ITM SCHOOL OF MANAGEMENT

RESEARCH PROJECT REPORT

On The Topic
“Stress Management Among Employees In Insurance Sector With Reference To
Bharti AXA Life Insurance, SBI Life Insurance And MAX Life Insurance.”
Towards partial fulfillment of Two Years (Full Time) Master of Business
Administration (MBA) Programme (Affiliated to Dr. A.P.J. Abdul Kalam
Technical University, Lucknow)

Submitted to

Avanish Kumar Pathak (Assistant Professor)

Department Of Business Administration

Submitted by

Aditi Singh
MBA (4 Semester)

Date of Submission

25 MAY 2023
1
 Declaration
I undersigned ADITI SINGH a student of MBA(4 semester) , declare that this research project

report titled “Stress Management Among Employees In Insurance Sector With Reference To Bharti

AXA Life Insurance, SBI Life Insurance And MAX Life Insurance.” is a result of my own work and

my indebtedness to other work publications, references, if any, have been duly acknowledged.

I further certify that the work contained in the report is original and has been done by me under the

general supervision of my academic supervisor MR. Avanish Kumar Pathak , Assistant

Professor ,ITM School Of Management and the work has not been submitted to any other Institution

for any other degree/diploma/certificate in this university or any other University of India or abroad.

Date: Name: Aditi Singh

25 MAY 2023 Roll No. :2106730700002

Signature :

2
 DEPARTMENT OF BUSINESS
ADMINISTERATION
ITM SCHOOL OF MANAGEMENT,
LUCKNOW

CERTIFICATE

This is to certify that the report titled “Stress Management Among Employees In
Insurance Sector With Reference To Bharti AXA Life Insurance, SBI Life Insurance
And MAX Life Insurance.” being submitted by Aditi Singh ,(Roll No.-
2106730700002 ) in partial fulfillment of the requirements for the award of the
Degree of Master of Business Administration, is a bonafide record of the project work
done by Aditi Singh of department of business administration under the guidance of
Mr. Avanish Kumar Pathak, Assistant Professor, ITM School Of Management.

Date: Avanish Kumar Pathak,

25 MAY 2023 Assistant Professor
Signature:

3
 ACKNOWLEDGEMENT
The project opportunity I had with ITM SCHOOL OF MANAGEMENT was a great chance for

learning and professional development. Therefore, I consider myself as a very lucky individual as I

was provided with an opportunity by my academic supervisor, Mr. Avanish Kumar Pathak, to do this

project work on the same field of my job. I am also grateful for having a chance to meet so many

wonderful people and professionals who led me though this project period.

Bearing in mind previous I am using this opportunity to express my deepest gratitude and special

thanks to my Professors who in spite of being extraordinarily busy schedule, took time out to hear,

guide and keep me on the correct path and allowing me to carry out my project.

I express my deepest thanks to my project supervisor, Mrs. Anuj Gupta for taking part in useful

decision & giving necessary advices and guidance and arranged all facilities to make my project

easier. I choose this moment to acknowledge her contribution gratefully.

It is my radiant sentiment to place on record my best regards, deepest sense of gratitude to my

classmates in ITM for their careful and precious guidance which were extremely valuable for my

study both theoretically and practically.

I perceive this opportunity as a big milestone in my career development. I will strive to use gained
skills and knowledge in the best possible way, and I will continue to work on their improvement, in
order to attain desired career objectives. Hope to continue cooperation with all of you in the future.

Date: Name: Aditi Singh

25 May 2023 Roll No. :2106730700002

Signature:

4
 EXECUTIVE SUMMARY
The study of human resource management is one of the major criteria in the corporate sector.Human
resource is the heart of the organization. By this research project we will be able to know about the
level of stress management and work stress of the insurance employees and way to reduce the stress
level and increase stress of the employees working in the insurance sector by this way the
productivity of the employee increases.

Now a day the corporate sector is booming in a high speed that the people have to work for prolonged
hours to maintain the standard of living and achieve their basic needs. So is the condition in the
insurance companies, hospitals, colleges, BPO’s and lots of other places. Inspite of having the
modern technologies and facilities, people are feeling themselves to be work loaded and stressed.
Stress arises because of many reasons which are discussed in the following project. The people
working in these sectors also have to control their emotions and feelings so in this project we will
study the stress management and work stress among insurance employees as well as their relation
with each other. To identify the level of stress and emotions among the people who work in insurance
sector I have tried to survey the people working in insurance sector.

The study has been fragmented into six parts viz. Introduction to insurance sector, Introduction to
stress management and Work Stress, Research Methodology, Data Analysis and interpretation,
Findings, Suggestions and conclusions. The first chapter deals with introduction to insurance sector
as well as introduction to selected insurance companies. The second chapter deals with introduction
to topic, that is, stress management and work stress.

The third chapter is Research Methodology. This chapter relates to research methodology adopted to
complete the project. The fourth chapter relates to analysis and interpretation of data.

The fifth chapter relates to findings. The study ends up with sixth chapter summarizes the whole
study which includes certain suggestions and recommendations with a hope to maximize the benefits.

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 INDEX
S.NO TOPIC PAGE.NO

1 Chapter 1 : Introduction
1.1 – BRIEF HISTORY OF INSURANCE 9
1.2 - MEANING AND CONCEPT OF INSURANCE
10
1.3- FUNCTIONS OF INSURANCE 12
1.4 - IMPORTANCE OF INSURANCE 14
1.5 - Types of Life Insurance Policies 18
1.6 - Features of Life Insurance Contract 20
1.7 -Important Milestones In Life Insurance Regulations In
India 34
1.8 -MAX Life Insurance 35
1.9 -Bharti AXA Life Insurance 39
1.10-SBI Life Insurance 43
Chapter-2 : INTRODUCTION TO STRESS
2
MANAGEMENT AND WORK STRESS
2.1 - STRESS DEFINITION 46
2.2 - CAUSES OF STRESS AT WORK 47
2.3- FACTORS INFLUENCING THE EFFECTS OF
STRESS AND STRESS SUSCEPTIBILITY 48
2.4 - SIGNS OF STRESS - STRESS TEST 48
2.5 - A MODEL OF STRESS AT WORK
49
2.6 - WORKPLACE STRESS AND WORKPLACE
52
HEALTH RESEARCH ARTICLES:

2.7 - STRESS MANAGEMENT 54

2.8 - STRATEGIES FOR MANAGING STRESS 59
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 2.9- QUICK STRESS REDUCTION TECHNIQUES 61

3 Chapter -3 : Project Overview

3.1 - LITERATURE REVIEW
67
3.2- RESEARCH METHODOLOGY 73
3.3 - OBJECTIVES OF THE STUDY 76
3.4 - SCOPE OF THE STUDY 77
3.5 - LIMITATIONS OF THE STUDY 78
4 Chapter -4 : FINDINGS AND SUGGESTIONS
4.1 – Findings 80
4.2 – Recommendations/Suggestions 81

5 Chapter-5 CONCLUSION 82

6 Chapter -6 REFERECES 83

7 ANNEXURE QUESTIONNAIRE 84

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INTRODUCTION
1.1 – BRIEF HISTORY OF INSURANCE

1.2 - MEANING AND CONCEPT OF INSURANCE

1.3- FUNCTIONS OF INSURANCE

1.4 - IMPORTANCE OF INSURANCE

1.5 - Types of Life Insurance Policies

1.6 - Features of Life Insurance Contract:

1.7 -Important Milestones In Life Insurance Regulations

In India

1.8 –MAX Life Insurance

1.9 –Bharti AXA Life Insurance

1.10 SBI Life Insurance

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 INTRODUCTION

1.1 BRIEF HISTORY OF INSURANCE

The Indian life insurance industry has its own origin and history, since its inception. It has passed
through many obstacles, hindrances to attain the present status. Insurance owes its existence to
17th century England. In fact, it took shape in 1688 at a rather interesting place called Lloyd's
Coffee House in London, where merchants, ship-owners and underwriters met to discuss and
transact business. The first stock companies to get into the business of insurance were chartered in
England in 1720. The year 1735 saw the birth of the first insurance company in the American
colonies in Charleston. In 1759, the Presbyterian Synod of Philadelphia sponsored the first life
insurance corporation in America for the benefit of ministers and their dependents.

Life insurance in its modern form came to India from England in 1818 with the formation of
Oriental Life Insurance Company (OLIC) in Kolkata mainly by Europeans to help widows of
their kin. Later, due to persuasion by one of its directors (Shri Babu Muttyal Seal), Indians were
also covered by the company. However, it was after 1840 that life insurance really took off in a
big way. By1868, 285 companies were doing business of insurance in India. Earlier these
companies were governed by Indian company Act 1866.

By 1870, 174 companies ceased to exist, when British Parliament enacted Insurance Act 1870.
These companies however, insured European lives. Those Indians who were offered insurance
cover were treated as sub-standard lives and were accepted with an extra premium of 15% to
20%. By the end of the 18th century, Lloyd's had brewed enough business to become one of the
first modern insurance company.

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1.2 MEANING AND CONCEPT OF INSURANCE

Life is a roller coaster ride and is full of twists and turns. Insurance policies are a safeguard
against the uncertainties of life. As in all insurance, the insured transfers a risk to the insurer,
receiving a policy and paying a premium in exchange. The risk assumed by the insurer is the risk
of death of the insured in case of life insurance.
Insurance policies cover the risk of life as well as other assets and valuables such as home,
automobiles, jewelry etc. On the basis of the risk they cover, insurance policies can be classified
into two categories:

(a) Life Insurance

(b) General Insurance

Life insurance products cover risk for the insurer against eventualities like death or disability.
Non-life insurance products cover risks against natural calamities, burglary, etc.

Insurance is system by which the losses suffered by a few are spread over many, exposed to
similar risks. With the help of Insurance, large numbers of people exposed to a similar risk make
contributions to a common fund out of which the losses suffered by the unfortunate few, due to
accidental events, are made good. Insurance is a protection against financial loss arising on the
happening of an unexpected event. Insurance policy helps in not only mitigating risks but also
provides a financial cushion against adverse financial burdens suffered.

Insurance provides financial protection against a loss arising out of happening of an uncertain
event. A person can avail this protection by paying premium to an insurance company. A pool is
created through contributions made by persons seeking to protect themselves from common risk.
Any loss to the insured in case of happening of an uncertain event is paid out of this pool. Life
insurance has come a long way from the earlier days when it was originally conceived as a risk-
covering medium for short periods of time, covering temporary risk situations, such as sea
voyages. As life insurance became more established, it was realized what a useful tool it was for

10
a number of situations that includes temporary needs, threats, savings, investment, retirement etc.
Insurance is a contract between two parties whereby one party agrees to undertake the risk of
another in exchange for consideration known as premium and promises to pay a fixed sum of
money to the other party on happening of an uncertain event (death) or after the expiry of a
certain period in case of life insurance or to indemnify the other party on happening of an
uncertain event in case of general insurance. The party bearing the risk is known as the 'insurer'
or 'assurer' and the party whose risk is covered is known as the 'insured' or 'assured'.
According to the U.S. Life Office Management Inc., “Life Insurance provides a sum of money if
the person who is insured dies whilst the policy is in effect.”
The definition of insurance can be seen from two view points:

(a) Functional Definition

(b) Contractual Definition

• Functional Definition

Insurance is a co-operative device of distributing losses, falling on an individual or his family over
large number of persons each bearing a nominal expenditure and feeling secure against heavy loss.

• Contractual Definition

Insurance may be defined as a contract consisting of one party (the insurer) who agrees to pay to other party
(the insured) or his beneficiary, a certain sum upon a given contingency against which insurance is sought.

1.2(a) Principles OF INSURANCE

Insurance is based upon:

(a) Principles of Co-operation

(b) Principles of Probability

(a) Principles of Co-operation

Insurance is a co-operative device. If one person is providing for his own losses, it cannot be
strictly insurance because in insurance the loss is shared by a group of persons who are willing to

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co-operate.
(b) Principles of Probability
The loss in the form of premium can be distributed only on the basis of theory of probability.
The chances of loss are estimated in advance to affix the amount of premium. Since the degree of
loss depends upon various factors, the affecting factors are analyzed before determining the
amount of loss. With the help of this principle, the uncertainty of loss is converted into certainty.
The insurer will not have to suffer loss as well as gain windfall. Therefore, the insurer has to
charge only so much of amount which is adequate to meet the losses.

The insurance, on the basis of past experience, present conditions and future prospects, fixes the
amount of premium. Without premium, no co-operation is possible and the premium cannot be
calculated without the help of theory of probability, and consequently no insurance is possible

1.3 FUNCTIONS OF INSURANCE

The functions of Insurance can be bifurcated into three parts:

 Primary Functions

 Secondary Functions

(I) Primary Functions

The primary functions of insurance include the following:

a) 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
losses of risk. Insurance is actually a protection against economic loss, by sharing the risk with
others.

b) 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.

c) Collective bearing of risk

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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 premiums
towards a fund, out of which the persons exposed to a particular risk are paid.

d) Savings and investment

Insurance serves as a tool for savings and investment, insurance is a compulsory way of savings and
it restricts the unnecessary expenses by the insured. For the purpose of availing income-tax
exemptions, people invest in insurance also.

(II) Secondary Functions

The secondary functions of insurance include the following:
a) 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. Reduced rate of premiums stimulate more business and better protection to the
insured.

b) Small capital to cover large risks

Insurance relieves the businessmen from security investments, by paying small amount of
premium against larger risks and uncertainty.

c) Contributes towards the development of large industries

Insurance provides development opportunity to large industries having more risks. Even the
financial institutions may be prepared to give credit to sick industrial units which have insured
their assets including plant and machinery.

d) Source of Earning Foreign Exchange

Insurance is an international business. The country can earn foreign exchange by way of issue of
insurance policies.

e) Risk Free Trade

Insurance promotes exports insurance, which makes the foreign trade risk free with the help of
different types of policies under marine insurance cover.

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1.4 IMPORTANCE OF INSURANCE
The process of insurance has been evolved to safeguard the interests of people from uncertainty
by providing certainty of payment at a given contingency. Insurance not only serve the ends of
individuals, or of special groups of individuals, it tends to pervade and transform our modern
social order, too. The role and importance of insurance, here, has been discussed from an
individual, business and society‟s view:

(A) Individual

1. Insurance provides security and safety

Insurance provides safety and security against the loss on a particular event. In case of life
insurance, payment is made when death occurs or the term of insurance expires. The loss to the
family at a premature death and payment in old age are adequately provided by insurance. In
other words security against premature death and old age sufferings are provided by life
insurance. In other insurance, too, this security is provided against the loss at a given contingency.
for eg. property of insured is secured against loss due to fire in fire insurance.

2. Insurance affords peace of mind

Insurance provide security which is the prime motivating factor. It tends to stimulate an
individual do more work.

3. Insurance protects mortgaged property

At the death of the owner of the mortgaged property, the property is taken over by the lender of
money and the family is deprived of the use of the property. On the other hand, the mortgagee
wishes to get the property insured because at the damage or destruction of the property he may
lose his right. Insurance provides adequate amount to the dependents at the early death and the
property-owner to pay off the unpaid loans. Similarly, the mortgagee gets adequate amount at the
loss of the property.
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 4. Insurance eliminates dependency

At the death of the husband or father or earning mother, the loss to the family needs no
elaboration. Similarly, at destruction of property and goods, the family would suffer a lot. The
economic independence of the family is reduced or, sometimes, lost totally. Insurance tries to
eliminate dependency.

5. Life Insurance encourages saving

The elements of protection and investment are present only in case of life insurance. In property
insurance, only protection element exists. In most of the life policies elements of saving
predominates. Systematic saving is possible because regular premiums are required to be
compulsorily paid. In insurance the deposited premium cannot be withdrawn easily before the
expiry of the term of the policy. The compulsion to pay premium in insurance is so high that if the
policy-holder fails to pay premiums within the days of grace, he subjects his policy to lapsation
and may get back only a very nominal portion of the total premiums paid on the policy. For the
preservation of the policy, he has to try his level best to pay the premium.

6. Life Insurance provides profitable investment

Individuals unwilling or unable to handle their own funds are pleased to find an outlet for their
investment in life insurance policies. The elements of investment i.e. regular saving, capital
formation, and return of capital along with certain additional return are perfectly observed in life
insurance. Life insurance fulfils all these requirements at a low cost

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 (B) Business

1. Business efficiency is increased with insurance

When the owner of a business is free from the botheration of losses, he will certainly devote much
time to the business. The carefree owner can work better for the maximization of the profit.
The new as well as old businessmen are guaranteed payment of certain amount with the insurance
policies at the death of the person; at the damage, destruction or disappearance of the property or
goods. The uncertainty of loss may affect the mind of the businessman adversely. Insurance
removes the uncertainty and stimulates the businessmen to work hard.

2. Enhancement of Credit

Business can obtain loan by pledging the policy as collateral for the loan. And persons can get
more loans due to certainty of payment at their deaths. The insurance properties are the best
collateral and adequate loans are granted by the lenders.

3. Business continuation

In partnership, business may discontinue at the death of any partner although the surviving
partners can re-start the businesses, but in both the cases the business and the partners will suffer
economically. Insurance policies provide adequate fund at the time of death. Each partner may
be insured for the amount of his interest in the partnership and his dependents may get that
amount at the death of partner. With the help of property insurance, the property of the business
is protected against disasters and the chance of disclosure of the business is reduced.

4. Welfare of Employee

The welfare of employees is the responsibility of the employer. The former work for the latter.
Therefore, the latter has to look after the welfare of the 10

16
former which can be provision for early death, provision for disability and provision for old age.
These requirements are easily met by the life insurance, accident and sickness benefit and
pensions which are generally provided by group insurance. The premium for group insurance is
generally paid by the employer. This plan is the cheapest form of insurance for employers to
fulfill their responsibilities. The employees will devote their maximum capacities to complete
their jobs when they are assured of the above benefits. The struggle and strife between employees
and employer can be minimized easily with the help of such schemes.

(C) Society

1. Wealth of the society is protected

The loss of a particular wealth can be protected with insurance. Life insurance provides for loss of
human wealth. The human force, if it is strong, educated and care-free, will generate more
income. Similarly, the loss of damage of property at fire, accident etc., can well indemnified by
property insurance , cattle, crop, profit and machines are also protected against their accidental
and economical losses. With the advancement of the society, the wealth or the property of the
society attracts more hazard and so new types of insurance are also invented to protect them
against possible losses. Through the prevention of economic losses, insurance protects the society
against degradation. Through stabilization and expansion of business and industry, the economic
security is maximized. The present, future and potential human and the property resources are
well protected.

2. Economic Growth of the country

For the economic growth of the country, insurance provides protection against loss of property
and adequate capital to produce more wealth. Welfare of employees creates a conducive
atmosphere to work. Adequate capital from insurers accelerates production cycle. Similarly in
business, too, the property and human materials are protected against certain losses, capital and
credit are expanded with the help of insurance. Thus, the insurance meets all the requirements for
the economic growth of a country.

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1.5 Types of Life Insurance Policies

A life insurance policy could offer pure protection (insurance), another variant could offer
protection as well as investment while some others could offer only investment. In India, life
insurance has been used more for investment purposes than for protection in one‟s overall
financial planning. Followings are the types of life insurance policy:

A. Term Life Insurance Policy

As its name implies, term life insurance policy is for a specified period. It depends on the length
of time. It has one of the lowest premiums among insurance plans and also carries an added
advantage of fixed payments that do not increase during the term of the policy. In case of the
policy holder's untimely demise, the benefit amount specified in the insurance agreement goes to
the nominees.

B. Whole Life Insurance Policy

Whole life insurance policies do not have any fixed term or end date and is only payable to the
designated beneficiary after the death of the policy holder. The policy owner does not get any
monetary benefits out of this policy. Because this type of insurance involves fixed known annual
premiums, it's a good option to ensure guaranteed financial benefits for surviving family
members.

C. Money Back Plan

With a money back plan, policyholder receives periodic payments, which are a percentage of the
entire amount insured, during the lifetime of policy. It's a plan that offers insurance coverage
along with savings. These policies provide for periodic payments of partial survival benefits
during the term of the policy itself. A unique feature associated with this type of policies is that in
the event of death of the insured during the policy term, the designated beneficiary will get the
full sum assured without deducting any of the survival benefit amounts, which have already been
paid as money-back components. Moreover, the bonus on such policies is also calculated on the
full sum assured.

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 D. Pension Plan

Pension plans are different from other types of life insurance because they do not provide any
life insurance cover, but ensure a guaranteed income, either for life or for a certain period. The
Policyholder makes the investment for a pension plan either with a single lump sum payment or
through installments paid over a certain number of years. In return, he gets a specific sum every
year, every half-year or every month, either for life or for a fixed number of years. In case of the
death of the insured, or after the fixed annuity period expires for annuity payments, the invested
annuity fund is refunded, usually with some additional amounts as per the terms of the policy.

E. Endowment Policy

It is the most popular life insurance plan. This policy combines risk cover with objective of
savings and investment. If the policy holder dies during the policy period, he will get the assured
amount. Even if he survives he will receive the assured amount. The advantage of this policy is if
the policy holder survives after the completion of policy tenure, he receives assured amount plus
additional benefits like bonus from the insurance company. Designed primarily to provide a living
benefit, along with life insurance protection, the endowment policy makes a good investment if
policyholder wants coverage, as well as some extra money.
There are two types of Endowment policy:
(a) Without-profit endowment plan

(b) With- profit endowment plan

(a) Without profit endowment plan

These plans do not participate in the profits the insurance company makes each year. Apart from
the sum assured, the policyholder could possibly get a loyalty bonus, which is a one time payout.

(b) With-profit endowment plan

These plans share the profits the insurance company makes each year with the policyholder. So
they offer more returns than without-profit endowment plans and are more expensive i.e. the

19
premiums will be higher than without-profit endowment plans.

F. Unit-linked insurance plan (ULIP)

Unit-linked insurance plans gives a policyholder greater control on where premium can be
invested. The annual premium is invested in various types of funds that invest in debt and equity
in a proportion that suits all types of investors. A policyholder can switch from one fund plan to
another freely and can also monitor the performance of his plan easily. ULIP is suitable for those
who understand the stock market well.

1.6 FEATURES OF LIFE INSURANCE CONTRACT

Human life is an income generating asset. This asset can be lost through unexpected death or
made non functional through sickness or disability caused by an accident. On the other hand there
is a certainty that death will happen, but its timing is uncertain. Life insurance protects against
loss.

Life insurance contract may be defined as the contract, whereby the insurer in consideration of a
premium undertakes to pay a certain sum of money either on the death of the insured or on the
expiry of a fixed period. The definition of the life insurance contract is enlarged by Section 2(ii)
of the Insurance Act 1938 by including annuity business. Since, the life insurance contract is not
an indemnity contract; the undertaking on the part of the insurer is an absolute one to pay a
definite sum on maturity of policy at the death or an amount in installment for a fixed period or
during the life.

Followings are the features of life insurance contract:

i. Nature of General Contract
ii. Insurable Interest

iii. Utmost Good Faith

iv. Warranties

v. Proximate Cause

vi. Assignment and Nomination

In life insurance contract the first three features are very important while the rest of them are of
20
complementary nature.

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Features of Life Insurance Contract:

(i) Nature of General Contract

Since the life insurance contract is a sort of contract it is approved by the Indian Contract Act.
According to Section 2(H) and Section 10 of Indian Contract Act, a valid contract must have the
following essentialities:
a. Agreement (offer and acceptance)

b. Competency of the partie

c. Free consent of the parties

d. Legal consideration

e. Legal objective

(a) Agreement (offer and acceptance)

An offer or proposal is intimation to another of one‟s intention to do or to abstain from doing
anything with a view to obtaining the assent of that other person to such an act or abstinence.
When the person to whom the proposal or offer is made signifies his assent to it, the offer is said
to be accepted. The offer and acceptance in life insurance is of typical nature. The Agents‟
canvassing or publication of prospectus and of uses of insurance constitutes invitation to offer
because the public in general and individual in particular are invited to make proposal for
insurance. Submission of proposal along with the premium is an offer and the dispatch of
acceptance-letter is the acceptance. The risk will commence as soon as the acceptance letter is
dispatched by the insurer. When the proposal is not accompanied with the first premium, it would
be an invitation to offer by the prospect and the letter of insurer (generally acceptance letter with
modification is sent) asking the proposal to pay the first premium without any alteration is an
offer and the payment of first premium by the prospect is acceptance. As soon as premium is
dispatched, acceptance is made provided there was no alteration in the terms and conditions.
Another case may be when the insurer desires to accept the proposal only on certain
modifications. The letter (generally the acceptance letter) sent to the prospect about the desire of
change in terms and conditions are an offer if the first premium was not sent along with the
22
proposal. But if the first premium was sent along with the proposal, it would be a counter-offer.
If the premium was not already sent, it would be an acceptance. Thus the acceptance letter sent
by the insurer is not always acceptance. It would be acceptance only when the first premium was
accompanied with the proposal and the proposal is acceptable on normal rates and terms. In other
cases it would be an offer or counter-offer.

(b) Competency of the Parties

The essential element of a valid Contract is that the parties to it must be legally competent to
contract. Every person is competent to contract who is of the age of majority according to the law,
who is of sound mind, and who is not disqualified from contracting by any law. The insurer will
be competent to contract if he has got the license to carry on insurance business. Majority is
attained when a person completes age of 18 years. A minor is not competent to contract. A
contract by a minor is void excepting contracts for necessaries. The minor can repudiate the
contract at any time during his minority. If the life insurance policy is issued to a minor, the
insurer cannot repudiate it but the minor can repudiate it during his minority. At the attainment
of majority, he has to exercise the option, within a reasonable time, whether he would continue
to carry on the policy or not. Generally, insurer accepts the proposal forms completed by the
guardians of the minors. So, the incompetence of contract does not arise. Persons of sound mind
can enter into a contract. A person is said to be of sound mind for the purpose of making a
contract if at the time when he makes it, he is capable of understanding it and of forming a
rational judgment as to its effect upon his interests. A person who is usually of unsound mind,
but occasionally of sound mind may make a contract when he is of sound mind. A person usually
of sound mind, but occasionally of unsound mind, may not make a contract when he is of
unsound mind. So, an intoxicated person cannot enter into a contract. The contract may be
avoidable at his option, but in order to be avoided, it must be repudiated by the insured within a
reasonable time of his becoming sober. Similarly, when an originally valid contract has been
entered into, it will not be affected by one of the parties becoming lunatic afterwards. A contract
with an alien enemy is void. An alien enemy is disqualified from, and is incapable of entering into
contract or enforcing it. When an alien with whom an insurance contract has been entered into
becomes an enemy afterwards, the contract is either suspended or terminated as from the
declaration of war.
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(c) Free Consent of the Parties

In life insurance, both parties must know the exact nature of the risk to be underwritten. If the
consent is not free, the contract is generally avoidable at the option of the party whose consent
was not freely given.

(d) Legal Consideration

The presence of a lawful consideration is essential for a legal contract. The insurer must have
some consideration in return of his promise to pay a fixed sum at maturity or death whichever
may be the case. The consideration need not be money only. It should be anything valuable or to
which value may be assigned. It may be interest, right, dividend, etc. The first premium is
consideration and subsequent premiums are merely conditions to contract.

(e) Legal Objective

The contract would be legal only when the object is legal. The object of a legal life insurance
contract is to protect oneself or one‟s family against financial losses at the death of the insured.
The contract is, sometimes, to provide for financial emergencies that may occur in old age. In
brief the contract will be lawful only when the objective is legal. The objective will be legal only
when there is insurable interest. Without having this interest, the object of the contract would not
be legal. It would be wager contract and against public policy.

(ii) Insurable Interest

Insurable interest is the pecuniary interest. The insured must have insurable interest in the life to
be insured for a valid contract. Insurable interest arises out of the pecuniary relationship that
exists between the policy-holder and the life assured so that the former stands to loose by the
death of the latter and/or continues to gain by his survival. If such relationship exists, then the
former has insurable interest in the life of the latter. The loss should be monetary or financial.
Mere emotion and expectation do not constitute insurable interest in the life of his friend or
father merely because he gets valuable advices from them.

24
Insurable interest in life insurance may be divided into two categories.

(a) Insurable interest in own life and

(b) Insurable interest in other‟s life.

The latter can be sub-divided into two classes:

(a) Where proof is not required and

(b) Where proof is required

Again this insurable interest where proof is required can be divided into two classes:

(i) Insurable interest arising due to business relationship, and

(ii) Insurable interest in family relationship

Insurable interest

Owner’s life Other’s life

Proof is not required Proof is required

Business Relationship Family Relationship

(A) Insurable interest in owner’s Life

An individual always has an insurable interest in his own life. Its presence is not required to be
proved. Bunyon says, Every man is presumed to possess an insurable interest in his estate for the loss
of his future gains or savings which might be the result of his premature death’. The insurable interest
in own life is unlimited because the loss to the insured or his dependents cannot be measured in terms
of money and, therefore, no limit can be placed to the amount of insurance that one may take on
one‟s own life. Thus, theoretically, a person can take a policy of any unlimited amount on his own
life but in practice no insurer will issue a policy for an amount larger than amount seems suitable to
the circumstances and means of the applicant

25
26
 (A) Insurable interest in other’s life

Life insurance can be affected on the lives of third parties provided the proposed has insurable
interest in the third party. There are two types of insurable interest in other‟s life. First where
proof is not required and second, where proof is required..

(a) Proof is not required

There are only two such cases where the presence of insurable interest is legally presumed and
therefore need not be proved.

 Wife has insurable interest in the life of her husband

It is presumed and decided by Reed vs. Royal Exchange (1795) that wife has an insurable interest
in the life of her husband because husband is legally bound to support his wife. The wife will
suffer financially if the husband is dead and will continue to gain if the husband is surviving.
Since, the extent of loss or gain cannot be measured in this case; the wife has insurable interest in
the husband’s life up to an unlimited extent.

 Husband has insurable interest in the life of his wife

It was decided in Griffith vs. Fleming (1909) that the husband has insurable interest in his wife‟s life
because of domestic services performed, by the wife. If the wife is dead, husband has to employ other
person to render the domestic services and other financial expenditures will involve at her death
which are not calculable. The husband is benefited at the survival of his wife, so it is self-proved that
husband has insurable interest in his wife’s life. Since the monetary loss at her death or monetary
gain at his survival cannot be measured, there is unlimited insurable interest in the life of wife.

27
 (b) Proof is required

Insurable interest has to be proved in the following cases:

 Business Relationship

The policyholder may have insurable interest in the life of assured due to business or contractual
relationship. In this case, the amount of insurance depends on the amount of risk involved.
Example, a creditor may lose money if the debtor dies before the loan is repaid. The continuance
of debtor’s life is financially meaningful to the creditor because the latter will get all his money
repaid at the former’s survival. The maximum amount of loss to a creditor may be the amount of
outstanding loan plus interest thereon and the amount of premium paid. So, the maximum
amount of insurable interest is limited to the outstanding loan, plus interest and amount of
premium expected to be paid. The interest is calculated on the estimation of duration of debt to
be paid. The full amount of policy is payable irrespective of the payment of loan and interest.
Since it is life insurance, the full policy amount is paid. A trustee has insurable interest in respect
of the interest of which he is trustee because at the survival of the other person, the trustee is
benefited and at his death he will suffer. A surety has insurable interest in the life of his principal.
If the principal (the debtor) is dead, the surety is responsible for payment of outstanding loan, or
obligated amount. At the survival of principal, he will not suffer this loss. Insurable interest is
limited, up to the amount of outstanding loan, interest and premium paid. A partner has insurable
interest in the life of each partner. At the death of a partner, the partnership will be dissolved and
the surviving partner will lose financially. Even if the firm continues at the death of the partner,
the firm has to pay deceased partner’s share to his dependents. This will involve a huge financial
loss to the partnership. Therefore, the firm collectively can purchase insurance policies in the life
of each partner of the firm. Similarly all the partners have insurable interest in life of each partner
because they will financially suffer at the death of partners.

28
  Family Relationship

The insurable interest may arise due to family relationship if pecuniary interest exists between
the policyholders and life assured because mere relationship or ties of blood and of affection
does not constitute insurable interest. The proposer must have a reasonable expectation of
financial benefit from the continuance of the life of the person to be insured or of financial loss
from his death. The interest must be based on value and not on mere sentiments. Similarly, mere
moral obligation is not sufficient to warrant existence of insurable interest although legal
obligation to get support will form insurable interest of the person who is supported in life of the
person. Thus a son can insure his father’s life only when he is dependent on him and the father
can take insurance policy on his son’s life only when he is dependent on his son.

General Rules of Insurable Interest in Life Insurance:

Time of Insurable Interest

Insurable interest must exist at the time of proposal. Policy, without insurable interest, will be
wager. It is not essential that the insurable interest must be present at the time of claim.

Services

Except the services of wife, services of other relatives will not essentially form insurable interest.
There must be financial relationship between the proposer and the life-assured. In other words, the
services performed by the son without dependence of his father, will not constitute insurable
interest of the father in the life of his son. Vice-versa is not essential for forming insurable interest

Insurable Interest must be valuable

In business relationship the value or extent of the insurable must be determined to avoid wager
contract of additional insurance. Insurance is limited only up to the amount of insurable interest.

Insurable interest should be valid

Insurable interest should not be against public policy and it should be recognized by law.
Therefore, the consent of life assured is very essential before the policy can be issued.
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Legal responsibility may be basis of insurable interest

Since the person will suffer financially up to the extent of responsibility, the proposal has
insurable interest to that extent.

Insurable Interest must be definite

Insurable interest must be present definitely at the time of proposal. Mere expectation of gain or
support will not constitute insurable interest.

Legal Consequence

Insurable interest must be there to form legal and valid insurance contract. Without insurable
interest, it would be null and void.

(iii) Utmost Good Faith

Life insurance requires that the principle of utmost good, faith should be preserved by both the
parties. The principle of utmost good faith says that the parties, proposer (insured) and insurer
must be of the same mind at the time of contract because only then the risk may be correctly
ascertained. They must make full and true disclosure of the facts material to the risk.
Material facts

In life insurance material facts are age, income, occupation, health, habits, residence, family
history and plan of insurance. Material facts are determined not on the basis of opinion,
therefore, the proposer should disclose not only those matters which the proposer may feel are
material but all facts which are material.

Duty of both parties

It is not only the proposer but the insurer also who is responsible to disclose all the material facts
which are going to influence the decision of the proposer. Since the decision is taken mostly on
the basis of subject-matter, the life to be insured in life insurance, and the material facts relating to
the subject-matter are known or is expected to be known by the proposer; it is much more
responsibility of the proposer to disclose the material facts.

30
Full and True Disclosure

Utmost good faith says that there should be full and true disclosure of all the material facts. Full
and true means that there should be no concealment, misrepresentation, half disclosure and fraud
of the subject matter to be insured.

Legal Consequence

In the absence of utmost good faith the contract will be avoidable at the option of the person who
suffered loss due to non-disclosure. The intentional non disclosure amounts to fraud and the
unintentional non-disclosure is voidable at the option of the party not at fault. Once the voidable
contract has been validated by the party not at fault, the contract cannot be avoided by him later
on. For instance, if the insurer has continued to accept the premium when, certain non-disclosure,
say miss-statement of age, has been disclosed the insurer cannot invalid the contract and cannot
refuse to pay the amount of claim. If the party not at fault does not exercise its option, the contract
will remain valid.

Indisputability of Policy

The doctrine of utmost good faith works as a great hardship for a long period on the plea of miss-
statement at the time of proposal. In such cases, it would be very difficult to prove or disprove
whether a particular statement made, at the time of policy was true. Therefore, to remove this
hardship, certain sections in the concerned Act are provided. In India, Section 45 of the Insurance,
Act 1938 deals with such dispute. It is called indisputable clause, “ No policy of
life insurance, after expiry of two years from the date on which it was effected, be called into
question by an insurer on the ground that a statement made in the proposal for insurance or in any
report of a medical officer or referee or friend of the insured or in any other document leading to the
issue of the policy was inaccurate or false, unless the insurer shows that such statement was on a
material matter or suppressed facts which it was material to disclose and that it was fraudulently
made by the policy-holder and that the policyholder knew at the time of making it that the
statement was false or that it suppressed facts which it was material to disclose. Provided that
nothing in this section shall prevent the insurer from calling for proof of age at any time if he is
entitled to do so.

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(iv) Warranties
Warranties are an integral part of the contract, i.e., these are the basis of the contract between the
proposer and insurer and if any statement, whether material or non-material, is untrue, the
contract shall be null and void and the premium paid by him may be forfeited by the insurer. The
policy issued will contain that the proposal and personal statement shall form part of the Policy
and be the basis of the contract. Warranties may be informative and promissory. In life insurance
the informative warranties are more important. The proposal is expected to disclose all the
material facts to the best of his knowledge and belief. Warranties relating to the future may only
be statements about his expectation or intention, for instance, the insured promises that he will not
take up any hazardous occupation and will inform the insurer if he will take the hazardous
occupation.

Breach of Warranty

If there is breach of warranty, the insurer is not bound to perform his part of the contract unless he
chooses to ignore the breach. The effect of a breach of warranty is to render the contract voidable
at the option of the other party provided there is no element of fraud. In case of fraudulent
representation or promise, the contract will be Void ab initio.

(v) Proximate Cause

The efficient or effective cause which causes the loss is called proximate cause. It is the real and
actual cause of loss. If the cause of loss (peril) is insured, the insurer will pay; otherwise the
insurer will not compensate. In life insurance the doctrine of Causa Proxima (Proximate Cause)
is not applicable because the insurer is bound to pay the amount of insurance whatever may be the
reason of death. It may be natural or unnatural. So, this principle is not of much practical
importance in connection with life assurance, but in the following cases the proximate causes are
observed in the life insurance, too.

War-risk

Where Policy is issued on exclusion of war and aviation risks, the proximate cause of death is
important because the Insurer waives its liability if death occurred, in this case, while the insured
32
was in field or is engaged in operation of war and aviation. Only premium paid or surrender value
whichever is higher is payable and the total Policy amount is not payable.

Suicide

If suicide occurs within one year of the policy, or there was intention to commit suicide, the
payment of policy would be restricted, only up to the interest of the third party in the policy
provided, the interest was expressed at least one month before the suicide.

Accident Benefit

A problem arises when an insured under an accident Policy is killed or suffers an injury which has
an immediate cause and also a remote cause. In accident benefit policy, double of the Policy
amount is paid. So, the cause of death in this Policy is of paramount importance.

(vi) Assignment and Nomination

The Policy in life insurance can be assigned freely for a legal consideration or love and affection.
The assignment shall be complete and effectual only on the execution of such endorsement either
on the Policy itself or by a separate deed. Notice for this purpose must be given to the insurer
who will acknowledge the assignment. Once the assignment is completed, it cannot be revoked
by the assignor because he ceases to be the owner of the Policy unless reassignment is made by
the assignee in f a v o u r of the assignor. An assignee may be the owner of the policy both
on survival of the life assured, or on his death according to the terms of transfer. The life
policies are the only Policies which can be assigned whether the assignee has an insurable interest
or not. The holder of a policy of life insurance on his own life may, either at the time of affecting
policy or at any subsequent time before the Policy matures, nominate the person or persons to
whom the money secured by the policy shall be paid in the event of his death. A nomination can
be cancelled before maturity, but unless notice is given of any such cancellation to the insurer, the
insurer will not be liable for any bonafide payment to a nominee registered in the records. When
the policy matures, or if the nominee dies, the sum shall be paid to the Policy-holder or his legal
representatives.

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Life Insurance in India
Life insurance in the modern form was first set up in India through a British company called the
Oriental Life Insurance Company in 1818 followed by the Bombay Assurance Company in 1823
and the Madras Equitable Life Insurance Society in 1829. All these companies operated in India
but did not insure the lives of Indians. They insured the lives of Europeans living in India. Some
of the companies that started later did provide insurance for Indians, as they were treated as
“substandard”. Substandard in insurance parlance refers to lives with physical disability.
Pioneering efforts of reformers and social workers like Raja Rammohan Ray, Dwarakanath
Tagore, Ramatam Lahiri, Rustomji Cowasji and others led to entry of Indians in insurance
business. The first Indian insurance company under the name, Bombay Life Insurance Society
started its operation in 1870, and started covering Indian lives at standard rates. Later „Oriental
Government Security Life Insurance Company, was established in 1874, with Sir Phirozshah
Mehta as one of its founder directors. Insurance in India can be traced back to the Vedas. For
instance, yogakshema, the name of Life Insurance Corporation of India's corporate headquarters,
is derived from the Rig Veda. The term suggests that a form of „community insurance‟ was
prevalent around 1000 BC and practiced by the Aryans.

Insurance business was conducted in India without any specific regulation for the insurance
business. They were subject to Indian Companies Act 1866. After the start of the „Be Indian Buy
Indian Movement‟ (called Swadeshi Movement) in 1905, indigenous enterprises sprang up in
many industries. It was during the Swadeshi Movement in the early 20th century that insurance
witnessed a big boom in India with several more companies being set up. Not surprisingly, the
Movement also touched the insurance industry leading to the formation of dozens of life
insurance companies along with provident fund companies (provident fund companies are
pension funds). In 1912, two sets of legislation were passed: the Indian Life Assurance
Companies Act and the Provident Insurance Societies Act. There are several striking features of
these legislations. They were the first legislations in India that particularly targeted the insurance
sector. They did not include general insurance business. The government did not feel the
necessity to regulate general insurance. They restricted activities of the Indian insurers. As these
companies grew, the government began to exercise control on them. The Insurance Act was
passed in 1912, followed by a detailed and amended Insurance Act of 1938 that looked into

34
investments, expenditure and management of these companies' funds.
In 1914 there were only 44 companies; by 1940 this number grew to 195. Business in force during
this period grew from Rs.22.44 crores to Rs.304.03 crores (1628381 polices). Life fund steadily
grew from Rs.6.36 crores to Rs.62.41 crores. In 1938, the insurance business was heavily
regulated by enactment of insurance Act 1938 (based on draft bill presented by Sir N.N.Sarcar in
Legislative Assembly in January 1937). From here onwards the growth of life insurance was quite
steady except for a setback in 1947-48 due to aftermath of partition of India. In 1948, there were
209 insurances, with 712.76 crores business in force under 3,016, 000 policies. The life fund by
then grew to 150.39 crores.

By the mid-1950s, there were around 170 insurance companies and 80 provident fund societies in
the country's life insurance scene. However, in the absence of regulatory systems, scams and
irregularities were almost a way of life in most of these companies. Despite the mushroom growth of
many insurance companies, the per capita insurance in Indian was merely Rs.8.00 in 1944 (against
Rs.2,000 in US and Rs.600 in UK), besides some companies were indulging in malpractices, and a
number of companies went into liquidation. Big industry houses were controlling the insurance and
banking business resulting in interlocking of funds between banks and insurance companies. This
shook the faith of the insuring public in insurance companies who were seen as custodians of their
savings and security. The nation under the leadership of Pandit Jawaharlal Nehru was moving
towards socialistic pattern of society with the main aim of spreading life insurance to rural areas and
to channelize huge funds accumulated by life insurance companies to nation building activities. The
Government of India nationalized the life insurance industry in January 1956 by merging about 245
life insurance companies and forming Life Insurance Corporation of India (LIC), which started
functioning from 01.09.1956. After completing the arduous task of integration of about 245 life
insurance companies, LIC of India gave an exemplary performance in achieving various objectives of
nationalization. The non-life insurance business continued to thrive with the private sector till 1972.
Their operations were restricted to organized trade and industry in large cities. The general insurance
industry was nationalized in 1972. With this, nearly 107 insurers were amalgamated and grouped into
four companies- National Insurance Company, New India Assurance Company, Oriental Insurance
Company and United India Insurance Company. These were subsidiaries of the General Insurance
Company (GIC). For years thereafter, insurance remained a monopoly of the public sector. It was

35
only after seven years of deliberation and debate that R. N. Malhotra Committee report of 1994
became the first serious document calling for the re-opening up of the insurance sector to private
players. The sector was finally opened up to private players in 2001.The Insurance Regulatory and
Development Authority, an autonomous insurance regulator set up in 2000, has extensive powers to
oversee the insurance business and regulate in a manner that will safeguard the interests of the
insured. Insurance is a federal subject in India. There are two legislations that govern the sector- The
Insurance Act- 1938 and the IRDA Act- 1999. The insurance sector in India has come a full circle
from being an open competitive market to nationalization and back to a liberalized market again.

1.7 IMPORTANT MILESTONES IN LIFE INSURANCE REGULATIONS IN

INDIA

YEAR SIGNIFICANT REGULATORY EVENT

1818 Establishment of the Oriental Life Insurance Company in Kolkata
1912 The Indian Life Insurance 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 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.
1972 Nationalization of general insurance business in India
1993 Setting up of Malhotra Committee

36
Max Life Insurance, one of the leading life insurers, is a joint venture between Max India Ltd. and
Mitsui Sumitomo Insurance Co. Ltd. Max India is a leading Indian multi-business corporate,
while Mitsui Sumitomo Insurance is a member of MS&AD Insurance Group, which is amongst
the top general insurers in the world. Max Life Insurance offers comprehensive life insurance and
retirement solutions for long-term savings and protection to more than thirty lakh customers. It
has a country-wide diversified distribution model including the country's leading agent advisors,
exclusive arrangement with Axis Bank and several other partners. Max Life Insurance is a
quality business focused on delivering excellence to customers through advice based sale process,
customer centric approach to business, financial stability & investment expertise and strong
human capital.

Max Life Insurance has positioned itself on the quality platform. In line with its vision to be the
most admired life insurance company by securing the financial future of its customers, has
developed a strong corporate governance model based on the core values of caring, credibility,
collaborative and excellence.

Max Life Insurance offers comprehensive life insurance and retirement solutions for long-term
savings and protection to over thirty two lakh customers. It has a country-wide diversified
distribution model including the country's leading agent advisors, exclusive arrangement with
Axis Bank and several other partners. Max Life Insurance is a quality business focused on
delivering excellence to customers through advice based sale process, customer centric approach
to business, financial stability & investment expertise and strong human capital.

In the financial year 2013-14 Max Life Insurance ranked fourth among private life insurers with
a market share of 10.3%. The Company has been one of the fastest growing life insurance
companies with Gross Written Premium of Rs. 7,279 crore and Shareholders Profit After Tax
of Rs. 436 crore for the Financial Year 2013-14. The Company's share capital of Rs. 2,127 crore

37
with a solvency margin of 485% is indicative of its financial strength and stability. As on 31st
March 2014, Max Life Insurance had assets under management of Rs. 24,716 crore.

Max Life Insurance has a diversified distribution network spread across more than 750 cities. The
distribution is based on three pillars – agency distribution, bancassurance and partnership
distribution. Agency distribution forms its core distribution channels with advice based sales
process through its well trained and knowledgeable agent advisors. These agent advisors are
equipped to engage with prospective customers and offer customized solutions for their life stage
needs.

In bancassurance, the Company has a strong relationship with Axis Bank which in a short span
has become the largest non-captive bancassurance relationship in India with its network of over
2000 branches providing life insurance solutions to its customers. Partnership Distribution, the
third pillar of Max Life Insurance's distribution model is equally important and successful with
long standing relationship with large distributors of financial products such as Amsure and
Peerless. These three key distribution channels are compelmented by Group Insurance and
Customer Advocacy teams.

Max Life Insurance offers a comprehensive suite of Long Term Savings and Protection oriented
products. It currently has 12 products covering and 3 riders that can be customized to suit every
life stage need of the customer. Besides this, the company offers 3 products and 1 rider in group
insurance business.

At Max Life Insurance, providing a superior customer experience is central to its vision and the
Company is committed to provide superior service experience to the customer. As a proactive step
towards service excellence, Max Life Insurance has launched the "Treating Customer Fairly"
(TCF) policy. The TCF policy aims to raise standards in the way the Company interacts with
customers at every touch point right from the pre-sales engagement to the payment of benefits.

Max Life Insurance follows a prudent investment philosophy to optimize risk management in its
bid to provide maximize returns to policyholders. Investments are in instruments which are safe
and provide good returns in the long run.

38
The company values human capital and considers it to be its competitive advantage. Max Life
Insurance believes that people are its biggest organizational assets and hence lays a strong
emphasis on employee friendly practices leading to high levels of employee engagement and
motivation. This is reflected in the recognition that the company received from the Great Places
To Work Institute, India, as one of the best workplaces in the industry.

Max Life insurance works closely with Max India Foundation, an independent social service
organization of the Max India Group for all its CSR activities. The company has taken up
immunization programme as a societal agenda to ensure protection against major ailments for the
next generation of the country. The programme covers vaccines like BCG, Hepatitis B vaccine,
Polio drops, DPT, D Tap, Measles vaccine, MMR, Typhoid, dT and TT.

Max Life Insurance has always believed in setting new benchmarks in quality of service and
product offerings to its stakeholders and its efforts have been duly recognized over the years.

Our Vision

• To be the most admired life insurance company by securing the financial future of our
customers

• We are an honest life insurance company, committed to doing what is right

• We serve our customers through long-term savings, protection and retirement solutions,
delivered by our high quality Agency and Multi Channel Distribution Partners

• We are a business with strong social relevance and contribute to society by supporting causes
in health and well-being

Our Values

• Caring: Listens with respect and values differences – Acts with compassion

• Credibility: Demonstrates knowledge and creates trust in others

• Collaborative: Works together to achieve results

• Excellence: Pursues highest quality

39
Some of the awards and accolades won by Max Life Insurance in the recent year are as
follows:

• Recognized as a 'Superbrand of the Year' 2013-14

• Ranked 8th amongst the Most Trusted Life Insurance companies in Brand Equity (The
Economic Times) survey

• Golden Mikes 2014, the most coveted Indian Radio awards, for Max Life Insurance i-genius

• Amongst the top 100 'Great Place to Work'- 3rd year in a row

• Awarded 'Celent Model Insurer Asia - Distribution Agent Channel' for New Work System

• 'BIG Data & Business Analytics Award' for Business Analytics and Performance
Management Leadership

40
Bharti AXA General Insurance Company Ltd is a joint venture between Bharti Enterprises, a
leading Indian business group and AXA, a world leader in financial protection. The joint venture
company has a 51% stake from Bharti and 49% stake of the AXA Group. The organization
commenced national operations in August 2008 and currently has 87 branch offices across the
country.

It is the first organization in the general insurance industry to receive dual certifications of ISO
9001:2008 and ISO 27001:2005 within the first year of operations in 2009 and subsequently the
certification has been renewed in 2012 for further 3 years.

Key Persons Details

Name
Mr. Deepak Iyer
Mr. Mathieu Verillaud
Mr. Ashish Sarma
Mr. Ajit Banerjee
Ms. Lakshmi Vishnampet
Mr. Upendra Namburi
Designation
Chief Executive Officer and Managing Director
Chief Finance Officer
Head of Secretarial, Legal and Compliance
Chief Investment Officer
Appointed Actuary
Chief Innovation and Marketing Officer

41
 OUR VISION

"To be the Preferred General Insurance Company for our Customers, Employees,
Shareholders, Business Partners & Society"

At Bharti AXA GI, we live by the simple truth; insurance plays an important role in protecting
organizations and individual aspirations. Through comprehensive and innovative insurance
solutions, we seek to redefine industry standards by offering unparalleled and empathetic service
to every Indian. This ropes in our collective vision “to be the preferred General Insurance
Company for our Customers, Employees, Shareholders, Business partners & Society”.

Backed by our constant endeavor to find new and improved ways to add value to our customers
through our innovative product and service offerings, we always seek to make a difference
through our professional and pragmatic approach. Working as a team with utmost integrity we
strive to maintain best in class standards. We assure you to be by your side in your hour of need.
We do this on the strengths of our vision, purpose and values

OUR CORE VALUES

Innovation

Constantly striving to find new and improved ways to add value to all our stake holders. Our
innovative spirit has driven us to launch revolutionary products

42
 Integrity

Always being responsible and doing the right thing. We have settled over 8 lakh claims in six
years, a testimony to our focus on customer centricity.

Professionalism

Always seeking to make a difference. With sheer professionalism we have managed to surpass
targets and increase our growth in leaps and bounds.

Team Work

43
Being one company, one diverse team. Our dedicated team of employees, agents, partners and
associates has enabled us to reach a milestone of 54 lakh + policies in just six years.

OUR PURPOSE

Bharti AXA General Insurance believes that insurance plays an important role in protecting organizations and
individual aspirations. Through our comprehensive and innovative insurance solutions, we seek to redefine industry
standards by offering unparalleled and empathetic service to every Indian.

44
SBI Life Insurance is a joint venture between State Bank of India and BNP Paribas Cardif. SBI owns
74% of the total capital and BNP Paribas Cardif the remaining 26%. SBI Life Insurance has an
authorized capital of Rs. 2,000 crores and a paid up capital of Rs 1,000 crores.

Name of Key person

Name of Key person Role/designation

Mr. Arijit Basu Managing Director & CEO
Mr. Anand Pejawar Executive Director - Marketing
Mr. Ravi Krishnamurthy Executive Director - Marketing
Mr. M Anand Executive Director - Marketing
Executive Director - Actuarial &
Mr. Sanjeev Pujari Risk Management
and Chief Risk Officer
Mr. Gopikrishna Shenoy Chief Officer Investments
Mr. Sangramjit Sarangi Chief Financial Officer
Mr. Dipak Mazumder Chief Audit Officer
Mr. Subhendu Bal Appointed Actuary

45
 VISION

“To be the most trusted and preferred life insurance provider "

MISSION

"To emerge as the leading company offering a comprehensive range of life insurance and pension
products at competitive prices, ensuring high standards of customer satisfaction and world class
operating efficiency thereby becoming a model life insurance company in India in the post
liberalization period "

VALUES

o Trustworthiness

o Ambition

o Innovation

o Dynamism

o Excellence

Protection Plans

Protection Plans are low cost insurance plans which are specially designed to provide full protection
& financial stability to your family in case of any unforeseen events

SBI Life presents range of attractive protection plans so that you can continue to celebrate life
without worrying about the uncertainities of life. .

46
 INTRODUCTION TO STRESS
MANAGEMENT AND WORK STRESS
2.1 – STRESS DEFINITION

2.2 - CAUSES OF STRESS AT WORK

2.3- FACTORS INFLUENCING THE EFFECTS OF

STRESS AND STRESS SUSCEPTIBILITY

2.4 - SIGNS OF STRESS - STRESS TEST

2.5 - A MODEL OF STRESS AT WORK

2.6 – WORKPLACE STRESS AND WORKPLACE

HEALTH RESEARCH ARTICLES:

2.7 - STRESS MANAGEMENT

2.8 – STRATEGIES FOR MANAGING STRESS

2.9- QUICK STRESS REDUCTION TECHNIQUES

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What IS Stress?
Stress refers to the strain from the conflict between our external environment and us, leading to
emotional and physical pressure. In our fast paced world, it is impossible to live without stress,
whether you are a student or a working adult. There is both positive and negative stress,
depending on each individual’s unique perception of the tension between the two forces. Not all
stress is bad. For example, positive stress, also known as eustress, can help an individual to
function at optimal effectiveness and efficiency.

2.1 STRESS DEFINITION:

The most commonly accepted definition of stress (mainly attributed to Richard S Lazarus) is that
stress is a condition or feeling experienced when a person perceives that “demands exceed
the personal and social resources the individual is able to mobilize.” In short, it's what we feel
when we think we've lost control of events.

2.1a STRESS EFFECTS ON HEALTH AND PERFORMANCE

Stress is proven beyond doubt to make people ill, and evidence is increasing as to number of
ailments and diseases caused by stress. Stress is now known to contribute to heart disease; it
causes hypertension and high blood pressure, and impairs the immune system. Stress is also
linked to strokes, IBS (irritable bowel syndrome), ulcers, diabetes, muscle and joint pain,
miscarriage during pregnancy, allergies, alopecia and even premature tooth loss.Various US
studies have demonstrated that removing stress improves specific aspects of health: stress
management was shown to be capable of reducing the risk of heart attack by up to 75% in people
with heart disease; stress management techniques, along with methods for coping with anger,
contributed to a reduction of high blood pressure, and; for chronic tension headache sufferers it

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was found that stress management techniques increased the effectiveness of prescribed drugs, and
after six months actually equal to the effectiveness of anti-depressants. The clear implication for
these ailments is that stress makes them worse.

Stress significantly reduces brain functions such as memory, concentration, and learning, all of
which are central to effective performance at work. Certain tests have shown up to 50% loss of
performance in cognitive tests performed by stress sufferers. Some health effects caused by
stress are reversible and the body and mind reverts to normal when the stress is relieved. Other
health effects caused by stress are so serious that they are irreversible, and at worse are terminal.

Stress is said by some to be a good thing, for themselves or others, that it promotes excitement
and positive feelings. If these are the effects then it's not stress as defined here. It's the excitement
and stimulus derived (by one who wants these feelings and can handle them) from working hard
in a controlled and manageable way towards an achievable and realistic aim, which for sure can
be very exciting, but it ain't stress. Stress is bad for people and organisations, it's a threat and a
health risk, and it needs to be recognised and dealt with, not dismissed as something good, or
welcomed as a badge of machismo - you might as well stick pins in your eyes.

2.2 CAUSES OF STRESS AT WORK

These are typical causes of stress at work:

• bullying or harassment, by anyone, not necessarily a person's manager

• feeling powerless and uninvolved in determining one's own responsibilities

• continuous unreasonable performance demands

• lack of effective communication and conflict resolution

• lack of job security

• long working hours

• excessive time away from home and family

• office politics and conflict among staff

• a feeling that one's reward is not commensurate with one's responsibility working hours,
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responsibilities and pressures disrupting life-balance (diet, exercise, sleep and rest, play,
family-time etc)

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2.3FACTORS INFLUENCING THE EFFECTS OF STRESS AND STRESS
SUSCEPTIBILITY

A person's susceptibility to stress can be affected by any or all of these factors, which means that
everyone has a different tolerance to stressors. And in respect of certain of these factors, stress
susceptibility is not fixed, so each person's stress tolerance level changes over time:

• childhood experience (abuse can increase stress susceptibility)

• personality (certain personalities are more stress-prone than others)

• genetics (particularly inherited 'relaxation response', connected with serotonin levels, the
brain's 'well-being chemical')

• immunity abnormality (as might cause certain diseases such as arthritis and eczema,
which weaken stress resilience)

• lifestyle (principally poor diet and lack of exercise)

• duration and intensity of stressors (obviously...)

2.4 SIGNS OF STRESS - STRESS TEST

At a clinical level, stress in individuals can be assessed scientifically by measuring the levels of
two hormones produced by the adrenal glands: cortisol and DHEA (dehydroepiandrosterone), but
managers do not have ready access to these methods. Managers must therefore rely on other signs.
Some of these are not exclusively due to stress, nor are they certain proof of stress, but they
are indicators to prompt investigation as to whether stress is present. You can use this list of ten
key stress indicators as a simple initial stress test: tick the factors applicable. How did I do?

• sleep difficulties

• loss of appetite

• poor concentration or poor memory retention

• performance dip

• uncharacteristic errors or missed deadlines

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• anger or tantrums

• violent or anti-social behaviour

• emotional outbursts

• alcohol or drug abuse

• nervous habits

2.5 A MODEL OF STRESS AT WORK

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 WHAT IS EMPLOYEE STRESS?

Employees stress is a growing concern for organizations today. Stress can be defined as a lively
circumstance in which people face constraints, opportunities, or loss of something they desire
and for which the consequence is both unpredictable as well as crucial. Stress is the response of
people to the unreasonable/excessive pressure or demands placed on them.

Stress is not always negative. It may also bring out the best in individuals at times. It may induce
an individual to discover innovative and smarter way of doing things. This positive dimension of
stress is called as eustress. But usually, the term stress has a negative implication and this negative
aspect of stress is termed as distress. For instance - When a subordinate is harassed or warned by
his superior, unhappiness of unsuitable job, etc. We can say that “Stress causes some people to
break, and other to break records.”

Symptoms of Stress
Some of the symptoms of stress at workplace are as follows-

• Absenteeism, escaping from work responsibilities, arriving late, leaving early, etc.

• Deterioration in work performance, more of error prone work, memory loss, etc.

• Cribbing, over-reacting, arguing, getting irritated, anxiety, etc.

• Deteriorating health, more of accidents, etc.

• Improper eating habits (over-eating or under-eating), excessive smoking and drinking,

sleeplessness, etc.

It is thus very essential to have effective stress management strategies in an organization so that
the detrimental repercussions of stress on the employees as well as their performance can be
reduced and controlled.

Some other Sources/Causes of Stress

The factors leading to stress among individual are called as stressors. Some of the
factors/stressors acting on employees are-

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  Organizational factors- With the growth in organizational stress and complexity, there is
increase in organizational factors also which cause stress among employees. Some of such
factors are-

• Discrimination in pay/salary structure

• Strict rules and regulations

• Ineffective communication

• Peer pressure

• Goals conflicts/goals ambiguity

• More of centralized and formal organization structure

• Less promotional opportunities

• Lack of employees participation in decision-making

• Excessive control over the employees by the managers

• Individual factors- There are various expectations which the family members, peer,
superior and subordinates have from the employee. Failure to understand such expectations
or to convey such expectations lead to role ambiguity/role conflict which in turn causes
employee stress. Other individual factors causing stress among employees are inherent
personality traits such as being impatient, aggressive, rigid, feeling time pressure always,
etc. Similarly, the family issues, personal financial problems, sudden career changes all lead
to stress.

• Job concerning factors- Certain factors related to job which cause stress among employees
are as follows-

• Monotonous nature of job

• Unsafe and unhealthy working conditions

• Lack of confidentiality

• Crowding

Extra-organizational factors- There are certain issues outside the organization which lead to stress
among employees. In today’s modern and technology savvy world, stress has increased. Inflation,
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technological change, social responsibilities and rapid social changes are other extra-organizational
factor causing stress.

2.6 WORKPLACE STRESS AND WORKPLACE HEALTH RESEARCH

ARTICLES

If you needed any further evidence of the damaging effects of stress and pressures in the
workplace - especially for managers, here's a useful research article released 28 April 2006 by the
Chartered Institute of Management:

Poor workplace, health is no laughing matter for UK managers

Increased anger and loss of humour amongst people in the workplace are just two of the knock-
on effects that businesses now have to deal with due to poor workplace health, according to new
research (published April 2006).

The 'Quality of Working Life' report published by the Chartered Management Institute and
Workplace Health Connect uncovers a high number of physical and psychological symptoms and
highlights the impact these have on business performance.

The survey questioned 1,541 managers in the UK revealing a poor picture of health, with only
half (50%) believing they are currently in 'good' health.

Key findings of the report were:

• Anger and mood: 43% admitted to feeling or becoming angry with others too easily and
one third (31%) confessed to a loss of humour creating workplace pressures.

• Muscle tension and headaches: More than half of those questioned (55%) complained
of muscular tension or physical aches and pains. 44% said they experienced frequent
headaches.

• Tiredness and insomnia: Asked about psychological symptoms, 55% experienced

feelings of constant tiredness at work. 57% complained of insomnia.

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The report also shows that ill-health is having an impact on morale and performance. One-third
(30%) admit they are irritable 'sometimes or often' towards colleagues. Some managers also want
to avoid contact with other people (26%) and many (21%) have difficulty making decisions due to
ill health.

Mary Chapman (no relation), chief executive of the Chartered Management Institute, says: "With
the impact of ill-health being keenly felt in the workplace, managers need a better understanding
of the consequences of letting relatively minor symptoms escalate. They need to take more
personal responsibility for improving their health because inaction is clearly having an effect on
colleagues and the knock-on effect is that customer relationships will suffer, too."

Elizabeth Gyngell, programme director at Workplace Health Connect, says: "Health activities
should not be driven by a concern over legislation, but by the understanding that improved well-
being can generate significant benefits to morale and performance. This means organisations
should ensure their employees are well versed in identifying and addressing symptoms before
they escalate."

The above article 'Poor workplace health is no laughing matter for uk managers' is ©CMI 2006,
and used with permission.

The Chartered Management Institute helps set and raise standards in management, encouraging
development to improve performance. Moreover, with in-depth research and regular policy
surveys of its 71,000 individual members and 450 corporate members, the Institute has a deep
understanding of the key issues. The Chartered Management Institute came into being on 1 April
2002, as a result of the Institute of Management being granted a Royal Charter.

As regards health in the workplace, Workplace Health Connect (a partnership between the CMI
and the Health and Safety Executive) provides free, confidential, impartial and practical advice
and support on health, safety and return-to-work issues.

Small businesses, which employ less than 250 workers and are based in England and Wales, can
access the service via an Adviceline (0845 609 6006). Where needed, this will be followed up by

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workplace visits from qualified Workplace Health Connect advisers. These visits are available in
London, the North East, the North West, South Wales and the West Midlands

Workplace Health Connect advisers are able to advise on a range of issues that can affect
workplace health including: poor manual handling technique, incorrect use of chemicals, poor
hygiene in the workplace, working in dusty or noisy environments and working at a badly set up
workstation

2.7 STRESS MANAGEMENT

Stress management is the need of the hour. However hard we try to go beyond a stress situation,
life seems to find new ways of stressing us out and plaguing us with anxiety attacks. Moreover, be
it our anxiety, mind-body exhaustion or our erring attitudes, we tend to overlook causes of stress
and the conditions triggered by those. In such unsettling moments we often forget that stressors, if
not escapable, are fairly manageable and treatable.

Stress, either quick or constant, can induce risky body-mind disorders. Immediate disorders such
as dizzy spells, anxiety attacks, tension, sleeplessness, nervousness and muscle cramps can all
result in chronic health problems. They may also affect our immune, cardiovascular and nervous
systems and lead individuals to habitual addictions, which are inter-linked with stress.

Like "stress reactions", "relaxation responses" and stress management techniques are some of the
body's important built-in response systems. As a relaxation response the body tries to get back
balance in its homeostasis. Some hormones released during the 'fight or flight' situation prompt
the body to replace the lost carbohydrates and fats, and restore the energy level. The knotted
nerves, tightened muscles and an exhausted mind crave for looseness. Unfortunately, today, we
don't get relaxing and soothing situations without asking. To be relaxed we have to strive to create
such situations.

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A MODEL OF STRESS AND ITS MANAGEMENT

58
COPING WITH STRESS AT WORK
Everyone who has ever held a job has, at some point, felt the pressure of work-related stress.
Any job can have stressful elements, even if you love what you do. In the short-term, you may
experience pressure to meet a deadline or to fulfill a challenging obligation. But when work
stress becomes chronic, it can be overwhelming — and harmful to both physical and emotional
health.

Unfortunately such long-term stress is all too common. In 2012, 65 percent of Americans cited
work as a top source of stress, according to the American Psychological Association's (APA)
annual Stress in America Survey. Only 37 percent of Americans surveyed said they were doing an
excellent or very good job managing stress.

A 2013 survey by APA's Center for Organizational Excellence also found that job-related stress is
a serious issue. More than one-third of working Americans reported experiencing chronic work
stress and just 36 percent said their organizations provide sufficient resources to help them
manage that stress .You can't always avoid the tensions that occur on the job. Yet you can take
steps to manage work-related stress.

COMMON SOURCES OF WORK STRESS

Certain factors tend to go hand-in-hand with work-related stress. Some common workplace
stressors are:
• Low salaries.

• Excessive workloads.

• Few opportunities for growth or advancement.

• Work that isn't engaging or challenging.

• Lack of social support.

• Not having enough control over job-related decisions.

• Conflicting demands or unclear performance expectations.

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 EFFECTS OF UNCONTROLLED STRES
Unfortunately, work-related stress doesn't just disappear when you head home for the day. When
stress persists, it can take a toll on your health and well-being.

In the short term, a stressful work environment can contribute to problems such as headache,
stomachache, sleep disturbances, short temper and difficulty concentrating. Chronic stress can result
in anxiety, insomnia, high blood pressure and a weakened immune system. It can also contribute to
health conditions such as depression, obesity and heart disease. Compounding the problem, people
who experience excessive stress often deal with it in unhealthy ways such as overeating, eating
unhealthy foods, smoking cigarettes or abusing drugs and alcohol.

TAKING STEPS TO MANAGE STRESS

• Track your stressors. Keep a journal for a week or two to identify which situations
create the most stress and how you respond to them. Record your thoughts, feelings and
information about the environment, including the people and circumstances involved, the
physical setting and how you reacted. Did you raise your voice? Get a snack from the
vending machine? Go for a walk? Taking notes can help you find patterns among your
stressors and your reactions to them.

• Develop healthy responses. Instead of attempting to fight stress with fast food or
alcohol, do your best to make healthy choices when you feel the tension rise. Exercise is
a great stress-buster. Yoga can be an excellent choice, but any form of physical activity is
beneficial. Also make time for hobbies and favorite activities. Whether it's reading a
novel, going to concerts or playing games with your family, make sure to set aside time
for the things that bring you pleasure. Getting enough good-quality sleep is also
important for effective stress management. Build healthy sleep habits by limiting your
caffeine intake late in the day and minimizing stimulating activities, such as computer
and television use, at night.

• Establish boundaries. In today's digital world, it's easy to feel pressure to be available
24 hours a day. Establish some work-life boundaries for yourself. That might mean
making a rule not to check email from home in the evening, or not answering the phone

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 during dinner. Although people have different preferences when it comes to how much
they blend their work and home life, creating some clear boundaries between these
realms can reduce the potential for work-life conflict and the stress that goes with it.

• Take time to recharge. To avoid the negative effects of chronic stress and burnout, we
need time to replenish and return to our pre-stress level of functioning. This recovery
process requires “switching off” from work by having periods of time when you are
neither engaging in work-related activities, nor thinking about work. That's why it's
critical that you disconnect from time to time, in a way that fits your needs and
preferences. Don't let your vacation days go to waste. When possible, take time off to
relax and unwind, so you come back to work feeling reinvigorated and ready to perform
at your best. When you're not able to take time off, get a quick boost by turning off your
smartphone and focusing your attention on non-work activities for a while.

• Learn how to relax. Techniques such as meditation, deep breathing exercises and
mindfulness (a state in which you actively observe present experiences and thoughts
without judging them) can help melt away stress. Start by taking a few minutes each day
to focus on a simple activity like breathing, walking or enjoying a meal. The skill of
being able to focus purposefully on a single activity without distraction will get stronger
with practice and you'll find that you can apply it to many different aspects of your life.

• Talk to your supervisor. Healthy employees are typically more productive, so your boss
has an incentive to create a work environment that promotes employee well-being. Start
by having an open conversation with your supervisor. The purpose of this isn't to lay out
a list of complaints, but rather to come up with an effective plan for managing the
stressors you've identified, so you can perform at your best on the job. While some parts
of the plan may be designed to help you improve your skills in areas such as time
management, other elements might include identifying employer-sponsored wellness
resources you can tap into, clarifying what's expected of you, getting necessary resources
or support from colleagues, enriching your job to include more challenging or meaningful
tasks, or making changes to your physical workspace to make it more comfortable and
reduce strain.

• Get some support. Accepting help from trusted friends and family members can
improve your ability to manage stress. Your employer may also have stress management
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 resources available through an employee assistance program (EAP), including online
information, available counseling and referral to mental health professionals, if needed. If
you continue to feel overwhelmed by work stress, you may want to talk to a
psychologist, who can help you better manage stress and change unhealthy behavior.

2.8 STRATEGIES FOR MANAGING STRESS

Stress experienced by the employees in their job has negative impact on their health,
performance and their behaviour in the organization. Thus, stress needs to be managed
effectively so as to set off these harmful consequences. Strategies for managing stress are as
follows-

 Organizational strategies for managing stress

 Encouraging more of organizational communication with the employees so that there is no

role ambiguity/conflict. Effective communication can also change employee views.
Managers can use better signs and symbols which are not misinterpreted by the
employees.
 Encourage employees’ participation in decision-making. This will reduce role stress.

 Grant the employees greater independence, meaningful and timely feedback, and greater
responsibility.

 The organizational goals should be realistic, stimulating and particular. The employees
must be given feedback on how well they are heading towards these goals.

 Encourage decentralization.

 Have a fair and just distribution of incentives and salary structure.

 Promote job rotation and job enrichment.

 Create a just and safe working environment.

 Have effective hiring and orientation procedure.

 Appreciate the employees on accomplishing and over-exceeding their targets.

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 Individual strategies for managing stress

 The employees should make a “to-do” list daily, prioritize the acts in the list and plan
the acts accordingly. Take regular breaks during work to relax you. By effective time
management, the employees can achieve their targets timely and can meet work
pressures and, thus, avoid stress.

 Do hard work. Strive to achieve your goals but do not do it to the harm of family,
health, or peer.

 Indulge in physical exercises. It helps in effective blood circulation, keeps you fit,
diverts mind from work pressures.

 Encourage a healthy lifestyle. Take a regular sleep, have plenty of water, have healthy
eating habits. Promote relaxation techniques such as yoga, listening music and
meditation.

 The employees should have optimistic approach about their work. They should avoid
connections with negative approach employees.

 The employees should have emotional intelligence at workplace. They should have self-
awareness, self-confidence and self-control at workplace.

 The employees should build social support. They should have close connections with
trustworthy peer who can listen to their problems and boost their confidence level. This
social network will help the employees to overcome stress.

 Employee counselling is a very good strategy to overcome employee stress. Through

counselling, employees can become aware of their strengths and how to develop those
strengths; their weaknesses and how to eliminate them; and they can develop strategies
for changing their behaviour. Employees are also given career counselling which helps
in reducing their ambiguities with regard to career.

 Find a fun way to release stress, such as, cracking jokes, playing tennis, golf, etc.

 Do not remain pre-occupied with yourself. Turn your focus outwards. Help others. This
will release some stress

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64
 2.9 QUICK STRESS REDUCTION TECHNIQUES

If you are stressed, do one or all of these things, in whatever order that takes your fancy. These
ideas can also be adapted for team development exercises.

The key to de-stressing in the moment is getting away from or removing yourself from the
stressor. Developing new habits which regularly remove you and distract you from stressors
and stressful situations and pressures is essentially how to manage stress on a more permanent
basis.

In this modern world it is difficult if not impossible to change stressful situations. What we can do
however is change and reduce our exposure to those stressful situations.

These stress reduction ideas and techniques are based on that simple principle. These tips won't
change the situation causing the stress, but they will, more importantly, enable you to change your
reaction and relationship to the stressful situations. And in keeping with the tone of this stress tips
section, and since colour is regarded by many as a factor in affecting mood, the calming shade of
green is used for the headings.

• STRESS REDUCTION IDEA 1 - HUMOUR

 Humour is one of the greatest and quickest devices for reducing

stress.

 Humour works because laughter produces helpful chemicals in

the brain.

 Humour also gets your brain thinking and working in a different way - it distracts you
from having a stressed mindset. Distraction is a simple effective de-stressor - it takes your
thoughts away from the stress, and thereby diffuses the stressful feelings.
 Therefore most people will feel quite different and notice a change in mindset after
laughing and being distracted by something humorous.

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  Go read the funny family fortunes answers. Or try the funny letters to the council. Even if
you've seen them a hundred times before. As you start to smile and chuckle the stress
begins to dissipate.

 If this material fails to make you laugh then find something which does.

 Keep taking the laughter medicine until you feel suitably relaxed and re-charged.

• STRESS REDUCTION IDEA 2 - BRISK WALK AND SELF-TALK

 Go for a short quick really brisk

walk outside. Yes, actually leave the

building.

 Change your environment.

 Breathe in some fresh air and smell the atmosphere...

 Trees, rain, flowers, traffic fumes - doesn't matter - stimulate your senses with new things.

 On your way out keep saying to yourself out loud (and to anyone else you see, in that daft
way people say "Elvis has left the building.."):

 "(your name) is leaving the building.. "

 And when you are outside and free say:

 "(your name) has left the building.. "

 You can extend the exercise by going to a park and jogging a little.

 Or do a few star-jumps - something energetic to get your body moving and

relaxing. Or stroke a dog, or pick up some litter, or kick a kid's football.

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• STRESS REDUCTION TECHNIQUE 3 - CATNAP OR POWERNAP

 (Not so easy but still perfectly possible)

 Take a quick nap. It is nature's way of recharging and re-

energising. A quick 10-30 minutes' sleep is very helpful to

reduce stress.

 It's obviously essential if you are driving while tired, but a quick sleep is a powerful de-
stressor too.

 A lunchtime snooze is very practical for home-workers - it just requires the realisation that
doing so is acceptable and beneficial (when we are conditioned unfortunately to think that
sleeping during the day is lazy, rather than healthy).

 At some stage conventional Western industry will 'wake up' to the realisation that many
people derive enormous benefit from a midday nap. Sounds ridiculous? Tell that to the
many millions in the Mediterranean countries who thrive on a mid-day siesta.

 People in the Mediterranean and Central Americas take a siesta every working day, and
this is almost certainly related to longer life expectancy and lower levels of heart disease.

 See the more detailed evidence and reasoning in the sleep and rest section below.

 If your work situation is not quite ready to tolerate the concept of a daytime nap then
practise a short session of self-hypnosis, combined with deep breathing, which you can do
at your desk, or even in the loo. It works wonders.

 See the self-hypnosis and relaxation page.

 In the summer of course you can go to the nearest park and try it alfresco (that's from the
Italian incidentally, al fresco, meaning in the fresh air - which is another good thing for
stress reduction).

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• STRESS REDUCTION TECHNIQUE 4 - MAKE A CUPPA

 Any tea will do, but a flavoured cup of tea is even better.

 Experiment with different natural flavourings using herbs and spices and fruit.

 Fresh mint is wonderful, and excellent for the digestive system. Nettles are fantastic and
contain natural relaxants. Orange zest is super (use one of those nifty little zester gadgets).
Ginger root is brilliant. Many herbs, spices, fruits and edible plants make great flavoured
tea, and many herbs and spices have real therapeutic properties.

 Use a 'base' of green tea leaves - about half a spoonful per serving - plus the natural
flavouring(s) of your choice, and freshly boiled water. Be bold - use lots of leaves -
experiment until you find a blend that you really enjoy. Sugar or honey bring out the taste.
Best without milk, but milk is fine if you prefer it.

 Making the tea and preparing the ingredients take your mind off your problems, and then
smelling and drinking the tea also relaxes you. There is something wonderful about
natural plants and fruits which you can't buy in a packet. Use a tea-pot or cafetiere, or if
you are happy with a bit of foliage in your drink actually brew it in a big mug or heatproof
tumbler.

 Alter the amounts to your own taste. The recipe also works very well without the orange
and ginger, which is effectively the mint tea drink that is hugely popular in Morocco and
other parts of North Africa. Dried mint can be substituted for fresh mint. Experiment. The
Moroccan tradition is to use small glass tumblers, and somehow seeing the fine colour of
the tea adds to the experience.

• STRESS REDUCTION TECHNIQUE 5 - CRYING

 Not much is known about the physiology of crying and tears, although many find that
crying - weeping proper tears - has a powerful helpful effect on stress levels. Whatever
the science behind crying, a good bout of sobbing and weeping does seem to release
tension and stress for many people.
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 Of course how and where you choose to submit to this most basic of emotional impulses is
up to you. The middle of the boardroom during an important presentation to a top client is
probably not a great idea, but there are more private situations and you should feel free to
try it from time to time if the urge takes you.

 It is a shame that attitudes towards crying and tears prevent many people from crying, and
it's a sad reflection on our unforgiving society that some people who might benefit from a
good cry feel that they shouldn't do it ever - even in complete privacy. Unfortunately most
of us - especially boys - are told as children that crying is bad or shameful or childish,
which of course is utter nonsense. Arguably only the bravest cry unashamedly - the rest of
us would rather suffer than appear weak, which is daft, but nevertheless real.

 Whatever, shedding a few tears can be a very good thing now and then, and if you've yet
to discover its benefits then give it a try. You might be surprised.

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PROJECT OVERVIEW
3.1 - LITERATURE REVIEW

3.2- RESEARCH METHODOLOGY

3.3 - OBJECTIVES OF THE STUDY

3.4 - SCOPE OF THE STUDY

3.5 – LIMITATIONS OF THE STUDY

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 3.1 LITERATURE REVIEW

STRESS MANAGEMENT

Gladies J. J. & Kennedy V.(2011)- The author revealed a significant correlation between
Organizational Climate and Job Stress among the women working in Insurance companies of
India. According to him, learning how to manage stress is a very crucial issue that should be
developed in insurance companies so that they can reduce or eliminate the causes of stress and
poor working environment.

Khalid A. (2012) there is a direct relationship between stress and job performance in any
organization. To improve the performance of an individual in an organization an employee should
receive good support from their leaders. Hence, a supportive leader can improve the performance
of an employee even at unfavorable situations
Kavitha(2012) The article focuses on the organizational role stress for the employees in the
insurance sector. It also highlights that women face more stress than men in the organization to be
more specific married women faces more stress than the unmarried women.

Urska Treven, Sonja Treven & Simona Sarotar Zizek (2011)

Organizations, where the workers are said to be stressed are more likely to be unsuccessful in the
competitive market. Various approaches of managing stress, good work organization and good
management are the effective ways of preventing stress. He categorized stress broadly into three
main types; they are a) Transient Stress b) Post Traumatic Stress Disorders (PTSD) c) Chronic
Stress.

Richardson (2008) A classification of stress interventions has been done, those are primary,
secondary and tertiary. He suggested all the employees to adopt relaxation training intervention
for stress management which is the easiest and least expensive approach to implement.

P.S. Swaminathan,& Rajkumar S. (2013) He conducted a study that focused on the levels of
stress among the age group, profession, different varieties of jobs, hours of work and the
influence of work environment on the degree of stress faced by employees . Stress in an employee
71
is very individual in nature. His study indicates about an optimum

level in which every individual can perform with his full capacity. He has identified three
conditions responsible for work stress they are a) Role overload b) Role self distance c) Role
stagnation.

Satija S. & Khan W. (2013) According to him Occupational Stress is as same as Job Stress that
need to be controlled at the workplace otherwise it will affect negatively employee’s work
attitudes and behavior. He conducted a study to investigate the relationship between Emotional
Intelligence and Occupational Stress. The findings of his study revealed that insurance sector as
a significant predictor of Occupational Stress.

Bhatti N. ,Shar H. A., Shaikh F. M. & Nazar M. S.(2010)- He has classified stressors broadly
into two main types-a) Extra-Organizational and b) Intra- Organizational Stressors. According to
his study he predicted that the major causes of stress are firstly workload that causes 25% of
stress, secondly timings that results 16% of stress, thirdly climate that causes 11% of stress.

Kodavatiganti K & Bulusu V. (2011) The aim of the article is to have a clear understanding of the
phenomenon that causes stress among the academicians. According to the article women educators
face comparatively higher level of stress than men counterparts. The stress amongst the academicians
are caused because of lengthy working hours, inadequate resources and long working hours,
classrooms that are over filled

Sharma S., Sharma J. & Devi A. (2012) The level of stress within a role varies because of
individual differences in mindset, age, gender, and their performance in job. However, various
factors that influence stress are age where the younger employees are more stressed as compared
to other employees, level of qualification, pay, authorities of control, awards, word of praise,
improved designations and working couples. The study recommended a reinforcement approach
that should be positive in nature so as to reduce the degree of stress at the workplace.

Rosasa J. H. A, Blevinsb R. C. , Gaoc H. ,Tengb W. Y. & White J. (2011) It reveals the levels of
stress that differ by occupational position, and not by age and gender. The analysis shows that female
had higher stress rates than males. The main problems faced by students due to stress are sleeping
problems, depression and irritability.

72
Srivastav A.K. (2010) The articles focus on the nature of role that causes stress. It says role
performance encountered the problems of stress so they should be tried to reduce or
eliminated. The nature of role stress was found to be heterogeneous which cannot be dealt with
one uniform solution or intervention as a whole. Hence, specific problem related solution or
interventions should be adapted for better organizational performance and effectiveness.

Y. Tatheer (2013) Majority of the insurer of Pakistan claim that they are highly stressed because
of their jobs that not only affect their performance in insurance sector but also equally affect
their health and personal life. They also declare that the organizational politics and bureaucracy
are the main reasons of stress in their insurance sector.

Michailidis M. and Georgiou Y. (2005) The author focus on the degree of occupational stress
that is influenced by the factors like level of education, various patterns of their relaxation and any
other habits like drinking or smoking . The implications say that consuming alcoholic drinks is the
main factor that determines
the degree of occupational stress in an individual.

Sinha V. and Subramanian K.S. (2012) The study highlights that various levels of organization
experience different kind of organizational role stress. It also states that stress is influenced by
various factors like shortage of resources, inadequacy Within a person, overload with a role,
stagnation of a role and isolation and expectation of a role

Pratibha G. (2010) The impact of distress level on the quality of life is negative that may result
to serious burnout problems in private insurance sector. The distress level in the insurance can
only be reduced by various stress management programmes or interventions that would also
improve the stress management.

Karthik R. (2013) Employee’s performance at work is influenced by stress that can be either
positive or negative. The employee’s performs better if they face low to moderate amount of
stress. Hence, it aims at reducing the level of stress rather than eliminating stress completely..

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WORK STRESS

Cobb (1975) has the opinion that, "The responsibility load creates severe stress among workers
and managers." If the individual manager cannot cope with the increased responsibilities it may
lead to several physical and psychological disorders among them. Brook (1973) reported that
qualitative changes in the job create adjustment problem among employees. The interpersonal
relationships within the department and between the departments create qualitative difficulties
within the organization to a great extent. Miles and Perreault (1976) identify four different types of
role conflict: Intra-sender role conflict, Inter sender role conflict, Person role conflict; role over load.
The use of role concepts suggests that job related stress is associated with individual, interpersonal,
and structural variables (Katz and Kahn, 1978; Whetten, 1978). The presence of supportive peer
groups and supportive relationships with supervisors are negatively correlated with R.C (Caplan et
al., 1964). There is evidence that role incumbents with high levels of role ambiguity also respond to
their situation with anxiety, depression, physical symptoms, a sense of futility or lower self esteem
lower levels of job involvement and organizational commitment, and perceptions of lower
performance on the part of the organization, of supervisors, and of themselves (Brief and Aldag,
1976; Greene, 1972).

Work stress is an increasingly important occupational health problem and a significant cause of
economic loss. Occupational stress may produce both overt psychological and physiologic
disabilities. However, it may also cause subtle manifestation of morbidity that can affect personal
well being and productivity (Kahnet al., 1992). A job stressed individual is likely to have greater
job dissatisfaction, increased absenteeism, and increased frequency of drinking and smoking,
increase in negative psychological symptoms and reduced aspirations and self esteem (Jick and
Payne, 1980). The use of role concepts suggests that occupational stress is associated with
individual, interpersonal and structural variables (Kutz and Kahn, 1978; Whetten, 1978). Miles
and Perreault (1976) identify four different types of role conflict: 1) Intra sender role conflict 2)
Inter sender role conflict. 3) Person role conflict and 4) Role over load. The use of role concepts
suggests that job related stress is associated with individual, interpersonal, and structural variables
(Katz and Kahn, 1978; Whetten, 1978). Stress is often developed when an individual is assigned a
major responsibility without proper authority and delegation of power. Interpersonal factors such
as group cohesiveness, functional dependence, communication frequency, relative authority and
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organizational distance between the role sender and the focal persons are important topics in
organizational behavior (Vansell et al., 1981). Stress is an amorphous and ambiguous term to
explain its meaning. The literature shows a wide range of thoughts concerning the meaning of
stress. Stress can be stimulus based and response based. The stimulus based is a condition based
stress; a person can find conditions like work load, heat, cold, time pressure as a stressor and the
response based stress application holds that stress is caused by the internal responses of any
individual as behavioral, cognitive and effective. The difference is that the response based stress
is more of an individual’s own nature (Staal, 2004). Stress has its types; positive stress helps an
individual to perform well and negative stress is associated with constraints (Kavitha., n.d.).

According to McGrath (1976) there are certain conditions that cause stress as; First whenever an
environmental situation is perceived as a demand, second when the perceived demand threatens
the person’s capabilities or the resources to cope with it and thirdly due to the perceived
importance that a person places on the demand. His definition provides a concept of stress that is
directly linked to an individual’s performance, if a perceived demand exceeds the skills or
abilities of an employee it will be a source of discomfort leading towards stress (McGrath, 1976).
Whenever a demand exceeds the capacity of a person he is said to be in stress and it leads to
strain, stress is a psychological level and strain is physical level. When stress over burdens and
becomes distress the person starts feeling hopeless.

This situation reduces a person’s efficiency in playing the role assigned to him in workplace
(Kavitha, n.d.). Under the condition of stress a person’s attention appears to channel, and reduces
his/her focus on the tasks that are perceived less important and focus centralize on main tasks. The
determinants of main task are the individual’s perceived importance that he/she is placing on the
task. This process can lead to either enhanced or reduced performance depending on the situation.
Performance level decreases if some important tasks are left unattended. Workload also tunnels
attention (Staal, 2004). Insurance industry activities are all about relationship with customers,
insurance industry cannot work effectively if the employees aren’t provided with stress free
environment, as human resource is the most important capital for insurance sector (Kavitha, n.d.).
Over stressed job due to work load, risky work, relationship problems with
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colleagues and the inability to manage family life creates social problems, dissatisfaction among
employees of insurance and decreases their performance (Shahid et al., n.d.). It was believed that
employees are among one of the assets of any organization but now as changes are taking place
they are considered as most important and essential assets.

Insurance employees are working hard to decrease level of stress. The extreme effect of stress in
any insurance acts as an obstruction in performance levels, stress not just leads to turnover, in
insurance or any other organization they may lose some of their potential employees and along
with that they would have to bear high training and recruitment cost for hiring new employees.
Management have to make strategies so that they could take qualitative measures to reduce the
level of stress among employees and make potential employees satisfied and committed towards
their work (Bhagat, 2008).

The causes of stress among insurers were found to be higher targets, salary, work load, timings,
public dealing and lack of management and peer support, the responsibility of controlling the
developing stress in any work setting lieson both the management and employees (Badar, 2011).
Study showed that in the insurance sector of some sources of stress are negative feelings about
work load, extensive working hours, technologies used at work and no proper training provided,
unsatisfactory salary, no time for family and social life and job complications. Prolong working
hours don’t provide employees the time to take rest or to manage their family life. These all
reasons lead to physical and psychological stress (Kattak et al., 2011

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 RESEARCH METHODOLOGY
3.2 RESEARCH METHODOLOGY

Research methodology is a way to systematically solve the research problem. It may be

understood as a science of studying how research is done scientifically. In it we study the various
steps that are generally adopted by the researcher in studying his research problem along with
logically behind them. It is necessary for the researcher to know not only the research
method/technique but also the research methodology. Research methodology is a systemic way
to solve the research problem. It is important to design the methodology for solving the problem
as the methodology may differ from problem to problem. For achieving the objective of the study,
survey was conducted. For survey personal interviews were undertaken.
The quest for knowledge is a never ending process and in its simplest from this process is called
research. The world has evolved as a result of consistent efforts to discover new things. Research
is an organized and systemic study of material and sources in order to discover new things and
establish facts and reach new conclusion. Essentially speaking involves a well-developed plan, a
systemic approach to developing new theories or finding solution to various problems.

DEFINITION

According to Clifford Woody research comprises defining and redefining problems, formulating
hypothesis or suggested solutions; collecting and evaluating data; making and reaching
conclusions; and at last carefully testing to determine whether they fit the formulating hypothesis.

RESEARCH DESIGN

I have used Descriptive Research as a tool to study stress and work stress among insurance
employees. Descriptive Research Studies are those studies, which are concerned with specific
predictions, with narration of facts and characteristics concerning individual, group or situation.

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  SAMPLE SIZE

The present study was conducted on a sample of 100 insurance employees from MAX life
insurance, BHARTI AXA life insurance & SBI life insurance. The sample was drawn using
random sampling procedure.

This refers to the organizations surveyed. Although large samples are more reliable but due to
shortage of time this has been selected.

Sample Size : 100

Type of Question : Close-ended

Instrument Used : Questionnaire, Personal Interviews

Area covered : Lucknow

Type of Universe : Finite

• SAMPLING TECHNIQUE USED

The technique of random sampling has been used. Random sampling from a finite population refers
to that method of sample selection, which gives each possible sample combination an equal
probability of being picked up and each item in the entire population to have an equal chance of
being included in the sample. This sampling is without replacement, i.e. once an item s selected for
the sample, it cannot appear in the sample again.

Primary data
Primary data refers to information that is gathered by the researcher specifically for the research
project at hand. Primary data is the main source of data collection method that was used. In this
type of data collection, method such as interviews and questionnaire are used.
Following are the main method of collecting primary data that were used in making of the Project.

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 1. Observation
2. Surveys and questionnaire

Secondary data

Secondary data refer to information that has previously been gathered by someone other than the
researcher.
Secondary data sources, used for preparing the project report are as following:

• Website of the company

• Brochure of the company

Questionnaire design

The questionnaire in a structured form. A structured questionnaire is used to collect data from
respondents. Questions will multiple choice respondents were also asked.

Sample size

Data was collected from sample of 100 respondents from various insurance employees,
LUCKNOW. The respondents were placed at different designation i.e., Agents, HOD, managers,

Analyzing the data is the most important part of research. It is very important to use the
appropriate methods of data analysis so that the maximum amount of information can be
extracted from the data, the purpose of all the work that has gone into designing, collecting and
finally using is to obtain data, that when properly analyzed should determine to a great degree the
objective of the project. In my project data has been analyzed with the help of percentage method
using table and charts.

Tools and Techniques of Data Analysis and Interpretation

The data collected was classified and tabulated for the purpose of analysis. Simple percentages were
calculated for the purpose of generalization. Charts, and diagrams have also been drawn, based on the
tabulation. Inferences were drawn and conclusions mad

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 OBJECTIVES OF THE STUDY
3.3 OBJECTIVES OF THE STUDY

• The primary aim for the study is to analysis the job stress among the employees in
insurance company.
• To analyse the factors influencing the stress perceived by the employees in insurance
sectors.
• To impact of management stress factors towards in insurance sector.
• To identify the various factors of stress prevailing in different levels among employees in
insurance company.
• To examine what is the effect of stress on work factors (e.g., morale, job satisfaction, task
effort, organizational
• commitment, etc) when people are under high stress.
• To assess the extent of experienced distress and consequent quality of life among the
employees
• To identify different methods and techniques to reduce job-related stress.

• To study the Stress management of different insurance sector employees.

• To Study the Work Stress of different insurance sector employees.

• To Study and compare stress management of male and female insurance sector
employees.

• To Study the importance of Stress Management and Work Stress at workplace in

insurance sector who needs Stress Management skills?

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 • To Study evaluates the impact of Stress on performance.

• To study the various reasons that leads to stress in employees

• To determine the overall consequences of stress on their work.

• To study the effects of stress on the health of employees.

• To analyze the importance of interventional strategies to manage stress among
employees.
• To study effectiveness of stress management programme organized by the insurance
company.

SCOPE OF THE STUDY

3.4 SCOPE OF THE STUDY

The study aims at analyzing comparative study on stress management in insurance sector. The
scope of the study has been limited to certain insurance sectors aspects of employees job stress
namely the various stress factors chosen for the research are work factors, organization factors,
personal factors, health factors, environment factors, psychological factors, emotional factors,
impact factors and stress management in insurance sector. United States National Institute of
Occupational Safety and Health has defined workplace stress as “The harmful physical and
emotional responses that occur when the requirements of the job do not match the capabilities,
resources, or needs of the worker. Job stress can lead to poor health and even injury.”
Workers who are stressed are also more likely to be unhealthy, poorly motivated, less productive
and less safe at work. Their organizations are less likely to be successful in a competitive market.
Stress can be brought about by pressures at home and at work. Employers cannot usually protect
Workers from stress arising outside of work, but they can protect them from stress that arises
through work. Stress at work can be a real problem to the organization as well as for its workers.
Good management and good work organization are the best forms of stress prevention.

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 LIMITATIONS OF THE STUDY
3.5 LIMITATIONS OF THE STUDY

• The field survey is restricted only to 100 employees, responses would have thrown
adequate light on the entire study.

• The employees from whom the questionnaires are filled are in a heavy workload so
some of the questionnaires filled by the employees who are in stress and cannot be
called reasonable.

• The research is conducted only in Lucknow.

• The study is limited to the three insurance company only.

• The researcher approached respondents with the help of insurance agents and personal
contacts therefore the sample respondents were approached from limited area.

• Willingness of the respondents for providing necessary information for the research
may have influenced the results.

• The time of research was short due to which many facts have been left untouched.
Many a times the employees may not be really conscious or may not be bothered about the
questionnaire. This may create a problem in the research

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FINDINGS AND SUGGESTIONS
4.1 – Findings

4.2 – Recommendations/Suggestions

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 FINDINGS
4.1 FINDINGS OF THE STUDY

• Majority of the employee think that the pressure of time create more stress only 9%
employee think that it is because of noise.

• The majority of the employee think that the work culture supportive in their
organization.

• Majority of the employee believe that most of the stress is related to supervision.

• 58% of the employee believe that the upper Management pressure main reason for
stress and 42% of the employee believe that the upper Management pressure is not main
reason for stress.

• Most of the employee feel satisfied while working in the organization.

• Majority of employee believe that most of the time the stress is related to dealing with
customers and colleagues.

• 42% employee said that they share all their problems and issues with the supervisors and
only 15% of the employee share problems with head of the department.

• 74% employee believe that stress can makes a difference in their performance and 26%
employee don’t believe in this.

• Majority of the employee believe that increasing competition is the main cause of stress
on their performance.

• 85% of employee think that they feel stress due ignorant behavior of boss and 15% of
employee not believe in this.

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 RECOMMENDATIONS /
SUGGESTIONS
4.2 RECOMMENDATIONS / SUGGESTIONS

• Organize a Stress Management Program that focuses on different leave categories of

employees’ at all hierarchical level.
• Take adequate steps to redesign jobs, which are taxing to employees’ abilities and
capacities.
• Adequate role clarification to be made whenever necessary to eliminate role ambiguity.
• Introduce more job oriented training programs, which improve employee’s skill and their
confidence to work effectively.
• Encourage open channel of communication to deal work related stress.
• Undertake stress audit at all levels in the organization to identify stress area improving
conditions of job and alleviating job stress.
• Introduce ‘Pranayama’ (Brain Stilling and control of Vital Force) as a holistic
managerial strategy to deal with occupational strategy.
• Provide counseling on work related and personnel problems and support from a team of
welfare health and counseling staff.
• Attractive system of reward and recognition of good work.
• Since the organization has conducted a stress management programs, so
these programs should focus on the major stressors which affects their stress level
• The employees can be given full support from their superiors by appraising their work
and efforts.

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 CHAPTER-5 CONCLUSION
CONCLUSION

The Research is conducted on Stress Management in insurance sector employees. Employee’s

stress and their ability to perform effectively on the job is identified as they are able to manage
their stress management, which has a direct impact on their job and on the job stress. A
Particularly interesting finding or result of the present study was that stress management & work
stress of employees had an impact on their level of performance on the job. This has implications
for management, suggesting that organizations could be profitable by identifying the level of
stress management & work stress of employees and apply interventions that are focused on the
developing stress management among the employees in the organization and to reduce the work
related stress, & Organizations choose their employees who take less stress and burden and with
the commitment of completing their work with in time and manage their work in any situation.
Contemporary theories have been used to inform the definition of work-related stress and guide
the development of workplace interventions. There is a growing consensus that stress is defined
by a dynamic interaction between the individual and their environment, and is often inferred by
the existence of a problematic person-environment fit and the emotional reactions which
underpin those interactions. Interventions to manage and prevent work-related stress have been
traditionally targeted at either the worker or at the workplace. However, increasingly multi- model
interventions that seek to both prevent and manage the causes and consequences of stress are
being advocated. Managing stress in the workplace has clear benefits for the individual, the
organisation and society at large.

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 CHAPTER -6 REFERECES

REFERENCES

• Rangit kumar, (2004), Research methodology, 2nd edition, Sage pub

• Reshma S Gavali, (Nov 2009), Applied ergonomics and ways to reduce work stress,
Icfai Univ.
• Nirmal singh, (2002), Human Relations and Organizational Behavior, Deep & Deep pub.
• Ajay Shukla, (2006), Stress Management, 2nd edition Unicorn pub.
• Suja R. Nair, (2005), Organizational Behavior, 1st Edition, Himalaya pub., India.

Websites

• www.sbilife.com

• www.maxlifeinsurance.com

• www.bhartiaxalifeinsurance.com

• www.google. Com

• www.managementhelp.org

• http://www.indianjournals.com/ijor.aspx?target=ijor:jcmt&volume=1&issue

• http://www.workhealth.org/prevention/prred.html

• http://helpguide.org/mental/stress_signs.htm

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 ANNEXURE QUESTIONNAIRE

Dear Sir / Madam,

I am conducting a research study for my MBA course. In this connection some

information is required from you. This information will be kept confidential and
will be used for research purpose only.

I shall be thankful to you for this cooperation.

Q.1 what are the stress level among insurance employees on the basis of age group.

A.18-27

B.28-37

C.38-47

D.48-57

Q.2 Which Factors Creates More Stress.

a. Time pressure

b. Competition

c. Financial problems

d. Noise

e. Disappointment

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Q 3. How often you face stress situation being taken care off?

a. Mostly

b. Rarely

c. Frequently

d. Not at all

Q 4. Does the upper Management pressure main reason for stress?

a. Yes

b. No

Q5.Is work culture supportive in your organization?

a. Mostly

b. Rarely

c. Sometimes

d. Not at all

Q6. How often you face stress Situation in your organization.

a. Mostly

b. Rarely

c. Sometimes

d. Not at all

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Q7. Most of your Stress are related to:

a. Work Environment

b. Supervision

c. Workgroup

d. Social Injustice

Q8. How do you feel while working in the organization?

a. Great

b. satisfied

c. Unable to concentrate

d. Frustrated

e. Depressed

Q9. Have you taken leave in the past 12 months due to work related stress?

a. Yes

b. No

Q10. Please indicate total workload has changed during last three years?

a. Workload has decreased

b. Remained the Same

c. Workload increased

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Q11 Stress is related to Demand?

a. Dealing with Customers/ Colleagues

b. Administration

c. Need to hit targets/deadlines

d. long working hours

Q12 Stress related to Support?

a. Feeling work not valued

b. Lack of management support

c. Over competitive/ confrontational institutional culture

d. Incentive Policy

Q13. Whom does you report / share if you have any problems in your work?

a. Superior

b. Colleagues (discussion)

c. Function Head

d. Head of HR department

Q14 How do you handle Stress situations?

a. Optimistically

b. With the help of others

c. depends upon level

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Q15. To what level the Management is effective in handling your Stress situation?

a. Completely

b. To a certain extent

c. To a satisfactory

d. Not at all

Q.16 Being a lady do you feel more stress as compare to male.

a. Yes

b. No

Q.17 Do you think stress can makes a difference in your performance?

a. Yes
b. No

Q.18 Rate the factor which cause maximum stress on your work performance

a. Time pressure

b. Competition

c. Financial problems

d. Noise

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 Q.19 what are the stress level among the employees in insurance Sector

a. Extremely high stress

b. High stress

c. Low stress

d. Moderate stress

Q 20. Do you get stress due to ignorant behaviour of your boss?

a. Yes
b. No

Q 21. Do you get stress due to ignorant behaviour of clients?

a. Yes
b. No

Any Suggestions

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