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A Project Report On Topic

Employee Job Satisfaction in Shree Cement Ltd., Beawer

Submitted in partial fulfillment for the award of degree of BBA Session 2013-201

!aharshi "a#anand Saraswati $ni%ersit#& Ajmer


Submitted To :
Sir Raman 'iwari (assa#ani

Submitted By :
Reshma

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A)*+,-./"0/!/+'
The research on 1/mplo#ee 2ob Satisfaction in Shree )ement .td3& Beawer4 has been given to me as part of the curriculum of BBA. I have tried my best to present this information as clearly as possible using basic terms that I hope will be comprehended by the widest spectrum of researchers, analysts and students for further studies. I have completed this study under the guidance of Sir Raman 'iwari3 I Than s to him. I will be failed in my duty if I do not ac nowledge the esteemed scholarly guidance, assistance and nowledge I have received from them towards fruitful and timely completion of this wor . Reshma (assa#ani

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5+"/6 "escription +o3


Introduction to the company Introduction to the Organi!ation

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"mployee #ob Satisfaction

$esearch %ethodology &ata Analysis S'OT Analysis (onclusion Suggestions Bibliography

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PR/7A)/

Success comes with knowledge & knowledge is comes with training. %BA is a stepping stone to the management carrier and to develop good manager. It is necessary that the theoretical must be supplemented with e)posure to the real environment. Theoretical nowledge *ust provides the base and it+s not sufficient to produce a good manager that+s why practical nowledge is needed. Therefore the research product is an essential re,uirement for the student of %BA. This research pro*ect not only helps the student to utili!e his s ills properly learn field realities but also provides a chance to the organi!ation to find out talent among the budding managers in the very beginning. In accordance with the re,uirement of %BA course I have summer training pro*ect on the topic 1Recruitment Process in 5nsurance )ompan#4 with BA#A# A--IA./ -ife Insurance -td. The main ob*ective of the research pro*ect was to study the recruitment process of financial consultants in any insurance company. The information regarding the pro*ect research was collected through the ,uestionnaire formed by me which was filled by the customers there.

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ACKNOWLEDAGEMENT
OUR
civizsation is the result of ever since co-o eration ! " a# no e$ce tion of it %ecause it &as ver' (ifficult to )ive this ro*ect re ort a final sha e &ithout the co-o eration e$ten( (irectl' %' several ersons+ ,irst ! fore#ost " AM GREAT,UL TO MR+Manish Mousha# -tate .R .EAD for rovi(in) #e o ortunit' for ractical tranin)+ Kin(l' er#itte( #e to carr' u for tranin) assin)#ent in /0A1A1 ALL"AN2 L",E "N-URANCE COM3AN4 L"M"TED5+ " &ish to e$ten( #' than6s to all the e# lo'ees &ho al&a's su orte( ! encoura)e #e in the ro*ect &or6+ " -r+ E$ecutive .R &ho ersonal too6 in Mr+Ravi Roshan #e ! rovi(es #e re7uisite infor#ation have ! hel e( in co# letion of #' ro*ect &or6+ " sincerel' than6s Mr+ "na#ul .a7ue Ah#a( E$ecutive .R &ithout &hose hel ! )ui(ence " &oul( not have re are( the re ort in the &a' " (i(+ M' overri(in) (e%t continues to #' fa#il' ! frien(s for their encoura)a)e#ent8 ins iration8 #otivation ! #oral su ort in acco# lishin) the ro*ect+ With a deep sense of gratitude and humble submission I would like to express my heartiest gratefulness to my Faculty Guide whose help, stimulating suggestions and encouragement helped me in all the times of research for and writing of this thesis.

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/6/)$'5(/ S$!!AR8
0ro*ect study report consists of brief description of company BA#A# A--IA./ I.S1$A.(" (O. -T&., 0AT.A, the special focus on the human resources. %y topic was 1Recruitment Process in 5nsurance )ompan#4 along with significant findings 2 suggestions that give idea how many the employees in the company are satisfied and not satisfied with welfare facility of the company. $ecruitment is the process of searching the candidates for employment and stimulating them to apply for *obs in the organi!ation. In the other words recruitment is the activity that lin s employers and *ob see ers. $ecruitment procedure of BA#A# A--IA./ -ife Insurance is very easy. A person with high educating and well e)perience can be recruited after a personal interview and group discussion. After the training program is completed the insurance agent has to appear for the pre3e)amination conducted by I$&A. As he clear the e)am h e provides a license, which is the proof of a legali!ed insurance agent, which permits him to deal in his insurance business. $ecruitment of candidates is the function preceding the selection, which helps create a pool of prospective employees for the organi!ation so that the management can select the right candidate for the right *ob from this pool. The main ob*ective of the recruitment process is to e)pedite the selection process. $ecruitment is a continuous process whereby the firm attempts to develop a pool of ,ualified applicants for the future human resources needs even though specific vacancies do not e)ist. 1sually, the recruitment process starts when a manger initiates an employee re,uisition for a specific vacancy or an anticipated vacancy.

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)9AP'/R +,3 )hapter +o3-1

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),+'/+'S 5ntroduction to the 5ndustr# 4.4 Introduction 4.5 Insurance industry 4.6 -ife insurance 4.7 -ife insurance in India 5ntroduction to the ,rgani:ation 5.4 BA#A# A--IA./ life insurance 5.5 0roducts 5.6 Ta) benefits 5.7 0ro*ect profile Research !ethodolog# 6.4 Title of the study 6.5 &uration of the pro*ect 6.6 Ob*ective of study 6.7 Type of research 6.8 Sample si!e and method of selecting sample 6.9 Scope of study 6.: -imitation of study 7acts and 7indings 7.4 %ar et survey 7.5 $ole of the development agency Anal#sis and 5nterpretation 8.4 %ar et survey report 8.5 0roduct policy ,ueries S-,' 9.4 Strengths 9.5 'ea ness 9.6 Opportunities 9.7 Threats )onclusion Recommendation and Suggestions Appendi? Bibliograph#

Chapter 1
Introd ction to the Ind stry Introduction Insurance Industry Life Insurance Life Insurance in India
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5+'R,"$)'5,+ ', '9/ 5+"$S'R8


131 5ntroduction
The insurance sector was opened up in the year 4;;; facilitating the entry of private players into the industry. 'ith an annual growth rate of 57.64 percent and the largest number of life insurance policies in force, the potential of the Indian insurance industry is huge. The year 4;;; saw a revolution in the Indian insurance sector, as ma*or structural changes too place with the ending of <overnment monopoly and the passage of the Insurance $egulatory and &evelopment Authority 8|Page

=I$&A> Bill, lifting entry restrictions for private players and allowing foreign players to enter the mar et with some limits on direct foreign ownership. According to the (SO, the insurance and ban ing services+ contribution to the country+s <&0 is :.4 percent out of which the gross premium collection forms a significant part. -ife insurance penetration in India was less than 4 percent till 4;;?3 ;4. &uring the @;?s, it was between 4 and 5 percent and from 5??4 it was over 5 percent. In 5??63?7 it was 5.7 percent. In 5??:3?A it was 47percent. The impetus for increase is due to the active role played by I$&A in licensing private players and ta ing positive steps in increasing the insurance awareness among the people. Besides, the insurance companies in general and private insurance companies in particular, are reaching out to untapped potential in rural areas with aggressive campaigns. Innovative products, smart mar eting, and aggressive distribution have enabled fledgling private insurance companies to sign up Indian customers faster than anyone e)pected. -ife insurance is viewed as a ta) saving device. 0eople are now turning to the private sector for providing them with new products and greater variety for their choice. The improvement in B&I flows reflected the impact of recent initiatives aimed at creating an enabling environment for B&I and for encouraging infusion of new technologies and management practices. The <overnment+s proposal to increase the B&I cap in the insurance sector from the present 59 percent to 7; percent has raised e)pectations among the international insurance companies.

13131 "efinition CInsurance is a contract in which sum of money is paid to the consideration of insurer+s incurring ris contingency.D assured in of paying a large sum upon a given --- 2ustice 'indall

CInsurance is a contract by which one party for a compensation called in the premium assumes particular ris s of the other party and promises to pay to him or his nominee a certain sum of money on a specified contingency.D --- /3-37itterson 9|Page

CInsurance may be described as social device whereby a large group of individuals, through a system of e,uitable contribution, may reduce certain measurable ris of economic loss common to all members of the group.D --- /nc#clopedia Britannica The above definitions clearly shows that insurance is a cooperative device to spread the loss caused by a particular ris over a member of persons who are e)posed to it and who agree to insure themselves against ris . Insurance does not eliminate ris but only reduces the financial burden, which may be very heavy. 13132 /%olution of 5nsurance In the days of yore insurance was in its crude form and was cooperative and voluntary in nature. 'hen, where and how it originated is still a matter of research in one way or the other was prevalent in olden days. 'e can trace its history from the evolution society from hunting stage to the modern industrial age. A word CEA<(FF"%D occurs in the world+s most ancient Findu Scripture $ig Geda. The word CEA<(FF"%D means insurance. It clearly indicated that about four thousand years ago insurance was prevalent in its crude form. It was cooperative and voluntary in nature. 0eople formed different groups of organi!ations to share the loss among themselves incase of a particular ris . "ach member contributed some amount to a common fund to meet the unforeseen losses. Sometimes they also contributed e,ually to compensate person as and when he suffered a loss. Traces of insurance in the ancient world are also found in the form of marino trade loans or carriers contracts which included an element of insurance. "vidence is on records that arrangements embodying the idea of insurance were made in Babylonia and India at ,uite an early period. $eferences were made to the concept of insurance in %anu+s code C%anu SmrityD. It was a in to CEaga shemoD of $igveda in which the well being and security of the community was aimed at. Fowever, there is no evidence that insurance in its present farm was practiced prior to twelfth century.

+ature of 5nsurance

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The insurance has the following characteristics which are observed in cases of life, marine, fire and general insurance. 13 Sharing of ris@sA Insurance is a cooperative device to share the financial losses which might befall on an individual or his facility on the occurrence of specified event such as sudden death of the bread winner, marine perils in marine insurance, fire in the fire insurance and theft insurance etc. in the case of general insurance. 23 )ooperati%e de%iceA A large number of persons agree to share the loss arising sue to a particular ris . Thus, insurance is a cooperative device. 33 (alue of ris@A The ris is evaluated before insuring to charge the amount of share called premium. 3 Pa#ment made at contingenc#A The payment is made at a certain contingency insured. The (ontingency may be death, fire, marine perils etc. ;3 Amount of pa#mentA The amount of payment depends upon policy insured. 13133 7unctions of 5nsurance AB Primar# 7unctions4> Insurance provides certainty: Insurance provides certainty of payments at the uncertainty of losses. The element of uncertainty is reduced by better planning and administration. 5> Insurance provides protection: The ris will occur or not, when will occur and how much loss will be there. There are uncertainties of happening of time and amount of losses. The main function of the insurance is to provide protection against the losses. 6> $is sharing: $is is uncertain and therefore, the loss arising from the ris is also uncertain. All business concern faces the problem of the ris and if the concern is big enough the handling of ris becomes a speciali!ed function. Insurance, as a device is the outcome of the e)istence of various ris s in our day to day life. It spreads the whole losses over a large number of persons who are e)posed by a particular ris . BB Secondar# 7unctions11 | P a g e

4> 0revention of loss: 0revention is always better than cure. 0revention is by far the best solution to the problem of ris . It is more effective and cheapest method to avoid the unfortunate conse,uence. But sometimes prevention is not always possible and "ffective. 5> 0rovides capital: It provides the capital to the society. Bor plan development of country there is a great need for huge amount of capital. .ow days, the insurance companies are rendering positive help in the development of trade, commerce and industry of the country. 6> Improves efficiency: Achievement of goals, it improves not only his efficiency of the masses is also advanced. The insurance eliminates worries and miseries of losses as death and destruction of property care free person can devote his energies for better. 7> "nsures the welfare of society: CInsurance is a saga of service and securityD to thee society. Security of the life and property given by insurance bring peace of mind to the insured. The investment in -I( in welfare schemes li e electricity, housing, water supply, agro industry estates are able to solve many problems in India. 8> Felps in economic progress: Insurance provides an initiative to wor hard for the betterment of the masses. -ife insurance involves the element of saving investment through small savings. And which has been growing in recent years at an annual rate of about $s. 7?? crs. -ife insurance is not a mere business organi!ationH it has nobler welfare responsibilities in the development of the economy.

!a"or Ins rance #layers

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Licenses ha e !een issued for the fo""o#ing companies $ $ $ $ $ $ $ $ $ $ $ $ $ $ I%I%I Prudentia" Life Insurance Limited I%I%I Prudentia" Life Insurance %ompany Limited &'(% )tandard Life Insurance %ompany Limited *ir"a )un Life Insurance %ompany Limited +,+, ,I- Life Insurance %ompany Limited .a/ 0e# 1or2 Life Insurance %ompany Limited )*I 3 %ardiff Life Insurance %ompany Limited I0- 4ysya Life Insurance %ompany Limited *a5a5 ,""ian6 Life Insurance %ompany Limited .etLife Life Insurance %ompany Limited , i a Life Insurance %ompany Limited ,.P )anmar Life Insurance %ompany Limited )ahara India Life Insurance Limited )ri 7am Life Insurance Limited

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5nsurance 5ndustr#

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13231 5ntroduction

'ith an annual growth rate of 4835?I and the largest number of life insurance policies in force, the potential of the Indian insurance industry is huge. Total value of the Indian insurance mar et =5??73?8> is estimated at $s.78? billion =1SJ4? billion>. According to government sources, the insurance and ban ing services+ contribution to the countryKs gross domestic product =<&0> is :I out of which the gross premium collection forms a significant part. The funds available with the state3owned -ife Insurance (orporation =-I(> for investments are AI of <&0. Till date, only 5?I of the total insurable population of India is covered under various life insurance schemes, the penetration rates of health and other non3life insurances in India is also well below the international level. These facts indicate the of immense growth potential of the insurance sector. The year 4;;; saw a revolution in the Indian insurance sector, as ma*or structural changes too place with the ending of government monopoly and the passage of the Insurance $egulatory and &evelopment Authority =I$&A> Bill, lifting all entry restrictions for private players and allowing foreign players to enter the mar et with some limits on direct foreign ownership. Though, the e)isting rule says that a foreign partner can hold 59I e,uity in an insurance company, a proposal to increase this limit to 7;I is pending with the government. Since opening up of the insurance sector in 4;;;, foreign investments of $s. A.: billion have poured into the Indian mar et and 54 private companies have been granted licenses. Innovative products, smart mar eting, and aggressive distribution have enabled fledgling private insurance companies to sign up Indian customers faster than anyone e)pected. Indians, who had always seen
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life insurance as a ta) saving device, are now suddenly turning to the private sector and snapping up the new innovative products on offer. The life insurance industry in India grew by an impressive 69I, with premium income from new business at $s. 586.76 billion during the fiscal year 5??735??8, braving stiff competition from private insurers. $.(OS+s report, CIndian Insurance Industry: .ew Avenues for <rowth 5?45D, finds that the mar et share of the state behemoth, -I(, has cloc ed 54.A:I growth in business at $s.4;:.A9 billion by selling 5.7 billion new policies in 5??73?8. But this was still not enough to arrest the fall in its mar et share, as private players grew by 45;I to mop up $s. 88.8: billion in 5??73?8 from $s. 57.5; billion in 5??63?7. Though the total volume of -I(Ks business increased in the last fiscal year =5??735??8> compared to the previous one, its mar et share came down from A:.?7 to :A.?:I. The 47 private insurers increased their mar et share from about 46I to about 55I in a yearKs time. The figures for the first two months of the fiscal year 5??83?9 also spea of the growing share of the private insurers. The share of -I( for this period has further come down to :8 percent, while the private players have grabbed over 57 percent. There are presently 45 general insurance companies with four public sector companies and eight private insurers. According to estimates, private insurance companies collectively have a 4?I share of the non3life insurance mar et. Though the focus of this mar et research report is on the potential growth on the Indian Insurance Sector, it also tal s about the mar et si!e, mar et segmentation, and ey developments in the mar et after
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4;;;. The report gives an instant overview of the Indian non3life insurance mar et, and covers fire, marine, and other non3life insurance. The data is supplied in both graphical and tabular format for ease of interpretation and analysis. This report also provides company profiles of the ma*or private insurance companies.
13232 Report 9ighlights

<ains of liberali!ation in Indian insurance sector Indian insurance mar et segmentation by products Si!e of the mar et and mar et share of life insurers, in I.$ =crore> %ar et share of non3life insurers Borecast of life insurance growth up to 5?45 Borecast of non3life insurance growth up to 5?45 %ar et revenue of both public and private insurers 0olicies and measures ta en by I$&A to develop the insurance mar et $esearch and development activities $egulation of insurance and reinsurance companies %a*or challenges that Indian insurance sector is facing 0rofiles of the ma*or players

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.ife 5nsurance
13331 "efinition 1The life insurance contract embodies an agreement in which broadly stated, the insurer underta es to pay a stipulated sum upon the death of the insurer to a designated beneficiary.D 333 2393!A0// C-ife insurance contract may be defined whereby the insurer, in consideration of premium paid either installment, underta es to pay an annuity on the death of the insured of a certain number of years.D 333 R3S3S9AR!A CA contract of life assurance is that in which one party agrees to pay a given sum on the happening of a particular event contingent upon the duration of human life in consideration of immediate payment of a smaller sum by another.D 333 B$+8,+CS .A13332 Ad%antages of life insurance 4. It is superior to an ordinary saving plan: this is so because unli e other saving plans, it offers full protection against ris of death. 5. Insurance encourages and enforces thrift : many people may not have the will power to continue a long term saving plan which they may formulate regular payments in face of money other uses to which their limited income could be put. 6. "asy installments and protections against creditors: the proceeds of a life insurance policy can be protected against the claims of the creditors of life assured by affection a valid assignment of the policies. 7. Ta) relief: the income ta) act e)empts from ta) that part of an individual+s income which is devoted to payment of life insurance premium. 8. "state duty: life insurance is the most practicable way to ensure definite payment on one+s death without having resort to conversion of reali!able asset at a loss. 9. -h# .ife 5nsurance -ife Insurance has come a long way from the earlier days when it was originally conceived as a ris covering medium for short periods of time, covering temporary ris

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situations, such as sea voyages. As life insurance became more established, it was reali!ed what a useful tool it was for a number of situations, including L

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4. 'emporar# needs D threatsA The original purpose of life insurance remains an important element, namely providing for replacement of income on death etc. 5. Regular Sa%ingsA 0roviding for oneKs family and oneself, as a medium to long term e)ercise =through a series of regular payment of premiums>. This has become more relevant in recent times as people see independence for their family. 6. 5n%estmentA 0ut simply, the building up of savings while safeguarding it from the ravages of inflation. 1nli e regular saving products, investment products are traditionally lump sum investments, where the individual ma es a one off payment. 7. RetirementA 0rovision for later years becomes increasingly necessary, especially in a changing cultural and social environment. One can buy a suitable insurance policy, which will provide periodical payments in oneKs old age. -et us ta e an e)ample to understand the need for insurance: %r. 0ranay is 78 years of age and self3employed. Fis wife .andini, who is a housewife, loo s after their two children aged 6 and : years. They stay in a rented accommodation, where the rent is 48,??? rupees per month. %r. Atul has ta en up a loan of $s. 5 la h. Fis monthly earnings on average are 7?,??? rupees. %r. Atul passes away in an unfortunate road accident. 'hat are some of the financial implications of his death on his familyM There may be several financial implications on his family. Some of these are: a> The monthly income, previously provided by %r. Atul would stop. b> Fis wife and children may have to see financial assistance from other relatives. c> Fis wife may not have enough money to pay bac the loan of $s. 5 la hs. d> The family may have to move into a cheaper accommodation. e> Fis widow may have to ta e up wor to earn money. f> The education of his children may suffer. This simple e)ample illustrates the impact premature death can have on a family, where the main earner has no life cover. Fad %r. Atul ta en life cover, his family would not have faced such hardships in the event of his unfortunate death. A 19 | P a g e financial

simple life insurance policy could have provided %r. AtulKs family with a lump sum that could have been invested to provide an income e,ual to all or part of his income. In simple words, insurance protects against untimely losses. Insurance has been found useful in the lives of persons both in the short term and long term. Short term needs li e sudden medical costs and long term needs li e marriage e)penses etc can be met with using life insurance.

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.ife 5nsurance in 5ndia

'ith such a large population and the untapped mar et area of this population Insurance happens to be a very big opportunity in India. Today it stands as a business growing at the rate of 4835? per cent annually. Together with ban ing services, it adds about : percent to the country+s <&0 .In spite of all this growth the statistics of the penetration of the insurance in the country is very poor. .early A?I of Indian populations are without -ife insurance cover and the Fealth insurance. This is an indicator that growth potential for the insurance sector is immense in India. It was due to this immense growth that the regulations were introduced in the insurance sector and in continuation C%alhotra (ommitteeD was constituted by the government in 4;;6 to e)amine the various aspects of the industry. The ey element of the reform process was 0articipation of overseas insurance companies with 59I capital. (reating a more efficient and competitive financial system suitable for the re,uirements of the economy was the main idea behind this reform. Since then the insurance industry has gone through many sea changes .The competition -I( started facing from these companies were threatening to the e)istence of -I(. Since the liberali!ation of the industry the insurance industry has never loo ed bac and today stand as the one of the most competitive and e)ploring industry in India. The entry of the private players and the increased use of the new distribution are in the limelight today. The use of new distribution techni,ues and the IT tools has increased the scope of the industry in the longer run.

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9istor#
The origin of insurance is very old .The time when we were not even bornH man has sought some sort of protection from the unpredictable calamities of the nature. The basic urge in man to secure himself against any form of ris and uncertainty led to the origin of insurance. The insurance came to India from 1NH with the establishment of the Oriental -ife insurance (orporation in 4A4A. The Indian life insurance company act 4;45 was the first statutory body that started to regulate the life insurance business in India. By 4;89 about 487 Indian, 49 foreign and :8 provident firms were been established in India. Then the central government too over these companies and as a result the -I( was formed. Since then -I( has wor ed towards spreading life insurance and building a wide networ across the length and the breath of the country. After the liberali!ation the entrance of foreign players has added to the competition in the mar et. The <eneral insurance business in India, on the other hand, can trace its roots to the Triton Insurance (ompany -td., the first general insurance company established in the year 4A8? in (alcutta by the British. In 4;8: <eneral Insurance (ouncil, a wing of the Insurance Association of India, frames a code of conduct for ensuring fair conduct and sound business practices. In 4;:5 The <eneral Insurance Business =.ationali!ation> Act, 4;:5 nationali!ed the general insurance business in India with effect from 4st #anuary 4;:6. It was after this that 4?: insurers amalgamated and grouped into four companies vi!. the .ational Insurance (ompany -td., the .ew India Assurance (ompany -td., the Oriental Insurance (ompany -td. and the 1nited India Insurance (ompany -td. <I( incorporated as a company.

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Present Scenario The government of India liberali!ed the insurance sector in %arch 5??? with the passage of the Insurance $egulatory and &evelopment Authority =I$&A> bill. 0olicies come under the purview of the government appointed Tariff Agenty (ommittee. The opening up of the sector is li ely to lead to greater spread and deepening of insurance in India and this may also restructuring and revitali!ing of the public sector companies. A host of private insurance companies operating in both life and non life segments have started selling their insurance policies since 5??4. .on life insurance mar et, In &ecember 5???, the <I( subsidiaries were restructured as independent insurance companies. At the same time, <I( was converted into national re3insurer. In #uly5??5, 0arliament passed a bill, delin ing the four subsidiaries from <I(. 0resently there are 45 general insurance companies with 7 public sector companies and A private insurers. Although the public sector companies still dominate the general insurance business, the private insurance companies have a 4? percent share of the mar et, up from 7 percent in 5??4. In the first half of 5??5, the private companies boo ed premium worth 9.67 billion. %ost of the new entrants reported losses in first yr of their operation in 5??4. Insurance costs constitute roughly around 4.5 L 5 I of the total pro*ect costs. 1nder the e)isting norms, insurance premium payments are treated as part of the fi)ed costs. (onse,uently they are treated as pass through costs for tariff calculations. Bor pro*ects costing up to $s.4 billion, the tariff Agent committee sets the premium rates, for pro*ects between 4 billion and 48 billion, the rates are set in eeping with committee+s guidelinesH and pro*ects above 48 billion are sub*ected to reinsurance pricing. It is the last segment that has a number of additional products and competitive pricing. Insurance, li e pro*ect finance, is e)tended by a consortium. .ormally one insurer ta es the lead, shouldering about 7?38?I of the ris receiving proportionate percentage of the premium. and

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COMPANY PROFILE

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Bajaj Allianze Life Insurance


"s the fastest )ro&in) rivate life insurance co# an' in "n(ia+ Currentl' have over 9::::: satisfie( custo#ers+.ave Custo#er care centers in ;<= cities &ith >?::: "nsurance Consultant rovi(in) the finest custo#er service+ One of "n(ia@s lea(in) rivate life insurance co# anies+

Bajaj Allianz General Insurance Company Limited


0a*a* Allianz General "nsurance Co# an' Li#ite( is a *oint venture %et&een 0a*a* Auto Li#ite( an( Allianz AG of Ger#an'+ 0oth en*o' a re utation of e$ ertise8 sta%ilit' an( stren)th+ 0a*a* Allianz General "nsurance receive( the "nsurance Re)ulator' an( Develo #ent Authorit' A"RDAB certificate of Re)istration AR9B on Ma' > n ( 8 >::; to con(uct General "nsurance %usiness Ainclu(in) .ealth "nsurance %usinessB in "n(ia+ The Co# an' has an authorize( an( ai( u ca ital of Rs+;;: crores+ 0a*a* Auto hol(s CDE an( Allianz hol(s the re#ainin) >=E+ AG8 Ger#an'+ "n its first 'ear of o erations the co# an' has ac7uire( the NO+ ; status a#on) the rivate non-life insurers+ As on 9; s t March >::98 0a*a* Allianze General "nsurance #aintaine( its lea(ershi osition %' )arnerin) a re#iu# inco#e of Rs+9:: Crores+ 0a*a* Allianze also %eca#e one of the fe& co# anies to #a6e a rofit in its first full 'ear of o erations+ 0a*a* Allianz #a(e a rofit after ta$ of Rs+F+= crores+ 0a*a* Allianze to(a' has a net&or6 of D: offices s rea( across the len)th an( %rea(th of the countr'+ ,ro# -urat to -lili)uri an( 1a##u to Thiruvanantha ura#8 all the 9? offices are interconnecte( &ith the .ea( Office at 3une + "n the first half of the current financial 'ear8 >::D-:<8 0a*a* Allianz )enerate( a premium income of Rs.4 ! crores, achievin) a )ro&th of ?DE an( re)istere( a <>E )ro&th in Net rofit of Rs+ >: Crores over the last 'ear for the sa#e erio(+ "n the financial 'ear >::9-:D8 the re#iu# earne( &as Rs+D?:
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Crores8 &hich is a *u# of =:E an( the ;><E to Rs+ >;+=E Crores+ Shareholders & Promoters

rofit zoo#e( %'

"a#a# $uto %imited G- 0a*a* Auto Li#ite( is the lar)est #anufacturer of t&o an( three-&heelers in "n(ia an( also one of the lar)est #anufacturers in the &orl(+ 0a*a* Auto has %een in o eration for over << 'ears+ As a ro#oter of 0a*a* Allianz General "nsurance Co# an' Lt(+8 0a*a* Auto has the follo&in) to offerG Hast (istri%ution net&or6+ Kno&le()e of "n(ian consu#ers+ ,inancial stren)th an( sta%ilit' to su ort the insurance %usiness Allianz AG, Germany Allianz Grou is one of the &orl(Is lea(in) insurers an( financial services rovi(ers+ ,oun(e( in ;?F: in 0erlin8 Allianz is no& resent in #ore than C: countries &ith over ;CC8::: e# lo'ees+ At the to of the international )rou is the hol(in) co# an'8 Allianz AG8 &ith its hea( office in Munich+ Allianz Grou rovi(es its #ore than =: #illion custo#ers &orl(&i(e &ith a co# rehensive ran)e of services in the areas of 3ro ert' an( casualt' insurance8 Life an( health insurance8 Asset #ana)e#ent an( %an6in)+ "n fiscal 'ear >::<8 AllianzIs total revenues a#ounte( to so#e ;::+F %illion euros+ At the en( of >::< Allianz Grou ha( #ore than ;+>= trillion euros in assets un(er #ana)e#ent+ Of this8 CD9 %illion euros &ere assets #ana)e( for thir( arties+ History of Allianz Docu#entin) an( researchin) its cor orate histor' is art an( arcel of the cor orate culture of Allianz AG+ The Allianz Center for Cor orate .istor' (evotes itself to these tas6s+ As a fre7uentl' use( infor#ation center8 it has evolve( into the co# an'Is Jlivin) #e#or'J+

Global &resence
26 | P a g e

Allianz Grou is resent on ever' continent an( has co# anies an( offices in a%out C: countries+ More infor#ation a%out our locations throu)hout the &orl( is availa%le %' #ovin) the cursor over the &orl( #a + "usiness Fields' Property & Casualty Insurance When it co#es to ro ert' an( casualt' insurance8 Allianz is nu#%er one in Ger#an'+ Allianz also ran6s as one of the &orl(Is lea(in) )lo%al in(ustrial ris6 insurers+ Life & Health Insurance "n life an( health insurance8 Allianz Grou is a#on) the to co# anies in Euro e+ 3rivate an( cor orate retire#ent rovision is e#er)in) as a #a*or #ar6et Asset Management & Ban ing Allianz Grou Is asset #ana)e#ent activities are inte)rate( un(er one roof at Allianz Glo%al "nvestors+ With Dres(ner 0an68 the Allianz Grou has lai( a %roa( foun(ation in or(er to a((ress clientsI nee(s on the invest#ent #ar6et+ Allianz AG is in the %usiness of General A3ro ert' ! Casualt'B "nsuranceK Life ! .ealth "nsurance an( Asset Mana)e#ent an( has %een in o eration for over ;;: 'ears+ Allianz is one of the lar)est )lo%al co# osite insurance &ith o erations in over C: countries+ ,urther8 the Grou rovi(es Ris6 Mana)e#ent an( Loss 3revention -ervices+ Allianz has insure( #ost of the &orl(@s lar)est infrastructure ro*ects Ainclu(in) .on6on) Air ort an( Channel Tunnel %et&een UK an( ,ranceB8 further Allianz insures the #a*orit' of the fortune <:: co# anies8 %esi(es %ein) a lar)e in(ustrial insure8 Allianz has a su%stantial ortfolio in the co##ercial an( ersonal lines sector8 usin) a &i(e variet' of innovative (istri%ution channels+ Allianz AG has the follo&in) of offer 0a*a* Allianz General "nsurance Co# an' Lt(+G -et u an( runnin) of General insurance o erations Ne& an( i# rove( international ro(ucts One of the &orl(@s lea(in) insurance co# anies More than C:: su%si(iaries an( > lac
27 | P a g e

e# lo'ees in over C: countries &orl(&i(e 3rovi(es insurance to al#ost half the ,ortune <:: co# anies+ A Partnershi! Based on Synergy 0a*a* Allianz General "nsurance Co# an' offers technical e$cellence in all areas of General an( .ealth "nsurance as &ell as Ris6 Mana)e#ent+ This artnershi successfull' co#%ines 0a*a* Auto@s in-(e th un(erstan(in) of the local #ar6et an( e$tensive (istri%ution net&or6 &ith the )lo%al e$ erience an( technical e$ ertise of the Allianz Grou + As a re)istere( "n(ian "nsurance Co# an' an( a ca ital %ase of Rs+;;: crores8 the co# an' isG ,ull' license( to un(er&rite all lines of )eneral insurance %usiness inclu(in) health &ith #ana)e#ent control %' Allianz AG

$bout "a#a# $llian( %ife Insurance'


0a*a* Allianz Life "nsurance Co# an' has (evelo e( insurance solutions that cater to ever' se)#ent an( a)einco#e rofiles+ "ts ro(ucts inclu(e "nvest Gain Aa uni7ue life insurance lan &here sustenance of inco#e is co#%ine( in the sa#e lan that also a's a lu# su#B8 Cash Gain AMone' 0ac6B8 Chil( Gain AChil(ren@s lan &here sustenance of inco#e is co#%ine( in the sa#e lan that also a's a lu# su#B8 Cash Gain AMone' 0ac6B8 Chil( Gain AChil(ren@s 3lanB8 Ris6 care A3ure Ter#B8 Life Ti#e Care A&hole LifeB8 ter# Care Ater# &ith return of re#iu#B8 -&arna Hishranti ARetire#ent 3lanB8 3rotector AMort)a)e ter# insurance lanB8 UnitGain AUnit Lin6e( Whole of Life 3lanB an( Unit Gain -in)le 3re#iu#+ 0a*a* Allianz Life "nsurance is oise( for an accelerate( )ro&th in the #ar6et an( has alrea(' %eco#e the fastest )ro&in) rivate life insurance co# an' in "n(ia+ 0a*a* Allianz Life "nsurance has a &i(e an "n(ia resence of office net&or6 in ;<= citie( of the countr' an( is ai(e( &ith a stron) an( traine( A)enc' net&or6 of over >?::: a)ents+ 0a*a* Allianz has also for)e( stron) 0anc assurance an( Cor orate A)enc' relationshi an( continues to %uil( on ne& tie-u s for fast trac6 )ro&th an( (ee #ar6et enetration+

28 | P a g e

0a*a* Allianz Life "nsurance has launche( a sle& of nee(-%ase( ro(ucts to cater to each varie( nee(s of the custo#er+ Currentl' 0a*a* Allianz Life "nsurance has a ro(uct ortfolio of ;F ro(ucts an( #ore nee(%ase( ro(ucts are in the i eline+

"a#a# $llian( general Insurance' )*! percent profit Increase


0a*a* Allianz General "nsurance Co# an' Li#ite( is a *oint venture co# an' %et&een 0a*a* Auto Lt(+8 "n(ia@s lea(in) #anufacturer of t&o an( three &heeler vehicles an( the Allianz Grou + 0a*a* Allianz General "nsurance offers technical e$cellence in all areas of )eneral an( health insurance an( ris6 #ana)e#ent+ The artnershi successfull' co#%ines 0a*a* Auto@s e$tensive un(erstan(in) of the local #ar6et an( e$ ansive (istri%ution &ith Allianz Grou @s )lo%al e$ erience an( technical e$ ertise+ 0a*a* Allianz General "nsurance is hea(7uartere( in 3une an( has a &i(e net&or6 of D: offices s annin) the countr'+ All the offices are full' net&or6e(+ The co# an' receive( the "RDA re)istration in #a' >::;K to(a'8 it alrea(' has a vast ran)e of D< ro(ucts to suit its cor orate an( retail custo#ers+ The co# an' has also ioneere( in uni7ue for#s of ris6 cover+ "n the inco#e &ith a EurosBK a net *u# e( 'ear >::9->::D8 the co# an' )arnere( a re#iu# of a ro$i#atel' D+? %illion Ru ees A?= #illion EurosB rofit after ta$ of >>: #illion Ru ees A9+F #illion it sol( ;+> #illion olicies+ With this result8 it achieve( rofit )ro&th of ;>< ercent8 )ross &ritten re#iu#s %' over =: ercent+

Bajaj Allianz Life Insurance Co+ Lt(+8 the fastest )ro&in) rivate life insurance co+ to(a' announce( that it has chan)e( its cor orate na#e to 0a*a* Allianz Life "nsurance Co+ Lt(8 effective fro# Au)ust :98 >::D+ The chan)e in co# an' na#e co#es in con*unction &ith research fin(in)s fro# e$istin) custo#ers8 %usiness associates8 ros ective custo#ers an(

other sta6ehol(ers in(icates hi)her co#fort level an(


29 | P a g e

ease of recallin) 0a*a* na#e first an( then Allianz8 an( hence
the na#e 0a*a* Allianz+ 0a*a* Allianz General "nsurance Co# an' Li#ite( an( 0a*a* Allianz Life "nsurance Co# an' Li#ite( &ill no& have a co##on lo)o an( %ran(in) &hich &ill hel in increasin) our visi%ilit' an( fa#iliarit'8 &hich &ill create a #uch lar)er

a&areness an( a )reater #in( share+ The ne& lo)o incor orates the ne& 0a*a* Auto lo)o+
Co##entin) on this occasion Mr+ -a# Ghose Mana)er8 Allianz an( CEO8 0a*a* Allianz Life "nsurance sai(8 we are not only acquiring a new name, but have put in motion a new level of ener)' an( co##it#ent to (eliverin) the %est ro(ucts+ The na#e chan)e cou le( &ith a))ressive strate)ic #ar6et initiatives to reach service custo#ers %etter &ill )ive us an un%eata%le osition in the insurance #ar6et in this countr' an( %oth Life an( General co# anies to)ether can unleash the L 3o&er of One@ an( %e the lea(er in the insurance in(ustr'+5 0a*a* Allianz Life "nsurance recentl' launche( over ;:: satellites %ranches8 ne& life an( non-life )rou ro(ucts8 &hich has hel e( 0a*a* Allianz Afor#erl' 6no&n as Allianz 0a*a*B to lo) in Rs+;:: Cr+ Gross Written 3re#iu# AGW3B in the first ;:: (a's of this financial 'ear an( has lea e( to > n ( osition as er "RDA fi)ures en(in) 1une :D8 fro# its C t h osition at the en( of last financial 'ear+ 0a*a* Allianz Life "nsurance has also %rou)ht in the 6e' e$ecutives8 to infuse )reater thrust8 ne& i(eas8 efficienc' an( rofessionalis# to i# art state of the art servicin) to the custo#ers across the len)th an( %rea(th of the countr'+

+,R- +,.&-/-0+I-1 $/ "$2$2 $%%I$03 %IFI014R$0+The Bajaj Allianz Difference 0usiness strate)' ali)ne( to clients@ nee(s an( tren(s in "n(ia an( )lo%al econo#' in(ustr' "nternationall' e$ erience( core tea#8 #a*orit' &ith local %ac6)roun( ,ast8 (ecentralize( (ecision #a6in) Lon)-ter# co##it#ent to #ar6et an( clients+

"rust
30 | P a g e

solutions that rovi(e the custo#er all the securit' heMshe nee( for their invest#ents+ An( #oreN
At 0a*a* Allianz8 the' have realize( that the custo#er see6s an insurer &ho# heMshe can trust+ 0a*a* Allianz Li#ite( is truste( na#e for over << 'ears in the "n(ian #ar6et an( Allianz AG has over ;;: 'ears of )lo%al e$ erience in financial services+ To)ether the' are co##itte( to rovi(e the custo#er &ith ti#e teste( an( truste( financial

#nder$riting Philoso!hy
Their un(er&ritin) hiloso h' focuse( onGUn(erstan(in) the custo#er@s nee(s Un(er&ritin) &hat &e un(erstan( Meetin) the custo#er@s re7uire#ents Ensurin) o ti#al covera)e at lo&est cost

%laims Philoso!hy
The 0a*a* Allianz tea# follo&s a service that ai#s at ta6in) the an$iet' out of clai#s rocessin)+ The' ri(e the#selves on a frien(l' an( o en a roach+ The' are focuse( to&ar(s rovi(in) the custo#er a hassle free an( s ee(' clai#s rocessin)+ Their clai#s hiloso h' is toG 0e fle$i%le an( settle fast Ensure no clai# file to %e seen %' #ore than 9 eo le Chec6 rocesses re)ularl' a)ainst the )lo%al Allianz O3EO AO erational E$cellenceB #etho(olo) %ustomer &rientation

At 0a*a* Allianz8 the )ui(in) rinci als are custo#er service an( client satisfaction+ All the efforts are (irecte( to&ar(s un(erstan(in) the culture8 social environ#ent an( in(ivi(ual insurance re7uire#ents- so that the' can cater to all the custo#er@s varie( nee(s+ '(!erienced and '(!ert Ser)icing "eam
31 | P a g e

0a*a* Allianz is (riven %' a tea# of e$ erience( eo le &ho un(erstan( "n(ian ris6s an( are su orte( %' the necessar' international e$ ertise re7uires to anal'ses an( assess the# service en)ineers locate( in ever' #a*or cit'+

1uperior /echnology
"n or(er to ensure s ee(' an( accurate rocessin) o the custo#er@s nee(s8 the' have esta%lishe( &orl(s class technolo)'8 &ith reno&ne( insurance soft&are8 &hich net&or6s all our offices an( inter#e(iaries Usin) the We%8 olicies can %e issue( for# an' office across the countr' for retail ro(ucts Uni7ue8 user frien(l' soft&are (evelo e( to #a6e the rocess of issue of olicies an( clai#s settle#ent si# ler Ae+)+ online insurance of #arine olic' certificateB

4ni5ue Forms of Risk +o6er


- ecial 3A cover for A#arnath 4atris .ousin) loan cover for eo le8 &ho are su((enl' une# lo'e( ,il# insurance Event #ana)e#ent cover Ris !ana"ement # Their $%pertise Their service #etho(olo)' is trie(8 teste( an( 3roven the &orl( over an( involvesG Ris6 i(entificationG "ns ection Ris6 anal'sisG 3ortfolio revie& an( )a Ris6 retention anal'sis+

Ris6 TransferG To an insurer as &ell as reinsurer Aas re7uire(B Creation of nee( %ase( ro(ucts On)oin) (ialo)ue an( roactivel'

32 | P a g e

Chapter $
Introd ction to the %r&ani'ation *,8,8 ,LLI,09 Life Insurance Products +a/ *enefits Pro5ect Profi"e

33 | P a g e

5+'R,"$)'5,+ ', '9/ ,R0A+5EA'5,+


*a5a5 ,""ian6 Life Insurance (ompany -imited is a *oint venture between
the State Ban of India and B.0 0aribas Assurance. *a5a5 ,""ian6 Life Insurance is registered with an authori!ed capital of $s 5??? crores and a 0aid3up capital of $s 4??? (rores. BA#A# A--IA./ Assurance the remaining 59I. owns :7I of the total capital and B.0 0aribas

*a5a5 ,""ian6 Life of India en*oys the largest ban ing franchise in India. Along with
its : Associate Ban s, *a5a5 ,""ian6 <roup has the unrivalled strength of over 47,8?? branches across the country, arguably the largest in the world. B.0 0aribas Assurance is the life and property 2 casualty insurance unit of B.0 0aribas 3 "uro /one+s leading Ban . B.0 0aribas, part of the world+s top 9 group of ban s by mar et value and a "uropean leader in global ban ing and financial services, is one of the oldest foreign ban s with a presence in India dating bac to 4A9?. B.0 0aribas Assurance is the fourth largest life insurance company in Brance, and a worldwide leader in (reditor insurance products offering protection to over 8? million clients. B.0 0aribas Assurance operates in 74 countries mainly through the banc assurance and partnership model.

*a5a5 ,""ian6

-ife has a uni,ue multi3distribution model encompassing Banc -ife e)tensively <roup as a platform for cross3selling insurance access to over 4?? million accounts across

assurance, Agency and <roup (orporate. BA#A# A--IA./ leverages the BA#A# A--IA./

products along with its numerous ban ing product pac ages such as housing loans and personal loans. BA#A# A--IA./ the country provides a vibrant base for insurance penetration across every region and economic strata in the country ensuring true financial inclusion.

34 | P a g e

*a5a5 ,""ian6 -ife e)tensively leverages the State Ban <roup relationship as a
platform for cross3selling insurance products along with its numerous ban ing product pac ages such as housing loans and personal loans.

23131 !ission CTo emerge as the leading company offering a comprehensive range of life insurance and pension products at competitive prices, ensuring high standards of customer satisfaction and world class operating efficiency, and become a model life insurance company in India in the post liberali!ation period.D *+,+* -ision./ To &e the first choice insurer for customers'

To &e the preferred employee for staff in the insurance industry'To &e the num&er one insurer for creatin" shareholder (alue' )A!$*+ G,-AL. /ho /as the C$, of Bajaj Allianz earlierhas ta en o(er as country !ana"er and is also the C$, of Bajaj Allianz Life Insurance Company'
(alues STrustworthiness Ambition Innovation &ynamism ")cellence

23233 *e# !ilestones AB 7inancial 8ear 0>-0FA Bagged the coveted personal finance award3Outloo 0rofit Cbest -ife Insurer 5??AD. $an ed among global top three in terms of number of %illion &ollar $ound Table =%&$T> members. %oney .&TG

35 | P a g e

($ISI- has reaffirmed its highest financial rating AAAOStable to *a5a5

,""ian6 -ife. In 5??: BA#A# A--IA./


rating agency.

-ife became the first life

insurer in India to receive this rating from ($ISI-, country+s leading $ecently I($A, has assigned iAAA rating indicating highest claims paying ability to *a5a5 ,""ian6 -ife Insurance. $etains ISO ;??4:5??? certificate for superior claim settlement process.

BB 7inancial 8ear 0=-0>A $ated as the @The %ost Trusted 0rivate -ife Insurer+ according to a survey conducted by Brand ",uity in association with A( .ielsen O$<3%A$< and the "conomic Times Intelligence Bureau. Became first life insurer in India to receive the highest financial rating @AAA+ from ($ISI-, the country+s best nown rating agency in 5??:. $an ed amongst global top five life insurance companies in the number of %&$T members. Borayed into micro insurance with the launch of @<rameen Sha ti+ in Bhubaneshwar, Orissa for the economically underprivileged sections of society. $eceived ISO ;??4: 5??? certification for superior claim settlement process. Became the only domestic life insurer to achieve (%%I -evel 6 certification for IT processes and software development capabilities. )B 7inancial 8ear 0<-0=A Second consecutive year of profitability.
36 | P a g e

-eads 0rivate -ife Insurance (ompanies in -ives covered : 9.7; %illion lives covered. "B 7inancial 8ear 0;-0<A Becomes the first -ife Insurer to ma e profits.

232

Products

()I* LI)+E, 7egu"ar Premium 0e# (ami"y-ain II 0e# :nit-ain II (ami"y ,ssure II %enturyP"us III :nit-ain Protection P"us II )mart In estment P"an II ,ssured -ain )ing"e Premium ;ea"th -ain )hie"d P"us

#E)SI%) ,nnuity 7etirement (uture Income -enerator )#arna 4ishranti 7etirement ,d antage 7P 7etirement ,d antage )P Pension -uarantee (uture )ecure II

*-.,I*I%).L <ndo#ment In est-ain )a e%are <conomy )P Life +ime %are )uper )a er In est P"us .oney *ac2 %ash-ain

*E-! #L.)S Protector +erm %are 0e# 7is2 %are

/%!E) I)S(-.)CE
37 | P a g e

0E.L*0 %are (irst

C0IL,-E) #L.)

J(S* L.()C0E,

&ouse ;i es

&ea"th %are (ami"y %are(irst

%hi"d-ain 1oung%are II

-roup )e a P"an -roup )ecure Life In est P"us Premier

1-%(# 0on <mp"oyer <mp"oyee %redit )hie"d -roup +erm Life=0on <mp"oyer <mp"oyee> -roup )ura2sha )ar e )ha2ti )ura2sha -roup Loan Protector -roup Income Protection -roup :nit-ain <mp"oyer <mp"oyee -roup +erm Life=<mp"oyer <mp"oyee> 0e# -roup -ratuity %are 0e# -roup )uperannuation %are
38 | P a g e

!IC-% I)S(-.)CE ,"p 0i esh 1o5ana 8ana 4i2as 1o5ana )ara" )ura2sha 1o5ana

.,,I*I%).L -I,EBE)E2I*S :nit Lin2ed ,dditiona" 7ider *enefits :L ;ai er of Premium *enefit :L (ami"y Income *enefit :nit Lin2ed +erm 7ider 0on :nit Lin2ed ,dditiona" 7ider *enefits :L ,cce"erated %ritica" I""ness 7ider

-roup )a e P"us -roup +erm Life in "ieu of <'LI -roup Lea e <ncashment )cheme -roup ,nnuity -roup )uperannuation -o"d -roup -ratuity -o"d s
23231 9ori:on- 55

*a5a5 ,""ian6 -ife 3 Fori!on II is a uni,ue, non participating 1nit -in ed


Insurance 0lan in Indian Insurance Industry, where you need not to be a financial mar et e)pert. This plan offers the fle)ibility of 1nit -in ed 0lan along with Automatic Asset Allocation which provides relatively higher returns on your money where as increasing death bench. Twin benefit of insurance cover and mar et lin ed returns profits provides higher security to Fassle3free investment management of funds from inception to maturity, Automatic Asset Allocation of funds, automatic rebalancing of funds at yearly intervals, free of cost higher protection, to meet your family financial needs. It is a uni,ue, non3participating 1nit -in ed Insurance 0lan. As per the plan and term chosen by you, BA#A# A--IA./ -ife will invest the net premium amount into each of the funds mentioned. 23232 !aha Anand

*a5a5 ,""ian6 -ife 3 %aha Anand is a simple 2 convenient unit lin ed plan, which
provides you insurance cover without any medicals. -ife begins afresh when you become a parent and when the child ta es that first step towards you, the moment is filled with cheer, enthusiasm never felt before. This moment mar s a new beginning in the child+s life and there+s no loo ing bac after that. The child eeps growing and so are his dreams, aspirations which always aim to reach hori!on and you want your 39 | P a g e

child achieve hisOher dreams. But at the same time as a proud parent you also want to secure their future against rising cost of education and other necessities. *e# 7eatures Twin benefit of mar et lin ed returns and insurance cover Simple #oining 0rocess 3 .o medical e)amination re,uired Option to pay premium, as low as $s 8?? p.m. (hoice of 6 fund options to choose from Ble)ibility to increase your investments, through Top3up Investment Ble)ibility through Switching and $edirection Options -i,uidity through partial withdrawal+s Attractive Ta) benefits under the Income Ta) Act, 4;94

23233 $nit Plus- 55 'e at *a5a5 ,""ian6 -ife understand the basic needs for pension plan and give you financial strength to maintain your life style even after the retirement. BA#A# A--IA./ -ife 3 1nit 0lus II 0ension plan ma es sure that you have regular income after you retire and also helps you to maintain your standard of living. This is a unit lin ed pension plan wherein the policyholder chooses an investment period from 8 to 85 years for a vesting age between 8? to :? years. Eou can choose to pay either single premium or pay regular premium for the entire policy term. Eour contributions are invested into 8 fund options as per your choice. 2323 $nit Plus )hild Plan 'e at BA#A# A--IA./ -IB" understand you better and hence have

developed BA#A# A--IA./ -ife 3 1nit 0lus (hild 0lan to suit you and your needs best. This 0lan is meant for parents in the age group of 4A38: having a child between the age group of ?348 years.

*e# 7eatures 40 | P a g e %ar et related returns to match increasing cost of education

0eace of %ind by giving you triple benefits -oyalty units to celebrate your child reaching 4A years .ew Investment Bund =",uity Optimi!er Bund> in addition to e)isting funds. 0ay 0remium for a limited period and reap benefits over a long time. Ble)ible plan which adapts to your changing needs as and when you want.

2323; Pension plan 'e at BA#A# A--IA./ -ife understand the basic needs for pension plan and give you financial strength to maintain your life style even after the retirement. BA#A# A--IA./ -ife 3 1nit 0lus II 0ension plan ma es sure that you have regular income after you retire and also helps you to maintain your standard of living. This is a unit lin ed pension plan wherein the policyholder chooses an investment period from 8 to 85 years for a vesting age between 8? to :? years. Eou can choose to pay either single premium or pay regular premium for the entire policy term. Eour contributions are invested into 8 fund option.

*e# 7eatures (hoice to invest 2 control four different funds as per your ris appetite (hoice to invest 2 control four different funds as per your ris appetite. Ble)ibility to choose between two options 0ure 0ension 0ension cum -ife (over .o medical re,uired for 0ure 0ension, automatic acceptance facility Ble)ibility to increase regular contribution Top up payments: any amount, anytime (ustomi!e your plan by adding riders 48 days free loo period

2323< Smart $.5P 41 | P a g e

In the current volatile mar et scenario you need a plan which not only protects your investment, but also enables you to get mar et related returns. BA#A# A--IA./ -ife 3 Smart 1-I0 is the perfect answer to your need, and will give you not only <uarantee on select .AGs during the first seven years, but also gives you the added attraction of participating in the mar et upside. *e# 7eatures <uarantee of the highest of select .AGs, during the first seven years on maturity. Investment cum Insurance plan giving mar et related returns (onvenience through shorter premium paying term, giving you a choice between two premium paying terms =00T>

0ower of more3 <uaranteed %aturity .AG, continues beyond the premium payment term. Innovation structured investment fund3@Ble)i protect Bund+ Fassle free plan3 we manage your investment, giving you ma)imum opportunity for growth while protecting your investments against adverse mar et conditions. Attractive Ta) benefits under the Income Ta) Act, 4;94 9ealth Products Binancial planning is incomplete without planning health

$.$.3

insurance. &ue to today+s hectic lifestyle, improper diet, lac of e)ercise we are at higher ris of contingencies of untimely serious illnesses. Sudden health problems could have deep hole in your poc ets. %edical science has advanced by leaps and bounds in the last few decades. There+s a definite need to cover for health insurance to reduce the financial burden.

42 | P a g e

BA2A2 A..5A+E group products li@eA

.ife 5nsurance features both indi%idual and

4. 1nit -in ed 0roducts3 this is a single non participating product group that meets both the financial as well as insurance needs. 5. 0ension 0roducts3 these comprehensive plans help to meet your post retirement financial needs. 6. 0ure 0rotection 0roducts3 nobody can predict future. So, any time anything can shatter one+s dreams. 0ure 0rotection 0roducts help to eep one safe and secure during these trouble times. BA#A# A--IA./ -ife also offers some protection cum savings products and money bac scheme products. BA#A# A--IA./ also has products for bro ers. These products ta e inspiration from the endeavors of various industries and ma e your life easy. 233

'a? Benefits
BA#A# A--IA./ -ife Insurance (ompany has outperformed

I(I(I 0rudential -ife Insurance in terms of new business premium collection this year, according to the data published by the Insurance $egulatory and &evelopment Authority =I$&A>. -ife Insurance (orporation =-I(> still retains the top ran among all the insurers, with a mar et share of 94.AA per cent in the first two months =April3%ay> of the present financial year. BA#A# A--IA./ -ife has ta en the second position, with $s :A6.;7 crore new business premiums collected in this year, amounting to ;.?9 percent of the mar et share. I(I(I 0rudential -ife Insurance, which still has the largest mar et share among the private life insurers as per capitali!ation and number of lives covered, has slipped to the third ran , with a premium collection of $s 7A6 crore and a mar et share of 8.8; per cent up to %ay.
43 | P a g e

BA#A# A--IA./

life had collected $s 879.67 crore in the

previous year compared with I(I(I 0rudential that had gathered $s ;84.:9 crore. BA#A# A--IA./ -ife Insurance has a capital of $s 5,??? crore and a paid3up capital of $s 4,??? crore. BA#A# A--IA./ remaining 59 per cent. According to figures made available by I$&A, -I( was on the top position with a mar et share of 74 per cent on the new business premium collection in the previous year. -I( was followed by I(I(I 0rudential, with 45.5 per cent mar et share and BA#A# A--IA./ -ife, with A.; percent. The insurance companies+ ran ing is often based on the new business premium coming out of the new policies that are sold, though a large chun of the money also comes from renewal premium. Other leading life insurance companies, such as Ba*a* Allian! -ife, %a) .ew Eor -ife and $eliance -ife insurance, en*oy a mar et share of 6 to 7 per cent each. In the previous financial year, when the global financial crisis unfolded, insurance companies saw no growth in business when compared with the previous year. This was primarily because of wea investor confidence and the flight to safety that the investors had adopted after the e,uity mar ets came crashing down. PAll insurance advertising offers a solution after implicitly raising the fear of death or uncertainty of retirement. There are 47348 players in the mar et, all saying more or less the same negative things. So we wondered, is there any other way to reflect what we wanted,P says %r. %uralidharan. On the surface, insurance is about death. But why should owns :7 per cent of the total capital with B.0 0aribas Assurance holding the

one insureM PItKs to ma e sure an individual, and then her or his


44 | P a g e

dependants, live well. So, if insurance is portrayed in this light, we can get a larger number of people to accept it,P he adds. The si!e of the life insurance mar et is $s 44,656 crore. BA#A# A--IA./ -ife, which started operations in 5??4, has a mar et share of 4.7; per cent in terms of premium and A.;: per cent in terms of number of people insured, says %r. %uralidharan. Old and ma*or player -I( has 9: per cent in terms of lives insured and a mar et share of :7.59 per cent. Insurance companies also face the challenge of getting younger people to invest. %ost people under thirty thin they are Pindestructible,P says %r. %uralidharan. The ads are PunpalatableP and Pdetermine your deathP and definitely discourage a lot of very suave, articulate people from even contemplating insurance, so our campaign aims to Premove the whiff of deathP from it and ma e it a Phappiness productP, he says.

Project Profile
23 31

/ligibilit# 7or Recruitment of an 5nsurance Agent "very person who has cleared higher secondary e)amination can

become an agent other than a minor or the person who is convicted in any court for crime or any legal proceedings. %en and women both can wor as an Agent. A single person can be associated with other life insurance companies. A training program is there to train a person who wants to become an Agent. There is 4?? Frs. training program which can be done either with the physical appearance in the class room or the interest basis. In the classroom training the trainee has to be physically present in the
45 | P a g e

training session. There are difference sessions of training program. A trainee can attend any session according to his comfort. The training period is of 58 days appro). If the trainee does not have enough time to devote in the classroom training, then there is another option left that is training on Internet. On the basis of Internet the trainee has provided a login number along with the password through which he operated his login and completed his training as convenient. "ach and every hour pass on the net under his login head will be count on his account. The test for the training program is also on line. This is only procedure to be an Insurance Agent.

23 32

Scope of 5nsurance Agent

In the present scenario the living standard is becoming higher and higher every day. "very person who has a family to survive wants to provide his family each and every possible comfortable thing. Fe wants his children to be a well dressed, to be higher ,ualified in a well recogni!ed school, colleges, institutes and wants his children to go abroad for higher education. Fe wants to live a lu)ury life full of pleasure.
To fulfill all of his needs he has to earn more and more. Any person can be on a *ob at a time or can be on a business can+t fulfill his pleasure re,uirement. There is a source through which he can ma e money in a legal way that is insurance sector. Becoming an insurance Agent provides him the legal source by which he can earn money with his current status. It is the business in which you deal with you personal contacts and can gain e)tra income. This business needs low investment and not of 46 | P a g e

much effort. It+s all depending on your social contacts and your s ills to convince people by helping them to suggest the product which suited them the most. As due to critical diseases, growing percentage of accident and fear of financial crisis everyone wants to secure his or her future. Insurance sector plays a vital role in assuring people about their future. As the scope of insurance enhancing, the need of an insurance Agent who can guide the potential customers is growing. Being an insurance agent of BA#A# A--IA./ -ife Insurance provides a legal mean to earn money which protects a person from earning through an illegal source which is harmful for society as well as him. Bor the youngsters it provides great platform to prove them. On the basis of their performance they can be recruited as unit mana

,R0A+5SA'5,+ S'R$)'$R/
BA#A# A--IA./ I.S1$A.(" (O.-T&
Board of &irector

%hief </cuti e ?fficer

&ead ?f )a"es

9ona" )a"es .anager

7egina" .anager

47 | P a g e

'i isiona" .anager

*ranch .anager

)a"es .anager

Insurance %onsu"tant

R/)R$5'!/+' G S/./)'5,+ PR,)/SS 5+


48 | P a g e

BA.5)

Recruitment Process
+he organi6ation phi"osophy shou"d !e 2ept in mind #hi"e formu"ating the recruitment procedure@ +he &7 department #ou"d set the recruitment norms for the organi6ation@ &o#e erA the onus of effecti e imp"ementation and comp"iance #ith the process rests #ith the heads of the respecti e functions and departments #ho are in o" ed in the recruitment and se"ection process@ +he process is aimed at defining the series of acti ities that needs to !e performed !y different persons in o" ed in the process of recruitmentA the chec2s and contro" measures to !e adopted and information that has to !e captured@ 7ecruitment and )e"ection is conducted !yB &7 C *ranch .anager (unctiona" &ead

7<%7:I+.<0+ PL,00I07ecruitment p"anning on the !asis of !udget ,@ +he manpo#er p"anning process for the year #ou"d commence #ith the companyDs !udgeting acti ity@ +he respecti e (unctiona" heads #ou"d su!mit the manpo#er reEuirements of their respecti e functionsF departments to the !oard of 'irectors as part of the annua" !usiness p"an after detai"ed discussion #ith the head of human 49 | P a g e

7esource (unction a"ong #ith detai"ed notes in support of the pro5ected num!ers assumptions regarding the direct and indirect sa"ary costs for each position@ *@ , copy of the du"y appro ed manpo#er p"an #ou"d !e for#arded !y the &7 department for their further actions during the course of the year@ +he annua" !udget #ou"d specify the manpo#er reEuirement of the entire organi6ationA at different "e e"sA in arious functionsFdepartmentsA at different geographica" "ocations and the timing of the indi idua" reEuirements@ It #ou"d a"so specify the reEuirement !udgetA #hich is the cost a""otted to#ards the recruitment of the !udgeted staff and the rep"acement of the e/isting emp"oyees@ +he manpo#er p"an #ou"d a"so c"ear"y indicate the e/act time at #hich the incum!ent shou"d !e on !oard in such a #ay that the 7egiona" &7 has adeEuate notice for the time "apses in o" ed in sourcing any other acti ities@ %@ +he 7egiona" &7Ds #ou"d underta2e the p"anning acti ity and necessary preparations in ad ance of the anticipated reEuirementsA as month"y and Euarter"y acti ities on the !asis of the appro ed !udgetA estimated separations and rep"acements therefore@ '@ +he acancies sought to !e fi""ed or !eing fi""ed sha"" a"#ays !e #ithin the appro ed annua" manpo#er !udget and no recruitment process sha"" !e initiated #ithout the forma" concurrence of the &ead of the 7egiona" &7 under any circumstance@ &ead of the 7egiona" &7 sha"" a"so ha e the responsi!i"ity to monitor the appointments !eing considered at any point of time #ith specific respect to the du"y appro ed manpo#er !udgets@ 7e ie# of .anpo#er P"ans and ,dditiona" .anpo#er ,@ 7e ie# of manpo#er !udgets sha"" ta2e p"ace on a Euarter"y !asis@ In the e ent of any ne# position or any de iations to the origina" p"ansA detai"s of the positions may!e for#arded to the 4PG&7 a"ong #ith the adeEuate supporting information@ +he recommendations #ou"d norma""y reEuire a forma" appro a" of the .anaging 'irector@ ,"ternate"yA 4PG&7 may record the summary of his discussion #ith the .anaging 'irector and the .'Ds appro a" on the recommendationsA to signify the fina" decision ta2en regarding the recommendations@

50 | P a g e

)?:7%I0- ?( ):I+,*L< %,0'I',+<) )e"ection of )ources 7egiona" &7 #ou"d tap arious sourcesFchanne"s for getting the right candidate@ 'epending on the nature of the positionFgradeA o"umes of recruitment and any other re"e ant factorsA the 7egiona" &7 #ou"d use any one mu"tip"e sources such asB </isting data!ase =acti e app"ication data !an2>H <mp"oyee referra" as per any company scheme that may !e appro ed from time to timeH ,d ertisement in the internetFne#spapersFmaga6inesFcompanyDs sitesF5o! sites or any other mediaH P"acement ,gencies =particu"ar"y for positions of .anagers and a!o e>H &eadhunting firms particu"ar"y for senior positionsA specia"ist positions and critica" positionsH 'irect recruitment from campusesFacademic institutesH 8o! #e!sites and ,ny other appropriate sources@ +he norms for using any of the sources are not #ater tight@ 0um!er of positionsA critica"ity of positions and the urgency of the positionsA confidentia"ity reEuirementsA re"ati e efficacy and cost considerations #ou"d p"ay a ro"e in the choice of the appropriate sourcing mechanism@ ,'4<7+I)<.<0+) ,"" recruitment ad ertisements =in any form and any medium> sha"" a"#ays conform to the ILI comp"iance norms and #ou"d not !e re"eased !y any department or !ranch #ithout the appro a" of the 4PG&7@ depending on the specifics of each position for #hich recruitment ad ertisements are to !e re"easedA 7egiona" &7 may o!tain assistance 51 | P a g e

from the companyDs mar2eting department andFor any e/terna" ad ertising agencies for the preparation of the contents@ Iey features of the positions as notified !y the (unctiona" &eads #ou"d norma""y form a part of the ad ertisement te/t@ +he media for re"easing ad ertisement #ou"d depend on the "e e" of the position !eing considered and the urgency of the reEuirements@ +he ad ertisement mode that cou"d !e !road"y specified as ne#spapers ="oca" or main"ine depending on reEuirements>A internet sites and !usiness maga6ines@ P"acement ,genciesF&eadhunting ,gencies 'epending upon the acanciesA fresher fitting different description "isted a!o e may !e recruited from time to timeA from academic institutes of appropriate standardsFreputationFgradeA in the reEuisite num!ers and at the compensationFstipend amounts to !e forma""y appro ed of the 4PG&7@ P"ans for such recruitment need specific specia" appro a" of 4PG&7@ norms regarding the identification of the appropriate institutesA constitution of the se"ection pane"sA timings of the recruitmentA num!er of candidates to !e recruited into different positionsA choice of the appropriate se"ection process and the too"s thereof sha"" !e decided !y the &ead of the 7egiona" &7 in consu"tation #ith the 4PG&7A depending on the specific features of the position@

)creening the candidates (irst "e e" screening +he %andidates #ou"d !e screened !y the &7 .anagerF*ranch .anager for the respecti e "ocations@ )creening #ou"d !e on the !asis of the profi"e of the candidate and the departmenta" reEuirements@ +his assessment #i"" !e #ith respect toB a@ +he genera" profi"e of the candidateA 52 | P a g e

!@ Persona"ity fit of the candidate into the profi"eA c@ ,ptitudeFattitude of the candidateA d@ .oti es of the person to 5oin the company and #hether focus is in the short term or is a "ong term p"ayerA e@ *asic s2i"" "e e" on our set of reEuirementsA say numerica""y a!i"ityA net#or2ing a!i"ityA etc f@ <sta!"ish the annua" guaranteed cash compensation of the indi idua" and chec2 #hether the person #ou"d fit into the system@ g@ </p"ain the ro"e of )a"es manager to the app"icant and chec2 the acceptance of the candidate for the same@ In case of needA the 7egiona" &7 may ta2e a +e"e inter ie# of the candidate for further assessment process@ )econd Le e" )creening ,ptitude +est If the first assessment is positi eA the candidates #i"" gi e the aptitude testA once such test is se"ected appro ed !y the company@ +he scoringA interpretation and the generation of inter ie# pro!es from that test #i"" a"so !e done at this time@ Peop"e #ho Eua"ify the minimum criteria on this test #i"" !e put up on to the (unctiona" &ead =4PDs in case of &?> for functiona" assessment and suita!i"ity into the ro"e@ +ied ,gency )a"es .anager candidates short "isted !y the *. ha e #i"" then ta2e sa"es ,ptitude testA once such a test is fina"i6ed@ (or the fina" se"ectionA the regiona" .anager =*usiness &eads for &?> #i"" meet the candidates short "isted !y the !ranch managerF4P@ +he chart specifying the .inimum appro a" "e e" for each "e e" of recruitment is specified !e"o#B %ategory *ranch .anagerF%hief %)<F,'4I)?7) *P 53 | P a g e .anager 1es 1es ,rea .anagerF,4PF4P 0o 1es *usiness &eads 0o 0o .anaging 'irector 0o 0o

*.F%*. ).

1es 1es

1es 1es

1es 1es

0o 1es

-enera" 0orms regarding inter ie# ProcessB ,@ Inter ie#s shou"d consider the entire data pro ided !y the candidate either through the forma" %4 or other#ise !efore coming to a conc"usion a!out the candidate@ +hey may insist on seeing the proof of the c"aims made !y the candidate regarding Eua"ificationsA e/perience and other achie ements@ +hey mayA at their discretionA decide to meet the candidate on more than one occasion or to refer the candidate to another pane"@ *@ 7atings on arious attri!utes of the candidates sha"" !e recorded in the inter ie# e a"uation sheetA soon after the inter ie# is o er@ ,"ong #ith these numerica" ratingsA Eua"itati e o!ser ations a!out the candidate and o era"" decision regarding se"ection or other#ise =inc"uding a decision to defer the inductionA referra" to another pane"A considering for another position> sha"" !e for#arded to the associated 7ecruitment .anagerF &ead of 7egiona" &7@ Indi idua" pane" mem!ers ha e the option of appending their additiona" remar2sFo!ser ations@ 0o se"ection #i"" !e treated as fina" un"ess the I<) form is fi""ed comprehensi e"y@ )uita!"y appropriate I<) formats may !e created for specific positions@ %@ ,ny discrepancies noticed !y the pane" mem!ers regarding the authenticity of the data pro ided !y the candidate shou"d !e specifica""y and forma""y recorded on the I<) form and suita!"y high "ightened@ '@ )pecific points to !e pro!ed during the reference chec2 processA if anyA must a"so !e c"ear"y recorded and high "ightened on the I<) forms@ ,dministrati e ,ctions 7egarding Inter ie#s ,@ )chedu"ing and the enue of the inter ie#s #ou"d !e hand"ed !y the recruitment team in consu"tation #ith the short "isted candidate and the se"ection pane" mem!ersA after ta2ing mutua" con enience into account@ (or fie"d positionsA respecti e !ranchFregiona" heads #ou"d underta2e this coGordination@ *@ ,fter the fina" roundA if the candidate is se"ectedA the comp"ete set of papers Persona" 'ata (ormA %4A 5o! reEuisition no@A Inter ie# e a"uation sheet Areference chec2 54 | P a g e

detai"sA educationa" detai"sA a"ong #ith the inter ie#erDs recommendations and 7eference chec2 form shou"d !e for#arded !y the recruitment managers to recruitment head@ (itment of the candidate into a grade and compensation fitment sha"" !e on the assumption of authenticity of the information pro ided in the %4Fapp"ication form@ %@ ,n appropriate forma" communication sha"" !e sent to the candidate #hose candidature is not !eing ta2en for#ardA or detai"s of the er!a"Fte"ephonic communications pro ided to the candidate sha"" !e recorded on the candidates papersA !y the recruitment teamFassociated "ine managers@ In the case of inter ie#s ta2ing p"ace at the !ranchFregiona" "e e"sA simi"ar noting shou"d !e recorded on the indi idua" candidateDs papers@

0egotiations of the terms and conditions and other preGappointment forma"ities ,@ In the case of sa"esG+ied ,gency functionsA the !ranch managers #i"" !e a""o#ed to fi/ the sa"ary and grade of the incoming sa"es managerA pro ided the compensation does not e/ceed 20J of the candidates current cash sa"ary@ ,ny fitment !eyond this norms #i"" need the appro a" of &eadG&7@ &7 #i"" for#ard a #or2sheet to support the *.Ds to e a"uate the appropriate cash %+% of the incum!ent@ (or a"" other functionsA the compensation and grade #ou"d !e fi/ed post a discussion !et#een the &ead of the 7egiona" &7 and the associated ,4PF4P@ ,ny candidate !eing offered a %+% of more than 4"acs #i"" need the sign off from &<,'G&7@ In appropriate casesA at the discretion of the 4PG&7A a de iation may !e referred to the .anaging 'irectorA for the .'Ds forma" appro a"@ *@ 7esponsi!i"ity for negotiations and fina"i6ation of the terms sha"" rest #ith the !est *ranch .anagerF,ssociated .anager@ +hey may see2 the assistance of the recruitment managersA #hene er reEuired@ 7eference chec2s process shou"d not norma""y !e initiated un"ess the candidate has indicated his firm acceptance of the offer !eing made !y us@ 7eference chec2s

55 | P a g e

,@ 0orma"A reference chec2s shou"d !e underta2en #ith at "east one reference@ , second reference chec2 #i"" !e done if considered necessary@ 7esponsi!"e officia"s from the former emp"oyersA academic institutes andFor any other eminent persona"ities can !e considered as appropriate references@ %"ose re"ati es and friends cannot !e considered as references@ ;here er feasi!"e and considered appropriateA a reference shou"d !e made #ith a senior officia" of the candidateDs current emp"oyer@ In case the candidate is current"y unGemp"oyedA reference shou"d !e made #ith the "atest emp"oyer@ +he format of reference chec2 is to !e used as a frame#or2 for conducting the process@ *@ ;here the minimum t#o reference chec2s are not possi!"e =particu"ar"y #ith the current emp"oyer> or #here there is a mi/ed response from different sourcesA the matter may !e to the 4PG&7 for a fina" decision@ 'epending on the seniority and any other considerations a!out the positionsA 4PG&7 #ou"d norma""y consu"t the functiona" head concernedA !efore coming to conc"usions@ ,ny candidate #hose credentia"s are dou!tfu" sha"" not !e recruited@ %@ In case of recruitment of .anagement traineesA fresher and "ife ad isors as sa"es .anagers no reference chec2s #i"" !e reEuired@ <mp"oyment offer "etter ,@ ;hen a recruitment .anager is fu""y satisfied a!out the se"ection of the right candidate and a!out comp"etion of a"" the forma"ities connected #ith the appointment of candidate inc"uding reEuisite documentationA satisfactory reference chec2 reports and medica" fitnessA heFshe #ou"d for#ard the re"e ant papers "isted !e"o# to the head of recruitment@ Persona" 'ata form <mp"oyee reEuisition form du"y fi""ed !y the regiona" &eadF*ranch .anager Inter ie# e a"uation sheet fi""ed !y the regiona" headF*ranch managerFinter ie#er #ith hisFher comments@ Latest and updated resume of the candidate 56 | P a g e

Photocopy of the appointment "etter of the "ast emp"oyer or "atest sa"ary s"ip@ <mp"oyment detai"s@ +#o Professiona" references@ Language Proficiency@ *@ 'ocument chec2 "ist for e ery grade is as fo""o#sB ,uthori6ation 7e"ease (orm@ *ac2ground chec2 (orm@ &ighest <ducation certificate@ &ighest <ducation mar2sheet@ 1 .onth )a"ary )"ip of %urrent <mp"oyer@ 1 .onth )a"ary )"ip of Last <mp"oyer@ 7e"ie ing Letter of "ast <mp"oyment@ Proof of 7esidence@ 6 Passport )i6e Photograph@ Id proof =4oter id A updated !an2 pass !oo2 Kero/A 'L@ <tc@> %@ 7egiona" &7 manager #i"" ta2e the signature of &eadG&7 on the emp"oyee reEuisition form and for#ard the papers to the emp"oyee ser ice team for issuance of the offer "etter@ '@ <mp"oyee ser ices team #i"" issue offer "etterA to !e signed !y the 0ationa" 7ecruitment .anager or %hief .anagerG&7A and send the same to the concerned *ranch .anagerF &7 .anager@ 57 | P a g e

<@ It #ou"d !e the responsi!i"ity of the *ranch .anagerF&7 .anager to ensure that the accepted copy of the offer "etter is for#arded to the emp"oyee ser ice team #ithin a #ee2 of receipt of the offer "etter@ +i"" this "etter is issuedA the LofferD has not ta2en p"ace in forma" sense@ , copy of the offer "etter sha"" !e du"y signed and returned to the candidate@ %andidate #ou"d !e e/pected to fu"fi"" arious 5oining forma"itiesA #hich are a"so forma""y communicated to himFher in the form of a chec2"ist that is attached to the "etter of offer@ +he 7egiona" &7 head sha"" ha e the o era"" responsi!i"ity and accounta!i"ity to maintain the temp"ates of the offer "etters and a"so for drafting of suita!"e nonGstandard terms to any specific candidate@ (@ +he emp"oyee ser ice team #i"" fo""o# up *ranch .anagerF7egiona" &7 .anager for the 5oining of the candidate and #i"" co""ect a"" re"e ant documents from the candidate inc"uding the 5oining reportA !efore issuing the appointment "etter@ The employee service team may enlist the help of the Branch Manager to ensure that all necessary documents within ten days o the person joining. ,fter the of a"" necessary documentsA the emp"oyee ser ice team #i"" send the appointment "etter to the ne# 5oinee@ -@ ?nce the documentation is comp"ete for the ne# 5oinee =inc"uding the accepted appointment "etter>A peop"e #ho may ha e 5oined !efore 20th of the month !ut ha e not !een inc"uded in the payro"" for the month !ecause of de"ay in receipt of papers #i"" !e gi en adGhoc sa"ary ad ance =up to ma/imum of 65J of the pro rated sa"ary>@ +his ad ance #i"" !e ad5usted once the person gets inc"uded in the su!seEuent monthDs payro""@ &@ If the person does not su!mit the re"ie ing "etter from the pre ious organi6ationA #here reEuired to !e su!mitted as per the ta!"e gi en a!o eA #ithin three months of 5oiningA the emp"oyee ser ice manager can put their sa"ary on ho"d ti"" such time as the said documents are recei ed@ Iey tas2s of 7egiona" &7 &ead 7egiona" &7 &ead #i"" ha e the authority and responsi!i"ity to

administerFimp"ement the recruitment and se"ection process as out"ined@ ,n i""ustrati e "ist of the 2ey de"i era!"es of these incum!ents is "isted !e"o#@ 58 | P a g e

<nsuring inductions as per Eua"ityA num!ersA time and cost consideration of the company in accordance #ith the appro ed manpo#er !udget@ %reation of appropriate sourcing mechanism a"ong #ith trac2ing the performance of these mechanisms@ %reation of Euarter"y and month"y recruitment p"ans <ffecti e coordination #ith e/terna" parties such as candidatesA p"acement agenciesA consu"tantsA academicFprofessiona" institutes and any other inc"uding the custody of the forma" agreements A trac2ing time"y payments and ad5usted thereto %reation of comprehensi e and appropriate too"sA "in2agesA documentsA temp"ates and any other mechanisms to ensure smooth e/ecution of the process reEuirementA a"ong #ith time"y impro ements thereto ,ssistance to user department and "ine managers inc"uding in inter ie#ingFse"ection supportA schedu"ing etc@ <ffecti e interna" communication #ith user departments and "ine managers inc"uding ma2ing the standard recruitment formats and other temp"ates easi"y a ai"a!"e to such users and notifying the modifications to such formats and temp"ates@ %reation and maintenance of Eua"itati e information !ase regarding candidatesA p"acement information@ %reation and maintenance of appropriate and highGEua"ity .I) for current and future needs of the organi6ationA inc"uding pu!"icationFcircu"ation of appropriate reports there from to the re"e ant users #ithin the company@ .onitoring recruitment costs %omp"ete documentation for the entire recruitment and se"ection process for easy and Euic2 retrie a" in a readi"y audita!"e format agenciesA campusesA institutesA and any other emp"oymentGmar2et

59 | P a g e

+ime"y and effecti e communication #ith a"" interna" and e/terna" parties inc"uding the candidates +rac2ing the progress of the se"ected candidates inc"uding resignationA e/tensions of pro!ation periodsFtraining periodA etc for the purpose of impro ement to recruitment and se"ection process@ <ffecti e coordination #ith the post recruitment arm of the &uman 7esource function 'ocumentation and creating .I) regarding #ai erA de iationA etc and identifying the 2ey areas for impro ement in the forma" recruitment and se"ection process document@ S,$R)/S ,7 R/)R$5'!/+'

5nternal Sources 4. 'ransfer A 3 The employees are transferred from one department to another according to their efficiency and e)perience. 5. PromotionsA 3The employees are promoted from one department to another with more benefits and greater responsibility based on efficiency and e)perience. 6. Others are $pgrading and "emotion of present employees according to their performance. 7. $etired and $etrenched employees may also be recruited once again in case of shortage of ,ualified personnel or increase in load of wor . $ecruitment such people save time and costs of the organi!ations as 60 | P a g e

the people are already aware of the organi!ational culture and the policies and procedures. 8. The dependents and relatives of &eceased employees and &isabled employees are also done by many companies so that the members of the family do not become dependent on the mercy of others. /?ternal Sources 4. Press Ad%ertisementsAAdvertisements of the vacancy in

newspapers and *ournals are a widely used source of recruitment. The main advantage of this method is that it has a wide reach. 5. /ducational 5nstitutesA- Garious management institutes, engineering colleges, medical (olleges etc. are a good source of recruiting well ,ualified e)ecutives, engineers, medical staff etc. They provide facilities for campus interviews and placements. This source is nown as (ampus $ecruitment. 6. Placement AgenciesA- Several private consultancy firms perform recruitment functions on behalf of client companies by charging a fee. These agencies are particularly suitable for recruitment of e)ecutives and specialists. It is also Outsourcing> 7. /mplo#ment /?changeA<overnment establishes public employment e)changes throughout the country. These e)changes provide *ob information to *ob see ers and help employers in identifying suitable candidates. 8. .abor )ontractorsA- %anual wor ers can be recruited through contractors who maintain close contacts with the sources of such wor ers. This source is used to recruit labor for construction *obs. 9. $nsolicited ApplicantsA- %any *ob see ers visit the office of well3 nown companies on their own. Such callers are considered nuisance to the daily wor routine of the enterprise. But can help in creating the talent pool or the database of the probable candidates for the organi!ation. 61 | P a g e nown as $0O =$ecruitment 0rocess

:. /mplo#ee Referrals D RecommendationsA 3 %any organi!ations have structured system where the current employees of the organi!ation can refer their friends and relatives for some position in their organi!ation. Also, the office bearers of trade unions are often aware of the suitability of candidates. %anagement can in,uire these leaders for suitable *obs. In some organi!ations these are formal agreements to give priority in recruitment to the candidates recommended by the trade union. A. Recruitment at 7actor# 0ateA3 1ns illed wor ers may be recruited at the factory gate these may be employed whenever a permanent wor er is absent. %ore efficient among these may be recruited to fill permanent vacancies. 23 3; 7actors Affecting Recruitment AThe recruitment function of the organi!ations is affected and governed by a mi) of various internal and e)ternal forces. The internal forces or factors are the factors that can be controlled by the organi!ation. And the e)ternal factors are those factors which cannot be controlled by the organi!ation. The internal and e)ternal forces affecting recruitment function of an organi!ation are

7actors Affecting Recruitment

62 | P a g e

e:

5nternal 7actors The internal factors i.e. the factors which can be controlled by the organi!ation are: 4. $ecruitment 0olicy: The recruitment policy of an organi!ation specifies the ob*ectives of recruitment and provides a framewor for implementation of recruitment program. It may involve organi!ational system to be developed for implementing recruitment programs and procedures by filling up vacancies with best ,ualified people. Bactors affecting recruitment policy ,rgani:ational objecti%es Personnel policies of the organi:ation and its

competitors3
63 | P a g e

0o%ernment policies on reser%ations3 Preferred sources of recruitment3 +eed of the organi:ation3 Recruitment costs and financial implications.

5. 9uman Resource PlanningA- "ffective human resource planning helps in determining the gaps present in the e)isting manpower of the organi!ation. It also helps in determining the number of employees to be recruited and what ,ualification they must possess. 6. Si:e of the 7irmA- The si!e of the firm is an important factor in recruitment process. If the organi!ation is planning to increase its operations and e)pand its business, it will thin of hiring more personnel, which will handle its operations. 7. )ostA- $ecruitment incur cost to the employer, therefore, organi!ations try to employ that source of recruitment which will bear a lower cost of recruitment to the organi!ation for each candidate. 8. 0rowth and /?pansionA- Organi!ation will employ or thin employing more personnel if it is e)panding its operations. of

/?ternal 7actors

64 | P a g e

The e)ternal forces are the forces which cannot be controlled by the organi!ation. The ma*or e)ternal forces are: 4. Suppl# and "emandA- The availability of manpower both within and outside the organi!ation is an important determinant in the recruitment process. If the company has a demand for more professionals and there is limited supply in the mar et for the professionals demanded by the company, then the company will have to depend upon internal sources by providing them special training and development programs. 5. .abor !ar@etA- "mployment conditions in the community where the organi!ation is located will influence the recruiting efforts of the organi!ation. If there is surplus of manpower at the time of recruitment, even informal attempts at the time of recruiting li e notice boards display of the re,uisition or announcement in the meeting etc will attract more than enough applicants. 6. 5mage D 0oodwillA- Image of the employer can wor as a potential constraint for recruitment. An organi!ation with positive image and goodwill as an employer finds it easier to attract and retain employees than an organi!ation with negative image. Image of a company is based on what organi!ation does and affected by industry. Bor e)ample finance was ta en up by fresher %BA+s when many finance companies were coming up.
7. Political-Social

A- -egal "nvironment: Garious government

regulations prohibiting discrimination in hiring and employment have direct impact on recruitment practices. Bor e)ample,
65 | P a g e

<overnment of India has introduced legislation for reservation in employment for scheduled castes, scheduled tribes, physically

handicapped etc. Also, trade unions play important role in


recruitment. This restricts management freedom to select those individuals who it believes would be the best performers. If the candidate can+t meet criteria stipulated by the union but union regulations can restrict recruitment sources. 8. $nemplo#ment RateA- One of the factors that influence the availability of applicants is the growth of the economy =whether economy is growing or not and its rate>. 'hen the company is not creating new *obs, there is often oversupply of ,ualified labor which in turn leads to unemployment. 9. )ompetitorsA- The recruitment policies of the competitors also affect the recruitment function of the organi!ations. To face the competition, many a times the organi!ations have to change their recruitment policies according to the policies being followed by the competitors.

66 | P a g e

),!P./'/ PR,)/SS ,7 S/./)'5,+ 5+ BA.5)


I.GITI.< TF" A00-I(A.T TF$O1<F &IBB"$".T SO1$("S.

I0T$R1I$2 B- +R & *AL$* D$PART!$0T'

PR$LI!$0IAR- *$L$CTI,0 ,3 T+$ CA0DIDAT$ A3T$R B$I0G *4CC$**34L I0 T+$ I0T$R1I$2

R$CI1$AL ,3 APPR,1AL ,3 T+$ R$GI,0AL !A0AG$R 3,R T+$ CA0DIDAT$* APP,I0T!$0T3

*$CA00$D C1. I0T$R1I$2 A**$*!$0T *+$$T & DATA C,0TAI0I0G ALL T+$ D*TAIL* ,3 T+$ CA0DIDAT$ *$0D T, +$AD ,33IC$ AL,0G 2IT+ T+$ R$GI,0AL !A0AG$R* APPR,1AL'

ISS#' &0 APP&I1"M'1" L'""'2 0&2 "H' %A13I3A"' 02&M H'A3 &00I%'+ 67 | P a g e

R/)R$5'!/+' (s S/./)'5,+

BASI( %eaning

$"($1IT%".T It is the process of searching candidates for vacant *obs 2 ma ing them apply for the same. It is a positive process Its aim is to attract more candidates for the vacant *obs. The firm notifies the vacancies+ through various sources 2 distributes application forms to candidates.

S"-"(TIO. It is or selection of right types of candidates 2 offering them *obs. It is a negative process 0ic ing up most suitable candidate for the *ob. The firm as s the candidates to pass through a number of stages such as filling of forms ,employment tests etc. Selection follows recruitment 2 it leads to a contract of

.ature Aim

0rocedure

(ontract of service

.o contractual relation is created.

7ecruitment imp"ies communication of acancies

Service between the employer 2 the employee.

68 | P a g e

69 | P a g e

Benefits gi%en to new emopl#ees

70 | P a g e

B/+/75'S 05(/+ ', +/- /!P.,8//S 5+ BA2A2 A..5+E .57/ 5+S$RA+)/ ),!PA+8 .'"3 Trainee Assistance Sales %anager.=TAS%> Traninee Sales %anager. #r. $elationship %anager. $elationship %anager. =Bor AgencyOAlternateOBan assuranceO&irect %ar etingObusiness 0rocurement> BenefitsA (.T.( 34.;5 -a hs to 6.8? -a hs per annum -ife Insurance coverage up to 4? -a hs.=Accidental &eath Benefits <roups personal Accidents up to 8 -a hs =(ompensates salary loss in case of disability arising due to accdents.> %edicare from 4 -a hs to -a hs =(ashless hospitali!ation of self 2Bamily> " Llearning 0arichay Induction

71 | P a g e

/?its in BA.5)

72 | P a g e

/65'S BA2A2 A..5A+E .57/ 5+S$RA+S/ ),!PA+8 .'"3


'#pes of /?its in BA.5) 5n-%oluntar# Absconding (ondition Bor Absconding:3 when the employee dose not ma es hisOher attendance on F$7u for 8 consecutive. Terminated (ondidate Bor Terminated Brom *ob :3 There are various for reasons as :3 0erformance Behavioral Attitude Braud 1nethical Se)ual Farassment

5n H %oluntar#
$esignation from #ob:3 (ondidation from $esignation from #ob L It could be due to any personal reason etc. 73 | P a g e

Chapter 4
-esearch !ethodolo&y +it"e of the )tudy 'uration of the Pro5ect ?!5ecti e of )tudy +ype of 7esearch )amp"e )i6e and .ethod of )e"ecting )amp"e )cope of )tudy Limitation of )tudy

74 | P a g e

R/S/AR)9 !/'9,",.,08
331 'itle of the Stud#
C$ecruitment 0rocess in Insurance (ompanyD. The study is showing recruitment process of any candidate in insurance company. This research is done at Si ar. This study also shows why people *oin insurance sector.

332

"uration of the Project


In #une 5??;, I have been assigned a pro*ect on recruiting process in

insurance company with special reference to BA#A# A--IA./ -ife Insurance as a part of our course curriculum. The duration of the research is appro) 6? days.

333

,bjecti%e of Stud#
The ob*ective of the recruitment process is to obtain the number and ,uality

of employees that can be selected in order to help the organi!ation to achieve its goals and ob*ectives. Bollowing are other ob*ectives of recruitment process3 4. Support the organi!ation ability to ac,uire, retain and develop the best talent and s ills. 5. Increase the effectiveness of various recruiting techni,ues

33

'#pes of Research
I used a descriptive type of research. It is one which includes surveys and

fact finding, en,uiries of different inds. The ma*or purpose of such research is description of the state of affairs, as it e)ists at present. %ethodology or process involving in the research followed during the course of summer training is as follows L

75 | P a g e

)ollection of dataA This is an important aspect in formulating the ob*ective of research process where the data is collected via two process: =i> 0rimary Sources and =ii> Secondary sources i. Primar# sources- 'here the data is collected primarily by interviewing and personal observation and is original in nature and accurate to the considerable e)tent. ii. Secondar# sources- 'here the data is obtained from some published and printed sources such as newspaper, maga!ines, and websites and so on.

33; Sample Si:e and !ethod of Selecting Sample


To ensure complete representation the researcher identified target responded through a stratified random sampling process stratified the population into number of strata and sampling respondent is selected from each stratum. The selection of respondent from each stratum was based on simple random sampling. I have covered 4?? employees. 4. Insurance employees a> 1nit %anager b> Team -eader c> Agents 5. Businessmen a> $etail shops b> 'holesaler c> Bamily business 6. Students a> %anagement students b> -aw students 7. Other 0rofessions a> "ngineers b> &octors c> Ban ers

76 | P a g e

7ig3331 Sample si:e

Sampling is a process of obtaining a number of individuals ta en a base for the entire population since entire population cannot be as ed about the necessary ob*ective upon which a ,uestionnaire is put forth needed for the responses to be derived for the purpose of generation of facts and customer view point regarding their perception of particular product or services. There are two type of sampling3 i. Random sampling- $andom sampling is a process of selecting the sample si!e randomly and no choice or preference to be made about the selection of respondents for the mar et survey and ,uestionnaire to be put forth against him. Fere, $andom sampling being adopted by me. ii. S#stematic sampling- It is a sampling where the limited number of selected respondents is figured out based on some criteria so that only those respondents can be as ed for the purpose of filing ,uestionnaire. iii. 77 | P a g e

33< Scope of Stud# "very research is conducted to fulfill certain ob*ectives and this ob*ective in turn fulfill some purpose and is of significance for one or more then one party. This research is significant for: 33<31 'o the student This study provides the student a practical insight of various activities and functions of the company. The will also be able to develop in depth Fuman $esearch sector. The study is also re,uired for the partial fulfillment of the re,uirement for the degree of %.B.A. as per the curriculum. 33<32 'o the compan# The study would help BA#A# A--IA./ "mployeeQs attitude towards the company. To now the latest trend of the company. to now the nowledge of

33= .imitation of Stud#


The research area was restricted only within the Si ar city. This may not reflect the e)act position of the total mar et. Sample si!e was also so less, limitation of time means and resource forced for small si!e. Ruestionnaire includes 49 ,uestions, which affects the mentality of respondents that is time consuming.

78 | P a g e

Chapter 5
2acts and 2indin&s .ar2et )ur ey 7o"e of the 'e e"opment ,gency

79 | P a g e

7A)'S A+" 75+"5+0S


31 !ar@et Sur%e#
)ategor# of life insuranceA-

9: 7: 5: 4: $: 1: :

LI2E I)S(-.)CE IS6


71 48 19

-ES#%)SES

#rotection of *a< benefit de;ice h man asset ;al e a&ainst ncertainty C.*E1%-=
7ig3 31 )ategor# of life insurance

Both

80 | P a g e

/ssentialit# of life insurance A-

IS LI2E I)S(-.)CE ESSE)*I.L>


38 8: 3: 9: 7: 5: 4: $: 1: :

)%. %2 -ES#%),E)*S

$3

=es -ES#%)SES

)o

7ig3 32 /ssentialit# of life insurance

Iualification for life insuranceA-

81 | P a g e

-ES#%),E)*?S @(.LI2IC.*I%)
1:A 44A

#ost &rad ate 1rad ate Senior secondary

73A

7ig3 33 Iualification for life insurance

Age Jualification for life insurance A-

.1E @(.LI2IC.I*%)6 9A $:A 4BA 18C$7 a&e &ro p $7 47 a&e &ro p 47 57 a&e &ro p .bo;e 57 a&e &ro p

47A

7ig3 3 Age Jualification for life insurance

)auses of dissatisfaction A-

82 | P a g e

C.(SES %2 ,ISS.*IS2.C*I%) 1:A 19A

$4A

Low employment Low earnin& D income Low stat s

13A

45A

0 &e capital in;estment .ll of the abo;e

7ig3 3; )auses of dissatisfaction

)areer in life insurance A.B%(* C.-EE- I) LI2E I)S(-.)CE 3: )%. %2 -ES#%),E)*S 9: 7: 5: 4: $: 1: : =es -ES#%)SES )o 7B 59

7ig3 3< )areer in life insurance

.ife insurance is noble ser%ice or notK A-

83 | P a g e

IS LI2E I)S(-.)CE . )%BLE SE-EICE> 1:: )%. %2 -ES#%),E)*S 8: 9: 5: $: : =es -ES#%)SES


7ig3 3= .ife insurance is noble ser%ice or notK

89

1B

)o

.ife insurance as a career A-

.CCE#* LI2E I)S(-.)CE .S . C.-EE-> 7: )%. %2 -ES#%),E)*S 5: 4: $: 1: : =es -ES#%)SES


7ig3 3> .ife insurance as a career

51

18

)o

84 | P a g e

0rowth of life insurance A-

IS LI2E I)S(-.)CE I),(S*-= 1-%/I)1> B$ 1:: -ES#%),E)*S 8: 9: 5: $: : =es -ES#%)SES


7ig3 3F 0rowth of life insurance

14

)o

.ife insuranceA public or pri%ate A-

8: 3: 9: 7: 5: 4: $: 1: :

.1-EE /I*0 #-IE.*IS.*I%) %2 LI2E I)S(-.)CE> 35

-ES#%),E)*S

41

=es

-ES#%)SES

)o

7ig3 310 .ife insuranceA public or pri%ate

32

Role of the "e%elopment Agenc#

85 | P a g e

&ue to the nature of the groups covered, BA#A# A--IA./

-ife will be

passing certain administrative tas s onto the &evelopment Agency. By passing on these tas s the premium charged can be lower. These tas s would include: Submission of member data in a specified computer format (ollection of premiums from group members $ecording changes in the details of group members &isbursement of claim payments and the mortality rebate =if any> to group members These tas s would be in addition to the usual duties of a policyholder such as: 0ayment of premiums $eporting of claims Neeping policy holder information up to date

86 | P a g e

Chapter 7
.nalysis and Interpretation .ar2et )ur ey 7eport Product Po"icy Mueries

87 | P a g e

A+A.8S5S A+" 5+'/RPR/'A'5,+


Anal#:ing of collected data- The data collected through mar et survey and published sources are then processed to obtained necessary inferences and findings for the purpose of achieving the ob*ective as well as to derive necessary conclusion. A considerable s ill and nowledge is involved in analy!ing the data for the purpose of interpreting thereof. 5nterpreting of data- It is the significant step where the data collected and analy!ed is interpreted in the forms of graphs and figures is depicted in the report called pro*ect report. Summari:ing of data- Thereby necessary summary is prepared which is essential in the pro*ect report of the summer training being done under an organi!ation.

;31

!ar@et Sur%e# Report

88 | P a g e

)ategor# of life insurance 0rotection of human asset value against uncertainty Ta) benefit device Both 84 6A 49

Brom the survey it was drawn that life insurance is more a protection of human asset value against uncertainty =conferred by 84 respondents> where it is a ta) saving option =being accepted by 6A respondents>. -ife insurance is a service involving both these prere,uisites as depicted by remaining 49 respondents.

/ssentialit# of life insurance Ees .o :A 5:

It has been observed and applied as a -ife insurance is an essential service and should be applicable to every one, as favored by considerable :A respondents where it is not essential to an e)tent by 5: respondents from the summer training pro*ect survey by putting forth the set ,uestionnaire.

Iualification for life insurance 0ost graduate <raduate Senior secondary 68 8; 44

89 | P a g e

'hen further en,uired about the ,ualification of respondents, it was found that 8:I of the respondents were graduates, 66I were post graduates and remaining 4?I were of higher secondary out of total 4?8 respondents. Age Jualification for life insurance 4A358 age group 58 L 68 age group 68 L 78 age group Above 78 age group 74 6: 54 9

Burther, the age ,ualification for agency recruitment, it was found that 6;I respondents were belonging to 4A L 58 age group, 68I were belonging to 58 L 68 age group where as 5?I to 68 3 78 age group and remaining 9I to above 78 age group.

)auses of dissatisfaction $espondents had different views about the dissatisfaction from the present status of wor ing or occupation. &issatisfaction has been depicted in a table below and graphically above3 -ow earning -ow employment 57 All -ow status 4A above of the 4? 69 Fuge investment capital 4:

)areer in life insuranceK Ees .o 8; 79

90 | P a g e

'hen as ed about whether they would li e to

now about a

glorified career in life insurance agency where they can fulfill any and every desire of their life, 8; respondents agreed while 79 respondents said .o and will see later sometime in future. It has been depicted that life insurance sector should be promoted at the wide e)tent as it contribute to the economy as a useful source beneficial for both nation as well as its citi!ens. .ife insurance is noble ser%ice or notK Ees .o A9 4;

Indeed -ife insurance is a noble business as it provides a needful financial support in the situation of fatal calamity where the family is deprived by the fact to live in future and sustains their living. 'hen surveyed about life insurance as a noble service. A9 respondents agreed and believe that insurance is a bettering service to human life and society as a whole where as 4; respondents show disagreement. .ife insurance as a careerK Ees .o 4A 74 now about the life

Brom the 8; respondents who agreed to

insurance as a career, 4A of them agreed to *oin F&B( Standard life insurance for agency and come to the company fore more information whereas 74 still too time to thin and postponed to some future date. 0eople are highly dissatisfied from the earning, status and living
91 | P a g e

standard they are sustaining at present and would definitely li e to ma e some additional source of earning and for this agency for life insurance would prove a boon. 5s .ife insurance industr# growingK Ees .o ;5 46

Brom all 4?8 respondents, ;5 agreed that life insurance sector is a growing concern and will grow at a rapid pace in future where as 46 too as a mere stagnant industry. Binancial services are growing at a tremendous pace as people are urging to ma e their investment in lucrative opportunities and therefore life insurance sector is playing a vital role in educating the people to ma e their investment which could secure their future, needs and living despite some fatal calamity that might or might not occur. Agree with pri%ati:ation of life insuranceK Ees .o :7 64

Among :7 respondents from 4?8 respondents favored the privati!ation of the life insurance and perceive that the people of India will now be more aware and nowledgeable with respect to life insurance than that in the past 8? years with the wor ing of -I(. ;32

Polic# Product Iueries

1. 'hat are the basic elements of -ife InsuranceM 92 | P a g e

The two basic elements to all individuals are a. $is coverage =i.e. Term Insurance> b. Savings for future =i.e. 0ure "ndowment>
$. 'hat is Term InsuranceM

Term Insurance covers C$is D and $is means C&eathD. Fere a lump sum amount is payable only if death occurs during a selected period. If the insured survives till the end of the selected period, nothing becomes payable.
4. 'hat is "ndowment productM

The insurer will receive a lump sum amount either at death during the term or at maturity of the term.
5. -hat is a -hole .ife insurance productK

'hole life insurance ris covers the death of the insured, whenever it may happen. It means that there is no fi)ed term under whole life insurance. %ost policies provide a dividend to the policy holder which helps with retirement. There are two variations in the whole life insurance products :3 a. Pure -hole .ife 5nsuranceA - where premiums are payable continuously throughout the life of the insured till death. $is coverage is for the entire duration of life and the life insured amount is paid on the happening of the death of the insured at any time. b. .imited Pa#ment -hole life 5nsuranceA 3 where premiums are paid for a limited and shorter period and the option of the insured

93 | P a g e

or till death if earlier. $is coverage is however throughout the life of the insured.
7. -hat is a 0uaranteed Surrender (alueK

The policy can be surrendered for cash only after the premiums have been paid for at least three years. The minimum surrender value allowed is e,ual to a certain percentage of the total amount of premiums paid e)cluding the premiums for the first year and all e)tra premiums or additional premiums for accident benefits that may have been paid.

Chapter 9
S/%* )trengths ;ea2ness ?pportunities +hreats

94 | P a g e

S-,'
<31 Strengths
BA#A# A--IA./ -ife has a uni,ue multi3distribution model encompassing -ife e)tensively

Bancassurance, Agency and <roup (orporate. BA#A# A--IA./

leverages the State Ban <roup as a platform for cross3selling insurance products. At present BA#A# A--IA./ -ife has over 7?? branch offices in India. 'e ta e pride in our trac enriching career. record of growth, financial solidity, ethical practices, domain e)pertise and meritocratic culture. #oin us for a rewarding and an

About BA2A2 A..5A+E .ife 5nsurance


Bagged the most coveted personal financial services award L Outloo %oney .&TG 0rofit CBest -ife InsurerD 5??A. $an s among <lobal Top Three at %illion &ollar $ound Table =%&$T>. Fas been assigned IAAA rating indicating highest claims paying ability, by I($A, one of the India+s leading rating agencies. This rating reflects BA2A2

95 | P a g e

A..5A+E .ifeCs fundamentall# strong position and the prospect of meeting its polic#holderCs obligations as highest3 Fas been reaffirmed PAAAOStableP rating, the highest financial rating by ($ISI-, India+s leading rating agency. -ast year BA2A2 A..5A+E .ife became the first insurance compan# to get the highest rating of CAAADStableL from )R5S5.3 'his rating reflects highest financial strength to meet polic#holder obligations3 %ore than 7?,??? insurance advisors wor with BA#A# A--IA./ -ife Insurance in India. BA#A# A--IA./ -ife Insurance is nown for ,ualities li e trustworthiness, ambition, innovation, dynamism and e)cellence in its area of speciali!ation. The BA#A# A--IA./ <roup owns more than 47,8?? branches located across the country of India.

<32

-ea@ness
4. -I( is prevalent and sustains even today a ma*or source of population. 5. -ow number of offices and networ agents. 6. -ac of nowledge and e)pertise. and number of life insurance

9.4

,pportunities
4. -ife insurance has captured its mere48 L 5?I growth therefore a wide open untapped mar et is open to the company to develop, grow and measure its success. 5. Still the numbers of companies are few and company has every capability to grow and forward its performance areas to the widest.

9.5

'hreats
4. 0eople are hesitant to invest and put their hard earned money to the private life insurance company with the fear of getting lost.

96 | P a g e

5. Belief towards -I( as it is a government corporation development and liberali!ation of life insurance.

phobia is

continue to surmount the people of India despite lots of flaws and 6. Alternative financial services such as mutual fund, ban ing services, share and securities also pose problems and threats to the wor ing of the life insurance sector. 7. Illiteracy and unemployment also pose threat. 8. $ising real estate industry also pose threat as people are investing a bul of their money over to that industry.

Chapter 3
Concl sion %onc"usion

97 | P a g e

),+).$S5,+
Summer training is a best e)ample for a trainee to learn about the company wor ing, corporate culture under which is operating the functions. BA#A# A--IA./ life insurance company under which I gained a significant nowledge with respect to life insurance, its importance and applicability as well as undertoo the tas to recruit capable life insurance advisors which is conducive for the company to grow with more prosperity. 'hat I taught in the management institute utili!ed them fruitfully leading to the best advantage to the company and to the best e)perience for mine. In all 0ublic Service *urisdictions, new approaches to recruitment are being used. In many territories, the strategies are manual but, as automated methods become more pervasive, those mechanisms that support its use will assume greater popularity. 98 | P a g e

'hatever the strategies selected for use, the ob*ective is to recruit the most ,ualified, committed individuals into the organi!ations and ensure that the provision of government services to the public is timely and effective, that the goods are of consistent high ,uality and that the organi!ations achieve the ob*ectives for which they have been established. -ife insurance is a noble service which is very important for every citi!en to learn and reali!e its importance because this is the only source which can remain the status where one is with the family bread earner and ever when he is not. 'ith the growing financial sector I would li e to opt this industry for my future career advancement and as an opportunity to service this industry.

Chapter 8
-ecommendation and S &&estions 7ecommendations )uggestions

99 | P a g e

R/),!!/+"A'5,+ A+" S$00/S'5,+S


RecommendationsBollowing are suggestions made for the benefits and augmentation of the sound wor ing of the company LBA#A# A--IA./ life insurance 4. .eed to train and develop life insurance agents with more comprehensive nowledge and s ills to counter every ,ueries of the customer. 5. It is suggested that company should not left any stone unturned towards sound advertisement and promotional measures on every section whether it is printed, media or air via radio. 100 | P a g e

6. It is also suggested that s illed management graduates need to be places on sales and mar eting of financial services that can render their best ideas for the accomplishment of the company goals and ob*ectives to the best e)tent.

7. Also, care need to be ta en that every customer+s grievance should be met with delight whether before purchase or after sales. 8. There should be an e)pansion measure for more offices and location of more centers for offices of the company is established sop that company may grow its networ . 9. -ife insurance 0roducts should be made fle)ible so as to suit every section of society.

SuggestionsBollowing are suggestions made for the benefits and augmentation of the sound wor ing of the company LBA#A# A--IA./ life insurance: 4. .eed to train and develop life insurance agents with more comprehensive nowledge and s ills to counter every ,ueries of the customer. 5. It is suggested that company should not left any stone unturned towards sound advertisement and promotional measures on every section whether it is printed, media or air via radio. 6. The advisors should be made aware and educated so that they can e)tend their services not only in terms of collection of premium

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chec s from the customer but also to educate them about the insurance and the latest nontraditional plans. 7. All the company should come out of a unit lin product that should aid every selection of the society. 8. It is also suggested that s illed management graduates need to be places on sales and mar eting of financial services who can render their best ideas for the accomplishment of the company goals and ob*ectives to the best e)tent. 9. Also, care need to be ta en that every customer+s grievance should be met with delight whether before purchase or after sales. :. There should be an e)pansion measure for more offices and location of more centers for offices of the company be established sop that company may grow its networ . A. -ife insurance 0roducts should be made fle)ible so as to suit every section of society.

APP/+"56
IuestionnaireA

I313 -hat do #ou mean b# life insuranceK a> 0rotection of human asset value against uncertainty b> A sum received after death c> Both

I323 "o #ou thin@ life insurance is essential for e%er# oneK a> Ees b> .o

I333 -hat is #our JualificationK 102 | P a g e

a> 0ost graduate b> <raduate c> Senior secondary I3 3 "o #ou come under: a> 4A358 age group b> 58 L 68 age group c> 68 L 78 age group d> Above 78 age group

I3;3 -ould #ou li@e to @now about a career in life insurance ad%isor ship where #ou can fulfill e%er# desire of #our lifeK a> Ees b> .o

I3<3 "o #ou percei%e that life insurance business is a noble ser%ice oriented businessK a> Ees b> .o

I3=3 -ould #ou li@e to become or opt for life insurance ad%isor under esteemed and prospering organi:ation Bajaj Allian: .ife insuranceK a> Ees b> .o

I3>3 "o #ou agree that the life insurance business is a growing industr# and will grow and rapid pace in futureK a> Ees b> .o

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I3F3 "o #ou fa%or the pri%ati:ation of life insurance b# the 0o%ernment where a significant number of companies now in the mar@et for life insurance to the customers with the alliance of multinationalsK a> Ees b> .o

S$00/S'5,+A 4. 5. 6. SSSSSSSSSSSSSSSSSSSSSSS SSSSSSSSSSSSSSSSSSSSSSS SSSSSSSSSSSSSSSSSSSSSSS

P/RS,+A. 5+7,R!A'5,+A +ameA - SSSSSSSSSSSSSSSSSSSSSSSS .ocationA - SSSSSSSSSSSSSSSSSSSSSSS ,ccupationA - SSSSSSSSSSSSSSSSSSSSSS

0lossar#A
4. Application for insurance: This is the form on where you state information and answer ,uestions from the insurance company about yourself and your history. This application along with information from a medical e)amination, if ta en, from your physicians, any hospitals you may have visited and investigation are whatKs used by the insurance company to decide whether or not to offer you life insurance and at what rate. 5. Accident Benefit: A rider or an add3on with a life policy. It compensates a policyholder in the event of death or in*ury by accident. 104 | P a g e

6. Annuity: An investment option that ma es a series of regular payments to an individual in e)change for a premium or a series of premier. 7. Appreciate: To grow in value 8. Asset: "verything owned or due to a person 9. Asset allocation: Fow your investments are spread across various asset classes :. Beneficiary: The person=s> named in the policy to receive the life insurance proceeds upon the death of the insured. A. Bond: It is li e an IO1. By buying a bond you loan money to a company, a municipality, state or the (entral <overnment. ;. Bonus: The amount paid as return in a @with3profit+ policy. The bonus, e)pressed as a percentage of the sum assured, is generally declared every year. The amount is lin ed to the profits earned by the insurer. &epending on the time of withdrawal, there are two inds of bonuses L reversionary and cash. A reversionary bonus can be encashed only on maturity of the policyH a cash bonus can be withdrawn when declared. 4?. Budget: It is a tool used to monitor and control e)penditures and purchases.

.ist of 7iguresA
S3 +o3 4. 5. 6. 7. 105 | P a g e 'itle $ecruitment process Sample si!e (ategory of life insurance "ssentiality of life insurance 7ig3 +o3 Big.5.4 Big.6.4 Big.7.4 Big.7.5

8. 9. :. A. ;. 4?. 44. 45.

Rualification for life insurance Age ,ualification for life insurance (auses of dissatisfaction (areer in life insurance -ife insurance is noble service or notM -ife insurance as a career <rowth of life insurance -ife insurance: public or private

Big.7.6 Big.7.7 Big.7.8 Big.7.9 Big.7.: Big.7.A Big.7.; Big.7.4?

"I"%I,GR$&78
Bollowing are sources which helped me during my summer training3

",,91'
NOT-"$ 0FI-I0: %ar eting %anagementD <10TA S.0.: Statistical %ethods Notler 0hilip : %ar eting %anagement, 0rentice Fall of India, %athew %.#. : Insurance, $BSA 0ublishers #aipur N. Aswattappa : Fuman $esource %anagement 106 | P a g e

.$G$3I0-1'
India Today Business 'orld

R -F-R-0+-1'
Websiteswww. www.irdaindia.org www.businessconnect.com www.google.co.in business.mapsofindia.com www.scribd.com www.nseindia.com www.bseindia.com http:OOen.wi ipedia.orgOwi iOconsumerTpsyche

0-W1&$&-R'
The "conomics times Times of India Business line

,/7-R1'
I$&A annual report, %anual of Insurance by Bharat -aw Fouse

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