SUMMER INTERNSHIP PROJECT REPORT

ON
“STUDY OF RECRUITMENT, TEAM HANDLING AND BRANDING IN IDBI FEDERAL
LIFE INSURANCE CO. LTD.”

At

IDBI FEDERAL LIFE INSURANCE.CO.LTD

BY

SHINDE VISHAL ARUN

Under the guidance of

Prof. Lahoti Archana

Submitted to

“Savitribai Phule Pune University”

In partial fulfilment of the requirement for the award of the degree of Master of Business
Administration (MBA)
2019-2020

Through

Suryadatta Education Foundation’s

Suryadatta Institute of Management &Mass Communication (SIMMC)
Pune -411021
 ACKNOWLEDGEMENT

It is my pleasure to be indebted to various people, who directly or indirectly contributed in the

development of this work and who influenced my thinking, behaviour and acts during the course

of study.

I express my sincere gratitude to Prof. (Dr.) Pratiksha Wabale, the worthy Dean of SIMMC

College of Advanced Studies, for providing me an opportunity to undergo summer training project

under his leadership.

I am thankful to Mr. (Manager) for his support, cooperation and motivation provided to me during

the training for constant inspiration, presence and blessings at IDBI Federal Life Insurance Co.

Ltd. I also extend my sincere indebtedness to Prof. Archana Lahoti who provided her valuable

suggestion and precious time in accomplishing my project.

I also take the opportunity to express my sincere gratitude to each and every person, who directly

or indirectly helped me throughout the project and without anyone of them this project would not

have been possible.

The immense learning from this project would be indelible forever.

 DECLARATION

I, hereby declare that the Summer Training Project Report, entitled “A STUDY OF

RECRUITMENT, TEAM HANDLIMNG AND BRANDING IN IDBI FEDERAL LIFE

INSURANCE CO. LTD”, is an authentic work carried out by me at IDBI FEDERAL LIFE

INSURANCE CO. LTD. It has not been submitted earlier for award of any degree or diploma to

any institute or university.

Place: PUNE Candidate’s signature

Date: Name: Vishal Shinde

Countersigned

Name: Prof. Archana Lahoti

Supervisor

Suryadatta Institute of Management and Mass Communication College

 TABLE OF CONTENT
CONTENTS

Sr. No. Titles Page No.

1 Executive Summary

2 Objective of the study

3 Company Profile

4 Research Methodology

5 Literature Review

6 Data presentation, Analysis

& Interpretation

7 Findings And Suggestions

8 Conclusion

9 Annexure

A) Questionnaire

B) Bibliography
 Executive Summary

In today’s corporate and competitive world, I find that insurance sector has the maximum growth
potential as compared to the other sectors. 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 Ltd has 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 miss-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 Pune 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
theywant. They can spread awareness by organizing various camps, sending mails orthrough free
counseling for interested people.
 OBJECTIVE OF THE STUDY

OBJECTIVES OF THE STUDY

 To study the “recruitment and selection policy 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.

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 adopt 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.
 COMPANY PROFILE

History:
Type : Joint Venture

Industry : Life insurance

Founded : March 2008

Headquarters : Headquarters in Mumbai India

Key people : Yogesh Agarwal, Chairman G V Nageswara Rao, MD & CEO.

Products : Individual Life Insurance, Group Insurance and Pension Plans

Employees : 1,000 on-roll employees and 7,500 agents

Website : www.idbi.com
Company Information

Full name : IDBI Federal Life Insurance Co Ltd.

Legal Address :1st Floor, Trade view Building, Oasis Complex, Kamala City,
Pandurang Budhkar Marg, Lower Parel ( W ); Mumbai; Maharashtra; 400013

Status: Non-Listed

Legal Form: Other non-liability limited

Operational Status: Operational

Financial Auditors: Dass Gupta & Associates (2010)

Tel: +91 22 2490 8109-10

Company Description

IDBI Fortis Life Insurance Co Ltd, is a joint venture between three leading financial
conglomerates – India’s premier development and commercial bank, IDBI, India’s
leading private sector bank, Federal Bank and Europe’s premier Bank assurer, Fortis, each of
which enjoys a significant status in their respective business segments. In this venture, IDBI owns
48% equity while Federal Bank and Fortis own 26% equity each. IDBI Fortis launched its first set
of products across India in.

Company History

In the year 2006, IDBI Bank, Federal Bank and Belgian-Dutch insurance major Fortis Insurance
International NV signed a MoU to start a life insurance company in India. The company received
its license from Insurance Regulatory and Development Authority of India (IRDAI) (j.Arul
jegadeesh one of the trainee in the Idbi federal life insurance company in Madurai) in December
2007.
IDBI Fortis Life Insurance Co. Ltd. officially began its operations in March 2008. In August 2008,
the company collected the premium of over Rs.100 crore within a record time of five months, thus
becoming the fastest growing new life insurance company in the private sector.
India-Sri Lanka ODI series that took place in October 2009, found a title sponsor in insurance
major IDBI Fortis. The company’s AUM crossed the Rs. 1,000 crore mark for the first time in
March 2010.
In August 2010, the company was rechristened as IDBI Federal Life Insurance Company. In 2012-
13, it declared its maiden profits in record 5 years, thus was one of the fastest to do so in the
industry. It yet again clocked Rs. 80 crore profits for the financial year 2013-14 and has maintained
its profitable trajectory from thereon.
 Product of the Company

BONDSURANCE

Get guaranteed return on your investment with life insurance IDBI Federal Bondsurance Plan is
designed for customers looking for guaranteed returns which will not get affected by financial
market conditions. It offers guaranteed return on investment along with life insurance cover.

Investment in this Plan is eligible for deduction under Sec 80C of the Income Tax Act and the
maturity amount is tax-free under Sec 10(10D) of the Income Tax Act.

If you are looking for a safe and steady approach to meet your dreams, you need a plan that will
give you steady and assured returns that are not defendant on market conditions .IDBI Federal
Bondsurance Plan is the ideal plan to beat the ups and downs around you.

WEALTHSURANCE

Wealth surance plans combine wealth creation with insurance protection into one powerful
financial solution. Unlike other investment alternatives, it allows you to ensure that your goals of
wealth creation are achieved even in the event of serious illness, accidents, disablement or death.
Insured Wealth Plans to grow wealth under a protective cover
Wealth surance

offers you Insured Wealth Plans. They allow you to create, build and manage wealth by giving
several choices and great flexibility so that your plan meets your specific needs. You can decide
how you wish to save so that it suits your savingshabit. You can choose how your money is
invested so that you can grow wealth as peryour investment preferences. What is even better,
Wealth surance protects your wealthplans with life insurance benefits so that your wealth-building
efforts remain unaffectedin unforeseen events and your financial goals can still be achieved.As a
seasoned investor, you recognise the ability of the equity markets to build wealthover the long
term. But you also appreciate the fact that the growth potential of the
market comes with the accompanying risk of volatility…
HOMESURANCE

Your new home is the fulfillment of a long-cherished dream. Only you know the careful planning
that went into its choice. And only you understand the hard work that went into arranging the
financing including the home loan. Truly, your home is your best gift to your family. Just imagine
what would happen, if due to an unfortunate event, you were not around. The entire burden of your
home loan would have to be borne by your family But you can ensure that they inherit a home and
not a home loan. We understand the importance of protecting your home loan and the powerful
IDBI Federal Home insurance
Protection Plan can help you insure your home loan at a reasonable cost.

TERMSURANCE
Happiness & security for our family is something all of us strive to achieve. How ever,there are
times when you ask yourself - What if something were to happen to me? What
would happen to my loved ones? Have I secured my family financially so that they don’t
have to
face life’s burdens?
Different people have different needs and seek different things from an insurance plan. Some
look for a large cover option at a low cost, while others seek return of premium on maturity of the
policy. There are some who may want their plan to keep in touch with inflation, while others may
seek flexible premium payment options.
 INCOMESURANCE
Grow your Guaranteed Annual Income each time you pay premium Some goals cannotbe left to
chance. Like educating your child, or planning for her marriage, or providingfinancial security to
a loved one, or ensuring a comfortable retirement income. Or youmay just want to ensure a future
additional income stream.

How can you be confident of achieving these goals?

1. You need a plan that allows you to save regularly to reach your objective2. You want the plan
to give you assured income payments that are not dependent uponvagaries such as the stock
market3. You want the plan to work and your goals to be achieved even if anything happens toyou
A cover for all your needs
Independent regular income for your wifeYou can ensure that your wife is secured with an
independent income. You can alsoensure that no one, including creditors or claimants, can
touch that money.
Financial security for your parents
What better gift can you give your parents when you start earning yourself? You can giftthem a
secure, regular income to ensure a comfortable life. Regular income payments canhelp them enjoy
their senior years doing things they had always wanted to but neverfound the time for.
Child's Education
You can save regularly and get guaranteed payouts to meet your child's education. Youcan be rest
assured that your goal will be achieved even if anything were to happen to you.
Daughter’s Marriage

You can withdraw your guaranteed income when the time comes for marriage. You can meet the
wedding expenses or give her a regular income. It is the best present you can give when she is
setting up her home.
Get additional income from time to time
Over and above your normal income, IDBI Federal Incomesuranc Endowment & Money Back
Plan can help you get additional income from time to time. You can indulge in purchase of your
choice, take a vacation or just gift it to your loved ones, the choice is yours. At the same time, you
can also ensure life insurance protection for your family security.
RETIRESURANCE
It is difficult to predict the future but with more of us living longer, the possibility of outliving our
savings could become a harsh reality. In fact, you could easily spend almost20-25% of your life in
retirement. This is the time in your life when you will face there tirement challenge. As time goes
by, your responsibilities grow as well, increasing your
expenses. Also let’s not forget the effect of inflation. In
flation increases the cost of living Take the following increases in basic amenities over the last 20
years and you can understand what you could be up against after 20 years.

These are approximate rates based on market sources and are presented for illustrative purposes
only
But when is a good time to start planning for retirement?
The answer is as soon as you can. It is never too early to plan ahead for something asimportant as
a comfortable retirement. The
earlier you start, bigger your corpus
or your retirement.
LOANSURANCE
Loan insurance is a cost-effective way to ensure that the outstanding debt is settled in the
unfortunate event of death of the insured member. This term assurance plan provides cover to a
person directly liable for loan repayment (and the partners, in case of a partnership), as per the
benefit schedule.
Reducing cover
Under this option, your insurance cover reduces as per your benefit schedule. The benefit schedule
is computed over a period of time, taking into account initial loan interest rate the loan term and
outstanding loan amount.
Level Cover
The level cover option of Loan insurance provides a cover for the sum insured as specified by the
insured member and can be to the extent of the full agreed loan amount plusaccrued interest as
chosen by the insured member.
Chapter 4-Research Methodology

Business research is a systematic enquiry that provides information to guide business decision
and aimed to solve managerial problems. Business research is of recent origin and it is largely
supported by business organizations that hopes to achieve competitive advantages Research
Methodology is a way to systematically solve the problems. It may be understood as a science of
studying how research is done scientifically. It includes the overall research design, the sampling
procedure, data collection method and analysis procedure.

DESCRIPTIVE RESEARCH

Descriptive research study includes surveys and fact-finding enquires of different kinds, which
help the researchers to describe the present situation that makes the analysis about 15 the
effectiveness of employee satisfaction among the employees and helps to reach the objective.

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 Delhi, 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 customer 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 Pune
City regions. The people were from different professional backgrounds. The details of our
sample are explained in chapter named primary research where the divisions are explained
in demographics section.

Sources 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 by 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: Aundh ,baner, sangavi.

Sampling type: Cluster sampling

Sampling unit: Individual owners of Insurance Company

Sample Technique: Stratified random sampling .

Conclusions

We have started working on this project from 27th May 2019. We made ourselves understanding
about this industry, various channels working in this industry. We have completed the project
with most leading channel of this industry called as AGENCY CHANNEL.
In this channel the manager has to recruit advisors (agents) from the market and has to train them
and have to generate business through their advisors. We have understood the process of
recruiting these advisors.
 For this Managers are doing lot of market activities and generating leads.
 Later these leads get converted into advisors through BOP (Business Opportunity
Presentation)
 Once advisor joins the company, he/she has to undergo training and IRDA Exam

Once these advisors come on the board after passing IRDA exam, getting business from them
month on month, motivating them for bringing business is very big challenge in this industry.
Advisors retention with month on month activisation is really a tough job. These advisors are
working part/full time for company. But they don’t get any fix salary. In this scenario, retaining
them with same interest level, boosting them for qualifying for internal contests floated by
company is very challenging.
As this is one of the oldest channel/method used by all insurance companies, now a days all these
newly multinational insurance companies like IDBI Federal, ICICI Prudential, Max Life, Bajaj
Allianz etc have developed this channel more effectively. Out of 26 private companies apart
from LIC, various companies started paying some fixed salary amount to these advisors on
achieving certain targets every month. This is good initiative on one side, and at the same time
its affecting adversely to companies, which don’t have such provisions of paying salary to
advisors. It affects in the following way...

 Advisors productivity gets affected and they stop working

 If such advisors are not putting any business for 3 months, they automatically goes to
inactive category. If situation continues then their license gets terminated by the
company.
 License renewal is also a leangthy process, where that particular advisor has to give
assurance of certain business MOM.