on the project, the following limitations are faced:-

1. The qualifications, education and understanding capabilities of the

advisors, managers.

2. Lack of expertise being a trainee.

3. Lack of time and resources as compared to the research

organizations that take up such studies.

CHAPTER - 9

BIBLIOGRAPHY

SOURCES:-

BAJAJALLIANZ.COM

BAJAJALLIANZLIFE.CO.IN

GOOGLE.COM

ECONOMIC TIMES.COM

IRDAonline.org & other related sites

Product Handbook for Effective Sales published by the

company.