Summer Training Report On

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 Dr. Yasmin Jhanjhua Professor SILB Solan
Submitted by Nitin Gupta MBA 3rd Semester
Bharti ± Axa Life Insurance (Training Report)
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.
(Nitin Gupta)
SILB School Of Business Management
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STUDENT DECLARATION
I hereby declare that study of ³process 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 Managers of the company. I hereby declare that the contents of this
report are true and best to my knowledge.
(Nitin Gupta)
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DECLARATION
This is to certify that the project report entitled ³the process of recruitment and selection of
Life insurance agent´ submitted for the degree of MBA for Shoolini Institute of Life sciences and
Business management , Affiliated to Himachal Pradesh University ± from (1st july, 2009 to 31st
August, 2009)´ is a bonafied research work carried by Nitin Gupta, student of Shoolini Institute
Of Life Sciences And Business Management. This assistance and help received during the course
of investigation have been fully acknowledged.
Project Co-coordinator
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Brief summary
Introduction:
A general term µinsurance¶ 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
³Bharti 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:

y y y How to recruit agents for Bharti-AXA life insurance. To understand 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.
CHAPTER 1
PARTICULARS
8-18
PAGE NO.
INDUSTRY PROFILE COMPANY PROFILE
CHAPTER 2
19-35
CHAPTER 3
INTRODUCTION OF RECRUITMENT AND 36-51 SELECTION PROCESS OF AGENT
CHAPTER 4
RESEARCH METHODOLOGY OBJECTIVES OF THE STUDY
52-54
CHAPTER 5
DATA PRESENTATION AND INTERPRETATION LIMITATIONS AND FINDINGS

CONCLUSION AND SUGGESTIONS BIBLIOGRAPHY
55-60
CHAPTER 6 CHAPTER 7 CHAPTER 8
61 62 63
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Industry Profile
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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 µgeneral 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.
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The History of Insurance in India
Some of the important milestones in the life insurance business in India are: 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 to by the Insurance Act with the objective of
protecting the interests of the insuring public.
1956 - 245 Indian and foreign insurers and provident societies taken over by the central
government and nationalized. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a
capital contribution of Rs. 5 crore from the Government of India. The General insurance business
in India, on the other hand, can trace its roots to the Triton Insurance Company Ltd., the first
general insurance company established in the year 1850 in Calcutta by the British.
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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.
Few 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.
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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 µsharing¶.
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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.
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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.
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.
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List of Insurance Companies Listed in Different Years

List of Life Insurance Companies
S.No. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Registration Number 101 104
105 107 109 110 111 114 116 117 133 135 102 103 106 108 113 115 131 132 134 121 122 Date
of Reg. 23.10.2000 15.11.2000 24.11.2000 10.01.2001 31.01.2001 12.02.2001 30.03.2001
02.08.2001 03.08.2001 06.08.2001 04.09.2007 19.12.2007 23.10.2000 23.10.2000 04.12.2000
22.01.2001 02.05.2001 03.08.2001 03.08.2007 04.09.2007 16.11.2007 03.01.2002 14.05.2002
Name of the Company HDFC Standard Life Insurance Company Ltd. Max New York Life
Insurance Co. Ltd. ICICI Prudential Life Insurance Company Ltd. Kotak Mahindra Old Mutual
Life Insurance Limited Birla Sun Life Insurance Company Ltd. Tata AIG Life Insurance
Company Ltd. SBI Life Insurance Company Limited . ING Vysya Life Insurance Company
Private Limited Bajaj Allianz Life Insurance Company Limited Metlife India Insurance
Company Ltd. Future Generali India Life Insurance Company Limited IDBI Fortis Life
Insurance Company Ltd. Royal Sundaram Alliance Insurance Company Limited Reliance
General Insurance Company Limited. IFFCO Tokio General Insurance Co. Ltd TATA AIG
General Insurance Company Ltd. Bajaj Allianz General Insurance Company Limited ICICI
Lombard General Insurance Company Limited. Apollo DKV Insurance Company Limited
Future Generali India Insurance Company Limited Universal Sompo General Insurance
Company Ltd. Reliance Life Insurance company Ltd. Aviva Life Insurance Co. India Pvt. Ltd.
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24 25 26 27 28 29 30 31
127 128 130 133 135 136 138 140
06.02.2004 17.11.2005 14.07.2006 04.09.2007 19.12.2007 08.05.2008 27.06.2008 27.06.2008

Sahara India Insurance Company Ltd. Shriram Life Insurance Company Ltd. Bharti AXA Life
Insurance Company Ltd. Future general Indai life Insurance Co.Ltd IDBI Fortis Life Insurance
Company Ltd. Canara HSBC Oriental Bank of Commerce Life Insurance Company Ltd. Aegon
Religare Life Insurance Company Ltd. DLF Pramerica Life Insurance Company Ltd.
List of General Insurance Companies
1 2. 3. 1 2
123 124 125 139 141
15.07.2002 27.08.2002 27.08.2002 27.06.2008 15.12.2008
Cholamandalam General Insurance Company Ltd. Export Credit Guarantee Corporation Ltd.
HDFC-Chubb General Insurance Co. Ltd. Bharti Axa General Insurance Company Ltd. Raheja
QBE General Insurance Co. Ltd
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Company profile
History of Bharti AXA Life Insurance

SILB School Of Business Management Page 18
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- ³future confident¶ and
µwealth 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.
Bharti-AXA perform over following cities
Hyderabad Mumbai Delhi Bangalore Kolkata Chennai Ahmedabad Ludhiana Lucknow Surat
Kochi Indoor Chandigarh Vadodra Bhubneshwar Jaipur Mohali
Vision
To be a leader and the preferred company for financial protection and wealth management in
India
professionalism
Team Spirit
Innovation
values
Pragmatism
Integrity
Strategy
To achieve a top 5 market position in India through a multi-distribution, multiproduct
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
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To deliver high levels of shareholder return
To build long term value with our 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 recognised as being close and qualified by our customers
Bharti Group
Bharti Airtel Ltd

Bharti Airtel Ltd is one of Asia's leading telecommunications service provider. The Company is
India¶s largest integrated telecom company in terms of customer base and offers Mobile
Services, Fixed Line services, Broadband & IPTV, DTH, Long Distance and Enterprise services.
Airtel also offers mobile services in Sri Lanka on a state-of-the art 3.5 G network.
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Bharti TeleTech Ltd

Bharti Teletech is India¶s leading telecom & allied products company. It is one of the largest
manufacturers of landline telephones in the world. With a strong distribution network across the
country, the company is also the primary distributor of IT and Telecom products from
interntional brands such as Motorola, Blackberry, Thomson, Polycom, Transcend, and Logitech.
Telecom Seychelles Ltd

A subsidiary of Bharti, Telecom Seychelles Ltd provides comprehensive telecom services
including 3G mobile services in Seychelles, under the µAirtel¶ brand.
Comviva Technologies Ltd

Comviva is the leading provider of integrated VAS solutions for mobile operators in emerging
markets. Among the top 3 global providers of integrated VAS solutions in rapidly growing
markets, Comviva has deployed solutions for over 100 mobile operator customers in over 80
countries worldwide.
FieldFresh Foods Pvt. Ltd.

FieldFresh Foods Pvt. Ltd., is a venture between Bharti Enterprises and Del Monte Pacific
Limited, to offer fresh and processed fruits and vegetables in the domestic as well as
international markets, including Europe and the Middle East.
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Bharti Retail Pvt Ltd
Bharti Retail is a wholly owned subsidiary of Bharti Enterprises. Bharti Retail operates a chain
of multiple format stores that offer consumers affordable prices, great quality and wider choice.
The company¶s neighbourhood format stores operate under the "Easyday" brand and the
compact hypermarket format under the ³Easyday market´ brand.
Bharti AXA General Insurance Company

Bharti AXA General Insurance is a joint venture between Bharti Enterprises and AXA, world
leader in financial protection and wealth management. The company was incorporated in July
2007 and offers a full suite of general insurance solutions to meet the needs of businesses and
individuals alike.
Bharti AXA Life Insurance Company

Bharti AXA Life Insurance Company Ltd is a joint venture between Bharti Enterprises and
AXA, world leader in financial protection and wealth management. The company offers a range
of life insurance and wealth management products with an endeavour to help customers lead a
confident life.
Bharti AXA Investment Managers Pvt. Ltd.

Bharti AXA Investment Managers Pvt. Ltd., an asset management company in India, is a joint
venture between Bharti Enterprises, AXA Investment Managers (AXA IM) and AXA Asia
Pacific Holdings (AXA APH).
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Centum Learning Limited

Centum Learning Limited provides end-to-end learning and skill-building solutions to several
large corporates. It provides solutions that impact business performance through enhanced
employee productivity, customer profitability and effective talent transformation.
Jersey Airtel Ltd

Jersey Airtel, a subsidiary of Bharti, offers world-class mobile services in Jersey (Channel
Islands) over its full 2G, 3G and HSDPA enhanced network. The Company brings market-
leading products and services to its customers under Airtel-Vodafone brand.
Bharti Foundation
Bharti Foundation was set up in 2000, with the vision, ³To help underprivileged children and
young people of our country realize their potential´. It aims to create and support programs that
bring about sustainable changes through education and the use of technology and information.
Bharti Realty
Bharti Realty Limited is a young, vibrant and dynamic realty company with expanding interests
in commercial, retail and residential real estate. Bharti Realty aims to be amongst the most
admired real estate players in India and aspires to attain highest degree
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of customer trust through superior product design and maintaining an uncompromising stand
towards environmental responsibility, ethics and safety
Bharti Infratel
Bharti Infratel, a wholly owned subsidiary of Bharti Airtel, provides passive infrastructure
services on a non-discriminatory basis to all telecom operators in India. Bharti Infratel also
holds approximately 42% stake in Indus Towers, a joint venture between Bharti, Vodafone and
Idea to offer passive infrastructure services.
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
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Bharti Teletech Ltd manufactures and exports world-class telecom equipment under the brand
µBeetel¶. Telecom Seychelles Ltd Telecom Seychelles ltd provides telecom services in
Seychelles, under the brand µAirtel¶. 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.
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.
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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.
Products of Bharti-AXA Life Insurance
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 SILB School Of Business
Management Page 28
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 Minimum age at entry Maximum age at entry Eligibility 18 years 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 Minimum premium 70 years Rs.15,000 p.a. for
annual & semi-annual modes Rs18,000 p.a for monthly mode Premium modes Policy benefit
periods available Minimum top-up premium Annual, semi-annual and monthly 7 years,10
years,15 years, 17 years and 20 years Rs. 2,500
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.
Main Advantages of Spot Suraksha

Understand the product:(Read and understand the product brochure)
Page 29
Answering the simple health related questions, Sign up the simple application form, submit
photograph, proofs for identity, address and age. A cover note is issued to policy holder and
insurance cover starts instantly. 100% allocation of premium- Full allocation of premium to the
Investment Fund, according to policy holder choice from 2nd year onwards. 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 Minimum age at entry Maximum age at entry Maximum age at maturity
Minimum premium Premium Modes Policy term Minimum top up premium 5 years 55 years 70
years
ELIGIBILITY
Rs. 12,000 p.a Annual, Semi-annual and monthly 15 years 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.
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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 Minimum age at entry Maximum age at entry Minimum age at vesting Maximum
age at vesting Premium modes 18 years 70 years 45 years 80 years Single
ELIGIBILITY
pay,
yearly,
Half-yearly
,Quarterly and monthly Minimum premium Annual Regular Premium: Rs.12, 000p.a. Minimum
policy term Minimum top-up premium 10 years Rs.2, 500 and no maximum limit on topup
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
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Minimum age at entry Maximum age at entry
0 year 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)
Premium payable period Minimum premium Minimum Top-up premium
Yearly, Half-Yearly And Monthly Rs.10,000 500
Benefits of Bharti AXA Life merit plus

In merit plus the policy holder must have to choice one option out of the two. 1.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.The sum of sum assured and the policy fund value as on the date of
intimation of death will be paid.
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.
Page 32
PARAMETER
ELIGIBILITY
Minimum age at entry Maximum age at entry Maturity age Policy benefit period Premium
payable period
0 year 60 years 70 years 70 year less age at entry Yearly, Monthly Half-Yearly, quarterly
and
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.
Page 33

Parameter Minimum age at entry Maximum age at entry Minimum sum assured Minimum
premium
Eligibility 18 years 55 years Rs.5 ,00,000 RS.1,500 for yearly,Rs.780 for half-yearly, Rs.405 for
quarterly and Rs.135 for monthly premium
Policy benefit period Maximum age at maturity. Premium paying term On death A sum assured
is paid to the policy holder or nominee and the policy shall be terminated.
5,10,15,20 and 25 years 60 years Equal to the policy benefit period. On survival The policy shall
be terminated and no monies shall be payable to the policy holder.
Page 34
Introduction of the process of recruitment and selection of agent
Objectives of the study

To understand the process of recruitment and selection of agent in Bharti AXA life
insurance.
Page 35
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.
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 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.
Page 36
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
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 SILB
School Of Business Management Page 37
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 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
Page 38
According to section 182 of Indian contracts Act, an ³agent´ 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 ³agent´ 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 ³another´ 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 µadvisers´,´ 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

y 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 SILB School Of
Business Management Page 39

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)
(c) found to be of unsound mind, 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) (f) (g) not possessing
the requisite qualifications and specified training, Found violating the code of conduct as
specified in the regulations. 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 be (a) (b) Not a
minor. 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.) 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.
(c)
d)
Have passed the pre-recruitment examination conducted by the insurance of India or any other
examination body authorized by the IRDA.
institute
Page 40
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 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

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 recruitment
Approaching the Targeted recruits
Initial screening and Interviews
Reality check
Sources of Recruitment
Controlled
Uncontrolled
Natural Market
Job Ads/Inserts
Central of Influence
Placement Consultants
Agent gets Agents
Presentation / Seminar
Cold Prospecting
Data Base
Primary
Secondary
Controlled Market
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. 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.
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.
Point to be noted while recruiting the 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. Social and amiable.
Sources for Recruitment and Selection of Agent used during Training

Natural Market Market Survey
Secondary Data (Telephone Directory)
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. 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.
Step 1.
Documents Required
Age proof. Address proof. Photo ± 8. Education proof. Q score sheet. Agency application.
Form V A. Fill NAAF.
Step 2.
Interview section
During the interview the senior manager/MOA asked following question to the candidate to
judge his ability and knowledge. 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. SILB School Of Business Management Page 48
Age Scoring mechanism Marital status
Below 25 years 0
Between 25-40 2
More than 40 1
Score
Unmarried
married
1 Education 12th standard 1 Tenor of stay in Less city/town years 0 Household income Less
lakhs than than
2 Post graduate
10th standard or graduate
2 3 3-5 years
2 More years than 5
1 2 2-5 lakhs
2 More lakhs than 5
Total score Q Score: Acceptable Range of Score Additional Approvals Rejected application
if
Greater than or equal to 7 5 or 6 4 or less
If the Q score is less than 7 then BSM/ARSM comments and signatures are required.
Step 3.
Training
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.
IRDA for short, has laid down that those who wish to become insurance agents will be given
licenses only after they complete a course of study, training and pass an examination prescribed
by it.
Page 49

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 from the respective insures.
Step 4.
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 Linked life insurance products
Insurance agency Laws and Regulations IRDA Regulation 2000. IRDA Regulation 2002.
Step 5.
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 In case of online the result is declared on the spot
and in the case of manual result is declared within 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.
Page 50
OBJECTIVES AND RESEARCH METHODOLGY
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
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 20 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
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
Page 52
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.
Data Presentation and Interpretation

Name: Address:Location:Mobile no. Shop Type:- (Mobile stores, General store, Chemist
etc. Please specify
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 Chandigar
1) Would you be interested in taking up this business opportunity with Bharti?
Page 54
Yes
No 0, 0% 0, 0% 8, 20%
yes
32, 80%
no
Only 20% shopkeepers were interested in taking up this business opportunity with Bharti.(8
shopkeeper were interested in this activity)
2) How much time can you dedicate per day for this activity?(For getting Appointments) ½ hr 1-
2 hrs 3-h hrs 0% 0% 5 hrs or more
2,25%
half hour 1/2 to 2 2 to 4
6,75%
4 to 5
yy
From the above 8 people , 6 people said that they can spend ½ hour for this activity daily. 2 said
that they can spent ½ to 2 hours for this activity.
3) Do you have any knowledge of or experience in Insurance?
Page 55
Yes
No 0, 0% 0, 0% 8, 20% no 32, 80% yes
yy
80% of shopkeeper said that they have knowledge about insurance. 20% of shopkeeper said that
they have no knowledge about insurance.
4) Do you have Experience as an agent? Yes No
0, 0% 0, 0% 6, 15% yes no
34, 85%
yy
15% of shopkeepers have experience in the field of life insurance. 85% of shopkeepers have no
experience in the field of life insurance.
Page 56
If yes, then please specify the name of the company.
0, 0% 1, 17%
LIC
3,50% 2, 33%
HDFC ICICI
yyy
Out of 6 people 33%(3) of shopkeeper working with LIC 33% (2) of shopkeeper working with
HDFC Standard Life insurance 33% (1) of shopkeeper working with ICICI Prudential Life
Insurance Co. Ltd.
5) Can you spare 1/2 day on training to understand to product and how can introduce it to your
customer? Yes NO
0, 0% 0, 0% 4, 10%
Yes no
36, 90%
10 % of shopkeepers were interesting to spare 1/2 day on training to understand to

product.
Page 57
Name: Address:Location:Mobile no. Shop Type:- (Mobile stores, General store, Chemist
etc. Please specify
QUESTIONNAIRE
1) Would you be interested in taking up this business opportunity with Bharti? Yes No 2) How
much time can you dedicate per day for this activity? (For getting Appointments) ½ hr 1-2 hrs 3-
h hrs 5 hrs or more 3) Do you have any knowledge of or experience in Insurance? Knowledge
Yes No
Experience Yes No
Page 58
If yes, then please specify the name of the company.
4)
Can you spare ½ day on training to understand the product and how can introduce it to
your customer?
Yes No
5)
How many people do you know in this city? Under 50 51-100 101-300 301-600 Above 600
Page 59
Limitation
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. Sincerity of answering the questions cannot be judged.
Time was the major constraint for me to understand the long process of recruitment and
selection. 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? 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 felt 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.
Page 60
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.
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. 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.
Page 61
BIBLIOGRAPHY
S. Balachandran, (2009), IC-33 Life Insurance, Shri S.J Gidwani Publishers, Mumbai
www.irdaindia.org www.bhart-axalife.com www.wikipedia.org www.ibef.org
The opportunity
About 2/3 of the Indian population is µinsurable´ High % of population is uninsured or
underinsurance.
We Indian are ³natural savers´ Indians save the maximum in the world. Those µinsured¶
are µunderinsured¶.
Page 62

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SUMMER TRAINING REPORT ON

Recruitment and selection of life insurance Agent

Submitted to Dr. Yasmin Jhanjhua Professor SILB Solan

Submitted by Nitin Gupta MBA 3rd Semester

Bharti ± Axa Life Insurance (Training Report)

SILB School Of Business Management

Bharti ± Axa Life Insurance (Training Report)

SILB School Of Business Management

SILB School Of Business Management

Bharti ± Axa Life Insurance (Training Report)

Objective of the study:

Need of the study:

SILB School Of Business Management

Bharti ± Axa Life Insurance (Training Report)

INDUSTRY PROFILE COMPANY PROFILE

INTRODUCTION OF RECRUITMENT AND 36-51 SELECTION PROCESS OF AGENT

RESEARCH METHODOLOGY OBJECTIVES OF THE STUDY

DATA PRESENTATION AND INTERPRETATION LIMITATIONS AND FINDINGS

CHAPTER 6 CHAPTER 7 CHAPTER 8

SILB School Of Business Management

Bharti ± Axa Life Insurance (Training Report)

SILB School Of Business Management

Bharti ± Axa Life Insurance (Training Report)

SILB School Of Business Management

Bharti ± Axa Life Insurance (Training Report)

SILB School Of Business Management

Bharti ± Axa Life Insurance (Training Report)

The History of Insurance in India

Bharti ± Axa Life Insurance (Training Report)

Life Insurance a Basic Need

Few Advantages of Life Insurance.

SILB School Of Business Management

Bharti ± Axa Life Insurance (Training Report)

SILB School Of Business Management

Bharti ± Axa Life Insurance (Training Report)

How Insurance Works

SILB School Of Business Management

Bharti ± Axa Life Insurance (Training Report)

Role of Insurance in Economic Development

SILB School Of Business Management

Bharti ± Axa Life Insurance (Training Report)

SILB School Of Business Management

Bharti ± Axa Life Insurance (Training Report)

List of Insurance Companies Listed in Different Years

SILB School Of Business Management

Bharti ± Axa Life Insurance (Training Report)

127 128 130 133 135 136 138 140

06.02.2004 17.11.2005 14.07.2006 04.09.2007 19.12.2007 08.05.2008 27.06.2008 27.06.2008

List of General Insurance Companies

123 124 125 139 141

15.07.2002 27.08.2002 27.08.2002 27.06.2008 15.12.2008

SILB School Of Business Management

Bharti ± Axa Life Insurance (Training Report)

History of Bharti AXA Life Insurance

Bharti ± Axa Life Insurance (Training Report)

Bharti ± Axa Life Insurance (Training Report)

Bharti ± Axa Life Insurance (Training Report)

To leverage Bharti's local knowledge, infrastructure and customer base

SILB School Of Business Management

Bharti ± Axa Life Insurance (Training Report)

To deliver high levels of shareholder return

To be recognised as being close and qualified by our customers

Bharti Airtel Ltd