RECRUITMENT ON TATA AIGLIFE INSURANCE.doc

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A SUMMER TRAINING PROJECT REPORTON

RECRUITMENT OF ADVISORSAT

TATA AIG LIFE INSURANCE CO. LTD.

Submitted in partial fulfillment of the three years (F/T) BBA programme 2009-12

Prescribed by LU

BYSurendra Yadav

Roll No. 918101046

Under the guidance of Submitted toIndustrial Guide Academic Guide Mr. N.A.KHAN DR. ARUN KUMAR SRIVASTAVA SALES MANGER PRINCIPALTATA AIG LIFE INSURANCE CO. LTD CITY COLLEGE OF MANAGEMENT

CITY COLLEGE OF MANAGEMENT, LUCKNOW

Bhartipuram, Tiwariganj, Chinhat Lucknow.

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ACKNOWLEDGEMENT

I am thankful to management of TATA AIG LIFE INSURANCE Co.

Ltd. for granting the permission, co-operation and valuable information for

completing this project.

I also express my heart felt thanks to Mr. Nayab Ahamad Khan (Sales

Manager) TATA AIG LIFE Insurance Co. Ltd, Shalimar Tower, Rana Pratap

Marg, Lucknow, for his valuable guidance and continuous support in better

understanding the study with his excellent ideas throughout the project.

In spite of heavy responsibilities and busy schedules, they always

managed time to provide proper guidance.

Last but not the least, I would like to say that my parents and friends

for giving me their constant support and encouragement in completion of my

project.

SURENDRA YADAV

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PREFACE

Summer training is an integral part of the BBA course curriculum. The main objective of this training is to supplement the student’s theoretical knowledge with a practical exposure to the working environment of an organization. This program enhances the student’s capability to cope up with the uncertainties and challenges which are the part and parcel of every organization.

The competition in the insurance sector is highly volatile in nature.

Over the decade only government undertaking company was operating in

India but with the opening up of the economy several new players like private

sector & multinational insurance entered in Indian horizon.

In the giving project I made the importance of Financial Advisor in

accelerative the service of the company. Advisors are playing a very important

role for making a bright future of Tata AIG Life.

Research design method used was descriptive research. The

sampling method used was simple random sampling. I have taken a size of 60

respondents. I first formed a structure questionnaire to collect data & the

questionnaire is filled by the person, who is related with insurance company.

On the basis of filled questionnaire, coding sheet is formulated &

the conclusions are drawn with the help of graphs pie charts.

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TABLE OF CONTENTS

EXECUTIVE SUMMARY

COMPANY PROFILE

PRODUCT POLICIES

INSURANCE

TAX REBATES UNDER INDIAN INCOME TAX ACT

OUR ACHIEVEMENTS

COMPANIES OF ADITYA TATA AIG GROUP

LIFE PRODUCT POLICY OF TATA AIG LIFE

OPPORTUNITY OF AN INSURANCE ADVISOR IN

TERM OF CAREER AND GROWTH PLAN

ADVISOR ROLE

INTRODUCTION TO CHANNEL DEVELOPMENT

AND RECRUITMENT

REWARD AND RECOGNITION

METHODOLOGY USED TO RECRUIT ADVISOR

RECOMMENDATONS

BIBLOGRAPHY

QUESTIONNAIRE

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EXECUTIVE SUMMARY

Identifying different profiles of the people and giving them a Business

Opportunity to join TATA AIG LIFE Insurance Company Ltd. as an advisor.

The study is conducted to identify the perception perceived by the

people and insurance holders amongst Life Insurance Company. To make

people aware of the services facilitated by Tata AIG Life’s insurance. Several

awareness programs were conducted followed by promotional activity. People

were contacted to make them understand of Tata AIG’s investment Services.

A market survey was done on life insurance companies. Different

questions regarding the companies training programs for advisor, top 5 USP's,

training centers etc were asked. The areas covered up in this survey were

Gorakhpur. The report contains details of different role of the advisor in life

insurance companies and the importance of financial advisor in accelerative

the service of the company.

Insurance industry is growing rapidly day-by-day. India itself has a

population of 1.12 billion out of which roughly 33.2% people are insured.

This clearly shows that most of the people are not insured just because they

don’t know much about insurance.

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COMPANY PROFILE

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About Tata AIG Life

Tata AIG Life Insurance Company Limited (Tata AIG Life) is a joint

venture company, formed by Tata Sons and AIA Group Limited (AIA).

Tata AIG Life combines Tata’s pre-eminent leadership position in India

and AIA’s presence as the largest, independent listed pan-Asia life

insurance group in the world spanning 15 markets in Asia Pacific. Tata

Sons holds a majority stake (74%) in the company and AIA holds 26%

through an AIA Group company. Tata AIG Life Insurance Company

Limited was licensed to operate in India on February 12, 2001 and

started operations on April 1, 2001.

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Product & Policies:

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Protection Plans: TATA AIG LIFE Insurance Term Plan

TATA AIG LIFE Insurance Premium Back Term Plan

Saving Plans: TATA AIG LIFE Insurance Guaranteed Bachat Plan

TATA AIG LIFE Insurance Money Back Plus Plan

TATA AIG LIFE Insurance Gold-Plus II

TATA AIG LIFE Insurance Saral Jeevan Plan

TATA AIG LIFE Insurance Supreme-Life

TATA AIG LIFE Insurance Dream Plan

TATA AIG LIFE Insurance ClassicLife Premier

TATA AIG LIFE Insurance SimplyLife

TATA AIG LIFE Insurance PrimeLife Premier

TATA AIG LIFE Insurance PrimeLife

TATA AIG LIFE Insurance Flexi Cash Flow

TATA AIG LIFE Insurance Flexi Save Plus

TATA AIG LIFE Insurance Flexi Life Line

TATA AIG LIFE Insurance Single Premium Bond

Health Solution Plans BSLI Health Plan

BSLI Universal Health Plan

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Retirement Plans TATA AIG LIFE Insurance Freedom 58

TATA AIG LIFE Insurance Flexi Secure Life Retirement Plan II

Children Plans TATA AIG LIFE Insurance Children's Dream Plan

Rural Plans TATA AIG LIFE Insurance Bima Suraksha Super

TATA AIG LIFE Insurance Bima Dhan Sanchay

TATA AIG LIFE Insurance Bima Kavach Yojana

Group Plans TATA AIG LIFE Insurance Group Unit Linked Plan

TATA AIG LIFE Insurance Group Protection Solutions

TATA AIG LIFE Insurance Group Superannuation Plan

TATA AIG LIFE Insurance Group Gratuity Plan

TATA AIG LIFE Insurance Credit Guard Plan

TATA AIG LIFE Insurance Single Premium Group Term Plan

NRI Plans TATA AIG LIFE Insurance PrimeLife Premier

TATA AIG LIFE Insurance PrimeLife

TATA AIG LIFE Insurance Flexi Life Line Plan

TATA AIG LIFE Insurance Flexi Save Plus

TATA AIG LIFE Insurance Flexi Cash Flow

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TATA AIG LIFE Insurance ClassicLife Premier

TATA AIG LIFE Insurance Single Premium Bond

TATA AIG LIFE Insurance SimplyLife

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INSURANCE

The evaluation of insurance dates back as early as the commencement of trade

between two countries in England, especially between the European countries.

During the transportation of goods, there were chances of the ship being

drowned in the rough sea conditions or attacked by the pirates, leading to huge

loss to the party sending goods. The traders of England devised a way

whereby the loss of the goods would be compensated by every trader putting

in some amount as per their financial strength so that a single party may not

be the loser; this is the earlier concept of insurance. This concept is taking

shape for the last 300 years, yet in India the first insurance company was

established in 1818 with the advent of European widows. The name of the

company was oriental life insurance company.

WHAT IS INSURANCE?

Insurance is a mechanism that ensures an individual to thrive on adverse

consequences by compensating the individual, his/her loss financially. Every

individual in the world and all activities connected with him/her, be it life,

profession, business, travel or any other pursuits are subject to unforeseen and

uncalled for hazards or dangers. The benefit that an individual enjoys in his

life by owning a car or a house or a factory can be snatched by sudden

accident which can render even the individual immobile, and his family

vulnerable. At this critical juncture, only insurance helps him not only to

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survive but recover his loss and continue his life in a normal manner, which

would otherwise be unthinkable.

The concept of insurance is quite simple. People, who are in similar trade and

are exposed to the same risks, congregate and some to an agreement that if

any individual member suffers a loss, then the loss will be shared by others

and minimized in order to enable the individual member recover from the loss

and cover his ground. Similarly the different kinds of risks can be identified

and separate groups can be formed to counter such risks and reduce to impact

to manageable proportion, in which the share could be collected from the

members either after the loss or in advance, at the time of admission to the

group. This is an exemplary sign of humanity and insurance therefore serve

the mankind to a great extent; a point most of the individual tend to overlook,

since monetary aspect is involved. Now such is for tangible assets.

The concept of insurance has been extended beyond the coverage of tangible

assets. Exporters run the risk of importers in other country defaulting as well

as losses due to sudden fluctuations in the currency exchange rates, economic

policies turmoil. The risks are not insured. Doctors run the risk of being

charged with negligence and can subsequently liable for damage. The amount

in question can be fairly large, beyond the capacity of the individual to bear.

These are insured. Thus insurance is extended to intangible assets. In some

countries even the voice of a singer, legs of the footballer can be insured, even

though the advantage of spread may not be available in these cases.

Satisfaction of economics needs requires generation of income from some

sources. If the property, which is the source of such income, were lost fully or

partially, permanently, or temporarily, the income too would stop. The

purpose of insurance is to safeguard against such misfortune few, through the

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help of the fortune many, who were exposed to the same risk, but saved from

the misfortune. Thus the essence of insurance is to share losses substitute

certainty by uncertainty.

The different types of human activities that come under the umbrella of

insurance are as follows.

1. House/office/factory or any moveable - Fire insurance

Object destroyed in life

2. Shipment or transportation of goods - Marine insurance

(By ship, destroyed in catastrophe).

3. Jewellery /cash/ household goods - Burglar insurance

Stolen or robbed

4. Goods in transit by roads or railways destroyed. - Carrier insurance

5. Theft or accident of vehicles - Vehicle insurance

6. Financial cover in ailment /surgery etc - Health insurance

All these are non-life insurance. In conclusion one can safely say that

the purpose of insurance be it or non-life is to transfer the financial loss to the

insurance company who spreads in over to the policyholders.

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Life insurance

Life insurance or life assurance is a contract between the policy owner and

the insurer, where the insurer agrees to pay a sum of money upon the

occurrence of the insured individual's or individuals' death or other event,

such as terminal illness or critical illness. In return, the policy owner agrees to

pay a stipulated amount called a premium at regular intervals or in lump sums.

There may be designs in some countries where bills and death expenses plus

catering for after funeral expenses should be included in Policy Premium. In

the United States, the predominant form simply specifies

a lump sum to be paid on the insured's demise.

As with most insurance policies, life insurance is a contract between the insurer

and the policy owner whereby a benefit is paid to the designated beneficiaries if

an insured event occurs which is covered by the policy.

Life-based contracts tend to fall into two major categories:

Protection policies - designed to provide a benefit in the event of

specified event, typically a lump sum payment. A common form of this

design is term insurance.

Investment policies - where the main objective is to facilitate the growth

of capital by regular or single premiums. Common forms (in the US

anyway) are whole life, universal life and variable life policies.

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TYPES OF LIFE INSURANCE

Life insurance may be divided into two basic classes – temporary and

permanent or following subclasses - term, universal, whole life and

endowment life insurance.

Temporary Term Insurance:-

Term assurance: provides for life insurance coverage for a specified term of

years for a specified premium.

Permanent Life Insurance:-

Permanent life insurance is life insurance that remains in force

(in-line) until the policy matures (pays out), unless the owner fails to

pay the premium when due (the policy expires OR policies lapse).

Whole life coverage

Whole life insurance provides for a level premium, and a cash value table

included in the policy guaranteed by the company

Universal life coverage:-

Universal life insurance (UL) is a relatively new insurance product intended to

provide permanent insurance coverage with greater flexibility in premium

payment and the potential for a higher internal rate of return.

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Limited-pay:-

Another type of permanent insurance is Limited-pay life insurance, in which all

the premiums are paid over a specified period after which no additional

premiums are due tokeep the policy in force. Common limited pay periods

include 10-year, 20-year, and paid-up at age 65.

Endowments:-

Endowment policy

Endowments are policies in which the cash value built up inside the policy,

equals the death benefit (face amount) at a certain age. The age this

commences is known as the endowment age.

Accidental Death:-

Accidental death is a limited life insurance that is designed to cover the

insured when they pass away due to an accident. Accidents include anything

from an injury, but do not typically cover any deaths resulting from health

problems or suicide. Because they only cover accidents, these policies are

much less expensive than other life insurances.

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Why Insurance?

Insurance is the protection of life and assets against unforeseen circumstance.

Whether it is a general accident policy, a Medi claim policy or a pension

policy, an insurance policy helps you to scope with uncertainty and insecurity.

Ever thought about why you should take an insurance policy. For one, it helps

you to hedge risks against unforeseen circumstances and save more. If that's

not all, it is:

Superior to an ordinary savings plan as it provides full protection

against risk of death.

Encourages and forces compulsory savings unlike other saving

instruments, wherein the saved money can be easily withdrawn.

Provides loan to tie over a temporary difficult phase and is also

acceptable as security for a commercial loan.

Offers tax relief to policyholders.

Hedges risk against uncertainty.

For a policy taken under the MWP Act 1874, (Married Women's

Property Act), a trust is created for wife and children as beneficiaries.

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Based on the concept of sharing of losses, the society will benefit as

catastrophic losses are spread globally.

Life Insurance has come a long way from the earlier days when it

was originally conceived medium for short periods of time.

Covering temporary risk situation, such as sea voyages. As Life

Insurance became more established, it was realized what a useful

tool it was for a number of including.

TEMPORARY NEED / THREATS:-

The original purpose of the Life Insurance remains an important

elements, namely for replacement of income on death etc.

REGULAR SAVING :-

Providing for one’s family and oneself, as a medium to long

term exercise (through a series of regular payment or premiums).

This has become more relevant in recent times as people sect

financial independence for their family.

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INVESTMENT :-

Put simply, the building up of saving while safeguarding it forms the

ravages of inflation. Unlike regular saving products, investment products

are traditionally lump sum investment, where the individual makes a one off

payment .

RETIREMENT:-

Provision for later years becomes increasingly necessary, especially in

a cultural and social environment. One can buy a suitable insurance policy,

which will provide periodical payments in one’s old age.

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Who can buy a life insurance policy?

Any person above 18 years of age, who is eligible to enter into a valid

contract, can go for an insurance policy. Subject to certain conditions, a policy

can be taken on the life of a spouse or children.

HOW LIFE INSURANCE IS USEFUL?

Planning for the financial consequences of a premature death is an essential

part of every financial plan. Generally, the consequences are simply too large

to ignore and cannot be totally covered with your own resources. Life

insurance is nothing but a contract with an insurance company under which

the insured (purchaser) pays a premium in exchange for coverage of specified

losses. Life insurance protects your family against the risk of the premature

death of you (or your spouse). Life insurance planning should consider your

family's short-term needs (for example, medical expenses) and long-term

needs (for example, replacing your income).

In the course of our life we are accosted by risk-that of failing health, financial

losses, accidents and so on. Insurance is a means by which life's uncertainties

are addressed in financial terms. It offers a monetary compensation against

those losses. Insurance is considered more as a hedging mechanism rather

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than a true investment avenue. Life insurance, in particular is essentially

acknowledged as a mechanism that eliminates risk-substituting certainty for

uncertainty primarily by transferring risk from the insured to the insurer.

Some financial information about insurance

sector:-

About Stock?

A stock symbolizes ownership in a company.Those who own stock become shareholders or stockholders in the company from which they purchased the stock; Experts have identified a number of stock types that people can acquire:

Penny Stocks : Stocks offered by small companies with limited growth

potential. Such stocks tend to be worth very little. Reflecting the

perceived value of the company.

Growth Stock : Stocks offered by relatively new companies that are

high on potential but low on stability.

Blue Chip Stocks : Stocks offered by established, successful

companies. These stocks are relatively safe investments.

About Stock Market ?

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Essentially a market is a place which introduces a buyer to a seller. In the

case of stocks the buyer and seller are dealing in small ownership portions of

companies or shares.

What is the function of Stock Markets?

Stock markets perform the following functions:

Connecting those who seek money with those who can provide it.

Create an auction mechanism in which prices can be decided for

investments.

Distributing the future risk of investments across many millions of

individuals.

Providing the claim tickets upon which future wealth can be staked.

Connecting financial institutions together to create money

About Debenture?

A debenture is a debt instrument, just like a fixed deposit (FD), usually issued

by a company. You invest a sum, and the company pays you a fixed rate of

interest for the pre-defined period. After the period gets over, you get back

your principal amount.

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About Bond?

A debt investment in which an investor loans money to an entity (corporate or

governmental) that borrows the funds for a defined period of time at a

fixed interest rate.

Two features of a bond - credit quality and duration - are the principal

determinants of a bond's interest rate. Bond maturities range from a 90-day

Treasury bill to a 30-year government bond. Corporate and municipals are

typically in the three to 10-year range.

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Tax Rebates under Indian Income Tax Act

Specified investment schemes in 80c:-

Life insurance premium payments

Contributions to Employees Provident Fund/GPF

Public Provident Fund (maximum Rs. 70,000 in a year)

National Saving Certificates. [NSC]

Unit Linked Insurance Plan (ULIP)

Repayment of Housing Loan (Principal)

Equity Linked Savings Scheme (ELSS)

Tuition Fees including admission fees or college fees paid for Full-time

education of any two children of the assesses (Any Development fees or

donation or payment of similar nature shall not be eligible for

deduction).

Infrastructure Bonds issued by Institutions/ Banks such as IDBI, ICICI,

REC, PFC etc.

Interest accrued in respect of NSC VIII issue.

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Deduction under 80c:-

This section allows a deduction of up to Rs. 10,000 to an individual in respect

of contribution to ‘Pension’ scheme of LIC of India or any other Insurance

Co.

SMALL, MID & LARGE CAP COMPANIES:-

Cap is short for capitalization which is a measure by which we can classify a

company's size. Big/large caps are companies which have a market cap

between 10-200 billion dollars. Mid caps range from 2 billion to 10 billion

dollars. These might not be industry leaders but are well on their way to

becoming one. Small caps are typically new or relatively young companies

and have a market cap between 300 million to 2 billion dollars.

Although their track record won't be as lengthy as that of the mid to mega

caps, small caps do present the possibility of greater capital appreciation, but

at the cost of greater risk.

Initial Public offering:-

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An initial public offering, or IPO, is the first sale of stock by a company to the

public. A company can raise money by issuing either debt or equity. If the

company has never issued equity to the public, it's known as an IPO. An IPO

is just selling stock. It's all about the sales job. If you can convince people to

buy stock in your company, you can raise a lot of money.

Is life insurance a saving instrument?

Life insurance is mainly considered as a saving instrument rather than an

investment avenue as it promotes compulsory savings besides reducing tax

burden on the policyholder and protect the family of the policyholder in the

event of unforeseen happening. It is the only saving instrument, which covers

the life risk besides giving tax concession both at entry (premium paid) and at

exit points. The section 10 (D) of the income tax act totally exempts payment

of tax on any amount received as bonus against life insurance policies.

WHY INSURANCE IN INDIA:

Only 22% of the insurance population has been extended cover. Market

penetration is low and the potential to exploit is high.

Insurance premium per capita is very low.

Lack of comprehensive social system benefit and welfare means that

demand for pension products is high.

Huge middle class of approximately 300 Million.

Existing insurance company score low on customer service front.

The insurance market registered growth in the Asian region even

though India’s share in global insurance is less than 0.5% (1988) as compared

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to USA (24.2%) and Japan (21%). Studies have reveled that in an emerging

market, as disposable income rises, Insurance premiums as a ratio of GDP

shoots up. The confederation of Indian Industry projected a growth of Life

Insurance premiums from Rs.350 Billion at present to Rs.140 Billion.

The growth of non-life insurance premium is expected to increase from 75

billion to 375 billion. Out of which, only 10% is tapped by the existing

insurer.

Insurance even more than banking is a volume game. A very

exclusive approach in view is unlikely to provide meaningful numbers.

Currently, insurance is bought for the purpose of tax-benefits. A higher

percentage of business is in the rural market. The share of rural new business

insurance total new business is 55% in terms of policies and 47% in terms of

sum assured. However, this needs to be viewed in the light of some recent

issues that have been raised regarding as to what constitutes the rural market.

Therefore, private insurers will be best served by middle market approach,

targeting the customer segments that are presently unexploited.

How many Indians are aware that LIC has more than 60Products and

GIC has more than 180Products? Not only there is a reduction in the

premiums of Life Insurance products have long overdue since Indian morality

rate has decreased three folds in the last 50years. There is also scope to

increase the yield on life insurance policies (presently 6%) with proper risk

management in place.

It is been debated that insurance business does not produce profit in the

first five years cross subsidization is a feature of Indian market. Even the first

portfolio vote that is considered profitable, cross subsidizes other departments.

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Tariffs reduction is likely to reduce profits; further insurers have to institute

proper claims management progress in order to extract efficiencies. At present

life insurance business in the country is taxed at 12.5% of the profit in

financial year. The government is soon to present a new model of taxing life

insurance companies at international rates.

New entrants should be well advised to look ahead to the stage where

brand strength will be a competitive advantage and sketch their alliances

accordingly. In fact, we believe that alliance related to distribution rather than

to produce or technology will prove most valuable in the long run.

Banks and financial companies will emerge, as attractive distribution

channel for this insurance trend will be led by two factors, which already

apply in other world market. First Banking food insurance, fund management

and other financial services companies are being to increase their profitability

and provide maximum value to their customers.

Therefore, they are themselves looking for a range of products to

distribute. In other market notably Europe; this has resulted in bank assurance.

Bank entering into the insurance business in India to bank hope to maximize

expensive existing network by selling a range of products more of a loss

alliance between insurance and bank than a formal ownership. Some Indian

entrants like ICICI, HDFC and Reliance hope to ride their existing network

and customer bases.

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IRDA:-

The insurance sector has been opened up in India, as there was an

urgent need. The international experience indicates those country with a

liberalized insurance sector have witnessed a rapid growth in premium

volumes enhancing the domestic saving rate. This happened in China, Malaysia

and Singapore where a competitive market has led to improvement in Services

and quicker settlement of claims. It is also important to note that competition

will bring about advancement in information, communication and technology.

And rightly therefore a decision was taken by the Government of India to

open up Insurance sector. The establishment of IRDA in the month of April 2000

has been important development in this direction, making the end of

monopoly in the insurance sector.

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+74%

26%

100%

Equity ShareCompanies

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OUR ACHIEVEMENTS:-

Stood at Rs.746.60 crores, marking a 105% growth over the previous year. BSLI known for best practices that were adopted by IRDA for the industry

BSLI pioneered ULIP’s in India and is known for its innovative products

BSLI has the best claims ratio in the industry- An Outstanding 0.41%.

BSLI 3rd largest in the group segment.

BSLI considered a role model for Banc assurance in the industry & has 7 bank relationships.

BSLI is rapidly developing its alternate channels, with 197+ relationships, includes premier relations like AR insurance, UTI securities & Reliance retail.

Highest average ticket size in the industry.

BSLI has grown more than the market in 2007 - For YTD October 2007, BSLI’s New Business Premium

BSLI would sponsor the Travel and Hotel stay for all repeat MDRT

qualifiers of 2008 & first time TOT/COT qualifiers of 2008 to attend the

MDRT Conference at Canada (22nd June to 28th June 2008)

All the first time MDRT qualifiers of 2008 will get the laptop

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Companies of Aditya Tata AIG Group

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1. 1-UltraTech Cement Ltd

2. Hindalco

3. Grasim

4. Aditya Tata AIG Novo

5. Idea Cellular Ltd.

6. TATA AIG LIFEInsurance Co. Ltd

7. TATA AIG LIFEAsset Mgmt. Co. Ltd

8. TATA AIG LIFEDistribution Co. Ltd

9. PSI Data Systems

10.Indo Gulf Fertilizers Ltd.

1- Aditya Tata AIG nuvo ltd.Aditya Tata AIG Nuvo Ltd is a diversified conglomerate and the platform that has launched many new businesses for India’s premier business house, the Aditya Tata AIG Group. Aditya Tata AIG Nuvo has a balanced portfolio of traditional and new age businesses under its fold, ranging from textiles to life insurance.

2- Grasim Industries LimitedGrasim Industries Limited, a flagship company of the Aditya Tata AIG Group, ranks among India's largest private sector companies, with consolidated net turnover of Rs.184 billion and a consolidated net profit of Rs.29 billion (FY2009).Starting as a textiles manufacturer in 1948, today Grasim's businesses comprise viscose staple fiber (VSF), cement, chemicals and textiles. Its core businesses are VSF and Cement, which contribute to over 90 per cent of its revenues and operating profits.

3- Novelis Novelis is the world leader in aluminum rolling, producing an estimated 19 percent of the world's flat-rolled aluminum products.  We are the No. 1 rolled

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products producer in Europe and South America, and the No. 2 producer in both North America and Asia. Novelis is also the world leader in the recycling of used aluminum beverage cans. Annually, we recycle around 35 billion used beverage cans -- enough to circle the earth more than 100 times.

4-Ultra techUltraTech Cement Limited has five integrated plants, six grinding units and three terminals — two in India and one in Sri Lanka.UltraTech Cement is the country’s largest exporter of cement clinker. The export markets span countries around the Indian Ocean, Africa, Europe and the Middle East.

UltraTech’s subsidiaries are Dakshin Cement Limited and UltraTech Ceylinco (P) Limited.

5-IDEA CellularIDEA Cellular Limited was incorporated in 1995 and is one of the leading GSM mobile services operators. Headquartered in Mumbai, it has licenses to operate in all 22 service areas across the country, though commercial operations are currently in 16 services areas. IDEA enjoys a market leadership position in many of its operational area.

6-Hindalco Industries LimitedHindalco Industries Limited, the metals flagship company of the Aditya Tata AIG Group, is an industry leader in aluminium and copper of its operational areas.Hindalco is the world's largest aluminium rolling company and one of the biggest producers of primary aluminium in Asia. Its copper smelter is the world's largest custom smelter at a single location.

Established in 1958, Hindalco commissioned its aluminium facility at Renukoot in Eastern U.P. in 1962.

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Life Product policy of Tata AIG Life

1-Protection-----

(A) Term plan

(B) High Net worth plan

2-Saving--------

(A) TATA AIG LIFEinsurance platinum plan

(B) TATA AIG LIFEinsurance Gold plus plan

(C) TATA AIG LIFEinsurance dream plan

(D) TATA AIG LIFEinsurance saral jeevan plan

3-Health solution------ (A) BSLI Health plan

(B) BSLI universal Health plan

4-Retirment ------

(A)Tata AIG sunlife insurance secure58 plan

(B) TATA AIG LIFEinsurance Freedom58

5- Children------

(A) TATA AIG LIFE insurance dream plan

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Opportunity of an insurance advisor in term

of career and growth path

Who is an advisor?

An adviser is a professional who renders investment advice and financial planning services to individuals and businesses. Ideally, the financial advisor helps the client maintain the desired balance of investment income, capital gains, and acceptable level of risk by using proper asset. He makes sure that you are aware of every opportunity available to you. Advisors provide guidance for developing and achieving meaningful Educational, professional, and personal goals Successful advising depends upon a shared understanding of, and commitment to, the advising process, by students, advisors, and the university

What is the Role of an Advisor?

Advisors are first and foremost educators. In this role you will provide information, present alternatives, encourage responsibility, support creativity, and challenge students to develop as leaders. In this role an advisor walks a fine line between leading the organization and giving the organization the strength to lead itself. Advisors should not assume a role as a leader, officer, or voting member within the student organization. The various “hats” of an advisor can be placed into four categories: planning assistance, leadership skill development, resource guidance/policy interpretation, and transition.

41

~ 42 ~

42

~ 43 ~

Advisor Role.

To provide ongoing financial advice for his/her clients:-

Identify future clients

Making appointments

Conduct financial review meetings with prospects/clients.

Close sales

Get referrals

Provide service to clients.

Follows internal sales and reporting system.

43

~ 44 ~

Working Environment of an advisor/Agent:-

To be a part of world-class sales team.

Work from your own office or residence.

Work full time or part time (an advisor can work part time by

undergoing only 50hrs of training and 100hrs training is for full

time advisors.)

Earn Commission, Bonus & Incentives.

No upper limits on earnings.

Flexible career.

How does an Advisor/Agent work?

44

~ 45 ~

Firstly an advisor/agent has to make a list of 200 people that he/she

knows.

Then the Advisor/agent makes a call to these clients and tries to fix an

appointment.

When an appointment is fixed the advisor/agent meets the customer &

tries to sell the product.

After that the advisor/agent asks for the reference of maximum number

of people from the client.

The reference is asked in context to make future calls and the whole

procedure is repeated again.

Opportunities for an Advisor/Agent:-

45

~ 46 ~

No startup capital required.

Flexible working environment.

Be your own boss.

Unlimited earning potential.

To be a part of a world-class team.

Other opportunities for insurance advisor:-

46

~ 47 ~

1-Tiger Program:-

CRITERIA

Advisors to AM

– Vintage: 12 months+

– Annualized Premium: 6,00,000

– Policies: 40

– Age: 25 -40 yrs

– Education: Graduate

NOTE

1-Promotion to AAM/AM on achievement of Pinnacle criteria would be

subject to clearance of Assessment Center.

2-His potential must be checked by the company that he is able for that post or

not.

3-On the basis of that criterion he will promoted to that post.

2-Consultant Trainer Program

47

~ 48 ~

Consultant Trainer program is a part time career for an high potential Advisor

where he can earn a fee for the trainings conducted.

Greater potential to ‘Earn and Learn’ and create more successful advisors.

CRITERIA:

– Vintage: 6 months +

– Annualized Premium: 3,00,000

– Policies: 10

– Age: 25 to 40 yrs

– Education: Graduate

Note:

Promotion to Consultant Trainer would be subject to clearance of Assessment

Center. His potential will be checked by the company only then he will be

promoted to the post of trainer.

Advisor commission

48

~ 49 ~

First premium commission:-

The type of policy and the premium paying term determines commission

payable.

Currently the following rate of commission is in-force and applicable:

1- CLASSIC LIFE PREMIER. (Post ULIP)

Base Commission

PREMIUM PAYING PERIODS

3 PAY OTHER PAYS

First Year 10.00% 11.00%

Second Year 3.50% 3.50%Third Year 3.50% 3.50%Fourth Year 0.00% 3.50%Fifth Year 0.00% 3.50%Sixth Year + 0.00% 1.50%Top- up premium 1.50% 1.50%

2-SIMPLY LIFE

POLICY YEAR COMMISSION IN %First Year 11.25%Second Year onwards 2.0%

3-SUPREME LIFE

POLICY YEAR COMMISSION % 3 PAY & 5PAY

COMMISSION %OTHER PAYS

49

~ 50 ~

First Year 9.0% 10.0%Second Year Onward 2.0% 2.0%TOPUP 2.0% 2.0%

4-DREAM PLAN/ CHILDREN PLAN

The commission rate for dream plan is calculated as:

. Commission Rate =2% x Policy term, Subject to a maximum of 40% (as per IRDA guidelines.)

. Renewal commission rate =5% from second year onwards.

5-SARAL JEEVAN

POLICY YEAR COMMISSION IN %1st Year Benefit period x 2% of premium2nd Year onwards 5% of premium

6-GOLD PLUS

POLICY YEAR COMMISSION %1st Year 8.0%2nd Year & 3rd Year 4.0%4th Year NILTop- Ups 2.0%

7- PLATINUM PLUS

PLAN TYPE PREMIUM PAYING PERIOD

COMMISSION RENEWAL COMMISSION FOR 2nd & 3rd YEAR

Platinum plus 1-3 Years 8.0% 4.0%

50

~ 51 ~

8- FREEDOM 58

POLICY YEAR COMMISSION% 1st Year 7.5%2nd Year onward 2.0%Top- ups premium 2.0%

9- HEALTH PLAN

PLAN TYPE

PREMIUM PAYING PERIOD

1st Year 2nd & 3rd Year

Subsequent Years

Top-ups

BSLI Health plan

1–3 Years 30.00 5.0 _

BSLI Universal Health Plan

1–3 Years 25.00 4.0 _

Suggested Tasks for Advisors

51

COMMISSION RATES %

~ 52 ~

Have knowledge of all plans and activities of the group.

Discourage domination of the group by any individual or small groups.

Assist in the orientation of new officers.

Be available to meet with members of the organization at their regular

meetings and events sponsored by the group. If the group meets weekly

plan on attending at least once a month.

Provide guidance in the planning and evaluation of programs.

Assist the group in setting realistic goals and objectives for the

academic year. Facilitators are available at the Center for Student

Involvement & Leadership, 621-8046 to help with this task.

Promote closer involvement between students, faculty and staff.

Suggest the group apply for faculty student interaction monies (see the

Funding Section of the Handbook.)

Assist the group in abiding by all University policies, procedures, and

regulations.

Be familiar with the Policy Section of the Handbook.

Techniques of Advising

52

~ 53 ~

Understanding what a student officer expects of an advisor and what an

advisor may expect of a student officer may enable one to more effectively

fulfill the role of an advisor. It is strongly suggested that before agreeing to

sign the annual recognition papers, advisors should meet with the student

leaders to determine mutual expectations. Listed here are guidelines that may

be helpful in determining these expectations.

OBJECTIVE of new advisor’s:-

1- Grow own talent

2- Picking best people

3- Retention of Talent

4- Opportunity for career development

5- Sharing best practices

6- Blueprint for success

53

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54

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What is Recruitment?

Recruitment is the process where the HR identifying the gaps to be filled,

attracting the suitable person's CV’s through different media (like

advertisement in paper, approaching consultants, employee references,

campus placements (when the requirement is huge), even you can verify

active working Employees in your company through promotions /transfers) &

etc., up to receiving the CV’s. Selection starts from the received CV’s,

Conducting the tests & finally ends with the HR round of Interview for taking

a decisions whether selected or not.

RECRUITMENT GUIDELINES:

Foreword:

For a manpower intensive industry such as ours, Recruitment represents one

of the single biggest Expense items. It is therefore prudent for this expense

Head to be monitored closely. As a first step, all recruitments in BSLI will be

frozen for the next three months (starting from April ’07) Except for sales

channels who will obtain advance approval from the CEO on a monthly basis.

Replacements and emergency needs for other Functions will also require

CEO’s approval. All functions can work on the lines of the recruitment plans

that they have designed for the quarter, as it is important to staff in order to

support anticipated business growth and raise their proposals accordingly.

55

~ 56 ~

Purpose:

These guidelines, which are operational with immediate effect, would serve as

a process guide for the recruitment processes in BSLI henceforth.

Coverage:

These guidelines cover all new joiners on full time basis at Head Office and

across all branches, including Agency Managers and those who are on

contract, as also for new positions and replacements.

Other Functions.

For recruitment of any new or replacement positions the concerned function

will have to provide a justification on criticality / need of the same to Head Of

HR in the enclosed format (Annexure “A”).Head of HR with the CEO will

review the same on a monthly basis. The normal recruitment process would be

followed for the approved numbers and positions. The Head Count Approval

Form for the same needs to be raised (Available on the home site under Forms

in HR manuals) for approval of Planning and HR.

56

~ 57 ~

THE RECRUITMENT PROCESS:

1. IRS (Internal Recruitment System)

2. Through referrals.

3. Advertisement (Web sites & Newspaper.)

4. Through Consultant

5. Open Market (Direct Walk in)

Internal Recruitment System :

As a rapidly growing organization. We possess the advantage of being able to

leverage on our size, diversity and the multiple locations of our operations to

better manage the career of our employees. The enclosed policy on Internal

Recruitment System is meant for ensuring that the career of our employees is

better managed while meeting the needs of our company. This policy will be

applicable to all the vacancies arising on or after January 01, 2003.

57

~ 58 ~

Objectives:

The Internal Recruitment System at BSLI will serve the following purposes:

- Help in better career management of employees.

- Enlarge available choice of candidates by

- throwing

- open positions to all who are eligible.

- Ensure that persons most suitable occupy positions.

- Promote a culture of merit and transparency

- Enhance the vibrancy of the whole organization.

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Advisors Club Exclusive Club for Exclusive Advisors

OBJECTIVE

1-To reward and recognize loyal and top performing Advisors

2-To reward and recognize loyal and top performing Advisors

3-Building and maintaining long term relationship with Advisors

4-Blueprint for success

5-Increased BSLI growth through committed performance of the Advisors

Criteria of club membership:-

Clubs Qualifying Conditions (Alternate Condition)

Bronze25 Net Lives and

Rs. 60,000 NAAC Rs. 1,20,000 NAAC

Silver40 Net Lives and

Rs. 90,000 NAAC Rs. 1,80,000 NAAC

Gold 60 Net Lives and

Rs. 1,50,000 NAAC Rs. 3,00,000 NAAC

C.E.O 100 Net Lives and

Rs. 5,00,000 NAAC Rs. 10,00,000 NAAC

CEO Classic1

100 Net Lives and

Rs. 12,50,000 NAACRs. 25,00,000 NAAC

CEO Classic 2

100 Net Lives and

Rs. 20,00,000 NAACRs. 40,00,000 NAAC

CEO Classic 3

100 Net Lives and

Rs. 35,00,000 NAACRs. 70,00,000 NAAC

CEO Classic 4

100 Net Lives and

Rs. 50,00,000 NAACRs. 1,00,00,000 NAAC

CEO Classic 5

100 Net Lives and

Rs. 65,00,000 NAACRs. 1,30,00,000 NAAC

59

~ 60 ~

CEO Classic 6

100 Net Lives and

Rs. 80,00,000 NAACRs. 1,60,00,000 NAAC

BENEFITS:-

• Fixed Line Rentals/local call /local mobile charges, Sales Promotion

Expenses as allowed in Competition.

• Printing/postage charges of authorized communication sent to existing /

prospective clients.

• Other office expenses.

• Events Organized for existing/prospective clients or Local & Non-

Local travel cost to business related seminars /educational meets,

Inclusive Foreign Travels

• Interest on personal loans taken for computers, printers, laptops,

2/4 wheelers

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~ 61 ~

REIMBURSEMENTS FOR AN ADVISOR IN

CLUB MEMBERSHIP:-

CLUB MEMBERS CAN REIMBURSE THE BENEFITS

UP TO THE FOLLOWING AMOUN

Advisors club: Benefits:-

• Advisor Marketer

– A business enabler - a professionally written document about the

advisor to present and impress his/her prospective clients.

– Printed and laminated, this document would capture in a single

sheet all the important details such as: profile, qualification &

training, and customer testimonials.

61

Club Reimbursements Club Reimbursements

Bronze 3500 CEO

Classic 2

210000

Silver 4500 CEO

Classic 3

360000

Gold 10000 CEO

Classic 4

510000

CEO 45000 CEO

Classic 5

660000

CEO

Classic 1

120000 CEO

Classic 6

810000

~ 62 ~

• Customer Giveaways

– Sales Promotion Items will be sent to the advisors at regular

intervals for promoting business with their customers.

– The quantity will vary with the membership category.

• Business Cards

– This specially designed and personalized Business Card with

Club qualification will be printed and distributed to the

qualifiers.

• Meeting top management

– Each of the categories beginning with CEO club will meet top

management at the respective club conventions/ seminars

• Meeting the top Management

– The Top 10 Advisors of the country gets to meet the Head

Financial Services

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~ 63 ~

– The Top 10 performers of each region get to meet the CDO

– All CEO members shall qualify to meet the CEO twice a year

– Invitation to an exclusive break Advisors/lunch where the

Advisor can have a one-to-one conversation with the top

management of BSLI.

• Health Insurance

– Health Insurance coverage for the club members shall be

provided

– The details of the same shall be circulated later.

. Annual Health Check-ups

– All eligible Advisors Club members will receive a pre-printed

Health check-up Voucher with the Advisors Club welcome kit.

Advisor is our partner in this benefit. The list of diagnostic

centres and Advisor Office numbers are mentioned in the

voucher.

– The Advisors have to call up the nearest to fix an appointment

according to their convenience.

– Then present the voucher along with a photo ID.

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~ 64 ~

– The reports will be sent by the diagnostic centre to Advisor who

will in turn mail it to our Advisors at the address we have on our

records.

• Magazine Subscription

– As BSLI Advisors, we would like them to keep abreast of the

latest events across the world and present a worldly wise image

to their customers.

– Platinum members will receive a magazine subscription of the

international magazine.

– Diamond members will receive a magazine subscription of the

domestic magazine.

• Training Programmes

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~ 65 ~

– To help Advisors realize their dreams, several training &

development programmes have been developed to enhance them

with:

– Knowledge

– Skills

– Attitude to meet performance benchmarks

– Provide exclusivity & value addition to select band of trainers

MDRT(mILL):-

If an advisor has completed the below production requirement he will

promoted to the post of MDRT, and also he will get many rewards like car trip

etc.

Production Requirement for MDRT 2009 (1st Jan 2009 to 31st Dec

65

~ 66 ~

2009)

Categor

y

First Year

Premium(Rs.)

First Year

Commission(Rs.)

MDRT 30,36,400 759,100

COT 91,09,200 2,277,300

TOT 18,218,400 4,554,600

Critical Success Factors :

The following will be critical for the success of the

system:

- Wide publicity of the vacancies

66

~ 67 ~

- Open encouragement by Function Heads to employees to apply

- Transparent selection process.

- Smooth release of those selected from their present position.

The utility of this policy will be subjected to reviews annually. For any

clarifications, contact me.

67

~ 68 ~

68

~ 69 ~

COMPETITORS IN DETAIL:-

Aviva life insurance:

Aviva Life Insurance Company India Pvt. Ltd. is a joint venture

between Aviva of UK and Dabur, one of India's leading producers of

traditional healthcare products. Aviva holds a 26 per cent stake in the

joint venture and the Dabur group holds the balance 74 per cent share.

Bajaj Allianz:

Bajaj Allianz is a joint venture between Allianz AG one of the world's

largest insurance companies, and Bajaj Auto, one of the biggest 2 and 3

wheeler manufacturers in the world. Bajaj Allianz is into both life

insurance and general insurance. Allianz Group is one of the world's

leading insurers and financial services providers. Founded in 1890 in

Berlin, Allianz is now present in over 70 countries

HDFC Standard Life Insurance Co. Ltd:

Is a joint venture between HDFC Ltd., India's largest housing finance

institution and Standard Life Assurance Company, Europe's largest

mutual life company. It was the first life insurance company to be

69

~ 70 ~

granted a certificate of registration by the IRDA on the 23rd of October

2000.

ING Vysya Life Insurance Company Limited:

Is a joint venture between Vysya Bank and ING Group of Holland, the

world's 4th largest financial services group, with presence across 50

countries, and a heritage of over 150 years.

Kotak Mahindra Old Mutual Life Insurance Ltd:

Is a joint venture between Kotak Mahindra Bank Ltd. (KMBL), and

Old Mutual plc. Kotak Mahindra is one of India's leading financial

institutions and offers a range of financial services such as commercial

banking.

Life Insurance Corporation of India:

(LIC) is an autonomous body authorized to run the life insurance

business in India with its Head Office at Mumbai. It has been

established by an act of the Parliament and started functioning from

1/9/1956.

70

~ 71 ~

ICICI Prudential Life Insurance:

ICICI Prudential life insurance is a part of ICICI Bank.

Max New York Life Insurance Company Limited:

Is a joint venture between Max India Limited, a multi-business

corporate, and New York Life International, a global expert in life

insurance. New York Life is a Fortune 100 company that has over 160

years of experience in the life insurance business.

MetLife India Insurance Co. Pvt Ltd:

Is a joint venture between MetLife Group and its Indian partners. The

Indian partners include J&K Bank, Dhanalakshmi Bank, Karnataka

Bank, Karvy Consultants, Geojit Securities, Way2Wealth, and Mini

Muthoottu.

71

~ 72 ~

Reliance Life Insurance Company :

Limited is a part of Reliance Capital Ltd. of the Reliance - Anil

Dhirubhai Ambani Group. The company acquired 100 percent

shareholding in AMP Sanmar Life Insurance Company in August 2005.

Taking over AMP Sanmar Life provided Reliance Life Insurance a

readymade infrastructure and a portfolio

SBI Life Insurance : is a joint venture between the State Bank of India

and Cardiff SA of France. SBI Life Insurance is registered with an

authorized capital of Rs 500 crore and a paid up capital of Rs 350 cores.

Tata AIG Life Insurance Company:

Limited is a joint venture between Tata Group and American

International Group, Inc. (AIG). Tata Group is one of the oldest and

leading business groups of India. Tata Group has had a long association

with India's insurance sector having been the largest insurance company

in India prior to the nationalization of insurance. The Late Sir Dorab

72

~ 73 ~

Tata was the founder Chairman of New India Assurance Co. Ltd., a

group company incorporated way back in 1919.

Shriram Life Insurance Company:

Ltd is a joint venture between the Chennai-based Shriram Group and

the South African insurance major Sanlam. The company launched its

operation in India in December 2005

73

~ 74 ~

74

~ 75 ~

REWARD AND RECOGNITION

There are three rewards which are provided by company to the advisors when

they achieve their target. This target is fixed by the company.

1-MDRT

2-COT

3-TOT

MDRT

It is stand for MILLION DOLLAR ROUND TABLE.MDRT is the degree of

an advisor which is given by the company when an advisor achieve the

criteria of 33 lacks (annual premium).It is a great recognition of an advisor.

When he completes his criteria, he is able to get heavy incentive and foreign

trip.

75

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COT

It is second step of an advisor ,when an advisor complete his criteria of 94

lacks (annual premium).After achieving this criteria ,he will able to get heavy

incentives with foreign trip with spouse. This reward is very helpful to

motivate the advisors. It is stand for court of table.

TOT

Tot is the biggest degree of an advisor in which he must be completed the

target of Rs 2crore. After achieving this target an advisor can get Europe tour

with heavy incentives. This is stand for TOP OF THE TABLE.

TYPES OF REWARD

MDRT COT TOT

76

~ 77 ~

77

~ 78 ~

PROCESS OF RECRUITMENT OF AN ADVISOR

SURVEY (Prospecting)

CONTACT

MEETING

ADVISOR RESPONSE

FORMALITIES OF AN ADVISOR

CRITERIA OF AN ADVISOR

DOCUMENTS

TRAINING

EXMINATION

78

~ 79 ~

1-SURVEY

Survey is the very first step of recruiting the advisor .I have decide the area

for the survey then I have done a survey of people from the area which is

decided .From each area I select some people and talk with them about the

agency of TATA AIG SUNLIFE INSURANCE CO. Ltd and try to know

their interest.

2-CONTACT

In this step I prepared the list of people and try to motivate them for

meeting. If someone interested, they can attend the meeting with their agency

manager.

3-MEETING

Meeting is the next process to convince the people who are interested in

taking advisor ship .In this step I try to convince them after providing the

information about the benefit which can be get by the people after taking the

advisor ship.

79

~ 80 ~

4-RESPONSE OF ADVISOR

After getting the whole information about the profit , commission , rules and

regulation the people is become able to take decision that he should take the

agency or not.

5-FORMALITIES

When an advisor ready to take the agency, then he have to fulfill the

some requirement which is necessary for the advisor as well as company. In

which they have to fill the form and submit some documents.

6-CRITERITA FOR ADVISORS

Age- 18 year

Educational Qualification, Urban - Intermediate, Rural – Class 10th.

Documentation- Age proof

Id proof

PAN Card

Bank account

80

~ 81 ~

Driving License

Address proof.

7-TRAINING

It is the next step, when the people is ready to take the advisor-ship

then he have to take training of 50hours for getting the more and more

information about IRDA examination.

8-EXAMINATION

After getting the information about the examination through the training of 50

hours, he have to give the examination of IRDA. If he will be passed then he

will get the code of the company which is certified by IRDA.

81

~ 82 ~

82

~ 83 ~

83

~ 84 ~

1- CLASSIC LIFE PREMIER. (Post ULIP)

Base Commission

PREMIUM PAYING PERIODS

3 PAY OTHER PAYS

First Year 10.00% 11.00%

Second Year 3.50% 3.50%Third Year 3.50% 3.50%Fourth Year 0.00% 3.50%Fifth Year 0.00% 3.50%Sixth Year + 0.00% 1.50%Top- up premium 1.50% 1.50%

2-SIMPLY LIFE

POLICY YEAR COMMISSION IN %First Year 11.25%Second Year onwards 2.0%

3-SUPREME LIFE

POLICY YEAR COMMISSION % 3 PAY & 5PAY

COMMISSION %OTHER PAYS

First Year 9.0% 10.0%Second Year Onward 2.0% 2.0%TOPUP 2.0% 2.0%

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~ 85 ~

4-DREAM PLAN/ CHILDREN PLAN

The commission rate for dream plan is calculated as :

. Commission Rate =2% x Policy term, Subject to a maximum of 40% (as per

IRD guidelines.)

. Renewal commission rate =5% from second year onwards.

5-SARAL JEEVAN

POLICY YEAR COMMISSION IN %1st Year Benefit period x 2% of premium2nd Year onwards 5% of premium

6-GOLD PLUS

POLICY YEAR COMMISSION %1st Year 8.0%2nd Year & 3rd Year 4.0%4th Year NILTop- Ups 2.0%

7- PLATINUM PLUS

PLAN TYPE PREMIUM PAYING PERIOD

COMMISSION RENEWAL COMMISSION FOR 2nd & 3rd YEAR

Platinum plus 1-3 Years 8.0% 4.0%

85

~ 86 ~

8- FREEDOM 58

POLICY YEAR COMMISSION% 1st Year 7.5%2nd Year onward 2.0%Top- ups premium 2.0%

9- HEALTH PLAN

PLAN TYPE

PREMIUM PAYING PERIOD

1st Year 2nd & 3rd Year

Subsequent Years

Top-ups

BSLI Health plan

1–3 Years 30.00 5.0 _

BSLI Universal Health Plan

1–3 Years 25.00 4.0 _

86

COMMISSION RATES %

~ 87 ~

Satisfaction level of respondent

Meeting Satisfied UnsatisfiedStudent 25 10 15

Govt. service 10 5 5Business 15 5 11

Pvt. Service 20 14 6Housewife 10 6 4

Other (specify) 20 12 8

0

5

10

15

20

25

30

Stude

nt

Gov

t. Ser

vice

Busin

ess

Pvt. S

ervic

e

Housew

ife

Oth

er (S

pecif

y)

Meeting

Satisfied

Unsatisfied

INFERENCE When we meet 100 people then we find that satisfaction level of people on

behalf of TATA AIG LIFEInsurance. This figure is shows the response of the

people.

87

~ 88 ~

Interest of respondent in advisor ship in Tata AIG Sunlife Insurance

MEETING INTERSTEDNOT

INTRESTEDGovt. Service 10 4 6

Business 15 12 3Pvt. Service 20 8 12

Other (Specify) 20 8 12Student 25 18 7

House Wife 10 4 6

0%

20%

40%

60%

80%

100%

Govt.Service

Other(Specify)

NOT INTRESTED

INTERSTED

MEETING

INFERENCE

This figure is shows the response of the people who are interested to join the

TATA AIG LIFEInsurance as advisor.

88

~ 89 ~

Satisfaction of the respondent with there annual income

MEETING SATISFIED UNSATISFIEDGovt. Service 10 5 5

Business 15 9 6Pvt. Service 20 12 8

Other (Specify) 20 8 12

MEETING

Govt. Service

Business

Pvt. Service

Other (Specify)

INFERENCE

With the help of this figure we find that the satisfaction level of the

respondent with their annual income. The people who are not satisfied, they

want to join insurance sector for more earning.

89

~ 90 ~

Interest level of the respondent in insurance sector

MEETING BSLI BAJAJ ALLIANZICICI

PRUDENTIALGovt. Service 10 4 2 1

Business 15 10 3 2Pvt. Service 20 10 5 5

Other (Specify) 20 8 5 8Student 25 10 7 8

House Wife 10 4 4 2

0

10

20

30

40

50

60ICICIPRUDENTIAL

BAJAJALLIANZ

BSLI

MEETING

INFERENCE

When we meet 100 people then we find that satisfaction level of people on

behalf of TATA AIG LIFEInsurance. This figure is shows the response of the

people.

90

~ 91 ~

According to respondent future of Tata AIG Life

MEETING BRIGHT DULL AVERAGECAN'T SAY

Govt. Service 10 4 1 2 3Business 15 8 2 4 1

Pvt. Service 20 10 3 5 2Other

(Specify) 20 7 3 5 5Student 25 10 4 8 3

House Wife 10 2 1 2 5

MEETING

Govt. Service

Business

Pvt. Service

Other (Specify)

Student

House Wife

. INFERENCE

With the help of this figure we find that the Future of the Tata AIG Life.

91

~ 92 ~

92

~ 93 ~

CONCLUSION

The market potential for private insurance companies is found to be

greater in the long run as most of the Indians are of the opinion that, private

insurance companies would be able to perform well in the future. The private

and foreign insurance companies have to take immediate steps in appointing

more number of agents and/or advisors in addition to the employees as it has

been found out that agents are the best channel to reach the general public

regarding selling of insurance products. The private and foreign insurance

companies have to concentrate on the factors like 'Prevention of Loss',

'Assured Returns' and 'Long term Investment'. They can also focus on an

insurance amount of Rs. 1 – 2lakhs with 'money back policies'. Hence, the

market has potential. The private and foreign insurance companies that are

taking immediate steps can tap it easily & rapidly.

93

~ 94 ~

94

~ 95 ~

RECOMMENDATIONS

1. Even though most of the policy holders are satisfied with policies,

plans they have but some new attractive insurance plans should be

introduced to bind them not to switch over to other companies

insurance plans.

2. The company should find out the no. of people who are not having any

of the insurance plans through an intensive market research and

motivate them to get insured.

3. Leveraging technology to service customers quickly, efficiently and

conveniently.

4. Developing and implementing superior risk management and

investment strategies to offer sustainable and stable returns to our

policyholders.

5. Company should target each and every class of the society.

6. Company should provide full information to the customers before

targeting so they can take interest.

95

~ 96 ~

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BIBLIOGRAPHY

BOOKS:-

Kotler Philips

Marketing Management

R. S. N. Pillai

Cooper & Schindler

V. S. P. Rao

Magazines:-

Business India

Business world

Business newspaper

WEBSITES:-

http:// www.google.com

http:// www.economictimes.com

http://www.Tata AIGsunlife.com

http://www.adityaTata AIGgroup.com

http://www.stockindia.com

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Questionnaire

1. Name ……………………………….

2. Address ……………………………

3. Tel. No. /Mob. No ……………………………………………………...

4. E-mail …………………………………………………………………..

5. Age …………………………………

6. Sex (M/F) ………………………….

7. Marital Status …………………………………………………………..

9. Qualification: - …………………………………………………………

Q.1 What is your Occupation?

(a) Student ____ (b) Govt. Service ____

(c) Business ____ (d) Pvt. Service ____

(e) House Wife ____ (f) Other (Specify) ____

Q.2 What is your Annual Income?

(a) < 1, 00,000 ___ (b) 1, 00,000 – 2, 00,000 ___

(c) 2, 00,000-4, 00,000 ___ (d) Above ___

Q.3. Are you satisfied with your annual income?

(a) Yes (b) No

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Q.4 Are you interested in insurance sector?

(a) Yes (b) No

Q.5 If you got an opportunity to work with any of these companies who

would you prefer?

(a) TATA AIG LIFE (b) Bajaj Allianz

(c) ICICI Prudential

Q.6 Do you have any idea of a financial advisor?

(a) Yes (b) No

Q.7. Are you interested to join Tata AIG Life?

(a) Yes (b) No

Q.8 why are you interested to join Tata AIG Life?

(a) Commission (b) Carrier

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(c) Income (d) Other Benefit

Q.9 Are you aware about the products of Tata AIG?

(a) Yes (b) No

Q.10 According to you what is the future of TATA AIG LIFE in India?

(a) Bright (b) Dull

(c) Average (d) Can’t say

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