Summer training

project report
On
BHARTI AXA life insurance
Submit
ted to

International Institute of Planning &

Management
New Delhi
In the partial full time of the award of the
degree of MBA(Master of Business
Administration)

Submitted by;-
Shishir kumar (IIPM New Delhi)

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Project guide:-
Submitted by:- Prof pankej
Updhaya Shishir kumar
Faculty IIPM MBA
2nd year
E NO-IIPM-
I/FW/19/$-02680

PREFACE
The liberalization of the Indian insurance sector has been the
subject of much heated debate for some years. The policy makers
where in the catch 22 situation wherein for one they wanted
competition, development and growth of this insurance sector
which is extremely essential for
channeling the investments in to the infrastructure sector. At the
other end the policy makers had the fears that the insurance
premium, which are substantial, would seep out of the country;
and wanted to have a cautious approach of opening for foreign
participation in the sector.

As one of the rare occurrences the entire debate was

put on the back burner and the IRDA saw the day of the light
thanks to the maturing polity emerging consensus among factions
of different political parties. Though some changes and some
restrictive clauses as regards to the foreign participation were
included the IRDA has opened the doors for the private entry into
insurance.

Whether the insurer is old or new, private or public,

expanding the market will present multitude of challenges and
opportunities. But the key issues, possible trends, opportunities
and challenges that insurance sector will have still remains under

Submitted by;-
Shishir kumar (IIPM New Delhi)

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the realms of the possibilities and speculation. What is the likely
impact of opening up India’s insurance sector?

The large scale of operations, public sector bureaucracies and

cumbersome procedures hampers nationalized insurers.
Therefore, potential private entrants expect to score in the areas
of customer service, speed and flexibility. They point out that their
entry will mean better products and choice for the consumer. The
critics counter that the benefit will be slim, because new players
will concentrate on affluent, urban customers as foreign banks did
until recently. This seems to be a logical strategy. Startup costs-
such as those of setting up a conventional distribution network-
are large and high-end niches offer better returns. However, the
middle-market segment too has great potential. Since insurance
is a volumes game. Therefore, private insurers would be best
served by a middle-market approach, targeting customer
segments that are currently untapped.

ACKNOWLEDGEMENT

I would like to thank my project guide Mr. JADEEP

SINGH
Tarrotare Manager BHARTI AXA Life Insurance,
Patna(BIHAR) for guiding me through my
summer internship and research project. His
encouragement, time and effort are greatly
appreciated.

I would like to thank Prof. pankaj Updhaya, for

supporting
me during this project and providing me an opportunity to
learn outside the class room. It was a truly wonderful
Submitted by;-
Shishir kumar (IIPM New Delhi)

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learning experience.

I would like to dedicate this project to my parents.

Without
their help and constant support this project would not
have
been possible.

Lastly I would like to thank all the respondents who

offered
their opinions and suggestions through the survey that
was conducted by me in PATNA.

Once again my gratitude to the BHARTI AXA Life

Insurance. For their kind co-operation.

DECLARATION
I Shishir Kumar S/O Shri Nand Kumar Singh
Of MBA 2nd year Student Of “International
Institute Of Planning & Management” (IIPM) New
Delhi

Submitted by;-
Shishir kumar (IIPM New Delhi)

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hereby declare that the summer training report
entitled “INSURANCE SECTOR” IN BHARTI AXA
LIFE INSURACNE is an original word and the same
has not
been submitted to any other institute for the award
of any
other degree.

Signature 0f Candidate- Shishir

Kumar
International Institute of Planning &
Management
(New Delhi)

E NO-IIPM-I/FW/19/$-
02680

Submitted by;-
Shishir kumar (IIPM New Delhi)

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 EXECUTIVE SUMMARY

In today’s corporate and competitive world, I find that

insurance sector has the maximum growth and potential
as compared to the other sectors. Insurance has the
maximum growth rate of 75-85% while as FMCG sector
has maximum 15-20% of growth rate. This growth
potential attracts me to enter in this sector and BHARTI
AXA LIFE
INSURANCE has given me the opportunity to work and
get experience in highly competitive and enhancing
sector.

· The success story of good market share of different

market organizations depends upon the availability of the
product and services near to the customer, which can be
distributed through a distribution channel.
In Insurance sector, distribution channel includes only
agents or agency holders of the company. If a company
like BHARTI AXA LIFE INSURANCE, TATA AIG, MAX
etc have adequate agents in the market they can capture
big market as compared to the other
companies.

Agents are the only way for a company of Insurance

sector
through which policies and benefits of the company can
be
explained to the customer.

Submitted by;-
Shishir kumar (IIPM New Delhi)

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 Brief Contents
Sr.No Contents
Page
1. Introduction
7
2. Objectives
8
3. Indian Insurance Industry
10
4. Profile of Organization
17
5. SOWT Analysis
26
6. Targets/Tasks
28

Submitted by;-
Shishir kumar (IIPM New Delhi)

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7. Strategy
29
8. Limitations
33
9. Learning in the Executive Training
34
10. Conclusions
37
11. Bibilography
39

INTRODUCTION
On-the-job-Training is a situation where a student gets a
chance to face the real world competition. Being a
student he/she has to battle continuously to meet his/her
long nourished ambition successfully.

On-the-job training (OJT) is one of the best training

methods because it is planned, organized, and conducted
at the employee's worksite. OJT will generally be the
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Shishir kumar (IIPM New Delhi)

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primary method used for broadening employee skills and
increasing productivity. It is particularly appropriate for
developing proficiency skills unique to an employee's job
- especially jobs that are relatively easy to learn and
require locally-owned equipment and facilities.

An analysis of the major job requirements (identified in

the position description and performance plan) and
related knowledge’s, skills, and abilities form the basis for
setting up an OJT plan. To be most effective, an OJT plan
should include:

• The subject to be covered;

• Number of hours;
• Estimated completion date; and
• Method by which the training will be evaluated

To have a successful OJT program, supervisors need to

assign a coach to each intern involved in OJT. It is the
responsibility of the coach to plan training carefully and
conduct it effectively.

The objectives of the on –the job training are to undertake

various assignment /jobs along with the day-to-day –
functions of the company, both at the assistance and the
execution level.

Here I am explaining the environment I have been facing

during my OJT In Insurance sector with Bharti Axa Life
Insurance

EXECUTIVE TITLE

Submitted by;-
Shishir kumar (IIPM New Delhi)

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To sell the 16 policies of
Bharti axa Life Insurance
company Limited during two
months in patna AND NEAR
LOCATION……......

Submitted by;-
Shishir kumar (IIPM New Delhi)

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 OBJECTIVE

 To gain insurance knowledge of this insurance

industry.
 To generate an awareness among the customers for
bharti axa life insurance Connections.
 To contact 15 people daily, generate lead through
them and convince them to purchase the company
product and make the adviser of company.
 Calling the customers and taking appointment from
them to enhance our communication skills.

 To enhance our selling skills and to get real practical

exposure of the outside world.
 To acquire social skills by being in constant
interaction with the professionals of the organization,
other corporates and customers

Submitted by;-
Shishir kumar (IIPM New Delhi)

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THE INSURANCE INDUSTRY IN INDIA AN
OVERVIEW

With the largest number of life insurance policies in force

in
the world, Insurance happens to be a mega opportunity in
India. It’s a business growing at the rate of 20-25% per
cent
annually and presently is of the order of Rs 1560.41
billion
(for the financial year 2008 – 2009). Together with
banking
services, it adds about 7% to the country’s Gross
Domestic
Product (GDP). The gross premium collection is nearly 2%
of
GDP and funds available with LIC for investments are 8%
of
the GDP.
Even so nearly 65% of the Indian population is without life
insurance cover while health insurance and non-life
insurance continues to be below international standards.
A
large part of our population is also subject to weak social
security and pension systems with hardly any old age
income security

Submitted by;-
Shishir kumar (IIPM New Delhi)

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A well-developed and evolved insurance sector is needed
for
economic development as it provides long term funds for
infrastructure development and strengthens the risk
taking
ability of individuals. It is estimated that over the next ten
years India would require investments of the order of one
trillion US dollars.

History of Insurance in India

The history of life insurance in India dates back to 1818
when it was conceived as a means to provide for English
Widows. Interestingly in those days a higher premium
was charged for Indian lives than the non - Indian lives, as
Indian lives were considered more risky to cover. The
Bombay Mutual Life Insurance Society started its
business in 1870. It was the first company to charge the
same premium for both Indian and non-Indian lives.

The Oriental Assurance Company was established

in 1880.The General insurance business in India, on the
other hand, can trace its roots to Triton Insurance
Company Limited, the first general insurance company
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established in the year 1850 in Calcutta by the British. Till
the end of the nineteenth century insurance business was
almost entirely in the hands of overseas companies.

Insurance regulation formally began in India

with the passing of the Life Insurance Companies Act of
1912 and the Provident Fund Act of 1912. Several frauds
during the 1920's and 1930's sullied insurance business
in India. By 1938 there were 176 insurance companies.

The first comprehensive legislation was

introduced with the Insurance Act of 1938 that provided
strict State Control over the insurance business. The
insurance business grew at a faster pace after in
dependence. Indian companies strengthened their hold
on this business but despite the growth that was
witnessed, insurance remained an urban phenomenon.

The Government of India in 1956, brought

together over 240 private life insurers and provident
societies under one nationalized monopoly corporation
and Life Insurance Corporation (LIC) was born.
Nationalization was justified on the grounds that it would
create the much needed funds for rapid industrialization.
This was in conformity with the Government's chosen
path of State led planning and
Development.

The non-life insurance business continued to

thrive with the private sector till 1972. Their operations
were restricted to organized trade and industry in large
cities. The general insurance industry was nationalized in
1972. With this, nearly 107 insurers were amalgamated
and grouped into four companies- National Insurance

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Company, New India Assurance Company, Oriental
Insurance Company and United India Insurance Company.
These were subsidiaries of the General Insurance
Company (GIC).

KEY MILESTONES

 1912: The Indian Life Assurance Companies Act

enacted as the first statute to regulate the life
insurance business
.
 1928: The Indian Insurance Companies Act enacted
to enable the government to collect statistical
information about both life and non-life insurance
businesses.

 1938: Earlier legislation consolidated and amended

by the Insurance Act with the objective of protecting
the interests of the insuring public.

 1956: 245 Indian and foreign insurers along with

provident societies were taken over by the central
government and nationalized. LIC was formed by an
Act of Parliament- LIC Act 1956- with a capital
contribution of Rs. 5 crore from the Government of
India.

The functions of Insurance can be bifurcated into

two parts:

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1. Primary Functions
2. Secondary Functions
3. Other Functions

The primary functions of insurance include the

following:

 Provide Protection - The primary function of

insurance is to provide protection against future risk,
accidents and uncertainty. Insurance cannot check
the happening of the risk, but can certainly provide
for the losses of risk. Insurance is actually a
protection against economic loss, by sharing the risk
with others.
 Collective bearing of risk - Insurance is a device to
share the financial loss of few among many others.
Insurance is a mean by which few losses are shared
among larger number of people. All the insured
contribute the premiums towards a fund and out of
which the persons exposed to a particular risk is paid
 Assessment of risk - Insurance determines the
probable volume of risk by evaluating various factors
that give rise to risk. Risk is the basis for determining
the premium rate also
 Provide Certainty - Insurance is a device, which
helps to change from uncertainty to certainty.
Insurance is device whereby the uncertain risks may
be made more certain.

Submitted by;-
Shishir kumar (IIPM New Delhi)

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  The secondary functions of insurance include
the following:

Prevention of Losses - Insurance cautions

individuals and businessmen to adopt suitable device
to prevent unfortunate consequences of risk by
observing safety instructions; installation of
automatic sparkler or alarm systems, etc. Prevention
of losses cause lesser payment to the assured by the
insurer and this will encourage for more savings by
way of premium. Reduced rate of premiums stimulate
for more business and better protection to the
insured.

Small capital to cover larger risks - Insurance

relieves the businessmen from security investments,
by paying small amount of premium against larger
risks and uncertainty.

Contributes towards the development of larger

industries - Insurance provides development
opportunity to those larger industries having more
risks in their setting up. Even the financial institutions
may be prepared to give credit to sick industrial units
which have insured their assets including plant and
machinery.

The other functions of insurance include the

following:

Submitted by;-
Shishir kumar (IIPM New Delhi)

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 Means of savings and investment - Insurance
serves as savings and investment, insurance is a
compulsory way of savings and it restricts the
unnecessary expenses by the insured's For the
purpose of availing income-tax exemptions also,
people invest in insurance.

Source of earning foreign exchange - Insurance is

an international business. The country can earn
foreign exchange by way of issue of marine insurance
policies and various other ways.

Risk Free trade - Insurance promotes exports

insurance, which makes the foreign trade risk free
with the help of different types of policies under
marine insurance cover.

INDUSTRY REFORMS

Reforms in the Insurance sector were initiated with the

passage of the IRDA Bill in Parliament in December 1999.
The IRDA since its
Incorporation as a statutory body in April 2000 has
fastidiously stuck to its schedule of framing regulations
and registering the private sector insurance companies.
Since being set up as an independent statutory body the

Submitted by;-
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IRDA has put in a framework of globally compatible
regulations.

The other decision taken simultaneously to provide the

supporting systems to the insurance sector and in
particular the life insurance companies was the launch of
the IRDA online service for issue and renewal of licenses
to agents. The approval of institutions for imparting
training to agents has also ensured that the insurance
companies
would have a trained workforce of insurance agents in
place to sell their products

PRESENT SCENARIO - LIFE INSURANCE

INDUSTRY IN INDIA

The life insurance industry in India grew by an impressive

47.38%, with premium income at Rs. 1560.41 billion
during the fiscal year 2006-2007.Though the total volume
of LIC's business increased in the last fiscal year (2006-
2007) compared to the previous one, its market share
came down from 85.75% to 81.91%.

The 17 private insurers increased their market share from

about 15% to about 19% in a year's time. The figures for
the first two months of the fiscal year 2007-08 also speak
of the growing share of the private insurers. The share of
LIC for this period has further come down to 75 percent,
while the private players have grabbed over 24 percent.

With the opening up of the insurance industry in India

many foreign players have entered the market. The
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restriction on these companies is that they are not
allowed to have more than a 26% stake in a company’s
ownership.

Since the opening up of the insurance sector in 1999,

foreign investments of Rs. 8.7 billion have poured into the
Indian market and 19 private life insurance companies
have been granted licenses.

Innovative products, smart marketing, and aggressive

distribution have enabled fledgling private insurance
companies to sign up Indian customers faster than
anyone expected. Indians, who had always seen life
insurance as a tax saving device, are now suddenly
turning to the private sector and snapping up the new
innovative products on offer. Some of these products
include investment plans with insurance and good returns
(unit linked plans), multi – purpose insurance plans,
pension plans, child plans and money back plans.
(www.wikipedia.com)
.

profile of organization
Corporate Profile
Bharti AXA Life Insurance is a joint venture between
Bharti, one of India’s leading business groups with

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interests in telecom, agri business and retail, and AXA,
world leader in financial protection and wealth
management. The joint venture company has a 74%
stake from Bharti and 26% stake of AXA.

The company launched national operations in December

2006. Today, we have over 5200 employees across over
12 states in the country. Our business philosophy is built
around the promise of making people "Life Confident".

As we expand our presence across the country to cater to

your insurance and wealth management needs with our
product and service offerings, we continue to bring 'life
confidence' to customers spread across India. Whatever
your plans in life, you can be confident that Bharti AXA
Life will offer the right financial solutions to help you
achieve them.

Bharti Enterprises
Bharti Enterprises is one of India’s leading business
groups with interests in telecom, agri business, insurance
and retail. Bharti has been a pioneering force in the
telecom sector with many firsts and innovations to its
credit. Bharti Airtel Limited, a group company, is one of
India’s leading private sector providers of
telecommunications services with an aggregate of 60
million customers, spanning mobile, fixed line, broadband
and enterprise services. Bharti Airtel was ranked amongst
the best performing companies in the world in the
Business Week IT 100 list 2007. Bharti Teletech is the
country’s largest manufacturer and exporter of telephone
terminals. Bharti has a joint venture with ELRo Holdings
India Ltd. – ‘FieldFresh Foods Pvt. Ltd’ - for global
distribution of fresh fruits and vegetables. Bharti also has

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a joint venture - ‘Bharti AXA Life Insurance Company Ltd.’
- with AXA, world leader in financial protection and wealth
management. Bharti has recently forayed into the retail
business under a company called Bharti Retail Pvt. Ltd. It
also has a joint venture – ‘Bharti Wal-Mart Private Limited’
– with Wal-Mart, for wholesale cash-and-carry and back-
end supply chain management operations.

About AXA
AXA Group is a worldwide leader in Financial Protection.
AXA's operations are diverse geographically, with major
operations in Western Europe, North America and the
Asia/Pacific area. AXA had Euro 1,315 billion in assets
under management as of December 31, 2006. For full
year 2006, IFRS revenues amounted to Euro 79 billion,
IFRS underlying earnings amounted to Euro 4,010 million
and IFRS adjusted earnings to Euro 5,140 million.

The AXA ordinary share is listed and trades under the

symbol AXA on the Paris Stock Exchange. The AXA
American Depository Share is also listed on the NYSE
under the ticker symbol AXA.

Vision
• To be a leader and the preferred company for
financial protection and wealth management in India
• Values
• Professionalism
• Innovation
• Team Spirit

Submitted by;-
Shishir kumar (IIPM New Delhi)

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 • Pragmatism
• Integrity

FUTURE PLAN

• To achieve a top 5 market position in India through a

multi-distribution, multi-product platform
• To adapt AXA's best practice blueprints as a sound
platform for profitable growth
• To leverage Bharti's local knowledge, infrastructure
and customer base
• To deliver high levels of shareholder return
• To build long term value with the business partners
by enhancing the proposition to their customers
• To be the employer of choice to attract and retain the
best talent in India
• To be recognized as being close and qualified by our
customers

Submitted by;-
Shishir kumar (IIPM New Delhi)

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CUSTOMERS
As national economy is growing rapidly their have been a
great reforms in financial sector too. Moreover growing
middle class together with the factor mentioned earlier
offers a huge potential for bharti axa life incurance co.
pvt in Indian context. As a result of growing middle class
population, disposable income has also been increased
proportionally and has evoked booming markets in
housing.
Category of Customer -BhartiAXA has the following
customer group:
• Organizations like Bank, company.
• Urban customer –These customer group includes:
a) Higher income group
b) Middle income group
c) Lower income group
• Rural customer – BhartiAXA also offers the policy to
the people of rural area.

Submitted by;-
Shishir kumar (IIPM New Delhi)

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COMPETITORS
There are many companies who has entered into the
Insurance sector. BhartiAXA has to face the
competition from the following companies:

AVIVA LIFE INSURANCE

Aviva is UK’s largest and the world’s fifth largest

insurance group.It is one of the leading providers of life
and pensions products to Europe and has substantial
business elsewhere around the world. With a history
dating back to 1696, Aviva has 35 million-customer base
worldwide.In India, Aviva has a long history dating back
to1834.

BIRLA SUN LIFE

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 Birla Sun Life Insurance Company Ltd.is a joint
venture between Aditya Birla Group and Sun Life Financial
of Canada. Aditya Birla Group is an Indian multinational
conglomerate with presence in India, Thailand, Indonesia,
Malaysia,Egypt, Canada, Australia and China. Sun Life
Assurance, Sun Life Financial’s primary insurance
business, is one of the leading insurance companies of
the world and ranks amongst the largest International
financial services.

The other competition from the following companies:

1 .Bajaj Allianz Life Insurance Company Ltd

2. HDFC Standard Life Insurance Company Ltd
3. ICICI Prudential Life Insurance Company Ltd
4. ING Vysya Life Insurance Company Ltd
5. Max New York Life Insurance Company Ltd
6. Met Life India Insurance Company Ltd
7. Kotak Mahindra Old Mutual Life Insurance
Company Ltd
8. SBI Life Insurance Company Ltd
9. Tata AIG Life Insurance Company Ltd
10. Reliance Life Insurance Company Ltd

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Shishir kumar (IIPM New Delhi)

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 11. Sahara India Life Insurance Company Ltd
12. Shriram Life Insurance Company Ltd
13. Life Insurance Corporation Of India
14. Future Generali India Life Insurance Company
Ltd.

ENVIRONMENT

• Exposure to extensive learning and over all

development in personality.
• Having skilled trainers and motivate employee to
perform well.
• To leverage Bharti's local knowledge, infrastructure
and customer base
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Shishir kumar (IIPM New Delhi)

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 • Rich induction program for new joining.
• Different department for handling different type of
issue.
• Doing best to make the employer of choice to attract
and retain the best talent in India
• Working hard and developing strategies to be
recognized as being close and qualified by our
customers .

TECHNOLOGY

• Company is using different type of advanced

technology for work simplification.

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Shishir kumar (IIPM New Delhi)

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 • Premises are well maintained with good
infrastructure.
• Internet and intranet provides a number of benefits
to the agents, policyholder and insurer.
• Kiosks are unmanned information centers open for
24 hours, which give information of various product
and details of the company for policyholder and new
customer.
• Auto debit system for payment of premium through
bank.
• Suggestion box for customer.

TERMINOLOGY

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Shishir kumar (IIPM New Delhi)

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 • INSURED
The policyholder - the person(s) protected in case of
a loss or claim.
• INSURER
The insurance company.
• PREMIUM
The amount of money an insurance company
charges for insurance coverage
• AGENT
A licensed person or organization authorized to sell
insurance by or on behalf of an insurance company.
• Fund Value –
• Total value of units that you hold in the fund.
• Switch of Funds
Switch is a facility available only in Unit Linked policies
allowing the Policyholder to change the investment
pattern by moving from one Investment Fund/s to another
among the Investment Funds offered under the
underlying product of the Company.
• Assignment
This term refers to the process of legal transference, by
which the policyholder can pass on his interest to another
person. An assignment can be made by an endorsement
on the policy document or as a separate deed.
Assignment can be of two types

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 ( 1). Conditional assignment, (2). Absolute Assignment

SWOT Analysis

STRENTHS

 Strong new business growth exceeding 40% you

 Market increase in agency force private players .

 Successful ban assurance contribution 25% of

private market .

 Strong growth of unit linked market at the mass

affluent end .

 Healthy regulatory environment .

WEAKNESSES

 Life insurance penetration at 3% still largely

uninsured or underinsured population .

 Private players have limited focus on mass market

and lower income section , and an tier 3, semi urba
and rural market.

 Market growth largely investment driven, protection

market still under developed.

 High cost operating models unable to yield

profitabitily in low ticker high volume business.

Submitted by;-
Shishir kumar (IIPM New Delhi)

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OPPORTUNITIES ( RETAILING )
 Expand beyond proprietary brance outlets through
alarge number of partner points of presence.
 Estabtish extensive distribution spreading to tier 3,
semi urban and rural location with access to the
large mass and low income population.
 Develop the pure market through large volume lower
ticket products.
 Sustainable business supported through low cost
operations and service model,

THREATS
Insurance sector is the fastest growing sector where there
is lots of scope for the companies but competitors is
increasing in this market.
Competitors like Birla sun life, Reliance life insurance,
Aviva etc.

Submitted by;-
Shishir kumar (IIPM New Delhi)

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 TARGET/TASKS

 My target is to sell 1 policy in a two week and recruit

1 advisor in a week, or 2 policy and 4 advisors in a
Month, or 6 policy and 12 advisors in three Months.
For this I have to meet 10 to 15 customers in a day in
my own level or effort and convince them to
Purchases the insurance Policy and find out the
prospective clients for the company.

 The Monthly target assigned by the company is as

follows:

a. To sell the policy.

b. Recruit the life advisor.

MONTH POLICIES to be ADVISORS to

sold recruit

Submitted by;-
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MARCH4-31 3 Policies 5Advisors

APRIL 1-30 4 Policies 4 Advisors

MAY 1-4 2 Policies 1 Advisors

STRATEGY

Strategy is about choice, which affects outcomes.

Strategies play an important role in completion of
goals. They are used to make the problem easier to
understand and solve. They guide us through the path
which is both planned and simplified. These
guidelines help us to work out our goals in a prefect
manner and help us not to deviate from them. To
achieve above mentioned target successfully, it is
very necessary to develop a roadmap of the
destination. Hence, my plan to achieve the target set
by my company guide is as follows:-

 Product Training:

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Shishir kumar (IIPM New Delhi)

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 Any person, no matter how successful he is,
cannot perform well if he/she is not aware about
the products the company is offering. A well
presented deal can be cancelled at the last
moment if the customer is not satisfied by the
product features or if the person can not handle
any kind of objections raised by the customers.
To overcome this problem we were provided with
a 1 week training session at the
company.khushboo rani our company guide
provided with every information about the
products the company was offering. This helped
us to have insight knowledge about the products
and it features which in turn helped us to
convince the customers to buy the product.

 Field Work :

 On –Field Training:-

After completing the training sessions, we were

asked to apply this knowledge on the practical field to
convince the customers. This was the most difficult
part. As of now we were in our secured world and
were free to alter things as per our wishes. But now
we were placed in the true world were we have to

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Shishir kumar (IIPM New Delhi)

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 struggle hard to make things work according to our
needs.

 Field Activity-

Date -12-04-09
Want to sonpur and gave business opportunity
presentation
.
Date-20-04-09
Reported to company at 9.00 A.M from there we took the
canopy and went to khetan market at 10.oo A.M all of us
set up the canopy in side the market .This was the first
day of the activity .The main motiv behind this activity
was to generated lead for the recruitment of advisor. This
activity also included survey. Everythingh was done
according to the plan .Three project trainees stayed at
the cancpy with the survey form which was given by
company whereas six project trainees want inside the
market with survey form . survey was conducted shop to
shop visit . In a day 100 lead were generated . During
survey majority of the respondents gave positive
response some responded in negative manner . we
collected the names and phone number of the
respondent on the form.

Submitted by;-
Shishir kumar (IIPM New Delhi)

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Date -21-04-09
The second day of the activity was good . we surveyed
the remaining shop .the response was wonderful .by the
evening almost all the shop were left which had
customers in it so,we planned to survey them the next
day .On the second day the activity visiting respondents
were more . During interaction they inquired about Bharti
axa company products and services offered by them.

Date-22-04-09
This was the last day of the activity the survey was
completed by noon in khetan market later on .response
was good.
Throughh this activity we learn how to
generated large number of leads.Awareness for also
created.
In my strategy includes following steps:-

 Meeting people at offices and

colleges.

 Meeting people at their

doorsteps.

 Making a database of prospective

investors.

Submitted by;-
Shishir kumar (IIPM New Delhi)

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Referrals.
Follow up of prospective investors on a repetitive basis.
To get an idea about the different products of the Bharti
axa.
To get an idea about the distribution (place)strategy of
Bharti axa life insurance.
To know about the promotional tools of the strategy
ofbBharti axa life insurance
To assess whether the marketing mix adopted by Bharti
axa life insuranceis appropriate or it need some change.
To study the importance of people, process and physical
evidence in service marketing.
I prepared a database on the basis of information’s
provided by my company guide. Usually I deals with
middle class and upper middle class customers and most
of the customers were busy in their schedule. They were
unwilling to have any personal interaction. Therefore, I
decided for telecalling. Although, responses were not up
to the mark but it was a successful effort. I got the
opportunity to convert these prospects into customers of
my office and I did it successfully. The another part of my
strategy was to deal different kind of customers with their
needs.
Further need and want vary persons to persons.
Therefore, I interacted with prospects and communicate
the features of these products which suited there

Submitted by;-
Shishir kumar (IIPM New Delhi)

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preferences. In order to communicate the attributes of
products, I conveyed the customers regarding benefit
versus cost , how our product is different and unique
from other.The strategy mentioned earlier is very much
similar to two generic strategy of marketing which is
meant to have a competitive advantage.

LIMITATION
Their were many limitations present which acted as
barriers in completion of my project. Some of them are:
End of fiscal year:- As the fiscal year ended so the
customer doesn’t want to invest because they had
already invested.
Uncertainity of market:- Fluctuations in the share
market are also a major factor which affects the
customer’s decision
Lack of awareness:- In patna region common man do
not aware about theBharti axa Life Insurance company ,
even some of them don’t know that now Bharti axa is
providing Life Insurance also.

• Some people did not cooperated well.They were not

willing to give correct data.People do not give true
data related to their income.

• Some of the respondents were unwilling to divulge

information or were ignorant.

• Money and time were also a limitation.

Submitted by;-
Shishir kumar (IIPM New Delhi)

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 • The consumers may not have revealed the true
picture.

• The responses of respondents may be different in

different at different situations.
Inspite of these limitations, efforts were made part to
collect whatever possible information could be
gathered

 The products may not suit the need of the prospect.

 Limited sources of data collection.
 Convincing the customers to buy the product was
difficult.
LEARNING IN THE EXECUTIVE TRAINING

knowledge of Insurance sector:- I come to know

about the products and working of the insurance sector.
Understanding of the corporate culture:- Executive
Training in Bharti axa life inusrance provides me an
insight about the corporate world and how to behave with
superiors and peers.
Customer Handling and Public Relation:- -It helps me
to understand about market and kind of strategies
needed to be adopted to convince a customer.
Learn selling techniques:- A good selling technique is
a base of any successful deal, in this training I have learnt

Submitted by;-
Shishir kumar (IIPM New Delhi)

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how to change my approach according to the customer’s
need and wants.
Team Working Skills:- In this executive training I learnt
to work efficiently in a team. Every week I had to work
under a new team leader to give maximum output to the
company.
Stress Management:- In this executive training I learnt
how to handle the pressure of chasing a target within
given time frame and other work related stress.

NOMENCLATURE

Free look period: A free look period gives the client an

option to review the terms and conditions of the policy
within 15 days from the date of receipt of the policy
document. Where he disagrees with the terms and
conditions stated in the policy, he has the option to return
the policy, stating the reasons for objection.

Submitted by;-
Shishir kumar (IIPM New Delhi)

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IRDA: The acronym for the Insurance Regulatory and
Development Authority of India, it is the apex body
overseeing the insurance business in India. It protects the
interests of the policyholders, regulates, promotes and
ensures orderly growth of the insurance industry and for
matters connected therewith.
Loyalty additions: Additional benefits (other than
guaranteed additions/bonus) paid to policyholders on
maturity of certain investment-based insurance plans for
staying on through its term.
Lock-in period: The period of time for which
investments made in an investment option cannot be
withdrawn.
Net asset value (NAV): The simplest measure of how a
scheme is performing, it tells how much each unit of it is
worth at any point in time. A scheme’s NAV is its net
assets (the market value of the financial securities it
owns minus whatever it owes) divided by the number of
units it has issued.
Policy: The legal document issued by an insurance
company to a policyholder that states the terms and
conditions of an insurance contract.
Premium: The amount paid by the insured to the insurer
to buy cover.
Riders: Additional covers that can be added to a life
policy, for a cost.

Submitted by;-
Shishir kumar (IIPM New Delhi)

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Sum assured: The amount of cover taken under a life
insurance policy, it is the minimum amount that will be
paid on death of the policyholder during the policy term.
Surrender value: The amount payable by the insurer to
the owner of an investment-based plan in case he opts to
terminate the policy after three years (the mandatory
lock-in period) but before its maturity date. The surrender
value will be the premia paid till date minus surrender
charges and any outstanding loans due.

Submitted by;-
Shishir kumar (IIPM New Delhi)

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 CONCLUSION

After working withBharti axa life inusarnce company

limited. I can conclude that today’s customers are well
aware about various plans launched by different
companies and it is not at all an easy task to convenience
them to buy the product of company.

During OJT a student faced so many

problems to achieve their targets successfully but only
those interns are able to survive who have capabilities to
remove all these limitations. OJT is the important part of
SIP. It gives a student an opportunity to understand the
working culture of the company or corporate culture. It
helps student to learn how to work under pressure, plan
for achieving targets etc… and most importantly within a
term

OJT is the outcome that decides how

seriously a student carried out his/her OJT and what
he/she learned during the training provided by the
organization. OJT is not only achieving targets set by the
organizations. It is also the experience gathered by the
student about the market and latest trends.

It gives the opportunity to the student to apply all his

knowledge in the field. After all work is not done is our
restricted area.

Submitted by;-
Shishir kumar (IIPM New Delhi)

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 AWARD/REWARD RECEIVED

A consodilated amount of PBI(Performance base

incentive) would be given by the company on the total
target achived by me during four months of SIP.
I receive an Incentive of Rs.10,000 for the month of May.

Submitted by;-
Shishir kumar (IIPM New Delhi)

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 Bibliography

Books Referred:

• Marketing Management (kotlar)

• Life Insurance (IRDA Press)

Websites Referred:
 www.google.com
 www.bhartiaaxa.org
 www.wikipedia.com

Personal Suggestions:

• Faculty guide suggestion (Prof. pankaj

Updhaya)

• Company guide suggestion (Ms. Khushboo

Rani and Mr. Jadeep singh)
Submitted by;-
Shishir kumar (IIPM New Delhi)

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Submitted by;-
Shishir kumar (IIPM New Delhi)

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Submitted by;-
Shishir kumar (IIPM New Delhi)