“RECRUITMENT AND TEAM BUILDING OF LIFE

ADVISORS IN BHARTI AXA LIFE INSURANCE”,

GOMTI NAGAR LUCKNOW.

SUBMITTED BY:-
TRIPTI SRIVASTAVA
MFM(R&I)

Submitted for partial fulfillment of the requirement of MFM(R&I)

Session (2011-2013)

PREFACE

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I acknowledge that the practical training I have got from this cannot be gained otherwise.
I found my project very interesting and challenging. 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 learning which are
prerequisites of making a successful career.

I consider it a privilege to have undergone this project.

(Tripti Srivastava)

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 ACKNOWLEDGEMENT
I am very much thankful to the management of the Bharti AXA life insurance Company
Ltd. for giving me an opportunity to do this project as a part of my MFM(R&I) program.
The completion of this project is a successful and satisfactory out come of so many
helping hands. I think it proper to express my deep obligation to my advisers.

First and foremost, I am especially thankful to Mr. PARAS SINGH (Senior Business
Manager, Bharti AXA Life insurance company Ltd., gomti nagar LUCKNOW) for giving
me the opportunity to do my one and a half-month project training in their esteemed
organization. I am highly obliged to Mr. Surendra Singh (agency Manager, Bharti AXA
life insurance co. ltd., LUCKNOW) for his active co-operation and help for the
completion of my project at lucknow. I also thankful to staff member of the organization
for rendered service and provide various information to my purpose. Their suggestions
are helping me in various stages.

My usual thanks to Prof. S.C. Das my internal guide, who is constant source of help and
inspiration to me and for his guidance without which the work could, has been possible.
Above all my regards and thanks are due to my parent, family members and friends for
the consistent support during doing the project.

With deep gratitude

TRIPTI SRIVASTAVA

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 STUDENT DECLARATION
I hereby declare that study of “process of recruitment and selection of life insurance agent” has been
exclusively done by me for the degree of MASTERS OF FINANCIAL MANAGEMENT(RISK &
INSURANCE) and not for any other degree, Diploma or fellowship. This is my own study done under
the guidance of trainer and Managers of the company.
I hereby declare that the contents of this report are true and best to my knowledge.
TRIPTI SRIVASTAVA

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 DECLARATION

This is to certify that the project report entitled “the process of recruitment and selection
of Life insurance agent” submitted for the degree of MFM(R&I)for Banaras Hindu
University, is a bonafied research work carried by Tripti Srivastava, student of Banaras
Hindu University .
This assistance and help received during the course of investigation have been fully
acknowledged.
Project Co-coordinator

S.C. Das

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 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 successful business every insurance company
requires 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 cut throat competition in the market of life insurance that brand services
which adopts new strategies for sales.So I hereby conclude that the people are much
aware about the aspects of life insurance and also have knowledge about the role and act
of agent but mostly people are unwilling to work as life insurance agent and mostly
people prefer to work with LIC because it is a semi government corporation.

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 Table of Contents
CHAPTER PARTICULARS PAGE NO.
NO.
CHAPTER 1 7-17
INDUSTRY PROFILE

CHAPTER 2 MANAGEMENT & COMPANY PROFILE 18-43

CHAPTER 3 INTRODUCTION OF RECRUITMENT AND

SELECTION PROCESS OF AGENT 44-54

CHAPTER 4 RESEARCH METHODOLOGY 55-63

OBJECTIVES OF THE STUDY

CHAPTER 5 DATA PRESENTATION AND 64-72

INTERPRETATION

CHAPTER 6 CONCLUSION 73

CHAPTER 7 RECOMMENDATION,SUGGESTIONS & 74-77

ANNEXURE

CHAPTER 8 BIBLIOGRAPHY 78

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Brief introduction of insurance
- What is insurance?
- Different types of insurance
- Need of life insurance
- History of insurance sector in INDIA
- Role of insurance in economic development

Company background
- About the company
- strategy
- Board of Directors
- Its organization structure

Major players in the life insurance industry in india

Insurance Products of Bharti AXA

Objective of the project

INSURANCE INDUSTRY

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Insurance industry is a booming sector. The business of insurance is related to the
protection of the economic value of asset. Every asset has a value. The asset would have
been created through the efforts of the owner, in the expectation that, either through the
income generated there from or some other output, some of his needs would be met.
There is a normally expected life time for the asset during which time it is expected to
perform. Insurance is a mechanism that helps to reduce such as adverse consequences.

WHAT IS INSURANCE?
Basic aim of the insurance plan satisfies the following objectives:-
• Protection of economic value of assets.

• Mechanism to reduce impact of adverse events on value generating assets.

Types of insurance
Insurance is generally classified into three main categories:

1. Life Insurance.
2. Health Insurance.
3. General Insurance.
To get insurance an individual or an organization can approach to Insurance Company
directly, through Insurance agent of the concerned company or through intermediaries.

Life Insurance
Life insurance or life assurance is a contract between the policy owner and the insurer,
where the insurer agrees to pay a sum of money upon the occurrence of the insured
individual's or individuals' death or other event, such as terminal illness or critical illness.
In return, the policy owner agrees to pay a stipulated amount called a premium at regular
intervals or in lump sums. There may be designs in some countries where bills and death
expenses plus catering for after funeral expenses should be included in Policy Premium.

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HISTORY OF INSURANCE

 Insurance has been known to exist in some form or other since 3000 BC. The
Chinese traders, travelling treacherous river rapids would distribute their goods
among several vessels, so that the loss from any one vessel being lost, would be
partial and shared, and not total. The Babylonian traders would agree to pay
additional sums to lenders, as the price for writing off the loans, in case of the
shipment being stolen. The inhabitants of Rhodes adopted the principle of general
average of ‘general average’, whereby, if goods are shipped together, the owners
would bear the losses in proportion, if loss occurs, due to jettisoning during
distress. {Captains of ships caught in storms, would throw away some of the
cargo to reduce the weight and restore balance. Such throwing away is called
jettisoning} The Greeks had started benevolent societies in the late 7 th century
AD, to take care of the funeral and families of members ho died. The great fire of
London in 1666,in which more than 13000 house were lost, gave a boost to
insurance and the first fire insurance company, called the fire office, was started
in 1680.

 The origins of insurance business as in vogue at present, is traced to the Lloyd’s

Coffee House in London. Traders, who used to gather in the Lloyd’s coffee house
in London, agreed to share the losses to their goods while being carried by ships.
The losses used to occur because of pirates who robbed on the high seas of
because of bad weather spoiling the goods or sinking the ship. In India, insurance
began in 1818 with life insurance being transacted by an English company, the
Oriental Life Insurance Co. in 1870 in Mumbai. This was followed by the Bharat
Insurance co. in 1896 in Delhi, the Empire of India in 1897 in Mumbai, The
United India in Chennai, the National, the National Indian and Hindustan
Cooperative in Kolkata.

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

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The History of Insurance in India

Some of the important milestones in the life insurance business in India are:
 1912 - The Indian Life Assurance Companies Act enacted as the first statute to
regulate the life insurance business.

 1928 - The Indian Insurance Companies Act enacted to enable the government to
collect statistical information about both life and non-life insurance businesses.

 1938 - Earlier legislation consolidated and amended to by the Insurance Act with
the objective of protecting the interests of the insuring public.
 1956 - 245 Indian and foreign insurers and provident societies taken over by the
central government and nationalized. LIC formed by an Act of Parliament, viz.
LIC Act, 1956, with a capital contribution of Rs. 5 crore from the Government of
India.

The General insurance business in India, on the other hand, can trace its roots to the
Triton Insurance Company Ltd., the first general insurance company established in the
year 1850 in Calcutta by the British.

Basic Need Of Life Insurance

Life insurance is a contract providing for payment of a sum of money to the person
assured or, failing him, to the person entitled to receive the same, on the happening of
certain event.
A family is generally dependent for its food, clothing and shelter on the income brought
in at regular intervals by the bread winner of the family. So long as the he lives and the
income is received steadily, that family is secure; but should death suddenly intervene the
family may be left in a very difficult situation and sometimes, in stark poverty.

Uncertainty of death is inherent in human life. It is this uncertainty that is risk, which
gives rise to the necessity for some form of protection against the financial loss arising
from death; insurance substitutes this uncertainty by certainty.
Few Advantages of Life Insurance
1. It is superior to an ordinary savings plans: This is so because unlike other saving
plans, it affords full protection against risk of death. In case of death, the full sum
assured is made available under a life assurance policy; whereas under other savings
schemes the total accumulated savings alone will be available. The latter will be
considerably less than the sum assured, if death occurs during early years.

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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 with 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 instalments over a specified period of
years, or (b).payment of the claim amount by smaller monthly instalments 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 him unable to continue payment of premiums he can
surrender the policy for a cash sum. Alternatively he can tide over a temporary
difficulty by taking loan on the sole security of the policy without delay. Further a life
insurance policy is sometimes acceptable as security for a commercial loan.

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

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How Insurance Works

The mechanism of insurance is very simple. People who are exposed to the same risks
come together and agree that, if any one of the members suffers a loss, the others will
share the loss and make good to the person who lost. All people who send goods by ship
are exposed to the same risk related to water damage, ship sinking, piracy, etc. those
owning factories are not exposed to these risks, but they are exposed to different kinds of
risks like, fire, hailstorms, earthquakes, lightening, burglary, etc. like this, different kinds
of risks can be identified and separate groups, made including those exposed to such
risks. By this method, the risk is spread among the community and the likely big impact
on one is reduced to smaller manageable impacts on all.
If a Jumbo Jet with more than 350 passenger’s crashes, the loss would run
into several crores of rupees. No airline would be able to bear such a loss. It is unlikely
that many Jumbo Jets will crash at the same time. If 100 airline companies flying Jumbo
Jets, come together into an insurance pool, whenever one of the jumbo jets in the pool
crashes, the loss to be borne by each airline would come down to a few lakhs of rupees.
Thus, insurance is a business ‘sharing’.

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 Life Insurance Sector in India

Significant channel for household

savings into capital formation

2nd largest financial

GDP penetration of service in India
4.1% after banking

Life Insurance
Statutory
Total number of
requirements to
lives insured and on
provide reach to
books as on March
rural areas
31, 2008- 22 Crs
Total Assets Under Management of
Life Insurance Cos. as on March 31,
2008- Rs. 8,50,000 crores

NEED OF LIFE INSURANCE

. The functions of Insurance can be bifurcated into two parts:
1. Primary Functions
2. Secondary Functions
3. Other Functions

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The primary functions of insurance include the following:-

Provide Protection - The primary function of insurance is to provide protection against

future risk, accidents and uncertainty. Insurance cannot check the happening of the risk,
but can certainly provide for the losses of risk. Insurance is actually a protection against
economic loss, by sharing the risk with others.

Collective bearing of risk - Insurance is a device to share the financial loss of few
among many others. Insurance is a mean by which few losses are shared among larger
number of people. All the insured contribute the premiums towards a fund and out of
which the persons exposed to a particular risk is paid.

Assessment of risk - Insurance determines the probable volume of risk by evaluating

various factors that give rise to risk. Risk is the basis for determining the premium rate
also

Provide Certainty - Insurance is a device, which helps to change from uncertainty to

certainty. Insurance is device whereby the uncertain risks may be made more certain.

The secondary functions of insurance include the following:-

Prevention of Losses - Insurance cautions individuals and businessmen to adopt suitable

device to prevent unfortunate consequences of risk by observing safety instructions;
installation of automatic sparkler or alarm systems, etc. Prevention of losses causes lesser
payment to the assured by the insurer and this will encourage for more savings by way of
premium. Reduced rate of premiums stimulate for more business and better protection to
the insured.
Small capital to cover larger risks - Insurance relieves the businessmen from security
investments, by paying small amount of premium against larger risks and uncertainty.

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Contributes towards the development of larger industries - Insurance provides
development opportunity to those larger industries having more risks in their setting up.
Even the financial institutions may be prepared to give credit to sick industrial units
which have insured their assets including plant and machinery.

Brief History of the Insurance Sector in India

The business of life insurance in India in its existing form started in India in the year
1818 with the establishment of the Oriental Life Insurance Company in Calcutta.

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 these
companies were not insuring Indian natives.
• 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.

The Insurance Regulatory and Development Authority (IRDA)

The Insurance Act, 1938 had provided for setting up of the Controller of Insurance to act
as a strong and powerful supervisory and regulatory authority for insurance. Post
nationalization, the role of Controller of Insurance diminished considerably in
significance since the Government owned the insurance companies.

The Insurance Regulatory and Development Authority Act, 1999 is an act to provide for
the establishment of an Authority to protect the interests of holders of insurance policies,
to regulate, promote and ensure orderly growth of the insurance industry and for matters
connected therewith or incidental thereto and further to amend the Insurance Act, 1938,
the Life Insurance Corporation Act, 1956 and the General insurance Business
(Nationalization) Act, 1972 to end the monopoly of the Life Insurance Corporation of

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India (for life insurance business) and General Insurance Corporation and its subsidiaries
(for general insurance business).

ROLE OF INSURANCE IN ECONOMIC DEVELOPMENT

Insurance directly or indirectly plays a vital role in the economic development of the
country through the following means:-
• Life insurance is a major instrument in mobilizing the savings of the people.
These savings are channeled into investments for economic groups.
• The strength of life insurance is in the fact that huge amounts are collected and
pooled together for the benefit of the policy holders.
• The insurance company is in the role of fiduciary- that all decision be made for
the benefit of the community.

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 MANAGEMENT PROFILE

• Sandeep Ghosh is the Chief Executive Officer at Bharti AXA Life Insurance.

He has over 20 years of experience in India and overseas, primarily in the financial
services sector. Prior to joining Bharti AXA Life, he was with ANZ as the Managing
Director, Commercial Banking Head for Asia Pacific based in Hong Kong. During this
time, he played a major role in building a commercial banking franchise for ANZ in Asia
through organic builds and the integration of businesses acquired from RBS.

Before joining ANZ, Sandeep spearheaded the Commercial Banking for Royal Bank of
Scotland in Asia. He was responsible for Business Banking, SME & Middle Market
client franchises, managing a team of over 1,000 bankers and 40,000 client relationships
across 9 countries.

Prior to this, he was with Citibank for 9 years during which he held various roles, lastly
as Managing Director for the Global Commercial Bank in India. During his tenure, he led
the India business to become the largest organically built commercial banking franchise
within Citi.

• Jyoti Punja is the Chief Operating Officer (COO) of Bharti AXA Life
Insurance Co. Ltd.

In her current role, she is responsible for Pan India Operations, Information
Technology, Customer & Persistency Management and Business Excellence.

Jyoti has been associated with the Bharti AXA Life since 2005. As one of the founding
members, she has been responsible for design and implementation of the servicing
strategy, underwriting & quality nomenclatures, claims management, operations model
and technology deployment to support customers and distributors.

Prior to joining Bharti AXA Life, Jyoti was associated with Birla Sun Life for 5 years as
Head- Client Services. She joined Birla Sunlife as a part of the startup team and managed
operations and service for individual & group Life business.

Jyoti started her career with Life Insurance Corporation of India (LIC) as a Direct Recruit
Officer and during her tenure, handled diverse roles including operations, sales,
underwriting and claims.

• Saujanya Shrivastava is the Chief Marketing Officer at Bharti AXA Life

Insurance.

He has over 14 years of experience in Sales & Marketing across sectors such
as FMCG, Financial Services, Ecommerce and Retail.

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Prior to joining Bharti AXA Life, he was with Future Group as the Senior Vice President
– Sales & Marketing for their ecommerce business. He led a young and vibrant team at
futurebazaar.com that played a pivotal role in developing the ecommerce business
including internet, telesales, catalogue sales and institutional vertical.

• Saujanya Shrivastava is the Chief Marketing Officer at Bharti AXA Life

Insurance.

He has over 14 years of experience in Sales & Marketing across sectors such
as FMCG, Financial Services, Ecommerce and Retail.

Prior to joining Bharti AXA Life, he was with Future Group as the Senior Vice President
– Sales & Marketing for their ecommerce business. He led a young and vibrant team at
futurebazaar.com that played a pivotal role in developing the ecommerce business
including internet, telesales, catalogue sales and institutional vertical.

Before joining Future Group, Saujanya was Vice President – Marketing at PepsiCo India.
He was the custodian for Brand Pepsi and held responsibilities for thematic advertising
development, new product innovation, cricket platform activation and diet cola category
growth. He launched the Pepsi My Can in India – an innovation that was an industry first.

Saujanya has also worked at Citibank N.A. where he held the role of Assistant Vice
President - Credit Card Marketing & Research. In this capacity, he held responsibility for
Brand Strategy, research & insights and implementation of Brand initiatives.

Prior to that, Saujanya has worked with Cadbury India. At Cadbury, Saujanya has been
credited with significant contributions in developing the Marketing Package for premium
range of chocolates and successful re-launch of the leading brand – Cadbury Dairy Milk.
His initiatives took Cadbury Dairy Milk at its all time highest Value Market Share.

Saujanya holds a Masters in Business Administration (PGDBM) from Indian Institute of

Management, Calcutta and has a Bachelors degree in Economics Honors from Jadavpur
University, Calcutta.

• Mr. Venkatasubramanian is the Chief and Appointed Actuary at Bharti

AXA Life Insurance.

At Bharti AXA Life, he is responsible for product pricing, statutory reporting

and Regional office reporting.

Mr. Venkatasubramanian joined Bharti AXA Life Insurance in 2010 from ACE Life,
Sharjah (UAE) where he was the Regional Chief Actuary (Middle East, Africa). At ACE
Life, he managed the actuarial function for the entire region.

Mr. Venkatasubramanian has long and varied experience in the life insurance industry in
sales, actuarial and managerial positions and is well versed with the Indian market
realities. He started his career with LIC and for the next 24 years, donned numerous roles

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and responsibilities. He subsequently moved on to be a Pensions Actuary with Old
Mutual (Zimbabwe). He then joined NTUC INCOME, a large composite insurer in
Singapore as their Appointed Actuary. He also worked in the same position with ING
Vysya Life and Kotak Mahindra Old Mutual Life in succession.

• V Srinivasan is currently the Chief Financial Officer of Bharti AXA Life

Insurance Company.
He started his career as a Chartered Accountant in 1989 and over the past two
decades has emerged as a stalwart in the financial sector. With over 8 years of
rich experience in the Life Insurance industry, today, he stands as a storehouse
of financial knowledge and expertise. His portfolio also boasts of extensive
experience in diverse industrial segments like manufacturing and oil & gas.

From April 1996 to February 2002, he has handled Corporate Finance and Tax at Cairn
Energy India Pvt Ltd. He has held responsibilities in Accounting and Project Reporting at
Kentz, Kuwait, Reliance and SRF Ltd. He has also functioned as the Senior Vice
President - Corporate Affairs at ICICI Prudential Life Insurance Company and CFO of
AMP Samar Life Insurance Company from February 2002 to December 2005.

• Sushanto Mukherjee is the Chief Distribution Officer for Bharti AXA Life
Insurance Company Ltd.

Prior to this, he was Director & Head Partnership Distribution & Group
Business at Max New York Life Insurance Co. Ltd.

He started his career with ITC-Welcome group hotels division in 1989. He has
subsequently worked in various reputed organizations such as Xerox; Reliance Infocomm
& Tata AIG in senior positions managing sales at Zonal & National Levels.Sushanto has
over 21 years of experience across Insurance, Telecom, Hospitality and Office
Automation.

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He has a strong background in developing & managing partnership channels in Life
Insurance, managing large teams in Retail Distribution and effectively leading direct
sales teams in the Corporate Segment. He is an MBA from Cardiff Business School
United Kingdom.
• S Deshpande is the Chief Human Resource Officer at Bharti AXA Life.He is a
Post-graduate in Human Resources Management from TISS (class of 1982).

In a career spanning over 25 years he has wide range of experience with the
Manufacturing sector in Healthcare and FMCG segments and financial
services, and ITES in the services sector.

Ulhas started his career with Glaxo and then moved on to Novartis and Parke -Davis in
senior HR leadership roles and held a Head HR position for over 15 years. Thereafter he
was the HR Head at IDBI bank. After having spent 2 decades in dealing with the breadth
and depth of all aspects of Human Resources, the entrepreneurial bug within him enticed
him to start a venture of his own.

Along with four other partners he co-founded Adventity Global Services financial
services Outsourcing Company in the year 2003 with venture funding where he was the
COO of the company till 2009.His last stint was with RPG enterprises as Sr. VP HR for
the Tyre sector.

He is a charter member of TIE (The global not for profit that helps foster
entrepreneurship). Coaching and mentoring young managers and Leadership
development is a key area of interest.

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INTRODUCTION TO COMPANY

Bharti AXA Life Insurance Company Ltd.

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.

As we expand our presence across the country to cater to your insurance and wealth
management needs with our product and service offerings, we continue to bring 'life
confidence' to customers spread across India. Whatever your plans in life, you can be
confident AXA Life will offer the right financial solutions to help you achieve them that
Bharti.

Bharti Group

Bharti Airtel Ltd

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

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Bharti TeleTech Ltd
Bharti Teletech is India’s leading telecom & allied Products Company. It is one of the
largest manufacturers of landline telephones in the world. With a strong distribution
network across the country, the company is also the primary distributor of IT and
Telecom products from international brands such as Motorola, Blackberry, Thomson,
Polycot, 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.

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Bharti Retail Pvt Ltd
Bharti Retail is a wholly owned subsidiary of Bharti Enterprises. Bharti Retail operates a
chain of multiple format stores that offer consumers affordable prices, great quality and
wider choice. The company’s neighbourhood format stores operate under the "Easyday"
brand and the compact hypermarket format under the “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 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 endeavor to
help customers lead a confident life.

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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).

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.

Page 25 of 80
 Bharti Realty
Bharti Realty Limited is a young, vibrant and dynamic realty company with expanding
interests in commercial, retail and residential real estate. Bharti Realty aims to be
amongst the most admired real estate players in India and aspires to attain highest degree
of customer trust through superior product design and maintaining an uncompromising
stand towards environmental responsibility, ethics and safety

Bharti Infratel
Bharti Infratel, a wholly owned subsidiary of Bharti Airtel, provides
passive infrastructure services on a non-discriminatory basis to all
telecom operators in India. Bharti Infratel also holds approximately 42% stake in Indus
Towers, a joint venture between Bharti, Vodafone and Idea to offer passive infrastructure
services.

Bharti Enterprises

 Bharti Airtel Ltd:

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

 Bharti Teletech Ltd

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

Page 26 of 80
 Bharti AXA Life Insurance is a joint venture between Bharti, one of India’s leading
business groups with interests in telecom, agri business and retail, and AXA, world leader
in financial protection and wealth management. The joint venture company has a 74%
stake from Bharti and 26%stake of AXA.

 Bharti Telesoft Ltd

Bharti Telesoft Ltd delivers best-in-class,

Revenue-critical Vas products and service to telecom carriers,

 Tele Tech Service Ltd

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

 Field Fresh Foods Pvt Ltd

Field Fresh Foods Pvt Ltd is Bharti’s Venture with EL Rothschild Group owned ELRO
holding India Ltd., to export fresh Agricultural 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.

Page 27 of 80
 AXA Asia Pacific Holdings

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

Products of Bharti-AXA Life Insurance

Page 28 of 80
 MONTHLY INCOME PLAN
ADVANTAGES

• Guaranteed Monthly Income which is Tax Free:You start receiving

Guaranteed Monthly Income after the completion of the Premium Payment
Term, until maturity, provided the policy is in force. This income is
tax-free. You have the flexibility to choose the Monthly Income you wish to
receive, which decides your premium amount.Subject to the prevailing provisions of
Section 10 (10D) of the Income-Tax Act, 1961.
• Family Income Support Benefit: (Life Insurance Benefit): In case of the
unfortunate death of the Life Insured, Monthly Income is payable to the
nominee from the next policy month onwards and continues for the next
8 or 15 years depending on the policy term option chosen at inception of the policy.
This
payout is made over and above the Monthly Income payouts made before the death
of
the Life Insured.The accrued Annual Reversionary Bonuses (if declared) are paid out
immediately on death as a lump sum.
• Potential Upside through Bonuses: You receive Annual Reversionary
Bonus, if declared, on maturity or death.Tax benefits for premiums paid and benefits
received, are as per the prevailing tax laws which are subject to changes.

BENIFITS
• Limited Pay Options: You have the flexibility to choose your policy term from 3
options.
The corresponding Premium Payment Term and Monthly Income Benefit Period for
each
policy term are as below:
Policy Term Premium Payment Term Monthly Income
Benefit Period* (in months)
15 years 7 years 8 years (96 months)
25 years 10 years 15 years (180 months)
30 years 15 years 15 years (180 months)
*The Monthly Income commences after the Premium Payment Term or death of the
Life
Insured, whichever is earlier.
• Maturity Benefit: At maturity, you receive Annual Reversionary Bonus, if
declared.
• Annual Reversionary Bonuses: This policy participates in the performance of
the
participating insurance fund and surplus (if any) is distributed as bonuses. The actual
bonus rate declared by the Company is dependent on the performance of the
participating insurance fund. This policy is not eligible for any bonuses during the first
three policy years. Bonuses (if declared) are vested from end of 4th policy year
onwards
and are payable on Maturity or death, whichever is earlier for policies in force. These
bonuses are declared on simple interest basis as a percentage of the Death Benefit.
• The Death Benefit is the monthly income which will be payable for 96 months
for a policy
benefit period of 15 years and 180 months for policy benefit period of 25 and 30
years.

Page 29 of 80
Page 30 of 80
TRIPLE HEALTH INSURANCE PLAN
The policy includes 13 critical illnesses that are split into 3 groups. Should
one have the misfortune of being diagnosed with any critical illness from
these groups, the first claim could be made and the policyholder will still
be eligible for a second and third claim from the other two groups in the
future years.
For each claim, you are eligible to receive the full Sum Assured opted for
by you irrespective of whether it is the first, second or third claim.
Critical illness cover continues even after a claim
For Group A ,Group B, Group C-100% Sum Assured
Heart Attack Coma Cancer
Coronary Artery Bypass Multiple Sclerosis Benign Brain Tumour
Graft Surgery
Major Organ Transplant Major Organ Transplant Major Organ Transplant
(Kidney or Heart) (Liver or Lung) (Bone Marrow)
Renal (Kidney) Failure
Heart Valve Surgery
Stroke
Paralysis

ADVANTAGES
Sum Assured on critical illness
If you, as the Life Insured, encounter a critical illness, anytime during the
policy term of 15 years, 100% of the Sum Assured will be payable to you.
Claim for up to a maximum of three times
Even after you have made your first claim, your critical illness cover
continues and you are eligible to make up to 2 more claims for unrelated
illnesses (For more details, refer section: How does this Policy work?)
The critical illness benefit payout is as follows:
• Waiver of Premium
Once you have made the first claim, all your future premiums are waived off.
Bharti AXA Life will pay all the future premiums on your behalf and take the
responsibility to keep your Policy cover in force until maturity.
• Covered Event Payments
First Critical Illness 100% of Sum Assured. Future premium payments
towards the Policy are waived off.
Second Critical Illness 100% of Sum Assured if event is not included in
the same group for which compensation was paid
at the first critical illness event.
Third Critical Illness 100% of Sum Assured if event is not included in
the same groups for which compensations were
paid at the first and second critical illness event.
Premiums waived after the first claim
• Maturity Benefit
(Available only if you have chosen “With Return of Premium” option)
If you have not made any critical illness claim, then at maturity we will return
an amount equal to 15 times the first year’s premium. The Policy term is 15
years.
• Death Benefit
(Available only if you have chosen “With Return of Premium” option)
In case no critical illness claim has been made and in the unfortunate event
of death of the Life Insured, the death benefit equal to the first year’s
premium multiplied by number of completed Policy years until the date of
death is paid to the nominee.
• Tax Benefits
You may avail of tax benefits under Section 80D for the premiums paid
towards health insurance and under Section 80C for the premiums paid

Page 31 of 80
towards death benefits, if applicable. The tax benefits are subject to change
as per change in Tax laws from time to time.
Service tax and Education cess will be levied as per prevailing tax laws.
.
Eligibility criteria
We would want you to pay premiums regularly until maturity to get maximum
benefits under the Policy. However, incase you are not able to pay all
premiums as per your selected plan option and want to exit the Policy earlier
then only Surrender Value will be payable to you. This benefit is available
only under “With Return of Premium” option.
Surrender Value
Your Policy will acquire Surrender Value only if three annual premiums are
paid, provided no claim has been made under the Policy. At any point in
time, the Surrender Value is equal to 30% of all the premiums paid until that
date, excluding the first year’s premium and any extra premium paid under
this Policy. Surrender shall terminate all rights and benefits under the Policy.
Parameter Eligibility Criteria
• Policy Term 15 years
• Premium Payment Term 15 years
• Minimum Age at Entry 18 years
• Maximum Age at Entry 50 years
• Maximum Age at Maturity 65 years
• Minimum Sum Assured 2,00,000
• Maximum Sum Assured 30,00,000
• Premium Payment Modes Annual, Semi-Annual, Quarterly* & Monthly*

YOUNG INDIA PLAN

AXA Life will offer the right financial solutions to help you achieve them.
Life is dynamic in nature and as time progresses, it brings
increased responsibility for you to manage. This increase in
responsibility is marked with incidences of certain key
milestones that add new dimensions to your life. The most
important junctures in your life are when you get married and
when there is birth of a child in the family. Finally, your
retirement brings with it the need for a substantial corpus of
savings to enjoy a peaceful life thereafter. To fulfill all your
responsibilities, you would want to keep pace with the changing
needs at every step of life, be it protection for your family or
savings for the future.

ADVANTAGES

• Protection till age 60

This Policy covers you up to age 60 including the key years when you need
to ensure adequate protection for your family members.
• Flexi Cover
This feature provides you the flexibility to determine the appropriate
protection level for key life stages. At key milestones in your life, this
feature increases your Sum Assured to account for the added
responsibilities in your life.

Page 32 of 80
 • Good Times Money Back
Along with the increase in your protection cover, at key milestones of your
life such as marriage and child birth, you may opt to receive lump sum
payouts to help you meet any expenses that may arise during each of these
events. This benefit is available only twice during the Policy Term. The “Good
Times Money Back” amounts to at least 10% of base Sum Assured starting
from fourth year onwards, and the percentage increases every year
thereafter if not availed then.
Get additional cover without any medical tests
You will be underwritten with a medical test (if applicable) only once when
you apply for the Policy. So, when you increase your life cover at key
milestones of your life, you do not need to undergo any further medical
tests, thus saving you from hassles.
• Money Back at key milestones such as marriage and child birth
• Assured Protection Benefit
You can further enhance the security for your child’s future by opting for the
Assured Protection Benefit at the time of your child’s birth or at any
milestone chosen by you. With this facility, in case of an unfortunate event
of death, all the future premiums of Bharti AXA Life Young India Plan are
waived off and Bharti AXA Life would pay them on your behalf.
• Maturity Benefit
When you turn 60, you will receive 200% of base Sum Assured plus accrued
bonuses, if any, which you can use for fulfilling your needs at age 60, such
as buying a house, planning for your retirement and so on.
• Bonuses
Since this is a participating traditional Policy, it will accrue Simple
Reversionary Bonuses (if declared), which are payable at maturity/death as
applicable.
• Tax Benefits
Tax benefits for all premiums you pay as well as the benefits you receive are
as per the prevailing tax laws.
Bharti AXA Life Young India Plan is a regular premium, traditional
participating plan for young Indians, providing protection till age 60.
.
AAJEEVAN SAMPATTI
ADVANTAGES

• Lifelong Protection with Limited Pay Period:

You may choose a premium payment term of 10 years or 15 years at
inception and your coverage under the Policy will continue until you reach
the age of 100 years.
The Sum Assured is paid at maturity or in case of the unfortunate death of
the Life Insured during the Policy term
• Guaranteed Payouts:
This plan assures guaranteed payouts until you reach the age of 100 years.
Once you complete the 10th Policy year, you will start receiving an annual
payout of 5.5% of the Sum Assured until maturity or death, whichever is earlier.
• Cash Bonuses:

Page 33 of 80
This Policy also offers cash bonuses (if declared). It participates in the
performance of the participating insurance fund and surplus (if declared) is
distributed as bonus. This bonus (if declared) is paid out as a cash benefit
every year, starting from the end of 6th Policy year, until maturity or death,
whichever is earlier.
• Discounts on opting for a Higher Sum Assured:
You will be eligible to receive a discount on your premium rate if you opt for
a Sum Assured of 4,00,000 or more.
• Tax Benefits for premiums paid as well as benefits received are as per
prevailing tax laws.
• Guaranteed Payout starts from the end of 10th year onwards
until the age of 100 years if the policy is still in force

How does the Product work?

Product at a glance
Parameter Eligibility Criteria
Minimum age at entry 91 days
Maximum age at entry 60 years
Maximum Age at Maturity 100 years
Premium Payment term
options available 10 years & 15 years
Minimum Sum Assured (Rs.) 1,00,000
Maximum Sum Assured (Rs.) No Limit, subject to underwriting
Minimum Premium (Rs.) Premium Payment term: 10 years
15,379 for annual mode
7,997for semi- annual mode
4,152 for quarterly mode
13,84 for monthly mode
Premium Payment term: 15 years
9,100 for annual mode
4,732 for semi- annual mode
2,457 for quarterly mode
819 for monthly mode
Premium Payment Modes Annual, semi- annual, quarterly*
& monthly*

FUTURE INVEST PLAN

In this Policy, the investment risk in the investment portfolio is

borne by the policyholder.
You put in efforts to make sure that your family is well protected
and always gets the best. Why should your insurance plan not
invest majority of the money that you put in towards securing
your family’s future?

ADVANTAGES

• Limited Premium Payment:

The benefits of this Policy accrue to you for 10 years while you pay
premiums only for the initial 5 years.
• Zero Allocation Charge:
With this plan, you are not charged for premium allocation.

Page 34 of 80
 • In-built Accidental Death Benefit:
In case of an unfortunate death by accident, the nominee receives an
additional Sum Assured equal to the base Sum Assured (only available
for Life Insurance Benefit Option B). Kindly refer to the Life Insurance
Benefit section for more details.
• Fund Options:
You may choose from an array of 6 funds.
• Extendable Investment Period:
Take advantage of staying invested in the funds for an extended period
of 5 years after maturity.
• Partial Withdrawal Option:
You have the option to avail of the partial withdrawal facility from your
policy fund value, after your Policy has completed 5 years.
• Tax Benefits:
Tax benefits for premiums paid as well as benefits received are as per
the prevailing tax laws.
• Life Insurance Benefit Options:
You have the flexibility to choose from two Life
Insurance Benefit Options as depicted below:
Life Insurance Benefit
Option A:
Higher of the Fund Value
or Sum Assured
Life Insurance Benefit
Option B:
Sum Assured + Fund
Value

BENEFITS

• Life Insurance Benefit:

You have the flexibility to choose from two options of the life insurance
benefit as explained in the table below. This benefit is received by the
nominee in case of the unfortunate death of the life insured during the
• Policy benefit period.
The Life Insurance Benefit Option can be chosen only at inception of the
Policy and cannot be changed during Policy tenure.
The Sum Assured will be calculated as per the table below:
For Life Insurance Benefit Option B, an additional death benefit equal to the
base Sum Assured will be payable in case of death of the life insured due to
an accident.
• Maturity Benefit:
The fund value as on the maturity date will be payable.
Life insurance

Page 35 of 80
 The Joint Venture BHARTI and AXA

BHARTI

Bharti Enterprises is one of India’s leading business groups with interests in telecom,
agro business, insurance and retail. Bharti has been a pioneering force in the telecom
sector with many firsts and innovations to its credit. Bharti Airtel Limited, a group
company, is one of India’s leading private sector providers of telecommunications
services with an aggregate of 60 million customers, spanning mobile, fixed line,
broadband and enterprise services. Bharti Airtel was ranked amongst the best performing
companies in the world in the Business Week IT 100 list 2007. Bharti Teletech is the
country’s largest manufacturer and exporter of telephone terminals.

AXA Group

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.

Bharti AXA Life Insurance

Vision
To be a leader and the preferred company for financial protection and wealth
management in India

• Professionalism
• Innovation

Page 36 of 80
• Team Spirit
• Pragmatism
• Integrity
• Professionalism:-A professional is a collegial discipline that regulates itself by
means of mandatory, systematic training. It has a base in a body of technical and
specialized knowledge that it both teaches and advances it sets and enforces its
own standards and it has a service rather than a profit orientation, enshrined in a
code of ethics.

Innovation: - Innovation is generally understood as the successful introduction of

a new thing or method. Innovation is the embodiment, combination, or synthesis
of knowledge in original, relevant, valued new products, processes, or services.
• Team Spirit :-team spirit is the spirit of a group that makes the members want the
group to succeed
• Pragmatism:-Pragmatism is the philosophy of considering practical
consequences and real effects to be vital components of meaning and truth.
• Integrity: - Integrity is consistency of actions, values, methods, measures,
principles, expectations and outcome. As a holistic concept, it judges the quality
of a system in terms of its ability to achieve its own goals.

Page 37 of 80
 Innovati
on

Profession
alism
Pragmatis
VALUE OF m
BHARTI AXA
LIFE

Team Spirit
Integrity

Strategy
• To achieve a top 5 market position in India through a multi-distribution, multi-
product platform
• To adapt AXA's best practice blueprints as a sound platform for profitable growth
• To 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 recognized as being close and qualified by our customers

Page 38 of 80
ORGANIZATION STRUCTURE OF BHARTI
AXA LIFE INSURANCE CO. LTD

Page 39 of 80
 MAJOR PLAYERS IN THE LIFE
INSURANCE INDUSTRY IN INDIA

• Life Insurance Corporation of India (LIC)

Life Insurance Corporation of India (LIC) was established on 1 September 1956 to spread
the message of life insurance in the country and mobilise people’s savings for nation-
building activities. LIC with its central office in Mumbai and seven zonal offices at
Mumbai, Calcutta, Delhi, Chennai, Hyderabad, Kanpur and Bhopal, operates through 100
divisional offices in important cities and 2,048 branch offices. LIC has 5.59 lakh active
agents spread over the country.

The Corporation also transacts business abroad and has offices in Fiji, Mauritius and
United Kingdom. LIC is associated with joint ventures abroad in the field of insurance,
namely, Ken-India Assurance Company Limited, Nairobi; United Oriental Assurance
Company Limited, Kuala Lumpur; and Life Insurance Corporation (International), E.C.
Bahrain. It has also entered into an agreement with the Sun Life (UK) for marketing unit
linked life insurance and pension policies in U.K.

Page 40 of 80
IN ADDITION TO ABOVE STATE INSURERS THE FOLLOWING HAVE BEEN
PERMITTED TO ENTER INTO INSURANCE BUSINESS: -

The introduction of private players in the industry has added to the colors in the dull
industry. The initiatives taken by the private players are very competitive and have given
immense competition to the on time monopoly of the market LIC. The market share was
distributed among the private players. Though LIC still holds the 75% of the insurance
sector but the upcoming natures of these private players are enough to give more
competition to LIC in the near future. LIC market share has decreased from 95% (2002-
03) to 70 %( 2007-08).

List of Insurance Companies Listed in Different Years

List of Life Insurance Companies

Page 41 of 80
 S.No. Registration Date of Reg. Name of the Company
Number
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.
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.

Page 42 of 80
 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

Bharti-AXA perform over following cities

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

Insurance Products of Bharti AXA

Page 43 of 80
Individual Plans :
Bharti AXA Life Guarantee Builder

Bharti AXA Life Bright Stars

.

Bharti AXA Life Spot Suraksha

Bharti AXA Dream Life Pension

Bharti AXA Life AspireLife

Bharti AXA Life InvestConfident

Bharti AXA Life WealthConfident

Bharti AXA Life FutureConfident

Bharti AXA Life FutureConfident II

Bharti AXA Life SaveConfident

Bharti AXA Life SecureConfident

Group Plans :
Bharti AXA Life - CreditSecure

Bharti AXA Life – Sanjeevani

Bharti AXA Life - Swasthya Sanjeevani

Bharti AXA Life - Sanjeevani

Bharti AXA Life Mortgage Credit Shield

Bharti AXA Life Credit Shield

OBJECTIVE OF THE PROJECT

Page 44 of 80
1. On The project gave a practical exposure and helps in acquiring the on road skills.
2. First and foremost objective is to recruit financial advisors and to sell the various
products of Bharti AXA.
3. To gain the complete knowledge about the products of Bharti AXA life insurance.
4. To generate the leads through the survey.
5. To sort out the prospective leads from the data collection through the survey.
6. To build the relationship with the new customers and to follow up them, make sure
that they are satisfied with the product.
7. To maintain good relationship with the corporate employees.
8. To get more references from the customers and generate new leads by following a
chain process.
9. To introduce Bharti AXA to those people who don’t have any knowledge about
Bharti AXA and its products and services.
10. To find out the customer awareness on booming financial market and to find out the
investment patterns of the people.
11. To make the customer aware of the benefits of the products from different
competitors.
12. On training our objective is to know about the various products of Bharti AXA and its
detail benefit that the customer will get.
13. How to convince a customer through the telephone to sell products by following the
customer database.
14. If any new product is launched by Bharti AXA then how it will be communicated to
exiting customers and all new prospects to become a customers.
15. After all how the claims of the customers will be settled quickly.

Page 45 of 80
 The recruitment process that we have gone through in our
Project period

As a project trainee in Bharti AXA Life Insurance Co. I have been assigned the job of
recruiting financial advisor. So I have undergone a short-term training by the company
and about the recruitment process and the various products of the company. Recruitment
refers to the various segment of the society. The life, pension and investment industry has
undergone dramatic changes over the past decade. Longer life expectancy and the
desire to retire before state pension age have increased public awareness of financial
services markets. These changes have created a marketplace where customers are more
discerning and regulatory requirements more stringent.

What is a Life Adviser?

A life adviser is a broker or intermediary authorized to sell or advise on the policies of
life insurance and financial products, such as unit trusts. Typical examples of
companies which employ financial advisers are banks, insurance and life
Companies, general brokers, estate agents and building societies. Life Advice is given
in the following areas:

 Direct sales
 Tied sales
 Independent financial advice
 Banc assurance sales

Page 46 of 80
 Advisers in direct and tied sales are only permitted to sell their own company's
products, whereas independent financial advisers (IFAs) sell a variety of different
products from different suppliers
Professional qualifications
A typical career path for a young professional interested in a career in financial advice
is to both start on the administration side and move into trainee sales he key messages
emanating from industry professionals are as follows:
Be flexible and open-minded
Be prepared to put in the hours for exams
The first few years are long and hard - you must persevere
Maintain a sense of humor throughout.
After knowing about the Life Advisor let see what is recruitment and various sources
of recruitment
Recruitment is the process of attracting qualified applicants for a specific job. The
process begins when applications are brought in and ends when the same is finished. The
result is a pool of applicants, from where the appropriate candidate can be selected.

Page 47 of 80
The recruitment process flowchart that we have gone through in our
project period

GETTING KNOWLEDGE ABOUT THE COMPANY AND RECRUITMENT

GETTING KNOWLEDGE ABOUT BENEFIT OF LIFE ADVISOR

GETTING KNOWLEDGE ABOUT DOING THE SALES CALL

SEGMENTING THE MARKET

TARGETING THE MARKET

PROCESS OF CAPCTURING ELEGABLE CANDIDATE

FILLING OF I.S.F. FORM

SHORTLISTING ON THE BASIC OF ‘Q’ SCORE

CONDUCT AN INTERVIEW

BOP PRESENTATION

FILLING OF COMPULSORY IRDA /NAAF FORM

THREE DAYS IRDA REFRESHER TRAINING

CONDUCTION OF EXAMINATION

TWO DAYS PRODUCT TRAINING

Page 48 of 80
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.

Page 49 of 80
 Sources of Recruitment

Controlled Uncontrolled

Natural Market Cold Prospecting

Central of Influence Placement Consultants

Agent gets Agents Job Ads/Inserts

Presentation / Seminar

Data Base

Primary Secondary

Controlled Market

Natural market:
 Your family
 Your friends
 People at job/business
 Neighbours

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.

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

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

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

Seminars/job fairs:
Manager of agency can also organized seminars at management institutes and
colleges .
OR
Bharti AXA Life Insurance Company participates in the job fairs and then short list

Page 51 of 80
prospects and then looks for further opportunities for them.

Cold Prospecting:
 MOA can use the telephone directory.
 MOA and telecaller can use the directories of various business and social

organizations.

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

Point to be noted while recruiting the Agents

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

Sources for Recruitment and Selection of Agent

used during Training

Natural Market Market Survey

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 Secondary Data
(Telephone Directory)

Telephone Script
Hello sir,

I am Paramjit Singh from Bharti AXA. I want your few minute to speak
Sir, Bharti AXA is going to expend the Business by recruiting quality people and offering
them the potential of a very rewarding career opportunity.
We have acquired your business card and we are aware of the company you work for and
you are one of the selective person with whom our company want to concern.
So I would like to meet you for coffee to explain the exciting and rewarding opportunity.
It may have for you in terms of career compensation and support..
(Excellent I look forward to meeting you please May I have your address and I will
confirm our meeting in writing)
OR
(According to your convenience will you please tell me when and where we can meet?)

Thank You Sir.

Step 1. Documents Required
 Age proof.
 Address proof.
 Photo – 8.
 Education proof.
 Q score sheet.
 Agency application.
 Form V A.
 Fill NAAF.
 Intermediate Certificate.

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.
 Number of family member.
 Household income.

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  Knowledge or experience in insurance sector
 Tenor of stay in the town.
 Occupation of parent.

If selected then the senior manager/MOA approve the application.

The managers take the help of scoring Mechanism. Scoring Mechanism was filled at the
time of apply.

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

Scoring mechanism 0 2 1
Marital status Unmarried married

1 2
Education 10th standard or 12th graduate Post graduate
standard
1 2 2
Tenor of stay in Less than 3 years 3-5 years More than 5 years
city/town
0 1 2
Household income Less than 2 lakhs 2-5 lakhs More than 5 lakhs

Total score

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

Additional Approvals 5 or 6

Rejected application if 4 or less

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

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  What is insurance
 Principles of life Assurance
 Premiums and Bonuses
 Life Insurance products
 Underwriting
 Insurance Documents
 Policy conditions
 Claims
 Linked life insurance products
 Insurance agency
 Laws and Regulations
 IRDA Regulation 2000.
 IRDA Regulation 2002.

Step 5. Examination and Code

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

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.

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KNOWLEDGE BENEFIT AND OPPURTUNITY OF LIFE ADVISOR
As we were assigned to recruit life advisors, the very first thing that we required was
knowledge about benefits and opportunity because to motivate a prospective candidate
to become an Advisor, we need to convenience the Advisor about the opportunity and
carrier growth in Bharti AXA.
Benefit
• Commission
• Renewal Commission
• Bonus
• Quarterly gifts
• ACER club membership facility
• MDRT
• Promotion factor for an agent
• Domestic and International Conventions

Opportunity
• Advisor require no capital investment
• They can chose there own working hour according to there convenience.
• They are there own boss.
• Unlimited earning potential

• Represent a strong trusted brand.

BENEFITS
Commission: The commission is generated whenever an agent sells a life insurance to
the customers. The percentage of the commission differs from the type of products the
agent sells. The various commissions that are generated from different policy are as
follows:
• Wealth Confident 24000 of 10% = 2400

• Future Confident 12000 of 22% = 2640

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 • Save Confident 7000 of 22% = 1540

• Aspire Life 18000 of 31% = 5580

• Spot Surakhya 12000 of 24% = 2880

• Bright Star 15000 of 30% = 4500

• Dream life Pension Plan 12000 of 7.5% = 900

The promotion factors are as follows:-

• Number of policies- The minimum number of policies an agent should do to be
promoted is36. This acts as one of the promotional factor for an agent.
• Tenure- Tenure is nothing but the time factor an agent is given to achieve his/her
target. The different time factors an agent given by MNYL are 12months.
OPPORTUNITY
Advisor requires no capital investment:- For starting any business we require a huge
infrastructure but here in Bharti AXA the Advisors do not require any capital investment
other than RS. 825 IRDA examination fees, which is very nominal and on return the
Advisors get free phone calling facility, Xerox facility etc.
They can choose there own working hour according to there convenience:- Advisor are
free to work in there convenient hours because the advisors working here comes from
different profession like Doctor, Engineer, Student, Medical Representative, contractor
GETTING KNOWLEDGE ABOUT DOING THE SALES CALL

Once we had the knowledge of benefits and opportunities of advisor in Bharti AXA life
insurance we were given training as to how to go around in the market for making sales
call .so were given a lot of idea by our manager Mr. PARAS SINGH .This idea includes
market survey, door to door survey, putting around canopy in different prime location of
LUCKNOW.

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 SEGMENTING THE MARKET

A market segment consists of a group of customers who share a similar set of needs and
wants. The market does not create the segments; the marketer’s task is to identify the
segments and decide which one to target. And for insurance company we segmented
market into following different groups.
• Geographical region: - we segmented LUCKNOW into five segment i.e; East
LUCKNOW, West LUCKNOW, North LUCKNOW, South and Central
LUCKNOW.
• Demographic age: - we segmented the entire population of LUCKNOW into
following three categories on the basis of demographic age i.e; 18 to 20 age
group, 25 to 40 age groups and above 40.
• Family life cycle:- we segmented the entire population of LUCKNOW into
following three categories on the basis of family life cycle i.e; Single, Married,
Retired/VRS Optee.
• Gender:- :- we segmented the entire population of LUCKNOW into following
two categories on the basis of two categories i.e.; Male and Female
• Income:- :- we segmented the entire population of LUCKNOW into following
three categories on the basis income below 2 lakhs,2 to 5 lakes, more than 5
lakes.
• Occupation:- :- we segmented the entire population of LUCKNOW into
following six categories on the basis of there occupation like Student,
Government employee, Private Employee, House Wife, Self employed and
Unemployed.
• Education:- :- we segmented the entire population of LUCKNOW into following
three categories on the basis of there education which is 10 th or 12th standard,
Graduate, Post Graduate and above.
• Social class:- :- we segmented the entire population of LUCKNOW into
following three categories on the basis of social status that is Lower class, Middle
class and Upper class.

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 THE MARKET

Once the firm has identified its market-segment it looks for Targeting and for insurance
company Targeting the most prospective candidate requires segmenting of market into :-

Needs based Segmentation:- This is the most preferred and positive target segment of
insurance company because most positive result comes from this segment targeting, like
• Extra income need
• Job need
• Carrier need

PROCESS OF CAPCTURING ELIGIBLE CANDIDATE

A- Personal contacts- direct contact

Many people known to an agency manager may be worth consideration as potential
insurance advisor. Sources of direct contact include personal friends, fellow members
of the community, schoolmates; former business associates personal contacts and
business contacts of the branch office.

(a) PERSONAL ACTIVITY

No research is needed for means of introduction. Friends, the new financial
advisors known to the recruiter serve as a good source.

(b) PERSONAL OBSERVATION

This is done by increasing “recruiting awareness”. This is done in three steps- ask
yourself
• Would this person be a good recruiting prospect?
• If the answer is yes decide the best method to approach- telephone, letter
or face- to-face.
• Do it.

(c)SEMINAR RECRUITING
Discuss career opportunities with various groups of people and then
select individuals with whom to speak in more details.

(d)THE “NO LEG” RECRUITING SYSTEM

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 This includes newspaper, office clients, city directory/office directory/ commerce
directory/ fellow pages, statistical bureaus (government and public bodies.

B- Through nominators

This means to obtain help from people who have influence over others not known to
you. Nominators serve as extra “eyes and ears” for the branch office. There can be
numbers of nominators within an Agency Manager circle of friends, acquaintance,
community members, and sales staff is almost limitless.
For getting cooperation from the nominators
1 built prestige: personal, of the branch office and of the company
2 give nominator’s adequate concept of opportunity for the right person
3 invest time and effort necessary to earn prestige and to strengthen relationship

C-impersonal recruiting methods

The best candidates from impersonal recruitment survive and produce as well as
the best candidates from personal recruitment.

(a) advertisement- classified ads, display ads, situation wanted ads

(b) employment agencies
(c) Direct mail

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FILLING OF I.S.F. FORM
After complication of market survey each and every survey data is again re entered in ISF
(Initial Screening Form) to get a clearer picture of the best among the prospective
candidate. This ISF form helps as a data base for company.
Processes of ISF are as below:-
(1) Candidate Name ---------------------------------------------------------
(2) Corresponding Address
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
----------
(3) Telephone No ------------------------------------------------------------
(4) Mobile No ----------------------------------------------------------------
(5) Profession -----------------------------------------------------------------
(a) Student (b) Housewife (c) Self Employed
(d) Service- Govt/Pvt/PSU
(e) CA/Tax Consultant/stock brokers
(f) Postal Agent/MF Agent/GIC Agent (f) Retired/VRS Opted
(6) Scoring Part --------------------------------------------------------------
(a) Age:-
(1) Below 25- 0 (2) Bet 25-40- 2 (3) More Than 40- 1
(b) Marital Status:-
(1) Unmarried- 1 (2) Married- 2
(c) Education:-
(1) 10th or 12th Standard- 1 (2) Graduate- 2 (3) PG- 2
(d) Tenor of Stay in City/Town:-
(1) Less Than 3 Years- 0
(2) 3-5 Years- 1
(3) More Than 5 Years- 2
(e) Household Income:-
(1) Less Than 2 Laky- 0
(2) 2-5 Laky- 1
(3) More Than 5 Laky- 2
Acceptable Range of Score is – Greater Than or Equal 7
Additional approvals – 5 or 6
Rejected Application if – 4 or Less

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 BASIC SHORTLISTING ON THE OF ‘Q’ SCORE

The Qs are 5 different criteria where the candidates are to be analyzed. This Qs are five
basic screening question through which the company knows about the candidate
interest of work in an insurance company.

Q1- The candidate should have been a resident of Bhubaneswar for at least five years.

Q2- He/ She should be married.

Q3- His/ Her annual income should be at least 1.2 to 1.5 Lakhs.

Q4- He/ She should be a graduate.

Q5- Minimum age to be eligible for being a life advisor is 25.

The significance of Qs

A high Q score implies possibility of better performance by the candidate as a life

advisor (meaning better revenue generation ability). On an average only a candidate
with a score of Q4 or Q5 was interviewed.

A low Q score implies lesser possibility of such performance.

CONDUCT AN INTERVIEW
In this session of recruitment process the probable adviser is given the idea of the job
profile and taken his response. He is also given a general idea of the product and the
commission on the product holds. In this whole selection process the prospective
candidate is shown the career path in Bharti AXA

BOP PRESENTATION
Once the prospective candidate is ready for doing the advisory job he is called to office
for a BOP (Business Opportunity Presentation) process in this process the prospective
advisor is sent to Branch Sales Manager, where the manager tries to know his interest in
the insurance sector and in this process he also verifies his certificate and him personally.

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FILLING OF COMPULSORY IRDA /NAAF FORM
I. ADVISOR’S REMUNERATION
a. Advisor’s entitlement to remuneration as an Advisor of Bharti AXA Life
Insurance Company limited Shall be established by, While this Agreement is in
force:

• Issuance by Bharti AXA Life Insurance Company Limited of a Life

Insurance Policy Bond, subsequent to its acceptance of a proposal
endorsed with the name of the Advisor; and

• Receipt by Bharti AXA life Insurance Company Limited of the required

premiums or deposits; and

• Expiry of the free look period; and

• Compliance by the Advisor with the terms and conditions of this

Agreement in all respects.

II. ADVISOR’S OBLIGATIONS

Without prejudice to the generality of the obligations of the Advisor to Bharti AXA Life
Insurance, the Advisor shall:
a. Faithfully and diligently promote the business of Bharti AXA Life Insurance;

b. Ensure that any representation made and information provided is accurate;

c. Act diligently and carefully in providing any advice and ensure that such advice
is based on thorough analysis and take into account available alternatives;

d. Ensure that any advice is reasonable in view of the customer’s circumstances;

III. INSURANCE PROPOSALS

a. Bharti AXA Life Insurance will only accept proposals which are submitted in the
proposal form specified by Bharti AXA Life Insurance.

b. Advisor shall ensure that the proposal form completed by each propose for life
insurance shall include the details as specified by Bharti Life Insurance.

V. COLLECTION AND REMITTANCE OF FUNDS

a. Advisor has no authority to collect or accept on behalf of Bharti AXA Life
Insurance, any money, securities or other properties, except the initial and
renewal premium or deposit payable with or pursuant to a proposal, unless
otherwise specifically authorized or requested by Bharti AXA Life insurance in
writing. The Advisor shall immediately and in any case within the time stipulated

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VI INDEMNITY
a. Advisor understands that in acting on behalf of Bharti AXA Life Insurance,
Advisor shall only be acting in accordance with than statutory provisions and in
accordance with the terms of this agreement.

VIII. CONFIDENTIALITY

Without prejudice to the other express terms and conditions of this Agreement and all
and any implied rights of Bharti AXA Life Insurance after the termination of this
Agreement, the Advisor shall not:
• Use for his own benefit or the benefit of any other person; or
• Disclose to any person; or
• Through any failure to exercise all due care and diligence, cause or permit any
unauthorized disclosure of any trade secrets or confidential information of or relating
to Bharti AXA Life Insurance which he may have received, used or obtained during
the term of this Agreement. Any such trade secrets and confidential information
shall at all times remain the property of Bharti Axe Life Insurance.

X. SUSPENSION

If Bharti AXA Life Insurance in its opinion suspects any of the events stated in clause
XIII [except Clause XIII (b)(ii)] may have happened, it may at its absolute discretion by
notice suspend the operation of this Agreement without giving any reason.
XIII.TERMINATION

Bharti AXA Life Insurance or the Advisor may terminate this Agreement at any time and
without giving any reason for doing so by giving 30 days notice to the other in writing.

THREE DAYS IRDA REFRESHER TRAINING

Refresher training is the basic given to the trainee advisors about what is insurance, types
of insurance, present scenario of life insurance in India and scope and career growth in
insurance with legal ideas related to insurance.
As per provisions of IRDA Act for training of life advisors (effective from 31st October
2004).

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 i. The applicant shall have to undergo at least 100 hours’ practical training in life or
general insurance business which may be spread over three to four weeks, where such
applicant is seeking license for the first time to act as an insurance agent.

ii. The training duration should be minimum 18 working days excluding Sundays and
holidays.

iii. faculty is that of the Institute. The Institute should conduct the training on its own
premises or hired premises with proper infrastructure.

iv. No marketing fee/consultancy fee payment is permitted for getting the training
batches..

v. On successful completion of training the candidates get COT i.e. the Completion of
Training Certificate by Bharti AXA.

CONDUCTION OF EXAMINATION

i. Syllabus: the syllabus prescribed by the authority for life insurance agents is
given in annexure 6.
ii. Pattern of examination: normally objective type multiple choice questions are
asked. A candidate is required to indicate the correct alternative. A candidate is
required to secure at least 50% marks to be declared successful.
iii. Mode of examination: The test can be taken up in either of the two modes-
online or offline
iv. Admission card: No candidate will be allowed to appear for the examination
unless he/ she produce the admission card.
v. Sample questions: a list of sample questions is given as annexure.

TWO DAYS PRODUCT TRAINING Product training is the final dressing of an

advisor. Once the advisor qualifies the IRDA exam he is sent to next stage of enrichment
where he is given product training

Page 65 of 80
 o

Meaning of methodology
o Sample,
o Types of data
o Data collection method

REASEARCH METHDOLOGY
Research methodology is a way to systematically solve the research problem. It may be
understood as a science of studying how research is done. We can say that research
methodology has many dimensions and research methods do constitute a part of the
research methodology. Knowledge of research methodology plays a key role in project
work. It consists of series of actions or steps necessary to effectively carry out research
and the desired sequencing of these steps.

Data Collection Method

Data can be collected by Primary as well as secondary method.

Primary Data Sources

Primary data were collected through a well structured questionnaire designed separately
for consumers. A pilot survey was conducted to test the utility of the questionnaire and
necessary changes being made.

Questionnaire Designed: Questionnaire was used for the survey.

Page 66 of 80
Secondary Data Sources
The secondary data sources were collected from the company manuals, handbooks, and
management books and are edited to suite the purpose.

RESEARCH DESIGN

Exploratory type of research designs adopted because sources of information are

relatively few and the purpose is merely to find and to understand the possible actions.
The major purposes of exploratory study are:
 Identification of problem

 The precise formulation of problems including the identification of variables

 Formulation of alternative course of action

This questionnaire formed the basis for the views on each of the points raised in the
questionnaire. The data thus obtained formed the basis of information regarding the
existing recruitment and selection processes at BHARTI AXA LIFE INSURANCE
COMPANY LTD.. and the same is analyzed and interference is drawn regarding the
various aspects of recruitment and the entire process of selection at BHARTI AXA LIFE
INSURANCE COMPANY LTD..

Sample Design
Sampling technique:

Sampling Plans
The sampling plan consists of sampling units, e.g. from functional departments namely
Marketing, Commercial, Technical and Human Resource.

Sample size: total sample size is 178individual customers, out of which only 163are
valid and 15 are invalid because the data provided by customer is not sufficient for
Research.
Sample procedure: Random sampling

Page 67 of 80
Sample area: LUCKNOW
the area covered is GOMTI NAGAR,HAZRATGANJ,BHOOT NATH,GOLE MARKET
because in this particular area there are so many public and private institutions are
available.
Analysis
Data collected from the survey through systematically framed questionnaires and those
are being analyzed and shown in graphical representation.

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.

Analysis 1
Age of respondents: The following is the distribution of age of the respondents
Age <25 Years 25-30 years 31-40 years >40 years
Numbers of 10 15 15 10
Individual

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 20
15 15
15
10 10
10

0
<20 years 25-30 years 31-40 years >40 years
Number of individual

47.3% of the total sample size comes from 20-25 age groups
Where individual less than 20 and more than 35years is 11.4%
Interpretation: The majority of interest during the survey was shown from the age group
20-25 years
Analysis 2: Years presence in the LUCKNOW
Years Less than 3 More than 3
Nnmber of individual 4 46

46
50 4
0

No. of individual

The people belonging from below 3years present in LUCKNOW mainly come from
student community
Where as 11-20 years and more than that were the most perfect candidates for insurance
company.
Interpretation: Though the interest was shown by candidates belonging from age group
present between 3-5 years but the majority conversion rate were from people coming
from age 6-25 years.
Analysis 3: Occupation of individuals surveyed
Govt. Employee Pvt. Employee Students Proprietor Others
1 25 6 6 12

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 Govt. Employee
2%

Others
24%

Proprietor Pvt. Employee

12% 50%

Student
12%

Here in this chart it shows that maximum numbers of people surveyed come from
Pvt.Employee and other community.
Interpretation: Sample which has been surveyed is dominated by younger individual like
student and recently joined private employee.

Analysis 4: Qualification of individuals

Qualification Intermediate Graduate P.G.
No. of individual 10 15 25
30
P.G., 25
25

20
graduate, 15
15 Intermideate,
10
10

0
Intermideate graduate P.G.

Interpretation: - The majority people surveyed came form graduate and post graduate
groups and they fulfils our requirement.
Analysis 5: Biggest concern for future
Child Marriage Child Education Retirement Medical Illness
Page 70 of 80
 2 33 3 12

33
35
30
25
20 12
15
10 2 3
5
0

No. of individual

Interpretation:- Different individuals had different concerns and Child Education was
most preffered among the four options.

Analysis 6: were they prepared for there future planning

Result YES NO
No. of individual 34 16

NO. OFINDIVIDUAL
NO. OF INDIVIDUAL

NO 16

YES 34

Interpretation: - From above data we can derive that majority were prepared for future
planning.
Analysis 7: Interested for extra income
RESULT YES NO
NO. OF INDIVIDUAL 34 16

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 NO
32%

YES
68%

Interpretation: - A very high response was shown for earning extra income. The people
who were interested for more income is the one who show more interest towards
insurance.

Analysis 8: Preferred amount as extra income by different people.

Result 0k-10k 11k-20k 21k-30k 31k-50k 51k-1L >1L Not
Interested
No. of Nil 8 5 4 9 13 11
individual

30 26

25
20
15 11
8
10 5
5
0
11k-20k 21k-30k 31k->1L Not
Interested

Interpretation: -Most people needed in around 31k-1L in the form of extra income.
Analysis 9: Interested for part
time or full time
Full Time Part-Time
28 22

PARTTIME
44%
FULL TIME
56%
Page 72 of 80
Interpretation: -Though we can see that its an almost equal distribution but majority were
interested for full time job in insurance.

FINDINGS
The findings are based on the survey undertaken and interview of
individuals for the procurement of life advisors.

Finally selected 1
Life advisors

Individual selected for

training- 2

Individuals interested in full time

occupation in insurance-28

Among the individuals who had provisions for future-34

Among the individuals surveyed, the individuals who were willing to make
extra money-34

Total number of Individuals surveyed -50

The major findings are:

1. The Individuals finally selected as Life advisors constitute
2% of Sample size.
2. 60% of the Individuals were aware of bharti axa life
insurance.

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3. 56% of the individuals who wanted to make extra money
could finally be selected for the Job.

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 CONCLUSION
As we know that 7.5% of the peoples are insured that means rest 92.5% of the people are
still living without insured. It means insurance industry is still in growth stage. But when
we go to recruit life advisors of Bharti AXA most of the people did not agree because
their view was that no body is ready to invest in insurance. It is totally wrong perception
of some of the peoples. But, it was found that the questionnaire and interview questions,
employee manual were sufficient to obtain the information required to analyze the
process of requirement within the organization. It has been found that the organization
has a sound understanding of what process need to be used in order to achieve
effective recruitment of Life advisors. In addition to this, there are several
recommendations for the organization.
For any firm to be successful the main objectives should be:
• Sustainable long-term growth,
• Stable income and
• Asset preservation;
• Need to emphasize quality and diversification in both equity and fixed income
asset classes.
• Understand and manage salary:
.

The general perception of life insurance has to change in India before progress is
made in this field.

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 RECOMMENDATION
1: In the 2 years of existence in the market it has created a sensation by introducing its
most profitable Unit-Linked Plans and products. The insurer needs to concentrate to
make its products and company much more aware among the public to change the
mindset of the people and attract them towards insurance sector. This can make the
recruitment of the potential advisors very well.
To create the awareness among the people, the following methods could be adopted:
• It needs to conduct awareness programmers, campaigns and publish news about
the company, products and attributes to position it in the customer’s mind. The
company should timely communicate through media to make the relationship
stronger.
• Another way of creating awareness about the presence of insurer is by placing
hoardings and posters in the traffic areas and market complexes to attract the
attention of the people.
• The awareness through the Television is another medium. Though it advertises its
product but it should forecast itself on the channel which the maximum of people
use like Doordarshan or advertising through regional channels.
• The company restricts itself from making any branch offices as it believes in the
philosophy of “one family”. Hence more awareness can be created by establishing
more branch and subsidiaries in the urban as well as rural areas. It can create much
more awareness among the common people also.

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.

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

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

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

• Increase the commission of agents.

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

• Better career opportunity must be provided to an adviser, such as on role job,

promotion etc.

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

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

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

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 • Consumer survey
• DATA

SURVEY FORM

NAME:

ADDRESS:______________________________________________________________________
_
YOUR PRESENT IN CITY

QUALIFICATION____________OCCUPATION________

:__________________
MARRED: YES______ NO__________

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 1. DO YOU KNOW BHARTI AIRTEL :- YES: NO:

2. WHICH IS BIGGEST CONCERN OF YOUR FUTURE?

JOB:_______CAREER:________INCOME:___________

3. HAVE YOU MADE ANY PROVISION? YES:____NO::____

4. ARE YOU INTERESTED TO EARN EXTRA INCOME YES:_____NO:_______

AND HOW MUCH_____________

5. ARE YOU INTERESTED FOR PART TIME:______________FULL TIME:_______________

6. DO YOU WANT TO WORK UNDER BHARTI GROUP OF COMPANY?

YES:__________NO:_____________

7. DO YOU KNOW BHARTI AXA LIFE INSURANCE COMPANY? YES:____________NO:_____________

8. DO YOU WANT TO WORK IN BHARTI AXA LIFE INSURANCE COMPANY?

YES:_________NO:___________

CONTACT NUMBER:_________________________

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 BIBLIOGRAPHY

Research Methodology- C.R Kothari, edition-2010

Publisher – New Age International (P) Ltd, publishers
Methods of Data Collection, page no- 95
Sampling Fundamentals, page no- 152

WEBSITES

• www.irdaindia.org
• www.bharti-axalife.com
• www.wikipedia.org
• www.ibef.org
• www.selling-well.com

• www.insureme.com

• www.advisortoday.com

• www.unlockthegame.com

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