Bharti Axi Life Insurance Recruitment

7/29/2019 Bharti Axi Life Insurance Recruitment

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Brief summary

Introduction:

A general term insurance is related to service sector. Insurance is

concerned with the protection of economic value of assets. For example in

case of a factory or a cow, the product generated by it is sold and income is

generated. In this project the Bharti AXA Life Insurance Company is

undertaken which is one of the popular sector insurance sectors. The

analysis of Bharti AXA Life Insurance is taken form different sectors.

For creating strong relationship and for a success full business every

insurance company required financial planner.

Objective of the study:

How to recruit agents for Bharti-AXA life insurance. To understand the process of recruitment and selection of agent in life

insurance.

Why people are not willing to work as an agent in life insurance sectorspecially with private companies.


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BhartiAxa Life Insurance

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Need of the study:

The study is undertaken to know how many people are interested to work as

life insurance agent in Bharti AXA and their thinking about the Bharti AXA

Life Insurance Company or about private insurance company.

Conclusion:

In India, there is throat cut competition in the market of life insurance that

brand service which adopt new strategies for sales. I concluding the whole

story it can be said that people are much more aware about the aspects of life

insurance and also have knowledge about the role and act of agent but

mostly people unwilling to work as life insurance agent and mostly people

prefer to work with LIC because it is a semi government corporation.

Table of Contents

CHAPTER

NO.

PARTICULARS PAGE NO.


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CHAPTER 1 INDUSTRY PROFILE 8-18

CHAPTER 2 COMPANY PROFILE 19-35

CHAPTER 3 INTRODUCTION OF RECRUITMENT

AND SELECTION PROCESS OF AGENT

36-51

CHAPTER 4 RESEARCH METHODOLOGY

OBJECTIVES OF THE STUDY

52-54

CHAPTER 5 DATA PRESENTATION AND

INTERPRETATION

55-60


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CHAPTER 6 LIMITATIONS AND FINDINGS 61

CHAPTER 7 CONCLUSION AND SUGGESTIONS 62

CHAPTER 8 BIBLIOGRAPHY 63


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Industry Profile


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WHAT IS INSURANCE

The business of insurance is related to the protection of the ECONOMIC

VALUES OF ASSETS. Every asset has a value. The asset would have been

created through the efforts of the owner. The asset would have been created

through the efforts of the owner. The asset is valuable to the owner, because

he expects to get some benefits form it. It is a benefit because it meets some

of his needs. The benefit may be an income or in some other form. In the

case of a factory or a cow, the product generated by it is sold and income is

generated. In the case of a motor car, it provides comfort and convenience in


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transportation. There is no direct income. Both are assets and provide

benefits.

Every asset is expected to last for a certain period of time during which it

will provide the benefits. After that, the benefit may not be available.

There is a life-time for a machine in factory or a cow or a motor car. None of

them will last for ever. The owner is aware of this and he can so manage his

affairs that by the end of that period or life-time, a substitute is made

available. Thus he makes sure that the benefit is not lost. However, the asset

may get lost earlier. An accident or some other unfortunate event may

destroy it or make it incapable of giving the benefits. An epidemic may kill

the cow suddenly. In that case, the owner and those enjoying the benefits

therefore, would be deprived of the benefits. The planned substitute would

not have been ready. There is an adverse or unpleasant situation. Insurance

is a mechanism that helps to reduce the effects of such adverse situations. It

promises to pay to the owner or beneficiary of the asset, a certain sum if the

loss occurs.


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HISTORY OF INSURANCE

Insurance has been known to exist in some form or other since 3000BC. The Chinese traders, traveling treacherous river rapids would

distribute their goods among several vessels, so that the loss form any

one vessel being lost, would be partial and shared, and not total. The

Babylonian traders would agree to pay additional sums to lenders, as

the price for writing off the loans, in case of the shipment being

stolen. The inhabitants of Rhodes adopted the principle of general

average of general average, whereby, if goods are shipped together,

the owners would bear the losses in proportion, if loss occurs, due to

jettisoning during distress. {Captains of ships caught in storms, would

throw away some of the cargo to reduce the weight and restore

balance. Such throwing away is called jettisoning} The Greeks had


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started benevolent societies in the late 7 th century AD, to take care of

the funeral and families of members ho died. The great fire of London

in 1666,in which more than 13000 house were lost, gave a boost to

insurance and the first fire insurance company, called the fire office,

was started in 1680.

The origins of insurance business as in vogue at present, is traced to

the Lloyds Coffee House in London. Traders, who used to gather in

the Lloyds coffee house in London, agreed to share the losses to their

goods while being carried by ships. The losses used to occur because

of pirates who robbed on the high seas of because of bad weather

spoiling the goods or sinking the ship. In India, insurance began in

1818 with life insurance being transacted by an English company, the

Oriental Life Insurance Co. in 1870 in Mumbai. This was followed by

the Bharat Insurance co. in 1896 in Delhi, the Empire of India in 1897

in Mumbai, The United India in Chennai, the National, the National

Indian and Hindustan Cooperative in Kolkata.


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Later, were established the cooperative Assurance in Lahore, theBombay Life (originally called the swadeshi life), the India

Mercantile, the new India and the Jupiter in Mumbai and the Lakshmi

in New Delhi. These were all Indian companies started as a result of

the swadeshi movement in the early 1900s. By the year 1956, when

life insurance business was nationalized and the life Insurance

Corporation of India (LIC) was formed on1st September 1956, there

were 170 companies and 75 provident fund societies transacting life

business in India. After the amendments to the relevant laws in 1999,

the L.I.C. did not have the exclusive privilege of doing life insurance

business in India. By 31.8.2007, sixteen new life insurers had been

registered and were transacting life insurance business in India.

The History of Insurance in India

Some of the important milestones in the life insurance business

in India are:


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1912 - The Indian Life Assurance Companies Act enacted as the firststatute to regulate the life insurance business.

1928 - The Indian Insurance Companies Act enacted to enable thegovernment to collect statistical information about both life and non-

life insurance businesses.

1938 - Earlier legislation consolidated and amended to by theInsurance Act with the objective of protecting the interests of the

insuring public.

1956 - 245 Indian and foreign insurers and provident societies takenover by the central government and nationalized. LIC formed by an

Act of Parliament, viz. LIC Act, 1956, with a capital contribution of

Rs. 5 crore from the Government of India.

The General insurance business in India, on the other hand, can trace

its roots to the Triton Insurance Company Ltd., the first general


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insurance company established in the year 1850 in Calcutta by the

British.

Life Insurance a Basic Need

Life insurance is a contract providing for payment of a sum of money to the

person assured or, failing him, to the person entitled to receive the same, on

the happening of certain event.

A family is generally dependent for its food, clothing and shelter on the


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income brought in at regular intervals by the bread winner of the family. So

long as the he lives and the income is received steadily, that family is secure;

but should death suddenly intervene the family may be left in a very difficult

situation and sometimes, in stark poverty.

Uncertainty of death is inherent in human life. It is this uncertainty that is

risk, which gives rise to the necessity for some form of protection against the

financial loss arising from death; insurance substitutes this uncertainty by

certainty.

Few Advantages of Life Insurance.

1. It is superior to an ordinary savings plans:

This is so because unlike other saving plans, it affords full protection against

risk of death. In case of death, the full sum assured is made available under a

life assurance policy; whereas under other savings schemes the total

accumulated savings alone will be available. The latter will be considerably

less than the sum assured, if death occurs during early years.


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6.Tax relief:

For computing income tax (especially in India the Indian income tax act)

follows deduction from income tax payable, a certain percentage of a portion

of the taxable income of individuals which is diverted to payment of

insurance premiums. When this tax relief is taken into account it will be

found that the assured is n effect paying a lower premium for his insurance.


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How Insurance Works

The mechanism of insurance is very simple. People who are exposed to the

same risks come together and agree that, if any one of the members suffers a

loss, the others will share the loss and make good to the person who lost. All

people who send goods by ship are exposed to the same risk related to water

damage, ship sinking, piracy, etc. those owning factories are not exposed to

these risks, but they are exposed to different kinds of risks like, fire,

hailstorms, earthquakes, lightening, burglary, etc. like this, different kinds of

risks can be identified and separate groups, made including those exposed to


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such risks. By this method, the risk is spread among the community and the

likely big impact on one is reduced to smaller manageable impacts on all.

Ifa Jumbo Jet with more than 350 passengers crashes, the loss would run

into several crores of rupees. No airline would be able to bear such a loss. It

is unlikely that many Jumbo Jets will crash at the same time. If 100 airline

companies flying Jumbo Jets, come together into an insurance pool,

whenever one of the jumbo jets in the pool crashes, the loss to be borne by

each airline would come down to a few lakhs of rupees. Thus, insurance is a

business sharing.


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Role of Insurance in Economic Development

For economic development, investments are necessary. Investmentsare made out of savings. A life insurance company is a major

instrument for the mobilization of savings of people, particularly from

the middle and lower income groups. These savings are channeled

into investments for economic growth.

An insurance companys strength lies in the fact that huge amountscome by way of premiums. Every premium represents a risk that is

covered by that premium. In effect, therefore, these vast amounts


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represent pooling of risks. The funds are collected and held in trust for

the benefit of the policyholders.

The management of insurance companies is required to keep thisaspect in mind and make all its decisions in ways that benefit the

community. This applies also to its investments. This is why

successful insurance companies would not be found investing in

speculative ventures. Their investments benefit the society at large.

The system of insurance provides numerous direct and indirectbenefits to the individual and his family as well as to industry and

commerce and to the community and the nation as a whole. Those

who insure, both individuals and corporate, are directly benefited

because they are protected from the consequences of the loss that may

be caused by the accident or fortuitous event. Insurance, thus, in a

sense protects the capital in industry and releases the capital for

further expansion and development of business and industry.

The every existence of risk that is, uncertainty concerning the future,is a severe handicaps in economic activities. Insurance removes the


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fear, worry and anxiety associated with this future uncertainty and

thus encourages free investment of capital in business enterprises and

promotes efficient use of existing resources.

Thus insurance encourages commercial and industrial developmentand there by contributes to a vigorous economy and increased national

productivity.

Present day organization of industry, commerce and trade dependentirely on insurance for their operation, banks and financial

institutions lend money to industrial and commercial undertakings

only on the basis of the collateral security of insurance. No bank or

financial institution would advance loans on property unless it is

insured against loss or damage by insurable perils.

Insurers are closely associated with several agencies and institutionsengaged in fire loss prevention, cargo loss prevention, cargo loss

prevention, industrial safety and road safety. Before acceptance of a


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List of Insurance Companies Listed in Different Years

List of Life Insurance Companies

S.No

.

Registrati

on

Number

Date of

Reg.

Name of the Company

1 101 23.10.2000 HDFC Standard Life Insurance Company Ltd.

2 104 15.11.2000 Max New York Life Insurance Co. Ltd.

3 105 24.11.2000 ICICI Prudential Life Insurance Company Ltd.

4 107 10.01.2001 Kotak Mahindra Old Mutual Life Insurance Limited

5 109 31.01.2001 Birla Sun Life Insurance Company Ltd.

6 110 12.02.2001 Tata AIG Life Insurance Company Ltd.
http://www.hdfcinsurance.com/http://www.maxnewyorklife.com/http://www.iciciprulife.com/http://www.omkotakmahindra.com/http://www.birlasunlife.com/http://www.tata-aig-life.com/http://www.tata-aig-life.com/http://www.birlasunlife.com/http://www.omkotakmahindra.com/http://www.iciciprulife.com/http://www.maxnewyorklife.com/http://www.hdfcinsurance.com/


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13 102 23.10.2000 Royal Sundaram Alliance Insurance Company Limited

14 103 23.10.2000 Reliance General Insurance Company Limited.

15 106 04.12.2000 IFFCO Tokio General Insurance Co. Ltd

16 108 22.01.2001 TATA AIG General Insurance Company Ltd.

17 113 02.05.2001 Bajaj Allianz General Insurance Company Limited

18 115 03.08.2001 ICICI Lombard General Insurance Company Limited.

19 131 03.08.2007 Apollo DKV Insurance Company Limited

20 132 04.09.2007 Future Generali India Insurance Company Limited

21 134 16.11.2007 Universal Sompo General Insurance Company Ltd.

7 111 30.03.2001 SBI Life Insurance Company Limited .

8 114 02.08.2001 ING Vysya Life Insurance Company Private Limited

9 116 03.08.2001 Bajaj Allianz Life Insurance Company Limited

10 117 06.08.2001 Metlife India Insurance Company Ltd.

11 133 04.09.2007 Future Generali India Life Insurance Company Limited

12 135 19.12.2007 IDBI Fortis Life Insurance Company Ltd.
http://www.irdaindia.org/www.royalsundaram.comhttp://www.reliancegeneral.co.in/http://www.itgi.co.in/http://www.irdaindia.org/www.tata-aiggeneral.comhttp://www.bajajallianz.co.in/http://www.icicilombard.com/http://www.apollodkv.co.in/http://www.irdaindia.org/www.fg-general.inhttp://www.universalsompo.com/http://www.sbilife.co.in/http://www.ingvysyalife.com/http://www.allianzbajaj.co.in/http://www.metlife.co.in/http://www.fg-life.in/http://www.idbifortis.com/http://www.idbifortis.com/http://www.fg-life.in/http://www.metlife.co.in/http://www.allianzbajaj.co.in/http://www.ingvysyalife.com/http://www.sbilife.co.in/http://www.universalsompo.com/http://www.irdaindia.org/www.fg-general.inhttp://www.apollodkv.co.in/http://www.icicilombard.com/http://www.bajajallianz.co.in/http://www.irdaindia.org/www.tata-aiggeneral.comhttp://www.itgi.co.in/http://www.reliancegeneral.co.in/http://www.irdaindia.org/www.royalsundaram.com


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1 123 15.07.2002 Cholamandalam General Insurance Company Ltd.

2. 124 27.08.2002 Export Credit Guarantee Corporation Ltd.

3. 125 27.08.2002 HDFC-Chubb General Insurance Co. Ltd.

1 139 27.06.2008 Bharti Axa General Insurance Company Ltd.

2 141 15.12.2008 Raheja QBE General Insurance Co. Ltd
http://www.cholainsurance.com/http://www.irdaindia.org/http;/www.ecgcindia.comhttp://www.hdfcchubbindia.com/http://www.irdaindia.org/www.bharti-axagi.co.inhttp://www.irdaindia.org/www.bharti-axagi.co.inhttp://www.hdfcchubbindia.com/http://www.irdaindia.org/http;/www.ecgcindia.comhttp://www.cholainsurance.com/


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Company

profile

History of Bharti AXA Life Insurance

Bharti AXA Life Insurance is a joint venture between Bharti, one of

Indias leading business groups with interests in telecom, agri business and


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retail, and AXA, world leader in financial protection and wealth

management. The joint venture company has a 74% stake from Bharti and

26%stake of AXA.

The company launched national operations in December 2006. Today,

company have over 8000 employees across over 12 states in the country and

a national footprint of distributors trained to provide quality financial advice

and insurance solutions to the large Indian customer base. Open first branch

office in Hyderabad. Introduces 2 unit linked products- future confident

and wealth confident

As we further expand our presence across the country with a large network

of distributors, we continue to provide innovative product and service

offerings to cater to specific insurance and wealth management needs of

customers. Whatever your plans in life, you can be confident that Bharti

AXA Life will offer the right financial solutions to help you achieve them.


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Bharti-AXA perform over following cities

Hyderabad Mumbai Delhi Bangalore Kolkata Chennai Ahmedabad Ludhiana Lucknow Surat


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Vision

To be a leader and the preferred company for financial protection and wealth

management in India

values

professionalism

InnovationTeam Spirit

Pragmatism Integrity


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To be the employer of choice to attract and retain the best talent inIndia

To be recognised as being close and qualified by our customers


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Bharti Group

Bharti Airtel Ltd

Bharti Airtel Ltd is one of Asia's leading telecommunications service

provider. The Company is Indias largest integrated telecom company in

terms of customer base and offers Mobile Services, Fixed Line services,

Broadband & IPTV, DTH, Long Distance and Enterprise services. Airtel

also offers mobile services in Sri Lanka on a state-of-the art 3.5 G network.

Bharti TeleTech Ltd

Bharti Teletech is Indias leading telecom & allied products company. It is

one of the largest manufacturers of landline telephones in the world. With a

strong distribution network across the country, the company is also the

primary distributor of IT and Telecom products from interntional brands

such as Motorola, Blackberry, Thomson, Polycom, Transcend, and

Logitech.
http://www.airtel.in/http://www.airtel.in/http://www.bharti-teletech.net/http://www.bharti-teletech.net/http://www.bharti-teletech.net/http://www.airtel.in/http://www.bharti-teletech.net/http://www.airtel.in/http://www.bharti-teletech.net/http://www.airtel.in/


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Telecom Seychelles Ltd

A subsidiary of Bharti, Telecom Seychelles Ltd provides comprehensive

telecom services including 3G mobile services in Seychelles, under the

Airtel brand.

Comviva Technologies Ltd

Comviva is the leading provider of integrated VAS solutions for mobile

operators in emerging markets. Among the top 3 global providers of

integrated VAS solutions in rapidly growing markets, Comviva has

deployed solutions for over 100 mobile operator customers in over 80

countries worldwide.
http://www.airtel.sc/http://www.airtel.sc/http://www.bhartitelesoft.com/http://www.bhartitelesoft.com/http://www.bhartitelesoft.com/http://www.airtel.sc/http://www.bhartitelesoft.com/http://www.airtel.sc/http://www.bhartitelesoft.com/http://www.airtel.sc/


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FieldFresh Foods Pvt. Ltd.

FieldFresh Foods Pvt. Ltd., is a venture between Bharti Enterprises and Del

Monte Pacific Limited, to offer fresh and processed fruits and vegetables in

the domestic as well as international markets, including Europe and the

Middle East.

Bharti Retail Pvt Ltd

Bharti Retail is a wholly owned subsidiary of Bharti Enterprises. Bharti

Retail operates a chain of multiple format stores that offer consumers

affordable prices, great quality and wider choice. The companys

neighbourhood format stores operate under the "Easyday" brand and the

compact hypermarket format under the Easyday market brand.
http://www.fieldfreshfoods.in/http://www.fieldfreshfoods.in/http://bharti.com/ourcompanies.html#bhartiretailhttp://bharti.com/ourcompanies.html#bhartiretailhttp://bharti.com/ourcompanies.htmlhttp://www.fieldfreshfoods.in/http://bharti.com/ourcompanies.htmlhttp://www.fieldfreshfoods.in/http://bharti.com/ourcompanies.html#bhartiretailhttp://www.fieldfreshfoods.in/


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Bharti AXA General Insurance Company

Bharti AXA General Insurance is a joint venture between Bharti Enterprises

and AXA, world leader in financial protection and wealth management. The

company was incorporated in July 2007 and offers a full suite of general

insurance solutions to meet the needs of businesses and individuals alike.

Bharti AXA Life Insurance Company

Bharti AXA Life Insurance Company Ltd is a joint venture between Bharti

Enterprises and AXA, world leader in financial protection and wealth

management. The company offers a range of life insurance and wealth

management products with an endeavour to help customers lead a confident

life.
http://www.bharti-axagi.co.in/http://www.bharti-axagi.co.in/http://www.bharti.com/http://www.bharti.com/http://www.bharti.com/http://www.bharti-axagi.co.in/http://www.bharti.com/http://www.bharti-axagi.co.in/http://www.bharti.com/http://www.bharti-axagi.co.in/


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Jersey Airtel Ltd

Jersey Airtel, a subsidiary of Bharti, offers world-class mobile services in

Jersey (Channel Islands) over its full 2G, 3G and HSDPA enhanced

network. The Company brings market-leading products and services to its

customers under Airtel-Vodafone brand.

Bharti Foundation

Bharti Foundation was set up in 2000, with the vision, To help

underprivileged children and young people of our country realize their

potential. It aims to create and support programs that bring about

sustainable changes through education and the use of technology and

information.
http://www.bharti.com/http://www.bharti.com/http://www.bhartifoundation.org/http://www.bhartifoundation.org/http://www.bhartirealty.com/http://www.bhartifoundation.org/http://www.bhartirealty.com/http://www.bhartifoundation.org/http://www.bhartifoundation.org/http://www.bharti.com/


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Bharti Realty

Bharti Realty Limited is a young, vibrant and dynamic realty company with

expanding interests in commercial, retail and residential real estate. Bharti

Realty aims to be amongst the most admired real estate players in India and

aspires to attain highest degree of customer trust through superior product

design and maintaining an uncompromising stand towards environmental

responsibility, ethics and safety

Bharti Infratel

Bharti Infratel, a wholly owned subsidiary of Bharti Airtel, provides passive

infrastructure services on a non-discriminatory basis to all telecom operators

in India. Bharti Infratel also holds approximately 42% stake in Indus

Towers, a joint venture between Bharti, Vodafone and Idea to offer passive

infrastructure services.
http://www.bhartirealty.com/http://www.bhartirealty.com/https://www.bharti-infratel.com/https://www.bharti-infratel.com/https://www.bharti-infratel.com/https://www.bharti-infratel.com/http://www.bhartirealty.com/


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Bharti Teletech Ltd manufactures and exports world-class telecom

equipment under the brand Beetel.

Telecom Seychelles Ltd

Telecom Seychelles ltd provides telecom services in Seychelles, under the

brand Airtel.

Bharti AXA Life Insurance

Bharti AXA Life Insurance is a joint venture between Bharti, one of Indias

leading business groups with interests in telecom, agri business and retail,

and AXA, world leader in financial protection and wealth management. The

joint venture company has a 74% stake from Bharti and 26%stake of AXA.

Bharti Telesoft Ltd

Bharti Telesoft Ltd delivers best-in-class,

Revenue-critical Vas products and service to telecom carriers,


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Tele Tech Service Ltd

Tele Tech Service (India) Ltd is Joint venture with Tele Tech Inc., U.S.A. It

offers a range of Customer Management Services.

Field Fresh Foods Pvt Ltd

Field Fresh Foods Pvt Ltd is Bhartis Venture with EL Rothschild Group

owned ELRO holding India Ltd., to export fresh Agricltural products

exclusively to markets in Europe and USA.

AXAAXA Group is a worldwide leader in Financial Protection. AXA's

operations are diverse geographically, with major operations in Western

Europe, North America and the Asia/Pacific area. AXA had Euro 1,315

billion in assets under management as of December 31, 2006. For full year

2006, IFRS revenues amounted to Euro 79 billion, IFRS underlying earnings


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amounted to Euro 4,010 million and IFRS adjusted earnings to Euro 5,140

million.

The AXA ordinary share is listed and trades under the symbol AXA on the

Paris Stock Exchange. The AXA American Depository Share is also listed

on the NYSE under the ticker symbol AXA.

AXA Asia Pacific Holdings

AXA Asia Pacific Holdings Ltd (AXA APH) is listed on the Australian

stock exchange and is 52.3% owned by AXA SA. AXA APH is responsible

for AXA SAs life insurance and wealth management businesses in the Asia-

Pacific region. It has operations in Australia, New Zealand, Hong Kong,

Singapore, Indonesia, Philippines, Thailand, China, India and Malaysia.

AXA APH had A$106.4 billion in total funds under management and

administration at 30 June 2007 and reported a profit after tax before non-

recurring items of A$374.0 million for the six months ended 30 June 2007.


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Products of Bharti-AXA Life Insurance

Bright stars

This is a regular premium unit-linked insurance policy, which, whichoffers you the twin benefits of protecting your loved ones and creating

wealth for them over the desired period.


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As a caring parent, you want only the best for your child. As your childgrows, his aspirations will grow too and so will your responsibilities.

Whether its higher studies abroad, a grand wedding or a comfortable

home you can now ensure that your child is always one step ahead

You can fulfill all the dreams you have for your child, and give him whathe deserves. A bright future!

The plan also offers the flexibility to make modifications, depending onthe changing needs of your child. As his dreams grow, the plan will grow

too so financial hurdles will never come in the way of his growing

dreams! With Bharti AXA Life Bright Stars,

Parameter Eligibility

Minimum age at entry 18 years

Maximum age at entry 70 years minus policy benefit period chosen.

E.G: for policy benefit period of 17 years,

the maximum age at entry is 53 years.

Maximum age at maturity 70 years

Minimum premium Rs.15,000 p.a. for annual & semi-annual


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Spot suraksha

Introduction

Spot Suraksha is a unit liked insurance product, which offers you an instant

insurance protection and benefit of wealth creation in the long-term.

Main Advantages of Spot Suraksha

Understand the product:(Read and understand the product brochure)

Answering the simple health related questions, Sign up the simpleapplication form, submit photograph, proofs for identity, address and age.

modes Rs18,000 p.a for monthly mode

Premium modes Annual, semi-annual and monthly

Policy benefit periods

available

7 years,10 years,15 years, 17 years and 20

years

Minimum top-up premium Rs. 2,500


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A cover note is issued to policy holder and insurance cover startsinstantly.

100% allocation of premium- Full allocation of premium to theInvestment Fund, according to policy holder choice from 2nd year

onwards.

A guaranteed special addition equal to 130% of annualized premium in

the first policy year is added in the policy fund at maturity or death, which

is earlier.

PARAMETER ELIGIBILITY


Maximum age at entry 55 years

Maximum age at maturity 70 years

Minimum premium Rs. 12,000 p.a

Premium Modes Annual, Semi-annual and monthly


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Minimum age at vesting

Maximum age at vesting

45 years

80 years

Premium modes Single pay, yearly, Half-yearly

,Quarterly and monthly

Minimum premium Annual Regular Premium:

Rs.12, 000p.a.

Minimum policy term 10 years

Minimum top-up premium Rs.2, 500 and no maximum limit on

top-up premium and top up

allowed only after first policy year.

MERIT PLUS


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Future confident is a suitable product for you, if your objective is long-term

targeted wealth creation over 15-20 year, either for your own retirement or

for your childrens future, while at the same time providing your family

enhance financial protection.


Minimum age at entry 0 year


Maturity age 70 years

Policy benefit period 70 year less age at entry

Premium payable period Yearly, Half-Yearly, quarterly and

Monthly

Minimum premium Rs.10,000 for yearly, 5,000 for half-

yearly 2,500 for quarterly and

Rs.834 for monthly premium


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Minimum Top-up premium 500

Secure Confidence

Provide complete financial protection to your family, even when you are not

there.

Secure confident is suitable to you if your objective is to protect your family

against any financial loss caused due to unfortunate death, disability due to

an accident or critical illnesses which may deprive them of a secured future.

Parameter Eligibility


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Introduction of the process of recruitment and selection of agent


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Objectives of the study


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To understand the process of recruitment and selection of agent in BhartiAXA life insurance.

How to recruits agent for Bharti-AXA life insurance

To know about the view of general public about the job of agent

Why people are not willing to work with as an agent, especially with

private player.

Meaning of Recruitment

Finding the right people is a make-or-break factor for success in business

today. Recruiting the top talent for a job takes time and you have to attract

quality candidates who have the knowledge and skills needed to help your

company grow.


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The fact is, your success with recruitment depends on how well you prepare

your job ad, and use source of recruitment, and your interviewing skills.

Prepare a job ad that works to start, you want to be sure that your potential

candidate truly understands the job. The clearer you are with the task

description, working conditions and advantages, the less time you will waste

examining and rejecting applications

The essentials of any job description are:

A brief description of your company Detailed outline of the tasks involved Qualifications and experience required Equipment and resources used to do the work Skills required using them.However, you should also include work benefits (e.g., vacation, travel and

perks), general working conditions (e.g., scheduling, outside work) and the

specific traits required (e.g.,


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teambuilding and communications skills). Ultimately, you want to be

perceived as an attractive employer in a competitive market.

Find the right recruitment vehicle choose the vehicle that best works for

your company, depending on your budget and resources.

Word of mouth, or simply telling your employees, friends and colleagues

about a job opening, is a less expensive strategy but generates fewer

candidates. The advantage is that you already know something about your

recruiters and their skills, knowledge and achievements. This is a preferred

method with companies that have a finder's fee program for their employees.

Advertising is a toss of the dice. If it goes well, it can help you find ideal

candidates in a regional, national, or international pool. If not, it's a costly


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investment yielding few results. Make sure to factor in the time it takes to go

through

a large number of resumes.

Employment agencies cost more but generally provide a good range of

candidates. The employment advisors look at your needs, screen a number of

candidates, and only send you the applications that meet your requirements.

Bear in mind that the largest employment agencies do not necessarily offer

the best choice of candidates. There are numerous agencies that specialize in

recruitment in specific sectors.

Recruiting online such as monster.ca, workopolis.com, and jobboom.com.

These can provide inexpensive, worldwide access to employees. In fact,

65% of job seekers now have access to these types of services.

Using the Internet for recruiting usually involves regular visits to specialized

recruitment sites, joining newsgroups, and posting your job openings on

recruitment sites, electronic publications and on your own Web site.
http://www.monster.ca/http://www.monster.ca/http://www.workopolis.com/http://www.workopolis.com/http://www.jobboom.com/http://www.jobboom.com/http://www.jobboom.com/http://www.workopolis.com/http://www.monster.ca/


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After recruitment the next part is selection of best candidates.

Make the interview deliver

Since the purpose of an interview is to identify and verify the candidate's

potential, it should be structured to bring out all the desired competencies

and aptitudes. Remember that you have to decide between the candidates:

you could create a point system or analysis grid for comparing their

strengths and weaknesses.

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

Make a list in advance of the points for discussion and correspondingquestions.


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Present the candidates with a situation they could face on the job and askthem how they would react. This will enable you to evaluate the

candidates' knowledge, skills and work methods.

Ask the candidates to describe some difficult situations encountered inprevious jobs and to explain the way in which they were resolved. This

will give you the chance to gauge the candidates' self-confidence,

creativity and problem-solving skills.

Ask the candidates to describe a difficult situation involving colleaguesand how it was resolved. This will enable you to test their aptitude for

teamwork.

Ask the candidates about their ambitions and plans to ensure they fit yourcompany profile.


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Beware of asking questions about personal interests. They can get the

interview off track or annoy people who want to keep their work and private

lives separate.

Definition of Agent

According to section 182 of Indian contracts Act, an agent is a personemployed to do any act for another or to represent another in dealing with

a third person. In the insurance industry, the term agent is ordinarily

applied to a person engaged by the insurer to procure new business. The

insurance Act definers and insurance agent as one who is licensed under

Section 42 of that Act and is paid by way of commission or otherwise, in

consideration of his soliciting of procuring insurance business, including

business relating to the continuance, renewal or revival of policies of


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insurance. He is, for all purposes, an authorized salesman for insurance

and needs a license.

An agent is one who acts on behalf of another. The another on whosebehalf the agent acts, is called the principal in this case. The insurance

company is the principal in this case. The lawyer is the agent of the client,

when he argues the case in court. An ambassador is an agent of his

country. The agent represents the principal and acts on his behalf. Some

insurers designate their agents as advisers, consultants etc. as if they

are independent advisor or consultant would not be appointed by an

insurance company. He would be knowledgeable enough as a person to be

approached for advice or consultation. Some insurance agents may

acquire that status. All insurance agents should strive to attain that status.


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Procedure for becoming an Agent

The insurance Act, 1938 lays down that an insurance agent must possess alicence under Section 42 of that Act. The licence is to be issued by the

IRDA. The IRDA has authorized designated persons, in each insurance

company, to issue the licences on behalf of the IRDA.

In terms of the Insurance Act, a licences will not be given if the person is

(a) minor,(b) found to be of unsound mind,(c) found guilty of criminal misappropriation or criminal

misappropriation or criminal breach of trust or cheating or forgery

or an abetment of or attempt to commit any such offence


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(b) Have passed at least the 12th standard or equivalent examination, ifhe is to be appointed in a place with a population of 5,000 or more.

(10th standard otherwise.)

(c) Have undergone practical training for at least 50 hours in life orgeneral insurance business, as the case may be, form an institution,

approved and notified by the IRDA. IN the case of a person

wanting to become a composite insurance agent, the applicant

should have completed at least 75 hours practical training in life

and general insurance business, which may be spread over six to

eight weeks.

d) Have passed the pre-recruitment examination conducted by the

insurance institute of India or any other examination body

authorized by the IRDA.

The licence once issued, can be cancelled whenever the person acquires a

disqualification. Applications for renewal have to make at least thirty days


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before the expiry of the licence, along either the renewal fee of Rs.250. If the

application is not made at least thirty days before the expiry, but is made

before the date of expiry of licence, an additional fee of Rs.100 is payable .

If the application is made after the date of expiry, it would be normally being

refused.

Prior to renewal of the licence, the agent should have completed at least 25

hours practical training in life or general insurance business or at least 50

hours practical training in life and general insurance business in the case of a

composite insurance agent.

Insures who select agents for appointment, make arrangements for training,

for appearing in the prescribed examinations, and obtaining the licence.

NOTE


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The insurance Act provides, In Section 44, for payment of commission on

renewal premium even after termination of the agency. The commission will

be limited to a rate not exceeding 4%, to be eligible for this; the agent should

have been an agent with that insurer for at least

(1) five years and policies for at least Rs50,000 are in force one yearbefore termination of agency or,

(2)

10 year.

This commission will be payable to the heirs of the agent after the agents

death.


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FUNCTION OF AN AGENT

Understanding the prospects needs and persuade him to buy a plan of

life insurance that suits his interests best.

Complete the formalities:- paper work, medical examination, whichare necessary to get the policy expeditiously.

Keep in touch to ensure that changing circumstances are reflected inthe arrangements relating to premium payments, nomination and other

necessary alterations.

Facilitate quick settlement of claims.

Be totally honest with both the prospect and the insurer.


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Not to induce prospects to submit wrong information.

Career with Bharti AXA

Opportunity to earn unlimited income.

Career Growth.

Be your own boss.

High quality training & Support to improve productivity.

Compensation amongst the best.

Club member benefits.


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Payout structured to facilitate your cash flows better.

Best in class & competitive products.

Pension for life.

Recruitment Process

Develop a Profile

Develop sources ofrecruitment


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Approaching theTargeted recruits

Initial screening andInterviews

Reality check


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Sources of Recruitment

Controlled Uncontrolled


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MOA can recruit a placement consultant or register him self in internet job

search sites to get list of prospects.

Seminars/job fairs

Manager of agency can also organized seminars at

management institutes and colleges.

OR

Bharti AXA life insurance company participate in the job fairs and then

short list

prospects and then look for further opportunities for them.

Cold Prospecting

MOA can use the telephone directory. MOA and telecaller can use the directories of various business and social

organizations.

Database

Primary data: Direct collection of data of from the source ofinformation, technology including personal interviewing, survey etc.

Secondary Data: Indirect collection of data from sources can bepurchased from the open market and various kind of database are

available such as telephone databases of various surveys.


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Number of family member. Household income.

Occupation of parent.If selected then the senior manager/MOA approve the application.

The managers take the help of scoring Mechanism. Scoring Mechanism was

filled at the time of apply.

Age Below 25

years

Between 25-

40

More than

40

Score

Scoring

mechanism

0 2 1

Marital status Unmarried married

1 2

Education 10th

standard

or 12th

standard

graduate Post graduate

1 2 2


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Tenor of stay

in city/town

Less than 3

years

3-5 years More than 5

years

0 1 2

Household

income

Less than 2

lakhs

2-5 lakhs More than 5

lakhs

Total score

Q Score:

Acceptable Range of Score Greater than or equal to 7

Additional Approvals 5 or 6

Rejected application if 4 or less

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

required.

Step 3. Training


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Life Insurance products Underwriting Insurance Documents Policy conditions Claims Linked life insurance products Insurance agency

Laws and Regulations

IRDA Regulation 2000. IRDA Regulation 2002.

Step 5. Examination and Code

Examination is the second last part of the recruitment and selection process.

It include one hour test under, which contain 50 objective questions, one

marks each,

Pass marks are 25.

There are two method of examination.


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OBJECTIVES

AND

RESEARCH METHODOLGY


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The next step is to extract the pertinent finding from the collected data. I

have tabulated the collected data & developed frequency distributions.

Thus the whole data was grouped aspect wise and was presented in tabular

from. Thus, frequencies & percentages were to reder impact of the study.

Presentations of Findings

This was the last stop of the survey.


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Mr. Sunil Bharti mittal is introducing insurance to Punjab and

Chandigarh retailers and would like to give you an opportunity to earn

and setup a new income which can give you 15-20% margin on an

average.

In this business you only have to contact your known people or

regular customers and their references to introduce Bhartis product

and get an appointment.

Post this, manager form Bharti-AXA will go, explain the product &

close he sale for you. You will in turn receive 15-20 % margin on

sale. E.g. if a policy is sold by Bharti-AXA manager for 10,000 you

will receive 2,000.

We are here to understand your interest in this proposal specially

designed by Mr. Sunil Bharti Mittal for Punjab and Chandigar


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Only 20% shopkeepers were interested in taking up this businessopportunity with Bharti.(8 shopkeeper were interested in this activity)

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

hr 1-2 hrs 3-h hrs 5 hrs or more

From the above 8 people , 6 people said that they can spend hourfor this activity daily.

2 said that they can spent to 2 hours for this activity.

6,75%

2,25%

0% 0%

half hour

1/2 to 2

2 to 4

4 to 5


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Yes No

15% of shopkeepers have experience in the field of life insurance. 85% of shopkeepers have no experience in the field of life insurance.

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

6, 15%

34, 85%

0, 0% 0, 0%

yes

no


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Out of 6 people 33%(3) of shopkeeper working with LIC 33% (2) of shopkeeper working with HDFC Standard Life insurance 33% (1) of shopkeeper working with ICICI Prudential Life Insurance

Co. Ltd.

5) Can you spare 1/2 day on training to understand to product and how canintroduce it to your customer?

Yes NO

3,50%

2, 33%

1, 17%

0, 0%

LIC

HDFC

ICICI


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QUESTIONNAIRE

1) Would you be interested in taking up this business opportunity withBharti?

Yes

No

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

Appointments)

hr

1-2 hrs

Shop Type:- (Mobile stores, General store, Chemist etc. Please specify


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Limitation

I didnt get complete feed from the shopkeepers about the question asthey are busy in there work and had less time to fill questioned.

Sincerity of answering the questions cannot be judged.

Time was the major constraint for me to understand the long process ofrecruitment and selection.

Limited money available for project.


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Finding

Why people are not ready to work with private players in life

insurance?

Or

Why people are not ready to work as an agent in any company?

In these days LIC created a very well image in the mind of General

public because it is semi Government Company and also an oldest

company. In short most people of Indian believe upon the LIC only.

During the training period we felt that most of people who are alreadyworking in insurance sector think that it is easy to sell the product of LIC

than to sell the product of other life insurance company.

Most of people say that this job affects upon there social relation withother and also effect upon there business.

Most of people believe that private insurance companies carried out fraudactivity thats why they never believe upon the private players.


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insurance and also have knowledge about the role and act of agent but

mostly people unwilling to work as life insurance agent and mostly people

prefer to work with LIC because it is a semi government corporation.

Suggestions

Bharti-AXA life insurance company must give more advertisements on

electronic media and print media, as it help in enhance its goodwill and more

people are willing to work with reputed companies, through proper

advertisement it become easy to sell the product.

An insurance company must work with honesty to win the confident of its

agent and general public.

Duration of training must be reducing as in these day people have no extra

time.

Fees charged by companies from candidate for IRDA exam and training

should reduce.


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www.ibef.org

The opportunity

About 2/3 of the Indian population is insurable

High % of population is uninsured or underinsurance.

We Indian are natural savers

Indians save the maximum in the world.

Those insured are underinsured.
http://www.ibef.org/http://www.ibef.org/http://www.ibef.org/


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Bharti Axi Life Insurance Recruitment

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