Recruitment of Advisior.docx

7/30/2019 Recruitment of Advisior.docx

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A

PROJECT REPORT ON

Detailed Study of Birla Sun Life &

Requirement of Advisor

BY

(MANGERAM)

(2010-2013)

A Project Report submitted in partial fulfillment of the

requirement of

THE B.B.A PROGRAM (Class of 2010-13)H.N.B Garhwal University, Srinagar

Garhwal (Uttarakhand)

Doon College ofAgriculture Science & TechnologyCamp Road Selaqui, dehradun (UK)

DETAILD STUDY OF INSURANCE POLICY & REQUIRMENT OF ADVISOR





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Submitted By: Submitted To:

Mangeram Mr. Anil PundirBBA 5th Semester (Lecturer)

Doon College of Agri. Science & Tech. (Department of Management studies)

ACKNOWLEDGEMENT

This project report is a result of endless effort & immense degree of toil

by many great minds.

I would like to thank all those people who graciously helped me by

sharing their valuable time, experience & knowledge.

I also express my heartiest thanks to my guide Mr. Aditya Kumar

Manager of Birla sun life Insurance to help me in this Project and gain

valuable insights into the enticing world of LIFE INSURANCE.

I thank entire team of Birla Sun life and their Clients who influencedme to work positively at each step by giving their precious time to

discuss and to provide relevant information and providing me co-

operation and cordial environment for making me comfortable during

my Project Report.

I would like to dedicate this work to my revered institute Doon College

of Agri. Science & Technology where I am getting the shape of future

business manager.

I express my sincere gratitude to honorable Mrs Shweta Chaudhary

Director ofD.C.A.S.T for their support and guidance.

I also Thankful to Mr. Manish Baduni Head & Mr. Anil Pundir

Lecturer (Department of Business Management) D.C.A.S.T for their






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guidance on the ground of which I have acquired a new field of

knowledge.

Lastly, I express my gratitude to my Parents and Friends who financed this

project and have been a moral support to me during this project.

INTRODUCTION

The Insurance sector in India governed by Insurance Act, 1938,

the Life Insurance Corporation Act, 1956 and General Insurance

Business (Nationalisation) Act, 1972, Insurance Regulatory and

Development Authority (IRDA) Act, 1999 and other related Acts.

IRDA has so far granted registration to 12 private life insurance

companies and 9 general insurance companies. If the exiting public

sector insurance are included, there are currently 13 insurance

companies in the life side and 13 companies operating in general

insurance business. General Insurance Corporation has been approved as

the Indian reinsurer for underwriting only reinsurance business.

Insurance is the lifejacket you wear in a storm, the umbrella that

shields you in a downpour, It does not prevent these events from taking

place, but makes sure that their impact is lessened and that you have

something to hold on to. It gives you the financial security and certaintyto deal with the aftermath of these events. It becomes the earning

member of the family and support you and your family during the rough

times.






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OBJECTIVE

To determine and analyze the Market Potential of the Birla

Sun Life Insurance Company in Dehradun City.

To study the overall scenario currently prevailing in the market,

namely, the per capital income, purchasing power, occupation,

literacy rate, etc.

To study and determine the competitor position in the market.

To do a performance evaluation of Birla Sunlife Insurance

products in comparison with other insurance companies






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COMPANY

PROFILE






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Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between

the Aditya Birla Group and Sun Life Financial Inc., a leading international

financial services organisation. The local knowledge of the Aditya Birla Group

combined with the expertise of Sun Life Financial Inc., offers a formidablevalue proposition to customers.

Sun Life Financial and its partners today have operations in key markets

worldwide, including India, Canada, the United States, the United Kingdom,

Hong Kong, Philippines, Japan, Indonesia, China and Bermuda. Sun Life

Financial Inc. had assets under management of over US$ 386.82 billion, as on

31 March 2007. Sun Life Financial Inc. is a leading performer in the life

insurance market in Canada.

BSLI in its five successful years of operations has contributed significantly to

the growth and development of the life insurance industry in India. It

pioneered the launch of Unit Linked Life Insurance plans amongst the private

players in India. It was the first player in the industry to sell its policies

through the Bank assurance route and through the internet. It was also the first

private sector player to introduce a pure term plan in the Indian market. This

was supported by sales practices, which brought a degree of transparency that

was entirely new to the market. The process of getting sales illustrations

signed by customers, offering a free look period on all policies, which are now

industry standards were introduced by BSLI.

Being a customer centric company, BSLI has invested heavily in technology to

build world class processing capabilities. BSLI has covered more than one and

a half million lives since inception and its customer base is spread across 100

cities in India. All this has assisted the company in cementing its place

amongst the leaders in the industry in terms of new business premium income.

Birla Sun Life Insurance (BSLI), one of the leading private life insurers in

India today announced the inimitable achiever, cricketer Kapil Dev as their

corporate brand ambassador. The cricketing supremo will be endorsing BSLI

in all its marketing initiatives. Birla Sun Life Insurance is a value-driven

brand which has a national brand recall of 70 per cent. The objective of

appointing a brand ambassador is to grow its brand recall as it goes national in

its distribution reach and fuel business growth. As a brand ambassador, Kapil






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Dev will play a key role in the brand and product marketing and promotional

activities. BSLI has always used an integrated marketing approach, which will

be strengthened further.

Commenting on the association with Kapil Dev, Mr. S. K. Mitra, Director,Financial Services, Aditya Birla Group and currently incharge of BSLI

expressed, "The Birla Sun Life Insurance business distribution network is

national in nature covering more than 1000 points across the country .We have

made our entry in several tier I and tier II towns. It is therefore very important

for the brand to connect at the grassroot level and create trust. We believe that

our association with Kapil Dev as our brand ambassador will help us create

this connect in a shorter period of time. We therefore now have two strongconnects our parent brand Birla and our brand ambassador Kapil Dev".

Kapil Dev, also known as the Haryana Hurricane, was born on 6 January 1959

in Chandigarh. He played his first competitive game of cricket at the age of 13

years and made his test debut on 16 October 1978 at Faisalabad against

Pakistan. Kapil Dev remained India's top strike bowler for almost 15 years.

His extraordinary test match figures of more than 5000 runs and 434 wickets

along with 64 catches show that he was a world class cricketer and an all-rounder. He has raised the mantle of India to sporting glory by winning us the

World Cup.

In a study conducted by BSLI, Kapil Dev connected extremely well with the

life insurance category and had high acceptance by the masses. Our survey

suggests that he is seen as a very good fit for the BSLI brand. He is very much

loved and respected by a vast majority of the population.

On 26 November 2006, Birla Sun Life was host the annual golf tournament at

the Chembur Golf Club in Mumbai where Kapil Dev was participate.

About Birla Sun Life Insurance

Birla Sun Life Insurance Company Limited is a joint venture between the

Aditya Birla Group, one of the largest business houses in India and Sun Life

Financial Inc., a leading international financial services organisation. The local






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knowledge of the Aditya Birla Group combined with the expertise of Sun Life

Financial Inc., offers a formidable protection for your future.

Birla Sun Life Insurance (BSLI), in its five successful years of operations, has

contributed significantly to the growth and development of the life insuranceindustry in India. It pioneered the launch of unit linked life insurance plans

amongst the private players in India. It was the first player in the industry to

sell its policies through the banc assurance route and through the internet. It

was the first private sector player to introduce a pure term plan in the Indian

market. This was supported by sales practices which brought a degree of

transparency that was entirely new to the market. The process of getting sales

illustrations signed by customers and offering a free look period on allpolicies, which are now industry standards, were introduced by BSLI. Being a

customer-centric company, BSLI has invested heavily in technology to build

world class processing capabilities. BSLI has covered more than a million

lives since inception and its customer base is spread across more than 1000

towns and cities in India. All this has assisted the company in cementing its

place amongst the leaders in the industry in terms of new business premium

income. The company's current capital base is Rs.520 crore.

About the Aditya Birla Group

The Aditya Birla Group has a turnover close to Rs.38,000 crore (as on 31

March 2008) and is one of the largest business houses in India. It enjoys a

leadership position in all the sectors in which it operates. With over 75

business units spanning the South East Asian belt, Africa, Canada and the UK

among others, it is reckoned as India's first multinational corporation. The

group is anchored by 72,000 employees and has seven lakh shareholders, witha market capitalization of Rs.53,400 crore.

About Sun Life Financial Inc.

Sun Life Financial Inc. is a leading international financial services

organisation providing a diverse range of wealth accumulation and protection

products and services to individuals and corporate customers. Tracing its roots

back to 1865, Sun Life Financial and its partners today have operations in key

markets worldwide, including Canada, the United States, the United Kingdom,






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Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. As

of 31 March 2008, the Sun Life Financial group of companies had total assets

under management of US$ 343 billion.

Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and

Philippine (PSE) stock exchanges under ticker symbol "SLF".






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VISION

To be a world class provider of financial security to

individuals and corporates and to be amongst the top three

private sector life insurance companies in India






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MISSION

To be the first preference of our customers by providing

innovative, need based life insurance and retirement

solutions to individuals as well as corporates. Thesesolutions will be made available by well-trained

professionals through a multi channel distribution network

and superior technology.

Our endeavour will be to provide constant value addition

to customers throughout their relationship with us, within

the regulatory framework. We will provide career

development opportunities to our employees and the

highest possible returns to our shareholders






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STRENGTH :

Multi-channel distribution and one of the largest

distribution networks in India.

Implementing Six-Sigma process.

Customer centric products and services.

Superior investment and risk management

framework

1 Million Policies sold within 3 and half years.

Company has maximum number of MDRT as

well as good number ofHNI advisors.






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Training process of the company is very strong.

Different plan for different peoples

According to the change in surrounding environment like changes in

customer requirement.

WEAKNESS:

COMPANY does not penetrate on the rural market

at a time.

There is no plan for the low income group.

Fees for the advisor is high than the other company.

OPPORTUNITY:

o Insurance market is very big, where company can

expand its horizon in insurance industry .

Though good investment and insurance it is easy to

top Indian customers.

The huge insurance market (77%) is left so

company has opportunity to expand our products.

To associate with the more number of HNI .

THREATS:






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OLD HABITS DIE HARD: Its still difficult task to

win the conf idence of pub lic towards pr iva te

company.

The company is facing major threats from LIC

-which is an only government company.

Plans for all income groups is not available which can

create adverse effect later on the market share of the

company.






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KEY PEOPLES OF ORGANISATION

BOARD OF DIRECTORS

Mr. Kumar M Birla

Mr. Donald A Stewart,

Mr. Bishwanath N Puranmalka

Mr. Ajay Srinivasan

Mr. Gary M ComerfordMr. Suresh N Talwar

Mr. Gian P Gupta

His Highness Maharaja G Singh

Mr. Stephan Rajotte

Dr. Bharat K Singh






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DETAILS

OF

PRODUCTS






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Individual Life Protection

Premium Back Term Plan

Saving

Supreme Life Dream Plan Classic Life Premier Simply Life Prime Life Premier Prime Life Life Companion Flexi Cash Flow Flexi Save Plus Flexi Life Line Single Premium Bond




http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Protection/insplans_indiv_protection.aspxhttp://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Protection/bsl_premiumterm.aspxhttp://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/insplans_indiv_savings.aspxhttp://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/bsl_supremelife.aspxhttp://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/bsl_dreamplan.aspxhttp://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/bsl_classiclifepremier.aspxhttp://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/bsl_simplylife.aspxhttp://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/bsl_primelifepremier.aspxhttp://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/bsl_primelife.aspxhttp://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/bsl_lifecompanion.aspxhttp://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/bsl_cashflow.aspxhttp://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/bsl_endowment.aspxhttp://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/bsl_lifeline.aspxhttp://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/bsl_singlepremium.aspxhttp://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Protection/bsl_premiumterm.aspxhttp://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/insplans_indiv_savings.aspxhttp://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/bsl_supremelife.aspxhttp://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/bsl_dreamplan.aspxhttp://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/bsl_classiclifepremier.aspxhttp://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/bsl_simplylife.aspxhttp://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/bsl_primelifepremier.aspxhttp://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/bsl_primelife.aspxhttp://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/bsl_lifecompanion.aspxhttp://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/bsl_cashflow.aspxhttp://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/bsl_endowment.aspxhttp://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/bsl_lifeline.aspxhttp://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/bsl_singlepremium.aspxhttp://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Protection/insplans_indiv_protection.aspx


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Retirement

Children

Rural

Riders

Term Rider

Critical Illness Rider Waiver of Premium




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Critical Illness Plus Rider Critical Illness - Woman Rider

Retirement

Our Retirement Plans allow you to meet your expenses and build a nest egg, which

gives you the freedom to live life to the fullest even after retirement.

The post retirement years can be the best years of your life. Time to do things you

couldn't have done while you were working. A right financial planning makes your post

retirement years truly golden . Our Sun Life secure Life II assures you just that.




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PRODUCTS

Insurance Plans

L if e i s u np re di ct ab le . B ut i n f ac e o f a dv er si ty, o ur

responsibi l it ies towards our parents , children and loved ones

need not be compromised . Insurance p lann ing equ ips you to

smooth out the uncertainties and adversities that l ife might send

your way, so tha t the bes t tha t l i fe has to of fer , secure in the

knowledge that your beloved ones are well provided for.

BSLI offers a complete range of insurance products

1 . Protection Plans

2. Savings Plans

3. Child Plans

4. Investment Plans

5. Retirement Plans

6. Group Plans

7. Rural Plans

8. Plans for NRIs

9. Keyman Plans

10. Riders

Protection Plans

BSLI offers LifeGuard - a set of pure protect ion plans. Choose

from amongst three different product s tructures to insure your




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l ife and provide total security to your family, at a very affordable

cost.

Level Term Assurance with return of premium

On death the entire sum assured will be paid.

On maturity, all the premiums paid will be returned.

Level Term Assurance without return of premium


No survival or maturity benefi ts.

You can also enhance the above two policies by adding Accident

& Disability Benefit Riderand Waiver of Premium Rider (WOP) .

Level Term Assurance - Singl e premium:


No survival or maturity benefits

Savings Plans

BSLI offers a varie ty of polic ies that g ive you the benef it s of protection and the opportunity to save for important assets or

events, l ike a home, a car or a wedding.

A regular premium unit-linked insurance plan with an assurance

of Cap it al Guaran tee# w ith the added advan tage o f f lexible

l iquidi ty option. An ideal plan for long term planning with the

benefit of l iquidity.




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The key features of the plan are:

Flexibi l i ty to choose a specif ic level of protect ion (Sum

Assured), based on a multiple of the annual premium. You

can also choose the term of the plan.

At the end of the term, the higher of the value of units or

the guaranteed value* i s paid. On dea th , Sum Assured

along with the higher of value of units or the guaranteed

value is payable.

Fac il ity to make w ithdrawals f rom the 6 th pol icy yea r

o nwa rds ti ll t he e nd of th e p oli cy te rm. Ev ery y ea r

withdraw up to 10% of the value of units.

Addi t ional credi t s payable as a percentage of the in i t ia l

annual premium are paid along with the death or maturi ty

benefit.

Additional insurance for 10 years after the maturity, for an

amount of 50% of the Sum Assured.

Flexibi l i ty to make addit ional investment with the help of the top-up facility.

Flexibi l ity to increase / decrease your annual premium

amount

Facility of Automatic Premium Payment- With this facility

you can take a temporary break from premium payment. **

Total transparency with the premium allocations, and other

charges declared upfront.

The guaranteed value of the uni t fund i s the value of a l l

inves ted premiums (premiums net of a l l charges) a long

with the declared bonus interests.

** With Automatic Premium Payment facility, you can avail a

temporary break from premium payment for a maximum of 1

year . This fac i l i ty i s avai lable once i f the premium paying

term is less than 15 years and twice, if i t is 15 years or more.






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You can a lso enhance your pol icy by add ing Accident &

Disabil i ty Benefi t R ider , Waiver o f P remium R ider and

Critical Illness Rider.

A regular premium unit-linked insurance plan with an assurance

of Capital Guarantee# An ideal plan for your long-term savings

and protection requirement.

The key features of the plan are :

Flexibi li ty to choose a speci fi c l evel o f p ro tect ion ( Sum

Assured), based on a multiple of the annual premium. You can

also choose the term of the plan.

At the end of the term, the higher of the value of units or the

guaranteed value* is paid. On death, Sum Assured along with

the higher of value of units or the guaranteed value is payable

Addit ional c redi ts payab le a s a percentage o f the ini ti al

annual premium are pa id a long wi th the death or matur i ty

benefit.

Addit ional insurance for 10 years af ter the maturi ty, for an

amount of 50% of the Sum Assured.

Flexibility to make additional investment with the help of the

top-up facility.

Flexibi l ity to increase / decrease your annua l p remium

amount

Facili ty of Automatic Premium Payment- With this faci li ty

you can take a temporary break from premium payment.




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Total t ransparency with the premium al locat ions, and other


T he guaran teed va lue o f the un i t fund i s the va lue o f a l l

invested premiums (premiums net of al l charges) along withthe declared bonus interests.

With Automatic Premium Payment faci l i ty, you can avai l a

temporary break from premium payment for a maximum of 1

year . This fac i l i ty i s avai lable once i f the premium paying

term is less than 15 years and twice, if i t is 15 years or more.

T he cap it al gua rantee i s app li cable only on the inves ted

premium and the declared bonus interests.

Yo u c an a ls o e nh an ce y our p ol ic y b y a dd in g Ac ci de nt &

Disabil i ty Benefi t Rider , Waiver of Premium Rider and Cri tical

Illness Rider.

A u ni t- li nk ed i ns ur an ce p la n w it h a n a ss ur an ce o f C ap it al

Guarantee which offers you the benef it of a l imi ted premium

payment term. An ideal plan for protection with wealth creation

that offers the flexibility of a limited premium paying term.

Flexibi l i ty to choose a premium payment term of 5, 7 or 10

years for a maturity term of 10, 15 or 20 years respectively.

Flexibi li ty to choose a spec if ic l evel o f p ro tect ion (Sum

Assured), based on a multiple of the annual premium.

At the end of the term (maturi ty) , the higher of the value of

units or the guaranteed value* is paid. On death, Sum Assured

along with the higher of value of units or the guaranteed value

is payable.

Addit ional c redi ts payab le a s a percentage o f the ini ti al

annual premium are pa id a long wi th the death or matur i ty

benefit.






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F ac il it y t o m ak e w it hd ra wa ls f ro m t he 6 th p ol ic y y ea r

onwards t i l l the end of the policy term. Every year withdraw

up to 10% of the value of units

Flexibility to make additional investment with the help of thetop-up facility.

Flexibility to increase / decrease your annual premium amount

Total t ransparency with the premium al locat ions, and other


T he guaran teed va lue o f the un i t fund i s the va lue o f a l l

invested premiums (premiums net of al l charges) along with

the declared bonus interests.

T he cap it al gua rantee i s app li cable only on the inves ted

premium and the declared bonus interests.

Yo u c an a ls o e nh an ce y our p ol ic y b y a dd in g Ac ci de nt &

Disability Benefit Rider and Critical Illness Rider.

Presenting Premier Life The Preferred plan for the Preferred

Customer. The key features of the plan are:

Limited premium payment option: Choose from among a 3, 5,

7 or 10 year premium paying term.

Choice of sum assured: Choose a sum assured, which i s a

minimum mult iple of 1 and a maximum mult iple of 25 t imes

the annual contribution.

Additional allocation of units on a periodic basis.

Facili ty to top-up your investment any t ime you have surplus

funds.

Choose f rom among four funds , based on your inves tment

objective and risk appetite.






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Choice to switch between investments options (4 free switches

every policy year).

Flexibility to decrease your sum assured.

Add-on riders to protect you against any eventuality.

Loans against the policy.

You can a lso enhance your policy by adding Critical Illness

Rider, Accident & Disability Benefit Rider.

Presenting Life Time unit linked plans that meets your

changing needs over a lifetime. These solutions have been developed to meet

your savings, protection and investment needs at every stage in life.

Protection

Choose a speci f ied level of protec t ion (avai lable only wi th

LifeTime).

Two levels of Sum Assured to choose f rom (avai lable only

with LifeTime II).

Flexibility to increase or decrease your sum assured .

Add-on riders to protect you against any eventuality.






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Savings

Flexibility to increase or decrease your contribution.

Facili ty of Premium Holiday, wherein the policy continues

even if there is a temporary break in the payment of annual

contribution (available only with Life Time).

Facility of Automatic Cover Continuance, wherein the policy

continues even if there is a temporary break in the payment of

annual contribution

Facili ty to top-up your investment any t ime you have surplus

funds.

Additional allocation of units on a periodic basis.

Loans against the policy.

Investment:

Choose f rom among four funds , based on your inves tment

objective and risk appetite.

Choice to switch between investments options (4 free switchesevery policy year).

You can a lso enhance your policy by adding Cr it ica l I l lness

Rider, Major Surgical Assistance Rider, Accident & Disabil i ty

Benefi t Rider, Accident Benefi t Rider (available only with Life

Time) and Waiver of Premium Rider

.

An insurance p lan tha t g ives added p ro tect ion, sav ings and

multiple options, all in one!

The flexibility to choose your premium contribution.

The flexibility to choose amongst three levels of cover (in the

form of sum assured) for the same amount of to ta l annual

contribution.






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The f lexibi l i ty of shif t ing between the three levels of cover,

as you require.

The flexibility of receiving your maturity proceeds as a lump

sum or in equal annual installments over 3 or 5 years.

You can a lso enhance your pol icy by add ing Variety of

Ridershttp://www.iciciprulife.com/ipru/splan1.jsp - f

An insurance plan that g ives you added protect ion, savings ,

multiple options, plus the power of liquidity.

The flexibility to choose your premium contribution.

The flexibility to choose amongst three levels of cover (in the

form of sum assured) for the same amount of to ta l annual

contribution.

The f lexibi l i ty of shif t ing between the three levels of cover,

as you require.

The flexibility of receiving your maturity proceeds as a lump

sum or in equal annual installments over 3 or 5 years.

The f lexibi li ty of withdrawing up to 10% of the accumulated

value of your policy, after the first 5 policy years.

You can also enhance your policy by adding Variety o f Riders

An ideal p lan for those who want to accumula te funds on a

regular basis while enjoying insurance protection.

Guaranteed Benefits: Guaranteed addi t ions @ 3.5% of the

Sum Assured, compounded annually for the first 4 years of the

policy.




http://www.iciciprulife.com/ipru/riders.jsphttp://www.iciciprulife.com/ipru/riders.jsphttp://www.iciciprulife.com/ipru/splan1.jsp#fhttp://www.iciciprulife.com/ipru/splan1.jsp#fhttp://www.iciciprulife.com/ipru/riders.jsphttp://www.iciciprulife.com/ipru/riders.jsphttp://www.iciciprulife.com/ipru/riders.jsphttp://www.iciciprulife.com/ipru/splan1.jsp#fhttp://www.iciciprulife.com/ipru/riders.jsp


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Extended Life Cover: An extended cover for 5 years after the

maturity of the policy, for 50% of the sum assured, at no extra

cost.

Maturity Benefit: At the end of the term, the pol icyholder receives the ful l sum assured, the guaranteed addit ions and

the vested bonuses.

Death Benefit: The beneficiary receives the sum assured, the

guaranteed addit ions and the vested bonuses incase the l i fe

assured were to meet with an unfortunate event . In case the

l ife assured is aged 7 years or less, the basic premium paid

will be returned.

You can a lso enhance your pol icy by adding Cri t ical I l lness

Rider, Major Surgical Assistance Rider, Accident & Disabil i ty

Benefit Rider, Waiver of Premium Rider (WOP)

Investment Plans

Life Link II is a unique plan that combines the security of a life

insurance policy with the opportunity of enjoying high returns on

your investments, without the market risks compromising on the

protection of your family!

Death Benef it : T he S um A ss ur ed u nd er t he p ro du ct h as 2

options, either 500% of the initial premium or 105% of the initial

premium. In the event of an unfortunate death, the beneficiary




http://www.iciciprulife.com/ipru/riders.jsp#ahttp://www.iciciprulife.com/ipru/riders.jsp#ahttp://www.iciciprulife.com/ipru/riders.jsp#bhttp://www.iciciprulife.com/ipru/riders.jsp#chttp://www.iciciprulife.com/ipru/riders.jsp#chttp://www.iciciprulife.com/ipru/riders.jsp#fhttp://www.iciciprulife.com/ipru/riders.jsp#ahttp://www.iciciprulife.com/ipru/riders.jsp#ahttp://www.iciciprulife.com/ipru/riders.jsp#bhttp://www.iciciprulife.com/ipru/riders.jsp#chttp://www.iciciprulife.com/ipru/riders.jsp#chttp://www.iciciprulife.com/ipru/riders.jsp#f


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wil l r eceive h igher o f the value o f uni ts o r the ini ti al dea th

benefit , less any withdrawals.

Withdrawal Benefit: One can make partial withdrawals from the

accumulated value of the policy after complet ion of one policyyear.

Flexibility: C ho os e f ro m f ou r f un d o pt io ns , b as ed o n y ou r

investment object ive and r isk appeti te . If at a later s tage your

f inancial priori t ies change, you can switch between the various

fund options, absolutely free, 4 times a year.






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Employer Benefits:

A nn ua l c on tr ib ut io n u p t o 8 .3 3% o f s al ar y b il l i n a

f inancia l year i s a l lowed a deduct ion for the purpose of

computation of profits and gains of business.

Contribution towards past service l iabi l i ty is al lowed as

deduction as per the Income Tax rules.

Group Superannuation Plan:

BSLI Superannuation Scheme (for both Defined Benefi t and

Defined Contribution funds) offers substant ial benefi ts to both

employers and employees. The employer and employee can avail

of tax benefi ts applicable to an approved superannuation trust .

Th e s ch em e wi ll p ro vid e f or a r et ir emen t f un d f or e ac h

part icipating employee. An employee would be able to choose

from various annuity options or opt for part ial commutat ion of

corpus at retirement.

Highlights include:

Wider choice of investments with Market Linked Plans - to

mee t the d iver se f inancial goa ls . We offer 5 inves tment

options ( short -term debt, debt, balanced, growth and

capital guarantee plan) where investments wil l be made in

accordance with the fund objectives.

Control - Each member/employer can exercise greater control

over investments by choosing one or more of the investment

options.

Multiple Annuity Options - 5 a nn ui ty o pt io ns a nd o pe n

market option

Rural Plans




http://www.iciciprulife.com/ipru/ruralplan1.jsphttp://www.iciciprulife.com/ipru/ruralplan1.jsp


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BSLI Rural Products are designed to meet the needs of the rural

consumers. These products offer the following features:

1. Low and Affordable Premiums

2. Life Cover

3. Savings Option

4. Hassle free procedure

BSLI offers 2 specially designed rural plans.

a) BSLI Endowment Plan

b) BSLI - Regular Premium

BSLI Endowment Plan:

BSLI offers the following features:

Life Cover and Savings

Regular Premiums

Age at entry 18 - 45 Yrs

Premium Mode Half Yearly / Yearly

Term 5,10,15 Yrs

Sum Assured Rs.5,000 -20,000

Premium / Year Rs. 507 - 553 ( SA: Rs.10,000)

Maturity/Death benefit Sum Assured

Plans for NRIs

NRI Plans:

Being away from India doesn't mean you have to compromise the

safety and security of your loved ones. In fact, your savings from

your time overseas can be easily canalized to meet your family's




http://www.iciciprulife.com/ipru/ruralplan1.jsp#ahttp://www.iciciprulife.com/ipru/ruralplan1.jsp#ahttp://www.iciciprulife.com/ipru/ruralplan1.jsp#bhttp://www.iciciprulife.com/ipru/ruralplan1.jsp#bhttp://www.iciciprulife.com/ipru/nriplan1.jsphttp://www.iciciprulife.com/ipru/ruralplan1.jsp#ahttp://www.iciciprulife.com/ipru/ruralplan1.jsp#bhttp://www.iciciprulife.com/ipru/nriplan1.jsp


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needs - now and in the fu ture . So, whether i t s your dream to

re ti re in your hometown; to secure funds for your children 's

education; or to build assets, BSLI has a range of solut ions that

can be customized to meet your needs.






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CHANNEL DEVELOPMENT

WHY TO RECRUIT

WHO TO RECRUIT

RECRUITMENT ACTIVITIE

ROLE OF ADVISOR

WORKING ENVIRONMENT

DO YOU POSSESS






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WHY TO RECRUIT

There are two aspects of employment in the insurance sec tor

today. One is Permanent Employment, for sales, operat ion, IT

support, back office services and So on. We are also offering the

other k ind of employment for people to se ll L ife Insurance

they are called Life Advisors. Or Financial Advisors. This is

a big area of employment.

Because we are supposed to !!

That the way to do this business.

More recruits, more active advisors, more BDA

WHO TO RECRUIT

Quality Deptt. has given some indicators in terms of what are the

common traits(Q-SCORE) of our successful advisors-

The commonalities were

Age : between 30 -45

Education : graduate

Family Income : above Rs. 2 lacs p.a.

The important fact to remember is that 61% of our RED

category advisors do not fall into any of this category.

T hi s i s a b ro ad p oi nt er f or u s t o r em em be r w ha t a re t he

his/her profile

Some other pointer from Quality

Most o f the RED category adv isor s FAIL ED in the DISC

profile which means that DISC is good indicator of chanced

of success or failure

Successful advisors usually have 2 years of work exp. In their

current profession

Small t ime businessmen / entrepreneurs v. successful profile






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Women/Housewives are very successful- however they have

not been susta inable over long periods . They usual ly have

become inactive after 6 7 months of joining. But til l the

time they are working, their average WAPI & Productivity is

very high compared to others.

People who are new to the city are least probable to do well.

Who to recruit?

High probability of Success

Tax/ Financial Consultants, CAS

Bond / Mutual Fund Agents

LIC Agents Surrogates

Small business owners






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Recruitment Activities

Each of us should have a mix of

Mass Media Activities - Spray & Pray Lead Generation activities

A ds , C la ss if ie d, p ap er I ns er ts ,

Pamphlets, Banners

Database calling, cold calling, tele-

ca ll ing, mailers , mass BOPs, f i sh

bowl activity, Yellow Pages, Trade

Directories etc.

Over the last one year, the

response from this basket of

activities has gone down

dras t ica lly, thus forc ing us to be

creative to create other avenues

We need to develop lead generation

act ivi t ies more so as to have more

people to touch upon and tell about

this career opportunity

Activities which have done well w ith us in the recent past:

Joggers Park

Summer Trainees

Mass BOPs

Database Calling

Lead Generation Activities

Tele Calling set ups

Advisor Role

To provide ongoing financial advice for his/her client:

Identify future client






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Making appointments

Conduct financial review meetings with prospects / clients

Close sale

Get referrals

Provide service to clients

Follows internal sales & reporting systems:

Working environment:

To be part of a world class sales team.

Work from your own office or residence.

Work full time or part time.

Earn commission, bonus $ incentives.

No upper limits in earnings.

Flexible career.

Your opportunity:

No startup capital required.

Flexible working environment.

Be your own boss.

Unlimited earning potential.

To be part of world - class team.

Extensive training to make you a professional advisor

Training delivery through several convenient options :

Face to- face.

Online.

Self learning.






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Some of our high performers get.

YEAR 1 YEAR 2 YEAR 3

Number of policies sold 50 75 100Average Premium Rs. 16000 16000 16000

Total primium earned Rs.

800000

1200000 1600000

Average commission

including bonuses estimates

@ 22.5%*

180000

270000 360000

Earnings from new business

Rs

180000 270000 360000

Commission on renewal

premium @ 6%

48000 72000

For year 2,3 & 3% after

that

48000

Earnings from renewal

business Rs

48000 120000

Total earnings Rs. 180000 318000 480000




mailto:[email protected]%25mailto:[email protected]%25mailto:[email protected]%25mailto:[email protected]%25


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INSURANCE ADVISOR

AGREEMENT

Insurance advisor it is a kind of agreement done between advisor to be

recruited and Birla Sun life Insurance Company Ltd.

BSLI is desires of appointing the as its Insurance advisor for soliciting

and procuring life Insurance business for on behalf of BSLI and to provided

various services the policy holders. Similarly Insurance advisor has to obtain

and Insurance license to act and Insurance agent under Section 42 of Insurance

act 1938 and its desires of being appointed as Insurance advisor of BSLI

This is the kind of agreement which each and every advisor has to

adhere. Its agreement give the brief discussion effective date of appointment,

area of Insurance, advisor minimum performance requirement and service

standards others conditions confidentially to be maintain and compensation

and remuneration.






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ResearchMethodology






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While making a study we very often look for what type of research

methodology is to be used in this type of study. For implementation of a

proper research methodology we have to first understand the meaning of

research.

Research is a process with the help of which new concepts arises. It is the

increase in the actual knowledge stock. It can be called as movement from

known to unknown and vice-versa. It is also a continuous process. It is a

scientific as well as systematic process, which includes defining and

redefining the problem to develop hypothesis, to collect and define the

information/data, to analysis the information and bring out the mother of

Discovery. An individual makes the effort in research and society or public

takes its benefits because the results are usually generalized.

Data collection

The word data means any raw information, which is either quantitative

or qualitative in nature, which is of practical or theoretical use. The task of

data collection begins after a research problem has been defined and research

design chalked out. While deciding about the method of data collection, the

researcher should keep in mind that there are two types of data primary and

secondary.

Primary data: -

This is those, which are collected afresh and for the first Time, and thus

happen to be original in character. There are many ways of data collection of

primary data like observation method, interview method, through schedules,

pantry Reports, distributors audit, consumer panel etc. The Team Managers

and employees of both the Department were consulted to get information

about procedure of both the online and off line share trading. But the method

used by us for the primary data collection was through questionnaires.

Questionnaire method

For the collection of primary data I used questionnaire method. A formal list of

questions, which are to be asked, is prepared in a questionnaire and questions






44/66

are asked on those bases. There are some merits and demerits of this method.

These as under: -

Merits: -

1. Low cost even when universe is large.

2. It is free from bias of interviewer.

3. Respondents have proper time to answer.

4. Respondents who are not easily approachable can also be reachable.

5. Large samples can be made.

2. Secondary data: -

These are those data, which are not collected afresh and are used earlier also

and thus they cannot be considered as original in character. There are many

ways of data collection of secondary data like publications of the state and

central govt., reports prepared by researchers, reports of various associations

connected with business, Industries, banks etc. And the method, which was

used by us, was with the help of reports of the company.

Ques. Which Birla Sun Life Scheme does you have?






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No of Peoples Have BSLI Plan

Health,

10%

Retierment

, 22%

Life, 68%

Health

Retierment

Life

Inference

On the basis of above analysis it has been concluded that around 68% of thepolicy holders are having life plan, 22% of them are having Retirement planand rest of them are having the health plan.

Question. Are you satisfied with the Insurance plan you have?






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No. of people satisfied with the plan

72%

28%

Yes

No

Inference

On the basis of the analysis it has been concluded that around 72%of thepeople are satisfied with plan they and rest if them are not satisfied.

Ques. Are you satisfied with the services provided by the

company regarding new plans and schemes?






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No. of people satisfied with the

services provided by the company

82%

18%

Yes

No

Inference

On the basis of the above analysis it has been concluded that around

82% of the policy holders are satisfied with the services provided by

the company and rest of them are not satisfied.

Ques. Are you interested to make more investments in

BSLI ?

No. of Peoples want to more

investment in BSLI

67%

33%

Yes

No






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Inference

On the basis of the above analysis it has been concluded that around 67% of

the policyholders are interested to make more investments in BSLI and rest of

them are not interested

Ques. Have you any other Insurance Plan apart from

BSLI?






49/66

No. of Peoples have other Insurance

Plan apart from BSLI?

78%

22%

Yes

No

Ques.7 If yes, then of which Life Insurance Company?






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60%9%

11%

8%12%

LIC

BSLI

BAJAJ ALIYANZ

ICICI

Others

Inference

From the above analysis it has been concluded that around 89% of policy

holders are having other insurance plans apart from BSLI , in which around 60

% are having LIC insurance plans, 11% are having Bajaj Allianz, 9% are

having Birla Sunlife, 8% are having ICICI Pru. and 12% are having other

company insurance plans.

Ques. If you get any attractive plan than are you ready toswitch over?






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People ready to switch to attractive

Schemes if offered by other

companies

82%

18%

Yes

No

Inference

On the basis of the above analysis it has been concluded that around 82% of

the policy holders are ready to switch over if they get good attractive

insurance plan and rest of them dont.






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FINDINGS ABOUT THE

SELECTIONS OF NEW

ADVISOR

Findings # 1

Male Vs Female Respondence

27%

73%

Male

Female






53/66

Findings # 2

Findings # 3

Findings # 4






54/66

Findings # 5

Dependent Of Respondent

62%23%

15%

None Two Above Two

Findings # 6






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Annual Family Income of

Respondence

23%

53%

17%7%

Less 100000 100000-200000

200000-400000 Above 400000

Findings # 7

Interest In Extra Earning

76%

24%

Yes No






56/66






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ANALYSIS

Finding-1 shows the d if fe rence between the male & female

respondent who are selected as a new advisor the male dominant

over female. There is a big difference between the male & female

advisor.

Finding 2 shows the martial status of new advisors. Out of 100

a dv is or s s el ec te d 6 1 a re o ne m ar ri ed w hi ch i s a g oo d s ig n

because they are much more aware insurance and 39 unmarried.

Finding-3 shows the age group of se lec ted advisors are quie t

encouraging. 53 % are over age of 55 years which is qui te goodfor company because they much more t rus ted by the prospect

than the other age group.

Finding-4 shows mos t o f the sel ec ted adv isor s have a good

qualification. Most of them are graduate and post graduate.

Finding-5 shows , because 61% adv isor s a re mar ri ed so the

dependent person on them are same.

Finding-6 Most of the new advisors have a very good fami ly

support . The annual family income of most of the new advisors

are over 10,000 which is very encouragement

Finding-7 All most 50% of the new advisors give full t ime to

thei r profess ion. This shows how new advisors are dedicated

towards their new profession.

CONCLUSION






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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 tha t, p riva te insurance companies would be able to

perform well in the future. The private and foreign insurance

companies have to t ake immedia te s teps in appoint ing 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 pub li c r egard ing sel ling o f insurance p roduct s. T he

private and foreign insurance companies have to concentrate onthe factors like 'Prevention of Loss' , 'Assured Returns' and 'Long

term Investment' . They can also focus on an insurance amount of

Rs. 1 2 lakhs 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.






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SUGGESTIONS

1) Even though most of the policy holders are satisfied with policies, plansthey have but some new attractive insurance plans should be introduce 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






60/66

LIMITATIONS

Some of the respondents were not cooperative.

Some respondents were hesitating to give business details.

Biasness is another limitation that the scope of the survey.

The reliability and scope of survey greatly relies on the

cooperation of the respondents.






61/66

BIBIOLIOGRAPHY

www.BirlaSunlife.com

www. irda. gov. in

Birlasunlife New Advisor Book

www.google.com






62/66

Questionnaire

Name:............................... Age:..

Occupation:..

Ques.1 Which Birla Sun Life Scheme does you have?

(a) Life (b) Retirement (c) Health

Ques.2 Are you satisfied with the Insurance plan you have?

(a) Yes (b) No

Ques.3 What attract you towards Birla Sun Life Plans?

(a)

(b)

(c)

(d)

Ques.4 Are you satisfied with the services provided by the

company regarding new plans and schemes?

(a) Yes (b) No

Ques.5 Are you interested to make more investments inBirla

Sun Life ?

(a) Yes (b) No

Ques.6 Have you any other Insurance Plan apart from Birla

Sun Life?

(a) Yes (b) No

Ques.7 If yes, then of which Life Insurance Company?

(a) LIC (b) Bajaj Allianz(c) Birla Sunlife (d) Reliance






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(e) Others

Ques.8 If you get any attractive plan than are you ready to

switch over?

(a) Yes (b) No

Suggestions:






64/66

FORM IRDA-AGENTS-VA

(See Regulation 3)

Insurance Regulatory and Development Authority (Licensing of Insurance Agents) Regulations,2000.

APPLICATION FOR A LICENCE / RENEWAL OF LICENCE TO ACT AS AN

INSURANCE AGENT

TOTHE INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY,DEPARTMENT OF LICENSING,

NEW DELHI.

DEAR SIRS,

I request that ---(a) a license to act as an insurance agent* / a composite insurance agent* may be

granted to me.(b) *my license bearing number ____________________ and expirydate_____________ may be renewed for a further period of three years.

2. I hereby declare that particulars given below are true and that the license for which I applywill be used only by myself for soliciting or procuring insurance business for one lifeinsurer* / one general insurer* / both*.

(1) Name: [ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ]

(2) Father's/Husband's Name [ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ]

(3) Full Address:House No. : [ ][ ][ ][ ][ ][ ][ ][ ][ ][ ]Street: [ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ]Town: [ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ]District: : [ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ]State : : [ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ]Pin Code:: [ ][ ][ ][ ][ ][ ]

Telephone No. [ ][ ][ ][ ][ ][ ]---[ ][ ][ ][ ][ ][ ][ ][ ](STD Code -- Number):

(4) Date of Birth: Day- Month-Year[ ][ ]-[ ] [ ]-[ ][ ][ ][ ]

(5) Title: State 1 if are Mr., 2 Mrs., 3 Miss: [ ]

(6) If you ever held a Licence, state No. and date of expiry, otherwise say "Nil".

(a) Licence Number: [ ][ ][ ][ ] [ ][ ][ ][ ] [ ] [ ]

(b) Date of Expiry: Day- Month-Year [ ][ ]-[ ] [ ]-[ ][ ][ ][ ]

(7) If you apply for licence to work for a life insurer,

State 1, for a general insurer, state 2, for both state 3 in the box. [ ]

(8) If you are an applicant from a rural place,State 1, in the box. [ ]






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(9) Educational Qualifications.State 1, if you passed Class X ; 2: Class XII; 3: Graduate;4: Post-graduate; 5: if you hold a professional qualificationsuch as ACA, FASI, AICWA.): [ ]

(10) Give particulars of pass in pre-recruitment test conducted by the Insurance Institute ofIndia or any examination body:

(a) Name of Examination Body: [ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ]

(b) Candidate's Number: [ ][ ][ ][ ][ ][ ][ ][ ][ ][ ]

(c) Centre of Examination: [ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][][ ][ ]

(d) Date of Passing: [ ][ ]-[ ][ ]-[ ][ ][ ][ ](Day- Month-Year)

(11) Give particulars of Practical Training completed from an approved institution.

(a) Training Hours completed: [ ][ ]

(b) Name of Training Institute: [ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ]

(c) Candidate's Number: [ ][ ][ ][ ][ ][ ][ ][ ][ ][ ]

(d) Centre (Place) of Training: [ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ]

(e) Starting Date of Training: [ ][ ]-[ ][ ]-[ ][ ][ ][ ]

(Day- Month-Year)

3. I further declare that----

(a) I have not been found to be of unsound mind by a court of competent jurisdiction;

(b) I have not been found guilty of criminal misappropriation or criminal breach of trust

or cheating or forgery or an abetment of or attempt to commit any such offence by a courtof competent jurisdiction;

(c) I have not been found guilty of or to have knowingly participated in or connived at

any fraud, dishonestly or mis-representation against an insurer or an insured in the courseof any judicial proceeding relating to any policy of insurance or the winding up of an

insurance company or in the course of an investigation of the affairs of an insurer; and(d) #I have not violated the code of conduct specified under Regulation 8 of Insurance

Regulatory and Development Authority (Licensing of Insurance Agents) Regulations,2000.

4. I have made the payment of licence fee of rupees two hundred and fifty and for which Ienclose the documentary evidence.

5. I enclose the following documents in support of the educational qualification, pre-recruitment test, and the practical training.(a) ______________________ (b)_________________________

Place Yours faithfully,






66/66

Date: Signature of applicant(* Strike out portion not required.)(# Not applicable to the applicants seeking license for the first time.)

Notes and Instructions

1. An individual can apply for only one licence which will entitle him to solicit or procure

insurance business of any class and to act as an insurance agent for one life insurer, onegeneral insurer, or both.

2. The application should be filled in, as far as possible, in Hindi language or English

language.

3. Any correction or alteration made in any answer to the questions in the application should

be initialled by the applicant.

4. An applicant must be at least 18 years of age on the date of the application. If required the

applicant shall furnish proof of age.

5. An applicant shall furnish the proof of educational qualification, pass in the pre-

recruitment test conducted by the Insurance Institute of India, Mumbai or an examinationbody approved by the Insurance Regulatory and Development Authority, and completionof practical training from a training institution approved by the Insurance Regulatory andDevelopment Authority, along with the application. This is not applicable where theapplicant is an absorbed agent.

6. The fees payable by an applicant is rupees two hundred and fifty.

7. The name and the licence No. given in the application are identical with those shown in

the last licence held. If there is any subsequent change in the name, the reasons for thesame should be stated furnishing documentary evidence for the same.

8. The application should reach the designated person before the expiry of licence held by

the applicant but not more than three months before such expiry. If the application doesnot reach the designated person at least 30 days before the date on which the last licenceceases to be in force, an additional fee of one hundred rupees should be payable. In thisconnection please also refer to the provisions of sub-sections (3) and (3A) of section 42 ofthe Insurance Act, 1938.

9. If the applicant desires to work for a life insurer or a general insurer or both, as the casemay be, he should enclose the documentary evidence of the relevant pass in the pre-recruitment test and the completion of the relevant practical training.

Documents

Recruitment of Advisior.docx