Recruitment of Advisors for Bharti Axa Life Insurance

7/25/2019 Recruitment of Advisors for Bharti Axa Life Insurance

1/63

SUMMER TRAINING REPORT

ON

Recruitment and

selection

of

life insurance Agent

In the partial fulfillment of the Degree of Master of Business AdministrationSession !""#$!"%"&


2/63

Submitted to Submitted by

Dr. Yasmin Jhanjhua Nitin Gupta

Professor MBA 3rdSemester

SI'B Solan

PRE(A)E

Practical training is an important part of management courses. Theoretical studies are not

sufficient to get into corporate world and understand the complexities of large-scale

organizations.

Practical training exposes us to real practices of management in the organization. It also

exposes students to the treasures of experience, knowledge and leaning which

prerequisites of making a successful career are.

I deem it privilege to have undergone this project. I acknowledge that the practical

training that I got from this cannot e gained otherwise. I found m! project ver!

interesting and challenging.

"Nitin Gupta#


3/63

STUDENT DE)'ARATION

I here! declare that stud! of $process of recruitment and selection of life insurance agent% has een

exclusivel! done ! me for the degree of &'(T)*( + (I/)(( '0&I/I(T*'TI+/ and not for

an! other degree, 0iploma or fellowship. This is m! own stud! done under the guidance of guide and

&anagers of the compan!.

I here! declare that the contents of this report are true and est to m! knowledge.


4/63

"/itin 1upta#

DE)'ARATION

This is to certif! that the project report entitled $the process of recruitment and selectionof 2ife insurance agent% sumitted for the degree of &' for (hoolini Institute of 2ife

sciences and usiness management , 'ffiliated to 3imachal Pradesh niversit! 4 from

"5stjul!, 6778 to 95st'ugust, 6778#% is a onafied research work carried ! /itin 1upta,

student of (hoolini Institute +f 2ife (ciences 'nd usiness &anagement.


5/63

This assistance and help received during the course of investigation have een full!

acknowledged.

Pro*e+t )o$+oordinator

Brief summar,Introdu+tion-

' general term :insurance; is related to service sector. Insurance is concerned with the

protection of economic value of assets. or example in case of a factor! or a cow, the

product generated ! it is sold and income is generated. In this project the harti '


6/63

The stud! is undertaken to know how man! people are interested to work as life

insurance agent in harti '


7/63

=3'PT)* C 2I&IT'TI+/( '/0 I/0I/1( C5

=3'PT)* G =+/=2(I+/ '/0 (11)(TI+/( C6

=3'PT)* A I2I+1*'P3@ C9

Industr! Profile


8/63

20AT IS INSURAN)E

The usiness of insurance is related to the protection of the )=+/+&I= F'2)( +

'(()T(. )ver! asset has a value. The asset would have een created through the efforts

of the owner. The asset would have een created through the efforts of the owner. The

asset is valuale to the owner, ecause he expects to get some enefits form it. It is a

enefit ecause it meets some of his needs. The enefit ma! e an income or in some

other form. In the case of a factor! or a cow, the product generated ! it is sold and

income is generated. In the case of a motor car, it provides comfort and convenience in

transportation. There is no direct income. oth are assets and provide enefits.

)ver! asset is expected to last for a certain period of time during which it will provide the

enefits. 'fter that, the enefit ma! not e availale.

There is a life-time for a machine in factor! or a cow or a motor car. /one of them will

last for ever. The owner is aware of this and he can so manage his affairs that ! the end

of that period or life-time, a sustitute is made availale. Thus he makes sure that the

enefit is not lost. 3owever, the asset ma! get lost earlier. 'n accident or some other

unfortunate event ma! destro! it or make it incapale of giving the enefits. 'n epidemic

ma! kill the cow suddenl!. In that case, the owner and those enjo!ing the enefits


9/63

therefore, would e deprived of the enefits. The planned sustitute would not have een

read!. There is an adverse or unpleasant situation. Insurance is a mechanism that helps to

reduce the effects of such adverse situations. It promises to pa! to the owner or

eneficiar! of the asset, a certain sum if the loss occurs.

0ISTOR3 O( INSURAN)E

Insurance has een known to exist in some form or other since 9777 =. The

=hinese traders, traveling treacherous river rapids would distriute their goodsamong several vessels, so that the loss form an! one vessel eing lost, would epartial and shared, and not total. The a!lonian traders would agree to pa!additional sums to lenders, as the price for writing off the loans, in case of theshipment eing stolen. The inhaitants of *hodes adopted the principle of generalaverage of :general average;, where!, if goods are shipped together, the ownerswould ear the losses in proportion, if loss occurs, due to jettisoning during

distress. H=aptains of ships caught in storms, would throw awa! some of thecargo to reduce the weight and restore alance. (uch throwing awa! is calledjettisoning The 1reeks had started enevolent societies in the late G th centur!'0, to take care of the funeral and families of memers ho died. The great fire of2ondon in 5CCC,in which more than 59777 house were lost, gave a oost toinsurance and the first fire insurance compan!, called the fire office, was started in5CA7.

The origins of insurance usiness as in vogue at present, is traced to the 2lo!d;s

=offee 3ouse in 2ondon. Traders, who used to gather in the 2lo!d;s coffee house

in 2ondon, agreed to share the losses to their goods while eing carried ! ships.The losses used to occur ecause of pirates who roed on the high seas ofecause of ad weather spoiling the goods or sinking the ship. In India, insuranceegan in 5A5A with life insurance eing transacted ! an )nglish compan!, the+riental 2ife Insurance =o. in 5AG7 in &umai. This was followed ! the haratInsurance co. in 5A8C in 0elhi, the )mpire of India in 5A8G in &umai, Thenited India in =hennai, the /ational, the /ational Indian and 3industan=ooperative in Jolkata.


10/63

2ater, were estalished the cooperative 'ssurance in 2ahore, the oma! 2ife

"originall! called the swadeshi life#, the India &ercantile, the new India and theEupiter in &umai and the 2akshmi in /ew 0elhi. These were all Indiancompanies started as a result of the swadeshi movement in the earl! 5877s. ! the

!ear 58BC, when life insurance usiness was nationalized and the life Insurance=orporation of India "2I=# was formed on5st (eptemer 58BC, there were 5G7companies and GB provident fund societies transacting life usiness in India. 'fterthe amendments to the relevant laws in 5888, the 2.I.=. did not have the exclusiveprivilege of doing life insurance usiness in India. ! 95.A.677G, sixteen new lifeinsurers had een registered and were transacting life insurance usiness in India.

The 3istor! of Insurance in India

Some of the important milestones in the life insuran+e .usiness in India are-

5856 - The Indian 2ife 'ssurance =ompanies 'ct enacted as the first statute to

regulate the life insurance usiness.

586A - The Indian Insurance =ompanies 'ct enacted to enale the government to

collect statistical information aout oth life and non-life insurance usinesses.

589A - )arlier legislation consolidated and amended to ! the Insurance 'ct with

the ojective of protecting the interests of the insuring pulic.

58BC - 6DB Indian and foreign insurers and provident societies taken over ! the

central government and nationalized. 2I= formed ! an 'ct of Parliament, viz.2I= 'ct, 58BC, with a capital contriution of *s. B crore from the 1overnment ofIndia.

The 1eneral insurance usiness in India, on the other hand, can trace its roots tothe Triton Insurance =ompan! 2td., the first general insurance compan!estalished in the !ear 5AB7 in =alcutta ! the ritish.


11/63

2ife Insurance a asic /eed

2ife insurance is a contract providing for pa!ment of a sum of mone! to the personassured or, failing him, to the person entitled to receive the same, on the happening ofcertain event.

' famil! is generall! dependent for its food, clothing and shelter on the income roughtin at regular intervals ! the read winner of the famil!. (o long as the he lives and theincome is received steadil!, that famil! is secureK ut should death suddenl! intervene thefamil! ma! e left in a ver! difficult situation and sometimes, in stark povert!.

ncertaint! of death is inherent in human life. It is this uncertaint! that is risk, which

gives rise to the necessit! for some form of protection against the financial loss arisingfrom deathK insurance sustitutes this uncertaint! ! certaint!.

(e4 Ad/antages of 'ife Insuran+e1

%1 It is superior to an ordinar, sa/ings plans-

This is so ecause unlike other saving plans, it affords full protection against risk ofdeath. In case of death, the full sum assured is made availale under a life assurancepolic!K whereas under other savings schemes the total accumulated savings alone will e

availale. The latter will e consideral! less than the sum assured, if death occurs duringearl! !ears.

!1 Insuran+e en+ourages and for+es thrift-

' savings deposit can e too easil! withdrawn. &an! ma! not e ale to resist thetemptation of using the alance for some less worth! purpose. +n the other hand, thepa!ment of life insurance premiums ecomes a hait and comes to e viewed wit thesame seriousness as the pa!ment of interest on a mortgage. Thus insurance, in effectrings aout compulsor! saving.

51 Eas, settlement and prote+tion against +reditors-

The life assured can name a person or persons to whom the polic! mone!s would epa!ale in the event of his death. The proceeds of a life insurance polic! can e protectedagainst.The claims of the creditors of the life assured ! effecting a valid assignment ofthe polic!. ' married women;s propert! act polic! constitutes a trust in favor of the wifeand children and no separate assignment is necessar!. The eneficiaries are full!


12/63

protected from creditors except to the extent of an! interest in the polic! retained ! theassured.

.61 Administering the lega+, for .enefi+iaries-

It often happens that a provision which a husand or father has made through insurance isquickl! lost through speculative or unwise investment or ! unnecessar! expenditure onluxuries. These contingencies can e provided against in the case of insurance. Thepolic!holder can arrange that in the in the event of his death the eneficiar! shouldreceive, instead of a single sum "a#. pa!ment of the net claim amount ! equalinstallments over a specified period of !ears, or "#.pa!ment of the claim amount !smaller monthl! installments over the selected period followed ! a lump sum at the endthereof.

71 Read, mar8eta.ilit, and suita.ilit, for 9ui+8 .orro4ings-

'fter an initial period, if the polic! holder finds himself unale to continue pa!ment ofpremiums he can surrender the polic! for a cash sum. 'lternativel! he can tide over atemporar! difficult! ! taking loan on the sole securit! of the polic! without dela!.urther a life insurance polic! is sometimes acceptale as securit! for a commercial loan.

:1Ta; relief-

or computing income tax "especiall! in India the Indian income tax act# followsdeduction from income tax pa!ale, a certain percentage of a portion of the taxaleincome of individuals which is diverted to pa!ment of insurance premiums. ?hen this

tax relief is taken into account it will e found that the assured is n effect pa!ing a lowerpremium for his insurance.


13/63

0o4 Insuran+e 2or8s

The mechanism of insurance is ver! simple. People who are exposed to the same risks

come together and agree that, if an! one of the memers suffers a loss, the others will

share the loss and make good to the person who lost. 'll people who send goods ! ship

are exposed to the same risk related to water damage, ship sinking, pirac!, etc. those

owning factories are not exposed to these risks, ut the! are exposed to different kinds of

risks like, fire, hailstorms, earthquakes, lightening, urglar!, etc. like this, different kinds

of risks can e identified and separate groups, made including those exposed to such

risks. ! this method, the risk is spread among the communit! and the likel! ig impact

on one is reduced to smaller manageale impacts on all.

If a Eumo Eet with more than 9B7 passenger;s crashes, the loss would run into several

crores of rupees. /o airline would e ale to ear such a loss. It is unlikel! that man!

Eumo Eets will crash at the same time. If 577 airline companies fl!ing Eumo Eets, come

together into an insurance pool, whenever one of the jumo jets in the pool crashes, the

loss to e orne ! each airline would come down to a few lakhs of rupees. Thus,insurance is a usiness :sharing;.


14/63

*ole of Insurance in )conomic 0evelopment

or economic development, investments are necessar!. Investments are made out

of savings. ' life insurance compan! is a major instrument for the moilization of

savings of people, particularl! from the middle and lower income groups. These

savings are channeled into investments for economic growth.

'n insurance compan!;s strength lies in the fact that huge amounts come ! wa!

of premiums. )ver! premium represents a risk that is covered ! that premium. In

effect, therefore, these vast amounts represent pooling of risks. The funds are

collected and held in trust for the enefit of the polic!holders.

The management of insurance companies is required to keep this aspect in mind

and make all its decisions in wa!s that enefit the communit!. This applies also to

its investments. This is wh! successful insurance companies would not e found

investing in speculative ventures. Their investments enefit the societ! at large.

The s!stem of insurance provides numerous direct and indirect enefits to the

individual and his famil! as well as to industr! and commerce and to thecommunit! and the nation as a whole. Those who insure, oth individuals and

corporate, are directl! enefited ecause the! are protected from the

consequences of the loss that ma! e caused ! the accident or fortuitous event.

Insurance, thus, in a sense protects the capital in industr! and releases the capital

for further expansion and development of usiness and industr!.

The ever! existence of risk that is, uncertaint! concerning the future, is a severe

handicaps in economic activities. Insurance removes the fear, worr! and anxiet!

associated with this future uncertaint! and thus encourages free investment of

capital in usiness enterprises and promotes efficient use of existing resources.


15/63

Thus insurance encourages commercial and industrial development and there !

contriutes to a vigorous econom! and increased national productivit!.

Present da! organization of industr!, commerce and trade depend entirel! on

insurance for their operation, anks and financial institutions lend mone! toindustrial and commercial undertakings onl! on the asis of the collateral securit!

of insurance. /o ank or financial institution would advance loans on propert!

unless it is insured against loss or damage ! insurale perils.

Insurers are closel! associated with several agencies and institutions engaged in

fire loss prevention, cargo loss prevention, cargo loss prevention, industrial safet!

and road safet!. efore acceptance of a risk, insurers arrange surve! and

inspection of the propert! to e insured, ! qualified engineers and other experts.

The oject of these surve!s is not onl! to assess the risk for rating purposes ut

also to suggest and recommend to the insured, various improvements in the risk,

which will attract lower rates of premium and what is more important , reduce the

loss potential. or example, urglar! surve!ors make recommendation in regard

to securit! measures such as etter locking s!stem, appointment of ?atchman,

etc. )ngineering surve!s pla! a most useful part in accident prevention as

valuale technical advice is provided in respect of plant and machiner!.

Insurance ranks with export trade, shipping and anking services as earner of

foreign exchange to the countr!. It helps to earn foreign exchange and represent

invisile exports.


16/63

2ist of Insurance =ompanies 2isted in 0ifferent@ears

59 576 69.57.6777

*o!al (undaram 'lliance Insurance=ompan! 2imited

5D 579 69.57.6777

*eliance 1eneral Insurance =ompan!2imited.

5B 57C 7D.56.6777

I=+ Tokio 1eneral Insurance =o. 2td

5C 57A 66.75.6775

T'T' 'I1 1eneral Insurance =ompan!2td.

5G 559 76.7B.6

775

ajaj 'llianz 1eneral Insurance

=ompan! 2imited

5A 55B 79.7A.6775

I=I=I 2omard 1eneral Insurance=ompan! 2imited.

58 595 79.7A.677G

'pollo 0JF Insurance =ompan!2imited

67 596 7D.78.677G

uture 1enerali India Insurance=ompan! 2imited

65 59D 5C.55.677G

niversal (ompo 1eneral Insurance=ompan! 2td.

66 565 79.75.6776

*eliance 2ife Insurance compan! 2td.

69 566 5D.7B.6776

'viva 2ife Insurance =o. India Pvt. 2td.

6D 56G 7C.76.677D

(ahara India Insurance =ompan! 2td.

S.No. RegistrationNumber

Date of Reg.Name of theCompany

5 575 69.57.6777

HDFC Standard Life Insurance

Company Ltd.

6 57D 5B.55.6777

Max New York Life Insurance Co.

Ltd.

9 57B 6D.55.6777

ICICI Prudential Life Insurance

Company Ltd.

D 57G 57.75.6775

Kotak Mahindra Old Mutual Life

Insurance Limited

B 578 95.75.6775

Birla Sun Life Insurance Company

Ltd.

C 557 56.76.6775

Tata AIG Life Insurance Company

Ltd.

G 555 97.79.6

775

SBI Life Insurance Company Limited

.

A 55D 76.7A.6775

ING Vysya Life Insurance Company Private

Limited

8 55C 79.7A.6775

Bajaj Allianz Life Insurance

Company Limited

57 55G 7C.7A.6775

Metlife India Insurance Company

Ltd.

55 599 7D.78.677G

uture 1enerali India 2ife Insurance=ompan! 2imited

56 59B 58.56.677G

I0I ortis 2ife Insurance =ompan!2td.
http://www.iciciprulife.com/http://www.iciciprulife.com/http://www.omkotakmahindra.com/http://www.omkotakmahindra.com/http://www.birlasunlife.com/http://www.tata-aig-life.com/http://www.irdaindia.org/www.tata-aiggeneral.comhttp://www.tata-aig-life.com/http://www.sbilife.co.in/http://www.ingvysyalife.com/http://www.ingvysyalife.com/http://www.allianzbajaj.co.in/http://www.allianzbajaj.co.in/http://www.metlife.co.in/http://www.metlife.co.in/http://www.fg-life.in/http://www.idbifortis.com/http://www.saharalife.com/http://www.hdfcinsurance.com/http://www.hdfcinsurance.com/http://www.maxnewyorklife.com/http://www.maxnewyorklife.com/http://www.iciciprulife.com/http://www.iciciprulife.com/http://www.omkotakmahindra.com/http://www.omkotakmahindra.com/http://www.birlasunlife.com/http://www.birlasunlife.com/http://www.tata-aig-life.com/http://www.tata-aig-life.com/http://www.sbilife.co.in/http://www.ingvysyalife.com/http://www.ingvysyalife.com/http://www.allianzbajaj.co.in/http://www.allianzbajaj.co.in/http://www.metlife.co.in/http://www.metlife.co.in/http://www.fg-life.in/http://www.fg-life.in/http://www.idbifortis.com/http://www.idbifortis.com/http://www.hdfcinsurance.com/http://www.hdfcinsurance.com/http://www.maxnewyorklife.com/http://www.maxnewyorklife.com/http://www.iciciprulife.com/http://www.iciciprulife.com/http://www.omkotakmahindra.com/http://www.omkotakmahindra.com/http://www.birlasunlife.com/http://www.birlasunlife.com/http://www.tata-aig-life.com/http://www.tata-aig-life.com/http://www.sbilife.co.in/http://www.ingvysyalife.com/http://www.ingvysyalife.com/http://www.allianzbajaj.co.in/http://www.allianzbajaj.co.in/http://www.metlife.co.in/http://www.metlife.co.in/http://www.fg-life.in/http://www.fg-life.in/http://www.irdaindia.org/www.royalsundaram.comhttp://www.reliancegeneral.co.in/http://www.reliancegeneral.co.in/http://www.itgi.co.in/http://www.irdaindia.org/www.tata-aiggeneral.comhttp://www.bajajallianz.co.in/http://www.icicilombard.com/http://www.apollodkv.co.in/http://www.irdaindia.org/www.fg-general.inhttp://www.universalsompo.com/http://www.saharalife.com/http://www.idbifortis.com/http://www.idbifortis.com/


17/63

6B 56A 5G.55.677B

(hriram 2ife Insurance =ompan! 2td.

6C 597 5D.7G.677C

harti '


18/63

)ompan,profile

0istor, of Bharti A


19/63

Bharti A


20/63

3!deraad

&umai

0elhi

angalore

Jolkata

=hennai

'hmedaad 2udhiana

2ucknow

(urat

Jochi

Indoor

=handigarh

Fadodra

huneshwar

Eaipur

&ohali

VisionTo e a leader and the preferred compan!

for financial protection and wealth

management in India


21/63

Strategy

To achieve a top B market position in India through a multi-distriution, multi-

product platform

To adapt '


22/63

To deliver high levels of shareholder return

To uild long term value with our usiness partners ! enhancing the proposition

to their customers

To e the emplo!er of choice to attract and retain the est talent in India

To e recognised as eing close and qualified ! our customers

Bharti Group

Bharti Airtel 'td

harti 'irtel 2td is one of 'siaNs leading telecommunications service provider. The=ompan! is India;s largest integrated telecom compan! in terms of customer ase andoffers &oile (ervices, ixed 2ine services, roadand O IPTF, 0T3, 2ong 0istance
http://www.airtel.in/http://www.airtel.in/


23/63

and )nterprise services. 'irtel also offers moile services in (ri 2anka on a state-of-theart 9.B 1 network.

Bharti TeleTe+h 'td

harti Teletech is India;s leading telecom O allied products compan!. It is one of thelargest manufacturers of landline telephones in the world. ?ith a strong distriutionnetwork across the countr!, the compan! is also the primar! distriutor of IT andTelecom products from interntional rands such as &otorola, lackerr!, Thomson,Pol!com, Transcend, and 2ogitech.

Tele+om Se,+helles 'td

' susidiar! of harti, Telecom (e!chelles 2td provides comprehensive telecom servicesincluding 91 moile services in (e!chelles, under the :'irtel; rand.

)om/i/a Te+hnologies 'td

=omviva is the leading provider of integrated F'( solutions for moile operators inemerging markets. 'mong the top 9 gloal providers of integrated F'( solutions inrapidl! growing markets, =omviva has deplo!ed solutions for over 577 moile operatorcustomers in over A7 countries worldwide.
http://www.bharti-teletech.net/http://www.airtel.sc/http://www.bhartitelesoft.com/http://www.bharti-teletech.net/http://www.airtel.sc/http://www.bhartitelesoft.com/


24/63

(ield(resh (oods P/t1 'td1

ieldresh oods Pvt. 2td., is a venture etween harti )nterprises and 0el &ontePacific 2imited, to offer fresh and processed fruits and vegetales in the domestic as wellas international markets, including )urope and the &iddle )ast.

Bharti Retail P/t 'td

harti *etail is a wholl! owned susidiar! of harti )nterprises. harti *etail operates achain of multiple format stores that offer consumers affordale prices, great qualit! andwider choice. The compan!;s neighourhood format stores operate under the )as!da!rand and the compact h!permarket format under the $)as!da! market% rand.

Bharti A


25/63

Bharti A


26/63

=erse, Airtel 'td

Eerse! 'irtel, a susidiar! of harti, offers world-class moile services in Eerse!"=hannel Islands# over its full 61, 91 and 3(0P' enhanced network. The =ompan!rings market-leading products and services to its customers under 'irtel-Fodafonerand.

Bharti (oundation

harti oundation was set up in 6777, with the vision, $To help underprivileged childrenand !oung people of our countr! realize their potential%. It aims to create and supportprograms that ring aout sustainale changes through education and the use oftechnolog! and information.

Bharti Realt,

harti *ealt! 2imited is a !oung, virant and d!namic realt! compan! with expandinginterests in commercial, retail and residential real estate. harti *ealt! aims to eamongst the most admired real estate pla!ers in India and aspires to attain highest degreeof customer trust through superior product design and maintaining an uncompromisingstand towards environmental responsiilit!, ethics and safet!
http://www.bharti.com/http://www.bhartifoundation.org/http://www.bhartirealty.com/http://www.bharti.com/http://www.bhartifoundation.org/http://www.bhartirealty.com/


27/63


28/63

Bharti Enterprises

Bharti Airtel 'td-

harti 'irtel 2td is India;s leading provider of telecommunications service. The compan!

has D distinct usiness divisions- moile and telephone services, roadand services,

long distance services and enterprise services,

Bharti Telete+h 'td

harti Teletech 2td manufactures and exports world-class telecom equipment under the

rand :eetel;.

Tele+om Se,+helles 'td

Telecom (e!chelles ltd provides telecom services in (e!chelles, under the rand :'irtel;.

Bharti A


29/63

ield resh oods Pvt 2td is harti;s Fenture with )2 *othschild 1roup owned )2*+

holding India 2td., to export fresh 'gricltural products exclusivel! to markets in )urope

and ('.

A


30/63

Produ+ts of Bharti$A


31/63

Spot sura8sha

Introdu+tion

(pot (uraksha is a unit liked insurance product, which offers !ou an instant insuranceprotection and enefit of wealth creation in the long-term.

Main Ad/antages of Spot Sura8sha

nderstand the product>"*ead and understand the product rochure#

'nswering the simple health related questions, (ign up the simple application form,

sumit photograph, proofs for identit!, address and age.

' cover note is issued to polic! holder and insurance cover starts instantl!.

577M allocation of premium- ull allocation of premium to the Investment und,

according to polic! holder choice from 6nd!ear onwards.

' guaranteed special addition equal to 597M of annualized premium in the first polic!

!ear is added in the polic! fund at maturit! or death, which is earlier.

PARAMETER E'IGIBI'IT3

Minimum age at entr, 7 ,ears

Ma;imum age at entr, 77 ,ears

Ma;imum age at maturit, >" ,ears

Minimum premium Rs1 %!?""" p1a

Premium Modes Annual? Semi$annual and monthl,

Poli+, term %7 ,ears

Minimum top up premium Rs1 7?"""

Dream life pension

2et !ou live !our retired life king-sizeThis plan is made for old persons and to make them self independent and live a life ofdignit! and self-respect. Toda! !ou are us! climing the ladder of success and realizing!our dreams. Toda!, time is with !ou. Eust take a moment and think.The harti '


32/63

' post retirement income for life.

Polic! holder choose the age at which heQshe would like to retire "vesting age#, which

determines !our premium pa!ing term. 'lternativel! !ou can opt for single premiumpa!ment.


Minimum age at entr, %# ,ears

Ma;imum age at entr, >" ,ears

Minimum age at /esting

Ma;imum age at /esting

67 ,ears

#" ,ears

Premium modes Single pa,? ,earl,? 0alf$,earl, ?uarterl,

and monthl,

Minimum premium Annual Regular Premium-

Rs1%!? """p1a1

Minimum poli+, term %" ,ears

Minimum top$up premium Rs1!? 7"" and no ma;imum limit on top$

up premium and top up allo4ed onl,

after first poli+, ,ear1

MERIT P'US

This is a regular premium unit-linked insurance polic! which offers !ou the twin enefitsof protection against financial loss in the unfortunate event of the death and helping !outo create wealth s!stematicall! over the long-term. 3ence this product is suitale for !our

long-term ojective like retirement planning, children;s future and giving a totalprotection to !ou and !our famil!.



33/63

Minimum age at entr, " ,ear

Ma;imum age at entr, :" ,ears (or death .enefit option A&

77 ,ears (or death .enefit option .&

Maturit, age #" ,ears for death .enefit option A&

>7 ,ears for death .enefit option B&

Poli+, .enefit period #" ,ear less age at entr, for death

.enefit option A&

>7 ,ears less age at entr, (or death

.enefit option B&

Premium pa,a.le period 3earl,? 0alf$3earl, And Monthl,

Minimum premium Rs1%"?"""

Minimum Top$up premium 7""

Benefits of Bharti A


34/63

Minimum age at entr, " ,ear

Ma;imum age at entr, :" ,ears

Maturit, age >" ,ears

Poli+, .enefit period >" ,ear less age at entr,

Premium pa,a.le period 3earl,? 0alf$3earl,? 9uarterl, and

Monthl,

Minimum premium Rs1%"?""" for ,earl,? 7?""" for half$,earl,

!?7"" for 9uarterl, and Rs1#56 for

monthl, premium

Minimum Top$up premium 7""

Se+ure )onfiden+e

Provide complete financial protection to !our famil!, even when !ou are not there.(ecure confident is suitale to !ou if !our ojective is to protect !our famil! against an!financial loss caused due to unfortunate death, disailit! due to an accident or criticalillnesses which ma! deprive them of a secured future.

Parameter )ligiilit!&inimum age at entr! 5A !ears

&aximum age at entr! BB !ears

&inimum sum assured *s.B ,77,777

&inimum premium *(.5,B77 for !earl!,*s.GA7 for half-!earl!,

*s.D7B for quarterl! and *s.59B for


35/63

monthl! premium

Polic! enefit period B,57,5B,67 and 6B !ears

&aximum age at maturit!. C7 !ears

Premium pa!ing term )qual to the polic! enefit period.

+n death +n survival

' sum assured is paid to the polic! holder

or nominee and the polic! shall e

terminated.

The polic! shall e terminated and no

monies shall e pa!ale to the polic!

holder.

Introdu+tion of the pro+ess of

re+ruitment and sele+tion of

agent


36/63

O.*e+ti/es of the stud,

To understand the process of recruitment and selection of agent in harti '


37/63

trul! understands the jo. The clearer !ou are with the task description, workingconditions and advantages, the less time !ou will waste examining and rejectingapplications

The essentials of an! jo description are>

' rief description of !our compan!

0etailed outline of the tasks involved

Lualifications and experience required

)quipment and resources used to do the work

(kills required using them.

3owever, !ou should also include work enefits "e.g., vacation, travel and perks#, generalworking conditions "e.g., scheduling, outside work# and the specific traits required "e.g.,

teamuilding and communications skills#. ltimatel!, !ou want to e perceived as anattractive emplo!er in a competitive market.

ind the right recruitment vehicle choose the vehicle that est works for !our compan!,depending on !our udget and resources.

?ord of mouth, or simpl! telling !our emplo!ees, friends and colleagues aout a joopening, is a less expensive strateg! ut generates fewer candidates. The advantage isthat !ou alread! know something aout !our recruiters and their skills, knowledge andachievements. This is a preferred method with companies that have a finderNs fee programfor their emplo!ees.

'dvertising is a toss of the dice. If it goes well, it can help !ou find ideal candidates in aregional, national, or international pool. If not, itNs a costl! investment !ielding fewresults. &ake sure to factor in the time it takes to go througha large numer of resumes.

)mplo!ment agencies cost more ut generall! provide a good range of candidates. Theemplo!ment advisors look at !our needs, screen a numer of candidates, and onl! send


38/63

!ou the applications that meet !our requirements. ear in mind that the largestemplo!ment agencies do not necessaril! offer the est choice of candidates. There arenumerous agencies that specialize in recruitment in specific sectors.

*ecruiting online such as monster.ca, workopolis.com, and jooom.com. These can

provide inexpensive, worldwide access to emplo!ees. In fact, CBM of jo seekers nowhave access to these t!pes of services.sing the Internet for recruiting usuall! involves regular visits to specialized recruitmentsites, joining newsgroups, and posting !our jo openings on recruitment sites, electronicpulications and on !our own ?e site.

After re+ruitment the ne;t part is sele+tion of .est +andidates1

Ma8e the inter/ie4 deli/er

(ince the purpose of an interview is to identif! and verif! the candidateNs potential, it

should e structured to ring out all the desired competencies and aptitudes. *ememer

that !ou have to decide etween the candidates> !ou could create a point s!stem or

anal!sis grid for comparing their strengths and weaknesses.

3ere are a few points to consider when structuring an interview>

&ake a list in advance of the points for discussion and corresponding questions.

Present the candidates with a situation the! could face on the jo and ask them how

the! would react. This will enale !ou to evaluate the candidatesN knowledge, skills

and work methods.
http://www.monster.ca/http://www.workopolis.com/http://www.jobboom.com/http://www.monster.ca/http://www.workopolis.com/http://www.jobboom.com/


39/63

'sk the candidates to descrie some difficult situations encountered in previous jos

and to explain the wa! in which the! were resolved. This will give !ou the chance to

gauge the candidatesN self-confidence, creativit! and prolem-solving skills.

'sk the candidates to descrie a difficult situation involving colleagues and how it

was resolved. This will enale !ou to test their aptitude for teamwork.

'sk the candidates aout their amitions and plans to ensure the! fit !our compan!

profile.

eware of asking questions aout personal interests. The! can get the interview off track

or anno! people who want to keep their work and private lives separate.

Definition of Agent

'ccording to section 5A6 of Indian contracts 'ct, an $agent% is a person emplo!ed todo an! act for another or to represent another in dealing with a third person. In the

insurance industr!, the term $agent% is ordinaril! applied to a person engaged ! the

insurer to procure new usiness. The insurance 'ct definers and insurance agent as one

who is licensed under (ection D6 of that 'ct and is paid ! wa! of commission or

otherwise, in consideration of his soliciting of procuring insurance usiness, including

usiness relating to the continuance, renewal or revival of policies of insurance. 3e is,

for all purposes, an authorized salesman for insurance and needs a license.

'n agent is one who acts on ehalf of another. The $another% on whose ehalf

the agent acts, is called the principal in this case. The insurance compan! is the

principal in this case. The law!er is the agent of the client, when he argues the case in


40/63

court. 'n amassador is an agent of his countr!. The agent represents the principal and

acts on his ehalf. (ome insurers designate their agents as :advisers%,% consultants%

etc. as if the! are independent advisor or consultant would not e appointed ! an

insurance compan!. 3e would e knowledgeale enough as a person to e approached

for advice or consultation. (ome insurance agents ma! acquire that status. 'llinsurance agents should strive to attain that status.

Pro+edure for .e+oming an Agent

The insurance 'ct, 589A la!s down that an insurance agent must possess a licence under

(ection D6 of that 'ct. The licence is to e issued ! the I*0'. The I*0' has authorizeddesignated persons, in each insurance compan!, to issue the licences on ehalf of theI*0'.

In terms of the Insurance 'ct, a licences will not e given if the person is"a# minor,

"# found to e of unsound mind,

"c# found guilt! of criminal misappropriation or criminal misappropriation or

criminal reach of trust or cheating or forger! or an aetment of or attempt to

commit an! such offence

"d# found guilt! of or knowingl! participation in or conniving at an! fraud,dishonest! or misrepresentation against an insurer or an insured,

"e# not possessing the requisite qualifications and specified training,

"f# ound violating the code of conduct as specified in the regulations.

"g# The fee for a licence is *s.A6B for individual. ' licence is granted for 9 !ears.It ma! e renewed after 9 !ears and again valid for 9 !ears.


41/63

' licence issued ! the I*0' ma! e to act as an agent for a life insurer, for a general

insurer or as a composite insurance agent working for a life insurer as sell as a generalinsurer. /o agent is allowed to work for more than one life insurer or more than onegeneral insurer.

The Lualifications necessar! efore a licence can e given are that the person must e

"a# /ot a minor.

"# 3ave passed at least the 56thstandard or equivalent examination, if he is to eappointed in a place with a population of B,777 or more. "57 th standardotherwise.#

"c# 3ave undergone practical training for at least B7 hours in life or generalinsurance usiness, as the case ma! e, form an institution, approved andnotified ! the I*0'. I/ the case of a person wanting to ecome a composite

insurance agent, the applicant should have completed at least GB hourspractical training in life and general insurance usiness, which ma! e spreadover six to eight weeks.

d# 3ave passed the pre-recruitment examination conducted ! the insurance instituteof India or an! other examination od! authorized ! the I*0'.

The licence once issued, can e cancelled whenever the person acquires adisqualification. 'pplications for renewal have to make at least thirt! da!s efore the

expir! of the licence, along either the renewal fee of *s.6B7. If the application is notmade at least thirt! da!s efore the expir!, ut is made efore the date of expir! oflicence, an additional fee of *s.577 is pa!ale . If the application is made after the date ofexpir!, it would e normall! eing refused.

Prior to renewal of the licence, the agent should have completed at least 6B hourspractical training in life or general insurance usiness or at least B7 hours practicaltraining in life and general insurance usiness in the case of a composite insurance agent.

Insures who select agents for appointment, make arrangements for training, for appearingin the prescried examinations, and otaining the licence.

NOTE

The insurance 'ct provides, In (ection DD, for pa!ment of commission on renewalpremium even after termination of the agenc!. The commission will e limited to a rate


42/63

not exceeding DM, to e eligile for thisK the agent should have een an agent with thatinsurer for at least

"5# five !ears and policies for at least *sB7,777 are in force one !ear eforetermination of agenc! or,

"6# 57 !ear.

This commission will e pa!ale to the heirs of the agent after the agent;s death.

(UN)TION O( AN AGENT

nderstanding the prospect;s needs and persuade him to u! a plan of life

insurance that suits his interests est.

=omplete the formalities>- paper work, medical examination, which are necessar!

to get the polic! expeditiousl!.

Jeep in touch to ensure that changing circumstances are reflected in the

arrangements relating to premium pa!ments, nomination and other necessar!alterations.

acilitate quick settlement of claims.

e totall! honest with oth the prospect and the insurer.

/ot to induce prospects to sumit wrong information.

)areer 4ith Bharti A


43/63

+pportunit! to earn unlimited income.

=areer 1rowth.

e !our own oss.

3igh qualit! training O (upport to improve productivit!.

=ompensation amongst the est.

=lu memer enefits.

Pa!out structured to facilitate !our cash flows etter.

est in class O competitive products.

Pension for life.

Re+ruitment Pro+ess

0evelop a Profile

0evelop sources ofrecruitment

'pproaching the

Targeted recruits

Initial screening andInterviews


44/63

Sour+es of Re+ruitment

*ealit! check

ncontrolled=ontrolled

Eo 'dsQInserts/atural &arket

Placement =onsultants=entral of Influence

Presentation Q (eminar'gent gets 'gents


45/63

)ontrolled Mar8etNatural mar8et

@our famil!

@our friends

People at joQusiness

/eighors

E;tended Natural mar8et

The following are sources of names>

People know through children.

People know through spouse.

People know through hoiesQ games.

People known through social groups

People known through pulic service.

People !ou do usiness with.

=old Prospecting

0ata ase

(econdar!Primar!


46/63

riends of friends.

)ENTRE O( IN('UN)E

People with influence and prestige, other memer of societ! elieve and faith on

them.

People who have a ig circle of relationships> like secretar! in societies, president of

an association.

People who are known to !ou and are wiling to help !ou.

People who have contacts with the class of people !ou want to deals with.

People who have faith in !our leadership.

' centre of influence is a person who is in contact with man! people through social,

political, religious or usiness angulations

suall! a respected individual with influence over the people with heQshe is in

contact.

Un+ontrolled Sour+es

=o. AdsInserts

This program should e on regular long range asis.

)xample> /avajeevan sharma who is a relationship officer in hrati '


47/63

harti '


48/63

Sour+es for Re+ruitment and Sele+tion of Agent

used during Training

Telephone S+ript

0ello sir?

I am Paramjit (ingh from harti '


49/63

'ddress proof.

Photo 4 A.

)ducation proof.

L score sheet.

'genc! application.

orm F '.

ill /''.

Step !1 Inter/ie4 se+tion

0uring the interview the senior managerQ&+' asked following question to the candidateto judge his ailit! and knowledge.

Lualification.

Present occupation.

Jnowledge or experience in insurance sector

Tenor of sta! in the town.

/umer of famil! memer.

3ousehold income.

+ccupation of parent.

If selected then the senior managerQ&+' approve the application.The managers take the help of scoring &echanism. (coring &echanism was filled at thetime of appl!.

Age Belo4 !7 ,ears Bet4een !7$6" More than 6" S+ore

(coring

mechanism

7 6 5

&arital status nmarried married

5 6

)ducation 57thstandard or

56thstandard

graduate Post graduate

5 6 6

Tenor of sta! in

cit!Qtown

2ess than 9

!ears

9-B !ears &ore than B

!ears7 5 6

3ousehold

income

2ess than 6

lakhs

6-B lakhs &ore than B

lakhs

Total score


50/63

L (core>'cceptale *ange of (core 1reater than or equal to G

'dditional 'pprovals B or C

*ejected application if D or less

If the L score is less than G then (&Q'*(& comments and signatures are required.

Step 51 Training

B7 3ours Training and also provide a text ook "I=-99 life insurance# for pre-recruitment)xamination for 2ife Insurance 'gents, which is ased on s!llaus prescried !insurance *egulator! O 0evelopment 'uthorit!.

I*0' for short, has laid down that those who wish to ecome insurance agents will e

given licenses onl! after the! complete a course of stud!, training and pass anexamination prescried ! it.

0uring this training the knowledge aout the entire essential concept related to lifeinsurance is provided to agent. Insurers will have different practices and offer differentenefits in their plans. 'll of them will e ased on these concepts. The details of thepractices and the plans of each insurer will have to e learnt from the respective insures.

Step 61 During training follo4ing things 4ill .e tea+hes1

?hat is insurance

Principles of life 'ssurance Premiums and onuses

2ife Insurance products

nderwriting

Insurance 0ocuments

Polic! conditions

=laims

2inked life insurance products

Insurance agenc!

2aws and *egulations

I*0' *egulation 6777. I*0' *egulation 6776.

Step 71 E;amination and )ode

)xamination is the second last part of the recruitment and selection process.It include one hour test under, which contain B7 ojective questions, one marks each,


51/63

Pass marks are 6B.

There are two method of examination. +nline

&anual

In case of online the result is declared on the spot and in the case of manual result isdeclared within one month.

'fter clearing the exam, 2IP training of two da!s will e given to the advisor aout theproduct of compan! and then agenc! code is generated.

+E)=TIF)('/0

*)()'*=3&)T3+0+21@


52/63

+jectives of the stud! To understand the process of recruitment and selection of agent in harti '


53/63

The sampling plan calls for three decisions.

'# (ampling nit> I have completed m! surve! in =3'/0I1'*3, &+3'2I.# (ample (ize> The selection of 67 respondents. The sample was drawn fromshopkeepers. The selection of the respondent was done on the asis of simple randomsampling.

=# =ontract methodsI have conduct the respondent through personal interviews

Resear+h Instrument' close friend questionnaire was constructed for m! surve!. Luestionnaire consisting of aset of questions made to filled ! various respondents.

)olle+ting the Information'fter this, I have collected the information from the respondent with the help ofquestionnaire.

Anal,Ce the InformationThe next step is to extract the pertinent finding from the collected data. I have taulatedthe collected data O developed frequenc! distriutions.Thus the whole data was grouped aspect wise and was presented in taular from. Thus,frequencies O percentages were to reder impact of the stud!.

Presentations of (indings

This was the last stop of the surve!.


54/63

Data Presentation and Interpretation

/ame> - 'ddress>-

2ocation>-

&oile no.

(hop T!pe>- "&oile stores, 1eneral store, =hemist etc. Please specif!

S+ript

harti has expanded into new territories of usiness and the! now offer the estin class insurance products. This new venture is named harti-'


55/63

5# ?ould !ou e interested in taking up this usiness opportunit! with hartiV

@es /o

2000%; 20%

8000%; 80%

yes no

+nl! 67M shopkeepers were interested in taking up this usiness opportunit! with

harti."A shopkeeper were interested in this activit!#

6# 3ow much time can !ou dedicate per da! for this activit!V"or getting 'ppointments#

W hr 5-6 hrs 9-h hrs B hrs or more


56/63

75%

25%

half hour 1/2 to 2 2 to to 5

rom the aove A people , C people said that the! can spend W hour for this

activit! dail!. 6 said that the! can spent W to 6 hours for this activit!.

9# 0o !ou have an! knowledge of or experience in InsuranceV

@es /o

2000%; 20%

8000%; 80%

no yes

A7M of shopkeeper said that the! have knowledge aout insurance.

67M of shopkeeper said that the! have no knowledge aout insurance.


57/63

D# 0o !ou have )xperience as an agentV

@es /o

!00%; 15%

"00%; 85%

,es no 5rd tr 6th tr

5BM of shopkeepers have experience in the field of life insurance.

ABM of shopkeepers have no experience in the field of life insurance.

If !es, then please specif! the name of the compan!.

5!" 5!

33!" 33!

#$!" #$!

%&' (D)' &'&'&

+ut of C people 99M"9# of shopkeeper working with 2I=

99M "6# of shopkeeper working with 30= (tandard 2ife insurance

99M "5# of shopkeeper working with I=I=I Prudential 2ife Insurance =o. 2td.


58/63

B# =an !ou spare 5Q6 da! on training to understand to product and how can introduce itto !our customerV

@es /+

00%; 10%

5:"" F"

#es no

57 M of shopkeepers were interesting to spare 5Q6 da! on training to understand toproduct.

/ame> - 'ddress>-2ocation>-&oile no.

(hop T!pe>- "&oile stores, 1eneral store, =hemist etc. Please specif!

UESTIONNAIRE

5# ?ould !ou e interested in taking up this usiness opportunit! with hartiV

@es

/o

6# 3ow much time can !ou dedicate per da! for this activit!V "or getting 'ppointments#

W hr

5-6 hrs


59/63

9-h hrs

B hrs or more

9# 0o !ou have an! knowledge of or experience in InsuranceV

no4ledge

@es

/o

E;perien+e

@es

/o

If !es, then please specif! the name of the compan!.

D# =an !ou spare W da! on training to understand the product and how can introduceit to !our customerV

@es

/o

B# 3ow man! people do !ou know in this cit!V

nder B7

B5-577

575-977


60/63

975-C77

'ove C77

'imitation

I didn;t get complete feed from the shopkeepers aout the question as the! are us! in

there work and had less time to fill questioned.

(incerit! of answering the questions cannot e judged.

Time was the major constraint for me to understand the long process of recruitment

and selection.

2imited mone! availale for project.

(inding

2h, people are not read, to 4or8 4ith pri/ate pla,ers in life insuran+eH

Or

2h, people are not read, to 4or8 as an agent in an, +ompan,H

In these da!s 2I= created a ver! well image in the mind of 1eneral pulic ecause it

is semi 1overnment =ompan! and also an oldest compan!. In short most people ofIndian elieve upon the 2I= onl!.

0uring the training period we felt that most of people who are alread! working in

insurance sector think that it is eas! to sell the product of 2I= than to sell the productof other life insurance compan!.


61/63

&ost of people sa! that this jo affects upon there social relation with other and also

effect upon there usiness.

&ost of people elieve that private insurance companies carried out fraud activit!

that;s wh! the! never elieve upon the private pla!ers.

People think that it is a time consuming activit! and also required huge market skills.

(ome people said that onl! greed! people like to work in insurance sector.

ecause of three da!s compulsor! training.

)on+lusion

In India, there is throat cut competition in the market of life insurance that rand servicewhich adopt new strategies for sales. I concluding the whole stor! it can e said thatpeople are much more aware aout the aspects of life insurance and also have knowledgeaout the role and act of agent ut mostl! people unwilling to work as life insuranceagent and mostl! people prefer to work with 2I= ecause it is a semi government

corporation.Suggestions

harti-'


62/63

Increase the commission of agents.

=ompan! must relic to candidate or other people that the! are doing a social service forthe welfare of societ!.

etter career opportunit! must e provided to an adviser, such as on role jo, promotionetc.

' special function must organize time to time in which the special prizes distriuteamong those agent who perform well.

The duration of the process of recruitment and selection is too long "one and half month#,during this process mostl! candidate loss there interest, so there is an urgent need toreduce the duration of this period.

*educe the minimum premium amount it will help compan! to attract the agent of other

compan!, as it increases the scope of market of its agent.

B&B%&*G+AP(Y

(. alachandran, "6778#, I=-99 2ife Insurance, (hri (.E 1idwani Pulishers, &umai

www.irdaindia.org

www.hart-axalife.com

www.wikipedia.org

www.ief.org

The opportunit,

'out 6Q9 of the Indian population is :insurale%
http://www.irdaindia.org/http://www.bhart-axalife.com/http://www.wikipedia.org/http://www.ibef.org/http://www.irdaindia.org/http://www.bhart-axalife.com/http://www.wikipedia.org/http://www.ibef.org/


63/63

3igh M of population is uninsured or underinsurance.

?e Indian are $natural savers%Indians save the maximum in the world.

Those :insured; are :underinsured;.

Documents

Recruitment of Advisors for Bharti Axa Life Insurance