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A SUMMER TRAINING PROJECT REPORT

ON
RECRUITMENT OF ADVISORS
AT
TATA AIG LIFE INSURANCE CO. LTD.

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

Prescribed by LU

BY
Surendra Yadav
Roll No. 918101046
Under the guidance of
Industrial Guide

Submitted to
Academic Guide

Mr. N.A.KHAN
SALES MANGER
TATA AIG LIFE INSURANCE CO. LTD

DR. ARUN KUMAR SRIVASTAVA

PRINCIPAL
CITY COLLEGE OF MANAGEMENT

CITY COLLEGE OF MANAGEMENT,

LUCKNOW
Bhartipuram, Tiwariganj, Chinhat Lucknow.

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ACKNOWLEDGEMENT
I am thankful to management of TATA AIG LIFE INSURANCE Co.
Ltd. for granting the permission, co-operation and valuable information for
completing this project.
I also express my heart felt thanks to Mr. Nayab Ahamad Khan (Sales
Manager) TATA AIG LIFE Insurance Co. Ltd, Shalimar Tower, Rana Pratap
Marg, Lucknow, for his valuable guidance and continuous support in better
understanding the study with his excellent ideas throughout the project.
In spite of heavy responsibilities and busy schedules, they always
managed time to provide proper guidance.
Last but not the least, I would like to say that my parents and friends
for giving me their constant support and encouragement in completion of my
project.
SURENDRA YADAV

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PREFACE
Summer training is an integral part of the BBA course curriculum. The main
objective of this training is to supplement the students theoretical knowledge
with a practical exposure to the working environment of an organization.
This program enhances the students capability to cope up with the
uncertainties and challenges which are the part and parcel of every
organization.
The competition in the insurance sector is highly volatile in nature.
Over the decade only government undertaking company was operating in
India but with the opening up of the economy several new players like private
sector & multinational insurance entered in Indian horizon.
In the giving project I made the importance of Financial Advisor in
accelerative the service of the company. Advisors are playing a very important
role for making a bright future of Tata AIG Life.
Research design method used was descriptive research. The
sampling method used was simple random sampling. I have taken a size of 60
respondents. I first formed a structure questionnaire to collect data & the
questionnaire is filled by the person, who is related with insurance company.
On the basis of filled questionnaire, coding sheet is formulated &
the conclusions are drawn with the help of graphs pie charts.

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TABLE OF CONTENTS
EXECUTIVE SUMMARY
COMPANY PROFILE
PRODUCT POLICIES
INSURANCE
TAX REBATES UNDER INDIAN INCOME TAX ACT
OUR ACHIEVEMENTS
COMPANIES OF ADITYA TATA AIG GROUP
LIFE PRODUCT POLICY OF TATA AIG LIFE
OPPORTUNITY OF AN INSURANCE ADVISOR IN
TERM OF CAREER AND GROWTH PLAN

ADVISOR ROLE
INTRODUCTION TO CHANNEL DEVELOPMENT AND
RECRUITMENT

REWARD AND RECOGNITION

METHODOLOGY USED TO RECRUIT ADVISOR
RECOMMENDATONS
BIBLOGRAPHY
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QUESTIONNAIRE

EXECUTIVE SUMMARY

Identifying different profiles of the people and giving them a Business

Opportunity to join TATA AIG LIFE Insurance Company Ltd. as an advisor.
The study is conducted to identify the perception perceived by the
people and insurance holders amongst Life Insurance Company. To make
people aware of the services facilitated by Tata AIG Lifes insurance. Several
awareness programs were conducted followed by promotional activity. People
were contacted to make them understand of Tata AIGs investment Services.
A market survey was done on life insurance companies. Different
questions regarding the companies training programs for advisor, top 5 USP's,
training centers etc were asked. The areas covered up in this survey were
Gorakhpur. The report contains details of different role of the advisor in life
insurance companies and the importance of financial advisor in accelerative
the service of the company.
Insurance industry is growing rapidly day-by-day. India itself has a
population of 1.12 billion out of which roughly 33.2% people are insured.
This clearly shows that most of the people are not insured just because they
dont know much about insurance.

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COMPANY PROFILE

About Tata AIG Life

Tata AIG Life Insurance Company Limited (Tata AIG Life) is a joint
venture company, formed by Tata Sons and AIA Group Limited (AIA).
Tata AIG Life combines Tatas pre-eminent leadership position in India
and AIAs presence as the largest, independent listed pan-Asia life
insurance group in the world spanning 15 markets in Asia Pacific. Tata
Sons holds a majority stake (74%) in the company and AIA holds 26%
through an AIA Group company. Tata AIG Life Insurance Company
Limited was licensed to operate in India on February 12, 2001 and
started operations on April 1, 2001.

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Product & Policies:

Protection Plans:

TATA AIG LIFE Insurance Term Plan

TATA AIG LIFE Insurance Premium Back Term Plan

Saving Plans:

TATA AIG LIFE Insurance Guaranteed Bachat Plan

TATA AIG LIFE Insurance Money Back Plus Plan

TATA AIG LIFE Insurance Gold-Plus II

TATA AIG LIFE Insurance Saral Jeevan Plan

TATA AIG LIFE Insurance Supreme-Life

TATA AIG LIFE Insurance Dream Plan

TATA AIG LIFE Insurance ClassicLife Premier

TATA AIG LIFE Insurance SimplyLife

TATA AIG LIFE Insurance PrimeLife Premier

TATA AIG LIFE Insurance PrimeLife

TATA AIG LIFE Insurance Flexi Cash Flow

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TATA AIG LIFE Insurance Flexi Save Plus

TATA AIG LIFE Insurance Flexi Life Line

TATA AIG LIFE Insurance Single Premium Bond

Health Solution Plans

BSLI Health Plan

BSLI Universal Health Plan

Retirement Plans

TATA AIG LIFE Insurance Freedom 58

TATA AIG LIFE Insurance Flexi Secure Life Retirement Plan II

Children Plans

TATA AIG LIFE Insurance Children's Dream Plan

Rural Plans

TATA AIG LIFE Insurance Bima Suraksha Super

TATA AIG LIFE Insurance Bima Dhan Sanchay

TATA AIG LIFE Insurance Bima Kavach Yojana

Group Plans

TATA AIG LIFE Insurance Group Unit Linked Plan

TATA AIG LIFE Insurance Group Protection Solutions

TATA AIG LIFE Insurance Group Superannuation Plan

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TATA AIG LIFE Insurance Group Gratuity Plan

TATA AIG LIFE Insurance Credit Guard Plan

TATA AIG LIFE Insurance Single Premium Group Term Plan

NRI Plans

TATA AIG LIFE Insurance PrimeLife Premier

TATA AIG LIFE Insurance PrimeLife

TATA AIG LIFE Insurance Flexi Life Line Plan

TATA AIG LIFE Insurance Flexi Save Plus

TATA AIG LIFE Insurance Flexi Cash Flow

TATA AIG LIFE Insurance ClassicLife Premier

TATA AIG LIFE Insurance Single Premium Bond

TATA AIG LIFE Insurance SimplyLife

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INSURANCE
The evaluation of insurance dates back as early as the commencement of trade
between two countries in England, especially between the European countries.
During the transportation of goods, there were chances of the ship being
drowned in the rough sea conditions or attacked by the pirates, leading to huge
loss to the party sending goods. The traders of England devised a way
whereby the loss of the goods would be compensated by every trader putting
in some amount as per their financial strength so that a single party may not
be the loser; this is the earlier concept of insurance. This concept is taking
shape for the last 300 years, yet in India the first insurance company was
established in 1818 with the advent of European widows. The name of the
company was oriental life insurance company.

WHAT IS INSURANCE?
Insurance is a mechanism that ensures an individual to thrive on adverse
consequences by compensating the individual, his/her loss financially. Every
individual in the world and all activities connected with him/her, be it life,
profession, business, travel or any other pursuits are subject to unforeseen and
uncalled for hazards or dangers. The benefit that an individual enjoys in his
life by owning a car or a house or a factory can be snatched by sudden
accident which can render even the individual immobile, and his family
vulnerable. At this critical juncture, only insurance helps him not only to

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survive but recover his loss and continue his life in a normal manner, which
would otherwise be unthinkable.
The concept of insurance is quite simple. People, who are in similar trade and
are exposed to the same risks, congregate and some to an agreement that if
any individual member suffers a loss, then the loss will be shared by others
and minimized in order to enable the individual member recover from the loss
and cover his ground. Similarly the different kinds of risks can be identified
and separate groups can be formed to counter such risks and reduce to impact
to manageable proportion, in which the share could be collected from the
members either after the loss or in advance, at the time of admission to the
group. This is an exemplary sign of humanity and insurance therefore serve
the mankind to a great extent; a point most of the individual tend to overlook,
since monetary aspect is involved. Now such is for tangible assets.
The concept of insurance has been extended beyond the coverage of tangible
assets. Exporters run the risk of importers in other country defaulting as well
as losses due to sudden fluctuations in the currency exchange rates, economic
policies turmoil. The risks are not insured. Doctors run the risk of being
charged with negligence and can subsequently liable for damage. The amount
in question can be fairly large, beyond the capacity of the individual to bear.
These are insured. Thus insurance is extended to intangible assets. In some
countries even the voice of a singer, legs of the footballer can be insured, even
though the advantage of spread may not be available in these cases.
Satisfaction of economics needs requires generation of income from some
sources. If the property, which is the source of such income, were lost fully or
partially, permanently, or temporarily, the income too would stop. The purpose
of insurance is to safeguard against such misfortune few, through the help of
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the fortune many, who were exposed to the same risk, but saved from the
misfortune. Thus the essence of insurance is to share losses substitute
certainty by uncertainty.
The different types of human activities that come under the umbrella of
insurance are as follows.
1. House/office/factory or any moveable

- Fire insurance

Object destroyed in life

2. Shipment or transportation of goods

- Marine insurance

(By ship, destroyed in catastrophe).

3. Jewellery /cash/ household goods

- Burglar insurance

Stolen or robbed
4. Goods in transit by roads or railways destroyed. - Carrier insurance
5. Theft or accident of vehicles

- Vehicle insurance

6. Financial cover in ailment /surgery etc

- Health insurance

All these are non-life insurance. In conclusion one can safely say that
the purpose of insurance be it or non-life is to transfer the financial loss to the
insurance company who spreads in over to the policyholders.

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Life insurance

Life insurance or life assurance is a contract between the policy owner and
the insurer, where the insurer agrees to pay a sum of money upon the
occurrence of the insured individual's or individuals' death or other event,
such as terminal illness or critical illness. In return, the policy owner agrees to
pay a stipulated amount called a premium at regular intervals or in lump sums.
There may be designs in some countries where bills and death expenses plus
catering for after funeral expenses should be included in Policy Premium. In
the United States, the predominant form simply specifies
a lump sum to be paid on the insured's demise.
As with most insurance policies, life insurance is a contract between the insurer
and the policy owner whereby a benefit is paid to the designated beneficiaries if
an insured event occurs which is covered by the policy.
Life-based contracts tend to fall into two major categories:

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

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

design is term insurance.

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

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

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

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TYPES OF LIFE INSURANCE

Life insurance may be divided into two basic classes temporary and
permanent or following subclasses - term, universal, whole life and
endowment life insurance.

Temporary Term Insurance:Term assurance: provides for life insurance coverage for a specified term of
years for a specified premium.

Permanent Life Insurance:

Permanent life insurance is life insurance that remains in force

(in-line) until the policy matures (pays out), unless the owner fails to
pay the premium when due (the policy expires OR policies lapse).
Whole life coverage

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

included in the policy guaranteed by the company

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

provide permanent insurance coverage with greater flexibility in premium

payment and the potential for a higher internal rate of return.
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Limited-pay:Another type of permanent insurance is Limited-pay life insurance, in which all

the premiums are paid over a specified period after which no additional
premiums are due tokeep the policy in force. Common limited pay periods
include 10-year, 20-year, and paid-up at age 65.

Endowments:-

Endowment policy

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

equals the death benefit (face amount) at a certain age. The age this
commences is known as the endowment age.

Accidental Death:Accidental death is a limited life insurance that is designed to cover the
insured when they pass away due to an accident. Accidents include anything
from an injury, but do not typically cover any deaths resulting from health
problems or suicide. Because they only cover accidents, these policies are
much less expensive than other life insurances.

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Why Insurance?
Insurance is the protection of life and assets against unforeseen circumstance.
Whether it is a general accident policy, a Medi claim policy or a pension
policy, an insurance policy helps you to scope with uncertainty and insecurity.
Ever thought about why you should take an insurance policy. For one, it helps
you to hedge risks against unforeseen circumstances and save more. If that's
not all, it is:
Superior to an ordinary savings plan as it provides full protection
against risk of death.
Encourages and forces compulsory savings unlike other saving
instruments, wherein the saved money can be easily withdrawn.
Provides loan to tie over a temporary difficult phase and is also
acceptable as security for a commercial loan.
Offers tax relief to policyholders.
Hedges risk against uncertainty.
For a policy taken under the MWP Act 1874, (Married Women's
Property Act), a trust is created for wife and children as beneficiaries.
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Based on the concept of sharing of losses, the society will benefit as

catastrophic losses are spread globally.

Life Insurance has come a long way from the earlier days when it
was originally conceived medium for short periods of time.
Covering temporary risk situation, such as sea voyages. As Life
Insurance became more established, it was realized what a useful
tool it was for a number of including.

TEMPORARY NEED / THREATS:-

The original purpose of the Life Insurance remains an important

elements, namely for replacement of income on death etc.

REGULAR SAVING:-

Providing for ones family and oneself, as a medium to long

term exercise (through a series of regular payment or premiums).
This has become more relevant in recent times as people sect
financial independence for their family.

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INVESTMENT:-

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

ravages of inflation. Unlike regular saving products, investment products
are traditionally lump sum investment, where the individual makes a one off
payment .

RETIREMENT:-

Provision for later years becomes increasingly necessary, especially in

a cultural and social environment. One can buy a suitable insurance policy,
which will provide periodical payments in ones old age.

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Who can buy a life insurance policy?

Any person above 18 years of age, who is eligible to enter into a valid
contract, can go for an insurance policy. Subject to certain conditions, a policy
can be taken on the life of a spouse or children.

HOW LIFE INSURANCE IS USEFUL?

Planning for the financial consequences of a premature death is an essential
part of every financial plan. Generally, the consequences are simply too large
to ignore and cannot be totally covered with your own resources. Life
insurance is nothing but a contract with an insurance company under which
the insured (purchaser) pays a premium in exchange for coverage of specified
losses. Life insurance protects your family against the risk of the premature
death of you (or your spouse). Life insurance planning should consider your
family's short-term needs (for example, medical expenses) and long-term
needs (for example, replacing your income).
In the course of our life we are accosted by risk-that of failing health, financial
losses, accidents and so on. Insurance is a means by which life's uncertainties
are addressed in financial terms. It offers a monetary compensation against
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those losses. Insurance is considered more as a hedging mechanism rather
than a true investment avenue. Life insurance, in particular is essentially
acknowledged as a mechanism that eliminates risk-substituting certainty for
uncertainty primarily by transferring risk from the insured to the insurer.

Some financial information about insurance

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

Penny Stocks: Stocks offered by small companies with limited growth

potential. Such stocks tend to be worth very little. Reflecting the
perceived value of the company.

Growth Stock: Stocks offered by relatively new companies that are

high on potential but low on stability.

Blue Chip Stocks: Stocks offered by established, successful

companies. These stocks are relatively safe investments.

About Stock Market ?

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Essentially a market is a place which introduces a buyer to a seller. In the case
of stocks the buyer and seller are dealing in small ownership portions of
companies or shares.

What is the function of Stock Markets?

Stock markets perform the following functions:

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

Create an auction mechanism in which prices can be decided for

investments.

Distributing the future risk of investments across many millions of

individuals.

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

Connecting financial institutions together to create money

About Debenture?
A debenture is a debt instrument, just like a fixed deposit (FD), usually issued
by a company. You invest a sum, and the company pays you a fixed rate of
interest for the pre-defined period. After the period gets over, you get back
your principal amount.
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About Bond?

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

governmental) that borrows the funds for a defined period of time at a
fixed interest rate.
Two features of a bond - credit quality and duration - are the principal
determinants of a bond's interest rate. Bond maturities range from a 90-day
Treasury bill to a 30-year government bond. Corporate and municipals are
typically in the three to 10-year range.

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Tax Rebates under Indian Income Tax Act

Specified investment schemes in 80c:

Life insurance premium payments

Contributions to Employees Provident Fund/GPF

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

National Saving Certificates. [NSC]

Unit Linked Insurance Plan (ULIP)

Repayment of Housing Loan (Principal)

Equity Linked Savings Scheme (ELSS)

Tuition Fees including admission fees or college fees paid for Full-time
education of any two children of the assesses (Any Development fees or
donation or payment of similar nature shall not be eligible for
deduction).

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

REC, PFC etc.

Interest accrued in respect of NSC VIII issue.

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Deduction under 80c:-

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

of contribution to Pension scheme of LIC of India or any other Insurance Co.

SMALL, MID & LARGE CAP COMPANIES:-

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

company's size. Big/large caps are companies which have a market cap
between 10-200 billion dollars. Mid caps range from 2 billion to 10 billion
dollars. These might not be industry leaders but are well on their way to
becoming one. Small caps are typically new or relatively young companies
and have a market cap between 300 million to 2 billion dollars.
Although their track record won't be as lengthy as that of the mid to mega
caps, small caps do present the possibility of greater capital appreciation, but
at the cost of greater risk.

Initial Public offering:An initial public offering, or IPO, is the first sale of stock by a company to the
public. A company can raise money by issuing either debt or equity. If the
company has never issued equity to the public, it's known as an IPO. An IPO
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is just selling stock. It's all about the sales job. If you can convince people to
buy stock in your company, you can raise a lot of money.

Is life insurance a saving instrument?

Life insurance is mainly considered as a saving instrument rather than an
investment avenue as it promotes compulsory savings besides reducing tax
burden on the policyholder and protect the family of the policyholder in the
event of unforeseen happening. It is the only saving instrument, which covers
the life risk besides giving tax concession both at entry (premium paid) and at
exit points. The section 10 (D) of the income tax act totally exempts payment
of tax on any amount received as bonus against life insurance policies.
WHY INSURANCE IN INDIA:
Only 22% of the insurance population has been extended cover. Market
penetration is low and the potential to exploit is high.
Insurance premium per capita is very low.

Lack of comprehensive social system benefit and welfare means that

demand for pension products is high.

Huge middle class of approximately 300 Million.

Existing insurance company score low on customer service front.

The insurance market registered growth in the Asian region even

though Indias share in global insurance is less than 0.5% (1988) as compared
to USA (24.2%) and Japan (21%). Studies have reveled that in an emerging
market, as disposable income rises, Insurance premiums as a ratio of GDP
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shoots up. The confederation of Indian Industry projected a growth of Life
Insurance premiums from Rs.350 Billion at present to Rs.140 Billion.
The growth of non-life insurance premium is expected to increase from 75
billion to 375 billion. Out of which, only 10% is tapped by the existing
insurer.
Insurance even more than banking is a volume game. A very
exclusive approach in view is unlikely to provide meaningful numbers.
Currently, insurance is bought for the purpose of tax-benefits. A higher
percentage of business is in the rural market. The share of rural new business
insurance total new business is 55% in terms of policies and 47% in terms of
sum assured. However, this needs to be viewed in the light of some recent
issues that have been raised regarding as to what constitutes the rural market.
Therefore, private insurers will be best served by middle market approach,
targeting the customer segments that are presently unexploited.
How many Indians are aware that LIC has more than 60Products and
GIC has more than 180Products? Not only there is a reduction in the
premiums of Life Insurance products have long overdue since Indian morality
rate has decreased three folds in the last 50years. There is also scope to
increase the yield on life insurance policies (presently 6%) with proper risk
management in place.
It is been debated that insurance business does not produce profit in the
first five years cross subsidization is a feature of Indian market. Even the first
portfolio vote that is considered profitable, cross subsidizes other departments.
Tariffs reduction is likely to reduce profits; further insurers have to institute
proper claims management progress in order to extract efficiencies. At present
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life insurance business in the country is taxed at 12.5% of the profit in
financial year. The government is soon to present a new model of taxing life
insurance companies at international rates.
New entrants should be well advised to look ahead to the stage where
brand strength will be a competitive advantage and sketch their alliances
accordingly. In fact, we believe that alliance related to distribution rather than
to produce or technology will prove most valuable in the long run.
Banks and financial companies will emerge, as attractive distribution
channel for this insurance trend will be led by two factors, which already
apply in other world market. First Banking food insurance, fund management
and other financial services companies are being to increase their profitability
and provide maximum value to their customers.
Therefore, they are themselves looking for a range of products to
distribute. In other market notably Europe; this has resulted in bank assurance.
Bank entering into the insurance business in India to bank hope to maximize
expensive existing network by selling a range of products more of a loss
alliance between insurance and bank than a formal ownership. Some Indian
entrants like ICICI, HDFC and Reliance hope to ride their existing network
and customer bases.

IRDA:32

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

urgent need. The international experience indicates those country with a
liberalized insurance sector have witnessed a rapid growth in premium
volumes enhancing the domestic saving rate. This happened in China, Malaysia
and Singapore where a competitive market has led to improvement in Services

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

will bring about advancement in information, communication and technology.
And rightly therefore a decision was taken by the Government of India to
open up Insurance sector. The establishment of IRDA in the month of April 2000
has been important development in this direction, making the end of
monopoly in the insurance sector.

Companies

Equity Share

74%

26%

100%
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OUR ACHIEVEMENTS: Stood at Rs.746.60 crores, marking a 105% growth over the previous
year. BSLI known for best practices that were adopted by IRDA for the
industry
BSLI pioneered ULIPs in India and is known for its innovative
products
BSLI has the best claims ratio in the industry- An Outstanding 0.41%.
BSLI 3rd largest in the group segment.
BSLI considered a role model for Banc assurance in the industry & has
7 bank relationships.
BSLI is rapidly developing its alternate channels, with 197+
relationships, includes premier relations like AR insurance, UTI
securities & Reliance retail.
Highest average ticket size in the industry.
BSLI has grown more than the market in 2007 - For YTD October
2007, BSLIs New Business Premium

BSLI would sponsor the Travel and Hotel stay for all repeat MDRT
qualifiers of 2008 & first time TOT/COT qualifiers of 2008 to attend the
MDRT Conference at Canada (22nd June to 28th June 2008)

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

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Companies of Aditya Tata AIG Group

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1. 1-UltraTech Cement Ltd

2. Hindalco
3. Grasim
4. Aditya Tata AIG Novo
5. Idea Cellular Ltd.
6. TATA AIG LIFEInsurance Co. Ltd
7. TATA AIG LIFEAsset Mgmt. Co. Ltd
8. TATA AIG LIFEDistribution Co. Ltd
9. PSI Data Systems
10.Indo Gulf Fertilizers Ltd.

1- Aditya Tata AIG nuvo ltd.

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

2- Grasim Industries Limited

Grasim Industries Limited, a flagship company of the Aditya Tata AIG Group,

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

3- Novelis
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Novelis is the world leader in aluminum rolling, producing an estimated 19
percent of the world's flat-rolled aluminum products. We are the No. 1 rolled
products producer in Europe and South America, and the No. 2 producer in
both North America and Asia. Novelis is also the world leader in the recycling
of used aluminum beverage cans. Annually, we recycle around 35 billion used
beverage cans -- enough to circle the earth more than 100 times.

4-Ultra tech
UltraTech Cement Limited has five integrated plants, six grinding units and
three terminals two in India and one in Sri Lanka.
UltraTech Cement is the countrys largest exporter of cement clinker. The
export markets span countries around the Indian Ocean, Africa, Europe and
the Middle East.
UltraTechs subsidiaries are Dakshin Cement Limited and UltraTech Ceylinco
(P) Limited.

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

6-Hindalco Industries Limited

Hindalco Industries Limited, the metals flagship company of the Aditya Tata
AIG Group, is an industry leader in aluminium and copper of its operational
areas.
Hindalco is the world's largest aluminium rolling company and one of the
biggest producers of primary aluminium in Asia. Its copper smelter is the
world's largest custom smelter at a single location.
Established in 1958, Hindalco commissioned its aluminium facility at
Renukoot in Eastern U.P. in 1962.

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Life Product policy of Tata AIG Life

1-Protection----(A) Term plan

(B) High Net worth plan

2-Saving-------(A) TATA AIG LIFEinsurance platinum plan

(B) TATA AIG LIFEinsurance Gold plus plan
(C) TATA AIG LIFEinsurance dream plan
(D) TATA AIG LIFEinsurance saral jeevan plan

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

(B) BSLI universal Health plan
4-Retirment -----(A)Tata AIG sunlife insurance secure58 plan
(B) TATA AIG LIFEinsurance Freedom58

5- Children-----(A) TATA AIG LIFE insurance dream plan

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Opportunity of an insurance advisor in term

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

What is the Role of an Advisor?

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

42

~ 43 ~

43

~ 44 ~

Advisor Role.

To provide ongoing financial advice for his/her clients: Identify future clients
Making appointments
Conduct financial review meetings with prospects/clients.
Close sales
Get referrals
Provide service to clients.
Follows internal sales and reporting system.

44

~ 45 ~

Working Environment of an advisor/Agent: To be a part of world-class sales team.

Work from your own office or residence.
Work full time or part time (an advisor can work part time by
undergoing only 50hrs of training and 100hrs training is for full
time advisors.)
Earn Commission, Bonus & Incentives.
No upper limits on earnings.
Flexible career.

45

~ 46 ~

How does an Advisor/Agent work?

Firstly an advisor/agent has to make a list of 200 people that he/she
knows.
Then the Advisor/agent makes a call to these clients and tries to fix an
appointment.
When an appointment is fixed the advisor/agent meets the customer &
tries to sell the product.
After that the advisor/agent asks for the reference of maximum number
of people from the client.
The reference is asked in context to make future calls and the whole
procedure is repeated again.

46

~ 47 ~

Opportunities for an Advisor/Agent: No startup capital required.

Flexible working environment.
Be your own boss.
Unlimited earning potential.
To be a part of a world-class team.

47

~ 48 ~

Other opportunities for insurance advisor:1-Tiger Program:CRITERIA

Advisors to AM
Vintage: 12 months+
Annualized Premium: 6,00,000
Policies: 40
Age: 25 -40 yrs
Education: Graduate
NOTE
1-Promotion to AAM/AM on achievement of Pinnacle criteria would be
subject to clearance of Assessment Center.
2-His potential must be checked by the company that he is able for that post or
not.
3-On the basis of that criterion he will promoted to that post.

48

~ 49 ~

2-Consultant Trainer Program

Consultant Trainer program is a part time career for an high potential Advisor
where he can earn a fee for the trainings conducted.
Greater potential to Earn and Learn and create more successful advisors.

CRITERIA:
Vintage: 6 months +
Annualized Premium: 3,00,000
Policies: 10
Age: 25 to 40 yrs
Education: Graduate

Note:
Promotion to Consultant Trainer would be subject to clearance of Assessment
Center. His potential will be checked by the company only then he will be
promoted to the post of trainer.

49

~ 50 ~

Advisor commission
First premium commission:The type of policy and the premium paying term determines commission
payable.
Currently the following rate of commission is in-force and applicable:

1- CLASSIC LIFE PREMIER. (Post ULIP)

Base Commission
PREMIUM PAYING
PERIODS
First Year
Second Year
Third Year
Fourth Year
Fifth Year
Sixth Year +
Top- up premium

3 PAY

OTHER PAYS

10.00%
3.50%
3.50%
0.00%
0.00%
0.00%
1.50%

11.00%
3.50%
3.50%
3.50%
3.50%
1.50%
1.50%

2-SIMPLY LIFE
POLICY YEAR
First Year
Second Year onwards

COMMISSION IN %
11.25%
2.0%

3-SUPREME LIFE
50

~ 51 ~

POLICY YEAR

COMMISSION %
3 PAY & 5PAY
9.0%
2.0%
2.0%

First Year
Second Year Onward
TOPUP

COMMISSION %
OTHER PAYS
10.0%
2.0%
2.0%

4-DREAM PLAN/ CHILDREN PLAN

The commission rate for dream plan is calculated as:

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

per IRDA guidelines.)

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

5-SARAL JEEVAN
POLICY YEAR

COMMISSION IN %

st

1 Year
2nd Year onwards

Benefit period x 2% of premium

5% of premium

6-GOLD PLUS
POLICY YEAR
1st Year
2nd Year & 3rd Year
4th Year
Top- Ups

COMMISSION %
8.0%
4.0%
NIL
2.0%

7- PLATINUM PLUS
PLAN TYPE

PREMIUM
PAYING PERIOD

COMMISSION

51

RENEWAL
COMMISSION
FOR 2nd & 3rd

~ 52 ~

Platinum plus

1-3 Years

YEAR
4.0%

8.0%

8- FREEDOM 58
POLICY YEAR
1st Year
2nd Year onward
Top- ups premium

COMMISSION%
7.5%
2.0%
2.0%

9- HEALTH PLAN
PLAN
TYPE
BSLI
Health plan
BSLI
Universal
Health Plan

PREMIUM
PAYING
1st Year
PERIOD
13 Years
30.00
13 Years

25.00

COMMISSION
RATES %
2nd & 3rd
Subsequent
Year
Years
5.0
_
4.0

52

Top-ups

~ 53 ~

Suggested Tasks for Advisors

Have knowledge of all plans and activities of the group.

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

Assist in the orientation of new officers.

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

meetings and events sponsored by the group. If the group meets weekly
plan on attending at least once a month.

Provide guidance in the planning and evaluation of programs.

Assist the group in setting realistic goals and objectives for the
academic year. Facilitators are available at the Center for Student
Involvement & Leadership, 621-8046 to help with this task.

Promote closer involvement between students, faculty and staff.

Suggest the group apply for faculty student interaction monies (see the
Funding Section of the Handbook.)

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

regulations.

Be familiar with the Policy Section of the Handbook.

53

~ 54 ~

Techniques of Advising

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

advisor may expect of a student officer may enable one to more effectively
fulfill the role of an advisor. It is strongly suggested that before agreeing to
sign the annual recognition papers, advisors should meet with the student
leaders to determine mutual expectations. Listed here are guidelines that may
be helpful in determining these expectations.

OBJECTIVE of new advisors:1- Grow own talent

2- Picking best people
3- Retention of Talent
4- Opportunity for career development
5- Sharing best practices
6- Blueprint for success

54

~ 55 ~

55

~ 56 ~

What is Recruitment?
Recruitment is the process where the HR identifying the gaps to be filled,
attracting the suitable person's CVs through different media (like
advertisement in paper, approaching consultants, employee references,
campus placements (when the requirement is huge), even you can verify
active working Employees in your company through promotions /transfers) &
etc., up to receiving the CVs. Selection starts from the received CVs,
Conducting the tests & finally ends with the HR round of Interview for taking
a decisions whether selected or not.

RECRUITMENT GUIDELINES:
Foreword:
For a manpower intensive industry such as ours, Recruitment represents one
of the single biggest Expense items. It is therefore prudent for this expense
Head to be monitored closely. As a first step, all recruitments in BSLI will be
frozen for the next three months (starting from April 07) Except for sales
channels who will obtain advance approval from the CEO on a monthly basis.
Replacements and emergency needs for other Functions will also require
CEOs approval. All functions can work on the lines of the recruitment plans
that they have designed for the quarter, as it is important to staff in order to
support anticipated business growth and raise their proposals accordingly.
56

~ 57 ~

Purpose:
These guidelines, which are operational with immediate effect, would serve as
a process guide for the recruitment processes in BSLI henceforth.

Coverage:
These guidelines cover all new joiners on full time basis at Head Office and
across all branches, including Agency Managers and those who are on
contract, as also for new positions and replacements.

Other Functions.
For recruitment of any new or replacement positions the concerned function
will have to provide a justification on criticality / need of the same to Head Of
HR in the enclosed format (Annexure A).Head of HR with the CEO will
review the same on a monthly basis. The normal recruitment process would be
followed for the approved numbers and positions. The Head Count Approval
Form for the same needs to be raised (Available on the home site under Forms
in HR manuals) for approval of Planning and HR.

57

~ 58 ~

THE RECRUITMENT PROCESS:

1. IRS (Internal Recruitment System)
2. Through referrals.
3. Advertisement (Web sites & Newspaper.)
4. Through Consultant
5. Open Market (Direct Walk in)

Internal Recruitment System :

As a rapidly growing organization. We possess the advantage of being able to
leverage on our size, diversity and the multiple locations of our operations to
better manage the career of our employees. The enclosed policy on Internal
Recruitment System is meant for ensuring that the career of our employees is
better managed while meeting the needs of our company. This policy will be
applicable to all the vacancies arising on or after January 01, 2003.

58

~ 59 ~

Objectives:
The Internal Recruitment System at BSLI will serve the following purposes:
- Help in better career management of employees.
- Enlarge available choice of candidates by
- throwing
- open positions to all who are eligible.
- Ensure that persons most suitable occupy positions.
- Promote a culture of merit and transparency
- Enhance the vibrancy of the whole organization.

59

~ 60 ~

Advisors Club
Exclusive Club for Exclusive Advisors
OBJECTIVE
1-To reward and recognize loyal and top performing Advisors
2-To reward and recognize loyal and top performing Advisors
3-Building and maintaining long term relationship with Advisors
4-Blueprint for success
5-Increased BSLI growth through committed performance of the Advisors

Criteria of club membership:Clubs

Bronze
Silver
Gold
C.E.O
CEO
Classic1
CEO
Classic 2
CEO
Classic 3
CEO
Classic 4
CEO
Classic 5
CEO

Qualifying
Conditions
(Alternate Condition)
25 Net Lives
Rs. 60,000 NAAC Rs. 1,20,000 NAAC
and
40 Net Lives
Rs. 90,000 NAAC Rs. 1,80,000 NAAC
and
60 Net Lives
Rs. 1,50,000 NAAC Rs. 3,00,000 NAAC
and
100 Net Lives
Rs. 5,00,000 NAAC Rs. 10,00,000 NAAC
and
100 Net Lives
Rs. 12,50,000 NAACRs. 25,00,000 NAAC
and
100 Net Lives
Rs. 20,00,000 NAACRs. 40,00,000 NAAC
and
100 Net Lives
Rs. 35,00,000 NAACRs. 70,00,000 NAAC
and
100 Net Lives
Rs. 50,00,000 NAACRs. 1,00,00,000 NAAC
and
100 Net Lives
Rs. 65,00,000 NAACRs. 1,30,00,000 NAAC
and
100 Net Lives Rs. 80,00,000 NAACRs. 1,60,00,000 NAAC
60

~ 61 ~
Classic 6

and

BENEFITS: Fixed Line Rentals/local call /local mobile charges, Sales Promotion
Expenses as allowed in Competition.
Printing/postage charges of authorized communication sent to existing /
prospective clients.
Other office expenses.
Events Organized for existing/prospective clients or Local & Non-Local
travel cost to business related seminars /educational meets, Inclusive
Foreign Travels
Interest on personal loans taken for computers, printers, laptops,
2/4 wheelers

61

~ 62 ~

REIMBURSEMENTS FOR AN ADVISOR IN

CLUB MEMBERSHIP:CLUB MEMBERS CAN REIMBURSE THE BENEFITS
UP TO THE FOLLOWING AMOUN
Club

Reimbursements

Club

Reimbursements

Bronze

3500

CEO

210000

4500

Classic 2
CEO

360000

10000

Classic 3
CEO

510000

CEO

45000

Classic 4
CEO

660000

CEO

120000

Classic 5
CEO

810000

Silver
Gold

Classic 1

Classic 6

Advisors club: Benefits:

Advisor Marketer
A business enabler - a professionally written document about the
advisor to present and impress his/her prospective clients.

62

~ 63 ~

Printed and laminated, this document would capture in a single

sheet all the important details such as: profile, qualification &
training, and customer testimonials.

Customer Giveaways
Sales Promotion Items will be sent to the advisors at regular
intervals for promoting business with their customers.

The quantity will vary with the membership category.

Business Cards
This specially designed and personalized Business Card with
Club qualification will be printed and distributed to the
qualifiers.

Meeting top management

Each of the categories beginning with CEO club will meet top
management at the respective club conventions/ seminars

Meeting the top Management

63

~ 64 ~

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

Financial Services
The Top 10 performers of each region get to meet the CDO
All CEO members shall qualify to meet the CEO twice a year
Invitation to an exclusive break Advisors/lunch where the
Advisor can have a one-to-one conversation with the top
management of BSLI.

Health Insurance
Health Insurance coverage for the club members shall be
provided
The details of the same shall be circulated later.

Annual Health Check-ups

All eligible Advisors Club members will receive a pre-printed
Health check-up Voucher with the Advisors Club welcome kit.
Advisor is our partner in this benefit. The list of diagnostic
centres and Advisor Office numbers are mentioned in the
voucher.
64

~ 65 ~
The Advisors have to call up the nearest to fix an appointment
according to their convenience.
Then present the voucher along with a photo ID.
The reports will be sent by the diagnostic centre to Advisor who
will in turn mail it to our Advisors at the address we have on our
records.

Magazine Subscription
As BSLI Advisors, we would like them to keep abreast of the
latest events across the world and present a worldly wise image
to their customers.
Platinum members will receive a magazine subscription of the
international magazine.
Diamond members will receive a magazine subscription of the
domestic magazine.

Training Programmes

65

~ 66 ~

To help Advisors realize their dreams, several training &

development programmes have been developed to enhance them
with:
Knowledge
Skills
Attitude to meet performance benchmarks
Provide exclusivity & value addition to select band of trainers

66

~ 67 ~

MDRT(mILL):If an advisor has completed the below production requirement he will

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

Production Requirement for MDRT 2009 (1st Jan 2009 to 31st Dec 2009)
Categor First Year

First Year

y
MDRT
COT
TOT

Commission(Rs.)
759,100
2,277,300
4,554,600

Premium(Rs.)
30,36,400
91,09,200
18,218,400

Critical Success Factors :

67

~ 68 ~

The following will be critical for the success of the

system:
- Wide publicity of the vacancies
- Open encouragement by Function Heads to employees to apply
- Transparent selection process.
- Smooth release of those selected from their present position.
The utility of this policy will be subjected to reviews annually. For any
clarifications, contact me.

68

~ 69 ~

69

~ 70 ~

COMPETITORS IN DETAIL:-

Aviva life insurance:

Aviva Life Insurance Company India Pvt. Ltd. is a joint venture
between Aviva of UK and Dabur, one of India's leading producers of
traditional healthcare products. Aviva holds a 26 per cent stake in the
joint venture and the Dabur group holds the balance 74 per cent share.

Bajaj Allianz:
Bajaj Allianz is a joint venture between Allianz AG one of the world's
largest insurance companies, and Bajaj Auto, one of the biggest 2 and 3
wheeler manufacturers in the world. Bajaj Allianz is into both life
insurance and general insurance. Allianz Group is one of the world's
leading insurers and financial services providers. Founded in 1890 in
Berlin, Allianz is now present in over 70 countries

HDFC Standard Life Insurance Co. Ltd:

Is a joint venture between HDFC Ltd., India's largest housing finance
institution and Standard Life Assurance Company, Europe's largest
mutual life company. It was the first life insurance company to be
granted a certificate of registration by the IRDA on the 23rd of October
2000.

ING Vysya Life Insurance Company Limited:

70

~ 71 ~
Is a joint venture between Vysya Bank and ING Group of Holland, the
world's 4th largest financial services group, with presence across 50
countries, and a heritage of over 150 years.

Kotak Mahindra Old Mutual Life Insurance Ltd:

Is a joint venture between Kotak Mahindra Bank Ltd. (KMBL), and
Old Mutual plc. Kotak Mahindra is one of India's leading financial
institutions and offers a range of financial services such as commercial
banking.

Life Insurance Corporation of India:

(LIC) is an autonomous body authorized to run the life insurance
business in India with its Head Office at Mumbai. It has been
established by an act of the Parliament and started functioning from
1/9/1956.

ICICI Prudential Life Insurance:

ICICI Prudential life insurance is a part of ICICI Bank.

Max New York Life Insurance Company Limited:

71

~ 72 ~
Is a joint venture between Max India Limited, a multi-business
corporate, and New York Life International, a global expert in life
insurance. New York Life is a Fortune 100 company that has over 160
years of experience in the life insurance business.

MetLife India Insurance Co. Pvt Ltd:

Is a joint venture between MetLife Group and its Indian partners. The
Indian partners include J&K Bank, Dhanalakshmi Bank, Karnataka
Bank, Karvy Consultants, Geojit Securities, Way2Wealth, and Mini
Muthoottu.

Reliance Life Insurance Company:

Limited is a part of Reliance Capital Ltd. of the Reliance - Anil
Dhirubhai Ambani Group. The company acquired 100 percent
shareholding in AMP Sanmar Life Insurance Company in August 2005.
Taking over AMP Sanmar Life provided Reliance Life Insurance a
readymade infrastructure and a portfolio

SBI Life Insurance: is a joint venture between the State Bank of India
and Cardiff SA of France. SBI Life Insurance is registered with an
authorized capital of Rs 500 crore and a paid up capital of Rs 350 cores.

72

~ 73 ~

Tata AIG Life Insurance Company:

Limited is a joint venture between Tata Group and American
International Group, Inc. (AIG). Tata Group is one of the oldest and
leading business groups of India. Tata Group has had a long association
with India's insurance sector having been the largest insurance company
in India prior to the nationalization of insurance. The Late Sir Dorab
Tata was the founder Chairman of New India Assurance Co. Ltd., a
group company incorporated way back in 1919.

Shriram Life Insurance Company:

Ltd is a joint venture between the Chennai-based Shriram Group and
the South African insurance major Sanlam. The company launched its
operation in India in December 2005

73

~ 74 ~

74

~ 75 ~

REWARD AND RECOGNITION

There are three rewards which are provided by company to the advisors when
they achieve their target. This target is fixed by the company.
1-MDRT
2-COT
3-TOT

MDRT

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

an advisor which is given by the company when an advisor achieve the
criteria of 33 lacks (annual premium).It is a great recognition of an advisor.
When he completes his criteria, he is able to get heavy incentive and foreign
trip.

75

~ 76 ~

COT

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

lacks (annual premium).After achieving this criteria ,he will able to get heavy
incentives with foreign trip with spouse. This reward is very helpful to
motivate the advisors. It is stand for court of table.

TOT

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

target of Rs 2crore. After achieving this target an advisor can get Europe tour
with heavy incentives. This is stand for TOP OF THE TABLE.

TYPES OF REWARD

MDRT

COT

TOT

76

~ 77 ~

77

~ 78 ~

PROCESS OF RECRUITMENT OF AN ADVISOR

SURVEY (Prospecting)
CONTACT

MEETING

ADVISOR RESPONSE

FORMALITIES OF AN ADVISOR

CRITERIA OF AN ADVISOR

DOCUMENTS

TRAINING

EXMINATION
78

~ 79 ~

1-SURVEY
Survey is the very first step of recruiting the advisor .I have decide the area
for the survey then I have done a survey of people from the area which is
decided .From each area I select some people and talk with them about the
agency of TATA AIG SUNLIFE INSURANCE CO. Ltd and try to know their
interest.

2-CONTACT
In this step I prepared the list of people and try to motivate them for
meeting. If someone interested, they can attend the meeting with their agency
manager.

3-MEETING
Meeting is the next process to convince the people who are interested in
taking advisor ship .In this step I try to convince them after providing the
information about the benefit which can be get by the people after taking the
advisor ship.

79

~ 80 ~

4-RESPONSE OF ADVISOR

After getting the whole information about the profit , commission , rules and
regulation the people is become able to take decision that he should take the
agency or not.

5-FORMALITIES
When an advisor ready to take the agency, then he have to fulfill the
some requirement which is necessary for the advisor as well as company. In
which they have to fill the form and submit some documents.

6-CRITERITA FOR ADVISORS

Age- 18 year
Educational Qualification, Urban - Intermediate, Rural Class 10th.
Documentation- Age proof
Id proof
PAN Card
Bank account
Driving License
Address proof.
80

~ 81 ~

7-TRAINING

It is the next step, when the people is ready to take the advisor-ship
then he have to take training of 50hours for getting the more and more
information about IRDA examination.

8-EXAMINATION
After getting the information about the examination through the training of 50
hours, he have to give the examination of IRDA. If he will be passed then he
will get the code of the company which is certified by IRDA.

81

~ 82 ~

82

~ 83 ~

1- CLASSIC LIFE PREMIER. (Post ULIP)

Base Commission
PREMIUM PAYING
PERIODS
First Year
Second Year
Third Year
Fourth Year
Fifth Year
Sixth Year +
Top- up premium

3 PAY

OTHER PAYS

10.00%
3.50%
3.50%
0.00%
0.00%
0.00%
1.50%

11.00%
3.50%
3.50%
3.50%
3.50%
1.50%
1.50%

2-SIMPLY LIFE
POLICY YEAR
First Year
Second Year onwards

COMMISSION IN %
11.25%
2.0%

3-SUPREME LIFE
POLICY YEAR
First Year
Second Year Onward
TOPUP

COMMISSION %
3 PAY & 5PAY
9.0%
2.0%
2.0%

83

COMMISSION %
OTHER PAYS
10.0%
2.0%
2.0%

~ 84 ~
4-DREAM PLAN/ CHILDREN PLAN
The commission rate for dream plan is calculated as :

. Commission Rate =2% x Policy term, Subject to a maximum of 40% (as per
IRD guidelines.)
. Renewal commission rate =5% from second year onwards.
5-SARAL JEEVAN
POLICY YEAR

COMMISSION IN %

1st Year
2nd Year onwards

Benefit period x 2% of premium

5% of premium

6-GOLD PLUS
POLICY YEAR
1st Year
2nd Year & 3rd Year
4th Year
Top- Ups

COMMISSION %
8.0%
4.0%
NIL
2.0%

7- PLATINUM PLUS

PLAN TYPE

PREMIUM
PAYING PERIOD

COMMISSION

Platinum plus

1-3 Years

8.0%

84

RENEWAL
COMMISSION
FOR 2nd & 3rd
YEAR
4.0%

~ 85 ~

8- FREEDOM 58

POLICY YEAR
1st Year
2nd Year onward
Top- ups premium

COMMISSION%
7.5%
2.0%
2.0%

9- HEALTH PLAN

COMMISSION RATES %
2nd & 3rd
Subsequent
Year
Years

PLAN
TYPE

PREMIUM
PAYING
1st Year
PERIOD

BSLI Health
plan

13 Years

30.00

5.0

BSLI
Universal
Health Plan

13 Years

25.00

4.0

85

Top-ups

~ 86 ~
Satisfaction level of respondent

Student
Govt. service
Business
Pvt. Service
Housewife
Other (specify)

Meeting
25
10
15
20
10
20

Satisfied
10
5
5
14
6
12

Unsatisfied
15
5
11
6
4
8

INFERENCE
When we meet 100 people then we find that satisfaction level of people on
behalf of TATA AIG LIFEInsurance. This figure is shows the response of the
people.
86

~ 87 ~

Interest of respondent in advisor ship in Tata AIG Sunlife

Insurance

Govt. Service
Business
Pvt. Service
Other
(Specify)
Student
House Wife

MEETING
10
15
20

INTERSTED
4
12
8

NOT
INTRESTED
6
3
12

20
25
10

8
18
4

12
7
6

INFERENCE
This figure is shows the response of the people who are interested to join the
TATA AIG LIFEInsurance as advisor.

87

~ 88 ~

Satisfaction of the respondent with there annual income

Govt. Service
Business
Pvt. Service
Other
(Specify)

MEETING
10
15
20

SATISFIED
5
9
12

UNSATISFIED
5
6
8

20

12

INFERENCE
With the help of this figure we find that the satisfaction level of the
respondent with their annual income. The people who are not satisfied, they
want to join insurance sector for more earning.

88

~ 89 ~
Interest level of the respondent in insurance sector

Govt. Service
Business
Pvt. Service
Other (Specify)
Student
House Wife

MEETING
10
15
20
20
25
10

BSLI
4
10
10
8
10
4

BAJAJ ALLIANZ
2
3
5
5
7
4

ICICI
PRUDENTIAL
1
2
5
8
8
2

INFERENCE
When we meet 100 people then we find that satisfaction level of people on
behalf of TATA AIG LIFEInsurance. This figure is shows the response of the
people.

89

~ 90 ~
According to respondent future of Tata AIG Life

Govt. Service
Business
Pvt. Service
Other
(Specify)
Student
House Wife

MEETING
10
15
20

BRIGHT
4
8
10

DULL
1
2
3

AVERAGE
2
4
5

CAN'T SAY
3
1
2

20
25
10

7
10
2

3
4
1

5
8
2

5
3
5

. INFERENCE

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

90

~ 91 ~

91

~ 92 ~

CONCLUSION
The market potential for private insurance companies is found to be
greater in the long run as most of the Indians are of the opinion that, private
insurance companies would be able to perform well in the future. The private
and foreign insurance companies have to take immediate steps in appointing
more number of agents and/or advisors in addition to the employees as it has
been found out that agents are the best channel to reach the general public
regarding selling of insurance products. The private and foreign insurance
companies have to concentrate on the factors like 'Prevention of Loss',
'Assured Returns' and 'Long term Investment'. They can also focus on an
insurance amount of Rs. 1 2lakhs with 'money back policies'. Hence, the
market has potential. The private and foreign insurance companies that are
taking immediate steps can tap it easily & rapidly.

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RECOMMENDATIONS
1. Even though most of the policy holders are satisfied with policies,
plans they have but some new attractive insurance plans should be
introduced to bind them not to switch over to other companies
insurance plans.

2. The company should find out the no. of people who are not having any
of the insurance plans through an intensive market research and
motivate them to get insured.

3. Leveraging technology to service customers quickly, efficiently and

conveniently.

4. Developing and implementing superior risk management and

investment strategies to offer sustainable and stable returns to our
policyholders.

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

6. Company should provide full information to the customers before
targeting so they can take interest.

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BIBLIOGRAPHY

BOOKS:Kotler Philips
Marketing Management
R. S. N. Pillai
Cooper & Schindler
V. S. P. Rao

Magazines:Business India
Business world
Business newspaper

WEBSITES:-

http://www.google.com

http://www.economictimes.com

http://www.Tata AIGsunlife.com

http://www.adityaTata AIGgroup.com

http://www.stockindia.com

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Questionnaire
1. Name .
2. Address
3. Tel. No. /Mob. No ...
4. E-mail ..
5. Age
6. Sex (M/F) .
7. Marital Status ..
9. Qualification: -

Q.1 What is your Occupation?

(a) Student

____

(b)

Govt. Service ____

(c) Business

____

(d)

Pvt. Service

(e) House Wife ____

(f)

____

Other (Specify) ____

Q.2 What is your Annual Income?

(a) < 1, 00,000

___

(b) 1, 00,000 2, 00,000 ___

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

Q.3. Are you satisfied with your annual income?
(a) Yes

(b) No

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Q.4 Are you interested in insurance sector?
(a) Yes

(b) No

Q.5 If you got an opportunity to work with any of these companies who
would you prefer?
(a) TATA AIG LIFE

(b) Bajaj Allianz

(c) ICICI Prudential

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

(a) Yes

(b) No

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

(a) Yes

(b) No

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

(a) Commission

(b) Carrier

(c) Income

(d) Other Benefit

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

(a) Yes

(b) No

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

(b) Dull

(c) Average

(d) Cant say

100