SUMMER INTERNSHIP PROJECT

ON
“STUDY ON SELECTION AND TRAINING OF INSURANCE
ADVISORS”

Project prepared By
MUKESH KUMAR SAHU
III Semester MBA
BPUT Regd. No. 1806280056

Project report submitted to NIIS INSTITUTE OF BUSINESS ADMINISTRATION in partial

fulfillment of the requirements of III Semester MBA examination of BPUT, ODISHA-2018-20

Corporate Guide Faculty Guide

Ajay sahu Prof. Gyana ranjan biswal
Associate Branch Sales Manager Asst. Professor of MBA
Bharti AXA Life Insurance NIIS Institute of Business
Company Ltd. Administration,BBSR

NIIS Institute of Business Administration

Sarada Vihar, Madanpur, Khurda, Bhubaneswar, Odisha 752054
 ACKNOWLEDGEMENT

“It is not possible to prepare a project report without the assistance & encouragement other
people. This one is certainly no exception.”

On the very outset of this report, I would like to extend my sincere & heartfelt obligation towards
all the persons who have helped me in this endeavour. Without their active guidance, help,
cooperation & encouragement, I would not have made headway in the project.

I would like to extend my heartfelt gratitude towards NIIS Institute of Business

Administration for providing me an opportunity to undergo my summer internship project in
their esteemed organization.

I am extremely thankful and pay my gratitude to my company mentor AJAY SAHU ,

(ASSOCIATE BRANCH SALES MANAGER ),Bharti AXA Life Insurance Company Ltd.,
Bhubaneswar; for his valuable guidance and support on completion of this project.

I extend my gratitude to Placement Team, & to my mentor Prof.GYANA RANJAN BISWAL

for giving me this opportunity & time to time guidance & encouragement.

DATE MUKESH KUMAR SAHU

2
 DECLARATION

I hereby declare that this work entitled “HIRING THE ADVISORS”.A project report on Bharti
AXA submitted by me to NIIS Institute of Business Administration,Bhubaneswar,for the
MBA.It is my work carried out under the guidance of mentor Mr. Gyana ranjan Biswal sir and
company guide Mr. Ajay Sahu.This report neither full nor in part has ever been submitted for
award of any degree of either the institutionor any university.

MUEKSH KUMAR SAHU

PREFACE

3
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.

4
 Brief 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 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

5
insurance agent and mostly people prefer to work with LIC because it is a semi
government corporation.

TABLE OF CONTENT

CHAPTER NO. PARTICULARS PAGE NO.

CHAPTER 1 8-18
INDUSTRY PROFILE

CHAPTER 2 COMPANY PROFILE 19-26

CHAPTER 3 PRODUCTS OF BHARTI AXA 28-38

CHAPTER 3 INTRODUCTION OF RECRUITMENT 39-51

AND SELECTION PROCESS OF AGENT

CHAPTER 4 52-53
S.W.O.T ANALYSIS

CHAPTER 5 RESEARCH METHODOLOGY 54-56

OBJECTIVES OF THE STUDY

CHAPTER 6 LIMITATIONS AND FINDINGS 57

CHAPTER 7 CONCLUSION AND SUGGESTIONS 58

CHAPTER 8 BIBLIOGRAPHY 59

CHAPTER 9 ANALYSIS 60-65

QUESTIONNAIRE
CHAPTER 9 66-68

6
Industry Profile

7
 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
8
 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.

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

9
owner or beneficiary of the asset, a certain sum if the loss occurs.

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

10
 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.

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

11
 to the Triton Insurance Company Ltd., the first general insurance company
established in the year 1850 in Calcutta by the British.

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

12
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.

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.

13
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.

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.

14
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’.

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.

15
 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

16
 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.

List of Insurance Companies Listed in Different Years

List of Life Insurance Companies

17
S.No. Registration Date of Reg. Name of the
Number Company

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.

4 107 10.01.2001 Kotak Mahindra Old Mutual Life Insurance Limited

5 109 31.01.2001 Birla Sun Life Insurance Company Ltd.

6 110 12.02.2001 Tata AIG Life Insurance Company Ltd.

7 111 30.03.2001 SBI Life Insurance Company Limited .

8 114 02.08.2001 ING Vysya Life Insurance Company Private Limited

9 116 03.08.2001 Bajaj Allianz Life Insurance Company Limited

10 117 06.08.2001 Metlife India Insurance Company Ltd.

11 133 04.09.2007 Future Generali India Life Insurance Company Limited

12 135 19.12.2007 IDBI Fortis Life Insurance Company Ltd.

13 102 23.10.2000 Royal Sundaram Alliance Insurance Company Limited

14 103 23.10.2000 Reliance General Insurance Company Limited.

15 106 04.12.2000 IFFCO Tokio General Insurance Co. Ltd

16 108 22.01.2001 TATA AIG General Insurance Company Ltd.

17 113 02.05.2001 Bajaj Allianz General Insurance Company Limited

18 115 03.08.2001 ICICI Lombard General Insurance Company Limited.

19 131 03.08.2007 Apollo DKV Insurance Company Limited

20 132 04.09.2007 Future Generali India Insurance Company Limited

21 134 16.11.2007 Universal Sompo General Insurance Company Ltd.

18
22 121 03.01.2002 Reliance Life Insurance company Ltd.

23 122 14.05.2002 Aviva Life Insurance Co. India Pvt. Ltd.

24 127 06.02.2004 Sahara India Insurance Company Ltd.

25 128 17.11.2005 Shriram Life Insurance Company Ltd.

26 130 14.07.2006 Bharti AXA Life Insurance Company Ltd.

27 133 04.09.2007 Future general Indai life Insurance Co.Ltd

28 135 19.12.2007 IDBI Fortis Life Insurance Company Ltd.

29 136 08.05.2008 Canara HSBC Oriental Bank of

Commerce Life Insurance Company
Ltd.

30 138 27.06.2008 Aegon Religare Life Insurance Company Ltd.

31 140 27.06.2008 DLF Pramerica Life Insurance Company Ltd.

List of General Insurance Companies

1 123 15.07.2002 Cholamandalam General Insurance Company Ltd.

2. 124 27.08.2002 Export Credit Guarantee Corporation Ltd.

3. 125 27.08.2002 HDFC-Chubb General Insurance Co. Ltd.

1 139 27.06.2008 Bharti Axa General Insurance Company Ltd.

2 141 15.12.2008 Raheja QBE General Insurance Co. Ltd

19
Company
profile

20
 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.
Bharti-AXA perform over following cities
 Hyderabad
 Mumbai
 Delhi
 Bangalore
 Kolkata
 Chennai
 Ahmedabad

21
 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

22
 professionalism

Team Spirit Innovation

values

Pragmatism Integrity

Strategy

 To achieve a top 5 market position in India through a multi-distribution,

23
 multi- product platform

 To adapt AXA's best practice blueprints as a sound platform for profitable growth

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

 To deliver high levels of shareholder return

 To build long term value with 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.

24
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 ‘Airtel’ 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.

25
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 “Easyday
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).

26
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, “To 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

27
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 of customer trust through superior product design and maintaining an
uncompromising stand towards environmental responsibility, ethics and safety

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.

28
 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.
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.

29
 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 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

30
 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

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)

 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.

31
  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

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

32
 single premium payment.

PARAMETER ELIGIBILITY

Minimum age at entry 18 years

Maximum age at entry 70 years

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.

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.

33
 PARAMETER ELIGIBILITY

Minimum age at entry 0 year

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
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

ELITE ADVANTAGE

34
Advantages with Bharti AXA Life Elite Advantage

Option to choose your Premium Payment Term

There are three Premium Payment Terms available. You can opt between a Premium
Payment Term of 5, 7 and 12 years. The Policy Term depends upon the premium term
chosen.

Basic Life Insurance Cover:

Get Higher of Sum Assured on Maturity or 11 times the base Annualised Premium or
105% of premiums paid until date of death, in case of an unfortunate event of loss of life
of the Life Insured.

Maturity Benefit:

In case the Life Insured survives till the maturity of the Policy and all premiums are duly
paid, then the benefits, as mentioned below, will be payable to the Policyholder.

 Guaranteed Payout

A percentage of Sum Assured on Maturity is paid during the Maturity Payout Period.
 Sum Assured

100% of Sum Assured on Maturity is paid at the end of 20th year.

Tax Benefits:

You can avail of the tax benefits on the premiums paid (subject to a maximum of
`1,50,000) and on the benefits received [subject to the prevailing provisions under
Section 80C and Section 10 (10D) respectively of the Income Tax Act, 1961]. The tax
benefits are subject to change as per change in tax laws from time to time.

Key benefits with Bharti AXA Life Elite Advantage

Maturity Benefit

If the Life Insured survives till the maturity of the Policy and all premiums are duly paid,
then the benefits, as mentioned below, will be paid to the Policyholder.

1. Guaranteed Payout

35
 A percentage of Sum Assured on Maturity is paid during the Maturity Payout
Period starting from the end of the policy term till the end of the 19th year. The
frequency of the guaranteed payout will be Annual/Semi-Annual/Quarterly as
chosen by the Policyholder.

2. Sum Assured

100% of Sum Assured on Maturity is paid at the end of 20th year from the Policy Date.
The percentage of Guaranteed Payout depends upon the Policy Term, Premium
Payment Term and the Premium Amount as mentioned below:

Policy Premium Guaranteed Annualised Guaranteed Payout as

Term Payment Term Payout Premium (`) % of Sum Assured on
Maturity
(End of year)
24,000-49,999 8.5%

End of 10 to end
th
10 years 5 years 50,000-99,999 9%
of 19th year
1,00,000 and above 9.5%

15,000-49,999 8.5%

End of 12th to end

12 years 7 years 50,000-99,999 9%
of 19th year
1,00,000 and above 9.5%

12,000-49,999 8.5%

End of 12 to end
th
50,000-99,999 9%
12 years 12 years
of 19th year
1,00,000 and above 9.5%

The Policyholder has an option to take the above mentioned maturity benefit as a
lump sum. The lump sum shall be calculated as a Net Present Value of future
payouts at guaranteed rate of 5% p.a.
Maturity Payout Period

The Maturity Payout Period is a period post the Policy Term when the guaranteed
payouts as shown in the table above and the Sum Assured at Maturity are paid.
This is dependent on the Policy Term as shown below:

• For Policy Term of 10 years, the Maturity Payout Period is from the end of 10th year
till the end of 20th year.

• For Policy Term of 12 years, the Maturity Payout Period is from the end of 12th year

36
 till the end of 20th year.

Death Benefit

In case of the unfortunate event of death of the Life Insured during the Policy
Term, the following benefits will be payable to the Nominee, subject to Policy
being in force. The Sum Assured on death will be the higher of:

a) Sum Assured on Maturity, or

b) 11 times Annualised Premium, or

c) 105% of all premiums paid (excluding any additional charges as levied by the
Company over and above the standard premium rates).

In the event of death of the Life Insured:

a. During the grace period allowed for payment of due premiums: The Death Benefit
(after deducting the unpaid due Premium) shall be payable

b. While the policy is in lapse status: No benefit shall be payable

c. When the policy is in paid up status: Paid up value on death will be payable

d. During the Maturity Payout Period: No Death Benefit shall be Payable in case of the
death of the Life Insured during the Maturity Payout Period. The unpaid Guaranteed
Payout will be paid to the Nominee as per the Schedule mentioned in the Maturity
Benefit section and the Sum Assured on Maturity will be paid at the end of 20th year.

The nominee has an option to take the above mentioned maturity payout as a lump sum.
The lump sum shall be calculated as a Net Present Value of future payouts at a
guaranteed rate of 5% p.a. This rate may be revised by the Company from time to time
subject to prior approval from IRDA.

Boundary Conditions

Parameter Eligibility Criteria

Minimum age at entry (age as on last birthday) 8 years for 10 year Policy Term 6 years for 12
year Policy Term

(The risk coverage will start immediately on policy

commencement for all lives including minors)

37
 Maximum age at entry (age as on last birthday) 65 years

Maximum Maturity Age (age as on last birthday) 75 years for 10 year Policy Term 77 years for
12 year Policy Term

Minimum Sum Assured Depends on the minimum premium

Minimum Annualised Premium 7 24,000 for 5 year Premium Payment Term

7 15,000 for 7 year Premium Payment Term

7 12,000 for 12 year Premium Payment Term

Policy Term 10 and 12 year

Premium Payment Term 5 years for 10 year Policy Term 7/12 years for 12
year Policy Term

Premium Payment Modes Annual, Semi-Annual, Quarterly*, Monthly*

Maturity Payout Period End of 10th year till end of 20th year for 10 year Policy
Term

End of 12th year till end of 20th year for

12 year Policy Term

Guaranteed Payout frequency Annual, Semi-Annual, Quarterly

* Through Auto Pay only.

SHINING STAR

What are my features and benefits with Bharti AXA Life Shining Stars?

1.Policy Terms & Premium Payment Terms

The plan offers the choice of multiple policy terms with limited premium payment terms.
The Policy Terms & applicable premium payment terms are as given below

Premium Payment Terms Policy Terms

7 years 12 years
8 years 13 years
9 years 14 years
10 years 15 years

38
 11 years 16 years
12 years 17 years
13 years 18 years
14 years 19 years
15 years 20 years

1.Maturity Benefit

In case the Life Insured survives till Maturity Date and all due premiums have been
paid, the Maturity Benefit will be payable to the Policyholder on the date of Maturity.

Maturity Benefit is the Sum Assured on Maturity, which is equal to the Sum Assured
under the policy and will be paid as lump sum.
The Policyholder has the flexibility to choose any one option from the two Maturity
Payout Options, as defined below, to receive this Maturity Benefit during the Maturity
Payout Period. Maturity Payout period is the period of 4 years from the date of
maturity. The choice of the options can be taken either at policy inception or at least
90 days before the date of maturity.

a.Flexi Payout Option:

Flexibility to receive Maturity Benefit as a lumpsum amount at the end of any year
during the Maturity Payout period. Depending on the year of payout chosen, the
benefit will be determined as Flexi Payout Factor * Sum Assured, where the Flexi
Payout Factors are as defined below:

Year of Payout Flexi

Payout
Factors
One Year after maturity date 105%

39
 Two Years after maturity date 110%

Three Years after maturity date 116%

Four Years after maturity date 122%

b.Annual Payout Option:

Maturity Benefit to be paid as five equal annual payouts at the end of every year
during the Maturity Payout period starting from

the date of maturity. Each annual payout will be

equal to 22% ofthe Sum Assured.

The policyholder may choose to take the present value

of outstanding annual payouts as a lumpsum amount.

The lump sum shall be calculated as a net present value

of outstanding annual payouts at a rate of 5% p.a.

3.Death Benefit:

3
In case of death of the Life Insured during the policy term, provided the policy is in
force and all due premiums till the date of death have been paid, the Death Benefit
will be payable immediately on death.

Death Benefit is the Sum Assured on Death, which is the highest of:

 11 times Annualized Premium*

 105% of all premiums paid as on date of death

 Absolute amount assured to be paid on death equal to the Sum Assured

 Sum Assured on Maturity, equal to the Sum Assured under the policy

4.Tax Benefits:

40
 Policy Premium Maximum
term Payment Age at
Term Maturity
You may be eligible for tax benefits
on the premiums paid as well as the
12 years 7 years 72 years
13 years 8 years 73 years benefits received as per the
14 years 9 years 74 years prevailing tax laws under Section 80C
15 years 10 years 75 years and Section 10 (10D) of the Income
16 years 11 years 76 years Tax Act, 1961. The tax benefits are
17 years 12 years 77 years
subject to change as per change in
18 years 13 years 78 years
19 years 14 years 79 years tax laws from time to time
20 years 15 years 80 years
Product at a Glance
PARAMETER

ELIGIBILITY CRITERIA
Minimum age at entry

18 years age last birthday for all Policy terms

Maximum age at entry

60 years age last birthday for all Policy terms .

Maximum age at Maturity

Policy Term & Premium Payment Term

41
Policy Term

Premium Payment Term

12 years

7 years

13 years

8 years

14 years

9 years

15 years

10 years

16 years

11 years

17 years

12 years

18 years

13 years

19years

42
14 years

20 years

15 years

Minimum Sum

Assured

`50,000
Maximum Sum

Assured

No Limit, subject to underwriting

Minimum

Premium(`)

Premium Payment

Term

Policy Term

Minimum Annual

Premium

7 years

12 years

5,791

8 years

13 years

4,913

43
9 years

14 years

4,330

10 years

15 years

3,689

11 years

16 years

3,263

12 years

17 years

2,887

13 years

18 years

2,586

14 years

19 years

2,340

44
15 years

20 years

2,122

Premium

Payment Modes

Annual, semi- annual, quarterly* & monthly*

45
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.
 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.

46
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.
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

47
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
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

48
 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
‘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

49
 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.
(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.

50
The Qualifications necessary before a licence can be given are that the person must be

(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
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,

51
 (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

52
 Approaching the
Targeted recruits

Initial screening and

Interviews

Reality check

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.

53
 ➢ 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.

54
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.

55
  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

Secondary Data (Telephone Directory Secondary Data

(Telephone Directory

Telephone Script
Hello sir,

56
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

57
the time of apply.

Age Below 25 years Between 25-40 More than 40 Score 50

Scoring 0 2 1
mechanism
Marital status Unmarried married

1 2
Education 10th standard or graduate Post graduate
12th standard
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
Hours Training and also provide a text book (IC-33 life insurance) for pre-recruitment 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.

Step 3. Training
Examination for Life Insurance Agents, which is based on syllabus prescribed by
insurance Regulatory & Development Authority.

58
 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.

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.
Natural Market Market Survey

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

59
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.

S.W.O.T. ANALYSIS OF THE ORGANIZATION:

Strengths

 Bharti AXA Life Insurance provides world-class training for Life Advisor.

 Availability of various products for different segments of the society.

 Motivation is also given to Life Advisor for attending the training.

 Co-operative Sales Manager to whom the Life Advisor can consult anytime.

 Motivation of Life Advisor by distributing gifts and giving awards and recognitions

 Work and culture in Bharti AXA Life Insurance is very friendly.

Weaknesses

 Bharti AXA Life Insurance does not have any provision for online training like HDFC & KOTAK.

 Training period consists of 100 hours, which is too long and thus difficult for some people to
attend regularly. The company has no alternative as it is ruled framed by IRDA.

Opportunity

 Huge market is literally untapped, out of estimated 320 millions insurable markets only 20% of
the population is insured.

 Insurance penetration significantly below international standards

 Health insurance and pension schemes, an estimated market potential of approximately $15
billion.

 Well developed banking system enabling banc assurance.

 An acceptance of unit-linked products on the back of a well developed mutual fund market.

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 Health insurance is relatively limited. There has been a lack of interest in this area and the IRDA
is keen to stimulate this.

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Threats

 Players like Bajaj Allianz and Birla Sun life with low premium for the similar plans.

 Entry of many other private companies with equally strong experience and financial strength of
foreign partners making the competition difficult and saturating the urban markets.

 Current Govt. policies do not encourage gross domestic savings. If the tax liability of the service
class rises, the customer will have little money to invest.

 LIC networking

 Tax relief is long term a big question mark.

 Equity boom luring investors to invest in stock market.

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 OBJECTIVES
AND
RESEARCH
METHODOLGY

63
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.

64
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.

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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.
66
 ➢ 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 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

67
 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
www.irdaindia.org

www.bhart-axalife.com

www.wikipedia.org

www.ibef.org

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.

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Those ‘insured’ are ‘underinsured’

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 ANALYSIS
1.Who are your target customer?

5
10
30
businessman
govt.employee
15 techer
housewife
student
cant say
15
25

For the above analysis 30% are businessman,25% are govt employee,15% are teachers ,15% are house
wife,10 % are student,5% are saying cant say.

2. Would you be interested in taking up this business opportunity with Bharti?

Yes

No

40

yes

60 no

Above diagram i am taking 10 advisor, 6 are interested to taking up this

business opportunity,4 are not interested to take this opportunity.

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

½ -2 hrs

2-4 hrs

4 hrs to more

4
1/2 -2
hrs
2-4 hrs

Above diagram I m taking 10 advisors, 4 advisors are ½- 2 hrs time dedicate per day for this activity,4 are
2-4hrs time dedicate per day for this activity and 2 advisors 4hrs to more time dedicate per day for this
activity.

4. Do you have any knowledge in Insurance?

Yes No

6 yes no

For the above analysis apart from 10 advisors,6 have knowledge on insurance and 4 are don’t know .

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Do you have any experience in Insurance?

Yes No

yes
no

In the above analysis apart from 10 advisors,7 have no experience and 3 have experience in
some company.

Like LIC,HDFC,ICICI

5.Why are you interested for this job?

Finanancial stability recognisation

Preference marketing income money

financial stability
recogniosation
preference marketing
6 18 cant say

Above the analysis apart from 30 advisors,18 are financial stability,6 are recognisation,3 are
preference marketing,3 are cant say.

6.Which document provides an evidence of the contract?

Premium receipt policy document

72
Proposal form certificate of insurance

3 3

6premium reciept
policy document
proposal form
certificate of insurance

18

Above the analysis apart from 30 advisors,60% is proposal form,10 % premium receipt,20% of
policy document,10% certificate of insurance.

7.The agency appointment letter is given by ?

Government of india

IRDAI

General insurance corporation

insurer

15

1.2

government of india
IRDAI
45 General insurance
corporation
insurer

35

In the above analysis 45% of agency of appointment letter is given by generalinsurance

corporation,35% of agency of appointment letter is given by IRDAI,15% of agency of

73
appointment letter is given by government of india,5% of agency of appointment letter is given
by insurer.
8.Minimum qualification required for insurance agent is pass?

Graduate

10th

Post-graduate

7th

1.2 1

graduate
10th
post graduate
7th

In the above analysis apart from 10 advisors ,70% advisors saying 10th,10% advisors saying
graduate,10% advisors saying post graduate,10% advisors saying 7th.

9.Who can be a trustee as per MWP Act?

Wife

Child over 18 years of age

Any child

Only a&b

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 20

30 wife
child over 18 years of age
any child
only a&b

10

10

Above the analysis apart from 50 advisors, 60% advisors saying wife,20% advisors saying only
a&b,10% advisors saying any child,10% advisors saying only a&b.

10. Mortality risk is closely related to ___________________?

Age

Premiums

Income

mis selling

age
premiums
income
2 6 mis selling

Above analysis apart from 10 advisors,60% ans saying age,20% saying premiums,10% saying
misspelling,10% saying income.

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 QUESTIONNAIRE
PERSONAL PROFILE:

Name:_______________________________________________________________

Address:_____________________________________________________________

Telephone No (Resi.): _________________________Off:______________________

Sex:  Male  Female Age:______________________

1.who are your target customer?

Govt. employee

Student

Businessman

Teachers

Housewife

cantsay

2.Would you be interested in taking up this business opportunity with Bharti?

Yes

No

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

½ -2 hrs

2-4 hrs

4 hrs to more

76
4. 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.

5.Why are you interested for this job?

Financial stability

Recognisation

Preference of marketing

Income money

6.Which document provides an evidence of the contract?

Premium receipt

Policy document

77
Proposal form

Certificate of insurance

7.The agency appointment letter is given by ?

Government of india

IRDAI

General insurance corporation

insurer

8.Minimum qualification required for insurance agent is pass?

Graduate

10th

Post-graduate

7th

9.Who can be a trustee as per MWP Act?

Wife

Child over 18 years of age

Any child

Only a&b

10. Mortality risk is closely related to ___________________?

Age

Premiums

Income

mis selling

78
THANK
YOU

79