Part-I: Study of Recruitment Process

Study of Recruitment Process
PART-I
Introduction
1. EXECUTIVE SUMMARY
In today’s corporate and competitive world, I find that insurance sector has maximum
growth potential than any other sector. Insurance has the maximum growth rate of
70-80% while as FMCG sector has maximum 12-15% of growth rate. Despite
recession this sector has noticed a growth rate of around 35-40%. The growth
potential attracts individuals to enter this sector and IDBI-Federal Life Insurance
Company Ladas given me the opportunity to get a peek of highly competitive and
enhancing sector. The awareness related to life insurance products in India, among the
mass, is still very low. The level is even lower in rural areas. Insurance is still
considered as a tool for tax planning only, even when companies have attached
investment benefits to it. The major factors affecting the purchase of an insurance
product are trust, service, product features and relationship with advisors. Firms like
LIC are still favored only because of being a government undertaking units. The
concept of mis-selling has paralyzed the sector itself. People find it hard to have faith
in advisors. Their job is really very hard. People are now getting aware of the various
investment tools available in the market. The masses in urban cities like Aurangabad
have started comparing the products. While talking to different people, I found that
their purchase decision was highly influenced by their family and colleagues. They
purchased the insurance products at the time when they needed it most, which
according to them was at the time of tax planning, whereas any insurance product
must be bought when the individual needs it least so that they can actually calculate
the amount of life cover they need and the type of investment they want. They can
spread awareness by organizing various camps, sending mails or through free
counseling for interested people.
2. Introduction to the concept

3. Objectives of the Project study
SCOPE OF THE STUDY
 In this competitive world retaining the customers has become important part and
parcel of the business activity, since in this arena the people who adapt to changes and
new technologies will survive.
 This study will help to understand customer need, preference and what they require
from the service station and this study will not only help me as a student but it will
also the IDBI FEDERAL LIFE INSURANCE COMPANY LIMITED to improve its
service standard
©MGM IOM/MBA STP-III SEM 2014

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2. OBJECTIVES OF THE STUDY
 To study the “recruitment and selection policy followed in IDBI Federal Life insurance
company Ltd.
 To study the various sources of recruitment followed in IDBI.
 To learn what is the process of recruitment and selection that should be followed.
 To search or headhunt people whose skills fits into the company values.
 To induct outside with new perspective to lead the company

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PART-II
Profile
1. INDUSTRY PROFILE
a) HISTORY
A BRIEF HISTORY OF INSURANCE SECTOR IN WORLD
In some sense we can say that insurance appeared simultaneously with appearance of human
society. In earlier economies, we can see insurance in the form of people helping each other.
For example, if a house is burnt, the members of the community help build a new one. Should
the same thing happen to one’s neighbor, the other neighbors must come to help? Otherwise,
neighbors will not receive help in the future. Insurance in the modern sense, started as a
methods of transferring or distributing risk, were practiced by Chinese and Babylonian
traders as long ago as the 3rd and 2nd millennia BC, respectively. Chinese merchants
travelling treacherous river rapids would redistribute their cargo across many vessels to limit
the loss due to any single vessel’s capsizing. The Babylonians developed a system which was
recorded in the famous Code of Hammurabi, c.1750 BC, and practiced by early
Mediterranean sailing merchants. If a merchant received a loan to fund his shipment, he
would pay the lender an additional sum in exchange for the lender’s guarantee to cancel the
loan should the shipment be stolen.
Greek monarchs were the first to insure their people and made it official by registering the
insuring process in governmental notary offices. They invented the concept of the general
average. Merchants whose goods were being shipped together would pay a proportionally
divided premium which would be used to reimburse any merchant whose goods
were jettisoned during storm or sinking of the vessel in the sea. The Greeks and Romans
introduced the origins of health and life insurance c. 600 AD when they organized guilds
called ―benevolent societies which cared for the families and paid funeral expenses of
members upon death. Guilds in the middle Ages served a similar purpose.
Before insurance was established in the late 17th century, friendly societies existed in
England, in which people donated amounts of money to a general sum that could be used for
emergencies. Separate insurance contracts (i.e., insurance policies not bundled with loans or
other kinds of contracts) were invented in Greeks rulers in the 14th century, as were insurance
pools backed by pledges of landed estates. These new insurance contracts allowed insurance
to be separated from investment, a separation of roles that first proved useful in marine

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insurance. Insurance became far more sophisticated in post-Renaissance Europe, and

specialized varieties developed. Insurance as we know it today can be traced to the Great Fire
of London, which in 1666 A.D devoured 13,200 houses. In the aftermath of this disaster,
Nicholas Barbon opened an office to insure buildings. In 1680, he established England‘s first
fire insurance company, The Fire Office to insure brick and frame homes.
The first insurance company in the United States underwrote fire insurance and was formed
in Charles Town (modern-day Charleston), South Carolina, in 1732.
The insurance sector in India has come to a full circle from being an open competitive market
to nationalization and back to a liberalized market again. Tracing the developments in the
Indian insurance sector reviles the 360-degre turn witnessed over a period of almost two
centuries.
A BRIEF HISTORY OF INSURANCE SECTOR IN INDIA
Life Insurance in its modern form came to India from England in the year 1818. Oriental Life
Insurance Company started by Europeans in Calcutta was the first life insurance company on
Indian Soil. All the insurance companies established during that period were brought up with
the purpose of looking after the needs of European community and Indian natives were not
being insured by these companies. However, later with the efforts of eminent people like
Babu Muttylal Seal, the foreign life insurance companies started insuring Indian lives. But
Indian lives were being treated as sub-standard lives and heavy extra premiums were being
charged on them. Bombay Mutual Life Assurance Society heralded the birth of first Indian
life insurance company in the year 1870, and covered Indian lives at normal rates.
Some of the important milestones in the life insurance business in India are:
1818: Oriental Life Insurance Company, the first life insurance company on Indian soil
started functioning.
1870: Bombay Mutual Life Assurance Society, the first Indian life insurance company started
its business
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 are 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 crores from the Government of India.

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Indian Insurance in 21st Century:

2000: IRDA starts giving licenses to private insurers: ICICI prudential and HDFC Standard
Life insurance first private insurers to sell a policy
2002: Banks allowed selling insurance plans. As TPAs enter the scene, insurers start setting
non-life claims in the cashless mode
2007: First Online Insurance portal, www.insurancemall.in set up by an Indian Insurance
Broker, Bonsai Insurance Broking Pvt Ltd.
b) GROWTH & DEVELOPMENT
Insurance is an Rs 450 billion industry in India. The life insurance segment writes about 80%
of the overall market value. Indian Insurance market was at its all time high in 2003 with a
growth of about 17.4% over the previous year. Since 2001 Insurance is growing at the rate of
15-20 % annually. The growth in the insurance industry is affected by volatility in real estate
rates, GDP rates and long term interest rates. Fluctuations in exchange rates also affect the
growth in this sector. The gross premium as a percentage of the GDP has gone up from 2.3 in
the year 2000 to 4.8 in 2006. The premium as percentage of the country’s gross domestic
product (GDP) has increased from 4.8 percent in 2006 to 5.2 percent in 2011. Together with
banking services, it adds about 7% to the country’s GDP.
INSURANCE SECTOR REFORMS
Cap on ULIP charges and increase in lock in period:

 Restriction on high distribution partner payouts
 Reduction in overall contribution of ULIPs to new business premium
 Benefit derived by insurers on account of high lapse and hence more surrender
penalty will be significantly impacted due to the cap on surrender charges
 Insurers showing profits due to release of lapse reserves will not be able to sustain the
same in the future unless long term operational efficiencies are developed
Registration of Referral Agents:

 There have been a slew of regulations around turnover criteria to be a referral partner
and cap on referral fee income as well as share of income through referral business
 Training and tele-callers has been made mandatory

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 Cost of compliance expected to increase and some referral partners who may have to
apply for Broking licence which could delay insurance distribution operations
Compulsory purchase of annuity in pension plans:

 Even in case the policy is surrendered, 2/3rd of accumulated funds will be used to
purchase annuity
 Exit option being constrained may have significant negative implications for the
product segment
Guidelines around agents:

 Persistency norms- the regulation stipulates a min level of persistency to be achieved
by each licensed agent. This is expected to reduce the agency force in the industry
 License renewal- IRDA has mandated a min business requirement norm for licensing
agent. This is expected to reduce part-time agents thus improving customer service
c) NATIONAL SCENARIO
The insurance industry of India consists of 51 insurance companies of which 24 are in life
insurance business and 27 are non-life insurers. Among the life insurers, Life Insurance
Corporation (LIC) is the sole public sector company. Apart from that, among the non-life
Insurers, there are six public sector insurers. In addition to these, there is sole national
reinsurer, namely, General Insurance Corporation of India. Other stakeholders in Indian
Insurance market include Agents (Individual and Corporate), Brokers, Surveyors and Third
Party Administrators servicing Health Insurance claims.
Out of 27 non-life insurance companies, 4 private sector insurers are registered to underwrite
policies exclusively in Health, Personal Accident and Travel insurance segments.
They are Star Health and Allied Insurance Company Ltd, Apollo Munich Health Insurance
Company Ltd, Max Bupa Health Insurance Company Ltd and Religare Health Insurance
Company Ltd. There are two more specialized insurers belonging to public sector, namely,
Export Credit Guarantee Corporation of India for Credit Insurance and Agriculture Insurance
Company Ltd for Crop Insurance.
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Insurance penetration of India i.e. Premium collected by Indian insurers is 4.10% of GDP in
FY 2011-12. Per capita premium underwritten i.e. insurance density in India during FY 2011-
12 is US$ 59.0.
d) SOME PROMINENT COMPANIES IN THE INDUSTRY, THEIR

PERFORMANCE /CONTRIBUTION
The insurance sector which stood at a strong US$ 72 billion in 2012 has the potential to grow
to US$ 280 billion by 2020. This growth is driven by India’s favourable regulatory
environment which guarantees stability and fair play. This environment has given rise to an
insurance market which encourages foreign investors to tap into the sector’s massive
potential. Ever since the Indian government liberalized the insurance sector in 2000 and
opened the doors for private participation, the sector has gone from strength to strength. The
resultant competition has provided the consumer with a never-before-seen range of products
and providers, and also enhanced service levels markedly. The health of the insurance sector
reflects a country’s economy. This sector not only generates long-term funds for
infrastructure development, but also increases a country’s risk-taking capacity. India’s
economic growth since the turn of the century is viewed as a significant development in the
global economy. This view is helped in no small part by a booming insurance industry.
 Bajaj Allianz Life Insurance Company Limited –

Bajaj Allianz Life Insurance is a union between Allianz SE, one of the largest Insurance
Company and Bajaj Fiserv.
Allianz SE is a leading insurance conglomerate globally and one of the largest asset managers
in the world, managing assets worth over a Trillion (Over INR. 55, 00,000 Crores). Allianz
SE has over 119 years of financial experience and is present in over 70 countries around the
world...
 Birla Sun Life Insurance Co. Ltd –
Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between the Aditya
Birla Group, a well known Indian conglomerate and Sun Life Financial Inc, one of the
leading international financial services organizations from Canada. With an experience of
over a decade, BSLI has contributed to the growth and development of the Indian life
insurance industry and currently is one of the leading life insurance companies in the
country.
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 HDFC Standard Life Insurance Co. Ltd –

HDFC Life, one of India's leading private life insurance companies, offers a range of
individual and group insurance solutions. It is a joint venture between Housing Development
Finance Corporation Limited (HDFC), India's leading housing finance institution and
Standard Life plc, the leading provider of financial services in the United Kingdom.
 ICICI Prudential Life Insurance Co. Ltd. –
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premier
financial powerhouse, and prudential plc, a leading international financial services group
headquartered in the United Kingdom. ICICI Prudential was amongst the first private sector
insurance companies to begin operations in December 2000 after receiving approval from
Insurance Regulatory Development Authority (IRDA)
 Life Insurance Corporation of India –
Life Insurance in its modern form came to India from England in the year 1818. All the
insurance companies established during that period were brought up with the purpose of
looking after the needs of European community and Indian natives were not being insured by
these companies. However, later with the efforts of eminent people like BabuMuttylal Seal,
the foreign life insurance companies started insuring Indian lives.
Market Share of Insurance Companies
Insurance companies active in India
 AEGON Religare Life Insurance

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 Edelweiss Tokyo Life Insurance Co. Ltd.
 Aviva India.
 Shriram Life Insurance
 Bajaj Allianz Life Insurance
 Bharti AXA Life Insurance Co Ltd
 Birla Sun Life Insurance
 Canara HSBC Oriental Bank of Commerce Life Insurance
 Star Union Dai-ichi Life Insurance
 DHFL Pramerica Life Insurance
 Future Generali Life Insurance Co Ltd
 HDFC Standard Life Insurance Company Limited
 ICICI Prudential Life Insurance Company Limited
 IDBI Federal Life Insurance
 India First Life Insurance Company
 Exide Life Insurance
 Kotak Life Insurance
 Max Life Insurance
 PNB MetLife India Life Insurance
 Reliance Life Insurance Company Limited
 Sahara Life Insurance.
 SBI Life Insurance Ltd.

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 TATA AIA Life Insurance
2. COMPANY PROFILE
a.) Background and inception of the company
IDBI Federal Life Insurance Co Ltd. is a joint-venture of IDBI Bank, India's premier
development and commercial bank, Federal Bank, one of India's leading private sector banks
and Ageas, a multinational insurance giant based out of Europe.
HISTORY OF THE ORGANIZATION

2006:-
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-IDBI signs MoU with Fortis

-IDBI - Tripartite MOU with Federal Bank & Forties Insurance
International
-IDBI, Federal Bank and Fortis Sign Joint Venture Agreement To
Establish A New Life Insurance Company In India
2009:-
- IDBI Federal Life launches new plan for senior citizens.

- IDBI Fortis redefines endowment & money back with Incomesurance™
- IDBI Fortis launches Termsurance™ Protection Plan
- IDBI Fortis bags bronze Dragon at 'PMAA 2009'
- IDBI Fortis Life Insurance uses an interactive application to help users easily calculate their
taxes
- IDBI Fortis launches Incomesurance™ Immediate Annuity
- IDBI Fortis launches Retiresurance™ Pension Plan
- 'IDBI Fortis' Boss-Ka-Boss bags PRCI Award
- IDBI Fortis announces Rs 250cr capital infusion
2010:-
- IDBI Federal launches brand new campaigns!

- IDBI Federal introduces a cover for loans, Loansurance®
- IDBI Federal launches Wealthsurance Milestone Plan
- IDBI Fortis Life Insurance is now IDBI Federal Life Insurance
2011:-
- IDBI Federal heralds the New Year with Childsurance

- IDBI Federal unveils 3-in-1 Lifesurance Savings Plan
- IDBI Federal launches insured wealth plan
- IDBI Federal pioneers Medical Test-free Term Plan for Seniors
- IDBI Federal launches unit linked Pension Plan
- IDBI Federal targets HNIs with Wealthsurance Premier
- IDBI Federal launches Retiresurance Guaranteed Pension Plan
- IDBI Federal-Samhita financial literacy drive a big hit in MP
2012:-
- IDBI Federal launches a plan with double life cover and no medicals
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- IDBI Federal makes its online debut

- IDBI Federal Bondsurance™ plan offers attractive guaranteed Tax-Free Returns, Life
Cover
- IDBI Federal and IDBI Bank reaches out to Surli through Termsurance Grameen
Suraksha
2013:-
-IDBI Federal breaks-even in Five years; posts maiden profit of Rs 9.24 crore
- IDBI Federal in association with Phoenix Foundation organises a trek for the
physically challenged
2014:
- IDBI Federal launches 7 new plans
- IDBI Federal backs home grown talent; elevates Vighnesh Shahane as CEO
b.) Nature of the business carried out
IDBI Federal is engaged in the service industrial business which aims to deliver
world-class wealth management, protection and retirement solutions that provide
value and convenience to the Indian customer. The company offers its services
through a vast nationwide network 2,308 partner bank branches of IDBI Bank and
Federal Bank in addition to a sizeable network of advisors and partners.
IDBI federal life insurance company works in insurance sector only
c.) VISION, MISSION AND VALUES
VISION
To be the leading provider of wealth management, protection and retirement solutions that
meets the needs of our customers and adds value to their lives.
MISSION

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To continually strive to enhance customer experience through innovative product offerings,

dedicated relationship management and superior service delivery while striving to interact
with our customers in the most convenient and cost effective manner.
To be transparent in the way we deal with our customers and to act with integrity.
To invest in and build quality human capital in order to achieve our mission.
VALUES
 Transparency: Crystal Clear communication to our partners and stakeholders

 Value to Customers: A product and service offering in which customers perceive value
 Rock Solid and Delivery on Promise: This translates into being financially strong,
operationally robust and having clarity in claims
 Customer-friendly: Advice and support in working with customers and partners
 Profit to Stakeholders: Balance the interests of customers, partners, employees,

shareholders and the community at large
EXCELLENCE
"In every aspect of work ranging from the in-house training institute to the detailed Personal
Insurance Plan. IDBI Federal is focused on achieving the highest standards of quality in
every aspect of their business".
HONESTY
"Is the heart of the Life Insurance business? IDBI Federal believes that above all, Life
Insurance is based on trust. Transparency, Dependability and Integrity will form the
cornerstones of the IDBI Federal experience."
KNOWLEDGE
"Is what makes experts. IDBI Federal is focused on the Life Insurance business. Perfectly
combining global expertise with local knowledge, IDBI Federal is the Indian Life Insurance
specialist."
CARING

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"For the customer IDBI Federal is redefining the Life Insurance paradigm to focus on the
needs of the customers. The IDBI Federal service process is responsive, personalized,
humane and empathetic."
CULTURE
Our "in house culture recipe" has some of the finest ingredients going into its making. Some
of the more prominent aspects of our culture are stated below:
i. Customer comes first
ii. Do it right the first time
iii. Bias for result oriented action
iv. Financial strength and discipline
v. Clarity of purpose
vi. International quality standards
vii. Inclusive Meritocracy
viii. Learning opportunities
ix. Fun at work
x. Commitment to published value system
TECHNOLOGY
To monitor and manage its network equipment across 34 sites, IDBI Federal uses Tulip
Proactive Managed CE solution. The solution includes device management, proactive
troubleshooting and notification support. With the implementation of the solution, IDBI has
reported improvement of network performance and availability, with a faster, more effective
change and configuration management.
d.) Product/Services Profile

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IDBI Fortis launched its first set of products across India in March 2008, after
receiving the requisite approvals from the Insurance Regulatory and Development
Authority (IRDA). IDBI Federal offers services through a nationwide network
across the branches of IDBI Bank and Federal Bank in addition to a network of
advisors and partners. IDBI Federal has 60 branches across the country.
PRODUCTS OFFERED
 IDBI Federal Childsurance Savings Protection Plan is a non-linked participating
endowment plan that ensures a
child’s future. Childsurance Savings
is designed to give the customers,
guaranteed annual payouts and also
aid the important milestones in their
child’s life. In the unfortunate event
of the parent not being around, the
policy will continue exactly as they
had planned it, without any further
premiums being paid. .In other
words, this plan ensures that their
child gets to live his/her dream
exactly as they have planned,
whether or not their parents are around.
 IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan is a non-

linked non-participating money back plan
which gives guaranteed returns on an
investment, so that the customer stops
worrying about the future. With
Incomesurance, they can guarantee a
secure future for their families even when
they are not around.

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 IDBI Federal Lifesurance

Savings Insurance Plan is a
fixed term non-linked
participating plan that provides
twin benefits of long-term
savings and life cover. With
Lifesurance Savings,
customers’ small savings will
help them realise their big
dreams that they have for their
selves and their family. This
plan also offers the benefit of
life cover that will provide
financial security to their family in their absence.
 Other Products

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e.) Area of Operation –National
Organizational Structure
Mr. Vignesh Shahane

MD & CEO
Kedar Pornima Gupte Lalitha Ashley Kennedy

Patki Appointed Bhatta Coo National Head
Actuary agency
CFO
Rajesh Ajay
Aneesh Aneesh khanora Alggaokar Oberoi
Shrivastav
National head Head Legal
©MGM IOM/MBAand STP-III
HR SEM 2014
17 CIO marketing and Head
Product Complianc
Development es
f.) Ownership Pattern

In this venture, IDBI Bank owns 48% equity while Federal Bank and Ageas own 26% equity
each. Having started in March 2008, in just five months of inception, IDBI Federal became
one of the fastest growing new insurance companies by garnering Rs.100 Cr in premiums.
Through a continuous process of innovation in product and service delivery. As on 31st
December 2013, the company has issued nearly 5.5 lakh policies with a sum assured of over
Rs. 32,110.48 crores.
ABOUT THE SPONSORS OF IDBI FEDERAL LIFE INSURANCE CO.

LTD.
IDBI continues to be, since its inception, India's premier industrial development bank. It
came into being as on July 01, 1964 to support India's industrial backbone. Today, it is
amongst India's foremost commercial banks, with a wide range of innovative products and
services, serving retail and corporate customers in all corners of the country from 1201
branches and 2156 ATMs. The Bank offers its customers an extensive range of diversified
services including project finance, term lending, working capital facilities, lease finance,
venture capital, loan syndication, corporate advisory services and legal and technical advisory
services to its corporate clients as well as mortgages and personal loans to its retail clients. As
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part of its development activities, IDBI Bank has been instrumental in sponsoring the
development of key institutions involved in India's financial sector - National Stock
Exchange of India Limited (NSE) and National Securities Depository Ltd, SHCIL (Stock
Holding Corporation of India Ltd), CARE (Credit Analysis and Research Ltd).
Federal Bank is one of India's leading private sector banks, with a dominant presence in the
state of Kerala. It has a strong network of over 1,142 branches and 1,312 ATMs spread across
India. The bank provides over four million retail customers with a wide variety of financial
products. Federal Bank is one of the first large Indian banks to have an entirely automated
and interconnected branch network. In addition to interconnected branches and ATMs, the
Bank has a wide range of services like Internet Banking, Mobile Banking, Tele Banking, and
Any Where Banking, debit cards, online bill payment and call centre facilities to offer round
the clock banking convenience to its customers. The Bank has been a pioneer in providing
innovative technological solutions to its customers and the Bank has won several awards and
recommendations.
Ageas is an international insurance group with a heritage spanning more than 180 years.
Ranked among the top 20 insurance companies in Europe, Ageas has chosen to concentrate
its business activities in Europe and Asia, which together make up the largest share of the
global insurance market. These are grouped around four segments: Belgium, United
Kingdom, Continental Europe and Asia and served through a combination of wholly owned
subsidiaries and partnerships with strong financial institutions and key distributors around the
world. Ageas operates successful partnerships in Belgium, UK, Luxembourg, Italy, Portugal,
Turkey, China, Malaysia, India and Thailand and has subsidiaries in France, Hong Kong and
UK. Ageas is the market leader in Belgium for individual life and employee benefits, as well
as a leading non-life player through AG Insurance. In the UK, Ageas has a strong presence as
the fourth largest player in private car insurance and the over 50's market. Ageas employs

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more than 13,000 people and has annual inflows of more than EUR 21 billion.
Shares
IDBI bank
26.00%
Federal bank
48.00% Ageas
26.00%
g.) Infrastructural facilities

Infrastructure is the basic physical and organizational structure needed for the operation of a
society or enterprise, or the services and facilities necessary for an economy to function. It
can be generally defined as the set of interconnected structural elements that provide a
framework supporting an entire structure of development. It is an important term for judging
a country or region's development.
IDBI federal life insurance has following infrastructural facility:
sr. no. Name Quantity

1 Computers 11
2 Air conditioners 6
3 Fans 12
4 LAN line 7
5 Inverter backup server 1
6 Lights 40
7 Library 1
8 Tables 2
9 Chairs 35
10 Desk 4
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11 White board 4

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Financial condition:
Profit: 80 crores, for year 2013-2014
Turn over: 826 crores, for year 2013-2014
Solvency margin: 472%, for March 2014
h.) Achievement Award if any
SPONSORSHIPS, AWARDS
 IDBI Fortis Life Insurance Company was selected as the title sponsor for the India-
Sri Lanka Cricket Series. This was followed by the IDBI Fortis Wealthsurance
Twenty20.
 ‘Wealthsurance Made Easy’ (WME), a knowledge aid by IDBI Fortis for its sales
force, won The Bronze Dragon in the category for ‘Best Dealer/Sales Force activity’
at the Promotion Marketing Awards of Asia (PMAA).
 IDBI Federal has also achieved break-even in just 5 years of service whereas it takes
almost 10-15 years or more for other Insurance Companies to do so.

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PART-III
Literature Review
MEANING OF HUMAN RESORCE MANAGEMENT
Human Resource plays a crucial role in the development process of the modern
economics.“There are great differences in development between countries which seem to
have roughly equal resources, so it is necessary to enquire into the difference in human
behaviors”
ARTHUR LEWIS –
Human resource management is the management of employee’s skill, knowledge abilities,

talent, aptitude, creativity, ability etc. different terms are used for denoting Human Resource
Management. They are labor management, labor administration, labor management
relationship, and employee
Employer relationship, industrial relationship, human capital management, human assent

management etc. Though these terms can be used differently widely, the basic nature
of distinction lies in the scope or coverage and evolutionary stage. In simple since, human
resource management means employing people, developing their resources, utilizing,
maintaining and compensating their services in tune with the job and organizational
requirements.

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Recruitment:
Recruitment is “hiring” of employees from outside. Recruitment has been regarded as the
most
Important function of the HR department, because unless the right type of people is hired,
even the best plans, organization chart and control system would not do much good.
Recruitment is the discovering of potential applicant for actual or anticipated organizational
vacancies. Accordingly the purpose of recruitment is to locate sources of manpower to meet
the job requirements and job specification. It is defined as a process to discover the sources of
manpower to meet the requirements of staffing schedule and to apply effective measures for
attracting the manpower to adequate number to facilitate effective selection of an effective
workforce‟
Yoder
Points out that recruitment is a process to discover the sources of manpower to meet the
requirement of the staffing schedule and to employee effective measures to attracting that
manpower in adequate number to facilitate effective selection of an effective workforce.
Edwin B Flippo defines
Recruitment as “the process of searching for prospective employees and stimulating them to
apply for the jobs in the organization.” It is the process of finding and attracting capable
applicants for employment. The process begins when new recruits are sought and ends when
their application are submitted. The result is a pool of applicants from which new employees
are selected.”

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METHODS OF RECRUITMENT
Dunn and Stephens summaries the possible recruiting methods into three categories,
namely1: Direct method2: Indirect method3: Third party method
DIRECT METHOD
The direct method includes sending of the recruiters to different educational and professional
institutions, employees contact with public, and mannered exhibits. One of the widely used
methods is sending the recruiters to different colleges and technical schools. This is mainly
done with the cooperation of the placement office of the college. Sometimes, firms directly
solicit information from the concerned professors about student with outstanding records.
Other direct methods include sending recruiters to conventions and seminars, setting up
exhibits at fairs, and using mobile offices to go the desired centers.
INDIRECT METHOD
Indirect method involves mainly advertising in newspapers, on the radios, in trade and
professional journals, technical magazines and brochures. Local newspaper can be good
sources of blue collar workers, clerical employees, and lower level administrative employees.
The main point is that the higher the position in the organization the more dispersed
advertisement is likely to be. The search for the top executive might include advertisement in
a national periodical, whereas the advertisement of the blue color jobs usually confine to the
daily newspaper.
According to the Advertisement tactic and strategy in personnel Recruitment
Three main points need to be borne in the mind before an advertisement in inserted. First, to
visualize the type of applicants one is trying to recruit. Second, to write out a list of
advantages the company offers, or why should the reader join the company. Third, to decide
where to run the advertisement , not only in which area, but also in which newspaper having
a local, state or a nationwide circulation.

25
THRID PARTY
These include the use of commercial or private employment agencies, state agencies, and
placement offices of schools colleges and professional associations recruiting firms,
management consulting firms, indoctrination seminars for college professors, and friends and
relatives. Private employment agencies are the most widely used sources. They charge a
small fee from the applicant. They specialize in specific occupation; general office help,
salesmen, technical workers, accountant, computer staff, engineers and executives. Schools
and colleges offer opportunities for recruiting their student. They operate placement services
where complete bidet and other particular of the student are available. Professional
organization or recruiting firms maintain complete information records about employed
executive. These firms maintain complete information records about employed executives.
These firms are looked upon as the „head hunters‟, raiders‟, and pirates‟ by organization
which lose their personnel through their efforts.
Evaluation of the recruitment method
The following are the evaluation of the recruitment method
1: Number of initial enquires received which resulted in completed application forms
2: Number of candidates recruited.
3: Number of candidates retained in the organization after six months.
4: Number of candidates at various stages of the recruitment and selection process, especially
those short listed.

26
MY JOB AT IDBI FEDERAL LIFE INSURANCE
I started my job as HR Trainee. My job profile was to handle RECRUITMENT in my project.

The senior sales manager narrated me the whole procedure. My job profile was to generate
resumes. According to the requirements of the company. After generating the resumes from
the sites the next step is to shortlist the resume which best suite the requirements. Now the
short-listed candidates have to be given a phone call in order to find out their interests and
schedule them for interview. There are 2 forms of interview that a candidate can appear for:
PERSONAL INTERVIEW
This is regarded to be the BEST FORM of interview. In such form of an interview the
candidate personally appears in front of the interviewer and gives his interview. This is
regarded to be the best form of interview as the interviewee has the best chances of making
his points clear in front of the interviewer.
TELEPHONIC INTERVIEW
Sometimes an interview is taken on the phone. A telephonic conversation is done between the
interviewer and the interviewee where the interviewer calls up the candidate via phone and
conducts the interview
The Job profile
Selling insurance and building customer relations.
Qualification
 Entry level opening: Graduates in any stream preferred can be. 10th or 12th standard
pass, according to the irdastipulation, depending on region of operation. Additional
communication skills and ability to interact with people will help.
 Middle level opening: Professional in finance or marketing with the experience in

service industry. (As asst sales manager)Senior sales openings: Senior professional
with experience of handling junior staff preferred (CEP/Senior consultant.

27
MY STUDY
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. Team Building 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.

28
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.
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.

29
 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 status.
Procedure for becoming an Agent
 The insurance Act, 1938 lays down that an insurance agent must possess a license under Section 42 of
that Act. The license is to be issued by the IRDA. The IRDA has authorized designated persons, in
each insurance company, to issue the licenses on behalf of the IRDA.
In terms of the Insurance Act, a license 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 license is Rs.825 for individual. A license is granted for 3 years. It may be
renewed after 3 years and again valid for 3 years.
 A license 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 license 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.)

30
(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 license 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 license, 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 license, 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 license, 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 license.
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.

31
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 is 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.

32
GENERAL
Recruitment Process

33
RDAI n e i vt
eepi a vl ol
apes cl r e
lorse i on u i
trpno c g e
aysa n o d f
PrcI ne c t e
rh o uv i ii et
efnmw i l s e
cgne t
kt h
e
Sources of Recruitment

34
Controlled Uncontrolle
Natural Market Job Ads/Inserts
Central of Influence Placement
Presentation / Seminar
Agent gets Agents
Cold Prospecting
Data Base
Primary Secondary
Controlled Market
Natural market
 Your family
 Your friends
 People at job/business
 Neighbors
35
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 willing 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 him/her is in contact.
Uncontrolled Sources
Job Ads/Inserts
 This program should be on regular long range basis.

 Example: Gul Mohan Sharma who is a relationship officer in IDBI FEDERAL LIFE
INSURANCE 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
36
 From those who called Gul Mohan 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 himself in internet job search sites to get list of
prospects.
Seminars/job fairs
Manager of agency can also organized seminars at
Management Institutions and Colleges.
OR
IDBI FRDERAL 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 is 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.
37
 Occupation of parent.
 Family income.
 Any experience in life insurance sector.
 Leadership qualities.
 Social and amiable.
NS o u r c e s
af o r
tRtR ee cc rr uu ii tt mm ee
un t a n d
rS e l e c t i o n
ao f A g e n t
l
M
a
r
k
ee
t
Step 1. Documents Required
 Age proof.
 Address proof.
 Photo –3.
 Education proof.
 Agency application.

38
 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.
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.
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
39
 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.
PART-IV
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.

40
SAMPLING DESIGN & TECHNIQUES:

Sampling design is to clearly define set of objective, technically called the universe to be
studied. This research has infinite set of universe and the sampling design used in the study
is non-probability sampling – Convenience sampling.
SAMPLE UNIT/SAMPLE SIZE:

The item selected from the population constitutes the sample size. The study covers the
customers of IDBI federal life insurance company. Total sample size for the study is 50.
LIMITATIONS OF THE STUDY:

This study was conducted with less sample size due to time constraint and the survey was
conducted only in Aurangabad, so the research findings may not be generalized. Some of the
customers are reluctant to give full information, this leads to bias & may not reflect the true
picture. The observations are only based on current scenario, as it could change in future.
RESEARCH PROCESS:
The research process has four distinct yet interrelated steps for research analysis it has a
logical and hierarchical ordering:
 Determination of information research problem.
 Development of appropriate research design.
 Execution of research design.
 Communication of results.
Each step is viewed as a separate process that includes a combination of task, step and
specific procedure. The steps undertake are logical, objective, systematic, reliable, valid,
impersonal and ongoing.
SAMPLE SIZE:
The sample size was: 50 respondents

.
I have targeted 50 customers in the age group above 21 years for the purpose of the research.
The target population influences the sample size. The target population represents the
Aurangabad City regions. The people were from different professional backgrounds.

41
Data Collection Methods:
Primary Data:
Primary data was collected through survey method by distributing questionnaires to branch
manager and other sales manager. The questionnaires were carefully designed be taking into
account the parameters of my study.
Secondary Data:
Data was collected from books, magazines, web sites, going through the records of the
organisation, etc. It is the data which has been collected by individual or someone else for the
purpose of other than those of our particular research study.
SAMPLING PLAN:-
 Sampling Size: Unit was also 50 respondents of IDBI Federal Life Insurance
Company Limited.
 Work area: IDBI Federal Life Insurance Company ltd. Baba Petrol Pump,
Aurangabad.
 Sampling type: Cluster sampling
 Sampling unit: Individual owners of Insurance Company.
 Sample Technique: Stratified random sampling.
PART-V
Data Analysis and Interpretation
Q1. What form of interview did you prefer?
FACTORS NO.OF RESPONDENT %.OF RESPONDENT
Personal Interviews 20 40
Telephonic Interview 15 30
Video Conferencing 10 20
Other 5 10
Total 50 100

42
Interview Preference
Personal
10 Interviwes
20 40 Telephonic
Interviwe
Video Conferencing
Other
30
Q2. How do you rate the HR practices of the company?
Very good 23 46
Good 15 30
Average 7 14
Bad 5 10
Total 50 100
Rating for HR Practises

14 10
Very good
46 Good
Average
Bad
30
Q3. How is the induction carried out by the IDBI Federal?
Good 18 36
Very good 27 54
Can’t say 5 10
Total 50 100

43
Rating for Induction

10 36
Good
Very good
Cant say
54
Q4. What are the sources preferred for recruitment & selection ?
Internal 6 12
External 13 26
Both 31 62
Total 50 100
Rating for Induction

12
Internal
External
26
Both
62
Q5. Which method do you mostly prefer for Recruitment & Selection?
Direct 33 66
Indirect 15 30
Third party 2 4
Total 50 100

44
Rating for HR Practises

4
30
Direct
Indirect
Third Party
66
Q6. When do you prefer to go for manpower planning recruitment?
Yearly 10 20
Quarterly 25 50
No Fixed time 15 30
Total 50 100
Preference for manpower planning

30 20
Yearly
Quarterly
No Fixed time
50
Q7. Are you satisfied by the service that IDBI Federal provides?
Satisfied 7 14
Very much satisfied 40 80
Not satisfied 3 6

45
Total 50 100
Satisfied by services
6 14
Satisfied
Very much satisfied
Not satisfied
80
Q8. Computer facility is provided to all the employees of the recruitment department?
Satisfied 45 90
Not satisfied 3 6
Can’t say 2 4
Total 50 100
Computer Facility
6
4
Satisfied
Not satisfied
Cant say
90
Q9. The recruitment & selection procedures support internal control of IDBI Federal?
Yes 42 84
No 8 16
Total 50 100

46
Internal Control
16
Yes
No
84
Q10. What are the sources of external recruitment are preferred?
SOURCES NO.OF RESPONDENT %.OF RESPONDENT
Campus interview 17 34
Placement Agency 17 34
Data bank 12 24
Casual applicants 4 8
Total 50 100
Sources of external recritment

8 34 Campus interview
24 Placement Agency
Data bank
Casual applicants
34
PART-VI
FINDINGS:
From the above analysis of IDBI Federal I found that

47
 40%most of customer prefer personal interview, 30% prefer to take telephonic

interviews where as 20 % go for video conferencing and rest 10% adopt some other
means.
 The study reveals that in IDBI 30% of the people feel the HR department is good
 And 45%say that it’s very good.
 The study reveals that 61% of the recruitment policy and procedures support internal
control.
 It is founded that 66% of the people prefer direct recruitment.
 In IDBI Federal 32% managers go for campus interviews and 40%go for placement
agencies.
 80% of the adequate satisfied with IDBI service.
 61% of the managers they preferred internal source of recruitment.
 Now 50% of the people go for quarterly manpower planning. And 20% do not follow
any pattern.
 From the above study I found that 90% of the computer facility is provided to the
employees.
 Only 40% of the customer satisfied with career in insurance advisor ship.
SUGGESTIONS:
Following are suggestions made for the benefits and augmentation of the sound working of
the. Company - IDBI Federal Life Insurance Co. Ltd.:
 The work of receiving, issuing, accounting and stoking responsibility should be

properly segregated so that it will increase the productivity of the organization.

48
 Proper trainer should be provided to the trainees.
 All the documents should be verified timely by the operation department.
 All the policies should be updated time to time according to the company’s
requirement...
 Friendly atmosphere should be there by proper interaction and activities.
PART-VII
SWOT Analysis
Strength:-
 Good Reputations: IDBI FEDRAL has been in the business for many
years. The company has built a good reputation for producing various
insurance policies.
49
 Strong Brand: “FEDRAL” bank has a brand name that is famous all over
the world, so as IDBI bank in India.
 The company has huge amount of backing with the consumer banking
corporate banking and its wealth management.
 IDBI FEDRAL’s strengths, company has good amount of positive

interface with the customers, by maintained customer relationship.
Weakness:-
 IDBI FEDRAL has a very low market share.
 Lack of distribution channels forth various insurance schemes.
 Limitation s in the use of marketing tool s in the operation.
 Instability in the market.
Opportunities:-
 Great opportunity is available in global market.
 Insurance market is very big in India; IDBI FEDRAL should expand their
business in different areas in India as well as native countries of India.
 IDBI FEDRAL has the guts and the capability to make its brand in the market
and increase the market share in insurance sector.
 Good joint venture opportunities are there in the vehicle market s to tie up as
well as mutual fund schemes.

50
Threats:-
 Competition in the insurance sector.
 Changing customer s need’s in the insurance products.
 Market trend and inflation due to the government policies.
 .New entrant as competitor.
 Weak marketing policy of the company.
BIBLIOGRAPHY
www.irdaindia.org
www.bhart-axalife.com

51
www.wikipedia.org
www.ibef.org

52

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Study of Recruitment Process

2. Introduction to the concept

SCOPE OF THE STUDY

©MGM IOM/MBA STP-III SEM 2014

2. OBJECTIVES OF THE STUDY

 To study the various sources of recruitment followed in IDBI.

 To induct outside with new perspective to lead the company

©MGM IOM/MBA STP-III SEM 2014

A BRIEF HISTORY OF INSURANCE SECTOR IN WORLD

©MGM IOM/MBA STP-III SEM 2014

insurance. Insurance became far more sophisticated in post-Renaissance Europe, and

A BRIEF HISTORY OF INSURANCE SECTOR IN INDIA

©MGM IOM/MBA STP-III SEM 2014

Indian Insurance in 21st Century:

b) GROWTH & DEVELOPMENT

Cap on ULIP charges and increase in lock in period:

Registration of Referral Agents:

©MGM IOM/MBA STP-III SEM 2014

Compulsory purchase of annuity in pension plans:

Guidelines around agents:

d) SOME PROMINENT COMPANIES IN THE INDUSTRY, THEIR

 Bajaj Allianz Life Insurance Company Limited –

 HDFC Standard Life Insurance Co. Ltd –

Market Share of Insurance Companies

Insurance companies active in India

 AEGON Religare Life Insurance

©MGM IOM/MBA STP-III SEM 2014

 Edelweiss Tokyo Life Insurance Co. Ltd.

 Shriram Life Insurance

 Bajaj Allianz Life Insurance

 Bharti AXA Life Insurance Co Ltd

 Birla Sun Life Insurance

 Canara HSBC Oriental Bank of Commerce Life Insurance

 Star Union Dai-ichi Life Insurance

 DHFL Pramerica Life Insurance

 Future Generali Life Insurance Co Ltd

 HDFC Standard Life Insurance Company Limited

 ICICI Prudential Life Insurance Company Limited

 IDBI Federal Life Insurance

 India First Life Insurance Company

 Exide Life Insurance

 Kotak Life Insurance

 Max Life Insurance

 PNB MetLife India Life Insurance

 Reliance Life Insurance Company Limited

 Sahara Life Insurance.

 SBI Life Insurance Ltd.

©MGM IOM/MBA STP-III SEM 2014

 TATA AIA Life Insurance

a.) Background and inception of the company

HISTORY OF THE ORGANIZATION

-IDBI signs MoU with Fortis

- IDBI Federal Life launches new plan for senior citizens.

- IDBI Federal launches brand new campaigns!

- IDBI Federal heralds the New Year with Childsurance

- IDBI Federal makes its online debut

- IDBI Federal launches 7 new plans

b.) Nature of the business carried out

IDBI federal life insurance company works in insurance sector only

c.) VISION, MISSION AND VALUES

©MGM IOM/MBA STP-III SEM 2014

To continually strive to enhance customer experience through innovative product offerings,

 Transparency: Crystal Clear communication to our partners and stakeholders