Beruflich Dokumente
Kultur Dokumente
To determine and analyze the Market Potential of the Birla Sun Life Insurance
Company in Lucknow City.
To study the overall scenario currently prevailing in the market, namely, the per
capital income, purchasing power, occupation, literacy rate, etc.
Life Insurance
There are three parties in a life insurance transaction; the insurer, the insured, and the
owner of the policy (policyholder), although the owner and the insured are often the
same person. For example, if John Smith buys a policy on his own life, he is both the
owner and the insured. But if Mary Smith, his wife, buys a policy on John's life, she is
the owner and he is the insured. The owner of the policy is called the grantee (he or she
will be the person who will pay for the policy). Another important person involved is the
beneficiary. The beneficiary is the person or persons who will receive the policy
proceeds upon the death of the insured. The beneficiary is not a party to the policy, but is
designated by the owner, who may change the beneficiary unless the policy has an
irrevocable beneficiary designation. With an irrevocable beneficiary, that beneficiary
must agree to changes in beneficiary, policy assignment, or borrowing of cash value.
The policy, like all insurance policies, is a legal contract specifying the terms and
conditions of the risk assumed. Special provisions apply, including a suicide clause
wherein the policy becomes null if the insured commits suicide within a specified time
for the policy date (usually two years). Any misrepresentation by the owner or insured on
the application is also grounds for nullification. Most contracts have a contestability
period, also usually a two-year period; if the insured dies within this period, the insurer
has a legal right to contest the claim and request additional information before deciding
to pay or deny the claim.
The face amount of the policy is normally the amount paid when the policy matures,
although policies can provide for greater or lesser amounts. The policy matures when the
insured dies or reaches a specified age. The most common reason to buy a life insurance
policy is to protect the financial interests of the owner of the policy in the event of the
insured's demise. The insurance proceeds would pay for funeral and other death costs or
be invested to provide income replacing the deceased's wages. Other reasons include
estate planning and retirement. The owner (if not the insured) must have an insurable
interest in the insured, i.e. a legitimate reason for insuring another person’s life. The
insurer (the life insurance company) calculates the policy prices with an intent to recover
claims to be paid and administrative costs, and to make a profit. The cost of insurance is
determined using mortality tables calculated by actuaries. Actuaries are professionals
who use actuarial science which is based in mathematics (primarily probability and
statistics). Mortality tables are statistically based tables showing average life
expectancies. The three main variables in a mortality table are age, gender, and use of
tobacco. The mortality tables provide a baseline for the cost of insurance. In practice,
these mortality tables are used in conjunction with the health and family history of the
individual applying for a policy in order to determine premiums and insurability. The
current mortality table being used by life insurance companies in the United States and
their regulators was calculated during the 1980s. There is currently a measure being
pushed to update the mortality tables by 2008.
The current mortality table assumes that roughly 2 in 1,000 people aged 25 will die
during the term of coverage. This number rises roughly quadratic ally to about 25 in
1,000 people for those aged 65. So in a group of one thousand 25 year old males with a
$100,000 policy, a life insurance company would have to, at the minimum, collect $200
a year from each of the thousand people to cover the expected claims. The insurance
company receives the premiums from the policy owner and invests them to create a pool
of money from which to pay claims, and finance the insurance company's operations.
Contrary to popular belief, the majority of the money that insurance companies make
comes directly from premiums paid, as money gained through investment of premiums
will never, in even the most ideal market conditions, vest enough money per year to pay
out claims. Rates charged for life insurance increase with the insured's age because,
statistically, a people are more likely to die as they get older.
Since adverse selection can have a negative impact on the financial results of the insurer,
the insurer investigates each proposed insured (unless the policy is below a company-
established minimum amount) beginning with the application, which becomes part of the
policy. Group Insurance policies are an exception. This investigation and resulting
evaluation of the risk is called underwriting. Health and lifestyle questions are asked, and
the answers are dutifully recorded. Certain responses by the insured will be given further
investigation. Life insurance companies in the United States support The Medical
Information Bureau, which is a clearinghouse of medical information on all persons who
have ever applied for life insurance. As part of the application, the insurer receives
permission to obtain information from the proposed insured's physicians. Life insurance
companies are never required by law to underwrite or to provide coverage on anyone.
They alone determine insurability, and some people, for their own health or lifestyle
reasons, are uninsurable. The policy can be declined (turned down) or rated. Rating
means increasing the premiums to provide for additional risks relative to that particular
insured.
Many companies use four general health categories for those evaluated for a life
insurance policy. These categories are Preferred Best, Preferred, Standard, and Tobacco.
Preferred Best means that the proposed insured has no adverse medical history, is not
under medication for any condition, and his family (immediate and extended) have no
history of early cancer, diabetes, or other conditions. Preferred is like Preferred Best, but
it allows that the proposed insured is currently under medication for the condition and
may have some family history. Most people are in the Standard category. Profession,
travel, and lifestyle also factor into not only which category the proposed insured falls,
but also whether the proposed insured will be denied a policy. For example, a person
who would otherwise be in the Preferred Best category will be denied a policy if he or
she travels to a high risk country.
Upon the death of the insured, the insurer will require acceptable proof of death before
paying the claim. The normal minimum proof is a death certificate and the insurer's
claim form completed, signed, and often notarized. If the insured's death was suspicious
and the policy amount warrants it, the insurer may investigate the circumstances
surrounding the death, before deciding whether there is a legal obligation to pay the
claim. Proceeds from the policy may be paid in a lump sum or as an annuity paid over
time in regular recurring payments for either for the life of a specified person or a
specified time period.
COMPANY PROFILE
Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between the Aditya
Birla Group and Sun Life Financial Inc., a leading international financial services
organisation. The local knowledge of the Aditya Birla Group combined with the
expertise of Sun Life Financial Inc., offers a formidable value proposition to customers.
Sun Life Financial and its partners today have operations in key markets worldwide,
including India, Canada, the United States, the United Kingdom, Hong Kong,
Philippines, Japan, Indonesia, China and Bermuda. Sun Life Financial Inc. had assets
under management of over US$ 386.82 billion, as on 31 March 2007. Sun Life Financial
Inc. is a leading performer in the life insurance market in Canada.
BSLI in its five successful years of operations has contributed significantly to the growth
and development of the life insurance industry in India. It pioneered the launch of Unit
Linked Life Insurance plans amongst the private players in India. It was the first player
in the industry to sell its policies through the Bank assurance route and through the
internet. It was also the first private sector player to introduce a pure term plan in the
Indian market. This was supported by sales practices, which brought a degree of
transparency that was entirely new to the market. The process of getting sales
illustrations signed by customers, offering a free look period on all policies, which are
now industry standards were introduced by BSLI.
Being a customer centric company, BSLI has invested heavily in technology to build
world class processing capabilities. BSLI has covered more than one and a half million
lives since inception and its customer base is spread across 100 cities in India. All this
has assisted the company in cementing its place amongst the leaders in the industry in
terms of new business premium income. Birla Sun Life Insurance (BSLI), one of the
leading private life insurers in India today announced the inimitable achiever, cricketer
Kapil Dev as their corporate brand ambassador. The cricketing supremo will be
endorsing BSLI in all its marketing initiatives. Birla Sun Life Insurance is a value-
driven brand which has a national brand recall of 70 per cent. The objective of
appointing a brand ambassador is to grow its brand recall as it goes national in its
distribution reach and fuel business growth. As a brand ambassador, Kapil Dev will play
a key role in the brand and product marketing and promotional activities. BSLI has
always used an integrated marketing approach, which will be strengthened further.
Commenting on the association with Kapil Dev, Mr. S. K. Mitra, Director, Financial
Services, Aditya Birla Group and currently incharge of BSLI expressed, "The Birla Sun
Life Insurance business distribution network is national in nature covering more than
1000 points across the country .We have made our entry in several tier I and tier II
towns. It is therefore very important for the brand to connect at the grassroot level and
create trust. We believe that our association with Kapil Dev as our brand ambassador
will help us create this connect in a shorter period of time. We therefore now have two
strong connects — our parent brand Birla and our brand ambassador Kapil Dev".
Kapil Dev, also known as the Haryana Hurricane, was born on 6 January 1959 in
Chandigarh. He played his first competitive game of cricket at the age of 13 years and
made his test debut on 16 October 1978 at Faisalabad against Pakistan. Kapil Dev
remained India's top strike bowler for almost 15 years. His extraordinary test match
figures of more than 5000 runs and 434 wickets along with 64 catches show that he was
a world class cricketer and an all-rounder. He has raised the mantle of India to sporting
glory by winning us the World Cup.
In a study conducted by BSLI, Kapil Dev connected extremely well with the life
insurance category and had high acceptance by the masses. Our survey suggests that he
is seen as a very good fit for the BSLI brand. He is very much loved and respected by a
vast majority of the population.
On 26 November 2006, Birla Sun Life was host the annual golf tournament at the
Chembur Golf Club in Mumbai where Kapil Dev was participate.
Birla Sun Life Insurance Company Limited is a joint venture between the Aditya Birla
Group, one of the largest business houses in India and Sun Life Financial Inc., a leading
international financial services organisation. The local knowledge of the Aditya Birla
Group combined with the expertise of Sun Life Financial Inc., offers a formidable
protection for your future.
Birla Sun Life Insurance (BSLI), in its five successful years of operations, has
contributed significantly to the growth and development of the life insurance industry in
India. It pioneered the launch of unit linked life insurance plans amongst the private
players in India. It was the first player in the industry to sell its policies through the banc
assurance route and through the internet. It was the first private sector player to introduce
a pure term plan in the Indian market. This was supported by sales practices which
brought a degree of transparency that was entirely new to the market. The process of
getting sales illustrations signed by customers and offering a free look period on all
policies, which are now industry standards, were introduced by BSLI. Being a customer-
centric company, BSLI has invested heavily in technology to build world class
processing capabilities. BSLI has covered more than a million lives since inception and
its customer base is spread across more than 1000 towns and cities in India. All this has
assisted the company in cementing its place amongst the leaders in the industry in terms
of new business premium income. The company's current capital base is Rs.520 crore.
The Aditya Birla Group has a turnover close to Rs.38,000 crore (as on 31 March 2008)
and is one of the largest business houses in India. It enjoys a leadership position in all the
sectors in which it operates. With over 75 business units spanning the South East Asian
belt, Africa, Canada and the UK among others, it is reckoned as India's first
multinational corporation. The group is anchored by 72,000 employees and has seven
lakh shareholders, with a market capitalization of Rs.53,400 crore.
VISION
MISSION
To be the first preference of our customers by providing innovative, need based life
insurance and retirement solutions to individuals as well as corporates. These solutions
will be made available by well-trained professionals through a multi channel distribution
network and superior technology.
Our endeavour will be to provide constant value addition to customers throughout their
relationship with us, within the regulatory framework. We will provide career
development opportunities to our employees and the highest possible returns to our
shareholders
SWOT ANALYSIS
STRENGTH :
WEAKNESS:
OPPORTUNITY:
Insurance market is very big, where company can expand its horizon in
insurance industry.
Though good investment and insurance it is easy to top Indian
customers.
The huge insurance market (77%) is left so company has
opportunity to expand our products.
To associate with the more number of HNI.
THREATS:
‘OLD HABITS DIE HARD’: Its still difficult task to win the confidence of
public towards private company.
The company is facing major threats from LIC -which is an only
government company.
Plans for all income groups is not available which can create adverse
effect later on the market share of the company.
BOARD OF DIRECTORS
INVESTMENT COMMITTEE
• Mr. B. N. Puranmalka
• Mr. Eugene Lundrigan
• Mr. Ajay Srinivasan
• Mr. Vikram Mehmi
• Mr. Mayank Bathwal
• Mr. Fabien Jeudy
• Mr. Vikram Kotak
• Ms. Keerti Gupta
Management Team
Mr. Vikram Mehmi Mr. Mayank Bathwal
President & Chief Executive Chief Financial Officer
Officer
DETAILS OF PRODUCTS
Individual Life
Protection
Saving
Birla Sun Life Insurance Gold-Plus
Supreme Life
Dream Plan
Classic Life Premier
Simply Life
Prime Life Premier
Prime Life
Life Companion
Flexi Cash Flow
Flexi Save Plus
Flexi Life Line
Single Premium Bond
Retirement
Flexi Secure Life Retirement Plan II
Children
Children's Dream Plan
PRODUCTS
Insurance Plans
1. Protection Plans
2. Savings Plans
3. Child Plans
4. Investment Plans
5. Retirement Plans
6. Group Plans
7. Rural Plans
9. Keyman Plans
10. Riders
Protection Plans
BSLI offers LifeGuard - a set of pure protection plans. Choose from
amongst three different product structures to insure your life and provide
total security to your family, at a very affordable cost.
You can also enhance the above two policies by adding Accident &
Disability Benefit Rider and Waiver of Premium Rider (WOP).
Savings Plans
BSLI offers a variety of policies that give you the benefits of protection
and the opportunity to save for important assets or events, like a home, a
car or a wedding.
You can also enhance your policy by adding Accident & Disability
Benefit Rider, Waiver of Premium Rider and Critical Illness Rider.
A regular premium unit-linked insurance plan with an assurance of
Capital Guarantee# An ideal plan for your long-term savings and
protection requirement.
The guaranteed value of the unit fund is the value of all invested
premiums (premiums net of all charges) along with the declared bonus
interests.
You can also enhance your policy by adding Accident & Disability
Benefit Rider, Waiver of Premium Rider and Critical Illness Rider.
You can also enhance your policy by adding Accident & Disability
Benefit Rider and Critical Illness Rider.
Presenting Premier Life – The Preferred plan for the Preferred Customer.
The key features of the plan are:
You can also enhance your policy by adding Critical Illness Rider,
Accident & Disability Benefit Rider.
Presenting Life Time – unit –linked plans that meets your changing needs over a
lifetime. These solutions have been developed to meet your savings, protection and
investment needs at every stage in life.
Protection
Investment:
You can also enhance your policy by adding Critical Illness Rider, Major
Surgical Assistance Rider, Accident & Disability Benefit Rider, Accident
Benefit Rider (available only with Life Time) and Waiver of Premium
Rider
An ideal plan for those who want to accumulate funds on a regular basis
while enjoying insurance protection.
You can also enhance your policy by adding Critical Illness Rider, Major
Surgical Assistance Rider, Accident & Disability Benefit Rider , Waiver
of Premium Rider (WOP)
Child Plans
Investment Plans
Life Link II is a unique plan that combines the security of a
life insurance policy with the opportunity of enjoying high returns on
your investments, without the market risks compromising on the
protection of your family!
Death Benefit: The Sum Assured under the product has 2 options, either
500% of the initial premium or 105% of the initial premium. In the event
of an unfortunate death, the beneficiary will receive higher of the value
of units or the initial death benefit, less any withdrawals.
Retirement Plans
For too many people, the joy of retirement after years of hard work
is eclipsed by the financial uncertainties that it brings. Despite all the
planning and saving, you can never sure whether your money will last a
lifetime. Retirement planning offers a way to ensure a more enjoyable,
stress free tomorrow. A prudent plan will ensure that increasing life
expectancy, higher inflation and increasing taxes do not eat away into
your hard earned savings.
Group Solutions
Highlights include:
BSLI group gratuity plan helps employers fund their gratuity obligation
in a scientific manner. Employers can avail of the tax benefits as
applicable to approved gratuity funds. The plan can also be customized to
structure schemes that can provide benefits beyond the statutory
obligations.
Highlights include:
Employee Benefits:
Employer Benefits:
Highlights include:
Rural Plans
BSLI Rural Products are designed to meet the needs of the rural
consumers. These products offer the following features:
2. Life Cover
3. Savings Option
Individual policy
Only Life cover
Term - 3 & 5 Yrs
Age independent premium
Age at entry 18 - 45 Yrs
Sum Assured Single
Premium / Year Rs 50 – 200
Maturity/Death benefit Rs.5,000 - 20,000
Death Benefit Sum Assured
NRI Plans:
Being away from India doesn't mean you have to compromise the safety
and security of your loved ones. In fact, your savings from your time
overseas can be easily canalized to meet your family's needs - now and in
the future. So, whether its your dream to retire in your hometown; to
secure funds for your children's education; or to build assets, BSLI has a
range of solutions that can be customized to meet your needs.
IRDA
(INDIAN REGULATORY DEVLOPMENT AUTHORITY)
IRDA:
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.
• 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 India’s 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 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 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.
CHANNEL DEVELOPMENT
WHY TO RECRUIT
WHO TO RECRUIT
HOW TO RECRUIT
RECRUITMENT ACTIVITIES
WHAT TO CHECK WHILE WE ARE RECRUITING
ROLE OF ADVISOR
WORKING ENVIRONMENT
DO YOU POSSESS
SUPPORT PACKAGE FOR SCUCCESSFUL ADVISOR
EXTENSIVE TRAINING FOR SUCCESSFUL ADVISOR
EXTENSIVE INVESTMENT IN ADVISOR TRAINING
PAYMENT & BENEFIT – COMMISSION STRUCTURE
RECOGNITION PROGRAMS
CAREER PROGRESSION & FUTURE OPPORTUNITIES
WHY TO RECRUIT
There are two aspects of employment in the insurance sector today. One is
Permanent Employment, for sales, operation, IT support, back office
services and So on. We are also offering the other kind of employment –
for people to sell Life Insurance – they are called ‘Life Advisors’. Or
‘Financial Advisors’. This is a big area of employment.
• Because we are supposed to!!
• That the way to do this business.
• More recruits, more active advisors, more BDA
WHO TO RECRUIT
Quality Deptt. has given some indicators in terms of what are the common
traits(Q-SCORE) of our successful advisors-
• This is a broad pointer for us to remember what are the his/her profile
• Some other pointer from Quality
• Most of the RED category advisors FAILED in the DISC profile –
which means that DISC is good indicator of chanced of success or
failure
• Successful advisors usually have 2 years of work exp. In their current
profession
• Small time businessmen / entrepreneurs –v. successful profile
• Women/Housewives are very successful- however they have not been
sustainable over long periods. They usually have become inactive after
6 – 7 months of joining. But till the time they are working, their
average WAPI & Productivity is very high compared to others.
• People who are new to the city are least probable to do well.
Who to recruit?
Average Profile
• Women
• Students
• VRS / retired Personnel
Avoidable Profiles
How to Recruit?
Recruitment Activities
Joggers Park
Summer Trainees
Mass BOPs
Database Calling
Lead Generation Activities
Tele Calling set ups
• Always try to meet the person at his residence- check for the locality,
his household, standard of living, try to involve the spouse in the
presentation so that they know what they are getting into
• Always check on need for money & a drive to do well in life – if he
has been doing well in life, he will make efforts to do well with us
• Ask questions about his past, find instances of accomplishments
• Keep checking on the pointers & do a mental check list of the
acceptable points
• Be convinced about the profile and then only go ahead
Advisor Role
Working environment:
Your opportunity:
• State-of-the-art training on :
Selling skills.
Product knowledge.
Relationship skills.
800000
Average commission including 270000 360000
bonuses estimates @ 22.5%*
180000
MDRT Membership.
Agency champion:
Next steps
Field visits
Training on products
& selling skills
regular business reviews
be a coach & mentor
recognize high performers
help you become financially independent
Expectations of team
BSLI is desires of appointing the as its Insurance advisor for soliciting and
procuring life Insurance business for on behalf of BSLI and to provided various services
the policy holders. Similarly Insurance advisor has to obtain and Insurance license to act
and Insurance agent under Section 42 of Insurance act 1938 and it’s desires of being
appointed as Insurance advisor of BSLI
This is the kind of agreement which each and every advisor has to adhere. It’s
agreement give the brief discussion effective date of appointment, area of Insurance,
advisor minimum performance requirement and service standards others conditions
confidentially to be maintain and compensation and remuneration.
2. Effective Date and Appointment as Insurance Advisor:
2.1- This Agreement shall come into force on and from the date of issue of the
license to the Insurance Advisor to act as an insurance agent, provided that the
Company may choose, in writing, a date other than the date of issue of the license
on and from which this Agreement shall come into force (such date of coming into force
to this Agreement referred to as “ Effective Date ” in this Agreement). However, where
the Insurance Advisor already holds a valid subsisting license before execution of this
Agreement, the Effective Date of this Agreement shall be the date of execution of this
Agreement.
2.2- BSLI hereby appoints the Party of the Other Part as Insurance Advisor and the Party
of the Other Part hereby accepts his appointment as an Insurance Advisor of BSLI .
2.3- The appointment, continuance and functioning of the Insurance Advisor shall
be also governed by and shall be subject to the provisions of the Applicable Laws.
3.1- The Insurance Advisor will be entitled to solicit insurance business from such
territories (and whether in India only or outside of India as well ) as shall be informed to
the Insurance Advisor separately (such area referred to as “Business Area” and, area
other than Business Area will be referred to as “Non-Business Area”). Where the
Insurance Advisor proposes to source business from any Non- Business Area, he shall
obtain the prior approval of BSLI. would be entitled to change / transfer his appointment
to any other area.
3.2- The Insurance Advisor further agrees that even within his Business Area, he shall
not solicit or procure life insurance business from any place/location which is on the list
of Non-Serviceable Pin codes (“Serviceable Pin code” refers to pin codes of such areas
where BSLI can provide customer service to its customers / policyholders, and any pin
code other than Serviceable Pin code refers to “Non- Serviceable Pin codes”). The list of
Serviceable Pin code areas as updated from time to time, Is available/posted on the
Restricted Website Area and no separate communication in this regard will be sent.
3.3- The appointment of the Insurance Advisor for a Business Area shall be without
prejudice to BSLI’s right to appoint any other insurance advisor(s) in / for the same
Business Area and such appointment of any other insurance advisor(s) shall not entitle
the Insurance Advisor to claim any relaxation in the Minimum Performance
Requirements applicable to him, nor shall accrue in his favour any cause of action.
4.1- The Insurance Advisor shall at all times fulfill the Minimum Performance
Requirements in terms of new business, premium income, number of proposals, number
of lives insured or on any other criteria as stipulated by BSLI from time to time
(hereinafter referred to as the “Minimum Performance Requirements”). BSLI may
stipulate from time to time the Minimum Performance Requirements and any revision
thereto, for a specified period(s) or for any shorter period(s) within such overall specified
period(s) or to specify the Insurance Product(s), which the Insurance Advisor shall solicit
and procure for BSLI . The Minimum Performance Requirements (MPR) criteria would
be intimated by BSLI to the Insurance Advisor in writing or by Email or by posting the
same on the Restricted Website Area.
4.2- The Insurance Advisor would take all reasonable steps to conserve the insurance
procured by him. He shall also endeavor that the policyholders for whom the is acting as
the insurance adviser pay their premiums regularly and timely. The Company will be
entitled to fix minimum service standards / service measures (collectively ‘Minimum
Service Measures’) in respect of the Insurance Advisor. Such Minimum Service
Measures would be intimated by BSLI to the Insurance Advisor in writing or by Email
or by posting the same on the Restricted Website Area and the action that can be taken in
case of the Insurance Advisor not being able to achieve the Minimum Service Standards.
5. Other conditions:
5.1- Without prejudice to the generality of the application of the provision of Applicable
Law, the Insurance Adviser shall scrupulously follow, adhere to and affirm to comply
with the Code of Conduct prescribed by the Insurance Regulatory and Development
Authority (Licensing of Insurance Agents) Regulations, 2000, as amended from time to
time (hereinafter referred to as the “Code of Conduct”) as though the said Code of
Conduct has been explicitly set out in and forms part of this Agreement.
5.2- The Insurance Advisor shall not allow or offer to allow, either directly or indirectly,
as an inducement, to a prospect or a policyholder, to take out or renew or continue a
policy, any rebate of the premium payable under the Policy or of the commission payable
to him; nor shall he offer any other rates, advantages, terms or conditions than those
offered by BSLI. The Insurance Advisor specifically confirms his awareness of and
continued adherence to the provisions of Section 41 of the Insurance Act, 1938. Breach
of this clause will entitle BSLI to terminate this Agreement forth with and without any
notice.
5.3- The Insurance Advisor agrees and undertakes to abide by the following conditions:
5.3 a- The Insurance Advisors shall not to obtain / seek / provide / give undue favors or
graft from / to any employee of BSLI or any co-advisor or any person, customer or
policyholder of BSLI.
5.3 b- The Insurance Advisors shall not accept / give gift of substantial value (greater
than Rs 1,000 or such amounts as BSLI may specify ) from / to any employee of BSLI or
any co-advisor or any person, customer or policyholder of BSLI in connection with any
matter or dealing concerning BSLI 5.3 c- The Insurance Advisor shall operate with
values and standards befitting the standing of BSLI.
5.4- In the event of violation of Code of Conduct or any of the guidelines / operating
instructions of the Company or on happening of any act of commission or omission
which constitutes a malpractice, BSLI shall be entitled, without prejudice to its right of
termination of this Agreement, to warn the Insurance Advisor or require it to take any
steps or do any act in rectification of any such act, and Insurance Advisor agrees to act in
accordance with any such communication.
5.5- The Insurance Advisor shall be responsible for the accuracy, truthfulness and
completeness of the information furnished in the Agent’s Confidential Report in proposal
forms logged by him or otherwise made available to BSLI in respect of any proposal.
5.6- The Insurance Advisor shall, promptly and in any case not later than the time
stipulated by BSLI in that behalf transmit to the concerned office of BSLI all proposals
for insurance and all other documents procured or received by or called for from him.
This would include but shall not be restricted to customer’s / policyholder’s proposal
forms, supporting or other documents, information, payment instruments, letters /
communications addressed to BSLI and documents relating to assignment / nomination,
Insurance Advisor shall ensure compliance with Section 64 VB of the Act.
5.7- The Insurance Advisor shall not and is not authorized to accept any money, in case
from any prospect / customer / policyholder. Where any such person wishes or proposes
to make any payment in cash, the Insurance Advisor shall direct him to the appropriate
office of BSLI for making such payment personally or advise him of the permissible
modes of payment to BSLI. Insurance Advisor can accept cheque, demand draft or other
payment instruments (not being a bearer cheque) from a prospect or a policyholder if and
only if they are drawn in the name of BSLI. Without prejudice to the other provisions of
this Agreement providing for indemnification to BSLI by the Insurance Advisor, the
Insurance Advisor specifically confirms and undertakes to hold BSLI safe, harmless and
indemnified at any time and at all times against any demand, claim , action or proceeding
arising from any breach, whether intended or not, of the provision of this clause. The
Insurance Advisor further confirms that where he accepts any cash in breach of this
clause, he shall be acting an agent of the customer / policyholder till the time the cash in
deposited by him with BSLI, and will continue to be such agent till he continues to hold
any cash accepted from such customer / policyholder.
5.8- The Insurance Advisor shall attend all meetings, workshops, trainings and briefings
conducted by or on behalf of BSLI to create / enhance awareness as to the Insurance
Products, business plans and policies of BSLI and any other matter of relevance to them
of which reasonable notice has been given to the insurance advisor. In particular the
Insurance Advisor shall attend all training and refresher sessions for Insurance Advisors
unless prevented by a cause, which in the opinion of BSLI is reasonable.
5.9- Where the Insurance Advisor intends to bring out or publish any material in any
form through any medium, concerning BSLI, its business or its Insurance Products, the
Insurance Advisor shall obtain prior written approval of BSLI. Further, he shall observe,
follow and comply with the provisions of the Insurance Regulatory and Development
Authority (Insurance Advertisements and Disclosure) Regulations, 2000 of the same.
5.10- The Insurance Advisor shall solicit and procure life insurance business for BSLI
and discharge his obligations under this Agreement in accordance with BSLI’s corporate
objectives and with particular regard to BSLI’s image and standing in the industry and in
the community.
5.11- The Insurance Advisor shall observe, follow and comply with all the
communication, directions and instructions given by BSLI from to time, either generally
or with particular reference to the Insurance Advisor. Such communications, directions
and instructions may be sent by courier, email, post, and fax or may be posted on the
Restricted Website Area.
5.12- The Insurance Advisor shall familiarize himself with the Application Law as in
force time to time and which has a bearing on the discharge of his obligations as an
insurance agent; provided that in the event of any change in the Applicable Law resulting
in a dilution or abrogation of his obligations under this Agreement, to the extent not
provided otherwise, the Insurance Advisor shall continue to be bound by the obligations
as were existent prior to such change, unless expressly approved in writing by BSLI, or
unless inconsistent with Applicable Law.
5.13- The Insurance Advisor shall not solicit or procure life insurance business for or
promote the sales or distribution of the Insurance Products of any other Insurance
company or seek or obtain or commence any employment in any other life insurance
company so long as this Agreement is in force and for a period of six months after its
termination. BSLI may however in writing waive the conditions under this sub clause.
5.14- The Company will be entitled to levy charges of deduct them from amounts
payable to the Insurance Advisor as it may deem fit in respect to any of the services
provided by the Company to the Insurance Advisor.
6. Compensation and Remuneration:
6.1- As compensation and remuneration for the due performance of his obligations
under this Agreement, the Insurance Advisor shall be paid commission at such rates as
may be notified by BSLI to the Insurance Advisor from time, subject to deduction of
applicable taxes under the law in force from time to time in respect of policies effected
through the insurance Advisor; provided that the Insurance Advisor may be paid
commission for effecting the revival of lapsed policies subject to the provision of Sub-
section(2A) of Section 40 of the Act. The Insurance Advisor agrees to provide his
income tax PAN number, or if acquired subsequently, immediately after the same has
been so acquired. In the event of failure to provide PAN number, the Company will be
entitled to block the payments of the Insurance Advisor.
6.2- BSLI shall be entitled to deduct the service tax (or any similar tax, in lieu of or in
addition to service tax), including any cess, surcharge or similar tax thereon, from the
commissions or any other amounts payable to the Insurance Advisor. However, in best
commercial interests BSLI may decide to recover only a part of such taxes and bear the
rest.
6.3 c- providing copies of the revision to all the offices, branches, outlets or franchisees
of BSLI.
6.4- The Insurance Advisor shall be deemed to have notice of the revised commission
rates at the earliest of (a) on receipt of the written notice as per (a) above; or (b)
publication or posting on the Restricted Website Area as per clause (b) above; or (c)
copies of such revision being made available to BSLI office, branch, outlet or franchise
nearest to the address of the Insurance Advisor as per clause (c) above.
6.5- BSLI shall be entitled to specify (and revise) differential commission rates for
different Insurance Products and based on various parameters including new business
premiums, renewal premiums, business done by Insurance Advisor etc.
6.6- In case of any excess or wrong payment of commission or any amount to the
Insurance Advisor or any commission or any amount which subsequent to their payment
becomes recoverable or receivable from the Insurance Advisor for any reason
whatsoever, BSLI shall be entitled to adjust such amounts (which have been paid in
excess or wrongly or have to be received / recovered back ) in the subsequent payment(s)
to the Insurance Advisor, Alternatively, or where no amounts are due to the Insurance
Advisor, BSLI will require the Insurance Advisor to repay or refund forthwith such
amounts, and thereafter the Insurance Advisor shall repay the amount within 15 days
after the receipt of any communication from BSLI in that regard.
6.7- The payment of commission to the Insurance Advisor after the termination or
cessation of this Agreement or payment of commission to the legal heirs of a deceased
Insurance Adviser shall be as provided in the Applicable Law and in accordance with
such other communications or guidelines of BSLI as may be specified in this behalf.
6.8- Notwithstanding the above, BSLI shall not be obliged to pay any commission or
remuneration to the Insurance Advisor if the termination is on account of fraud or any
criminal conduct or serious violation of Applicable Law.
7. Miscellaneous provisions:
7.2- The Insurance Advisor shall indemnify and keep indemnified and save harmless at
all times BSLI in respect of any indebtedness cast on BSLI or in respect or any claim,
loss or damage or any action or proceeding of whatever nature or for any notices or
expenses arising out of or caused by any act of omission of the Insurance Advisor in
relation to any matter specified in this Agreement or breach of any provisions under this
Agreement failing which BSLI may, without prejudice to any other right or remedy
available to it under law, recover such debt, claim, loss, damage or expenses from any
money due and payable to the Insurance Advisor.
7.3- The Insurance Advisor shall allow officers of BSLI (including its auditors and
advisors), authorized in writing by BSLI , to inspect and make copies of all / any records
maintained by the Insurance Advisor in relation to any subject matter under this
Agreement.
8. Confidentiality:
8.1- All records, information and documents pertaining to BSLI or any of its customers /
prospect / policyholder, including any personal data obtained from or for on behalf of or
provided for BSLI and the contents of this Agreement will constitute Confidential
Information. For the purpose of this clauses, any data, information or knowledge will
also constitute Confidential information which is not in public knowledge and whether or
not marked or identified as confidential and which is disclosed by BSLI to the Insurance
Advisor and whether written, oral or in any other form (including without limitation,
computer storage, tape or other electronic media forum).
8.2- The Insurance Advisor undertakes and aggresses not to disclose, directly or
indirectly, and in any manner what so ever, whether during the currency of this
Agreement or any time thereafter Confidential Information. However, such obligation of
confidentiality will not apply in one or more of the following:
8.2 a- if and to the extent the disclosure is required by any law or any court, government
agency or regulatory authority;
8.2 b- if the information is or becomes available to public (other than as a result of prior
unauthorized disclosure by the Insurance Advisor);
8.2 c- if the information is or was received from a third party not known by the
Insurance Advisor to be under a confidentiality obligation with regard to such
information; or
8.3 d- if the Insurance Advisor is able to prove that the was lawfully in possession of the
information (having been received on a non-confidential basis)
8.3- The Insurance Advisor aggress not to disclose or provide copies of any such
materials, documents and other information, which are meant for internal circulation
only, to any third parties.
9.1- The intellectual property rights (in the nature of trademark or copyright or any other
right) in the brand name , product names, logos, designs, colour schemes, names, marks,
designs, drawings, colour, artistic work / manner etc (hereafter collectively referred to as
“marks”) as may be allowed by BSLI to be used by the Insurance Advisor shall vest
solely and exclusively and at all times in BSLI and the Insurance Advisor aggress and
undertakes not to set up an adverse claim in respect to the Marks at any time either
during the currency of this Agreement or at any time thereafter. The Insurance Advisor
also agrees and undertakes that it shall not allow the usage of Marks by any other third
party.
9.2- The Insurance Advisor is permitted to use only such Marks in the course of
providing services under this Agreement as agreed to by BSLI in writing. Where any
such permission is given for use of any Marks (one or more), such permission will
operate as a limited, revocable and non-exclusive permission for usage of such Marks
and shall be subject to conditions and restrictions as may be specified. The permissions
granted or to be granted will not include the permission / right, copy, modify, merge, or
transfer the Marks or any of them. The Insurance Advisor agrees and undertakes no to
alter or modify any Marks or add any content to the Marks. He further agrees not to
remove, conceal or obliterate any copyright, credit-line, date-line or other proprietary
notice included in any document, material, or other of BSLI . Any goodwill generated
through the Insurance Advisor’s use of the Marks shall inure solely to the benefit of
BSLI.
10.1- The Insurance Advisor understands that BSLI provides certain information specific
to insurance advisors on the Restricted Website Area. BSLI will provide, but without any
obligation, such login ID to the Insurance Advisor to access contents specific to the
Insurance Advisor. The Insurance Advisor agrees that they shall be fully responsible for
any action taken through the Restricted Website Area by using his login ID and
password. In the event there is any unauthorized usage or access noticed by the Insurance
Advisor, he shall immediately bring the same to the notice of BSLI . It is clarified that
BSLI will not be obliged to provide or pay for the cost of any internet connectivity,
hardware and software that the Insurance Advisor may require for access to the Website
or Restricted Website Area. The Insurance Advisor further agrees, confirms and
undertakes not to use the Website for any purpose other than the permitted purpose, and
not permit any other person to access the Restricted Website Area through his login ID
and password.
11.1- This Agreement shall come into effect from the Effective Date and shall continue
to be effective unless terminated in accordance with the provisions provided herein.
11.2.a- immediately and without any notice on the death of the Insurance Advisor:
11.2.b- immediately and without any notice on the presentation of a petition for the
adjudication of the Insurance Advisor as insolvent:
11.2.c- forthwith by a written notice on any violation by the Insurance Advisor of any
provision of the Application Law; or
11.2.d- forthwith by a written notice on the Insurance Advisor where he incurs any of
the disqualifications mentioned in clauses(b), (c) or (d) of Sub-section (4) of Section 42
of the Act, whether or not his license to act as an insurance agent is cancelled.
11.2.e- forthwith by a written notice where it is found that the Insurance Advisor has (i)
sought / obtained employment or insurance agency of any other life insurance Company
(ii) indulged in any act of commission or omission in consonance with the direct
competitors of BSLI.
11.3- This Agreement shall terminate on the expiry of 15 days notice served by BSLI on
the Insurance Advisor if he-
11.3.a- fails to discharge the obligations under this Agreement to the satisfaction of
BSLI, or commits breach of any of the provisions of this Agreement and does not
remedy the same within 7 days of a notice to that effect from BSLI. No notice of
remedying a breach will be given if it is not capable of being remedied.
11.3.b- acts in a manner prejudicial to the interests of BSLIor to the interests or its
Policyholders. Without prejudice to the generality of the foregoing the Insurance
Advisor shall be deemed to have acted in a manner prejudicial to the interests of BSLI ,
if any averment in the Agent’s Confidential Report or in any document submitted by him
in connection with a proposal for insurance or application for reinstatement of a Policy is
found to be incorrect or untrue.
11.3.c- is found to have made any false or incorrect averment or suppressed any
information, considered material by BSLI, in his application for appointment as
Insurance Advisor;
11.3.d- in the opinion of BSLI, becomes physically or mentally incapacitated to
discharge the obligations under this Agreement;
11.4- Notwithstanding anything contained in this Agreement, both parties shall have at
all times right to terminate this Agreement by written notice to the other of 15 days
without assigning any reason for such termination.
11.5- Upon termination of this Agreement in whatsoever manner BSLI shall be entitled
to publish notices in newspapers and / or in any other media and / or to dispatch
correspondence notifying the policyholders, customers, branch offices, franchisees,
other insurance advisors and the general public of the termination of the agency of the
Insurance Advisor and he being no more authorized to solicit or procure life insurance
business for BSLI or to represent BSLI in any manner. Further, upon such termination,
BSLI shall also be entitled to forthwith stop / suspend payment of any commission
whether or not due in respect of any business done by the Insurance Advisor.
Save as provided in the Insurance Act, no commission shall accrue to the Insurance
Advisor from the termination of this Agreement.
12- The Insurance Advisor shall not be entitled to assign his rights and obligations
hereunder to any person whomsoever. Nothing in this Agreement shall prohibit
BSLI’ sentitlement to assign the Agreement and / or any of its rights and
obligations hereunder to any person whomsoever.
Research Methodology
While making a study we very often look for what type of research methodology is to be
used in this type of study. For implementation of a proper research methodology we have
to first understand the meaning of research.
Research is a process with the help of which new concepts arises. It is the increase in the
actual knowledge stock. It can be called as movement from known to unknown and vice-
versa. It is also a continuous process. It is a scientific as well as systematic process,
which includes defining and redefining the problem to develop hypothesis, to collect and
define the information/data, to analysis the information and bring out the mother of
Discovery. An individual makes the effort in research and society or public takes its
benefits because the results are usually generalized.
Data collection
The word data means any raw information, which is either quantitative or qualitative in
nature, which is of practical or theoretical use. The task of data collection begins after a
research problem has been defined and research design chalked out. While deciding
about the method of data collection, the researcher should keep in mind that there are
two types of data primary and secondary.
Primary data: -
This is those, which are collected afresh and for the first Time, and thus happen to be
original in character. There are many ways of data collection of primary data like
observation method, interview method, through schedules, pantry Reports, distributors
audit, consumer panel etc. The Team Managers and employees of both the Department
were consulted to get information about procedure of both the online and off line share
trading. But the method used by us for the primary data collection was through
questionnaires.
Questionnaire method
For the collection of primary data I used questionnaire method. A formal list of
questions, which are to be asked, is prepared in a questionnaire and questions are asked
on those bases. There are some merits and demerits of this method. These as under: -
Merits: -
2. Secondary data: -
These are those data, which are not collected afresh and are used earlier also and thus
they cannot be considered as original in character. There are many ways of data
collection of secondary data like publications of the state and central govt., reports
prepared by researchers, reports of various associations connected with business,
Industries, banks etc. And the method, which was used by us, was with the help of
reports of the company.
Sample Size
We have meet 250 peoples during requirement Advisor and policy selling after that I
have taken 25 Peoples they have fill up the questionnaire and given response .
Ques. Which Birla Sun Life Scheme does you have?
Health,
10%
Retierment
Health
, 22%
Retierment
Life
Life, 68%
Inference
On the basis of above analysis it has been concluded that around 68% of the policy
holders are having life plan, 22% of them are having Retirement plan and rest of them
are having the health plan.
Question. Are you satisfied with the Insurance plan you have?
28%
Yes
No
72%
Inference
On the basis of the analysis it has been concluded that around 72%of the people are
satisfied with plan they and rest if them are not satisfied.
Ques. Are you satisfied with the services provided by the company regarding new
plans and schemes?
18%
Yes
No
82%
Inference
On the basis of the above analysis it has been concluded that around 82% of the policy
holders are satisfied with the services provided by the company and rest of them are
not satisfied.
Ques. Are you interested to make more investments in BSLI ?
33%
Yes
No
67%
Inference
On the basis of the above analysis it has been concluded that around 67% of the
policyholders are interested to make more investments in BSLI and rest of them are
not interested.
Ques. Have you any other Insurance Plan apart from BSLI?
No. of Peoples have other Insurance
Plan apart from BSLI?
22%
Yes
No
78%
LIC
12%
8% BSLI
From the above analysis it has been concluded that around 89% of policy holders are
having other insurance plans apart from BSLI , in which around 60 % are having
LIC insurance plans, 11% are having Bajaj Allianz, 9% are having Birla Sunlife, 8%
are having ICICI Pru. and 12% are having other company insurance plans.
Ques. If you get any attractive plan than are you ready to switch over?
18%
Y es
No
82%
Inference
On the basis of the above analysis it has been concluded that around 82% of the policy
holders are ready to switch over if they get good attractive insurance plan and rest of
them don’t.
FINDINGS ABOUT THE SELECTIONS OF NEW ADVISOR
Findings # 1
Male
Female
73%
Findings # 2
39%
61%
Married Unmarried
Findings # 3
Age of
Respondent
18% 2%
53%
27%
Findings # 4
Qualification Of Respondent
27% 16%
57%
Findings # 5
Dependent Of Respondent
15%
23%
62%
Findings # 8
7% 23%
17%
53%
Findings # 10
24%
76%
Yes No
ANALYSIS
Finding-1 shows the difference between the male & female respondent
who are selected as a new advisor the male dominant over female. There
is a big difference between the male & female advisor.
Finding –2 shows the martial status of new advisors. Out of 100 advisors
selected 61 are one married which is a good sign because they are much
more aware insurance and 39 unmarried.
Finding-6 shows most of the new advisors are engaged in different fields.
Some are govt. employee, some are engaged in private service and some
have their own business.
Finding-7 All most 50% of the new advisors give full time to their
profession. This shows how new advisors are dedicated towards their new
profession.
Finding-8 Most of the new advisors have a very good family support. The
annual family income of most of the new advisors are over 10,000 which
is very encouragement
CONCLUSION
SUGGESTIONS
Even though most of the policy holders are satisfied with policies, plans they have but
some new attractive insurance plans should be introduce to bind them not to switch
over to other companies insurance plans.
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.
LIMITATIONS
Some of the respondents were not cooperative.
Some respondents were hesitating to give business details.
Biasness is another limitation that the scope of the survey.
The reliability and scope of survey greatly relies on the cooperation of the
respondents.
BIBIOLIOGRAPHY
www.BirlaSunlife.com
www. irda. gov. in
Birlasunlife New Advisor Book
www.google.com
Questionnaire
Name:............................... Age:……………..
Occupation:…………………..
Ques.2 Are you satisfied with the Insurance plan you have?
(a)
(b)
(c)
(d)
Ques.4 Are you satisfied with the services provided by the company regarding new
plans and schemes?
Ques.6 Have you any other Insurance Plan apart from Birla Sun Life?
Ques.8 If you get any attractive plan than are you ready to switch over?
Suggestions:
……………………………………………………………………………
……………………………………………………………………………
……………………………………………………………………………
……………………………………………………………………………
……………………………………………………………………………
FORM IRDA-AGENTS-VA
(See Regulation 3)
TO
THE INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY,
DEPARTMENT OF LICENSING,
NEW DELHI.
DEAR SIRS,
2. I hereby declare that particulars given below are true and that the license for which I
apply will be used only by myself for soliciting or procuring insurance business for one
life insurer* / one general insurer* / both*.
(1) Name: [ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ]
(6) If you ever held a Licence, state No. and date of expiry, otherwise say "Nil".
(10) Give particulars of pass in pre-recruitment test conducted by the Insurance Institute
of India or any examination body:
(Day- Month-Year)
(a) I have not been found to be of unsound mind by a court of competent jurisdiction;
(b) I have not been found guilty of criminal misappropriation or criminal breach of trust
or cheating or forgery or an abetment of or attempt to commit any such offence by a
court of competent jurisdiction;
(c) I have not been found guilty of or to have knowingly participated in or connived at
any fraud, dishonestly or mis-representation against an insurer or an insured in the
course of any judicial proceeding relating to any policy of insurance or the winding
up of an insurance company or in the course of an investigation of the affairs of an
insurer; and
(d) #I have not violated the code of conduct specified under Regulation 8 of
Insurance Regulatory and Development Authority (Licensing of Insurance Agents)
Regulations, 2000.
4. I have made the payment of licence fee of rupees two hundred and fifty and for which
I enclose the documentary evidence.
1. An individual can apply for only one licence which will entitle him to solicit or
procure insurance business of any class and to act as an insurance agent for one life
insurer, one general insurer, or both.
2. The application should be filled in, as far as possible, in Hindi language or English
language.
3. Any correction or alteration made in any answer to the questions in the application
should be initialled by the applicant.
5. An applicant shall furnish the proof of educational qualification, pass in the pre-
recruitment test conducted by the Insurance Institute of India, Mumbai or an
examination body approved by the Insurance Regulatory and Development
Authority, and completion of practical training from a training institution approved
by the Insurance Regulatory and Development Authority, along with the application.
This is not applicable where the applicant is an absorbed agent.
7. The name and the licence No. given in the application are identical with those shown
in the last licence held. If there is any subsequent change in the name, the reasons for
the same should be stated furnishing documentary evidence for the same.
8. The application should reach the designated person before the expiry of licence held
by the applicant but not more than three months before such expiry. If the application
does not reach the designated person at least 30 days before the date on which the
last licence ceases to be in force, an additional fee of one hundred rupees should be
payable. In this connection please also refer to the provisions of sub-sections (3) and
(3A) of section 42 of the Insurance Act, 1938.
9. If the applicant desires to work for a life insurer or a general insurer or both, as the
case may be, he should enclose the documentary evidence of the relevant pass in the
pre-recruitment test and the completion of the relevant practical training.