SUMMER INTERNSHIP PROGRAM (SIP)

2022

MASTER’S OF BUSINESS ADMINISTRATION

(MBA) - ACADEMIC YEAR
2021-2023

FINAL REPORT

BY
APARNA VISWANATHAN
21BSPHH01C1585

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 A REPORT ON
RECRUITMENT AND SELECTION PROCESS
OF AIM INDIA PVT LTD
BY
APARNA VISWANATHAN
21BSPHH01C1585

AIM INDIA PRIVATE LTD (DELHI)

Faculty guide: Prof. Sandeep Amanaganti

Company guide: Ms. Neha Chabbra

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 A REPORT ON
RECRUITMENT AND SELECTION PROCESS
OF AIM INDIA PVT LTD
BY
APARNA VISWANATHAN
21BSPHH01C1585

AIM INDIA PVT LTD (DELHI)

SUBMITTED TO

COMPANY GUIDE FACULTY GUIDE

Ms. NEHA CHABBRA Prof. SANDEEP AMANAGANTI

HEAD OF HUMAN RESOURCES ASSISTANT PROFESSOR
DEPT
ICFAI UNIVERSITY (IBS
AIM INDIA PRIVATE LIMITED HYDERABAD).

SUBMITTED ON 20th MAY, 2022

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 PREFACE

The successful completion of this report and the sense of achievement that its fruition brings
forth would have been incomplete and impossible without the untiring support of people who
played a very vital and crucial part in making it possible. The Summer Internship Program
(SIP) was completed to fulfilled the MBA program in the academic year 2021-23.

This program is a complete analysis of the learnings and experience in AIM India Pvt Ltd for
a period of three months. The summary of the report is all about the recruitment and selection
of AIM India Pvt Ltd by using primary data and regression analysis.

The only aim of this internship at AIM India Pvt Ltd and the final report is to bring solutions
and new methods to the recruitment and selection process of the AIM organization. This
project is gathered information from working people by sharing a questionnaire, about how
they feel about recruitment and selection from their point of view.

The data was gathered from sources, company websites, and other literature reviews.

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 AUTHORIZATION

This is to authorize that the project report titled – “RECRUITMENT AND SELECTION OF
AIM INDIA PVT LTD” are original and authentic research done by Aparna Viswanathan,
Enrolment Number – 21BSPHH01C1585, MBA Batch 2021-23, IBS Hyderabad, during the
Summer Internship Program (SIP) at AIM India Pvt Ltd, which has submitted in partial
fulfilment of the Masters in Business Administration (MBA) program of ICFAI Business
School Hyderabad. This report is conducted under the guidance and supervision of the faculty
guide Professor Mr. A. SANDEEP, and the company guide, Ms. NEHA CHABBRA. The
findings and conclusions used in the report are genuine and solely for academic purposes. It
is also declared that this work has not been submitted anywhere else for any award of any
other Degree or Diploma of this or any other Universities

APARNA VISWANATHAN

(21BSPHH01C1585)

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 ACKNOWLEDGEMENT

This project work requires a blend of discipline, uniqueness, and experience. Firstly, I would
want to express my gratitude to IBS Hyderabad for providing me with such a wonderful
opportunity. I would like to take this opportunity to thank all who helped me put together my
interim report. To begin with, I would like to thank AIM India Pvt Ltd for giving me the
opportunity to work with them and gain the professional and startup world.

I would want to express my profound gratitude and sincere appreciation to my company

guide and mentor Ms. Neha Chhabra, Human Resources Manager, AIM India Pvt Ltd. For
allowing me to work under her guidance and encourage the interns every day. Without her
guidance, help, and support this project would not have been possible.

I also would like to express my extreme gratitude to my faculty guide Prof. Sandeep
Amanaganti for helping me all the way by clearing doubts throughout the project.

I extend a special thanks to Mr. Himalaya Sethi, Director of AIM India Pvt Ltd for giving
valuable insights of sales and business development and also sharing his experience.

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 TABLE OF CONTENT

S.NO TITLE PAGE NO

Preface 4
Authorization 5
Acknowledgment 6
Abstract 9
I Introduction to study
Purpose, Scope, Limitations of the study 10
1.1 Purpose of the study 10
1.2 Scope of the study 10
1.3 Limitations of the study 10
II 2.1 Insurance sector in India 11
2.2 Top 4 companies in Insurance industry 12
III About AIM India Pvt Ltd 15
3.1 Introduction to AIM India Pvt Ltd 15
3.2 Services provided by the company 15
3.3 Mission and Vision 18
3.4 About India’s first Life Insurance 18
3.5 About Product 18
3.5.1 IndiaFirst Life Maha Jeevan Plan 19
3.5.2 IndiaFirst Life Guaranteed Benefit Plan 22
IV Introduction to study
4.1 Introduction to Recruitment and selection 26
4.2 Sources of Recruitment and selection 27

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 4.3 Objective of study 31
4.4 Review of literature 32
4.5 Research Methodology 34
4.6 Analysis and Interpretation 34
4.7.1 Hypothesis 39
4.7.2 Multiple Linear Regression 39
4.8 Findings and Recommendations 40
QUESTIONNARE 41
CONCLUSION 42

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 ABSTRACT

As a part of the MBA academic curriculum, I was offered a Summer Internship Program at
AIM INDIA PVT LTD and was able to conduct my project. The whole report provides an
overview of the work completed during the internship period, to the best of my ability, hard
work, and using skills and I hope I was able to do my level best. It is an excellent opportunity
to broaden theoretical knowledge and apply it to a start-up world company called AIM India
Pvt Ltd.

The project topic is “RECRUITMENT AND SELECTION OF AIM INDIA PVT LTD.”

The study is to bring some new methods of recruitment and selection and to understand
people’s perception of the recruitment and selection process. To give a solution to the
company on how it works in the industry.

In the report, the methodologies bring used are regression analysis and primary data
(questionnaire).

In the initial period, Company was given training in HR, Taxation, Business Development,
and Sales and marketing. My profile is a dual specialization of Marketing and HR. In the HR
profile, the company is given tasks to be done such as preparing a Job description with salary
slip, five unique features of employee engagement with merits and demerits, and A study
about “Practices affecting the work-life balance of employees.”

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 CHAPTER - I INTRODUCTION

1.1 PURPOSE OF THE STUDY:

 The main objective of the study is to know the structure of the recruitment and selection
process in the organization.
 To know types of sources about recruitment and selection process.
 To get information from working people about recruitment and selection process.
 To evaluate the feedback on recruitment and selection by getting quality of response.
 To bring solutions and new methods to the organization.

1.2 SCOPE OF THE STUDY:

 The current scenario in the industry is to keep employees happy and committed to
the organization.
 The study will focus on means to keep employees happy and also improve
performance thus finally impacting the employee turnover and keeping them in
the organization.
 The study will also provide a list of factors and the basis of which the factors can
be improved to increase productivity
1.3 LIMITATIONS OF THE STUDY:
 Respondents might have not spared enough time to understand the question in
depth and felt that the questionnaire was too long to fill and thus it caused a
significant loss of inappropriate information towards the research.
 The response to the questionnaire could be biased as people might not take it
seriously and provide irrelevant data.

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 CHAPTER - II INSURANCE SECTOR

2.1 INSURANCE SECTOR IN INDIA:

Insurance enterprise in India has visible a primary increase withinside the final decade at the
side of a creation of a large wide variety of superior products. This has brought about a
difficult opposition with a tremendous and wholesome outcome. The coverage quarter in
India performs a dynamic function withinside the wellness of its economy. It appreciably will
increase the possibilities for financial savings among the individuals, safeguards their future,
and facilitates the coverage quarter shape a large pool of funds. With the assist of those funds,
the coverage quarter fairly contributes to the capital markets, thereby growing massive
infrastructure traits in India. The Indian Insurance Sector is essentially divided into categories
– Life Insurance and Non-existence Insurance. The Non-existence Insurance zone is likewise
termed General Insurance. Both the Life Insurance and the Non-existence Insurance are ruled
by the IRDAI (Insurance Regulatory and Development Authority of India). The position of
IRDA is to very well reveal the complete coverage zone in India and additionally act as a
custodian of all of the coverage customer rights. This is the purpose all insurers ought to
abide by the regulations and rules of the IRDAI. The Insurance zone in India includes a
complete fifty-seven coverage groups. Out of which 24 groups are the existing coverage
vendors and the closing 33 are nonexistence insurers. Out of which there are seven public
zone groups. Life coverage groups provide insurance for the existence of individuals, while
non-existence coverage groups provide insurance for our everyday dwellings like travel,
fitness coverage, our vehicle and bikes, and domestic coverage. Not simplest this, however,
the non-existence coverage groups offer insurance for our business system as well. Crop
coverage for our farmers, system coverage for mobiles, puppy coverage, etc. are a few extra
coverage merchandises being made to be had through the overall coverage groups in India.
Life coverage groups have received a funding prospectus these days with the concept of
imparting coverage in conjunction with a boom in your savings.

But the overall coverage groups continue to be reluctant to provide natural threat cowl to the
individuals. The protection business in India has likewise developed alongside the nation's

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economy. A few insurance agencies in the nation are growing their activities, across both
people in general and private areas.

Life insurance:

• Life Insurance Corporation (LIC) of India

• HDFC Life Insurance

• SBI Life Insurance

• ICICI Prudential Life Insurance

Non-life insurance:

• New India Assurance

• United India Assurance

• National Insurance Company

• ICICI Lombard • Oriental Insurance Company

• Bajaj Allianz

2.2 TOP 4 COMPANIES IN THE INSURANCE INDUSTRY:

 LIFE INSURANCE CORPORATION OF INDIA (LIC):
LIFE INSURANCE CORPORATION (LIC) OF INDIA has emerged as established
on September 01st, 1956 to spread the message of life insurance withinside India and
mobilize people's monetary economic financial savings for nation-building activities.
It offers a huge type of insurance products to its customers, which incorporates
insurance plans, pension plans, unit-associated plans, unique plans, organization
schemes, and online infant insurance plans. It is an Indian statutory insurance and
investment business enterprise installation withinside the city of Mumbai, India. It is
withinside the ownership of the Government of India. It is one of the number one
insurance companies in India for five decades. It is the most relied-on business
enterprise gambling extra than 60 years of trust, faith, and confidence. It is referred to
as the 'Pension Provider' of India. The Life Insurance Corporation of India (LIC) is a

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 state-owned insurance organization and investment business enterprise. It is the
maximum vital insurance business enterprise in India. The LIC of India currently has a
network of virtually 2,048 branches and 1,337,064 sellers going for walks in fantastic
cities and towns all around India. With an expected asset charge of Rs 1,88,3018.80
crores, it is with the beneficial aid of using far India's largest insurance firm. As
consistent with IRDAI annual report 2020-2021, LIC had a declared settlement ratio of
98.62% as of 31 March 2021. It is a 2% increase in setting ahead ratio on the identical
time as in evaluation to 31 March 2020 on the identical time because the ratio turns out
to be 96.69%.

 ICICI PRUDENTIAL LIFE INSURANCE:

ICICI Prudential Life Insurance Company (ICICI Prudential Life) is a joint assignment
among ICICI Bank Ltd., India's biggest personal quarter bank, and prudential plc, a primary
global financial offerings business enterprise placed withinside the United Kingdom. ICICI
Prudential Life has ended up as one of the primary personal quarter-life coverage
organizations to start operations in December 2000 after receiving approval from the
Insurance Regulatory Development Authority of India (IRDAI). For over a decade, ICICI
Prudential Life has maintained its dominant position (on a brand-new commercial agency
retail weighted basis) among personal life insurers withinside the country, with an array of
merchandise to form the first-rate life degree necessities of clients and permit them to the
advantage of their long-time period financial goals. The organization agency has a
community of approximately 56000 advisors and 7banc assurance, and one hundred fifty
organization agency tie-ups. In 2020, ICICI Prudential Life had crossed the ₹2 trillion
(US$26 billion) mark in the property below management (AUM). The ordinary top price
profits have ended up at ₹32,000 crores (US$4.2 billion) of which ₹12,000 crores (US$1.6
billion) have to end up from the modern-day commercial agency top price on the identical
time as approx. ₹21,000 crores (US$2.eight billion) have ended up the renewal top price.

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  SBI LIFE INSURANCE:

SBI Life Insurance is an Indian existence coverage organization that changed into began out
as a joint project among the State Bank of India (SBI) and the French economic organization
BNP Paribas Cardiff. SBI has a 55. 50% stake withinside the organization and BNP Paribas
Cardiff owns a 0.22% stake. Other buyers are Value Line Pte. Ltd. and MacRitchie
Investments Pte. Ltd., preserving a 1.95% stake at the same time as the final 12% is
unfastened waft stake with public buyers. SBI Life has a certified capital of ₹20 billion
(US$260 million) and a paid-up capital of ₹10 billion (US$ one hundred thirty million). The
AUM is Rs. 2,441. eight billion. SBI Life is indexed on BSE and NSE (Stock Exchanges in
India) and is the main Life Insurance organization in India.

 HDFC LIFE INSURANCE:

HDFC Life Insurance Company is certainly considered one of INDIA's main non public
existence coverage companies, which gives a number of person and organization coverage
solutions. It is a long-time period existence coverage issuer with its headquarters in Mumbai,
providing person and organization coverage offerings and integrated on 14 August 2000. The
enterprise is a joint mission among Housing Development Finance Corporation Ltd (HDFC),
certainly considered one of India's main housing finance institutions, and, a worldwide
funding enterprise. As of 31 March 2020, the promoters; HDFC Ltd. and Standard Life
(Mauritius Holdings) 2006 Ltd. keep a 51.69% and 34.75% stake in HDFC Life respectively.
The last fairness is held through public shareholders.

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 CHAPTER - III ABOUT ACCRUAL INTELLIGENCE MANUALS (AIM) PVT LTD

3.1 INTRODUCTION TO AIM INDIA PVT LTD:

AIM INDIA PVT LTD is the only forestall association provider for all of your financial
requirements. Our intention is to serve the customers with a high-quality solution for
coordinating their bills withinside the maximum effective direction. Our precept is to supply
excessive returns to our customers via our community of presidency area banks in India. Our
complete wealth control is an excessive-stage expert provider that mixes monetary and
funding recommendations in accounting, taxation offerings, and retirement planning. The
business enterprise can inspire exclusive portions of education and development packages
with pinnacle B-colleges and we've got successfully organized lots of understudies to date.
We have touched within extra of fifty schools in India with a base length of 800 or extra
grounds, remembering the maximum fundamental requirements withinside the gift set, we've
got arisen as a help associate of the exclusive banks giving one-prevent association
presenting more than a few administrations. Fortunes are misplaced every year through
ignorant direct speculations and helpless selections made through experts withinside the
lawful activities, bookkeeping, ventures, and safe spaces. It is fundamental in carrying out
one's objectives. Eventually, it isn't always approximately what you procure, it's miles the
issue which you maintain that topics maximum. TLS is one of the growing consulting
corporations in India. At TLS, we deliver huge management offerings to excessive and HNI
customers. We care approximately our customers and offer the high-quality alternatives for
what they surely need, now no longer what we've got. We aren't a salesman; we're the
provider issuer and a powerful provider issuer is the only one who satisfies his client’s wishes
and solves his trouble on an identical time ultimately basis.

3.2 SERVICES PROVIDED BY THE COMPANY:

 Consulting Services

AIM India has a cluster of advisors who provide due diligence to various
businesses concerningcritical business decisions such as mergers and
acquisitions, investment and expansion into new areas, and so on. We also

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 assist in identifying novel and efficient channels of advantages while preventing
risk. We primarily offer the following services:
 Corporate development and finance
 Investment
 People Management
 New Market/Partner/Vendor Evaluation
 Operations
 Technology
 Grant Assistance (For Indian & Foreign companies).

 Internship Services:

AIM India has an experienced team of educational and training professionals

who could provideclients with training solutions to ensure that RPAS
operations are efficiently and flawlessly integrated into their current business
processes.

 Accounting & Taxation Services:

Accounting- At AIM India, we provide you with customized accounting solutions

because our accounting experts have regional exposure and extensive technical
expertise, which allows us to achieve accounting control and transparency through the
standardization of the agenda.

Our Accounting Services include the following:

 Accounting and Bookkeeping

 Statutory Reporting
 Payroll and Expense Claim Management Services
 Bank Account Reconciliation
 Corporate Tax Compliance

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Taxation: Our specialists have a strong analytical comprehension of taxation, which
will assist theclient in managing his company's taxation regime. Our primary services
include:
 Corporate Income Tax Returns
 VAT Returns
 Indirect Tax
 Withholding Tax
 Tax Optimizations

 Insurance Services:

AIM India has a group of insurance providers who provide comprehensive

coverage as well as thorough risk assessments to identify gaps. Our insurers will
also advise you on how to reduce risk premium expenses by providing services to
reduce claims, and they will assist you in understandinguninsured risks so that you
can avoid them. Our primary services in this sector are as follows:
 Risk Assessment
 Coverage
 Risk Management
 Corporate Insurance - Property, Pecuniary, Liability and Group
 Political Risk
 Professional Insurance.

 Wealth Advisory Services:

AIM India Group provides financial planning, investment portfolio management,

and a variety ofother financial products. The Wealth managers in our company
coordinate retail banking, estate planning, legal resources, tax professionals, and
investment management for high-net-worth individuals (HNWIs), small-business
owners, and families who want the assistance of a credentialed financial advisory
specialist. We will also advise our clients on the usage of various estate planning

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 vehicles, business succession or stock option planning, and the use of hedging
derivatives for large blocks of stock on occasion.

3.3 MISSION AND VISION:

The Mission Of the company is they thrive to provide the best wealth
management advice through honest financial solutions as well as inspire the
candidates to explore job opportunities across various industrial sectors.

The vision of the company is to become the most trusted financial advisor as well
as the most valuable recruitment service provider.

3.4 ABOUT INDIA’S FIRST LIFE INSURANCE:

IndiaFirst Life Insurance Company was founded in 2009 as a joint venture between
India's private sector banks, with Bank of Baroda holding a 65 percent stake,
followed by UK financial and investment firm, Legal and General, with a 26
percent stake, and Union Bank of India with a 9 percent stake. IndiaFirst Life
Insurance Company Limited (IndiaFirst Life), headquartered in Mumbai, is one of
the country's newest life insurance companies, with a paid-up share capital of INR
663 crore. The major differentiators are simple, convenient products that are
reasonably priced and serviced efficiently. The main goal is to make insurance
easily accessible to every Indian household. Total premiums collected of INR 4,056
crores and Assets under management of INR 17,109 crores by the end of FY21.
The company remains one of the largest independent insurance players in the
industry, with a 5-year Annual growth rate of 32% that is approximately 2.8 times
that of India's overall life insurance industry.

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 3.5 ABOUT PRODUCT:

The product offered by the AIM INDIA PVT LTD to us was IndiaFirst
MahaJeevan Plan. According to them, we can now get the advantage of enhanced
life coverage by doubling/ tripling the sum assured.

3.5.1 ABOUT INDIA’S FIRST LIFE MAHAJEEVAN PLUS PLAN:

This is a non-connected, democratic, alone, confined pay, coverage plan with an advantage
facility. It gives a lifestyle cowl plus financial savings and enables to beautify the wealth of
the policyholder with the bonuses to be had below this coverage. Protection is furnished to
the beneficiaries in case of the premature demise of the lifestyles insured, whilst the
policyholders themselves acquire a lump sum advantage in the event that they live on the
coverage term. This coverage is a non-connected coverage plan that has each Maturity and
Death Benefit.

➢ The coverage enables the boom of the policyholder’s wealth through manner of the
Terminal Bonuses and Simple Reversionary Bonus.

➢ The nominee can also additionally acquire up to 10 instances of the annualized top class at
the untimely policyholder’s demise.

➢ The policyholder can also additionally choose a mortgage in opposition to his/her

coverage.

➢ Policyholders can also additionally select to beautify their lifestyles cowl with a rider this
is to be had below this coverage.

➢ The beneficiary of the coverage gets a demise advantage in case of the unlucky demise of
the insured person. The demise advantage paid is the assured sum confident plus the collected
reversionary bonus and terminal bonus.

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➢ If the lifestyle insured outlives the coverage’s adulthood date, she or he gets an adulthood
advantage, which is the same as the assured sum confident plus the easy reversionary bonus
and terminal bonus.

 Policy Term:

This is a regular premium policy, with the option of choosing from 15 to 25-year policy
terms.

 Life Assured:

The individual on whose life the plan is predicated is known as the life assured. On the Life
Assured’s death, the benefit is paid out and the policy ends. In case of minor life, the policy
will vest on the Life Assured on the attainment of age 18 years. Any individual can be the life
assured, as long as he/she follows the below rules:

Minimum age at entry 5 years as on the last birthday

Maximum age at entry 55 years as on the last birthday
Minimum age at maturity 20 years as on the last birthday
Maximum age at maturity 70 years as on the last birthday

 Premium paying modes:

You may pay your premium monthly, six monthly or yearly.

Premium Paying Mode Minimum Premium Under all options

Monthly 522
Six monthly 3,071
Yearly 6,000

The following premium frequency factors for monthly and six-monthly policies will apply to
the yearly premium to get an installment premium.

Premium Frequency Factor To Be Applied To Yearly Premium

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 Monthly 0.0870
Six-monthly 0.5119

 Life Cover:

You may choose the life cover based on your needs from the table mentioned below.
However, the death benefit shall not be lessthan105% of the total premiums paid, at any time
during the tenure of the policy.

Sum Assured Limit

Minimum 50,000
Maximum 20,00,00,000

You may choose to enhance your life cover by an amount equal to the Sum Assured under
the plan by opting for IndiaFirst Term Rider offered along with this plan.

 In case Life assured’s demise:

A lump sum amount will be paid to the nominee(s) / appointee / legal heir in the untimely
event of the Life Assured’s demise. The lump-sum amount payable will be as mentioned
below:

Higher of (Guaranteed Sum Assured on maturity

Death Benefit provided or 10 times Annualized Premium) + Accrued
the policy is in force Bonus till death, if declared + Term Rider Sum
Assured, if opted

However, the death benefit payable at any point in time shall not be less than 105% of the
total premiums payable. In case you have opted for IndiaFirst Term Rider on inception an
additional sum assured, as mentioned above, will also be payable to the nominee(s) /
appointee / legal heir. However, the additional death sum assured cannot be more than the

Sum assured under the Policy. In case you have opted for IndiaFirst Life Waiver of Premium
Rider, all your future premiums of the base policy will be waived off, subject to rider and
base policies being in force.

5.1.1.6. In case of Policyholder’s demise:

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In case of an untimely event of the policyholder’s demise, while the life assured is a minor,
the surviving parent or legal guardian who has the insurable interest in the minor life will be
the policyholder. In case there is no surviving parent or legal guardian and the policy has not
acquired surrender value then the policy terminates, else the policy will be continued as a
paid-up policy and proceeds will be paid as per terms and conditions.

5.1.1.7. Return at the end of the policy term:

The guaranteed sum assured on maturity along with the simple reversionary bonus, if
declared and terminal bonus, if declared is paid at the end of the policy term. The simple
reversionary bonus, if declared will be announced by us at the end of the financial year. The
rate of the simple reversionary bonus, if declared may vary from time to time.

5.1.1.8. Loan feature under this policy:

Yes, you may be eligible for a loan under this plan. The amount of the loan you can take out
at any given time is determined by the surrender value. You can get a loan for up to 90% of
the surrender value if you qualify. A $1,000 loan should be the minimum amount available.
The plan will be forced to be surrendered if the outstanding loan principal plus interest
reaches the surrender value.

The outstanding loan, plus interest, will be repaid with the surrender funds, and the plan will
be terminated. In the event of the life assured's untimely death, maturity, or surrender, any
unpaid loan principal and interest will be reclaimed before the pay-out is made.

3.5.2 INDIA’S FIRST LIFE GUARANTEED BENEFIT PLAN:

IndiaFirst Life Guaranteed Benefit Plan is a non-linked, non-participating, limited premium,

endowment life insurance policy that not only provides a shorter pay commitment of 5 / 6 or
7 years but also gives you savings and protection in a single policy. Not just this, the policy
will also ensure the continuation of your life cover benefit even in case you miss paying one
premium, thus protecting your family with a continued life cover for one year. This policy
will also take care of your liquidity needs through its loan facility.

 Basic eligibility criteria:

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 Lump-sum Benefit Income Benefit
Criteria
Option Option
Minimum Age at Entry 8 years 4 years
Maximum Age at Entry 60 years 55 years
Minimum Age at Maturity 18years 23 years
Maximum Age at Maturity 76 years 76 years
Minimum Sum Assured on Death (Rs.) 5,00,000
As per Board Approved Underwriting
Maximum Sum Assured on Death (Rs.)
Policy
Minimum Policy Term 10 years 15 years
Maximum Policy Term 16 years 21 years

 Premium paying modes:

You may pay your premium monthly, Quarterly, Half Yearly or yearly.

Premium Frequency Minimum Maximum

Yearly 50,000
Half Yearly 25,595 No limit as per Board
approved Underwriting
Quarterly 12,950 Policy
Monthly 4,350

The following premium frequency factors for Half Yearly, Quarterly, or Monthly modes
policies will apply to the yearly premium to get the installment premium.

Premium Frequency Factor To Be Applied To Yearly Premium

Half-yearly 0.5119
Quarterly 0.2590
Monthly 0.0870

 In case Life assured’s demise:

The Sum Assured on Death in the policy will be paid to nominee(s) in case of death of the
Life Assured. In the case of Lump sum Benefit, the Sum Assured on Death is of 10 times of
annualized premium. In the case of Income benefits, Sum Assured on Death is of 11 times of
annualized premium.

Minimum Sum Assured on Death Maximum Sum Assured on Death

Rs. 5,00,000 As per board approved underwriting policy

 Return at the end of the policy term:

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You stand to receive the Guaranteed Sum Assured on maturity, at the end of the policy term
as the maturity benefit in the policy. In the case of Lump sum Benefit, the Guaranteed Sum
Assured on Maturity will be calculated by multiplying age term-wisewise maturity benefit
factor with Annualized Premium.the In case of Income Benefit, Guaranteed Sum Assured on
Maturity is X times of Monthly Income. X for different premium payment terms are as
follows:

Premium Payment Term (Years) Gap Period (Years) X

5 5 42

6 6 55
7 7 65
7 8 65

 Loan feature under this policy:

Yes, you may benefit from a loan facility under this policy. The amount of the loan that you
may avail yourself at any point in time will depend on the surrender value. You may avail of
a loan amount up to 70% of the available surrender value. The minimum loan amount should
be Rs.1000. We will charge interest at a rate of 9% per annum which may be revised by us
from time to time subject to IRDAI approval. As and when the loan principal along with
accrued interest exceeds the surrender value for paid-up cases, the policy will be
compulsorily surrendered and outstanding loan along with accrued interest will be recovered
from surrender proceeds or paid-up value. This compulsory surrender will not apply for
premium paying policies. For policies during the premium payment term, if the premium is
not paid and policy become paid-up post taking loan, the policy will get compulsory
surrendered, if the loan plus interest is greater than the surrender value and policy is not
revived. In case the policy becomes due for any survival benefit or income benefit or maturity
benefit or surrender benefit or becomes a claim by death, insurer shall become entitled to
deduct the amount of the loan or any portion thereof which is outstanding, together with all
interest from the policy proceed.

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 CHAPTER - IV RECRUITMENT AND SELECTION OF AIM
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 INDIA. PVT LTD

4.1 INTRODUCTION TO RECRUITMENT AND SELECTION:

Recruitment and Selection is an important operation in HRM, designed to

maximize employee electricity so one can meet the employer's strategic desires and
objectives. In short, Recruitment and Selection is the approach of sourcing,
screening, shortlisting, and deciding on the right candidates for filling the required
vacant positions.

 RECRUITMENT:

Recruitment is the technique of identifying, screening, shortlisting, and hiring the

capability human assets for the reason of filling up the positions withinside the
organizations. It is the imperative feature of human aid management. Recruitment
is the technique of choosing the proper person, for the proper role at the proper
time. The instructional qualifications, experience, competencies, and abilities of the
people want to be considered whilst recruitment takes area. It is the technique of
attracting, deciding on, and appointing capability applicants to satisfy the desires
and necessities of the organizations. Recruitment takes area internally, i.e.
withinside the employer, and externally, i.e. from the use of outside sources.
Internal elements include the dimensions of the employer, recruiting policy, photo
of the employer, and photo of the job. External elements include demographic
elements, labor market, unemployment rate, labor laws, prison concerns, and
competitors. Efficiency withinside the recruitment approaches generates
productiveness and builds terrific running surroundings and top family members
among the employees.

 SELECTION:

Selection is the technique of selecting or selecting the right candidate, who is most
suitable for the challenge. It is the technique of interviewing the candidates and
evaluating their qualities, which may be crucial for a specific challenge, and then

the selection of the candidates is made for the right positions. The desire for the

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 right candidates for the right positions will help the employer to reap its desired
dreams and objectives. When the selection of the employees takes place, it is
crucial to ensure that they personal the popular qualifications, talents, and talents
which are probably required to perform the challenging duties in a well-organized
manner.

4.2 SOURCES OF RECRUITMENT:

Recruitment is classified into Internal sources and external sources.

1. INTERNAL SOURCES OF RECRUITMENT:

Internal sources of recruitment check with hiring personnel in the enterprise

internally. In different words, candidates looking for exceptional positions
are people who are presently hired with identical enterprises. At the time of
recruitment of personnel, the preliminary attention needs to take delivery to
the personnel who're presently operating in the enterprise. This is a crucial
supply of recruitment, which gives the possibilities for the improvement and
usage of the present assets in the enterprise. Internal sources of recruitment
are the satisfactory and the very best manner of choosing assets as overall
performance in their paintings is already recognized by the enterprise. Let
us now speak extra about the numerous inner assets of recruitment. The
different types of internal sources of recruitment are Promotions,
Transfers, recruiting former Employees, Internal Advertisements (Job
posting), Employee Referrals, and Previous Applicants.

 PROMOTIONS:

Promotion refers to upgrading the cadre of the personnel via comparing their
widespread usual overall performance withinside the organization. It is the
approach of moving a worker from a discounted feature to a better feature with
extra responsibilities, remuneration, facilities, and status. Many agencies fill the

better vacant positions with the approach of promotions, internally.

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  TRANSFERS:

Transfer refers back to the approach of interchanging from one technique to every
exclusive without a possibility withinside the rank and responsibilities. It moreover
can be the moving of personnel from one branch to every exclusive branch or one
area to every exclusive area, relying upon the requirement of the feature. Let’s take
an instance to apprehend the way it works. Assume there may be a finance business
organization known as ABC Ltd. Having branches, Branch-A and Branch-B, and a
worker from Branch-A resigned from his technique responsibilities. Hence, this
feature needs to be stuffed for the continuation of the venture in Branch-A. In this
scenario, as opposed to looking or sourcing new candidates, it sincerely is time-
ingesting and expensive, there may be an opportunity of moving a worker from
Branch-B to Branch-A, relying upon the tough necessities and the abilities of that
respective worker. This inner moving of a worker from one department to every
exclusive department is known as Transfer.

 RECRUITING FORMER EMPLOYEES:

Recruiting former employees is a manner of inner reasserts of recruitment, in which

the ex-employees are referred to as lower backs relying upon the requirement of the
position. This approach is cost-effective and saves hundreds of times. The one-of-a-
type essential gain of recruiting former personnel is that they're thoroughly versed
with the jobs and responsibilities of the task and the company desires to spend
masses plenty much less on their training and development.

 INTERNAL ADVERTISEMENTS (JOB POSTING):

Internal Advertisement is a way of posting/marketing and marketing and marketing

and marketing jobs withinside the business enterprise. This venture posting is an
open invitation to all of the personnel withinside the business enterprise, wherein
they could exercise for the vacant positions. It offers equal possibilities to all of the
personnel jogging withinside the business enterprise. Hence, the recruitment may

be done from withinside the business enterprise and it saves masses of value.

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  EMPLOYEE REFERRALS:

Employee referrals are a powerful manner of sourcing the proper applicants at a

low value. It is the technique of hiring new reasserts thru the references of
personnel, who're presently jogging with the business enterprise. In this technique,
the prevailing personnel can refer their buddies and spouse, and children for filling
up the vacant positions. Organizations inspire worker referrals, due to the truth it's
miles value-powerful and saves time compared to hiring applicants from door
reasserts. Most organizations, so you can encourage their personnel, pass in
advance and praise them with a referral bonus for a successful hire.

 PREVIOUS APPLICANTS:

Here, the hiring institution assesses the profiles of preceding candidates from the
organizational recruitment database. These candidates are the ones who've
implemented jobs withinside the past. This property may be without problem
approached and the reaction may be remarkable in maximum cases. It is likewise a
miles much less costly manner of filling up vacant positions.

2. EXTERNAL SOURCES OF RECRUITMENT:

External sources of recruitment talk about hiring personnel outdoor the economic agency
enterprise agency externally. In unique words, the candidates searching for way
opportunities, in this case, are parents who may be outdoor of the economic agency
enterprise agency. External personnel encompasses innovativeness and sparkling mind
approximately the economic agency enterprise agency. Although hiring thru outdoor
belongings is a chunk costly and tough, it has a brilliant functionality to pressure the
economic agency enterprise agency in advance of the project its goals.

The different types of external sources of recruitment are Direct Recruitment, Employee
Exchanges, Employment Agencies, Advertisements, Professional Associations,
Campus Recruitment and Word of Mouth Advertising.

 DIRECT RECRUITMENT:

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 Direct recruitment refers to the out of door delivery of recruitment wherein the
recruitment of licensed candidates is completed with the useful beneficial useful resource
of the use of putting a be aware of the vacancy on the eye board withinside the employer.
This method of sourcing is also referred to as production facility gate recruitment due to
the reality that blue-collar and technical personnel are hired in this manner.

 EMPLOYEE EXCHANGES:

As consistent with the law, for splendid way vacancies, it's far obligatory that the
enterprise gives records to the employment alternate. Employment alternate is a
central authority entity, in which the records of the way seekers are saved and given
to the employers for filling the vacant positions. This door recruitment is beneficial
in hiring unskilled, semi-professional, and professional personnel.

 EMPLOYEE AGENCIES:

Employment agencies are super doors to the delivery of recruitment. Employment

agencies are run via several sectors like private, public, and government. It offers
unskilled, semi-expert, and expert assets constant with the requirements of the
employer. These agencies keep a database of licensed candidates and agencies can
use their services at a cost.

 ADVERTISEMENTS:

Advertisements are the most well-known and actually, the loads are preferred to
deliver doorways deliver of recruitment. The manner vacancy is brought thru
several virtual media with a particular manner description and specifications of the
requirements. Using classified ads is an awesome way to deliver candidates in a
short span and it offers an inexperienced way of screening the candidates’ unique
requirements. Let’s take an example. Assume that there can be a Sales Company
referred to as XYZ Ltd which has were given a present-day venture of selling a
product in a short span of time due to the truth the competition may be very high. In
this scenario, choosing the proper recruitment plays a vital role. Here the awesome

shape of recruitment which wants to be decided on is Advertisement.

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 Advertisement is a definitely suitable exercise for this shape of hiring because of
the fact a huge quantity of hiring in a short span can be completed thru
Advertisement only. Advertisement is one of the maximum high-priced strategies
for recruiting candidates, however, at an identical time as time and amount are
vital, then the economic device is awesome transport of recruitment.

 CAMPUS RECRUITMENT:

Campus recruitment is a door shipping of recruitment, in which academic

establishments collectively with colleges and universities provide possibilities for
hiring college university college students. In this manner, the organizations go to
technical, management, and expert establishments for recruiting college university
college students proper away for the present-day positions.

 WORD OF MOUTH ADVERTISING:

Word of mouth is an intangible way of sourcing candidates for filling up vacant positions.
There are many reputed corporations with the right photos withinside the market. Such
corporations fine need word-of-mouth advertising and marketing and advertising and
marketing regarding a pastime vacancy to attract a huge variety of candidates.

4.3 OBJECTIVE OF THE STUDY:

The aim objective of the study was to analyze the process of recruitment and selection for
AIM India Pvt Ltd and the type of research used is a descriptive study. The needs for
skillful employees and interns bring sales to the organization.
 The main objective of the study is to know the structure of the recruitment and
selection process in the organization.
 To know types of sources about recruitment and selection process.
 To bring solutions and new methods to the organization.

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4.4 REVIEW OF LITERATURE:

 According to Edwin B Flippo, (1984) Recruitment is not anything however the

system of looking the applicants for employment stimulates them for jobs withinside
the organization. It is the interest that hyperlinks the personnel and the task seekers. It
is likewise described because of the system of locating and attracting successful
candidates for employment. It is the pool of candidates from which the brand-new
personnel is selected. It also can be described as a system to discover sources of
manpower to meet the requirement of the staffing schedule and to rent powerful
measures for attracting the manpower in good enough numbers for you to facilitate
the powerful choice of a green operating force.
 According to David A De Cenzo, the recruitment goals are of three kinds which
might be as follows: (a) the First one is Planned Needs: These are the needs that rise
up from the modifications withinside the company and retirement insurance growing
a vacancy for contemporary jobs. (b). The second one is Anticipated Needs: These are
the movements of the only in private which a company can are watching for through
manner of way of studying trends every withinside the outdoor further to the internal
environment. (c) the Last one is Unexpected Needs: These needs rise up due to
several reasons like deaths, resignations, accidents, illness, relocation, etc.
 According to Taylor P (1998), This article outlines seven generally held
misconceptions approximately recruitment and choice practices. Areas mentioned
consist of the validity of diverse Recruitment and choice measures (e.g., interviewing,
reference checks), the Conditions important to maximize the effectiveness of those
practices, and Common incorrect perceptions of the interview process. This article is
maximum Useful for readers interested by personnel improvement principle and
research.
 According to Korsten (2003), Human Resource Management theories emphasize
strategies of recruitment and choice and description the advantages of interviews,
evaluation, and psychometric examinations as worker choice methods. They in
addition said that recruitment methods can be inner or outside or can also be

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 performed online. Typically, this method is primarily based totally at the stages of
recruitment policies, task postings, and details, advertising, task software and
interviewing method, evaluation, selection making, formal choice, and training.

 According to Alan Price (2007), In his work Human Resource Management in a

Business Context formally defines recruitment and preference due to the method of
retrieving and attracting cabin function packages for the motive of employment. He
states that the method of recruitment isn't always a clean preference method, at the
identical time because it wants to manage preference-making and huge planning so
that it will lease the most appropriate manpower. There is present-day competition
among organizational businesses for recruiting the most potential personnel on the
pathway closer to developing innovations, with manage preference-making and
employers looking to rent only the terrific applicants who may be the terrific
wholesome for the business enterprise subculture and ethics particular to the business
enterprise. This should replicate the fact that the manager should especially shortlist
cabin function candidates who are well prepared with the requirements of the vicinity
they are making use of, at the side of organization paintings. Since proudly owning
functions of being a collection player may be essential in any management function.

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 4.5 RESEARCH OF METHODOLOGY:

Research Design Used: The study is mainly concerned with the Recruitment and
selection process. We used a descriptive type of research. Descriptive research design
can be used to study: work experience, sources from finding jobs and satisfaction with
the recruitment process of the current organization in which they are working, the
approach of the organization during the recruitment.

Hence various data and methodology is considered in my report preparation. The

main data sources are Data Collection Method: For Data Collection Survey method is
used. The survey is the most commonly used method.
Data Source: - Primary Data: Primary data refers to original information gathered for
a specific purpose and provides up-to-date, accurate, and relevant information and it is
gathered in an investigation according to the needs of the problem.
Research Instrument: - Questionnaire for responses: The basic data is gathered
through the use of questionnaires and the survey method. The questionnaire contains
multiple-choice questions.

4.6 DATA ANALYSIS & INTERPRETATION:

 What is your age?

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 Out of 27 respondents, I have divided the age group into 4 categories 21-25 age, 26-
30 age, 31-40 age, and more than 41 age. This pie chart shows 44.4% (12) is 21-25
age group, 29.6% (8) is 26-30 age group and 25.9% (7) is 31-40 group.

 Do you have work experience?

Out of 27 respondents, I have divided them into Yes/No in that 70.4% (19) is Yes and
29.6% (8) is No for work experience.

 Identify the source from where you came to know about the job?

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Out of 27 respondents, 51.9% (14) is Campus recruitment, 33.3% (9) is Personal reference
and 14.8% (4) is third party website (Eg: Monster, Naukri, Indeed).

 Does the organization clearly define the position objectives, requirements, and
candidate specifications in the recruitment process?

Most of them answered Yes for this question.

 Are you satisfied with the recruitment process by which you are selected in
your current organization?

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Out of 27 respondents, 88.9% (24) answered Yes and 11.1% (3) answered No for satisfied
with the recruitment process of their current working organization.

 How was the approach of the organization during the recruitment?

Out of 27 responses, 63% (17) answered for positive, 18.5% (5) answered for
negative and 8.5% (5) answered for negative.

 Is the resume screening and shortlisted method used by the organization

satisfactory?

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Out of 27 respondents, 85.2% (23) answered Yes and 14.8% (4) answered No.

 How would you rate the HR Department’s performance in recruitment and

selection in the organization?

Out of 27 respondents, 51.9% (14) answered for Good, 44.44% (12) answered for excellent
and 3.7% (1) answered for bad.

 Which is the most important quality the organization looks for in a candidate?

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Out of 27 respondents, 44.44% (12) answered for all the above, 25.9% (7), 22.2% (6)
answered for discipline and other 3.7% and 3.7% answered for work experience and
knowledge about the industry.

4.6.2 HYPOTHESIS

Null Hypothesis: There exists a significant difference between the Dependent People
responses and the Independent variable - Do you have work experience, identify the source
from came to know about the job, satisfied with the recruitment process by which you are
selected in your current organization, the approach of the organization during the recruitment,
resume screening and shortlisting method used by the organization satisfactory, the most
important quality the organization looks for in a candidate

Alternate Hypothesis: There is no significant difference between the Dependent People

responses and Independent variable - Do you have work experience, identify the source from
came to know about the job, satisfied with the recruitment process by which you are selected
in your current organization, approach of organization during the recruitment, resume
screening and shortlisting method used by the organization satisfactory, the most important
quality the organization looks for in a candidate.

4.6.3 MULTIPLE LINEAR REGRESSION:

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We conducted an ANOVA test with Dependent Variable being the people responses and the
Independent variable - Do you have work experience, identify the source from came to know
about the job, satisfied with the recruitment process by which you are selected in your current
organization, the approach of the organization during the recruitment, resume screening and
shortlisting method used by the organization satisfactory, the most important quality the
organization looks for in a candidate. where we tested the Significance of our null hypothesis.

The value of R Square came out to be 4% and its Adjusted value was 18.31%, the independent
variables p-value of Do you have work experience came out 0.016, identify the source from
came to know about the job came out 0.75, satisfied with the recruitment process by which you
are selected in your current organization came out 0.37, the approach of the organization
during the recruitment came out 0.26, resume screening and shortlisting method used by the
organization satisfactory came out 0.103, the most important quality the organization looks for
in a candidate came out 0.92

Through our MLR testing conducted it was found that all p-values less than .05, so there
exists a significant difference between dependent and independent variables.

FINDINGS AND RECOMMENDATIONS:

FINDINGS:

Based on the findings of the study, It is observed that people’s perception of the Recruitment
and selection process is unique and common responses. The level of satisfaction with the
process is good, and having work experience including technical skills and communication
skills will help a candidate to give a job. In getting the job most of them got from Campus
recruitment.

RECOMMENDATIONS:

The process of Recruitment and selection can be improved by recognition people skills, It can
be a conversation instead of normal interview so we can analyze the candidate interest about
job and career.

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QUESTIONNARE:

ATTACH PDF

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1. http://ictactjournals.in/paper/IJMS_V7_I2_Paper_3_1388_1394.pdf
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3. https://www.indiafirstlife.com/individual-life-
insurance/savings-plan/indiafirst-life-guaranteed-benefit-
plan
4. https://www.indiafirstlife.com/individual-life-
insurance/savings-plan/mahajeevan-plan
5. https://en.wikipedia.org/wiki/SBI_Life_Insurance_Company
6. https://www.adityabirla.com
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overview.html
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insurance.html
11. https://www.tutorialspoint.com/recruitment_and_selection/
types_of_recruitment.htm
12. https://core.ac.uk/reader/234684990

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