SUMMER TRAINING REPORT

ON

Recruitment and selection of life

insurance
Agent

In the partial fulfillment of the Degree of Master of Business Administration

Session (2008-2010)

Submitted to Submitted by

Miss. Anjali Kaushik Yugal Mehta

Assistant Professor MBA 3rd Semester

SASIIT, MOHALI
Regn. Cum Roll No.
254

1
 PREFACE

Practical training is an important part of management courses. Theoretical studies are not
sufficient to get into corporate world and understand the complexities of large-scale
organizations.

Practical training exposes us to real practices of management in the organization. It also

exposes students to the treasures of experience, knowledge and leaning which
prerequisites of making a successful career are.

I deem it privilege to have undergone this project. I acknowledge that the practical
training that I got from this cannot be gained otherwise. I found my project very
interesting and challenging.
(Yugal Mehta)

2
 ACKNOWLEDEMENT

Project is a practical experience to add new knowledge. This is possible only in the
guidance, advice and help from a number of sources. Like a human being cannot live
without food like that it is not possible to make a project without the advice, help and
guidance.

I am finding it difficult that in what words I express my sense of indebt ness and gratitude
to all those who have helped me in accomplishing the project. Without the helped or
guidance I am not able to fulfill my aim. So if I don’t formally acknowledge to all those
who assisted and guide me, it is a sense of self-centeredness.

So in my nest lines, I would like to appreciate and dive m special thanks to my project
guide Miss.Anjali kaushik for giving me the guidance, suggestion and time during my
project. Like a plant can grow only if water regularly provided to it in the same way my
efforts are fruitful only with the suggestion and guidance of Miss.Anjali kaushik.

I would like to give my special thanks to Mr. Gurjeet kaur and Navjeevan Sharma
(branch manager of bharta axa life insurance) under whose guidance I have completed
my training. Last but not the least I wish to thank almighty and my family, who helped
me in regenerating my enthusiasm whenever I have needed it the most.

I thank them for co-operation from all of them

(Yugal Mehta)

3
 STUDENT DECLARATION

I hereby declare that study of “process of recruitment and selection of life insurance agent” has been
exclusively done by me for the degree of MASTERS OF BUSINESS ADMINISTRATION and not for
any other degree, Diploma or fellowship. This is my own study done under the guidance of guide and
company heads of the company.
I hereby declare that the contents of this report are true and best to my knowledge.

Place:Solan Yugal Mehta

4
 DECLARATION

This is to certify that the project report entitled “the process of recruitment and selection
of Life insurance agent” submitted for the degree of MBA for Himachal Pradesh
University, Shimla, On the basis of “Industrial Internship – (1july, 2009 to 31August,
2009)” is a bonafied research work carried by Yugal Mehta, student of SILB under my
guidance.
This assistance and help received during the course of investigation have been fully
acknowledged.

Project Co-coordinator

5
 Executive summary

Introduction: A general term ‘insurance’ is related to service sector. Insurance is

concerned with the protection of economic value of assets. For example in case of a
factory or a cow, the product generated by it is sold and income is generated. In this
project the Bharti AXA Life Insurance Company is undertaken which is one of the
popular sector insurance sectors. The analysis of “Bharti AXA Life Insurance” is taken
form different sectors.
For creating strong relationship and for a success full business every insurance company
required financial planner.

Objective of the study:

How to recruit agents for Bharti-AXA life insurance.
To understood the process of recruitment and selection of agent in life insurance.
Why people are not willing to work as an agent in life insurance sector specially with
private companies.

Need of the study:

The study is undertaken to know how many people are interested to work as life
insurance agent in Bharti AXA and their thinking about the Bharti AXA Life Insurance
Company or about private insurance company.

Conclusion:
In India, there is throat cut competition in the market of life insurance that brand service
which adopt new strategies for sales. I concluding the whole story it can be said that
people are much more aware about the aspects of life insurance and also have knowledge
about the role and act of agent but mostly people unwilling to work as life insurance
agent and mostly people prefer to work with LIC because it is a semi government
corporation.

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 Table of Contents
CHAPTER NO. PARTICULARS PAGE NO.

CHAPTER 1 INDUSTRY PROFILE 8-21

CHAPTER 2 Company profile 22-39

CHAPTER 3 INTRODUCTION 40-59

CHAPTER 4 RESEARCH METHODOLOGY 60-62

OBJECTIVES OF THE STUDY

,SAMPLE SIZE AND SAMPLING
TECHNIQUES

CHAPTER 5 ANALYSIS 62-78

CHAPTER 6 LIMITATIONS 79

CHAPTER 7 FINDINGS,CONCLUSION 80-81

CHAPTER 8 SUGGESTIONS 82-83

CHAPTER 9 84
BIBLIOGRAPHY

7
 Industry Profile

8
 WHAT IS INSURANCE

The business of insurance is related to the protection of the ECONOMIC VALUES OF

ASSETS. Every asset has a value. The asset would have been created through the efforts
of the owner. The asset would have been created through the efforts of the owner. The
asset is valuable to the owner, because he expects to get some benefits form it. It is a
benefit because it meets some of his needs. The benefit may be an income or in some
other form. In the case of a factory or a cow, the product generated by it is sold and
income is generated. In the case of a motor car, it provides comfort and convenience in
transportation. There is no direct income. Both are assets and provide benefits.

Every asset is expected to last for a certain period of time during which it will provide the
benefits. After that, the benefit may not be available.
There is a life-time for a machine in factory or a cow or a motor car. None of them will
last for ever. The owner is aware of this and he can so manage his affairs that by the end
of that period or life-time, a substitute is made available. Thus he makes sure that the
benefit is not lost. However, the asset may get lost earlier. An accident or some other
unfortunate event may destroy it or make it incapable of giving the benefits. An epidemic
may kill the cow suddenly. In that case, the owner and those enjoying the benefits
therefore, would be deprived of the benefits. The planned substitute would not have been
ready. There is an adverse or unpleasant situation. Insurance is a mechanism that helps to
reduce the effects of such adverse situations. It promises to pay to the owner or
beneficiary of the asset, a certain sum if the loss occurs.

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 HISTORY OF INSURANCE

 Insurance has been known to exist in some form or other since 3000 BC. The
Chinese traders, traveling treacherous river rapids would distribute their goods
among several vessels, so that the loss form any one vessel being lost, would be
partial and shared, and not total. The Babylonian traders would agree to pay
additional sums to lenders, as the price for writing off the loans, in case of the
shipment being stolen. The inhabitants of Rhodes adopted the principle of general
average of ‘general average’, whereby, if goods are shipped together, the owners
would bear the losses in proportion, if loss occurs, due to jettisoning during
distress. {Captains of ships caught in storms, would throw away some of the
cargo to reduce the weight and restore balance. Such throwing away is called
jettisoning} The Greeks had started benevolent societies in the late 7 th century
AD, to take care of the funeral and families of members ho died. The great fire of
London in 1666,in which more than 13000 house were lost, gave a boost to
insurance and the first fire insurance company, called the fire office, was started
in 1680.
 The origins of insurance business as in vogue at present, is traced to the Lloyd’s
Coffee House in London. Traders, who used to gather in the Lloyd’s coffee house
in London, agreed to share the losses to their goods while being carried by ships.
The losses used to occur because of pirates who robbed on the high seas of
because of bad weather spoiling the goods or sinking the ship. In India, insurance
began in 1818 with life insurance being transacted by an English company, the
Oriental Life Insurance Co. in 1870 in Mumbai. This was followed by the Bharat
Insurance co. in 1896 in Delhi, the Empire of India in 1897 in Mumbai, The
United India in Chennai, the National, the National Indian and Hindustan
Cooperative in Kolkata

 Later, were established the cooperative Assurance in Lahore, the Bombay Life
(originally called the swadeshi life), the India Mercantile, the new India and the
Jupiter in Mumbai and the Lakshmi in New Delhi. These were all Indian
companies started as a result of the swadeshi movement in the early 1900s. By the
year 1956, when life insurance business was nationalized and the life Insurance
Corporation of India (LIC) was formed on1st September 1956, there were 170
companies and 75 provident fund societies transacting life business in India. After
the amendments to the relevant laws in 1999, the L.I.C. did not have the exclusive
privilege of doing life insurance business in India. By 31.8.2007, sixteen new life
insurers had been registered and were transacting life insurance business in India.

10
 The history of insurance in India

Insurance in India began in the year 1870.

As the ‘Swadeshi’ movement was catching up many more Indian companies were
formed.

The insurance companies were nationalized in 1956.

There were 170 insurance companies and 75 provided fund securities which got
merged and on 1st of sept 1956 Life Insurance Corporation of India was born.

In 1993, the Malhotra committee, headed by the former RBI Governor R. N. Malhotra
was appointed. This committee submitted the report a year later and recommended
PRIVATION.

Private players started operations in the year 2000.

The Insurance Regulatory & Development Authority (IRDA) came in being & now
regulates all insurance business in India.

11
 Life insurance a basic need

Life insurance is a contract providing for payment of a sum of money to the person
assured or, failing him, to the person entitled to receive the same, on the happening of
certain event.

A family is generally dependent for its food, clothing and shelter on the income brought
in at regular intervals by the bread winner of the family. So long as the he lives and the
income is received steadily, that family is secure; but should death suddenly intervene the
family may be left in a very difficult situation and sometimes, in stark poverty.

Uncertainty of death is inherent in human life. It is this uncertainty that is risk, which
gives rise to the necessity for some form of protection against the financial loss arising
from death; insurance substitutes this uncertainty by certainty.

Some outstanding advantages of life insurance.

1. It is superior to an ordinary savings plans: This is so because unlike other saving

plans, it affords full protection against risk of death. In case of death, the full sum assured
is made available under a life assurance policy; whereas under other savings schemes the
total accumulated savings alone will be available. The latter will be considerably less
than the sum assured, if death occurs during early years.

2. Insurance encourages and forces thrift: a savings deposit can be too easily
withdrawn. Many may not be able to resist the temptation of using the balance for some
less worthy purpose. On the other hand, the payment of life insurance premiums becomes
a habit and comes to be viewed wit the same seriousness as the payment of interest on a
mortgage. Thus insurance, in effect brings about compulsory saving.

3. Easy settlement and protection against creditors: the life assured can name a person
or persons to whom the policy moneys would be payable in the event of his death. The
proceeds of a life insurance policy can be protected against.The claims of the creditors of
the life assured by effecting a valid assignment of the policy. A married women’s
property act policy constitutes a trust in favor of the wife and children and no separate
assignment is necessary. The beneficiaries are fully protected from creditors except to the
extent of any interest in the policy retained by the assured
.

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4. Administering the legacy for beneficiaries: It often happens that a provision which a
husband or father has made through insurance is quickly lost through speculative or
unwise investment or by unnecessary expenditure on luxuries. These contingencies can
be provided against in the case of insurance. The policyholder can arrange that in the in
the event of his death the beneficiary should receive, instead of a single sum (a). payment
of the net claim amount by equal installments over a specified period of years, or
(b).payment of the claim amount by smaller monthly installments over the selected
period followed by a lump sum at the end thereof.

5. Ready marketability and suitability for quick borrowings: After an initial period, if
the policy holder finds himself unable to continue payment of premiums he can surrender
the policy for a cash sum. Alternatively he can tide over a temporary difficulty by taking
loan on the sole security of the policy without delay. Further a life insurance policy is
sometimes acceptable as security for a commercial loan.

6. Tax relief: for computing income tax (especially in India the Indian income tax act)
follows deduction from income tax payable, a certain percentage of a portion of the
taxable income of individuals which is diverted to payment of insurance premiums.
When this tax relief is taken into account it will be found that the assured is n effect
paying a lower premium for his insurance.

13
 How insurance works

The mechanism of insurance is very simple. People who are exposed to the same risks
come together and agree that, if any one of the members suffers a loss, the others will
share the loss and make good to the person who lost. All people who send goods by ship
are exposed to the same risk related to water damage, ship sinking, piracy, etc. those
owning factories are not exposed to these risks, but they are exposed to different kinds of
risks like, fire, hailstorms, earthquakes, lightening, burglary, etc. like this, different kinds
of risks can be identified and separate groups, made including those exposed to such
risks. By this method, the risk is spread among the community and the likely big impact
on one is reduced to smaller manageable impacts on all.

If a Jumbo Jet with more than 350 passenger’s crashes, the loss would run into several
crores of rupees. No airline would be able to bear such a loss. It is unlikely that many
Jumbo Jets will crash at the same time. If 100 airline companies flying Jumbo Jets, come
together into an insurance pool, whenever one of the jumbo jets in the pool crashes, the
loss to be borne by each airline would come down to a few lakhs of rupees. Thus,
insurance is a business ‘sharing’.

14
 Role of Insurance in Economic Development

For economic development, investments are necessary. Investments are made out of
savings. A life insurance company is a major instrument for the mobilization of savings
of people, particularly from the middle and lower income groups. These savings are
channeled into investments for economic growth.

An insurance company’s strength lies in the fact that huge amounts come by way of
premiums. Every premium represents a risk that is covered by that premium. In effect,
therefore, these vast amounts represent pooling of risks. The funds are collected and held
in trust for the benefit of the policyholders. The management of insurance companies is
required to keep this aspect in mind and make all its decisions in ways that benefit the
community. This applies also to its investments. This is why successful insurance
companies would not be found investing in speculative ventures. Their investments
benefit the society at large.

The system of insurance provides numerous direct and indirect benefits to the individual
and his family as well as to industry and commerce and to the community and the nation
as a whole. Those who insure, both individuals and corporate, are directly benefited
because they are protected from the consequences of the loss that may be caused by the
accident or fortuitous event. Insurance, thus, in a sense protects the capital in industry and
releases the capital for further expansion and development of business and industry.

The every existence of risk that is, uncertainty concerning the future, is a severe
handicaps in economic activities. Insurance removes the fear, worry and anxiety
associated with this future uncertainty and thus encourages free investment of capital in
business enterprises and promotes efficient use of existing resources. Thus insurance
encourages commercial and industrial development and there by contributes to a vigorous
economy and increased national productivity.

Present day organization of industry, commerce and trade depend entirely on insurance
for their operation, banks and financial institutions lend money to industrial and
commercial undertakings only on the basis of the collateral security of insurance. No
bank or financial institution would advance loans on property unless it is insured against
loss or damage by insurable perils.

15
Insurers are closely associated with several agencies and institutions engaged in fire loss
prevention, cargo loss prevention, cargo loss prevention, industrial safety and road safety.
Before acceptance of a risk, insurers arrange survey and inspection of the property to be
insured, by qualified engineers and other experts. The object of these surveys is not only
to assess the risk for rating purposes but also to suggest and recommend to the insured,
various improvements in the risk, which will attract lower rates of premium and what is
more important , reduce the loss potential. For example, burglary surveyors make
recommendation in regard to security measures such as better locking system,
appointment of Watchman, etc. Engineering surveys play a most useful part in accident
prevention as valuable technical advice is provided in respect of plant and machinery.

Insurance ranks with export trade, shipping and banking services as earner of foreign
exchange to the country. It helps to earn foreign exchange and represent invisible exports.

16
17
INDIAN INSURANCE INDUSTRY:

Insurers

Insurance industry, as on 1.4.2000, comprised mainly two players: the state insurers:

Life Insurers:

• Life Insurance Corporation of India (LIC)

General Insurers:

• General Insurance Corporation of India (GIC) (with effect from Dec'2000, a National

Reinsure)

GIC had four subsidiary companies, namely ( with effect from Dec'2000, these subsidiaries
have been de-linked from the parent company and made as independent insurance companies.

1. The Oriental Insurance Company Limited

2. The New India Assurance Company Limited
3. National Insurance Company Limited
4. United India Insurance Company Limited.

S.No. Registration Date of Name of the Company

Number Reg.

1 101 23.10.2000 HDFC Standard Life Insurance Company Ltd.

2 104 15.11.2000 Max New York Life Insurance Co. Ltd.

3 105 24.11.2000 ICICI Prudential Life Insurance Company Ltd. After 20

4
S.No. 107
Registration10.01.2001
Date of KotakNameMahindra Old
of the Mutual Life Insurance Limited
Company
5 Number
109 Registration
31.01.2001 Birla Sun Life Insurance Company Ltd.
16 102
110 23.10.2000Tata Royal
12.02.2001 Sundaram
AIG Life Alliance
Insurance Insurance
Company Ltd. Company Limited
27 103
111 23.10.2000SBI Life
30.03.2001 Reliance General
Insurance Insurance
Company Company
Limited . Limited.

8 114 02.08.2001 ING Vysya Life Insurance Company Private Limited

3 106 04.12.2000 IFFCO Tokio General Insurance Co. Ltd
9 116 03.08.2001 Bajaj Allianz Life Insurance Company Limited
4 108 22.01.2001 TATA AIG General Insurance Company Ltd.
10 117 06.08.2001 Metlife India Insurance Company Ltd.
5 113 02.05.2001 Bajaj Allianz General Insurance Company Limited
11 133 04.09.2007 Future Generali India Life Insurance Company Limited
18
12 135 19.12.2007 IDBI Fortis Life Insurance Company Ltd.
 Company profile

19
 History of bharti AXA life insurance

Bharti AXA Life Insurance is a joint venture between Bharti, one of India’s leading
business groups with 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, company have
over 8000 employees across over 12 states in the country and a national footprint of
distributors trained to provide quality financial advice and insurance solutions to the large
Indian customer base. Open first branch office in Hyderabad. Introduces 2 unit linked
products- “future confident’ and ‘wealth confident’

As we further expand our presence across the country with a large network of
distributors, we continue to provide innovative product and service offerings to cater to
specific insurance and wealth management needs of customers. Whatever your plans in
life, you can be confident that Bharti AXA Life will offer the right financial solutions to
help you achieve them.

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Executives

MR. Nitin Chopra

Chief Executive officer

Mr. V. Srinivasam
Chief Financial Officer

Mr. Mark Meehan

Cheir Operating Officer

Mr. Sandeep Nanda

Chief Investment officer

21
Bharti-AXA perform over following cities

 Hyderabad
 Mumbai
 Delhi
 Bangalore
 Kolkata
 Chennai
 Ahmedabad
 Ludhiana
 Lucknow
 Surat
 Kochi
 Indoor
 Chandigarh
 Vadodra
 Bhubneshwar
 Jaipur
 Mohali

22
Bharti-AXA strategy

 To achieve a to 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 deliver high levels of shareholder return.

 To build long term value with our business partners by enhancing the proposition
for their customers.

 To be the employer of choice to attract and retain the best table in India.

 To be recognized as being close and qualified by our customers.

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Bharti group

Bharti Airtel

Bharti Teletech

Telecom Seychelles

Comviva Technologies Ltd

Field Fresh Foods Pvt. Ltd

Bharti Retail

Bharti AXA General Insurance

Bharti AXA Life Insurance

Bharti AXA Investment Managers

Centum Learning Limited

Jersey Airtel

Guernsey Airtel

Bharti Foundation

Bharti Realty

Bharti Infratel

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 Bharti Enterprises

Bharti Airtel Ltd:

Bharti Airtel Ltd is India’s leading provider of telecommunications service. The company
has 4 distinct Business divisions- mobile and telephone services, broadband services,
long distance services and enterprise services,

Bharti Teletech Ltd

Bharti Teletech Ltd manufactures and exports world-class telecom equipment under the
brand ‘Beetel’.

Telecom Seychelles Ltd

Telecom Seychelles ltd provides telecom services in Seychelles, under the brand ‘Airtel’.

Bharti AXA Life Insurance

Bharti AXA Life Insurance is a joint venture between Bharti, one of India’s leading
business groups with 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.

Bharti Telesoft Ltd

Bharti Telesoft Ltd delivers best-in-class,

Revenue-critical Vas products and service to telecom carriers,

Tele Tech Service Ltd

Tele Tech Service (India) Ltd is Joint venture with Tele Tech Inc., U.S.A. It offers a
range of Customer Management Services.

Field Fresh Foods Pvt Ltd

Field Fresh Foods Pvt Ltd is Bharti’s Venture with EL Rothschild Group owned ELRO
holding India Ltd., to export fresh Agricltural products exclusively to markets in Europe
and USA.

25
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.

AXA Asia Pacific Holdings

AXA Asia Pacific Holdings Ltd (AXA APH) is listed on the Australian stock exchange
and is 52.3% owned by AXA SA. AXA APH is responsible for AXA SA’s life insurance
and wealth management businesses in the Asia-Pacific region. It has operations in
Australia, New Zealand, Hong Kong, Singapore, Indonesia, Philippines, Thailand, China,
India and Malaysia. AXA APH had A$106.4 billion in total funds under management and
administration at 30 June 2007 and reported a profit after tax before non-recurring items
of A$374.0 million for the six months ended 30 June 2007.

26
MAJOR COMPETITORS OF BHARTI AXA LIFE AND GENERAL
INSURANCE

 Life Insurance Corporation of India (LIC)

Life Insurance Corporation of India (LIC) was established on 1 September 1956
to spread the message of life insurance in the country and mobilise people’s
savings for nation-building activities. LIC with its central office in Mumbai and
seven zonal offices at Mumbai, Calcutta, Delhi, Chennai, Hyderabad, Kanpur and
Bhopal, operates through 100 divisional offices in important cities and 2,048
branch offices. LIC has 5.59 lakh active agents spread over the country.
 The Corporation also transacts business abroad and has offices in Fiji, Mauritius
and United Kingdom. LIC is associated with joint ventures abroad in the field of
insurance, namely, Ken-India Assurance Company Limited, Nairobi; United
Oriental Assurance Company Limited, Kuala Lumpur; and Life Insurance
Corporation (International), E.C. Bahrain. It has also entered into an agreement
with the Sun Life (UK) for marketing unit linked life insurance and pension
policies in U.K.
 In 1995-96, LIC had a total income from premium and investments of $ 5 Billion
while GIC recorded a net premium of $ 1.3 Billion. During the last 15 years,
LIC's income grew at a healthy average of 10 per cent as against the industry's 6.7
per cent growth in the rest of Asia (3.4 per cent in Europe, 1.4 per cent in the US).
 LIC has even provided insurance cover to five million people living below the
poverty line, with 50 per cent subsidy in the premium rates. LIC's claims
settlement ratio at 95 per cent and GIC's at 74 per cent are higher than that of
global average of 40 per cent. Compounded annual growth rate for Life insurance
business has been 19.22 per cent per annum.
 Max New York Life Insurance Co. Ltd.
Max New York Life Insurance Company Limited is a joint venture that brings
together two large forces - Max India Limited, a multi-business corporate,
together with New York Life International, a global expert in life insurance. With
their various Products and Riders, there are more than 400 product combinations
to choose from. They have a national presence with a network of 57 offices in 37
cities across India.
 ICICI Prudential Life Insurance Company Ltd.
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank,
a premier financial powerhouse and prudential plc, a leading international

27
 financial services group headquartered in the United Kingdom. ICICI Prudential
was amongst the first private sector insurance companies to begin operations in
December 2000 after receiving approval from Insurance Regulatory Development
Authority (IRDA). The company has a network of about 56,000 advisors; as well
as 7 banc assurance and 150 corporate agent tie-ups.
 Om Kotak Mahindra Life Insurance Co. Ltd.
Kotak Mahindra Old Mutual Life Insurance Ltd. is a joint venture between Kotak
Mahindra Bank Ltd. (KMBL), and Old Mutual plc.
 Birla Sun Life Insurance Company Ltd.
Birla Sun Life Insurance Company is a joint venture between Aditya Birla Group
and Sun Life financial Services of Canada.
 Tata AIG Life Insurance Company Ltd.
 SBI Life Insurance Company Limited
 ING Vysya Life Insurance Company Private Limited
 Allianz Bajaj Life Insurance Company Ltd.
 Metlife India Insurance Company Pvt. Ltd.
 AMP SANMAR Assurance Company Ltd.
 Dabur CGU Life Insurance Company Pvt. Ltd.

28
 Products of Bharti-AXA life insurance are:-

Bright stars
 This is a regular premium unit-linked insurance policy, which, which offers you
the twin benefits of protecting your loved ones and creating wealth for them over
the desired period.

 As a caring parent, you want only the best for your child. As your child grows, his
aspirations will grow too and so will your responsibilities. Whether it’s higher
studies abroad, a grand wedding or a comfortable home … you can now ensure
that your child is always one step ahead

 You can fulfill all the dreams you have for your child, and give him what he
deserves. A bright future!

 The plan also offers the flexibility to make modifications, depending on the
changing needs of your child. As his dreams grow, the plan will grow too… so
financial hurdles will never come in the way of his growing dreams! With Bharti
AXA Life Bright Stars,

Parameter Eligibility
Minimum age at entry 18 years
Maximum age at entry 70 years minus policy benefit period
chosen.
E.G: for policy benefit period of 17 years,
the maximum age at entry is 53 years.

Maximum age at maturity 70 years

Minimum premium Rs.15,000 p.a. for annual & semi-annual
modes Rs18,000 p.a for monthly mode
Premium modes Annual, semi-annual and monthly
Policy benefit periods available 7 years,10 years,15 years, 17 years and 20
years

Minimum top-up premium Rs. 2,500

29
The main advantages of Bharti AXA Life Bright Star Product

 You can enhance your protection in this product by adding riders.

 You get a smart financial solution through this product. Not only does the Sum
Assured gets paid out in case of unfortunate event of death, but Bharti AXA Life
will pay all your future premiums to ensure that the ambitions of your loved ones
are achieved.

 You have the option of investing across 4 funds, depending upon your risk
appetite and return expectation and you can make use of the switch facility to
change your asset allocation.

 Tax benefits for premiums paid and benefits received, as per the prevailing Tax
laws.

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Spot suraksha

Introduction
Spot Suraksha is a unit liked insurance product, which offers you an instant insurance
protection and benefit of wealth creation in the long-term.

The following are the main advantage of Spot Suraksha

With Spot Suraksha, getting an insurance cover is as simple as A-B-C.
A. Understand the product:((Read and understand the product brochure)) ,
B. Answering the simple health related questions, Sign up the simple application
form, submit photograph, proofs for identity, address and age.
C. A cover note is issued to policy holder and insurance cover starts instantly
D. 100% allocation of premium- Full allocation of premium to the Investment
Fund, according to policy holder choice from 2nd year onwards.
E. A guaranteed special addition equal to 130% of annualized premium in the
first policy year is added in the policy fund at maturity or death, which is
earlier.

Parameter Eligibility
Minimum age at entry 5 years
Maximum age at entry 55 years
Maximum age at maturity 70 years
Minimum premium Rs. 12,000 p.a

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Premium Modes Annual, Semi-annual and monthly
Policy term 15 years
Minimum top up premium Rs. 5,000

Dream life pension :-

Let you live your retired life king-size

This plan is made for old persons and to make them self independent and live a life of
dignity and self-respect. Today you are busy climbing the ladder of success and realizing
your dreams. Today, time is with you. Just take a moment and think.
The bharti AXA Life Dream life pension gives you:

 A post retirement income for life.

 Policy holder choose the age at which he/she would like to retire (vesting age),
which determines your premium paying term. Alternatively you can opt for single
premium payment.

Parameter Eligibility

Minimum age at entry 18 years

Maximum age at entry 70 years

32
 Minimum age at vesting 45 years
Maximum age at vesting 80 years
Premium modes Single pay, yearly, Half-yearly ,Quarterly
and monthly

Minimum premium Annual Regular Premium:

Rs.12, 000p.a.

Minimum policy term 10 years

Minimum top-up premium Rs.2, 500 and no maximum limit on top-up

premium and top up allowed only after first
policy year.

MERIT PLUS

This is a regular premium unit-linked insurance policy which offers you the twin benefits
of protection against financial loss in the unfortunate event of the death and helping you
to create wealth systematically over the long-term. Hence this product is suitable for your
long-term objective like retirement planning, children’s future and giving a total
protection to you and your family.

Parameter Eligibility

0 year
Minimum age at entry
Maximum age at entry 60 years (For death benefit option A)
55 years (For death benefit option b)
Maturity age 80 years (for death benefit option A)
75 years (for death benefit option B)
Policy benefit period 80 year less age at entry (for death benefit
option A)
75 years less age at entry (For death benefit
option B)

33
 Premium payable period
Yearly, Half-Yearly And Monthly
Minimum premium Rs.10,000

Minimum Top-up premium 500

Benefits of Bharti AXA Life merit plus

Life Insurance benefit:

In merit plus the policy holder must have to choice one option out of the two.
1. Death Benefit Option A
Sum assured(less all partial withdrawals made form the basic policy fund
during the 12 months prior to the date of death of life assured) or the policy
Fund Value as on the date of intimation of death, which is higher, will be paid.
2. Death benefit option B
The sum of sum assured and the policy fund value as on the date of intimation
of death will be paid.

34
Future confident

Future confident is a suitable product for you, if your objective is long-term targeted
wealth creation over 15-20 year, either for your own retirement or for your children’s
future, while at the same time providing your family enhance financial protection.

Parameter Eligibility

0 year
Minimum age at entry
Maximum age at entry 60 years

Maturity age 70 years

Policy benefit period 70 year less age at entry

Premium payable period

Yearly, Half-Yearly, quarterly and Monthly

35
 Minimum premium Rs.10,000 for yearly, 5,000 for half-yearly
2,500 for quarterly and Rs.834 for monthly
premium
Minimum Top-up premium 500

Secure confidence
Provide complete financial protection to your family, even when you are not there.
Secure confident is suitable to you if your objective is to protect your family against any
financial loss caused due to unfortunate death, disability due to an accident or critical
illnesses which may deprive them of a secured future.

Parameter Eligibility
Minimum age at entry 18 years
Maximum age at entry 55 years
Minimum sum assured Rs.5 ,00,000
Minimum premium RS.1,500 for yearly,Rs.780 for half-yearly,
Rs.405 for quarterly and Rs.135 for
monthly premium
Policy benefit period 5,10,15,20 and 25 years
Maximum age at maturity. 60 years
Premium paying term Equal to the policy benefit period.
On death On survival
A sum assured is paid to the policy holder The policy shall be terminated and no
or nominee and the policy shall be monies shall be payable to the policy
terminated. holder.

36
 Introduction of the process of
recruitment and selection of
agent

37
Objectives of the study:-

 To understand the process of recruitment and selection of agent in Bharti AXA

life insurance.
 How to recruits agent for Bharti-AXA life insurance
 To know about the view of general public about the job of agent
 Why people are not willing to work with as an agent, especially with private
player.

38
 Meaning of Recruitment

Finding the right people is a make-or-break factor for success in business today.
Recruiting the top talent for a job takes time and you have to attract quality candidates
who have the knowledge and skills needed to help your company grow.

The fact is, your success with recruitment depends on how well you prepare your job ad,
and use source of recruitment, and your interviewing skills.

Prepare a job ad that works to start, you want to be sure that your potential candidate
truly understands the job. The clearer you are with the task description, working
conditions and advantages, the less time you will waste examining and rejecting
applications

The essentials of any job description are:

 a brief description of your company

 detailed outline of the tasks involved
 qualifications and experience required
 equipment and resources used to do the work

39
  Skills required using them.

However, you should also include work benefits (e.g., vacation, travel and perks), general
working conditions (e.g., scheduling, outside work) and the specific traits required (e.g.,
teambuilding and communications skills). Ultimately, you want to be perceived as an
attractive employer in a competitive market.

Find the right recruitment vehicle choose the vehicle that best works for your company,
depending on your budget and resources.

Word of mouth, or simply telling your employees, friends and colleagues about a job
opening, is a less expensive strategy but generates fewer candidates. The advantage is
that you already know something about your recruiters and their skills, knowledge and
achievements. This is a preferred method with companies that have a finder's fee program
for their employees.

Advertising is a toss of the dice. If it goes well, it can help you find ideal candidates in a
regional, national, or international pool. If not, it's a costly investment yielding few
results. Make sure to factor in the time it takes to go through
a large number of resumes.

Employment agencies cost more but generally provide a good range of candidates. The

40
employment advisors look at your needs, screen a number of candidates, and only send
you the applications that meet your requirements. Bear in mind that the largest
employment agencies do not necessarily offer the best choice of candidates. There are
numerous agencies that specialize in recruitment in specific sectors.

 Recruiting online such as monster.ca, workopolis.com, and jobboom.com. These

can provide inexpensive, worldwide access to employees. In fact, 65% of job
seekers now have access to these types of services.
Using the Internet for recruiting usually involves regular visits to specialized
recruitment sites, joining newsgroups, and posting your job openings on
recruitment sites, electronic publications and on your own Web site.

After recruitment the next part is selection of best candidates.

Make the interview deliver

Since the purpose of an interview is to identify and verify the candidate's potential, it
should be structured to bring out all the desired competencies and aptitudes. Remember
that you have to decide between the candidates: you could create a point system or
analysis grid for comparing their strengths and weaknesses.

Here are a few points to consider when structuring an interview:

 Make a list in advance of the points for discussion and corresponding questions.
 Present the candidates with a situation they could face on the job and ask them
how they would react. This will enable you to evaluate the candidates' knowledge,
skills and work methods.
 Ask the candidates to describe some difficult situations encountered in previous
jobs and to explain the way in which they were resolved. This will give you the

41
 chance to gauge the candidates' self-confidence, creativity and problem-solving
skills.
 Ask the candidates to describe a difficult situation involving colleagues and how
it was resolved. This will enable you to test their aptitude for teamwork.
 Ask the candidates about their ambitions and plans to ensure they fit your
company profile.

Beware of asking questions about personal interests. They can get the interview off track
or annoy people who want to keep their work and private lives separate.

Definition of agent.

 According to section 182 of Indian contracts Act, an “agent” is a person employed

to do any act for another or to represent another in dealing with a third person. In
the insurance industry, the term “agent” is ordinarily applied to a person engaged
by the insurer to procure new business. The insurance Act definers and insurance
agent as one who is licensed under Section 42 of that Act and is paid by way of
commission or otherwise, in consideration of his soliciting of procuring insurance
business, including business relating to the continuance, renewal or revival of
policies of insurance. He is, for all purposes, an authorized salesman for insurance
and needs a license.

 An agent is one who acts on behalf of another. The “another” on whose behalf the
agent acts, is called the principal in this case. The insurance company is the
principal in this case. The lawyer is the agent of the client, when he argues the
case in court. An ambassador is an agent of his country. The agent represents the
principal and acts on his behalf. Some insurers designate their agents as

42
 ‘advisers”,” consultants” etc. as if they are independent advisor or consultant
would not be appointed by an insurance company. He would be knowledgeable
enough as a person to be approached for advice or consultation. Some insurance
agents may acquire that status. All insurance agents should strive to attain that
status.

Procedure for becoming an agent

The insurance Act, 1938 lays down that an insurance agent must possess a licence under
Section 42 of that Act. The licence is to be issued by the IRDA. The IRDA has
authorized designated persons, in each insurance company, to issue the licences on behalf
of the IRDA.

In terms of the Insurance Act, a licences will not be given if the person is
(a) minor,
(b) found to be of unsound mind,
(c) found guilty of criminal misappropriation or criminal misappropriation or
criminal breach of trust or cheating or forgery or an abetment of or attempt to
commit any such offence
(d) found guilty of or knowingly participation in or conniving at any fraud,
dishonesty or misrepresentation against an insurer or an insured,
(e) not possessing the requisite qualifications and specified training,
(f) Found violating the code of conduct as specified in the regulations.

43
 (g) The fee for a licence is Rs.825 for individual. A licence is granted for 3 years.
It may be renewed after 3 years and again valid for 3 years.

A licence issued by the IRDA may be to act as an agent for a life insurer, for a general
insurer or as a composite insurance agent working for a life insurer as sell as a general
insurer. No agent is allowed to work for more than one life insurer or more than one
general insurer.

The Qualifications necessary before a licence can be given are that the person must
(a) Not a minor.
(b) Have passed at least the 12th standard or equivalent examination, if he is to be
appointed in a place with a population of 5,000 or more. (10th standard
otherwise.)
(c) Have undergone practical training for at least 50 hours in life or general
insurance business, as the case may be, form an institution, approved and
notified by the IRDA. IN the case of a person wanting to become a composite
insurance agent, the applicant should have completed at least 75 hours
practical training in life and general insurance business, which may be spread
over six to eight weeks.
(d) Have passed the pre-recruitment examination conducted by the insurance
institute of India or any other examination body authorized by the IRDA.

The licence once issued, can be cancelled whenever the person acquires a
disqualification. Applications for renewal have to make at least thirty days before the
expiry of the licence, along either the renewal fee of Rs.250. If the application is not
made at least thirty days before the expiry, but is made before the date of expiry of
licence, an additional fee of Rs.100 is payable . If the application is made after the date of
expiry, it would be normally being refused.

Prior to renewal of the licence, the agent should have completed at least 25 hours
practical training in life or general insurance business or at least 50 hours practical
training in life and general insurance business in the case of a composite insurance agent.

Insures who select agents for appointment, make arrangements for training, for appearing
in the prescribed examinations, and obtaining the licence.

NOTE
The insurance Act provides, In Section 44, for payment of commission on renewal
premium even after termination of the agency. The commission will be limited to a rate

44
not exceeding 4%, to be eligible for this; the agent should have been an agent with that
insurer for at least
(1) five years and policies for at least Rs50,000 are in force one year before
termination of agency or,
(2) 10 year.

This commission will be payable to the heirs of the agent after the agent’s death.

FUNCTION OF AN AGENT

 Understanding the prospect’s needs and persuade him to buy a plan of life
insurance that suits his interests best.
 Complete the formalities:- paper work, medical examination, which are necessary
to get the policy expeditiously.
 Keep in touch to ensure that changing circumstances are reflected in the
arrangements relating to premium payments, nomination and other necessary
alterations.
 Facilitate quick settlement of claims.
 Be totally honest with both the prospect and the insurer.
 Not to induce prospects to submit wrong information.

Career with Bharti AXA

45
  Opportunity to earn unlimited income.
 Career Growth.
 Be your own boss.
 High quality training & Support to improve productivity.
 Compensation amongst the best.
 Club member benefits.
 Payout structured to facilitate your cash flows better.
 Best in class & competitive products.
 Pension for life.

Recruitment process

 Develop a profile.
 Develop sources of recruits.
 Approaching the targeted recruits.
 Initial\ Screening interviews.
 Reality check.

Sources of recruitment
1) Controlled
2) Uncontrolled

46
Controlled
 Natural market
 Central of influence
 Agent gets agent

Uncontrolled

 Job ads/inserts
 Placement consultants
 Presentation/ seminar
 Cold prospecting
 Data base
 Primary
 Secondary

Natural market

 Your family
 Your friends
 People at job/business
 Neighbors

Extended Natural market

 The following are sources of names:

 People know through children.
 People know through spouse.
 People know through hobbies/ games.

47
 People known through social groups
 People known through public service.
 People you do business with.
 Friends of friends.

CENTRE OF INFLUNCE

 People with influence and prestige, other member of society believe and faith on
them.
 People who have a big circle of relationships: like secretary in societies, president
of an association.
 People who are known to you and are wiling to help you.
 People who have contacts with the class of people you want to deals with.
 People who have faith in your leadership.
 A centre of influence is a person who is in contact with many people through
social, political, religious or business angulations
 Usually a respected individual with influence over the people with he/she is in
contact.

Uncontrolled Sources

Job Ads/Inserts

 This program should be on regular long range basis.

 Example: Navajeevan sharma who is a relationship officer in bhrati AXA Life
Insurance company put an ad in the newspaper, in which he called for the reader
to phone him during a specified 2 to 4 hours period on Monday or Sunday
morning,
 From those who called Navjeevan Sharma was able to eliminate more misfits
(who are not qualified) and arrange for two to six personal visits.

48
 Placement consultants
MOA can recruit a placement consultant or register him self in internet job search
sites to get list of prospects.

Seminars/job fairs
Manager of agency can also organized seminars at
management institutes and colleges.

 OR

Bharti AXA life insurance company participate in the job fairs and then short list
prospects and then look for further opportunities for them.

Cold Prospecting

 MOA can use the telephone directory.

 MOA and telecaller can use the directories of various business and social
organizations.

Database

 Primary data: Direct collection of data of from the source of information,

technology including personal interviewing, survey etc.
 Secondary Data: Indirect collection of data from sources can be purchased from
the open market and various kind of database are available such as telephone
databases of various surveys.

49
Point to be note while recruiting a agents

 Mature and responsible family person.

 Ambitious, hungry for recognition, challenges.
 Occupation.
 Experience and current designation.
 For how many years he is living in the city.
 Greedy person.
 Occupation of parent.
 Family income.
 Any experience in life insurance sector.
 Leadership qualities.

50
  Social and amiable.

During training we use following sources for recruitment and selection

of agent

1) Secondary data such as telephone directory.

2) Market survey.
3) Natural market.

51
Telephone Script

Hello sir,

I am Paramjit Singh from Bharti AXA. I want your few minute to speak.

Sir, Bharti AXA is going to expend the Business by recruiting quality people and offering
them the potential of a very rewarding career opportunity.

We have acquired your business card and we are aware of the company you work for and
you are one of the selective person with whom our company want to concern.

52
So I would like to meet you for coffee to explain the exciting and rewarding opportunity.
It may have for you in terms of career compensation and support..

(Excellent I look forward to meeting you please May I have your address and I will
confirm our meeting in writing)

OR

(According to your convenience will you please tell me when and where we can meet?)

Thank You Sir.

Documents Required

 Age proof.
 Address proof.
 Photo – 8.
 Education proof.
 Q score sheet.
 Agency application.
 Form V A.
 Fill NAAF.

53
 After collection of above mention
Document the next step is

Interview section

During the interview the senior manager/MOA asked following question to the candidate
to judge his ability, knowledge, details,

 Qualification.
 Present occupation.
 Knowledge or experience in insurance sector
 Tenor of stay in the town.
 Number of family member.
 Household income.
 Occupation of parent.
If selected then the senior manager/MOA approve the application,

The managers take the help of scoring Mechanism.

Scoring Mechanism was filled at the time of apply.

Age Below 25 years Between 25-40 More than 40 score

Scoring 0 2 1
mechanism
Marital status Unmarried married

1 2
th
Education 10 standard or graduate Post graduate
12th standard

54
 1 2 2
Tenor of stay in Less than 3 3-5 years More than 5
city/town years years
0 1 2
Household Less than 2 2-5 lakhs More than 5
income lakhs lakhs

Total score

Q Score:
Acceptable Range of Score Greater than or equal to 7

Additional Approvals 5 or 6

Rejected application if 4 or less

If the Q score is less than 7 then BSM/ARSM comments and signatures are required.

Next step

50 Hours Training and also provide a text book (IC-33 life insurance) for pre-
recruitment Examination for Life Insurance Agents, which is based on syllabus
prescribed by insurance Regulatory & Development Authority.

The Insurance Regulatory

And Development Authority,
IRDA for short, has laid down that those who wish to become insurance agents will
be given licences only after they complete a course of study, training and pass an
examination prescribed by it.

During this training the knowledge about the entire essential concept related to life
insurance is provided to agent. Insurers will have different practices and offer
different benefits in their plans. All of them will be based on these concepts. The
details of the practices and the plans of each insurer will have to be learnt form the
respective insures.
During training following things will be teaches.

 What is insurance
 Principles of life Assurance
 Premiums and Bonuses
 Life Insurance products
 Underwriting
 Insurance Documents
 Policy conditions
 Claims

55
  Linked life insurance products
 Insurance agency
 Laws and Regulations
 IRDA Regulation 2000.
 IRDA Regulation 2002.

Examination and Code

Examination is the second last part of the recruitment and selection process.
It include one hour test under, which contain 50 objective questions, one marks each,
Pass marks are 25.

There are two method of examination.

 Online
 Manual

56
In case of online the result is declared on the spot and in the case of manual result is
declared with in one month.

After clearing the exam, ULIP training of two days will be given to the advisor about the
product of company and then agency code is generated.

57
Objectives of the study:-

 To understand the process of recruitment and selection of agent in Bharti AXA

life insurance.
 How to recruits agent for Bharti-AXA life insurance
 To know about the view of general public about the job of agent
 Why people are not willing to work with as an agent, especially with private
player.

Research Methodology
58
Research Methodology is the investigation of specific problem in detail. At first problem
is defined carefully for conducting research. There should be a good research plan for
conducting research. No research can be done without data collection. After all this
analyze is made for getting solution for problem.
 Defining the problem
 Defining the sampling plan
 Collection of data
 Analyze and interpretation

Defining the problem

Defining the research problem is first necessary step for any research. This work should
be done carefully. Here research problem is to know wiliness of general public to work as
an agent with private player or Bharti-AXA life insurance.

SAMPLING PLAN
The sampling plan calls for three decisions.

A) Sampling Unit: I have completed my survey in CHANDIGARH, MOHALI.

B) Sample Size: The selection of 40 respondents. The sample was drawn from
shopkeepers. The selection of the respondent was done on the basis of simple random
sampling.
C) Contract methods
I have conduct the respondent through personal interviews

59
(Research Instrument)
A close friend questionnaire was constructed for my survey. Questionnaire consisting of
a set of questions made to filled by various respondents.

Collecting the information

After this, I have collected the information from the respondent with the help of
questionnaire.

Analyze the information

The next step is to extract the pertinent finding from the collected data. I have tabulated
the collected data & developed frequency distributions.
Thus the whole data was grouped aspect wise and was presented in tabular from. Thus,
frequencies & percentages were to reder impact of the study.

Presentations of findings
This was the last stop of the survey.

60
 Data presentation and Interpretation

Name: - Address:-
Location:-
Mobile no.
Shop Type:- (Mobile stores, General store, Chemist, paanwala etc. Please specify

1) How many customers walk in daily on an average?

10-15 16-30 31-50 51-60 60-90 90+

61
 8, 20%
less than 15
14, 34%
16-30
31-50
51-60
8, 20% 60-90
90+
4, 10%
1, 3% 5, 13%

20% people said that less than 15 customers walk in daily on an average.
20% people said that 16 to 30 customers walk in daily on an average.
13% people said that 31 to 50 customers walk in daily on an average.
3% people said that 51 to 60 customers walk in daily on an average.
10% people said that 61 to 90 customers walk in daily on an average.
34% people said that 31 to 50 customers walk in daily on an average.

2) How much Airtel recharges do you sell in the month?

Less than 15 k

62
 15-30 k

30-60 k

Above 60 k

0, 0%
3, 8%
0, 0%
3, 8% NO
3, 7% Less than 15 k
15-30k
30-60k
60-150
above 150
31, 77%

77.5% of shopkeepers do not sell Airtel recharges.

7.5% of shopkeepers sell Airtel recharges less than 15 k in a month.

7.5% of shopkeepers sell Airtel recharges of 15-30 k in a month.

7.5% of shopkeepers Airtel sell recharges of 30-60 k in a month.

3) Would you like to introduce Bharti’s other products to your

regular/ new customers?

Yes

63
 NO

, 0%

11, 28%

yes
no
Slic
e3
Slic
e4
29, 72%

28% of shopkeepers were ready to introduce Bharti’s other

products to your regular/ new Customers.

72% of shopkeepers were not ready to introduce to introduce

Bharti’s other products to your regular/ new Customers.

4) Do you sell New High Margin products to your regular

customers?(Profit Margins 5-10%)

Yes

No

64
 , 0%

17, 43%
Yes

23, 57%
No

57% of shopkeepers were ready to sell New High Margin

products to there regular.

43% of shopkeepers were interested to sell new high Margin

products to there regulars customers.

Script

Bharti has expanded into new territories of business and they now offer the best
in class insurance products. This new venture is named Bharti-AXA.

65
 Mr. Sunil Bharti mittal is introducing insurance to Punjab and Chandigarh
retailers and would like to give you an opportunity to earn and setup a new
income which can give you 15-20% margin on an average.

In this business you only have to contact your known people or regular customers
and their references to introduce Bharti’s product and get an appointment.

Post this, manager form Bharti-AXA will go, explain the product & close he sale
for you. You will in turn receive 15-20 % margin on sale. E.g. if a policy is sold
by Bharti-AXA manager for 10,000 you will receive 2,000.

We are here to understand your interest in this proposal specially designed by Mr.
Sunil Bharti Mittal for Punjab and Chandigarh.

6) Would you be interested in taking up this business opportunity with Bharti?

Yes

No

66
 , 0% 4, 10%

yes
no

36, 90%

Only 10% shopkeepers were interested in taking up this business opportunity with
Bharti.(4 shopkeeper were interested in this activity)

7) How much time can you dedicate per day for this activity?
(For getting
Appointments)

½ hr

67
 1-2 hrs

3-h hrs

5 hrs or more

0%
0%
25%

half hour
1/2 to 2
2 to 4
4 to 5

75%

From the above 4 people 3 people said that they can spend ½ hour for this activity
daily and 1 said that they can spent ½ to 2 hours for this activity.

8) Do you have any knowledge of or experience in Insurance?

Knowledge

Yes

68
 No
, 0%
6, 15%

no

yes

34, 85%

85% of shopkeeper said that they have knowledge about insurance.

15% of shopkeeper said that they have no knowledge about insurance.

Experience as an agent

Yes

NO

69
 , 0%
6, 15%

yes
no

34, 85%

15% of shopkeepers have experience in the field of life insurance.

85% of shopkeepers have no experience in the field of life insurance

If yes, then please specify the name of the company.

70
 , 0%
1, 17%

LIC
1, 17% HDFC

ICICI
4, 66%

Out of 6 people 66% (4) of shopkeeper working with LIC,

17% (1) of shopkeeper working with HDFC Standard Life insurance and 17% (1) of

shopkeeper working with ICICI Prudential Life Insurance Company Ltd.

9) Can you spare 1/2 day on training to understand to product and how
can introduce it to your customer?

Yes

71
 NO

, 0% 4, 10%

Yes
no

36, 90%

10 % of shopkeepers were interesting to spare 1/2 day on training to understand to

product.

72
Name: - Address:-
Location:-
Mobile no.
Shop Type:- (Mobile stores, General store, Chemist, paanwala etc. Please specify

QUESTIONNAIRE

1) How many customers walk in daily on an average?

10-15 16-30 31-50 51-60 60-90 90+

2) How much Airtel recharges do you sell in the month?

Not selling

Less than 15 thousands

15-30 thousands

30-60 thousands

Above 60 thousands

3) Would you like to introduce Bharti’s other products to your regular/ new
customers?

Yes

NO

4) Do you sell New High Margin products to your regular

customers?

Yes

No

73
5) How much time do you take to explain a new product to a
customer?

10 minute or less

10-30 minute

30 minute-1hr

More than 1 hr

Script

Bharti has expanded into new territories of business and they

now offer the best in class insurance products. This new
venture is named Bharti- AXA.

Mr. Sunil Bharti mittal is introducing insurance to Punjab and Chandigarh

retailers and would like to give you an opportunity to earn and setup a new
income which can give you 15-20% margin on an average.

In this business you only have to contact your known people or regular customers
and their references to introduce Bharti’s product and get an appointment.

Post this, manager form Bharti-AXA will go, explain the product & close he sale
for you. You will in turn receive 15-20 % margin on sale. E.g. if a policy is sold
by Bharti-AXA manager for 10,000 you will receive 2,000.

WE are here to understand your interest in this proposal specially designed by Mr.
Sunil Bharti Mittal for Punjab and Chandigarh.

6) Would you be interested in taking up this business opportunity with Bharti?

Yes

No

7) How much time can you dedicate per day for this activity? (For getting
Appointments)

½ hr

1-2 hrs

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 3-h hrs

5 hrs or more

8) Do you have any knowledge of or experience in Insurance?

Knowledge

Yes

No

Experience

Yes

NO

If yes, then please specify the name of the company.

9) Can you spare ½ day on training to understand the product and how can introduce
it to your customer?

Yes

NO

10) How many people do you know in this city?

Under 50

51-100

101-300

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 301-600

Above 600

Limitation

1) I didn’t get complete feed from the shopkeepers about the question as they are
busy in there work and had less time to fill questioned.
2) Sincerity of answering the questions cannot be judged.

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 3) Time was the major constraint for me to understand the long process of
recruitment and selection.
4) Limited money available for project.

Finding

Why people are not ready to work with private players in life insurance?
Or
Why people are not ready to work as an agent in any company?

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In these days LIC created a very well image in the mind of General public because it is
semi Government Company and also an oldest company. In short most people of Indian
believe upon the LIC only.

During the training period we fled that most of people who are already working in
insurance sector think that it is easy to sell the product of LIC than to sell the product of
other life insurance company.

Most of people say that this job affects upon there social relation with other and also
effect upon there business.

Most of people believe that private insurance companies carried out fraud activity that’s
why they never believe upon the private players.

People think that it is a time consuming activity and also required huge market skills.

Some people said that only greedy people like to work in insurance sector.

Because of three days compulsory training.

Conclusion

In India, there is throat cut competition in the market of life insurance that brand service
which adopt new strategies for sales. I concluding the whole story it can be said that
people are much more aware about the aspects of life insurance and also have knowledge
about the role and act of agent but mostly people unwilling to work as life insurance

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agent and mostly people prefer to work with LIC because it is a semi government
corporation.

Suggestions

Bharti-AXA life insurance company must give more advertisements on electronic media
and print media, as it help in enhance its goodwill and more people are willing to work
with reputed companies, through proper advertisement it become easy to sell the product.

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An insurance company must work with honesty to win the confident of its agent and
general public.

Duration of training must be reducing as in these day people have no extra time.

Fees charged by companies from candidate for IRDA exam and training should reduce.

Many other extra facilities must be provide to agent to attract them such local and foreign
trips, special price on achieving a target, open bank account at free of cost,

Bharti-AXA Life Insurance Company must organize more and more seminars and also
participate in the job trade fairs to find out more candidates.

Increase the commission of agents.

Company must relic to candidate or other people that they are doing a social service for
the welfare of society.

Better career opportunity must be provided to an adviser, such as on role job, promotion
etc.

A special function must organize time to time in which the special prizes distribute
among those agent who perform well.

The duration of the process of recruitment and selection is too long (one and half month),
during this process mostly candidate loss there interest, so there is an urgent need to
reduce the duration of this period.

Reduce the minimum premium amount it will help company to attract the agent of other
company, as it increases the scope of market of its agent.

BIBLIOGRAPHY

S. Balachandran, (2009), IC-33 Life Insurance, Shri S.J Gidwani Publishers, Mumbai

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www.irdaindia.org
www.bhart-axalife.com
www.wikipedia.org
www.ibef.org

u should say like ,acha incentive milega n u will get promotion ,it gives
u different identity among the society n relatives,colleagues ,this will
gives u prosperity ,as a part time u can join this opportunity ,it will
boost up ur confidence ,different different slabs are available in which
u can make more n more money ,according to me its a good cause in
which we can get name ,fame.im always there to guide n help you,in

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the end u can say if u would achieve the targets that given by the
company than u will get the promotion n some other companies
benefits

The opportunity

About 2/3 of the Indian population is ‘insurable”

High % of population is uninsured or underinsurance.

We Indian are “natural savers”

Indians save the maximum in the world.

Those ‘insured’ are ‘underinsured’.

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