A

SUMMER INTERNSHIP PROJECT

ON

“AGENCY RECRUITMENT AND DEVELOPMENT”

(RELIANCE NIPPON LIFE INSURANCE)

Submitted for partial fulfilment of requirement for the award of

Degree

Of

Master of Business Administration

Of

R. A. PODAR INSTITUTE OF MANAGEMENT,

UNIVERSITY OF RAJASTHAN, JAIPUR

Session 2017-18

Under Supervision of: Submitted by:

Dr. A. K. Sharma Rachita Saharia
Roll No. – 1836131
MBA(SM) III Semester
 A

SUMMER INTERNSHIP PROJECT

ON

“AGENCY RECRUITMENT AND DEVELOPMENT”

(RELIANCE NIPPON LIFE INSURANCE)

Submitted for partial fulfilment of requirement for the award of

Degree

Of

Master of Business Administration

Of

R. A. PODAR INSTITUTE OF MANAGEMENT,

UNIVERSITY OF RAJASTHAN, JAIPUR

Session 2017-18

Under Supervision of: Submitted by:

Dr. A. K. Sharma Rachita Saharia
Roll No. – 1836131
MBA(SM) III Semester
 DECLARATION
I, Rachita Saharia, hereby declare that the presented report of
internship titled “Agency Recruitment and Development at
Reliance Nippon Life Insurance” is uniquely prepared by me after
the completion of two months’ work at Reliance Nippon Life
Insurance, Jaipur.
I also confirm that the report is only prepared for academic
requirement, not for any other purpose. This work has not be
submitted previously to any other university for any examination.

Date: Student Signature

Place: Jaipur (Rachita Saharia)
 CERTIFICATE

This is to certify that the “Internship report” submitted by RACHITA

SAHARIA (Roll No. – 1836131) is work done by her and submitted during
2018-2019 academic year, in partial fulfilment of the requirement for the award
of the degree of Master Of Business Administration (Services Management)
 ACKNOLEDGEMENT

A written word often has the unfortunate tendency to degenerate genuine

gratitude into stilled formality. But this is the only way I can express my
heartfelt thanks.

My special thanks to Mr. Krishna Kant Gautam, who has given me continuous
guidance and support during this project.

I would thank my friends, family and the residents of Jaipur city who has helped
a lot for successful completion of this report.
I shall be failing in my duty if I don’t express my deep sense of gratitude to my
Faculties and classmates, who have shared their valuable time and helped me
directly or indirectly in the preparation of this report.
 TABLE OF CONTENTS

Sr. No. Topic Page No.

1. Introduction
 Objective
 Recruitment
 Agent
 Selection Process

2. Research Methodology
 Research Design
 Research
Population
 Sampling and
Sampling
Procedures
 Data Gathering
Instruments
 Method of Data
Analysis
 Scope and
Limitation of
Study

3. Company Profile
 Reliance Nippon
Life Insurance,
Jaipur

4. Data Analysis and

Interpretation
 Questionnaire
 Analysis
 Findings
 Limitations

5. Conclusions and
Suggestions
 BIBLIOGRAPHY
CITATION FROM JOURNALS
 Rao C. S. (2007), “The Regulatory Challenges Ahead,” Journal of
Insurance
Chronicle, pp. 7-10.
 Sabera K. (2007), “Changes in Insurance sector: A study on
Public Awareness,” Journal of Insurance Chronicle, vol. 7, no. 1, pp.
37.
 Jain A. K. (2004), Journal of Insurance Institutions of India, pp. 30-53.

CITATION FROM BOOKS

 Marketing Management (14th Edition) – February 18, 2011 by
Philip Kotler
(Author), Kevin Keller (Author) ISBN: 978-0132102926

CITATION FROM WEBSITE

 History of insurance in India (2009): Insurance Regulatory and
Development
Authority. http://www.irda.gov.in/ADMINCMS/cms/NormalData_Layout.aspx?
page=Pag eNo4&mid=2
 http://www.reliancelife.com/milestones.aspx
 en.wikipedia.org/wiki/Reliance_Life_Insurance
 https://lifeline.reliancelife.com/wps/myportal/agent/!ut/p/c1/0wcA1NLTeQ!!
/#
 INTRODUCTION
Life is full of risk and uncertainties. Since we are the social human being
we have certain responsibilities too. Indian consumers have big influence
of emotions and rationality on their buying decisions. They believe in
future rather than the present and desire to have a better and secured
future, in this direction life insurance services have its own value in terms
of minimizing risk and uncertainties. Indian economy is developing and
having huge middle class societal status and salaried persons. Their
money value for current needs and future desires here the pendulum
moves to another side which generate the reasons behind holding a
policy. Life insurance is one of the best known insurance products today.
People buy these products as investment tools and also as protection for
themselves and their families. All the insurance companies the world over
are looking at attracting the eye balls of customer and positioning their
solutions innovatively to cater to niche and specific markets. One of the
most critical aspects both from the view point of the customer and the
insurer is getting important and relevant leads that can be beneficial for
both.

OBJECTIVE OF THE PROJECT

 To understand the process of recruitment and selection of agent

in Reliance Nippon life insurance.
 On The project gave a practical exposure and helps in
acquiring the on road skills.
 How to recruits agent for Reliance Nippon 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.
 To introduce Reliance Nippon to those people who don‟t have
any knowledge about Reliance Nippon and its products and
services.
 Meaning of Recruitment
Finding the right people is a make-or-break factor for success in business today.
Recruiting the top talent for a job takes time and you have to attract quality
candidates who have the knowledge and skills needed to help the company
grow.

The fact is, your success with recruitment depends on how well you prepare
your job ad, and use source of recruitment, and your interviewing skills.

Prepare a job description that works helps you to be sure that your potential
candidate truly understands the job. The clearer you are with the task
description, working conditions and advantages, the less time you will waste
examining and rejecting applications

The essentials of any job description are:

 A brief description of your company
 Detailed outline of the tasks involved
 Qualifications and experience required
 Equipment and resources used to do the work
 Skills required using them.

However, you should also include work benefits (e.g., vacation, travel and
perks), general working conditions (e.g., scheduling, outside work) and the
specific traits required (e.g. Team Building and Communications skills).
Ultimately, you want to be perceived as an attractive employer in a competitive
market.
Find the right recruitment vehicle choose the vehicle that best works for your
company, depending on your budget and resources.
Word of mouth, or simply telling your employees, friends and colleagues about
a job opening, is a less expensive strategy but generates fewer candidates. The
advantage is that you already know something about your recruiters and their
skills, knowledge and achievements. This is a preferred method with companies
that have a finder's fee program for their employees.
Advertising is a toss of the dice. If it goes well, it can help you find ideal
candidates in a regional, national, or international pool. If not, it's a costly
investment yielding few results. Make sure to factor in the time it takes to go
through a large number of resumes.
Employment agencies cost more but generally provide a good range of
candidates. The employment advisors look at your needs, screen a number of
candidates, and only send you the applications that meet your requirements.
Bear in mind that the largest employment agencies do not necessarily offer the
best choice of candidates. There are numerous agencies that specialize in
recruitment in specific sectors.
Recruiting online such as monster.ca, workopolis.com and jobboom.com. These
can provide inexpensive, worldwide access to employees. In fact, 65% of job
seekers now have access to these types of services.
Using the Internet for recruiting usually involves regular visits to specialized
recruitment sites, joining newsgroups, and posting your job openings on
recruitment sites, electronic publications and on your own Web site.

After recruitment the next part is selection of best candidates.

Make the interview deliver

Since the purpose of an interview is to identify and verify the candidate's
potential, it should be structured to bring out all the desired competencies and
aptitudes. Remember that you have to decide between the candidates: you could
create a point system or analysis grid for comparing their strengths and
weaknesses.

Here are a few points to consider when structuring an interview:

 Make a list in advance of the points for discussion and corresponding

questions.
 Present the candidates with a situation they could face on the job and
ask them how they would react. This will enable you to evaluate the
candidates' knowledge, skills and work methods.
 Ask the candidates to describe some difficult situations encountered in
previous jobs and to explain the way in which they were resolved.
This will give you the chance to gauge the candidates' self-confidence,
creativity and problem-solving skills.
 Ask the candidates to describe a difficult situation involving
colleagues and how it was resolved. This will enable you to test their
aptitude for teamwork.
 Ask the candidates about their ambitions and plans to ensure they fit
your company profile.
 Beware of asking questions about personal interests. They can get
the interview off track or annoy people who want to keep their work
and private lives separate.
 Definition of Agent
 According to section 182 of Indian contracts Act, an “agent” is a person
employed to do any act for another or to represent another in dealing with a
third person. In the insurance industry, the term “agent” is ordinarily applied to
a person engaged by the insurer to procure new business. The insurance Act
definers and insurance agent as one who is licensed under Section 42 of that
Act and is paid by way of commission or otherwise, in consideration of his
soliciting of procuring insurance business, including business relating to the
continuance, renewal or revival of policies of insurance. He is, for all purposes,
an authorized salesman for insurance and needs a license.

 An agent is one who acts on behalf of another. The “another” on whose

behalf the agent acts, is called the principal in this case. The insurance company
is the principal in this case. The lawyer is the agent of the client, when he
argues the case in court. An ambassador is an agent of his country. The agent
represents the principal and acts on his behalf. Some insurers designate their
agents as „advisers”,” consultants” etc. as if they are independent advisor or
consultant would not be appointed by an insurance company. He would be
knowledgeable enough as a person to be approached for advice or consultation.
Some insurance agents may acquire that status. All insurance agents should
strive to attain that status.

Procedure for becoming an Agent

The insurance Act, 1938 lays down that an insurance agent must possess a
license under Section 42 of that Act. The license is to be issued by the IRDA.
The IRDA has authorized designated persons, in each insurance company, to
issue the licenses on behalf of the IRDA.
In terms of the Insurance Act, a license will not be given if the person is
(a) minor,
(b) found to be of unsound mind,
(c) found guilty of criminal misappropriation or criminal
misappropriation or criminal breach of trust or cheating or forgery or
an abetment of or attempt to commit any such offence
(d) found guilty of or knowingly participation in or conniving at any fraud,
dishonesty or misrepresentation against an insurer or an insured,
(e) not possessing the requisite qualifications and specified training,
(f) Found violating the code of conduct as specified in the regulations.
(g) The fee for a license is Rs.825 for individual. A license is granted for 3
years. It may be renewed after 3 years and again valid for 3 years.
A license issued by the IRDA may be to act as an agent for a life insurer, for a
general insurer or as a composite insurance agent working for a life insurer as
sell as a general insurer. No agent is allowed to work for more than one life
insurer or more than one general insurer.

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

(a) Not a minor.

(b) Have passed at least the 12th standard or equivalent examination, if
he is to be appointed in a place with a population of 5,000 or more.
(10th standard otherwise.)
(c) Have undergone practical training for at least 50 hours in life or general
insurance
(d) business, as the case may be, form an institution, approved and notified
by the IRDA.
(e) IN the case of a person wanting to become a composite
insurance agent, the applicant
(f) should have completed at least 75 hours practical training in life and
general insurance business, which may be spread over six to eight
weeks.
(g) Have passed the pre-recruitment examination conducted by the
insurance institute of India or any other examination body
authorized by the IRDA.

The license once issued, can be cancelled whenever the person acquires a
disqualification.
Applications for renewal have to make at least thirty days before the expiry of
the license, along either the renewal fee of Rs.250. If the application is not made
at least thirty days before the expiry, but is made before the date of expiry of
license, an additional fee of Rs.100 is payable . If the application is made after
the date of expiry, it would be normally being refused.

Prior to renewal of the license, the agent should have completed at least 25
hours practical
training in life or general insurance business or at least 50 hours practical
training in life and
general insurance business in the case of a composite insurance agent.

Insures who select agents for appointment, make arrangements for training, for
appearing in the prescribed examinations, and obtaining the license.
FUNCTION OF AN AGENT

 Understanding the prospect‟s needs and persuade him to buy a plan of

life insurance that suits his interests best.
 Complete the formalities:- paper work, medical examination, which
are necessary to get the policy expeditiously.
 Keep in touch to ensure that changing circumstances are reflected in
the arrangements relating to premium payments, nomination and other
necessary alterations.
 Facilitate quick settlement of claims.
 Be totally honest with both the prospect and the insurer.
 Not to induce prospects to submit wrong information.

Career with RELIANCE NIPPON LIFE

INSURANCE

 Opportunity to earn unlimited income.

 Career Growth.
 Be your own boss.
 High quality training & Support to improve productivity.
 Compensation amongst the best.
 Club member benefits.
 Payout structured to facilitate your cash flows better.
 Best in class & competitive products.
 Pension for life.
Recruitment Process

Develop a Profile

Develop sources of recruitment

Approaching the Targeted recruits

Initial screening and Interviews

Reality check

Sources of Recruitment

Sources of
Recruitment

Uncontrolled
Controlled

Data
Presentation Cold Base
Job Placement / Seminar Prospecting
Natural Central Ads/ Consultant
Market
Agent
of Influence
gets AgentsInserts
 Controlled Market
Natural market
 Your family
 Your friends
 People at job/business
 Neighbours

Extended Natural market

 The following are sources of names:
 People known through children.
 People known through spouse.
 People known through hobbies/ games.
 People known through social groups
 People known through public service.
 People you do business with.
 Friends of friends.

CENTRE OF INFLUNCE
 People with influence and prestige, other member of society believe
and faith on them.
 People who have a big circle of relationships: like secretary in
societies, president of an Association.
 People who are known to you and are willing to help you.
 People who have contacts with the class of people you want to deals with.
 People who have faith in your leadership.
 A centre of influence is a person who is in contact with many
people through social, political, religious or business angulations
 Usually a respected individual with influence over the people with
him/her is in contact.
 Uncontrolled Sources
Job Ads/Inserts
 This program should be on regular long range basis.
 Example: Gul Mohan Sharma who is a relationship officer in Reliance
Nippon Life Insurance put an ad in the newspaper, in which he called for
the reader to phone him during a specified 2 to 4 hours period on Monday or
Sunday morning
 From those who called Gul Mohan Sharma was able to eliminate
more misfits (who are not qualified) and arrange for two to six personal
visits.

Placement consultants
Company can recruit a placement consultant or register himself in internet job
search sites to get list of prospects.

Seminars/job fairs

Manager of agency can also organized seminars at

Management Institutions and Colleges.
OR
Reliance Nippon Life Insurance Company participate in the job fairs and then
short list
Prospects and then look for further opportunities for them.

Cold Prospecting
 Company can use the telephone directory.
 Company 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

Sources for Recruitment and Selection of Agent

Used during Training

Natural Market Secondary Directory(TelephoneMarket

Directory)
Survey
 Telephone Script
Hello sir,

I am Rachita Saharia from RELIANCE NIPPON LIFE INSURANCE. I want

your few minute to speak.

Sir, RELIANCE NIPPON LIFE INSURANCE is going to expend the Business

by recruiting quality people and offering them the potential of a very rewarding
career opportunity.

We have acquired your business card and we are aware of the company you
work for and you are one of the selective person with whom our company want
to concern.
So I would like to meet you for coffee to explain the exciting and rewarding
opportunity. It may have for you in terms of career compensation and support.
(Excellent I look forward to meeting you please May I have your address and I
will confirm our meeting in writing)
OR
(According to your convenience will you please tell me when and where we can
meet?)

Thank You Sir.

Step 1. Documents Required

 Age proof.
 Address proof.
 Photo – 8.
 Education proof.
 Q score sheet.
 Agency application.
 Form V A.
 Fill NAAF.
Step 2. Interview section
During the interview the senior manager asked following question to the
candidate to judge his ability and knowledge.

 Qualification.
 Present occupation.
 Knowledge or experience in insurance sector
 Tenor of stay in the town.
 Number of family member.
 Household income.
 Occupation of parent.

If selected then the senior manager 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 Age More than 40 Score

Scoring 0 2 1
Mechanism
Marital status Unmarried Married
1 2
Education 10th standard or Graduate Post graduate
12th standard
1 2 2
Tenor of stay in Less than 3 3-5 years More than 5
city/town Years Years
0 1 2
Household Less than 2 2-5 lakhs More than 5
Income Lakhs Lakhs

Total score

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.

 What is insurance
 Principles of life Assurance
 Premiums and Bonuses
 Life Insurance products
 Underwriting
 Insurance Documents
 Policy conditions
 Claims
 Linked life insurance products
 Insurance agency
 Laws and Regulations
 IRDA Regulation 2000.
 IRDA Regulation 2002.
Step 5. Examination and Code
Examination is the second last part of the recruitment and selection process.
It include one hour test under, which contain 50 objective questions, one marks
each, Pass marks are 25.
There are two method of examination.
 Online
 Manual
In case of online the result is declared on the spot and in the case of manual
result is declared within one month.
After clearing the exam, ULIP training of two days will be given to the advisor
about the product of company and then agency code is generated.
 Research Methodology
Research Methodology is the investigation of specific problem in detail. At first
problem is defined carefully for conducting research. There should be a good
research plan for conducting research. No research can be done without data
collection. After all this analyse is made for getting solution for problem.
 Defining the problem
 Defining the sampling plan
 Collection of data
 Analyse and interpretation

Defining the problem

Defining the research problem is first necessary step for any research. This
work should be done carefully. Here research problem is to know wiliness of
general public to work as an agent with private player or Reliance Nippon life
insurance.

Sampling plan

The sampling plan calls for three decisions.

A) Sampling Unit: I have completed my survey in JAIPUR.
B) Sample Size: The selection of 40 respondents. The sample was drawn from
College students.
The selection of the respondent was done on the basis of simple random
sampling.
I have conducted the respondent through personal interviews.

Research Instrument

Questionnaire consisting of a set of questions was prepared and made to filled

by various respondents.

Collecting the Information

After this, I have collected the information from the respondent with the help of
questionnaire.
Analyse the Information
The next step is to extract the pertinent finding from the collected data. I have
tabulated the collected data & developed frequency distributions.
Thus the whole data was grouped aspect wise and was presented in tabular
from. Thus, frequencies & percentages were to render impact of the study.

Presentations of Findings

This was the last stop of the survey

 Company Profile

Reliance Nippon Life Insurance Company is amongst the leading private sector
life insurance companies in India in terms of individual WRP (weighted
received premium) and new business WRP. The company is one of the largest
non-bank supported private life insurers with over 10 million policyholders, a
strong distribution network of over 700 branches and more than 65,000 advisors as
on March 31, 2018. The company holds Claim Settlement Ratio of 95.17% as on
March 31, 2018.

Rated amongst the Top 3 Most Trusted Life Insurance Service Brands by Brand
Equity‘s Most Trusted Brands Survey 2018, the company’s vision is “To be a
company people are proud of, trust in and grow with; providing financial
independence to every life we touch.” With this in mind, Reliance Nippon Life
caters to five distinct segments, namely Protection, Child, Retirement, Saving &
Investment, and Health; for individuals as well as Groups/Corporate entities.

Reliance Nippon Life Insurance Company is a part of Reliance Capital, one of

India's leading private sector financial services companies, which ranks among
the top private sector financial services and non-banking companies, in terms of
net worth. Reliance Capital has interests in asset management and mutual funds,
stock broking, life & general insurance, proprietary investments, private equity
and other activities in financial services.

In FY'16, post the enabling regulations, Nippon Life increased its stake in
Reliance Life from 26% to 49%, subsequent to the receipt of all regulatory
approval. Nippon Life Insurance, also called Nissay, with 20.5% market share is
Japan's largest private life insurer with revenues of Rs. 4,12,809 crore (US$ 65
Billion) and profits of over Rs. 29,849 crores (US$ 4.7 billion) as of Mar 31, 2017. The
Company, with over 31 million policies in Japan, offers a wide range of products,
including individual and group life and annuity policies through various
distribution channels and mainly uses face-to-face sales channel for its
traditional insurance products. The company primarily operates in Japan, North
America, Europe and Asia and is headquartered in Osaka, Japan. It is ranked
111th among the global Fortune 500 firms in 2017.
VISION

To be a Company people are proud of, trust in and grow with; providing
financial independence to every life we touch.

MISSION
Create unmatched value for everyone through dependable, effective,
transparent and profitable life insurance and pension plans .

GOAL
Reliance Nippon Life Insurance would strive hard to achieve the 3 goals
mentioned below:
• Emerge as transnational Life Insurer of global scale and standard
• Create best value for Customers, Shareholders and all Stake holders
• Achieve impeccable reputation and credentials through best
business practices

TYPES OF INSURANCE
OFFERED BY RNLIC

TERM INSURANCE PLAN

In insurance language this is a “pure risk cover” and can be
described as an insurance or risk management product in its
purest and simplest form. In case of your untimely death, your
dependents will receive the risk-cover amount or the ‘sum
assured’. On the other hand, there is no survival benefits if you
survive the policy term, and you also do not get back the premiums
paid.
ENDOWMENT INSURANCE PLANS
It is a traditional investment-cum-insurance plan. In other words, it
provides both life cover (in the event of death of life insured) or
maturity benefits if he/she survives the policy term. Endowment
plans are typically front-loaded. Therefore it makes sense for you
to remain in the policy for at least 12-15 years.

MONEY-BACK POLICY
It is a variant of the endowment assurance policy-the difference is
that insured get the survival benefits intermittently over the life of
the policy. The maturity benefit is the sum assured value less the
survival benefits already paid under the policy, plus bonuses
accrued, if any. In case of untimely death the nominee will receive
the entire sum assured without considering the pay-outs already
made to insured before the unfortunate death.

PENSION PLAN
A pension plan can be looked as more of an investment product
offered by insurers to cater to the “golden” retirement years of an
individual. Also referred to as retirement plans, these are designed
to ensure that you are financially independent during your
retirement years. Most of the pension plans also provide an
optional life assurance cover in them.

CHILD PLAN
It basically aims at ensuring the achievement of life goals of your
child. The goal can be higher education, financial help in
establishing a business or profession, or even marriage. In a child
plan, the life assured can be the parent or the child. The
beneficiary for the policy, however, is the child. As a child is a
minor, the life insurance contract is between the parent and the
insurance company. In case of early death of the parent, the
premium payment is waived off by the insurance company and the
policy continues as originally planned.
UNIT LINKED INSURANCE PLAN
ULIPs have been the darling of insurance companies,
intermediaries and the insured population alike over the last five
years. The main reason for this popularity is the twin advantage of
a pure life cover (insurance component) and a range of investment
funds or options (savings component) to match your risk profile.
While the pure life cover provides the much needed financial
security to your dependents in the event of your untimely death,
the savings component allows you to participate in the capital
markets and build wealth over the long-term tenure of the policy.
 Data Analysis and Interpretation

Questionnaire
Name: -
Mobile no:-

1. Would you be interested in taking up the opportunity to work with Reliance

Nippon Life Insurance?

Yes No

2. How much time can you dedicate per day for this activity?

1-2 hrs. 2-4 hrs.

5 hrs. 5 hrs. or more

3. Do you have any knowledge of or experience in Insurance?

Knowledge
Yes No

Experience
Yes No

If yes, then please specify the name of the company.

4. Can you spare 1 week on training to understand the product?

Yes No

5. How many people do you know in this city?

Under 50 51-100
101-300 301-600
Above 600
1) Would you be interested in taking up the opportunity to work with
Reliance Nippon Life Insurance?

Ans.

8, 20%

32, 80%

YesNo

Only 20% Students were interested in taking up this opportunity with Reliance
Nippon Life Insurance. (8 students were interested in this activity)

2) How much time can you dedicate per day for this activity?

Response
0, 0% 0, 0%

1-2 hrs

2, 25% 2-4 hrs

5 hrs.
6, 75%
More Than 5
hrs

From the above 8 people, 6 people said that they can spend 5 hours for this
activity daily 2 said that they can spend more than 5 hours for this activity.
3) Do you have any knowledge of or experience in Insurance?

a) Knowledge of insurance?

Response

8, 20%

32, 80%

YesNo

80% of students at them have knowledge about insurance.

20% of students said that they have no knowledge about insurance.

b) Experience as an agent?

6, 15%

34, 85%

YesNo
15% of students have experience in the field of life insurance.
85% of students have no experience in the field of life insurance.
 If yes, then please specify the name of the company.

1, 17%

3, 50%

2, 33%

LICHDFCICICI

 Out of 6 people 50%(3) of students working with LIC

 33% (2) of students working with HDFC Standard Life insurance
 17% (1) of students working with ICICI Prudential Life Insurance Co.
Ltd.

5) Can you spare 1 week on training to understand the product?

4, 10%

36, 90%

YesNo

10 % of students were interesting to spare 1 week on training to understand to

product.
 Limitation
 I didn’t get complete feed from the students about the question as they are
busy in their work and had less time to fill questioned.
 Sincerity of answering the questions cannot be judged.
 Time was the major constraint for me to understand the long process of
recruitment and selection.
 No money available for project (My pocket expenditure)

Finding
Why people are not ready to work with private players in life insurance?
Or
Why people are not ready to work as an agent in any company?

 In these days LIC created a very well image in the mind of General
public because it is semi Government Company and also an oldest company.
In short most people of Indian believe upon the LIC only.
 During the training period we felt that most of people who are already
working in insurance sector think that it is easy to sell the product of LIC
than to sell the product of other life insurance company.
 Most of people say that this job affects upon their social relation with
other and also effect upon their business.
 Most of people believe that private insurance companies carried out fraud
activity that’s why they never believe upon the private players.
 People think that it is a time consuming activity and also required
huge market skills.
 Some people said that only greedy people like to work in insurance sector.
 Conclusion
In India, there is cut throat competition in the market of life insurance.
Concluding the whole story it can be said that people are much more aware
about the aspects of life insurance and also have knowledge about the role and
act of agent but mostly people unwilling to work as life insurance agent and
mostly people prefer to work with LIC because it is a semi government
corporation.

Suggestions
 Reliance Nippon 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 reduced as in these day people have no
extra time.
 Training hours should be made choice of their preference timing.
 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.
 Reliance Nippon 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.
 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.