SAABMARFINMBASAABMARFINMBA ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICIPRUDENTIALLIFEINSURANCECOMPANYLTD ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA TABLE OF CONTENT Chapter. No CONTENTS Page No. EXECUTIVE SUMMARY 1 1. INTRODUCTION 2 2. INSURANCE INDUSTRY 19 3. PROFILE OF ICICI PRUDENTIAL LIFE INSURANCE CO.LTD. 33 4. IMPLEMENTING HR PRACTICES AND POLICES IN ICICI PRUDENTIAL LIFE INSURANCE CO.LTD 51 5. RESEARCH OBJECTIVES 65 6. RESEARCH METHODOLOGY 66 7. DATA ANALYSIS AND INTERPRETATION 68 8. SUGGESTION

83 9. CONCLUSION 92 10. LIMITATIONS 93 11. BIBLIOGRAPHY 12. ANNEXTURE 2 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA EXECUTIVE SUMMARY ICICI Prudential Life Insurance Life Insurance is one of the largest Insurance networks in the country, and 2nd Life Insurance Company in India. The ICICI Group has been in existence since 1955 when ICICI Ltd., was created. ICICI Prudential Life Insurance started in 2002 as subsidiary of ICICI Ltd., Today ICICI Life Insurance has

a customer base of 4 million with total assets exceeding Rs.1, 00,000 Cr. making it the 2nd largest life insurance company in the country, next only to LIC. The Insurance sector, after the opening up, provides greater opportunities. Several global players have emerged and the market has changed significantly. In the changed scenario, the expectation is that the

low Insurance premium as a percentage of GDP prevailing in India will improve and will offer better opportunities to the insurance players. Life Insurance sector is one of the key areas where enormous business potential exists. In India currently the life insurance premium as a percentage of GDP is 1.3 per cent against 5.2 per cent in the

US, but in the liberalized scenario, the life insurance premiums were projected to grow at around 18% to 20% from Rs 215 billion in 1998-99 to Rs 592 billion in 2004-05 and to Rs 1450 billion by 2009-10. Corporate non-life premium was projected to grow from Rs 84 billion in 1998-99 to Rs 386 billion in 2009-10 and personal line

ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA non-life from Rs 4 billion to Rs 51 billion. In the life Insurance segment the Life Insurance Corporation of India (LIC) is the major player. The LIC has 2050 branches. It is constituted in to seven Zones. Currently there are 5, 60,000 LIC agents in India. General Insurance is another segment, which has been growing at

a faster pace. Though it all can happen with good HR policies and practices that has been a part of ICICI Prudential Life Insurance. ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA 1. INTRODUCTION The role of Human Resources is changing as fast as technology and the global marketplace. Historically, the HR Department was viewed as administration, kept personal files and other records, managed the hiring process, and provided other administrative support to the business. Those times have changed. The positive result of these changes is that HR

professionals have the opportunity to play a more strategic role in the business. The challenge for HR managers is to keep up to date with the latest HR innovations technological, legal, and otherwise. This special report will discuss the best practices in HR management for 2010 in other words, how HR managers can anticipate and address some of the most

challenging HR issues this year. This report will give you the information you need to know about these current HR challenges and how to most effectively manage them in your workplace. Human resources is an increasingly broadening term with which an organization, or other human system describes the combination of traditionally administrative personnel functions with acquisition and application of skills,

knowledge and experience, Employee Relations and resource planning at various levels. The field draws upon concepts developed in Industrial/Organizational Psychology and System Theory. Human resources has at least two related interpretations depending on ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA context. The original usage derives from political economy and economics, where it was traditionally called labor, one of four factors of production although this perspective is changing as a function of new and ongoing research into more strategic approaches at national levels. This first usage is used more in terms of `human resources development', and can go beyond

just organizations to the level of nations. The more traditional usage within corporations and businesses refers to the individuals within a firm or agency, and to the portion of the organization that deals with hiring, firing, training, and other personnel issues, typically referred to as `human resources management'. This article addresses both definitions. The objective of human resource s'

development (the `s' is important in human resource`s' in that it underscores indiduality/variability) is to foster human resourcefulness through enlightened and cohesive policies in education, training, health and employment at all levels, from corporate to national (Lawrence 2000) Human resource management's objective, on the other hand, is to maximize the return on investment from the organization's human capital and minimize

financial risk. It is the responsibility of human resource managers in a corporate context to conduct these activities in an effective, legal, fair, and consistent manner. Human resource management serves these key functions: 1. Recruitment & Selection 2. Training and Development 3. Performance Evaluation and Management 4. Promotions ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA 5. Redundancy 6. Industrial and Employee Relations 7. Record keeping of all personal data. 8. Compensation, pensions, bonuses etc in liaison with Payroll 9. Confidential advice to internal 'customers' in relation to problems at work 10. Career development Modern analysis emphasizes that human beings are not "commodities" or "resources", but are creative and social beings in a productive

enterprise. The 2000 revision of ISO 9001 in contrast requires to identify the processes, their sequence and interaction, and to define and communicate responsibilities and authorities. In general, heavily unionized nations such as France and Germany have adopted and encouraged such job descriptions especially within trade unions. The International Labour Organization also in 2001 decided to revisit, and revise its

1975 Recommendation 150 on Human Resources Development. One view of these trends is that a strong social consensus on political economy and a good social welfare system facilitates labor mobility and tends to make the entire economy more productive, as labor can develop skills and experience in various ways, and move from one enterprise to another with little controversy or

difficulty in adapting. Another view is that governments should become more aware of their national role in facilitating human resources development across all sectors. An important controversy regarding labor mobility illustrates the broader philosophical issue with usage of the phrase "human resources": ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA governments of developing nations often regard developed nations that encourage immigration or "guest workers" as appropriating human capital that is rightfully part of the developing nation and required to further its growth as a civilization. They argue that this appropriation is similar to colonial commodity fiat wherein a colonizing European power would define an arbitrary price for natural

resources, extracting which diminished national natural capital. The debate regarding "human resources" versus human capital thus in many ways echoes the debate regarding natural resources versus natural capital. Over time the United Nations have come to more generally support the developing nations' point of view, and have requested significant offsetting "foreign aid" contributions so that a developing nation

losing human capital does not lose the capacity to continue to train new people in trades, professions, and the arts. An extreme version of this view is that historical inequities such as African slavery must be compensated by current developed nations, which benefited from stolen "human resources" as they were developing. This is an extremely controversial view, but

it echoes the general theme of converting human capital to "human resources" and thus greatly diminishing its value to the host society, i.e. "Africa", as it is put to narrow imitative use as "labor" in the using society. In a series of reports of the UN Secretary-General to the General Assembly, a broad inter-sectoral approach to developing human

resourcefulness has been outlined as a priority for socio-economic development and particularly anti-poverty strategies. This calls for ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA strategic and integrated public policies, for example in education, health, and employment sectors that promote occupational skills, knowledge and performance enhancement (Lawrence, J.E.S. 2000). In the very narrow context of corporate "human resources" management, there is a contrasting pull to reflect and require workplace diversity that echoes the diversity of a global customer base. Foreign language

and culture skills, ingenuity, humor, and careful listening, are examples of traits that such programs typically require. It would appear that these evidence a general shift through the human capital point of view to an acknowledgment that human beings do contribute much more to a productive enterprise than "work": they bring their character, their ethics, their creativity, their social connections,

and in some cases even their pets and children, and alter the character of a workplace. The term corporate culture is used to characterize such processes at the organizational level. The traditional but extremely narrow context of hiring, firing, and job description is considered a 20th century anachronism. Most corporate organizations that compete in the modern global economy

have adopted a view of human capital that mirrors the modern consensus as above. Some of these, in turn, deprecate the term "human resources" as useless. Yet the term survives, and if related to `resourcefulness', has continued and emerging relevance to public policy. In general the abstractions of macro-economics treat it this way -as it characterizes no mechanisms

to represent choice or ingenuity. So one interpretation is that "firm-specific human capital" as defined in ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA macro-economics is the modern and correct definition of "human resources" -and that this is inadequate to represent the contributions of "human resources" in any modern theory of political economy. 1.1 HUMAN RESOURCES DEVELOPMENT In organizations, in terms of sex and selection it is important to consider carrying out a thorough job analysis to determine the level

of skills/technical abilities, competencies, flexibility of the employee required etc. At this point it is important to consider both the internal and external factors that can have an effect on the recruitment of employees. The external factors are those out-with the powers of the organization and include issues such as current and future trends of the labor market e.g. skills,

education level, government investment into industries etc. On the other hand internal influences are easier to control, predict and monitor, for example management styles or even the organizational culture. In order to know the business environment in which any organization operates, three major trends should be considered: Demographics the characteristics of a population/workforce, for example,

age, gender or social class. This type of trend may have an effect in relation to pension offerings, insurance packages etc. Diversity the variation within the population/workplace. Changes in society now mean that a larger proportion of organizations are made up of "baby-boomers" or older employees in comparison to thirty years ago. Traditional advocates of "workplace diversity"

10 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA simply advocate an employee base that is a mirror reflection of the make-up of society insofar as race, gender, sexual orientation, etc. Skills and qualifications as industries move from manual to a more managerial professions so does the need for more highly skilled graduates. If the market is "tight" (i.e. not enough staff for the jobs), employers

will have to compete for employees by offering financial rewards, community investment, etc. In regard to how individuals respond to the changes in a labour market the following should be understood: Geographical spread how far is the job from the individual? The distance to travel to work should be in line with the pay offered

by the organization and the transportation and infrastructure of the area will also be an influencing factor in deciding who will apply for a post. Occupational structure the norms and values of the different careers within an organization. Mahoney 1989 developed 3 different types of occupational structure namely craft (loyalty to the profession), organization career (promotion through the firm)

and unstructured (lower/unskilled workers who work when needed). Generational difference different age categories of employees have certain characteristics, for example their behavior and their expectations of the organization. While recruitment methods are wide and varied, it is important that the job is described correctly and that any personal specifications are stated. Job recruitment methods can be through job

centres, employment 11 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA agencies/consultants, headhunting, and local/national newspapers. It is important that the correct media is chosen to ensure an appropriate response to the advertised post. Human Resources Development is a framework for the expansion of human capital within an organization or (in new approaches) a municipalty, region, or nation. Human Resources Development is a combination of Training and

Education, in a broad context of adequate health and employment policies, that ensures the continual improvement and growth of both the individual, the organisation, and the national human resourcefulnes. Adam Smith states, The capacities of individuals depended on their access to education .Kelly D, 2001Human Resources Development is the medium that drives the process between training and learning in a broadly fostering

environment. Human Resources Development is not a defined object, but a series of organised processes, with a specific learning objective (Nadler,1984) Within a national context, it becoms a strategic approach to intersectoral linkages between health, education and employment Human Resources Development is the structure that allows for individual development, potentially satisfying the organization s, or the nation's goals. The development of

the individual will benefit both the individual, the organization, or the nation and its citizens. In the corporate vision, the Human Resources Development framework views employees, as an asset to the enterprise whose value will be enhanced by development, Its primary focus is on growth and employee development it emphasises developing individual potential and skills (Elwood, olton and Trott 1996) Human

Resources Development in this treatment can be in-room group training, tertiary or vocational 12 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA courses or mentoring and coaching by senior employees with the aim for a desired outcome that will develop the individual s performance. At the level of a national strategy, it can be a broad intersectoral approach to fostering creative contributions to national productivity At the organizational level, a successful Human Resources Development program will prepare the individual

to undertake a higher level of work, organized learning over a given period of time, to provide the possibility of performance change (Nadler 1984). In these settings, Human Resources Development is the framework that focuses on the organizations competencies at the first stage, training, and then developing the employee, through education, to satisfy the organizations long-term needs and the individuals

career goals and employee value to their present and future employers. Human Resources Development can be defined simply as developing the most important section of any business its human resource by, attaining or upgrading the skills and attitudes of employees at all levels in order to maximize the effectiveness of the enterprise (Kelly 2001). The people within an organization are

its human resource. Human Resources Development from a business perspective is not entirely focused on the individual s growth and development, development occurs to enhance the organization's value, not solely for individual improvement. Individual education and development is a tool and a means to an end, not the end goal itself . (Elwood F. Holton II, James W. Trott Jr). The broader

concept of national and more strategic attention to the development of human resources is beginning to emerge as newly independent countries face strong competition for their skilled professionals and the accompanying 13 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA brain-drain they experience. 1.2 MODERN CONCEPT OF HUMAN RESOURCES Though human resources have been part of business and organizations since the first days of agriculture, the modern concept of human resources began in reaction to the efficiency focus of Taylorism in the early 1900s. By 1920, psychologists and employment experts in the United States started the

human relations movement, which viewed workers in terms of their psychology and fit with companies, rather than as interchangeable parts. This movement grew throughout the middle of the 20th century, placing emphasis on how leadership, cohesion, and loyalty played important roles in organizational success. Although this view was increasingly challenged by more quantitatively rigorous and less "soft" management techniques in

the 1960s and beyond, human resources development had gained a permanent role within organizations, agencies and nations, increasingly as not only an academic discipline, but as a central theme in development policy. Human resource policies are systems of codified decisions, established by an organization, to support administrative personnel functions, performance management, employee relations and resource planning.

Each company has a different set of circumstances, and so develops an individual set of human resource policies. 14 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA Purposes HR policies allow an organization to be clear with employees on: The nature of the organization What they should expect from the company What the company expects of them How policies and procedures work at your company What is acceptable and unacceptable behaviour

The consequences of unacceptable behaviour The establishment of policies can help an organization demonstrate, both internally and externally, that it meets requirements for diversity, ethics and training as well as its commitments in relation to regulation and corporate governance. For example, in order to dismiss an employee in accordance with employment law requirements, amongst other considerations, it will

normally be necessary to meet provisions within employment contracts and collective bargaining agreements. The establishment of an HR Policy which sets out obligations, standards of behaviour and document displinary procedures, is now the standard approach to meeting these obligations. Developing the HR Policies HR policies provide an organization with a mechanism to manage risk by staying

up to date with current trends in employment standards and legislation. 15 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA 1.3 HR POLICIES AND PROCEDURES Thisfactsheetgivesintroductoryguidance.It: highlightsthemainpoliciesandproceduresthatorganizationsneedtoconsiderlooksatform attingapolicyandsourcesofinformationIntroducingHRpoliciesandproceduresgivesorgan izationstheopportunitytoofferafairandconsistentapproachtomanagingtheirstaff.Form oreonwhyHRpoliciesareintroduced,seeourfactsheetHRpoliciesandprocedures:whyintrod ucethem? 11policyorpracticeareasthosearecrucialtoeffectivepeoplemanagementanddevelopment: recruitmentandselectiontrainingandlearning/developmentcareeropportunitiescommuni cationemployeeinvolvementteamworkingperformanceappraisalpaysatisfactionjobsecuri tyjobchallenge/jobautonomyWork-lifebalance. 16 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA Notallpoliciesandprocedureswillberelevanttoallorganizations,andsomepoliciesarere quiredbylawwhileothersaretopromotegoodpractice. Thefollowingparagraphsindicatetherangeofpossiblepolicieswhichapplyduringtheemplo ymentlifecycle-moredetailedinformationandthelegalrequirementsoneachoftheseareasi sincluded. BeginningemploymentRecruitmentandselection Successfulrecruitmentdependsonfindingpeoplewiththenecessaryskills,expertiseandqu alificationstodeliverorganizationalobjectivesandwhohavetheabilitytomakeapositive contributiontothevaluesandaimsoftheorganization.Adiverseworkforcethatreflectscus tomergroupsinthelocalcommunityshouldbeencouraged. Elementstoconsiderwhenformingarecruitmentpolicy: jobprofile/personspecificationdealingwithjobapplications-whethertousehardcopyand /oronlineforms;confidentialityrecruitmentadvertising-discriminationpitfallsselec tiontechniques-trainingandvalidationinterviewsreferencesmedicalexaminationsasylu mandimmigration 17 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA documentationjobanalysisequalopportunitiesmonitoringreturnoninvestment(ROI)/cost . There'smoreinformationonthewebsiteviaourRecruitmentandtalentmanagementsubjectpag es. Induction Designinganappropriateandcost-effectiveinductionprogrammeisacomplextask.Theprogr ammehastofindabalancebetweenprovidingalltheinformationnewemployeesneedwithoutove rwhelmingordivertingthemfromintegratingintotheteam. Thelengthandnatureoftheinductionprocesswilldependonthecomplexityofthejobandtheba ckgroundofthenewemployee. Elementsofaninductionpolicy: organizationinformation-backgroundandstructure;departments; productsandservices;physicallayouttermsandconditions-hoursofwork;holidays,travel policyfinancial-pay;bonuses;overtime;pensionscultureandvalues-communicationrules andprocedures-dataprotection;emailandInternetusage; equalopportunities;useofmobilephoneshealthandsafety-firstaid;smoking;environment alaspectstraining 18 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBA tradeunionswelfare,benefitsandfacilities-alcoholanddrugs;employeeassistanceprogr ammes. Organizationsmayfinditusefultohavecheckliststhatcoverthepre-employmentperiod,the firstday,thefirstweek,thefirstmonthandtheendoftheprobationaryperiod(ifapplicable )tomakesureeverythinghasbeenexplained. There'smoreinformationonthewebsiteviaourInductionsubjectpage. Duringemployment Employeerelationslookatthepartnershipbetweenemployeeandemployer,coveringareassuc hascommunication,grievancesanddiscipline.Itisequallyimportantinbothunionandnon-u nionsituations. Whileemploymentlawiscloselylinkedwithmanagingemployeerelations, asuccessfulorganizationwon'tjustbaseitsactionsoncompliancewiththelaw-exploringth econceptofthepsychologicalcontract,basedontrustbetweenemployeeandemployer,mayals obeuseful. Policiesandproceduresthatorganizationsmayintroduceinclude: healthandsafetydisciplinaryandgrievancematernityandpaternityleaveandpayredundanc yabsencewhistleblowing 19 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA performancemanagementrecognitionagreements(unionandother) timeoffandleavefortradeunionactivities,holidays,secondment, volunteering,eldercare,childcare,bereavementcommunicationandinvolvement,includin gemployeevoiceharassmentandbullying. There'smoreinformationonmanyoftheseissuesonthewebsiteviaourHRpractice,Health,saf etyandwellbeingandEmploymentlawsubjectpages. Managingdiversity Diversityrunsthroughallaspectsofanorganization spolicies.Managingandvaluingdiversi tyiscentraltogoodpeoplemanagementandmakesgoodbusinesssense,soitalsomakessensefor diversitytobeintegralwithinallpolicies.Adiversitypolicysetsouttheorganisation'sv isionandvaluesinrelationtodiversity.Itwilloftenincludetheremitofpolices,theproce ssesfortakingaction,whoisresponsibleandthetrainingavailable. Thebasicpremiseisthatpeopleshouldbevaluedasindividualsandforreasonsrelatedtobusi nessinterests,aswellasformoralandsocialreasons.Amorediverseworkforceislikelytoof ferawiderrangeofskillsandexperiencesandgreaterflexibilitytomeetbusinesschallenge s. Elementsofadiversitypolicy: 20 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA gender/sexequalityraceequalitysexualorientationreligionageappearance/accentforma tsandaccessibilityofpoliciesandprocedures. Learning,traininganddevelopmentRolesandresponsibilitiesareconstantlychanging,soe mployeeswillneedtocontinuallyrenewandrefreshtheirskillsandcompetencesthroughtrai ning.Thiscanhappeninthecourseofnormalworking(on-the-jobtraining)orawayfromthewor kplace(off-the-jobtraining). Sometrainingismandatorytocomplywithlegalrequirements,suchashealthandsafetyorfina nce. Elementsofalearninganddevelopmentpolicy: theorganization svisionforlearninganddevelopmentopportunitiesavailable,includingse condment,careerbreaks, courses,coaching,mentoringwhotoasktogetauthorizationfortrainingsupportgivenforle arningopportunitiesdevelopmentreviewsandpersonaldevelopmentplans paymentofprofessionalfees 21 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA trainingavailablefor'peripheral'workersiecontractors,temporarystaffrecord-keepin gandadministrationcontinuingprofessionaldevelopmentandpersonaldevelopmentallowan ces(ifthesearenotpartoftheemployeebenefitsstatement) follow-upactionsandtransferoflearningtowork. RewardEffectiverewardpracticesandprocedurescanunderpinactivitiesinrecruitment,re tention,turnoverandengagement.Effectiveimplementationandcommunicationareessentia lforinitiativestosucceed. Rewardpoliciesshouldbeclearandsimplesothatemployeesknowwhat'sexpectedofthemandwh attheycanexpecttoreceiveinreturn. Elementsofarewardpolicy: theorganization svisionforreward,includingmarketrates,extraresponsibilityallowance s howjobsaregradedorevaluatedpensions/additionalvoluntarycontributionspermanenthea lthinsurance/criticalillnesscoverbonusesandincentivepaybenefitsandnon-cashrecogn itioncompanycars 22 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA sickpaypayreviewsequalpay. ComplementarypoliciesOtherpoliciesthatorganizationsmaywanttoconsiderinrelationto employmentinclude: amissionorvaluesstatementparentalleave work-lifebalance/family-friendlyworkpractices disabilitywell-beingand'wellness'green/sustainabledevelopmenttheemploymentofrela tives/friendsconflictofinterest,includingpersonalrelationshipssecondjobsconfiden tialitybadweather/climateconditionsrelocationsuggestionschemes. 23 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA EndingemploymentTherearemanyreasonswhyemploymentceases,fromvoluntaryresignationt odismissalorredundancy. Areastoconsiderforendingemploymentinclude: dismissalredundancyvoluntaryresignationretirement-retirementage;pre-retirementco urses;phasedretirementoptionsendofashort-termcontractendofaprobationaryperioddea thinservice. Exitsurveyscanrecordinformationaboutwhyemployeessaytheyareleaving.Butthedataisno talwaysreliable.Anotherwaytodiscoverthereasonswhyisthroughopinionsurveysduringem ployment. Formattingapolicy PoliciesshouldbewritteninplainEnglish,sothattheyareuser-friendlyandeasilyunderst oodbyallemployees. Thecultureoftheorganizationandthecomplexityofthepolicieswilldictatetheformat.Opt ionsinclude: separatemanagerandemployeemanuals 24 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA allpoliciesavailableonanintranetkeypoliciesonnoticeboards. Policiesshouldalsoindicatewhotogotowithqueriesaboutthecontentandwhoisresponsible forupdatingandreviewingthem. SourcinginformationWhendevelopingpoliciesandprocedurestherearemanysourcesofinfor mationavailable.Thefollowinglistgivesanindicationoffurtherhelpbutisnotanexhausti velist. 25 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA 2. INSURANCE INDUSTRY INSURANCE is basically a sharing device. The losses to assist resulting from natural calamities like fire, flood, earthquake, accidents, etc. are not met out of common pool contributed by large number of persons who are exposed to similar risks. This contribution of many is used to pay the losses suffered by the few. However the

basic principle is that loss should occur as a result of natural calamities or unexpected events, which are beyond the human control. Secondly insured person should not make any gains out of insurance. It is natural to think of insurance of physical assets such as motorcar insurance or fire insurance but often we forget that creator of all these assets

is human being whose efforts have gone a long way in building up the assets. In that sense, human life is a unique income-generating asset. Unlike the physical assets, which decrease in value with the passage of time, the individual becomes more experienced and more matured as he advances in age. This raises his earning capacity and the purpose of

life insurance is to protect the income of individual and provide financial security to his family, which is dependent on his income in the event of his premature death. The individual himself also needs financial security for the old age or on his becoming permanently disabled when his income will stop. Insurance also has an element of savings in certain

cases. Insurance is related to the protection of the economic value of the asset. Every asset has a value .The asset would have been created 26 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA through the effort of the owner, in the expectation that, either through the income generated there from or some other output, some of his needs would be met. In the case of the factor or a cow, the production is sold and income generated. In the case of a motorcar, it provides comfort and convenience in transportation. There

is no direct income. There is normally expected life time for the asset during which time it is expected to perform. the owner, aware of this , can so manage his affairs that by the end of that life time, a substitute is made available to ensure that the value, or income is not lost, however , if the asset

get lost earlier, being destroyed or made non functional, through an accident or other unfortunate event, the owner and those deriving benefits therefore suffer. Insurance is a mechanism that helps to reduce such adverse consequences. Objectives of life Insurance There are many reasons for investing in life insurance policies, such as: 1. Protection for the Family

The most important objective of life insurance is to provide financial protection for the family in case of an unexpected and premature death of its breadwinner. The purpose is to protect the dependents against the loss of earning power of the insured through death or disability. Those who have insured their lives for an adequate sum can live in peace

and comfort, free of the gnawing worry of what would happen to their families in the event of their sudden and premature death. Life insurance has long been recognized as a necessary and essential element in a family's total financial program. 27 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA 2. Regular Savings Saving is not a physical need, unlike hunger or sleep. Many of us may not save unless there is compulsion to do so. For such people, life insurance is a compulsory, regular savings scheme, especially the monthly salary savings schemes. Even if you do not subscribe to the salary savings scheme, you can

issue standing instructions to your bankers to pay the premium regularly without reference to you. The element of savings in a life insurance contract should be understood in a proper perspective. Typically, life insurance is made available on the basis of equated periodical payments. In the initial years, you tend to pay more compared to the risk factor.

Strictly, speaking, the 'savings' aspect in a life insurance policy should not be compared with other pure savings media. 3. Tax Benefits There is a tax rebate under Section 88 on life insurance premium. Many investors, especially those in higher tax brackets, used to buy life insurance mainly to take advantage of these tax benefits. Additional tax benefits

are available under Section 80DD and Section 80CCC applicable to specific schemes. Hence, attractiveness from the tax angle has come down. 4. Housing Finance One of the easier ways of acquiring a house property is through a loan under the various scheme of ICICI pru life, under which a life insurance 28 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA policy is accepted as a collateral security. The proceeds of the policy can be adjusted towards the housing loan. To enjoy this loan facility, many people even go in for additional life insurance. However, with the advent of HDFC and various other housing finance schemes, you have alternatives to choose from. Advantages of Life Insurance

Protection against risk of untimely death. Protection during old age Forced savings Educational requirements and charity Nomination and assignment Marketability and suitability for borrowing. Loans from the Insurance Company Tax benefits Protection to wife and children 2.1 IMPORTANCE OF INSURANCE A) Beneficial to an individual: 1) Insurance provides security and safety. In case of life insurance payment

is made when death occurs or the term of insurance is expired. 2.) Insurance affords peace of mind. A sense of security removes all tensions and fears. It stimulate to more and better work. By means of insurance much of the uncertainty that centers round the modern life 29 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA may be eliminated. 3) Insurance eliminates dependency. The insurance provides adequate amount to the dependents at the early death of the property owner to pay off the unpaid loan. 4.) Insurance eliminated dependency. In the event of death of the bread winner of the family or destruction of property, the family suffers a lot. The insurance assists the

family and provides adequate amount at the time of need. 5) Life Insurance encourages saving. Systematic saving is possible because regular premium are required to be compulsorily paid. Unlike bank deposits the deposited insurance premiums can not be withdrawn. Life Insurance is the best media of saving. 6) Life Insurance provides profitable investment. The elements of

investment i.e. regular saving capital formation and return of the capital are observed in life insurance. In India in insurance policies carry the exemption from the income tax and estate duty. 7.) Life Insurance fulfills the needs of a person. The need of a person may be divided into (I) Family needs, (ii) old age needs, (iii) re-adjustment

needs and(iv) special needs including needs for education, marriage settlement of children etc. (v) clean up funds for ritual ceremonies, payment of taxes etc. Insurance comes to help for meeting requirements. (b) Beneficial to Business: Insurance has been useful of the business society in more than one way. (i) It reduces uncertainty of business losses. As

a huge number of properties are employed in commerce and industry equally great risks are involved in day to day functioning. The owner of the business might 30 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA foresee contingencies that would bring great loss. By purchasing a policy he can be sured of his earnings. (ii) Business efficiency is increased with insurance. A businessman gets free from unnecessary botherations and can devote more care and energy to maximize his profits. (iii)Keyman indemnification. Persons having expertise, experience, ability to control the business are most

important for the employers. Death of such persons proves a more serious loss then that by fire. The compensation to the dependents of such employers requires adequate provision which can be met by purchasing life policies. (iv) Addition in credit. The business can obtained loan by pledging the policy as collateral security for the loan. As the assets are insured

therefore, in the event of loss the compensation can be paid. (v)Business Continuation. The partnership business may be discontinued at the death of a partner. The insurance policy provide adequate funds at the time of death therefore, the legal representative can be paid easily. (vi)Employee Welfare. Provision for welfare for employees can be made by the life insurance in case

of accident or sickness benefit and pensions. (c) Beneficial to Society: (i) Wealth of society is protected. Insurance provides loss of human wealth. Loss of damage of property can also be indemnified by the insurance company. 31 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA (ii) Economic growth of the company. As insurance provides protection against loss of property thus, if any such damage arise the assets can be replaced without loss of production thus, Economic development of the country is not effected. (iii) Accelerate the production growth. Adequate capital from Insurance company can accelerate production circle in the country. Economic growth of

the country is not only assured but the process of growth is accelerated which is more essential in a country like India where the population is increasing very fast. (iv) Reduction in inflation. The insurance company in the form of premium get lot of money supply from the public which insurance corporation put into production thus the money which would

have come into circulation might have gone for productive purposes. 2.2 TYPES OF PLANS OR POLICIES On the basis of insurance objective, basic plans offered by insurers can be classified under three broad categories: Pure insurance products (term plan), pure investment products (pension plan) and investment-cum-insurance products (endowment, money-back, whole-life and unit-linked insurance plans). Increasingly, insurers are launching hybrid variants

of these plain-vanilla plans. 1. Term plan Term plans are the purest from of insurance. These are no-frills policies that cover only the risk of your dying. In the event of 32 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA death during the policy term, your nominees receive the cover amount in insurance parlance, the 'sum assured'; you get no benefits if you survive the policy term. Since the entire premium paid by you ---the cost of buying insurance cover---on term policies goes towards covering the risk of your life, insurers offer you this cover at the least cost.

2. Endowment plans While term plans covers just the risk of death, endowment plans also offer some return on the premium is paid by you. So, if you die during the policy term, your nominee gets the sum assured plus some returns; if you survive the policy term, you still get back the sum assured and returns. As

much as this "money if you die, money if you live philosophy is an enticing proposition, it comes at a price; high premiums, which drag down the returns from endowment plans, to barely 4-6 per cent a year. In an endowment plan, you pay premiums for a pre-defined tenure and sum assured. The premium will depend upon your age, the

sum assured, the plans tenure and the nature of returns. A portion of the premium paid by you is invested by the insures on your behalf. Another portion goes towards your cover and a third towards meeting the insurer's administrative expenses, which lowers the effective yield on your investment in endowment plans. 3. Money back plans Money back plans are

variant of endowment plans, with one basic difference: unlike endowment plans, where the survival benefits are distributed at the end of the policy term, the pay back in money -back 33 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA plans is staggered through the policy term. Typically, a part of the sum assured is returned to you at periodic intervals through the policy tenure. 4. Whole-life plan The three categories of insurance plans mentioned above provide you life cover for a defined period, up to a certain age (generally, 70 years), Whole-life plan, on other

hand, provide you cover through your lifetime---the only class of insurance policies to do so. Typically, whole-life plan are structured such that the policyholder has the option to pay premium up to a certain age (referred to as the 'maturity age' which is generally 80-100 years) or for a specified period. On reaching maturity age, the insurer gives you the

option to either continue with the cover through the lifetime (for which no further premiums will have to be paid) or encash the maturity benefits (sum assured plus bonuses). Some insurers do give the option to encash the bonus during the term per it self, which can serve as a useful income stream during your later years, if you so

desire. 5. Unit-linked insurance plans In insurance-cum investment plans of the kind listed above, you have little say in where your money is invested. Your insurer too is governed by certain investment restrictions: it can invest just 10 per cent of the premium paid by you in equities; the greater chunk of 90 percent has to be invested in debt

paper. While such restrictions are intended to insure safety of your investment, they also lead to rigidity in investment are rein in your returns to low single digits. Unit-linked insurance plans get around such restrictions, by giving you greater control over where your 34 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA premium is invested. Think of them as insurance plans that double as mutual funds. The annual premium you pay on unit-linked plans is linked to the sum assured and the policy tenure. You can switch from one plan to another free of cost once a year (a nominal amount is charged for additional switches). So, if you think

stocks are going cheap, you can move to the growth plan; or, if you think stocks are overvalued, you can move your money to the income plan. You can switch from one plan to another free of cost once a year (a nominal amount is charged for additional switches). So, if you think stocks are going cheap, you can move

to the growth plan; or, if you think stocks are overvalued, you can move your money to the income plan. 6. Pension plan Pension plan differ from the five types of the insurance plan mentioned above in the fundamental way; not all of them of life over. So, why we are talking about them here? Because pension plan

feature among the bevy of products offered by insurers and are pitched as retirement planning a schemes, similar to other investment-based insurance plans. Pension plans are investment options that let you set up an income stream in your post-retirement years by routing your savings through an insurer, who invests it on your behalf for a free. The precise returns you

will get depend upon several factors: your age begin when you investing, the contribution you make, your investment preferences based on your risk profile, the age at which you want the money to start coming back to you, and the number of years for which you want the returns. 35 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA 2.3 FUNCTIONS OF INSURANCE a) Primary Functions (I) Certainty of Compensation of Loss: Insurance provides certainty of payment at the uncertainty of loss. The element of uncertainty is reduced by better planning and administration. The insurer charges premium for providing certainty. Life is always full of risks. Life without risks and uncertainties is unthinkable. Man has always encountered

risks of various types since the inception of civilization. Minor risks can be ignored but the major risks cannot be ignored and their avoidance is desirable. One of the ways or techniques of meeting the risks loss prevention and insurance. Insurance removes all uncertainties and the assured is given certainty of payment of loss. The insurer charges premium for providing

the said certainty. (ii) Insurance provides protection: The risk will occur or not, when will occur, how much loss will be there? There are uncertainties of happenings of time and amount of loss. The main function of the insurance is to provide protection against the probable chances of loss. The insurance cannot check the happening of risk. The insurer gives

certainty of payment of loss to the assured by charging premium. 36 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA (iii)Risk sharing: Risk is uncertain and therefore, the arising from the risk is also uncertain. All business concerns face the problem of risk and if the concern is big enough the handling of risk become a specialized function. Risk and insurance are interwoven with each other. Insurance, as a device is the outcome of the existence of various

risks in our day to day life. It does not eliminate risks but it reduce the financial loss caused by risks. Insurance speeds the whole loss over the large number of persons who are exposed by a particular risk. (b) Secondary Function (I) Prevention of loss: Prevention is always better than cure. Prevention of loss is by far

the best solution to the problem of risk. It is the most effective and cheapest method to avoid the unfortunate consequences. By having the fire resistant construction, observing safety instructions, installation of automatic sparker system etc. fore can be prevented. Similarly better roads, better lights and better traffic regulations automobile accidents can be prolonged. But some times prevention of protection

is not always possible and effective. When prevention fails other methods must be adopted. The insurance joins hands with those institutions which are actively engaged in preventing the losses of the society. Reduction in loss causes lesser payment to the assured and so more saving is possible which will assist in reducing the premium. Lesser premium invites more business and

more business in its turn results in lesser share to the assured. Reduced premiums stimulate more business and more and better protection to the insured (ii) It provides capital: It provides capital to the society. For planned development of a country there is great need for huge amount of 37 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA The accumulated funds are invested in providing proper infrastructure and in investing in productive channel. Now a day, the insurance companies are rendering positive help in the development of trade, commerce and industries of a country through different scheme of investment. A country's natural resources can be exploited with long term and huge amount of investment by the

insurance companies. (iii) Adequate Financial cover: The need of insurance is largely felt to give a cover to the rural areas and to the socially and economically backward classes with a view to reach all insurable person in the country and provide them adequate financial cover against death at a reasonable cost. (iv) Mobilization of Savings: In insurance

the savings of masses is collected by insurance corporations. (v)Investment: When funds are invested the interest of the community is kept in mind. 2.4 CONTRACT OF INSURANCE 1. Life Insurance can be defined as a contract, where for stipulated considerations called the premium the insurer agrees to pay the insured or a beneficiary, a defined amount upon the occurrence of

death or some other specified event. 2. A contract of insurance is a contract of utmost good faith, technically known as 'Ubermiea fides'. The doctrine of disclosing all material facts is 38 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA embodied in this important principle, which applies to all forms of insurance. 3. The Proposer, who is one of the parties of the contract, is presumed to have means of knowledge, which are not accessible to the Company, who is the other party to contract. Therefore, the Proposer is bound to tell the insurer everything, which

might affect the judgments of the insurer, no matter how unimportant it may seem to him. In all the contracts of insurance, the Proposer is bound to make full disclosure of all material facts and not merely those, which he thinks material. 4. Misrepresentation, non-disclosure or fraud in any document leading to the acceptance of the risk automatically discharges the

Company from all liability under the contract the client loses out. Insurable Interest An Insurable interest is one of the most basic of all requirements in insurance & it must be met for an insurance contract to be valid. The Principle of Indemnity cannot be applied & does not apply to a Life Insurance contract because of the difficulty of

putting a monetary value on the human life. However, here also Insurable Interest must be present to distinguish the contract from a mere gamble. The Insurable Interest must: Be definite Be capable of valuation Be legally valid & subsisting 39 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA Involve a loss of a legal right 2.5 INSURANCE SECTOR REFORMS In 1993, Malhotra Committee-headed by former Finance Secretary and RBI Governor R.N. Malhotra-was formed to evaluate the Indian insurance industry and recommend its future direction. The Malhotra committee was set up with the objective of complementing the reforms initiated in the financial sector. The reforms

were aimed at creating a more efficient and competitive financial system suitable for the requirements of the economy keeping in mind the structural changes currently underway and recognizing that insurance is an important part of the overall financial system where it was necessary to address the need for similar reforms. In 1994, the committee submitted the report and some of

the key recommendations included: I) STRUCTURE Government stake in the insurance Companies to be brought down to 50%. Government should take over the holdings of GIC and its subsidiaries so that these subsidiaries can act as independent corporations. All the insurance companies should be given greater

freedom to operate. II) COMPETITION 40 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA > Private Companies with a minimum paid up capital of Rs.1bn should be allowed to enter the sector. No Company should deal in both Life and General Insurance through a single entity. Foreign companies may be allowed to enter the industry in collaboration with the domestic companies. Postal Life Insurance should be allowed to operate in

the rural market. Only one State Level Life Insurance Company should be allowed to operate in each state. III) REGULATORY BODY The Insurance Act should be changed. An Insurance Regulatory body should be set up. Controller of Insurance-a part of the Finance Ministryshould be made independent IV) INVESTMENTS Mandatory Investments of LIC Life

Fund in government securities to be reduced from 75% to 50%. GIC and its subsidiaries are not to hold more than 5% in any company (there current holdings to be brought down to this level over a period of time) 41 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA V) CUSTOMER SERVICE LIC should pay interest on delays in payments beyond 30 days. Insurance companies must be encouraged to set up unit linked pension plans. > Computerization of operations and updating of technology to be carried out in the insurance industry. The committee emphasized that

in order to improve the customer services and increase the coverage of insurance policies, industry should be opened up to competition. But at the same time, the committee felt the need to exercise caution as any failure on the part of new players could ruin the public confidence in the industry. Hence, it was decided to allow competition in a

limited way by stipulating the minimum capital requirement of Rs.100 crores. The committee felt the need to provide greater autonomy to insurance companies in order to improve their performance and enable them to act as independent companies with economic motives. For this purpose, it had proposed setting up an independent regulatory body 2.6 INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY.

Reforms in the Insurance sector were initiated with the passage of the IRDA Bill in Parliament in December 1999. The IRDA since its incorporation as a statutory body in April 2000 has fastidiously stuck to its schedule of framing regulations and registering the private sector 42 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA insurance companies. Since being set up as an independent statutory body the IRDA has put in a framework of globally compatible regulations. The other decision taken simultaneously to provide the supporting systems to the insurance sector and in particular the life insurance companies was the launch of the IRDA online service for issue and renewal of licenses to

agents. The approval of institutions for imparting training to agents has also ensured that the insurance companies would have a trained workforce of insurance agents in place to sell their products which are expected to be introduced by early next year. Since being set up as an independent statutory body the IRDA has put in a framework of

globally compatible regulations. In the private sector 151ife insurance and 15 non-life insurance companies have been registered. 2.7 ENTRY OF PRIVATE PLAYERS The introduction of private players in the industry has added to the colors in the dull industry. The initiatives taken by the private players are very competitive and have given immense competition to the on time

monopoly of the market LlC. Since the advent of the private players in the market the industry has seen new and innovative steps taken by the players in this sector. The new players have improved the service quality of the insurance. The following companies are present in the Life Insurance Industry in India. Bajaj Allianz Life Insurance Company

Limited. Birla Sun Life Insurance Co. Ltd HDFC Standard Life Insurance Co. Ltd 43 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA ICICI Prudential Life Insurance Life Insurance Co. Ltd ING Vysya Life Insurance Company Pvt. Ltd. Life Insurance Corporation. of India Max New York Life Insurance Co. Ltd Met Life India Insurance Company Pvt. Ltd. Kotak Mahindra Old Mutual Life Insurance Limited SBI Life Insurance Co. Ltd Tata AIG Life Insurance Company Limited Reliance Life Insurance Company Limited. Aviva

Life Insurance Co. India Pvt. Ltd. Sahara India Life Insurance Co, Ltd. Shriram Life Insurance Co, Ltd. Bharti AXA Life Insurance Company Ltd. 44 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA 3. COMPANY PROFILE ICICI Prudential Life Insurance Life Insurance Company is a joint venture between ICICI Bank, a premier financial powerhouse, and Prudential plc, a leading international financial services group headquartered in the United Kingdom. ICICI Prudential Life Insurance was amongst the first private sector insurance companies to begin operations in December 2000 after receiving approval from Insurance

Regulatory Development Authority (IRDA). ICICI Prudential Life Insurance''s equity base stands at Rs. 675 crore with ICICI Bank and Prudential plc holding 55% and 45% stake respectively. In the quarter ended June 30, 2004, the company issued over 100,000 policies, for a total sum assured of over Rs 3,753 crore and had a new business premium income of

Rs. 242 crore. Today the company is the #1 private life insurers in the country. 3.1 GROWTH PATTERN ICICI Prudential Life Insurance has one of the largest distribution networks amongst private life insurers in India, having commenced operations in 62 cities and towns in India. These are: Agra, 45 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA Ajmer, Allahabad, Amritsar, Aurangabad, Bangalore, Bareilly, Bhatinda, Bhopal, Bhubhaneshwar, Chandigarh, Chennai, Coimbatore, Dehradun, Goa, Guntur, Gurgaon, Gwalior, Hyderabad, Hubli, Indore, Jaipur, Jalandhar, Jamnagar, Jamshedpur, Jodhpur, Kanpur, Karnal, Kochi, Kolkata, Kolhapur, Kota, Kottayam, Kozhikode, Lucknow, Ludhiana, Madurai, Mangalore, Meerut, Mumbai, Nagpur, Nasik, Noida, New Delhi, Patiala, Pune, Raipur, Rajkot, Ranchi, Rourkela, Siliguri, Surat, Thane, Thrissur, Trichy, Trivandrum, Udaipur, Vadodara,

Vashi, Vijayawada and Vizag. The company has ten bancassurance tie-ups, having agreements with ICICI Bank, Federal Bank, South Indian Bank, Bank of India, Lord Krishna Bank, as well as some co-operative banks and corporate agents. It has also tied up with organizations like Dhan for distribution of Salaam Zindagi, a policy for the socially and economically underprivileged sections

of society. ICICI Prudential Life Insurance has recruited and trained over 36,000 insurance agents to interface with and advice customers. Further, it leverages its state-of-the-art IT infrastructure to provide superior quality of service to customers. ICICI Pru in the News ICICI Pru has 40% of private life insurance market The Economic Times: March 1,

2004 46 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA Prudential seeks to replicate ICICI Pru success The Economic Times: March 13, 2004 Best Life Insurer Award Outlook Money: March 15, 2004 ICICI Prudential Life Insurance Life hikes capital to Rs 675 cr The Economic Times: March 17, 2004 ICICI Pru tops premium income chart Business Standard: April 15, 2004

3.2 ORGANIZATIONAL STRUCTURE Board of Directors The ICICI Prudential Life Insurance Life Insurance Company Limited Board comprises reputed people from the finance industry both from India and abroad. Mr. Ajay Srinivasan Ms. Shikha Sharma Mr. N. S kannan. Mr. K. S. Mehta 47 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA Mr. Dadi Engineer Mr. Pradip P. Shah Dr. (Mrs.) Swati A. Piramal Mr. Pankaj Razdan Management Team Ms. Shikha Sharma, Managing Director Mr. Sandeep Batra, Chief Financial Officer & Company Secretary Mr. Shubhro J. Mitra, Chief -Human Resources Mr. Puneet Nanda, Head -Investments Ms. Anita Pai, Chief -Customer Service and

Operations Mr. V. Rajagopalan, Appointed Actuary Mr. Shridhar Sethuram, Chief -Strategy 3.3 STRUCTURE AND GROWTH OF INVESTMENT ICICI and Prudential came together in 1993 to form Prudential ICICI Asset Management Company, which has today emerged as one of the leading mutual funds in India. The two companies bring together two of the strongest financial service brands in Asia,

known for their professionalism, excellent quality of service and long term commitment to YOU. Riding on the success of this relationship, the two companies joined hands once more in 2000, to form ICICI Prudential Life Insurance Life Insurance, with a commitment to provide leading-edge life insurance solutions. 48 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA ICICI Bank has 45% stake in the company, and Prudential plc has 55%. ICICI Bank ICICI Bank (NYSE:IBN) is India''s second largest bank with an asset base of Rs. 106812 crore. ICICI Bank provides a broad spectrum of financial services to individuals and companies. This includes mortgages, car and personal loans, credit and debit

cards, corporate and agricultural finance. The Bank services a growing customer base of more than 7 million customer accounts and 5 million bondholders accounts through a multi-channel access network. This includes about 450 branches and extension counters, 1675 ATMs, call centre and Internet banking (www.icicibank.com). ICICI Bank posted a net profit of Rs.1, 206 crore for the year ended March

31, 2003. ICICI Bank is the only Indian company to be rated above the country rating by the international rating agency Moody''s and the only Indian company to be awarded an investment grade international credit rating. The Bank enjoys the highest AAA (or equivalent) rating from all leading Indian rating agencies. Prudential plc Established in 1848,

Prudential plc is a leading international financial services company in the UK, with around US$250 billion funds under 49 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA management and more than 16 million customers worldwide. Prudential has brought to market an integrated range of financial services products that now includes life assurance, pensions, mutual funds, banking, investment management and general insurance. In Asia, Prudential is UK''s largest life insurance company with a vast network of 22 life and mutual fund operations in twelve countries -China,

Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand and Vietnam. Since 1923, Prudential has championed customer-centric products and services, supported by over 60,000 staff and agents across the region. Underwriting Underwriting at ICICI Prudential Life Insurance is designed to ensure that the best lives are taken in the risk pool and at the same

time assist sales in getting more policies. Underwriting at ICICI Prudential Life Insurance is divided into the following categories: 1. Non-Medical underwriting or jet underwriting 2. Standard Medical underwriting 3. Medical underwriting 4. Female underwriting Non-Medical Underwriting or Jet Underwriting Definition: 1. Educated life earning regular income through employment 50 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA 2. Professionally qualified life earning regular income through practice 3. Businessmen with gross income of Rs. 2 lakh as proved by ITR for the last financial year Maximum age at entry: 45 years Maximum Premium Ceasing age: 65 years Minimum service: Employed with the government defense, PSU s, Public or Private Ltd. Co. s only. Employees of partnership firms and

proprietorship firms will not qualify. Qualifying Documents: ForEmployed: 1. Salary certificate / slip (authentication by employer not necessary) 2. Appointment letter given by employer 3. Tax returns for last one year (last financial year) 4. Form 16 For Professionals:

1. Copy of degree certificate signed by the life assured 2. self declaration by

professional on his printed letter head mentioning the year and place of obtaining the professional degree and years of practice 3. Tax returns for last 1 year (last financial year end) 51 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

For Businessmen:

SAABMARFINMBA 1. Tax returns for last 1 year (last financial year end) showing income above 2 lakhs Plans allowed: All plans other than Lifeguard series Riders Allowed: All Maximum limit for eligible plan SA+ Rider SA (duly rated up but not including non-medical plans) 18 to 35 years: Rs. 10 lakhs death

risk 36 to 45 years: Rs. 5 lakhs death risk Standard Medical Underwriting Cases that do not fall under jet i.e., non medical such cases go through medical. The simplest medical examination is called as SME-Standard medical examination and a majority or policies sold fall under this category. Medical underwriting For cases that have high

sum assure and high ages or the underwriter feels that their needs to be more security before issuance-certain medical tests are conducted Femaleunderwriting Female underwriting is divided into three groups. Special underwriting norms are required for female lives because of health profile, pregnancy related issues and the varied socio-economic profile 52 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA 3.4 APPLICATION FORM & LOG-IN PROCESS There are lot of processes & activities that take place while the proposal pack is converted into the policy. The process that takes place is called the sales process. At the very outset, it may be said that there are three basic stages, which are as follows:

The Advisor

customer Interface: This is the stage where after the Advisor has offered a solution using our company s products, he has the application form filled up by the client. Along with this, the other documents that comprise the proposal pack are also collected. The Advisor Branch Interface: In this second stage, the Advisor submit the proposal to the branch

office of the company, where after checking for the completeness of the proposal pack, the acknowledgement slip is handed over to the advisor, along with the medical slips. Business process: Here we are referring to the actual processing of the applications. This would happens once more as one of the three processes

1. Process for

Jet Cases 2. Process for Standard Medical cases 3. Process for Medical cases Advisor confidential Report: 53 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA Here are the guidelines to be followed while filling up the Advisor Confidential Report

a. Do fill up the information on the identity of life Assured b. Mention the purpose of insurance for client c. Provide details as available on the occupation of life assured d. Do mention his relation with the life assured or

proposer e. Mention about income & assets details f. Details about other insurance policies would be disclosed g. The general risk factors would help us to know if there are some hobbies or financial or social position or personal habits that would impact the risk profile of the life to be assured. Proposal Pack: Here are the documents

that comprises a proposal pack Completed application form. Proof of age Computer generated Quotation Slip, which is included in proposal pack Benefit illustration of the products First Premium Deposit cheque, / Demand draft / bank pay order. Ensure that the application no. is written behind the cheque, DD Income Proof Advisor s confidential Report Client Confidential Report 54

ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA Application form: The client should countersign all cuttings, overwriting All the fields in the application form should be filled Ensure that the application form is filled with same colour ink Age proof (standard) Date of birth / name match with that on form If the life assured is

married woman, a marriage certificate or maiden name declaration should be disclosed The information provided in the age proof should be legible. Age proof (Non-standard) Date of birth / name does not match with that on form Document provided is not legible Document provided is not valid The death risk

exceeds Rs. 3 lakh The cover ceasing age for the person is more than 60 years. Quotation slip 1. Details on the computerized quotation slip does not match with those mentioned on the Application form 2. For Non Standard Age proof, extra premium charged not included in the Quotation slip Payments details

1. The first premium amount is lesser than Rs. 800 55 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA 2. For monthly mode of premium payment, the cheque is enclosed for one month 3. Unacceptable if third party issued cheque 4. For monthly mode of payment, the ECS form is not attached Other Documents 1. Jet documents not attested by life assured 2. In case of student life, copy of recent ID card/ mark sheet

not enclosed. 3. Income proof not enclosed as per requirements. Certain Pointers The advisor must not accept cash payments from the client. Cash will be accepted only by sales officer at the branch. See that the form has been filled in the capitals and in legible handwriting & dark ink The application number should be written behind the

cheque Take the appointment with the doctor as per the doctor list on the behalf of the client and inform as to what medical test he/ she will need to undergo Give to the client both the copies of Medical examination slip. The advisor code should be mentioned on the Application form. 3.5 PERFORMANCE & PRODUCTS

OF ICICI PRUDENTIAL LIFE INSURANCE Insurance Solutions for Individuals 56 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA ICICI Prudential Life Insurance Life Insurance offers a range of innovative, customer-centric products that meet the needs of customers at every life stage. Its 19 products can be enhanced with up to 6 riders, to create a customized solution for each policyholder. Savings Solutions SecurePlus is a transparent and feature-packed savings plan that offers

3 levels of protection. CashPlus is a transparent, feature-packed savings plan that offers 3 levels of protection as well as liquidity options. Save''n''Protect is a traditional endowment savings plan that offers life protection along with adequate returns. CashBak is an anticipated endowment policy ideal for meeting milestone expenses like a child''s marriage, expenses for a child''s higher education or purchase

of an asset. Protection Solutions LifeGuard is a protection plan, which offers life cover at very low cost. It is available in 3 options -level term assurance, level term assurance with return of premium and single premium. Child Plans SmartKid education plans provide guaranteed educational benefits to a child along with life

insurance cover for the parent who purchases the policy. The policy is designed to provide money at 57 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA important milestones in the child''s life. SmartKid plans are also available in unit-linked form -both single premium and regular premium. Market-linked Solutions LifeLink II is a single premium Market Linked Insurance Plan which combines life insurance cover with the opportunity to stay invested in the stock market. LifeTime II offers customers the flexibility and

control to customize the policy to meet the changing needs at different life stages. It offers 4 fund options -Preserver, Protector, Balancer and Maximiser. Premier Life is a limited premium paying plan that offers customers life insurance cover till the age of 75. Retirement Solutions ForeverLife is a retirement product targeted at individuals in their thirties.

SecurePlus Pension is a flexible pension plan that allows one to select between 3 levels of cover. Market-linked retirement products LifeTime PensionII is a regular premium market-linked pension plan 58 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA LifeLink Pension II is a single premium market-linked pension plan. ICICI Prudential Life Insurance also launched ''Salaam Zindagi'', a social sector group insurance policy targeted at the economically underprivileged sections of the society. Group Insurance Solutions ICICI Prudential Life Insurance also offers Group Insurance Solutions for companies seeking to enhance benefits to

their employees. ICICI Pru Group Gratuity Plan: ICICI Pru''s group gratuity plan helps employers fund their statutory gratuity obligation in a scientific manner. The plan can also be customized to structure schemes that can provide benefits beyond the statutory obligations. ICICI Pru Group Superannuation Plan: ICICI Pru offers a flexible defined contribution superannuation scheme to provide a retirement

kitty for each member of the group. Employees have the option of choosing from various annuity options or opting for a partial commutation of the annuity at the time of retirement. ICICI Pru Group Term Plan: ICICI Pru''s flexible group term solution helps provide affordable cover to members of a group. The cover could be uniform or based on designation/rank

or a multiple of salary. The benefit under the policy is paid to the beneficiary nominated by the member on his/her death. 59 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA TERMINOLOGIES 1. DB: Death benefit: Benefit paid in a life insurance policy or an annuity plan with live cover in the event of the life assured passing away during the term 2. LA: Life assured: Person who is insured under the plan. 3. SA: Sum Assured: Amount of money for which the insurance is taken. 4.

VB: Vested Bonus: Bonuses that have accrued over the term of the plan in with profits plans. 5. PP: Purchase Price: The accumulation of the money in a deferred annuity plan. 6. GA: Guaranteed Additions: Guaranteed return that the insurer adds to the sum assured. 7. Prospect: Individual that has the potential to purchase a life insurance policy i.e. age,

health and money. 8. Prosper: The person who buys the policy-prosper and life assured can be the same person or different-but should fulfill the principle of insurable interest. 9. Annuitant: The policyholder who has pension / annuity plan. 10. Nominee: The custodian to the claim-may or may not be the rightful owner to the claim money. 11. Claimant: The person

who makes the claim. 12. Beneficiary: The rightful successor to the claim. 60 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA 3.6 DIFFERENT PRODUCTS SAVE N PROTECT Save n protect is a with profits endowment plan with FREE extended life cover. The prospect has to choose the term & a sum assured for this plan. The plan provides plan cover during the term of the plan. After the term is over, on maturity the policyholder is paid

the sum assured (SA) along with the bonuses that have accrued on the policy. After maturity the policyholder is provided with free cover for 50% of the basic sum assured that have been taken for next 5 years. Thus this plan is of a great advantage when it comes to providing protection. The unique benefits provided is known

as Extended Life Cover (ELC) GENERAL FEATURES Surrender: The plan can be surrendered after three policy years has been completed. Loans: Are available on the policy and can be taken after the policy acquires the surrender value. Rate of interest changed will depend upon the interest rate as of that time. Paid-up:

The policy can acquire a paid up value after a period of three years. 61 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA Tax benefits: The plan carries the Sec 88 on the premium paid and Sec 10(10) d benefit on death and maturity claim. The tax benefits are subjects to tax laws and are not an integral features of Save n Protect. SAVE N PROTECT AT A GLANCE Minimum sum assured Rs 50,000 Maximum sum assured Rs 1,00,00,000 Minimum

Premium Yearly-Rs 6,000 Half yearly-Rs 3,000 Monthly-Rs 500 Minimum age at entry 0 Years Maximum age at entry 60 Years Minimum maturity age 18 Years Maximum maturity age 70 Years Minimum term 10 Years Maximum term 30 Years Sum assured in multiples of Rs 1,000/Premium payment frequencies Yearly, half Yearly, & monthly. 62 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA Premium payment period Entire term of the plan Benefit coverage period Entire term of the policy+ 5 Years after maturity(50%of sum assured under ELC ) Death benefit --------Age< 7years Premiums paid will be refunded. Age>7years ---------ELC period 50% of sum assured in case the policy holder dies during the 5 Years Extended Term. Maturity benefits S.A +G.A @

3.5% compounded annually (for the first 4 Years)+V.B(if any & after 4 Years). Surrender/Paid up After 3 full years premiums have been paid. Loans Allowed after the surrender value period. CASH BAK CashBak is with profits anticipated endowment plan. This plan provides liquidity at the regular intervals of time and also help in saving

money. 63 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA Generalfeatures Surrender: The plan can be surrendered after three policy years have been completed. Loans: The Company in CashBak provides no loans as regular payouts are available to policyholders Paid-up: The policy can acquire a paid-up value after a period of three years. Tax benefits: The plan carries the sec 88 on the premium paid and

sec10 (10) d benefit on death and maturity claim. The tax benefits are subject to tax laws and are not an integral feature of CashBak. Target market 1. Young people of the age group 20-30 years who have just started a career and family. 64 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAAB MMinimum sum assured ARFIN MBA Rs 75,000 Maximum sum assured Rs 1,00,00,000 Minimum Premium Yearly-Rs 6,000 Half yearly-Rs 3,000 Monthly-Rs 500 Minimum age at entry 16 Years Maximum age at entry 55 Years Minimum maturity age Not Applicable Maximum maturity age 70 Years Minimum term 15 Years Maximum term 20 Years Sum assured in multiples of Rs 1,000/Premium

payment frequencies Yearly, half Yearly, & monthly. Premium payment period Entire term of the plan Benefit coverage period Death benefit during the term of the policy Entire term of the policy. S.A+G.A@3.5%+Vested bonus (if any) Maturity benefits 50% of Sum assured @ 3.5%G.A compo annually (for the first 4 Years)+V.B (if a after 4 Years). Surrender/Paid up After 3 full

years premiums have been Loans No Loans A COMPARATIVE STUDPOLICES OF ICI2. Income group of minimum Rs 10Riders Allowed Y OF HR PRACTICES AND CI COMPANY LTD 65 ,000 per month. Critical Illness Benefit Rider (CIBR) Major Surgical Assistance Rider (MSAR) Accident & Disability Benefit Rider (ADB Accident Benefit Rider)

SAABMARFINMBASAABMARFINMBA 3. Middle-aged professionals, service holders and businessmen. CASHBAK AT A GLANCE LIFE GUARD Life Guard is the term insurance solutions from ICICI Prudential Life Insurance. These plans provide with optimum financial protection in case death. These plans are extremely reasonable and are so cost effective that you just can t afford not to have one.

In this group of term insurance solutions there are three variants: 1. LifeGuard Return of Premium (ROP) 2. LifeGuard Without Return of Premium (WROP) 3. LifeGuard Singe Premium (SP) Life Guard ROP In this variant the premiums that are paid by the policyholder are returned at the end of the term i.e., on maturity

to the policyholder. Thus this plan serves to provide life protection and at the end of term the money paid which accumulates to be a substantial amount is received on maturity. Moreover, this plan provides with the facility of FREE Extended Life Cover after maturity which adds to the protection that LifeGuard ROP so excellently provides. 66

ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA Generalfeatures Surrender: The plan can be surrendered after three policy years have been completed. Loans: No loans are available Paid-up: The policy can acquire a paid up value after a period of three years. Tax benefits: The plan carries the sec 88 on the premium paid and sec10 (10) d benefit on death and maturity claim.

The tax benefits are subject to tax laws and are not an integral feature of LifeGuard ROP 67 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA A Minimum sum assured Rs 1,00,000 Maximum sum assured Rs 1,00,00,000 Minimum Premium Yearly-Rs 6,000 Half yearly-Rs 3,000 Monthly-Rs 500 Minimum age at entry 18 Years Maximum age at entry 50 Years Maximum maturity age 65Years Minimum term 5 Years Maximum term 25 Years Sum assured in multiples of Rs 1,000/Premium payment frequencies Yearly, half Yearly,

& monthly. Premium payment period Entire term of the plan Benefit coverage period Term of The policy Death benefit The entire Sum assured Maturity Benefit Sum of Premiums paid & FREE ELC for 50% OF the SA For next 5 Years. COMPARATIVE STPOLICES OF Riders Allowed UDY OF HR PRACTICEICICI COMPANY LTD Accident & Disability Benefit Rider (ADBR) Accident Benefit

Rider (ABR) Waiver of Premium rider(WOPR) S AND Surrender/Paid up After 3 full years premiums have been paid. Loans No Loans LIFEGU ARD-R OP AT A GLANC E LIFEGU ARD-W ROP This is the most cost effective policy to have life insurance . This plan Provides Life protectio

SAABMARFINMBASAABMARFINMBA n in the most effective way & it is as inexpensive as your daily newspaper. For a healthy 30-Years old Male, SA of Rs 1 lakh & premium paid Yearly, the premium on LifeGuard WROP would be Rs 0.88 per Day for a period of 5 years. Features of LifeGuardWROP Features of WROP are

in many ways similar-however the features that differentiate it from LifeGuard ROP are mentioned here for your understanding: Death Benefit The beneficiary/nominee gets 100% of the sum assured in case of the death of the policyholder. There is no ELC in LifeGuard WROP Maturity Benefit NO maturity Benefit Target Market:

1. Key man Insurance 2. Businessmen & Individuals that have liabilities. 3. People who are looking for pure protection. 69 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA LIFEGUARD-WROP AT A GLANCE Minimum sum assured Rs 1,00,000 Maximum sum assured Rs 1,00,00,000 Minimum age at entry 18 Years Maximum age at entry 50 Years Maximum maturity age 65 Years Minimum term 5Years Maximum term 25 Years Sum assured in multiples of Rs 1,000/Premium payment frequencies Yearly, half Yearly, & monthly. Premium payment period Entire

term of the plan Benefit coverage period Entire term of the policy Death benefit The entire sum assured Maturity benefits No Benefit Surrender/Paid up After 3 full years premiums have been paid. Loans No Loans 70 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA Riders Allowed Accident & Disability Benefit Rider (ADBR) Accident Benefit Rider (ABR) Waiver of Premium Rider (WOPR) LIFEGUARD-SP LifeGuard Single Premium is another term product that offers pure protection at lowest possible cost. This plan absolves the policyholder from the commitment of paying regular premiums & ensures that the protection continues without

any hindrance. The concept of this variant is as same as the rest. The product at a glance will help you in understanding the plan. Target Market 1. People who do not prefer long term commitments 2. People going for liabilities like housing loan or any sort of liability. 3. Young professionals that have an earning

but are not too sure about it in the future. 4. Students who are going to study abroad 5. People who are going on short term or middle term assignments abroad. 71 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA LIFEGUARD-SP AT A GLANCE Minimum sum assured Rs 2,00,000 Maximum sum assured Rs 10,00,000 Minimum age at entry 18 Years Maximum age at entry 50 Years Maximum maturity age 65 Years Minimum term 5Years Maximum term 15 Years Sum assured in multiples of Rs 1,000/Premium payment frequencies Single Premium Benefit coverage period Term of the policy

Death benefit The entire sum assured Maturity benefits No Benefit Surrender/Paid up NO SURRENDER VALUE Loans NO LOANS Riders Allowed NO RIDERS 72 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA SMART KID Smart Kid is with profits anticipated endowment plan that helps parents in creating an asset through which they can plan for their children s future. This plan insures the life of the parent and makes the child the beneficiary-therefore ensuring that the future if the child is secure-because when you are a parent

you cant leave anything to change-can you? General Features Surrender: The plan can be surrendered after three policy years have been completed. Loans: The Company in Smart Kid provides no loans as regular payouts are available to policyholders Paid-up: The policy can acquire a paid-up value after a period of three years.

Tax benefits: The plan carries the sec 88 on the premium paid and sec10 (10)d benefit on death and maturity claim. The tax benefits are subject to tax laws and are not an integral feature of Smart Kid 73 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA Target Market: 1. Young couples with new born baby or children below 12 Years of age. 2. Income group of minimum Rs 10,000 per month. 3. Ideal age group: 30-45 years. 4. Professionals, service holders & businessmen. 74 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA SMART KID AT A GLANC E FOREV ERLIFE Forever Life is with life cover. The world in which we live Minimum sum assured Rs 1,00,000 Maximum sum assured Rs 30,00,000 Age at entry for parent 20 Years to

60 Years Age at entry (child) 0-12 Years Maturity age 22 Years-25 Years Minimum term 10Years Maximum term 25 Years Premium payment frequencies Regular premium plan with Yearly, half-yearly, monthly mode of payments Death benefit Sum Assured paid immediately + Wop + Periodic benefits continue as it is Maturity benefits Two payout structures are there Surrender/Paid up After 3 years

of premiums paid Loans NO LOANS Riders Allowed ADBR & Income benefit rider today-the life expectancy is increasing however the earning period is 75 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA constantly reducing. This means that we will live longer but earn for a shorter period therefore we need to make our money work for us. And the earlier we put the money that we earn towards our retirement fund-the better will be our retirement fund and thus a better retired life. Forever Life is a retirement solution that

assists in meeting with that need in a disciplined planner. General Features Surrender: The plan can be surrendered after three policy years have been completed. Loans: The Company in Forever Life provides no loans. Paid-up: The policy can acquire a paid-up value after a period of three years. Tax benefits:

The plan carries the sec 88 ccc on the premium paid. Death claims are exempted from tax under sec10 (10)d. Annuity received is taxable at par with income Target Market 1. Young People in the age group of 25-30 2. Monthly income Rs 10,000 & above 76 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA 3. Salaried individuals in private sector 4. Businessmen & Traders ANNUITY: In this plan the annuitant pays a contribution for a term specified which is called the deferment period and post that term i.e. on Vesting, annuitant get an annuity. He can choose any of the 5 annuity types that plan provides. This annuity Continues till

the time the annuitant lives. During the deferment period ForeeverLife provides with life protection thus this plan provides both life insurance & retirement planning benefits. Annuity Options 1. Life Annuity: This annuity provides an annuity till the time the annuitant lives. Once the annuitant passes away the contract is over & nothing is payable. This

is suitable for an annuitant who does not have any dependents. This annuity type will disburse the maximum amount as an annuity. 2. Life Annuity with return of purchase price: Annuity is paid till the time the annuitant survives & after the demise the purchase price (as on vesting) is given to the nominee. Therefore this annuity type can not

provide only annuity but also leave a legacy for the family 3. Joint Life Annuity, Last survivor annuity: Annuity is paid to the annuitant and after the annuitant passes away & the spouse 77 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA survives, the same annuity will be disbursed to the spouse. On the death of spouse the annuity will stop & nothing is payable. 4. Joint Life Annuity, Last survivor annuity with return of purchase price: Annuitant is paid to the annuitant & after the annuitant passes away & the spouse survives, the same annuity will be

disbursed to the spouse. On the demise of the spouse the purchase price (as on vesting) is given as a claim to the nominee. Therefore this annuity type can not only provide an annuity but also leave a legacy for the family. 5. Life Annuity guaranteed for 5,10,15 years & life thereafter: In this annuity type the annuitant can choose

a term of 5,10 or 15 Years & during the term the annuity will continue to be disbursed irrespective of the fact whether the annuity is alive or not. If the annuitant survives the guaranteed period the same annuity will continue to be disbursed till the time annuitant survives. After annuitants demise nothing is payable. Annuities can be taken on

yearly, half yearly, monthly basis. Annuity Option once chosen cannot be changed. Annuities have a 5 or 7 year reset option. FOREVER LIFE AT A GLANCE 78 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA Minimum sum assured Rs 50,000 Maximum sum assured No Limit Minimum age at entry 20 Years Maximum age at entry 60 Years Maximum maturity age 70Years Minimum term 5Years Maximum term 30 Years Sum assured in multiples of Rs 1,000/Premium payment frequencies Yearly, half-yearly & monthly Premium payment period Entire term of the policy Death benefit The entire

sum assured + G.A +Vested bonus (if any) Maturity benefits According to Annuity option choose Surrender/Paid up After three years Loans NO LOANS POLICES OF ICICI CORiders Allowed A COMPARATIVE STUDY OF HMPANY LTD 79 Accident & Disability Benefit Rider (ADBR) Accident Benefit Rider (ABR) Critical Illness Benefit Rider (CIBR) Major Surgical Assistance Rider (MSAR) R PRACTICES AND

SAABMARFINMBASAABMARFINMBA 4. HUMAN RESOURCE MANAGEMENT OF ICICI PRUDENTIAL LIFE INSURANCE 1. MODE OF APPOINTMENT: The appointment to various points shall be made in the following manner: BY DIRECT RECRUITMENT: a. The qualifications for direct recruitment shall be such as specified in the staffing pattern. b. The appointment shall be made according to the

merit list drawn at the time of selection. c. All appointments except to class-IV services shall be made on the recommendations of the selection Committee consisting of the following: BY PROMOTION Appointment by promotion to the next higher post in the respective discipline in any category shall be made on the basis of Seniority-cum-Merit from 80

ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA amongst the employees working in the lower category having atleast five years service on the said post in the Life Insurance. BY TRANSFER: a. By transfer of a person on deputation from any Department. Of Government/ ICICI Prudential Life Insurance or any sister Life Insurance. b. By permanent transfer of

services of surplus staff of ICICI Prudential Life Insurance on the terms & conditions as Prescribed by the ICICI Prudential Life Insurance and adopted by the Board from time to time subject to the approval of Register. c. By permanent transfer of an employee of other /ICICI Prudential Life Insurance on his own request and upon the terms

& inditions as prescribed by the ICICI Prudential Life Insurance and adopted by the board from time to time subject to the approval of Registrar. The quta of appointment by direct recruitment and by promotion shall be in the ratio of 40:60 respectively wherever applicable. The appointment under Rule 1.3 shall be treated against the quota of direct recruitment.

81 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA a). The reservation for the members of Scheduled Castes, Scheduled Tribes and Background classes in recruitments shall be in accordance with the policy of the Govt. as adopted by the BOD. b). The Life Insurance may fix Quato for promotion of class IV employees to class III posta upto 10% of the promotion quota.

2. COMMENCEMENT OF SERVICE: Services shall be deemed to have commenced from the working day on which the employee reports for duty. If he reports for the duty in the afternoon the services shall be deemed to have commenced from the following day. 3. ATTENDANCE AND LATE COMING:No employee shall enter or leave the premises of

the Establishment accept by the gate or gates meant for this purpose. 82 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA An employee who is off his duty or has resigned or has been discharged or declared by the competentMedical Authority to be suffering from any contagious or infectious disease, shall immediately leave the premoises of the Etablished and shall not enter any part of it, except with the express permission of the

copetent authority. All employees shall be liable to be searched both at the time of entry and exit at the main entrance of the Establishment by an authorized person of the same sex with due dignity. If more than one shift is working, the employee shall be liable to be transferred from

one shift to another. 4. SENIORITY: a). The seniority of an employee under these rules shall be determined in a particular category of post on the basis of the length of service on that post provided that in the case of employees appointment by the direct recruitment 83 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA which join within the period specified in the order of appointment or within such period specified by direct recruitment who who join with in the period specified in the order of appointment or within such period as may from time to time be extended by the appointing authority, subject to a maximum of one month from the data

of order of appointment, the order of merit dertermined, shall not be disturbed. Provided further that in the case a candidate is permitted to join the service after the expiry of the said period of one month, his seniority shall be determined from the data he joins the service. b). A person recruited by promotion from the service

of the Life Insurance shall be senior to the person recruited otherwise if they join on the same data. Provided that in case of promotion of two or more persons with effect from the same data their inter-se-seniority shall be determined according to their seniority in the cadre or postal from which they have been promoted. 84

ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA c) Seniority of the employees of PDDC/ICICI PRUDENTIAL LIFE INSURANCE upon the permanent transfer of their services to the Life Insurance vis--vis other employees of Life Insurance, shall be determined in the following manner: (1) An employee who was working in the higher pay scale at the time of permanent transfer shall

rank senior to the employee working in the lower pay scale on that date. (2) In case where the pay scale of the post held by an employee in the PDDC or ICICI Prudential Life Insurance and of the post against which he has been transferred in Life Insurance identical, their seniority shall be determined on the basis

of length of services in the same pay scale. 5. POSTING AND TRANSFERES: Managing Director shall be competent to post/ transfer any employee within the establishment. He shall also be competent to transfer an employee against any equivalent post or along with post. As and when considered necessary in the internet of work and upon request

from ICICI Prudential Life Insurance/Sister Life Insurance the services of an employee of ?Life Insurance may be placed on national deputation without payment of deputation allowance to any other Life 85 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA Insurance/ ICICI Prudential Life Insurance for Period upto one year in the first instance, which can be extended further. 6.DEPUTATION Any employee of Life Insurancemay be sent on deputation to any State level cooperative Apex. Institution or Government Undertaking with his consent and on receipt of writtenrequisation from the concerned Institution/Government undertaking and with the concurrence

of the ICICI Prudential Life Insurance on the terms & conditions mutually agreed upon by the leading and borrowing organizations subject to prior approval of the Registration. 7. JOINING TIME: Upon transfer of an employee from one station to another the joining time, exclusive of journey day(s), shall be admissible as under:time. (i) upto distance of 4 kms

: No joining (ii) For distance between 41kms to 100 kms : one day (iii) Above 100kms : Two day 8.Security 86 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA An employee of the Life Insurance Shall furnish such security, Fidelity guarantee, agreement bond in favour of the Life Insurance as may be decided by board from time to time. 9. PROVIDENT FUNDS: Employees of the Life Insurance shall be entitled to the membership of the Employees Provident Fund and other schemes

under the employees Provident Fund and Misc. Provisions Act 1952 irrespective of the pay drawn b him reemployed persons shall be governed by the terms of their appointment. 10. BONUS: Employees of the Life Insurance shall b entitled to payment of the Bonus under the payment of Bonus Act, 1965 as amended or re-enacted from time to time.

11. MEDICAL BENEFITS: An employee, as and when covered under the PSI Act/Scheme, shall get medical benefits as provided there in. An employee not covered under the PSI 87 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA Act/Scheme shall be entitled to medical benefits as may be decided by the board from time to time with the concurrence of the ICICI Prudential Life Insurance. 12. ALLOWANCE: Dearness Allowance, Additional Dearness Allowance, House Rent Allowance, City Compensatory Allowance, Rural Allowance and Other Compensatory Allowance Shall be Admissible to the Employees of the

Life Insurance as per the Decision of the Board with the concurrence of the ICICI Prudential Life Insurance and approval of the Registrar. 13. BENEFITS ADMISSIBLE IN THE EVENT OF DEATH OF AN EMPLOYEE DURING SERVICE: In case of death of an employee whilr in the service of Life Insurance his family members shall be entitled to the following benefits/

facilities at the rates/scales and on the tearms & conditions as approved by the board from time to time with the concurrence of ICICI Prudential Life Insurance. a. Ex-gratia grant. b. House Rent Allowance. c. Encashment of P.leave. d. Priority for employment of window/dependent of deceased employee. e. Special Ex-gratia grant to the family members of an employee

of the Life Insurance Killed by terrorist action. 88 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA 14. TRAINING: Managing Director may wit the concurrence of Life Insurance employee to attend a seminar/ workshop/training within the country or abroad in accordance with the instructions of the Registrar, as may be issued from time to time. 15. LEAVE: 15.1 All the employees of Life Insurance shall be entitled to the following kinds of leave:

(i) PRVILEGE LEAVE (LEAVE WITH WAGES: One day for every 18 days of service (for the purpose of calculation of days of services,the period of Privilege Leave availed and leave without wages/ absence shall not be counted). (ii) CASUAL LEAVE: 12 days per annum. (iii) SICK LEAVE: (a) 14 days per annum to those mployees ho

are not covered by the ESI ct/Schemes. (b) 7 days per annum to thise employees who are covered by the ESI Act/Scheme. 89 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

16. RESIGNATION: SAABMARFINMBA If a regular/permanent employee intends to leave the service of the Life Insurance by tendering resignation, he shall have to give one month s notice in writing, otherwise, he shall have to deposit on e month s notice in writing, otherwise, he shall have to deposit one month s salary or salary for the period by which the notice

falls short of one month (for this purpose salary will include basic pay +all other allowance admissible thereon, experts House Rent/Rural allowance, Conveyance Allowance and Medical Allowance.) 24 hours notice shall be required for tendering resignation during probation period. The resignation tendered by the employee may be accepted by the a appointing authority. 17.

SUPERANNUATION / RETIREMENT Every employee of Life Insurance shall be superannuated on the afternoon of the last day of the month in which he attains the age of 58 years. 90 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA Not with standing anything contained in Rule 17.1 above, an employee may be permitted at his own request to retire room the service of the Life Insurance on attaining the age of 50 years or after 20 years of service at any time by the appointing authority provided three months notice. An ything contained in rule

17.1 and 17.2 above , the appointing authority shall, if it is of the opinion after reviewing the entire service record of an employee that he is not fit to be retained in the service and that it is in the interest of the Life Insurance. 18. Major misconducts: Without prejudice to the generality of the term,

misconduct , the following acts of communion or omission shall, interlaid, constitute specific acts of Major Misconduct on the part of the employee: 1. Breach or habitual breach of any standing instructions or rules regulations, conditions of the appointment letter or orders issued by the establishment from time to time. 2. Acting in any manner prejudicial to the inertest

or reputation of the establishment, disregard of any operation & maintenance. 3. Negligence or habitual negligence of duty or laziness or in efficiency or incompetence or malingering or neglect of work or carelessness in work, poor or unsatisfactory performance intentionally. 91 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA 4. bring narcotic, liquor or other intoxicating things in premises or reporting. 5. Doing private or personal work during working hours, engaging in any other trade, business profession, service of the Establishment without while in the competent authority. 19. PUNISHMENTS FOR MAJOR MISCONDUCTS: One or more of the following punishments may be imposed on an employee who is

found guilty of a major misconduct, namely: 1. Stoppage of one or more annual grade increments of pay with or without cumulative effect 2. Recovery of damages or the amount of loss suffered by the Establishment on account of misconduct of the employee. 3. Demotion to the Lower post. 4. Termination of service. 5. Dismissal from service. 20.

PUNISHMENTS FOR MINOR MISCONDUCTS:One or more of the following punishments may be imposed on an employee who is found guilty or minor misconduct, namely: 1. Warning or Censure. 2. Making an adverse entry in his service record. 3. Stoppage of one annual grade increment of pay with or without cumulative effect for a period of six months. 4.

Recovery of loss of goods expressly entrusted to the employee or more for which he is accountable. 92 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA 5. Recovery from his pay of the he is accountable, pecuniary loss caused by him to the establishment by negligence or breach of orders. 6. Suspension without pay or subsistence for a period not exceeding 15 days. 21. PROCEDURE FOR AWRDING PUNISHMENT FOR ACTS OF MINOR MISCONDUTS: Where an allegation of minor misconduct is alleged against an employee,

he shall be called upon to explain his position. 22. PROCEDURE OF ENQUIRY AND PUNISHMENT FOR MAJOR MISCONDUCTS. An employee against whom a major misconduct is alleged shall be served with a charge heet by the competent authority clearly setting forth the imputation of mis conduct and calling upon the employee to submit his explanation within a period

of 7 days, provided that such time may be extended for a maximum period of 7 days , after the expiry of initial period of 7 days if suffiecient reasons are advised by the employee for seeking an extension, for which purpose a written request will have to be made him. In case the employee be pastedon the notice board

of the office establishment and it shall be deemed to have been served upon the employee for the purpose of these rules. In case where the employee admits in writing the charge(s) leveled against him, it shall be open to the competent authority to award one 93 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA more of the punishments provided in these rules without holding any enquiry. In the case of the explanation submitted by the employee is found to be satisfactory, the matter will be dropped. In case the employee fails to submit his explanation within the prescribed time or extended time allowed to him or where the

extended time allowed to him or where the explanation submitted by him is not found satisfactory, the competent authority shall appoint a person to hold an enquiry and issue ordered in this regards specifying there in the names of the Enquiry officers and the Presenting officers. The accused employee shall be entitled to the reimbursement of actual rail/bus

fare only besides conveys undertaken by him for inspection of relevant records and attending the enquiry proceedings at a station other than his HQs. The enquiry officer shall on the conclusion of the enquiry, submit his report in writing giving his findings with the reasons therefore to the authority. APPEAL AGAINST PUNISHMENT: i) An appeal against

the orders of the competent authority imposing punishment, under rules 29 and 30 of these riles shall lie to the board of directors of the Life Insurance. The board shall constitute a 94 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA committee consisting of chairman , nominee of ICICI Prudential Life Insurance, nominee o f RCs and nominee of NDDB to examine the appeal on the basis of records. ii) An appeal shall be filled within a period of 30 days from the data on which the appellant receives a copy of the order appealed

against or is deemed to have received. iii) The appellate authority may after consideration of the case and on recording sufficient reasons yet aside, reduce, confirm or enhance the punishment and its decides to enhance the punishment, the accused employee shall be given an opportunity to show cause against such enhancement. 23. SUSPENSION: In a case

where it is considered that the employee be suspended pending enquiry, the competent authority may suspend the employee pending issues of a charge sheet or subsequent domestic enquiry or till the final orders are 95 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA passed on the enquiry case. Where criminal proceeding against an employee in respect of any offence involving moral turpitude are pending and the competent authority is satisfied that it is necessary/desirable to place the employee under suspension, the competent. SUBSISTENCE ALLOWANCE DURING SUSPENSION: 1. An employee shall be paid during

the period of suspension subsistence Allowance @ 50 % of the wages to which the employee was entitled to immediately proceeding the date of such suspension for the first 90 days of suspension and 75% of such wages for the remaining period of suspension. 2. The payment of subsistence Allowance to the suspended employee shall be subject to

his processing a certificate every month about his having not taken up any other employment and his having remained at the head quarters. 24. SERVICE RECORDS: The following service reords shall be maintained in respect of an employee of Life Insurance: 96 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA i) personal File ii) service book iii) A.C.R file. RESIDENTIAL ADDRESS OF EMPLOYE An employee shall notify to the Life Insurance immediately on engagement, like details of his residential addresses and thereafter promptly communicate to the Life Insurance any change in his residential address. ANNUAL CONFIDENTIAL REPORTS: ACRS of employees shall be written on

yearly basis (April to march) in the prescribed format. The entries in the A.C.R of an employee sall be taken into account while deciding the case of promotion, Proficiency step up, pre-mature increment(s) etc. The adverse remarks in the ACR of an employee, if any ,hall be communicated to him in writing. The employee to whom

adverse remarks are conveyed may make a representation for review of the adverse remarks. In this regards the following time schedule shall be followed: 97 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA 1 Period of communication of adverse remarks to the official concerned Within 30 days of the receipt from the final accepting authority. 2. Period for receipt of representation against adverse remark. Within thirty days from the date of receipt of adverse remarks. 3. Final decision on the representation on receipt of comments of reporting / reviewing/ accepting authority

Within 30 days of the receipt of comments on the representation from the reporting/ reviewing/ accepting authority. NOTE I No further representation shall lie against the final decision. NOTE-II The representation against adverse remarks received after the expiry of the stipulated period shall be rejected straight way. 25. GRIEVANCE /REDRESSAL PROCEDURE: Any employee having

a cause for complaint about his work or working conditions shall have a right to present a cause for investigation and consideration within two days of rising of the cause. The procedure for the redress shall be as follows: 98 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA Stage I The employee having a cause for complaint shall in the first place, discuss it with his immediate supervisor. Stage II If a satisfactory solution of his problem is not bound with six days his discussion of the complaint, he shall approach his sectional head/ departmental head through his immediate supervisor. Stage-III If the problem

is not yet resolved, the aggrieved employee may request for the consideration of his cause by the Grievance community constituted as under with an intimation to the Labor-cum conciliation officers of the areas. 99 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA 5. RESEARCH OBJECTIVES The current research will be aimed at determining the HR Practices and Policies at ICICI PRUDENTIAL LIFE INSURANCE. The research will be focused on the following major issues. a) To study the significance of HR policies. b) To study the system development at ICICI Prudential Life Insurance

c) To measure the factors related to HR Practices and Policies. d) To study the employee relation and executive response for Practices and Policies in ICICI Prudential Life Insurance. 100 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA 6. RESEARCH METHODOLOGY In order to cope up with the emerging challenges due to tough global competitions, the way out for this is to produce quality products at reasonable prices. This is possible only through an organization culture of quality consciousness and enhanced productivity. Optimal utilization of resources especially the human resources are one sure way of meeting

this objective. That s why proper induction of an employee is very important. RESEARCH DESIGN Research design means a specified framework for controlling the data collection. The research is of descriptive in nature, which could provide an accurate picture of induction procedure conducted in the organization. Descriptive research includes surveys and fact-finding inquiries of different kinds. The research is

of Ex post facto nature in which researcher has no control over the variables. Statistical method lay stress on objectivity rather than rely on intuition and judgment and average & percentages can easily be calculated. The following methodology was adopted in project Comprises of understanding the theoretical concepts in general. Questionnaire study

Analysis of the primary data Analysis of the secondary data 101 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA The statically method needs the collection of data in two forms 1. Primary data 2. Secondary data 1. PRIMARY DATA The primary data are those, which are collected afresh and for the first time, and thus happen to be original in character. The data on the required information is collected from actual persons using the product/

services. This data is more suited for the objectives of the project. 2. SECONDARY DATA The data which have already been collected by someone else or taken from published or unpublished sources and which have been already been passed through the statistical process. MODE OF DATA COLLECTION The study is based on Secondary data which includes Secondary Data

Secondary Data will be gathered from books and journals on HR Practices and Policies in ICICI Prudential Life Insurance. Sample Plan Unit: 100 Employees 102 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA Universe: The universe of the study was be ICICI Prudential Life Insurance, Patiala. Contact Method: The respondents sampling personally will be prepared to interview 100 employees. 7. FINDINGS OF THE STUDY INDUCTION PROGRAM Does the company provide induction for new employees ? 103 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA GRAPH The graph shows the %age of companies, which undergo some standard methods of induction. o The graph shows that almost all the companies are following induction practices. o Near about 93% of the companies follow induction practices while 7 % of them don t follow it. o Induction is although inseparable part for HR

practices. Yet there are companies, which don t follow a standard procedure of induction but make it just through personal explanation of working strategy of the dept. 104 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA o Induction could be done through Diaries, Manuals or through Company CDs, or even by standard power point presentations given to the employees to make them familiar to the policies of the company Who participates in delivering Induction ?

GRAPH 2 The graph shows the involvement of different departments in delivering induction.

Most of the companies follow delivery of induction by related departments. According to the survey approximately 40% of the companies follow induction practice through related dept., which explains 105 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA working of respective dept. to the employees. Compared to 40% of induction done by related dept. 35% is been done by HR dept. and only 25% is performed by all dept. 106 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA Is induction same for all levels or different ?

GRAPH 3 The chart depicts that what level of induction is applied to various levels of employees. Most of the companies say that induction process is different for different level of employees while some says that the induction procedure they follow is

same for all level of employees. The company may prepare a common induction procedure to explain the policies, work culture of the company, the benefits the company provide, the basis to be adopted for transfers and separations, basis for promotions, and a brief history of the organization, yet the process to be followed for individual working environment must

be different. 107 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA 108 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA How does the company recognize the need for training ?

GRAPH 4 The graph shows the methods through which the companies identify the need to provide behavioral training to their employees. There may be several methods for training among which most commonly adopted method is reference through supervisor. According

to the survey conducted 67% of the companies take a feed back from their employees and thus determine need for training. 109 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA Although 54% of superiors depends on performance monitoring approach to decide for providing training to their employees. And only 20% rely on questionnaire method. 110 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA What type of training is conducted ?

GRAPH 5 The graph shows the type of training provided by various organizations. Though various types of training methods are adopted which comprises of on the online training, apprentice training, classroom training, job training, and outdoor training. But the most commonly adopted method is

on the job training, which is practiced in almost all companies. Then do the companies prefer the outdoor training, which is, again most adopted one whereas online training is least. 111 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA What is the Annual budget for training ?

GRAPH 6 The graph shows training budget, which is decided by the companies to be spend on training of their employees. The companies even send their employees to outstations. The budget is decided depending upon the need of the employee and the degree

of skills and knowledge already possessed by the employees and also depending the need of the organization. Most of the companies i.e. almost 30-35% of companies keep their budget around 2.5 to 3lac. 112 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA Although some organizations have as high as Rs.9 lac assigned as budget for training. 113 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA What is the module duration for training programme ?

GRAPH 7 The graph depicts the module duration specified for training programs by various companies. Most of the companies prefer to go for training for less than 1 week it is mostly ranging from a minimum of 2 hrs to 2 days

and maximum to 6 to 7 days. Some of the companies even go for a training for 4 weeks, which makes their employees completely trained about the skills they are lacking in. 114 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA The companies even go for job rotation, which help them go for all round development. 115 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA Does the company provide any profit sharing policy ?

GRAPH 8 The graph shows the profit sharing policies of the organization. Although there may be various profit sharing methods which may work as motivational aspect for the employees. It could be through ESOPs, exgratia etc, yet the most preferred one could

be providing bonus to the employees who fall in to this category as per government rule. According to the survey 13% of the organizations declare shares for their employees and 87% prefer to declare bonus time to time. 116 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA 117 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA Does the organization provide any recreational activities?

GRAPH 9 The graph shows the recreational activities performed by the manufacturing organizations. Recreational activities are quite important for maintaining interpersonal relations among the staff and to develop enthusiasm among the employees. Moreover it s a part of welfare activity, which even work as motivational

aspect. The company could conduct many activities, which could gather the company staff together at a common platform. These activities could be picnics, tours, outings, parties, functions, get together. 118 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA These activities not only enhance the interpersonal relations but also help the families of the employees interact. According to the survey the most preferred activity is get together which approaches up to appx 100% of the organizations and the least preferred one is company tours. 119 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA Does the company provide any retirement benefit ?

GRAPH 10 The graph shows retirement benefits been received by the employees . As per government rule providing provident funds (PF) and gratuity is the rule thus it is provided by all the organizations. Apart from these, organizations provide other benefits

too. 15% of the organizations provide age relaxation so that the employees could serve a little more to the organization and appx 40% provide pensions to retired employees. 120 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA What are the welfare activities taken up by the organizations ?

GRAPH 11 The graph shows the welfare activities taking place in the manufacturing organizations. Most of the organizations provide all the major welfare activities to their employees. Almost 100% of the companies provide first aid facilities and cafeteria. Almost 98% of them

the organizations provide uniforms to their employees. Although the maintenance of these uniforms may be taken by either the HR dept. or the employees by themselves. 121 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA Almost 94% of the organizations provide the transportation facility. It may be company bus, or the company vehicles; in some cases the company provides traveling allowance. 122 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA Does the organization adopt any on job safety measures ?

GRAPH 12 The graph shows safety measures adopted by various organizations as a part of their welfare scheme. Various safety measures, which could be adopted by the organizations, could be from fire, shock and electricity, safety while handling machinery, and operational

health and safety measures(OH&S facility). According to the survey almost all the organizations adopt all these safety measures. 123 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA The result is 100% implementation of these practices. 124 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA What appreciation scheme is followed by the organization ?

GRAPH 13 The graph shows the appreciation schemes adopted by organizations to reward the employees. The organization may provide perks, promotions, monetary rewards, increments, incentives or even an appreciation in public matters a lot. According to the survey the most

common, adopted and preferred one is increments for better work performance, then comes the promotions & monetary incentives. 125 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA Almost 100% of the organizations prefer to go for increments and 94% provide promotions & monetary incentives. Least preferred one is public appreciation count to 67%. What are various reward & recognition schemes of the organization ?

GRAPH 14 The graph shows the basis to give rewards. There are various methods

to reward an employee for his outstanding performance. The organization may provide them with 126 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA paid vacations, additional pay for additional work, overtime, monetary rewards, perks etc. According to the survey perks are the most preferred means of rewarding the employees, then is paying overtime and least preferred is paid vacations. Perks counts to 67% of the choice, and paid vacations the least to 34%. 127

ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA How the organization recognize outstanding performer ?

GRAPH 15 The graph show the basis on which the organizations decide which employee is to be rewarded . Although almost all the organizations go for all o Punctuality o Regularity o Initiative o Productivity o Extra work But according to the survey the most preferred

basis is punctuality followed by initiative and productivity. 128 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA Punctuality comprises 93% preference in deciding the right candidate for reward and initiative and productivity aspect counts equal to 67%. 8. SUGGESTIONS As in the competitive world where the need for every organization to prove itself the best and make an outstanding and remarkable progress is the need, no fact could be left ignored. Every organization

must know the shortcomings and must try to go for building up the shortcomings. An ethical practice in any organization could only be achieved if the organization works for the well being of its employees. Every organization must possess a basic structure and the organization must be capable enough to reward its outstanding performers and must appreciate the initiative works.

According to the survey been conducted with various HR heads of various organizations here are few suggestions from their side: INDUCTION PRACTICES Induction is must in every organization for all level of employees to make them well known of the industry they are working in. The best ways to perform induction may

be through 129 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA o Lectures o Power point presentations prepared explaining company s policies. o Through SOPs (Standard operating procedures) o Manuals o Diaries o But the most adopted one is through personal induction. The induction program must follow a proper feed back from employees been put into the program which is again an ethical practice and is achieved by

o induction scheduling o opinions from supervisors o feed back forms. BEHAVIORAL TRAINING Behavioral training is boon for any organization. The organization could provide on the job training, which is quite common and most adopted. The organization may also go for outdoor training Job rotation could be preferred which could make the employee skilled in overall

working of an organization. 130 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA The organization may provide a basic training for FIRST AID & SAFETY OR FIRE SAFETY TRAINING. The organization may have tie ups with the training organizations which could organize courses and the organization may take up the best course as per requirements of their staff. A proper feedback must be taken to grasp the

extent the employees have versed themselves with knowledge. Proper Feed-back could be taken through o evaluation o questionnaire o feed back forms o submission of report through trainee o feed back through trainers MOTIVATIONAL TOOLS Motivating for work is inseparable to continue productivity. But work when itself serves as motivation then progress

is inevitable. The organization must take great care to motivate its employees through various methods. Promotion may be one of the best motivational factors. Promotional basis could be o work performance 131 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA o qualification o performance evaluation o skill enhancements o initiative steps taken . organization may also provide fringe benefits such as o leave traveling allowance o medical o free transportation o ESI (Employee State Insurance) o Furnishing scheme o House lease o hospitalization WELFARE ACTIVITIES The organization may adopt welfare policies such as o

Transportation facility o Canteen facility with breakfast, lunch and dinner facility along with refreshments. o Canteen could be free, subsidized ,paid. But the most preferred one is through subsidized mode. o The organization must also possess first aid facilities for its staff. A well-versed rehabilitation of injured staff and an 132 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA duty doctor or an ambulance should be always provided. o The organization must also possess a grievance handling committee despite a union to take an action for their problems. It could be a three tier of four-tier grievance committee. REWARD AND RECOGNITION SCHEME Rewarding the best work not only provide the candidate with appreciation but also

provide enthusiasm to do better. A competitive spirit is also developed to perform the best. Some of the practices of rewarding the employees practiced in organizations are o Award after completion of 10 years of service o Company s well furnished housing & hotels for officers o Paid vacations to foreign countries o Yearly reward scheme o

Overall equipment efficiency reward o Quality man of the year award o Best man of the year o Best kaizen award o Increments o Promotions o Incentives o Monetary rewards 133 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA o Public appreciation. RECOMMENDATIONS For all the programs the organization must follow feed back method to understand the effectiveness of any practice in a better way. Holistic views of induction should out show both positive and negative aspects of the organization. Which ultimately let the employee know about both the phases of the policies

adopted by the organization. Practice of providing a brief presentation of the company and a booklet for rules and regulations of company must be maintained so that the employee could go through it when ever required. Individual should concentrate more while training. When an organization invest on training of an employee, the purpose of training serves

the mutual benefit of both organization and the employee. Thus, the employee should be more oriented towards drawing as much benefits as he can. Employees are supposed to understand their role for particular training program. Company must maintain training manuals or training charts and training report submitted by the trainee. This, practice not only keeps a maintained record

of the programs been conducted but also keep the employee known of the knowledge gained by him which could later be utilized. A pre-evaluation and post evaluation practice should be followed to understand the success of training and the training could be then effectively used to fill gaps later. 134 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA Continuous training module should be conducted, personality development training should be provided. To motivate the employees Performance awards could be given every year. Incentives could be paid. Salary saving schemes could be provided. Extra activities such as games and sports, community meetings, recreational activities, picnics, tours and outings should be planned to improve the interpersonal relationships.

External welfare activities could also be taken up by the organization such as o Blood donation camps o Safety week o Free eye camps o Free books for children o Poster and quotes competition could be organized. Devotion, belongingness and good team member spirit should be rewarded. Employees should be encouraged for group efforts and team work.

To avoid worker union for better employee welfare and give suitable welfare activities from time to time to the employees in house work committee should be developed to handle the grievance. Employee s participation is key issue. Thus, suggestions should always be invited and maximum efforts should be put up to implement the suggestions. 135

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SAABMARFINMBASAABMARFINMBA INITIATIVE SUGGESTIONS Employee s family s involvement in motivating employee is the key element. It creates a special pressure point. o Drawing competitions of children could be organized. o Special training for wives could be arranged to teach them what are the dos and doesn t. o Special scholarships could be announced for the children of employees securing good

marks. Management by objective should be adopted. The practice should be objective to avoid biasness. Kaizen award could be given to the implementer of best suggestion. 136 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA BENEFITS The new environment in INDIA is an environment of change, a change brought by an awakening among the people of INDIA who demand a fair deal for themselves and for their children. This situation constitutes a great challenge for managers. All managers, whether they are managing business or offices, farms or factories, whether they are

called business executives or civil servants, will have to measure up to this challenge . --Mrs.INDIRAGANDHI For scientific and systematic execution of all human activities, two essential watchwords are-administer well and manage well. Thus focusing the benefits of ethical HR practices are: INCREASED PRODUCTIVITY HR practices deals with training process which teach

the employees proper handling of resources and the methods to put their resources to optimum utilization with minimization of losses and minimum wastage. EMPLOYEE SATISFACTION HR goes for human resource development functioning. It looks after the welfare activities of the employees. Take care of their problems. Thus, an overall care of their health, transportation, meals and well being

is taken. Which ultimately results into employee satisfaction. 137 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA INDUSTRIAL PEACE Ethical HR practices contains a well maintained grievance handling machinery which deals with the internal problems and provide employees with satisfactory solutions. ORGANIZAED WORK PATTERN With the ascent of HR practices the organization follows the process of departmentation. Which further results to delegation of work and an organized work pattern. BETTER INTERACTION

Through recreational activities been organized by the organization ( like parties, picnics, get-together, annual days celebration). This inculcate team spirit among the employees. BETTER ADMINISTRATION Through following a fixed and scheduled work pattern like induction feed-backs, induction scheduling, training feed-backs, performance appraisal forms etc. KNOWLEDGE ENHANCEMENT Through trainings ( on the job training, out-door training etc.)

PARTICIPATION IN MANAGEMENT through suggestions and kaizen practices. 138 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA MORALE ENHANCEMENT Through motivational activities and reward and recognition schemes. EMPLOYEE ADVANCEMENT SYSTEMATIC SCHEDULE EMPLOYEE CARE GOOD INTERPERSONAL RELATION 139 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA CONCLUSION At last I want to say that while recruitment and selection identify acceptable candidate, the process still continue with induction program for the new employee, we can further fine tune the fit between the candidate s qualities and the organization s desire. Then to make the employees more skilled behavioral training may be provided. It

makes the positive impact of any organization, but it needs a lot of money, time, attention and guidance. It is just like only taking, not giving or taking the starting benefits and when the time comes for returning back you just quit the job. So it is not always fruitful. The employee motivation is needed to be built up through

constant attempts of the organization. The organization may adopt various methods for motivating the employees. It may be by providing recreational activities such as tours, picnics, family outings, annual days, sport days, functions, and parties. The organization must consider its employees as its family members and must provide some profit sharing policy such as ESOPs , bonus, and shares. the

organization may provide fringe benefits. Welfare activities to be undertaken by the organization may include various facilities such as uniform for the employees for whom HR department is responsible for its maintenance and providing it. Last but not the least rewards are the main motivational activity, which may be monetary and non-monetary rewards. At

last to conclude, I would like to say that with enthusiasm that it was a great experience working with many experienced people working at 140 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA senior positions. Interacting and spending time with the people rich in learning experience. The people were very cooperative and helpful and encouraging. It is an experience to be cherished for a long time. It was great of learning so much about HR practices and implementing them. I m really thankful for all the senior members who explain me the

working strategies and methodologies of organizations. LIMITATIONS VERY TIME CONSUMING in the fast competitive market every body is busy in performing his /her job. It is really hard for the managers to spare time. So it is time consuming. TIME CONSTRAINTS understanding the work culture of any organization in few weeks is very hard

task. For doing project few weeks are not enough. Managers were very busy so managing time with them was quite difficult. As the researcher was an outsider so co-ordination with the employees took some time and it was formal. HR managers were quite reserved in sharing their company s policies with an outsider. The sample

size of study was small. 141 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA 142 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA REFERENCES PERSONNEL / HUMAN RESOURCE MANAGEMENT o DECENZO & ROBBINS HUMAN RESOURCE MANAGEMENT o GARY DESSLER PERSONNEL/ HUMAN RESOURCE MANAGEMENT o ROBERT L MATHIS o JOHN H. JACKSON HUMAN RESOURCE MANAGEMENT o DEEPAK BHATTACHARYA http://en.wikipedia.org/wiki/Human_resource_policies 143 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA 144 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA ANNEXURE Respected sir/Maam This questionnaire is to study the HR POLICIES AND PRACTICES IN ICICI PRUDENTIAL LIFE INSURANCE . You are requested to please give few minutes to fill the questionnaire and provide us with valuable information. All the information provided by you will be treated as confidential. We will be glad to share the

summary of the survey with you . Instructions You may mark more then one options if relevant. You are free to put your remarks in every blank provided. 1) Name of the company_______________________________________ 2) Complete address__________________________________________ 3) Name of HR head__________________________________________ 4) E-mail address_____________________________________________ 5) Telephone no.______________________________________________ 6) Work force of the company____________________________________ 145

ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA 7) Turnover rate_______________________________________________ 8) does your organization have other manufacturing units in India (Yes / No) 9) if Yes, how many permanent employees do u have in each (1)_________________ (2)_________________(3)_____________ INDUCTION PROGRAM 1) Does the company provide induction for new employees (yes/no) 2) What are ways of induction o Diaries

o Manuals o Brochures o Company cd s o Any other, please specify________________________________ 3) who participates in delivering the function? o HRdepartment o Related department o All departments o Any, other please specify_______________________________ 146 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA 4)Does induction is o Same for all o Different for different levels 5) Induction related to which areas are provided____________________ 6) What is the duration of induction program `______________________ 7) How does the company evaluates the effectiveness of induction program being conducted o Feed back method o 0pinion from supervisor o Employee

satisfaction surveys o Performance evaluation o Any other, please specify__________________ 8) Do the organization follow any induction scheduling______________ 9) Any other best induction practices you would like to share BEHAVIORAL TRAINING 147 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA 1) HOW does the company recognize the need for training? o Through questionnaires o Performance monitoring o Reference from supervisor o Absence in pride o Defective quality product o Unsatisfactory promotions o Any others, please specify_______________________________ 2) What type of training is conducted o On the job training o Class room sessions o Online

training o Apprentice Training o Outdoor training o Anyotherpleasespecify________________________________ 3)who gives the training o Internal trainer o External trainer o Any other, please specify_______________________________ 148 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA 4) what is the percentage of employee involved in training_________ 5) what is the annual budget for training______________________ 6) what is the module duration of training_________________________ 7) How do you take feedback of training program__________________ 8) Please provide us any other information to help us understand the measurement of training effectiveness_____________________________ 9) Any best

practice in training you would like to share______________________________________________________ _ MOTIVATIONAL TOOLS 1) Does the company provide any recreational activities( you can mark more than one option in case applicable) 149 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA o Picnics o Tours o Family outings o None o Any other, please specify _____________________ 2) Does the company provide any profit sharing policy o ESOP S o Bonus o Shares o None o If any other, please specify___________________________ 3) Does the company take up initiative for improving interpersonal relationship o Parties o Functions o

Get together o Community meetings o Any other, please specify 150 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA 4) does the company provide any retirement benefits o Gratuity o VRS( voluntary retirement scheme) o PF (Provident fund) o Pension o Old age security o Any other, please specify_______________ 5) What are the promotional basis adopted by the organization 6)what are the fringe benefits provided by an organization____________ 7) any other

motivational initiative you would like to share with us_________________________________________________________ _ 151 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA WELFARE ACTIVITIES 1)Does the company provide any transportation facilities(yes/no) 2) if yes, what type of facilities have been provided___________ 3)Does the company provide uniform for its employees(yes/no) 4)if yes, o Who is responsible for providing these uniforms o Who take care of their maintenanence 5) Does the company

has well eastablish cafeteria/canteen(yes/no) If yes, 6) what facilities are provided o Lunch o Breakfast o Dinner o Snacks 7) Payment Mode 152 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA o Free o Subsidized o Paid 8) does the company has any special aid facility( you can mark more than one option if applicable) o On duty doctors o Any collaboration with hospitals o Ambulance for emergency o First aid kit o None o Any other please specify_________________________________ 9) Does the company adopt any on job

safety measures o Fire safety o Electric/ shock safety o Radiation safety (if any) o Any harm while handling the machinery o None o If any other pleasespecify_____________________________ 10) what policy do the company has for rehabilitation of injuredstaff__________________________________________________ 11) What are the grievance handling procedures of the organization 153 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA 12) any other welfare related initiative you would like to share______________ REWARDS AND RECOGNISATION 1) What appreciation schemes are being followed by your organization o Appreciate publicly o Incentives o Increments o Promotions o Any other please specify, 2) what are various rewards and recognition schemes for the organization o

Additional pay for extra work o Paid vacations o Overtime o Monetary rewards o Perks o Any other please specify_____________________________ 154 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD

SAABMARFINMBASAABMARFINMBA 3) How do you recognize outstanding performer o Regularity o Punctuality o Initiative o Extra work o Productivity o Any other, please specify____________________________________ 4)Any other medical benefits provided____________________________ 5) Any other recognisational schemes you would like to share_________ THANKS FOR YOUR VALUEABLE HELP! 155 ACOMPARATIVESTUDYOFHRPRACTICESANDPOLICESOFICICICOMPANYLTD