Priyanka Jangid Reliance

7/28/2019 Priyanka Jangid Reliance

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In partial fulfillment of MBA(Financial Services) Third Semester Project

External Guidance by:Mr. Amrit Anand

Assistant HR Manager

Gomti nagar Branch

Submitted by:

Tarunendra Pratap Singh

BBA V SEM,R.K.G. Educational College,Lucknow University.


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Declaration

I hereby declare that the work which is being presented in theproject entitled, Human Resource Policies AND RecruitmentProcess in partialFulfillment of the requirements for the award degree of Master ofBusinessAdministration(Financial Services), DMS JNV University , is anauthentic record of my own work carried out during the trainingperiod.

The matter presented in this Project Report has not been

submitted by me for the award of any other degree of this or anyother University.

PRIYANKA JANGIDMBA(FS) III SEM


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Acknowledgement

Success of every project depends largely on the SELF & encouragementand guidance of many others. I take this opportunity to express mygratitude to the people who have been instrumental in the successfulcompletion of this study project.

First of fall I would like to thank the Management at Reliance LifeInsurance company for giving me the opportunity to do my two-monthproject training in their esteemed organization.Internal Guide) for providing me with valuable advice and endless supplyof new ideas and support for this project.

I would like to thank Mr.Amrit Anand (Assit. HR Manager) And Mr.Aruneet M. Thacore (Sr. HR Officer) for providing practical exposure forthe project and his valuable guidance during the project work.

My special thanks to CRC DPT.( MBA program, ABS) for pricelessguidance, and it goes without saying that without their support this project

would not have been possible.

Tarunendra Pratap Singh,BBA V Semester.


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TABLE OF CONTENTSPREFACE

INTRODUCTION

COMPANY PROFILE

LIFE INSURANCE

RELIANCE CAPITAL

RELIANCE MUTUAL

RELIANCE GENERAL INSURANCE

RELIANCE COMMUNICATION

RELIANCE LIFE INSURANCE

IRDA

HUMAN RESOURCE POLICY IN RLIC

RECRUITMENT PROCESS

CONCLUSION

RECOMMENDATION

BIBLIOGRAPHY


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PREFACE

BBA program is one of the most reputed professional courses in the field of Management.

There is a study project as an integral part of BBA in the Fifth Semester. As a complementary

to that every one has to submit a report on the work conducted in the industry.

This report is thus prepared for the study project done at Reliance life insurance. The topic of

the project is, HUMAN RESOURCE POLICIES AND RECRUITMENT PROCESS

The organization shall make all possible efforts to have a secure and safe domain. The

data/information is very important and most critical to the business requirements; thereforeproper measures should be adopted so that the information is well secured and protected.

TARUNENDRA PRATAP SINGH

BBA V Sem


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INTRODUCTION TO THE INDUSTRY

THE HISTORY OF INDIAN INSURANCE INDUSTRY

ORIGIN OF LIFE INSURANCE

Almost 4,500 years ago, in the ancient land of Babylonia, traders used to bear risk of thecaravan trade by giving loans that had to be later repaid with interest when the goods arrivedsafely. In 2100 BC, the Code of Hammurabi granted legal status to the practice.That, perhaps, was how insurance made its beginning.

Life insurance had its origins in ancient Rome, where citizens formed burial clubs that wouldmeet the funeral expenses of its members as well as help survivors by making some payments.

As European civilization progressed, its social institutions and welfare practices also got moreand more refined. With the discovery of new lands, sea routes and the consequent growth intrade, Medieval guilds took it upon themselves to protect their member traders from loss onaccount of fire, shipwrecks and the like.

Since most of the trade took place by sea, there was also the fear of pirates. So these guilds evenoffered ransom for members held captive by pirates. Burial expenses and support in times ofsickness and poverty were other services offered. Essentially, all these revolved around theconcept of insurance or risk coverage. That's how old these concepts are, really.

In 1347, in Genoa, European maritime nations entered into the earliest known insurancecontract and decided to accept marine insurance as a practice.

The First StepInsurance as we know it today owes its existence to 17th century England. In fact, it begantaking shape in 1688 at a rather interesting place called Lloyd's Coffee House in London, where


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merchants, ship-owners and underwriters met to discuss and transact business. By the end of the18th century, Lloyd's had brewed enough business to become one of the first modern insurancecompanies.

Insurance and Myth...Back to the 17th century. In 1693, astronomer Edmond Halley constructed the first mortalitytable to provide a link between the life insurance premium and the average life spans based onstatistical laws of mortality and compound interest. In 1756, Joseph Dodson reworked the table,linking premium rate to age.

Enter companies...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 inCharleston, SC.

In 1759, the Presbyterian Synod of Philadelphia sponsored the first life insurance corporation inAmerica for the benefit of ministers and their dependents.

However, it was after 1840 that life insurance really took off in a big way. The trigger: reducingopposition from religious groups.

The growing years...The 19th century saw huge developments in the field of insurance, with newer products beingdevised to meet the growing needs of urbanization and industrialization.

In 1835, the infamous New York fire drew people's attention to the need to provide for suddenand large losses. Two years later, Massachusetts became the first state to require companies bylaw to maintain such reserves. The great Chicago fire of 1871 further emphasized how fires cancause huge losses in densely populated modern cities. The practice of reinsurance, wherein therisks are spread among several companies, was devised specifically for such situations.

There were more offshoots of the process of industrialization. In 1897, the British government

passed the Workmen's Compensation Act, which made it mandatory for a company to insure itsemployees against industrial accidents.

With the advent of the automobile, public liability insurance, which first made its appearance inthe 1880s, gained importance and acceptance.

In the 19th century, many societies were founded to insure the life and health of their members,while fraternal orders provided low-cost, members-only insurance.


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Even today, such fraternal orders continue to provide insurance coverage to members as domost labour organizations. Many employers sponsor group insurance policies for theiremployees, providing not just life insurance, but sickness and accident benefits and old-agepensions. Employees contribute a certain percentage of the premium for these policies.

In India...

Insurance in India can be traced back to the Vedas. For instance, yogakshema, the name of LifeInsurance Corporation of India's corporate headquarters, is derived from the Rig Veda. The termsuggests that a form of "community insurance" was prevalent around 1000 BC and practiced bythe Aryans.

Burial societies of the kind found in ancient Rome were formed in the Buddhist period to helpfamilies build houses, protect widows and children.

Bombay Mutual Assurance Society, the first Indian life assurance society, was formed in 1870.

Other companies like Oriental, Bharat and Empire of India were also set up in the 1870-90s.

It was during the swadeshi movement in the early 20th century that insurance witnessed a bigboom in India with several more companies being set up.

As these companies grew, the government began to exercise control on them. The InsuranceAct was passed in 1912, followed by a detailed and amended Insurance Act of 1938 that lookedinto investments, expenditure and management of these companies' funds.

By the mid-1950s, there were around 170 insurance companies and 80 provident fund societiesin the country's life insurance scene. However, in the absence of regulatory systems, scams and

irregularities were almost a way of life at most of these companies.

As a result, the government decided nationalize the life assurance business in India. The LifeInsurance Corporation of India was set up in 1956 to take over around 250 life companies.

For years thereafter, insurance remained a monopoly of the public sector. It was only afterseven years of deliberation and debate - after the RN Malhotra Committee report of 1994became the first serious document calling for the re-opening up of the insurance sector to privateplayers -- that the sector was finally opened up to private players in 2001.

The Insurance Regulatory & Development Authority, an autonomous insurance regulator set up

in 2000, has extensive powers to oversee the insurance business and regulate in a manner thatwill safeguard the interests of the insured.

Life insurance

life assurance is a contract between the policy owner and the insurer, where the insurer agrees

to pay a sum of money upon the occurrence of the insured individual's or individuals' death or


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other event, such as terminal illness or critical illness. In return, the policy owner (or policy

payer) agrees to pay a stipulated amount called a premium at regular intervals or in lump sums.

There may be designs in some countries where bills and death expenses plus catering for after

funeral expenses should be included in Policy Premium. In the United States, the predominant

form simply specifies a lump sum to be paid on the insured's demise.

As with most insurance policies, life insurance is a contract between the insurerand thepolicyowner (policyholder) whereby a benefit is paid to the designated Beneficiary (or Beneficiaries)if an insured eventoccurs which is coveredby the policy. To be a life policy the insured eventmust be based upon life (or lives) of the people named in the policy.

Life policies are legal contracts and the terms of the contract describe the limitations of the

insured events. Specific exclusions are often written into the contract to limit the liability of theinsurer; for example claims relating to suicide, fraud, war, riot and civil commotion.

Life based contracts tend to fall into two major categories:

Protection policies - designed to provide a benefit in the event of specified event,

typically a lump sum payment. A common form of this design is term insurance.

Investmentpolicies - where the main objective is to facilitate the growth of capital by

regular or single premiums. Common forms (in the US anyway) are whole life, universal life

and variable life policies.
http://en.wikipedia.org/wiki/Insurancehttp://en.wikipedia.org/wiki/Protectionhttp://en.wikipedia.org/wiki/Investmenthttp://en.wikipedia.org/wiki/Protectionhttp://en.wikipedia.org/wiki/Investmenthttp://en.wikipedia.org/wiki/Insurance


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Company profile

Founder

Few men in history have made as dramatic a contribution to their countrys economic fortunesas did the founder of Reliance, Shri. Dhirubhai H Ambani. Fewer still have left behind a legacythat is more enduring and timeless.

As with all great pioneers, there is more than one unique way of describing the true genius ofDhirubhai: The corporate visionary, the unmatched strategist, the proud patriot, the leader ofmen, the architect of Indias capital markets, the champion of shareholder interest.

But the role Dhirubhai cherished most was perhaps that of Indias greatest wealth creator. In onelifetime, he built, starting from the proverbial scratch, Indias largest private sector enterprise.

When Dhirubhai embarked on his first business venture, he had a seed capital of barely US$ 300(around Rs 14,000). Over the next three and a half decades, he converted this fledglingenterprise into a Rs 60,000 crore colossusan achievement which earned Reliance a place onthe global Fortune 500 list, the first ever Indian private company to do so.

Dhirubhai is widely regarded as the father of Indias capital markets. In 1977, when RelianceTextile Industries Limited first went public, the Indian stock market was a place patronised by asmall club of elite investors which dabbled in a handful of stocks.

Undaunted, Dhirubhai managed to convince a large number of first-time retail investors toparticipate in the unfolding Reliance story and put their hard-earned money in the RelianceTextile IPO, promising them, in exchange for their trust, substantial return on their investments.It was to be the start of one of great stories of mutual respect and reciprocal gain in the Indianmarkets.


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Under Dhirubhais extraordinary vision and leadership, Reliance scripted one of the greatestgrowth stories in corporate history anywhere in the world, and went on to become Indiaslargest private sector enterprise.

Though the company's oil-related operations forms the core of its business, it has diversified itsoperations in recent years. After severe differences between the founder's two sons, Mukesh andAnil Ambani, the group was divided between them in 2006.

Reliance Capital (RCAP), a non banking financial company, is the financial service arm of theAnil Dhirubhai Ambani Group (ADAG) which has varied interests in areas like telecom,energy, entertainment. Reliance Capital is one of India's leading and fastest growing privatesector financial services companies and ranks among the top 3 private sector financial servicesand banking companies, in terms of net worth. Through the companys subsidiaries, it offers

products and services like mutual fund, life insurance and general insurance. It has sizableprivate equity and proprietary investments and is pursuing new ventures like stock broking,consumer financing and the asset recovery business as well. Reliance Capital, initially focusedon the asset management business, has recently expanded its presence in life insurance, generalinsurance space and ebroking business as well. Reliance Capital launched Reliance Money, aretail broking and distributor of a range of financial service products. It has a network of over2,200 outlets (Indias largest retail network by a non banking financial services company).Reliance Capital has 100% economic interest in all the business

We will create the next generation communication network and information technology

infrastructure that will bring immense value to every Indian, and leapfrog India into the

center stage of global Infocomm space

We will create the next generation communication network and information technology

infrastructure that will bring immense value to every Indian, and leapfrog India into the

center stage of global Infocomm space
http://en.wikipedia.org/wiki/Mukesh_Ambanihttp://en.wikipedia.org/wiki/Anil_Ambanihttp://en.wikipedia.org/wiki/Mukesh_Ambanihttp://en.wikipedia.org/wiki/Anil_Ambani


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We were small then - an infant in industry

We are small now - at the doorsteps of opportunity.

- Dhirubhai Ambani

Elected in India asBusinessman of the Millennium

Founded by Shri. Dhirubhai Ambani in the year 1966.

Reliance Group was started with a capital of Rs. 15000/-.

He converted this fledgling enterprise into a Rs. 95,000 crore colossus.

Over time, Reliance Group has diversified into a core specialization in petrochemicalswith additional interests in telecommunications, information technology, energy, power,

retail, textiles, infrastructure services, capital markets, & logistics Driven by a vision of building a world-class enterprise in India founded on;-Indian opportunity-Strength of the Indian middle Class-Power of the Indian youth

Our Chairman

Shri. Anil D. Ambani was born to Dhirubhai Ambani and Kokilaben Ambani on June04, 1959 at Mumbai


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He did his schooling and graduation in Mumbai and thereafter pursued his Masters ofBusiness Administration from Wharton Business School, USA

Anil Dhirubhai Ambani is the Chairman of all listed Group companies, namely: RelianceCommunications, Reliance Capital, Reliance Energy, Reliance Health, Reliance

Entertainment and Reliance Natural Resources Limited. Anil D Ambani joined Reliance in 1983 as Co-Chief Executive Officer

Under his leadership, Reliance pioneered India's first forays into overseas capitalmarkets with international public offerings of global depository receipts, convertiblesand bond

Wharton Board of Overseers, The Wharton School, USA

Central Advisory Committee, Central Electricity Regulatory Commission

Board of Governors, Indian Institute of Management, Ahmedabad

Board of Governors Indian Institute of Technology, Kanpur

In June 2004, he was elected for a six-year term as an independent member of the RajyaSabha, Upper House of Indias Parliament a position he chose to resign voluntarily onMarch 25, 2006.

Conferred the CEO of the Year 2004 in the Platts Global Energy Awards

Rated as one of Indias Most Admired CEOs for the sixth consecutive year in theBusiness Barons TNS Mode opinion poll,2004

Conferred The Entrepreneur of the Decade Award by the Bombay ManagementAssociation, October 2002

Awarded the First Wharton Indian Alumni Award by the Wharton India EconomicForum (WIEF) in recognition of his contribution to the establishment of Reliance as aglobal leader in many of its business areas, December 2001

Anil D Ambani joined Reliance in 1983 as Co-Chief Executive Officer, and was centrallyinvolved in every aspect of the company's management over the next 22 years.

He is credited with having pioneered a number of path-breaking financial innovations in theIndian capital markets. He spearheaded the country's first forays into the overseas capitalmarkets with international public offerings of global depositary receipts, convertibles and bonds.Starting in 1991, he directed Reliance Industries in its efforts to raise over US$ 2 billion. Healso steered the 100-year Yankee bond issue for the company in January 1997.

Awards & Achievements

Conferred the CEO of the Year 2004 in the Platts Global Energy Awards

Rated as one of Indias Most Admired CEOs for the sixth consecutive year in theBusiness Barons TNS Mode opinion poll,2004

Conferred The Entrepreneur of the Decade Award by the Bombay ManagementAssociation, October 2002


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Awarded the First Wharton Indian Alumni Award by the Wharton India EconomicForum (WIEF) in recognition of his contribution to the establishment of Reliance as aglobal leader in many of its business areas, December 2001

Selected by Asia week magazine for its list of Leaders of the Millennium in Businessand Finance and was introduced as the only new hero in Business and Finance fromIndia, June 1999

Voted 'MTV Youth Icon of the Year', in September 2003

Voted as Indias Business Icon For The Youth in a poll conducted by India Todaymagazine.- August 2006

Amitabh Jhunjhunwala,

Vice-Chairman

Shri Amitabhabh Jhunjhunwala, 51, is a Fellow Chartered Accountant. He has vast experiencein the areas of financial services and capital markets. Shri Jhunjhunwala was appointed to theBoard on March 7, 2003 and was appointed Vice Chairman on March 20, 2006. He is a Directoron the Board of Harmony Art Foundation and Reliance Anil Dhirubhai Ambani Group Pvt. Ltd.

Rajendra Chitale, Independent Director

Shri Rajendra P. . Chitalale, 46, an eminent Chartered Accountant, is the Managing Partner ofM/s M. P. Chitale & Associates. He is a Director on boards of the National Securities ClearingCorporation Limited, Asset Reconstruction Company (India) Ltd, Hinduja TMT Limited,HTMT Global Solutions Ltd, Ambuja Cement Limited, SME Rating Agency of India Limited,Ishan Real Estate PLC and Reliance General Insurance Company Ltd. He is also a member ofthe advisory board of the Insurance and Regulatory Authority of India (IRDA). He has alsoserved on the boards of Life Insurance Corporation of India, Unit Trust of India, SBI CapitalMarkets Ltd., National Stock Exchange of India Ltd. and Small Industries Development Bank of

India.

Shri C. P. Jain

Shri C.P. Jain, 61, is the former Chairman and Managing Director of NTPC Ltd. (NationalThermal Power Corporation). Shri Jain has an illustrious career spanning over four decades ofcontribution in the fields of financial management, general management, strategic managementand business leadership. He is a fellow member of the Institute of Chartered Accountants of


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India with an advanced diploma in Management and is a law graduate. Shri C. P. Jain joined theBoard of NTPC in 1993 as Director (Finance), was elevated as Chairman & Managing Directorin September 2000 and superannuated in March 2006. He is Chairman of the Global StudiesCommittee of World Energy Council (WEC), world's largest energy NGO with nearly hundredmember-nations. He has been on several important committees of the Government of India,

latest being the 'Adhoc Group of Experts on Empowerment of CPSEs'. He was Chairman ofStanding Conference of Public Enterprises (SCOPE) between April 2003 and March 2005. He isa Director on the Board of IL & FS Infrastructure Development Corporation and, is also amember of the Audit Advisory Board of the Comptroller and Audit General of India.

Reliance Capital Ltd is a part of the Reliance - Anil Dhirubhai Ambani Group, and is rankedamong the 25 most valuable private companies in India.

Reliance Capital is one of India's leading and fastest growing private sector financial servicescompanies, and ranks among the top 3 private sector financial services and banking groups, in

terms of net worth.

The Reliance Anil Dhirubhai Ambani Group is one of India's top 2 business houses, and has amarket capitalization of over Rs.2,90,000 crore (US$ 75 billion), net worth in excess ofRs.55,000 crore (US$ 14 billion), cash flows of Rs. 11,000 crore (US$ 2.8 billion) and net profitof Rs. 7,700 crore (US$ 1.9 billion

Reliance Capital has interests in asset management and mutual funds, life and general insurance,private equity and proprietary investments, stock broking, depository services, distribution of

financial products, consumer finance and other activities in financial services.

Reliance Mutual Fund is India's no.1 Mutual Fund. Reliance Life Insurance is India's fastestgrowing life insurance company and among the top 4 private sector insurers. Reliance GeneralInsurance is India's fastest growing general insurance company and the top 3 private sectorinsurers. Reliance Money is the largest brokerage and distributor of financial products in Indiawith more than 2 million customers and the largest distribution network. Reliance Consumerfinance has disbursed loans of over Rs.7,000 crores at the end of March 2008.


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Reliance Capital has a networth of Rs.6,086 crores (US$ 1.5 billion) and total assets of Rs.16,371 crores (US$ 4.1 billion) as of March 31, 2008 and over 21,000 employees


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IPTV

DTH

o e

TV

NIS Sparta

Reliance ADA Group

New Growth

Areas

Natural Resources

Infrastructure

Harmony

Power Trading

Health

Insurance And

Healthplan Admin

Healthcare delivery

and Integrated

Health

EPC

Entertainment

Adlabs

Radio(FM)

New Intiatives

Energy

Generation

Transmision

Distribution

Healthcare

Informatics and

KPOGeneral Insurance

Money Consumer Health

Reliance World

Global Business

Communication Capital

Mutual Fund

Life Insurance

Personal Business

Enterprise

Business


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Vision

To build a global enterprise for all our stakeholders, and a great future for our country,

To give millions of young Indians the power to shape their destiny,The means to realize theirfull potential

Symbol

Our symbol, Reliance APEX conveys the spirit of excellence, the human urge for progress,the desire to reach higher, the resolve to shape a better future.

The APEX is the highest point the pinnacle - an abiding symbol of hope and optimism,

achievement and success.

The blue in Reliance APEX represents the inner strength, the self belief, the quiet confidence,the sense of purpose that go into the making of an epic journey.

The red in Reliance APEX represents the energy and dynamism that propels one to the pinnacleof ones ambition.


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Reliance Mutual Fund, a part of the Reliance - Anil Dhirubhai Ambani Group(R- ADAG) is one of the fastest growing mutual funds in the country.

Reliance Mutual Fund offers investors a well rounded portfolio of products to meetvarying investor requirements.

Reliance Mutual Fund has a presence in over 115 cities across the country, an investorbase of over Rs. 40.28 Lacs with Assests Under Management (AUM) of Rs.77,765crores

Reliance Mutual Fund schemes are managed by Reliance Capital Asset ManagementLtd., a wholly owned subsidiary of Reliance Capital Ltd.

Reliance Life Insurance is an associate company of Reliance Capital Ltd., which alongwith its associates has acquired 100% shares in AMP Sanmar Life Insurance Co Ltd.

Reliance Life Insurance has a pan presence and a range of products catering to individualas well as corporate needs

A total of 16 products covering savings, protection & investment requirements


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Reliance General Insurance, a Subsidiary of Reliance Capital, is one of the first non-lifecompanies to get the license from the IRDA. RGICL offers an exhaustive range ofinsurance products that covers most risks including Property, Marine, Casualty andLiability.

Vision

To be an insurer of World Standards and the most preferred choice for clientele at thedomestic and global level.


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Launched in 2002, PAN India CDMA based telecom service provider, an integratedtelecom company having largest infrastructure

Indias No. 1 wireless service provider with more than 50 million customers.

Largest pan India coverage-over 11000 towns & 3 lakh villages.

Over 10 million subscribers carry a handset thats capable of getting high speed internetconnectivity.

More than 50% of the international calls coming to India, use Reliance network.


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Reliance Life Insurance, a part of the Reliance - Anil Dhirubhai Ambani Group is India's fastestgrowing life insurance company and among the top 5 private sector life insurers.

Reliance Life Insurance has a pan India presence and a range of products catering to individualas well as corporate needs. Reliance Life Insurance has over 700 branches and 1,50,000 agents.

It offers 23 products covering savings, protection & investment requirements.

Reliance Life Insurance will endeavour to attain a leadership position in the market over thenext few years, by further expanding and strengthening its distribution network and offering a

diverse array of products to suit the varied and specific needs of individual customers.

After its successful launch of telecom business, Reliance is likely to revive its plans to foray intothe life insurance sector by March this year.

Reliance Life Insurance Company Limited is a part of Reliance Capital Ltd. of the Reliance

Anil Dhirubhai Ambani Group. Reliance Capital is one of Indias leading private sector

financial services companies, and ranks among the top 3 private sector financial services and

banking companies, in terms of net worth. Reliance Capital has interests in asset management

and mutual funds, stock broking, life and general insurance, proprietary investments, private

equity and other activities in financial services.

Reliance Capital Limited (RCL) is a Non-Banking Financial Company (NBFC) registered

with the Reserve Bank of India under section 45-IA of the Reserve Bank of India Act, 1934.

Reliance Capital sees immense potential in the rapidly growing financial services sector in

India and aims to become a dominant player in this industry and offer fully integrated

financial services.


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Reliance Life Insurance is another step forward for Reliance Capital Limited to offer need

based Life Insurance solutions to individuals and Corporates.

CORPORATE OBJECTIVE

At Reliance Life Insurance, we strongly believe that as life is different at every stage, life

insurance must offer flexibility and choice to go with that stage. We are fully prepared and

committed to guide you on insurance products and services through our well-trained advisors,

backed by competent marketing and customer services, in the best possible way.

It is our aim to become one of the top private life insurance companies in India and to

become a cornerstone of RLI integrated financial services business in India.

CORPORATE MISSION

To set the standard in helping our customers manage their financial future

Currently around 80% of the countries population is without a life insurance policy. With theeconomy booming, the disposable incomes are set to increase which will increase the number ofpolicy holders dramatically. Life insurance industry recorded a growth of 110 % in premiumcollection FY07. Reliance life Insurance (RLI) is the fastestgrowing insurance company in India with a market share of 4% amongst private insurers. TheAUM is Rs. 12 bn. It already has a reach of 217 branches and may scale up to 400 by FY08 .Its

agent force would increase to nearly 2, 00,000 agents in FY 2008 up from 1, 06,000 agents inFY 2007. Reliance Life grew by 381% in FY07. Reliance expects its growth from rural areas.The total premium earned, 88 % is from ULIP plans and 12% from others. This trend is likely tobe seen in the future years as well. Currently banks are allowed to sell insurance policies ofonly one Insurance Company. Banks have a tie up with the insurance company for a period ofthree years. Since Reliance Capital is a late entrant in this business it does not have a tie up withany of the banks to sell its insurance products. However, it has the opportunity to enter intocontracts with banks as and when they come up for renewal after a period of every three years.


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VALUATION


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IRDA

Insurance Regulatory and Development

AuthorityThe Insurance Regulatory and Development Authority (IRDA) is a national agency of theGovernment of India, based in Hyderabad. It was formed by an act of Indian Parliament knownas IRDA Act 1999, which was amended in 2002 to incorporate some emerging requirements.Mission of IRDA as stated in the act is "to protect the interests of the policyholders, to regulate,promote and ensure orderly growth of the insurance industry and for matters connectedtherewith or incidental thereto."

M I S S I O N

To protect the interests of the policyholders, to regulate, promote and ensureorderly growth of the insurance industry and for matters connected therewith orincidental thereto.

COMPOSITION OF AUTHORITY:

As per the section 4 of IRDA Act' 1999, Insurance Regulatory and Development Authority (IRDA, which

was constituted by an act of parliament) specify the composition of Authority

The Authority is a ten member team consisting of

(a) a Chairman;

(b) five whole-time members;

(c) four part-time members,

(all appointed by the Government of India)

DUTIES , POWER & FUNCTIONS OF IRDA:

Section 14 of IRDA Act, 1999 laysdown the duties,powers and functions of IRDA..(1) Subject to the provisions of this Act and any other law for the time being in force, theAuthority shall have the duty to regulate, promote and ensure orderly growth of the insurancebusiness and re-insurance business.(2) Without prejudice to the generality of the provisions contained in sub-section (1), thepowers and functions of the Authority shall include, -
http://en.wikipedia.org/wiki/Government_of_Indiahttp://en.wikipedia.org/wiki/Hyderabad_(India)http://en.wikipedia.org/wiki/Government_of_Indiahttp://en.wikipedia.org/wiki/Hyderabad_(India)


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(a) issue to the applicant a certificate of registration, renew, modify, withdraw, suspend orcancel such registration;

(b) protection of the interests of the policy holders in matters concerning assigning of policy,nomination by policy holders, insurable interest, settlement of insurance claim, surrender valueof policy and other terms and conditions of contracts of insurance;

(c) specifying requisite qualifications, code of conduct and practical training for intermediaryor insurance intermediaries and agents;

(d) specifying the code of conduct for surveyors and loss assessors;(e) promoting efficiency in the conduct of insurance business;(f) promoting and regulating professional organisations connected with the insurance and re-

insurance business;(g) levying fees and other charges for carrying out the purposes of this Act;

(h) calling for information from, undertaking inspection of, conducting enquiries andinvestigations including audit of the insurers, intermediaries, insurance intermediaries and otherorganisations connected with the insurance business;

(i) control and regulation of the rates, advantages, terms and conditions that may be offered by

insurers in respect of general insurance business not so controlled and regulated by the TariffAdvisory Committee under section 64U of the Insurance Act, 1938 (4 of 1938);(j) specifying the form and manner in which books of account shall be maintained and

statement of accounts shall be rendered by insurers and other insurance intermediaries;(k) regulating investment of funds by insurance companies;(l) regulating maintenance of margin of solvency;(m) adjudication of disputes between insurers and intermediaries or insurance intermediaries;(n) supervising the functioning of the Tariff Advisory Committee;

(o) specifying the percentage of premium income of the insurer to finance schemes forpromoting and regulating professional organisations referred to in clause (f);

(p) specifying the percentage of life insurance business and general insurance business to be

undertaken by the insurer in the rural or social sector; and

AGENT

A person who represents one or more insurance companies and who usually sells all types ofinsurance on a commission basis is known as an agent. This person sells coverage to thepolicyowners, is usually licensed by the State Insurance Department and appointed by the

insurance company. The agent, by contract and by law, is endowed with selected powers andresponsibilities

RESPONSIBILITIES OF AN AGENT


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Identify potential Insurance Advisor's based on agreed profiles and ensure recruitment in

accordance with the business plan. To also achieve expected sales target on a consistent basis through own team of

advisor's. To continuously review performance of own team of advisor's and to improve their

productivity on an on going basis. Provide leadership and management to the team of Advisor's.

Provide training and monitor development needs of advisor's in the team; provide

feedback on advisors performance, particularly those with less experience.

After having sold a new insurance policy , the agent has to ensure that the policy continues,without a lapse, till it becomes acclaim . the conservation of thje policy is in the interests of allthe three persons concerned , the insurer, the policyholder and the agent . for this purpose he hasto

Keep in touch with policy holder to make sure that renewal premiums are paid in

time. Ensure that nominations are made or changed according to changing circumstances.

Assist in settlement of the claim , helping the claimants to complete the necessaryformalities and requirements.

In order that he may perform all these tasks well. The agent has to be familiar with

The benefits under the various plans of insurance offered by his insurer.

The office procedures for various matters including the forms and documents.

FUNCTIONS OF AN AGENT

The agents main function is to solicit and procure life insurance business for the insurer, whichhas appointed him for that purpose. At the same time, he is trusted by the prospect to advice himsuitably, keeping his circumstances and needs in mind. He is thus , in the unique role of a persontrusted by both parties to the transaction . his functions would require him to.

Under stand the prospects needs and persuade him to buy a plan of life insurance

That suits his interest best.

Complete the formalities (paper work , medical examination) necessary to get the policyexpeditiously.

Keep in touch to ensure that changing circumstances are reflected in the arrangementsrelating to premium payments , nomination and other necessary alterations.

Facilitate quick settlement of claims


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Be totally honest with both the prospect and the insurer.

The regulation framed by the IRDA lays down a code of conduct which incorporate some ofthese concepts. The code says INTERALIA that the agent shall

Identify himself and the insurance company of which he is an agent

Disclose the license to the prospect on demand

Explain all available options to the prospect

Recommend a suitable plan taking in to account the needs of the prospect

Disclose the scales of commission, if asked for the prospect

Explain the nature and importance of the information required in the proposal form

Impress up on the prospect the need to disclose all information

Make all enquiries about the prospect

Inform the insurer about any material facts, including habits, that could adversely

affect the underwriting decision Convey the prospect about the acceptance or rejection of the proposal

Render necessary to policyholders or claimants or beneficiaries in complying withrequirements asked for by the insurer

Advice policyholder to effect nomination

Make every attempt to ensure remittance of premiums by the policyholders within thestipulated time, by giving notice orally and in writing.

Not to induce prospects to submit wrong information.

Not to interfere with the proposals introduced by other insurance agents

Not demand or receive from beneficiary, share of proceeds under an insurancecontract

Not cause the termination of an existing policy with a view to effect a new proposal

Requirements:

Education : Any Graduate.

At least 3-5 year(s) of working experience in the related field is required for this

position. Experience of sales in a financial services industry would be an added advantage. A consistently good record in sales or sales management role with potential for leading

others. Past record of motivating others towards achievement of ambitious targets and attaining

higher levels of performance will be an added advantage. Strong Leadership qualities and ability to coach and mentor others.

Knowledge of the market place.


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Excellent verbal and written communication skills.

Aggressive with drive and high energy levels who shows potential to mentor/lead a team

of Insurance advisor's Strong retail sales/distribution experience, preferably from the financial sectors.

Coming from Good reputed companys

Past experience of managing (Small) teams preferred. Good communication skills. Fluency in English.

Preferably Junior Executives specializing in Human Resources or equivalent.


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HUMANRESOURCE

POLICY ATRELIANCE

LIFEINSURANCE

COMPENSATION STRUCTURE


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The Compensation structure of the company is based on the combination of Cost To CompanyAnd Administrated benefits

There are to compensation Structure within reliance Life Insurance Company1. Fixed Compensation Structure applicable to Sales Manager and Customer care

Executive . in the Fixed salary Structure the component and amount are predicted by

company.

2. A la carte salary Structure Applicable To all employees who are not covered under the

Fixed Compensation Structure - In the A la carte salary Structure an employee is

offered a cost to company. which can then be assigned to various component as per the

guidelines given below:

COST TO COMPANY

Cost to company structure is split into two fields:

1. Mandatory: comprises of

Basic salary

Provident fund

Gratuity

2. Choice Pay: comprises of

House Rent Allowance

Conveyance Allowance

Medical reimbursement

Childrens education Allowance

Superannuation

Leave Travel Allowance

Fixed Bonus


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Vehicle Running expense Reimbursement

Special Personal Allowance

ADDITIONAL BENEFITS

Medical Insurance

Performance Linked Incentive

Salary Review


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DOMESTIC TRAVEL POLICY

OBJECTIVE

The objective of this policy is to regulate inter city travel for business purpose

SCOPE

This Policy Should be applicable to all employees of the company when they are undertakinginter city tours for official purpose with prior approval of the appropriate authority.

MODE OF TRAVEL

The class of travel is detailed in the annexure. However employee may avail check/apex fareand travel by air provided the air fare is almost equal to or at best 10% more than the train fare.

LIVING EXPENSE

The limit are provided in the annexure. Living expense limit shall cover expense on meal /refreshment and laundry.

HOTEL STAY


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The entitlement has been provided in the annexure. Whenever hotel accommodation is notavailable as per the star facility the tariff indicators will be the reference point for arranging thesame . tariff indicators are exclusive of all taxes.

TRANSIT EXPENSE

This is also permissible as a flat claim for ever 12 hours or part thereof of train journey and ismeant to cover all en transit expenses on food, refreshment, periodicals etc.

LOCAL CONVEYANCE

The mode of local conveyance and the car categories are provided in the annexure. Thoseentitled to taxi travels can avail of hired car if no taxi facility is available subject to approval ofthe sanctioning authority.


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OFFICE HOURS

An office will follow 6 days working week (Monday To Saturday)and the timing will be asfollows :

9:30am to 5:30pm.

Half an hour lunch break starting not earlier than 1:00 pm.

Weekly off: Sunday

HOLIDAYS

All office will observe 13 days of public holidays for each calendar year while the nationalholiday will be observed by all office, the balance holidayss should be derived from the list ofbank holidays as applicable to each state. Within the state the list of holiday should be commonacross all Businesses.

PROBATION

All employees shall be subjected to 6 months probation period to asses the suitability of theemployee.

RESIGNATION

Any employee intending to resign from the services of the company shall summit the letter ofresignation to his immediate superior and HR manger. The immediate superior and theconcerned functional head will decide on the further course of action and the date of relieving


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and convey the same to the employee. Thereafter HR will initiate the relieving process andsettlement of accounts.The full and final settlements of the account will be done within a period of fifteen days from

the day relieving.

LEAVE POLICY

OBJECTIVE

The objective of this policy is to describe the leave entitlements and the terms and conditionsgoverning the same to all employees of reliance capital.

GENERAL

Leave availment should be done in a planned manner.

It should be with prior approval of the sanctioning authority.

Leave calendar should run from 1st January to 31st December.

Absence from duty, except on account of leave or holiday, shall be dealt with the

management at its discretion and in the best interest of the organization.

Encashment of earned leave will be subject to tax as applicable.

NATURE OF LEAVE

Earned/ privileged leave


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LTA

Casual Leave

Sick Leave

Maternity/ Miscarriage Leave

Paternity Leave

Joining Leave

RELOCATION ASSISTANCE

OBJECTIVE

The objective of this policy is to extend assistance to employee who have to relocate from theirplace of residence on transfer or on joining of the company.

SCOPE

This policy is applicable to all employees who have been transferred from one location toanother and to such candidates who are in the process of relocating consequent upon acceptanceof employment offer with the company.Following facilities benefits will be extended to the employees upon acceptance of employmentoffer with be extended to the employee

Residential premises/school scouting trip

Temporary living expense


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Re-settlement allowance

Moving expenses

COMPANY LEASED

ACCOMMODATION

OBJECTIVE

This policy is framed specifically to assist employees in securing a company leasedaccommodation.

SCOPE

Subject to approval of the CEO, this policy shall be applicable only to employees in grade E7and above who are located in Mumbai.

ELIGIBILITY


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The quantum of assistance towards towards security deposits will be upto following amountssubject to the approval of the CEOGrade E11 : 50 lacks

E10 : 40 lacks

E9 : 30 lacksE8 : 20 lacksE7 : 10 lacks

The company shall bear brokerage charges up to 1 months rent and registration charges, ifapplicable on actuals . The Company shall not entertain requests for self-lease.

RECRUITMENT

PROCESSAT


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RELIANCE LIFE

INSURANCE


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RECRUITMENT

Recruitment is a linking function joining together those with job to fill and those seeking forjobs. It is a joining process in that it tries to bring together job seekers and employer with a view

to encourages the former to apply for a job with the latter.

The basis purpose of recruitment is to develop a group of potentially qualified people. To this

end the organization must communicate the position in such a way that job seekers respond. To

be cost effective, the recruitment process should attract qualified applicants and provide enough

information for unqualified persons to self-select themselves out.

Relationship with other activities

This figure illustrates the relationship between job analysis, human resource planning, and the

selection process.

Human resource planning: Determines the specific number of jobs that are to be filled.

Nature and requirement of specific jobs Number of specific job to be filled

Job analysis Personnel planning

Recruitment

Pool of qualifiedapplicants

Selection

Inducement

Compensation

Career

opportunities

Image

reputation

Constraints

Poor image

Unattractive job

Government

policies


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RECRUITMENT PROCESS IN RLIC

Joining Kit Joining Tracker

Day of Joining

Base Data Form

C V Short listing

Call For Interview

First Interview

Second Interview

Third Interview

Rejected

Offer Mail

Selected

Head Office(Mumbai)

Employee DataBase

Employee DataBase

Partial Kit WithJoining Kit

Photo Copy ofPartial Kit

Regional Office(Lucknow)


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RECRUITMENT PROCESS IN RLICs

SELECTION OF THE APPLICANT

SCREENING

Candidate having KSA To effectively perform the jobCriterias in RLIC

Candidate should be graduate

Work Experience 2 Years Sales(others) 1 years sales(insurance) Age Maximum 35

INTERVIEW

Generally 3 interviews are to be taken for the selection of a candidate. First interview is taken bya senior HR manager.Second interview is being taken by senior most HR manager.Finally Third interview is being taken by HR manager. A HR manager can reject any candidate

who has been selected in first 2 interviews on the basis of educational qualification, workexperience, past criminal records and reference check. Final salary package is being decidedduring this interview.There is an Interview assessment sheet .whatever the Interviewer observe about intervieweeWrite in theIAS . The IAS Provides Following Entitlements:

Name of the candidates

Position Considered for

Location

Source/Reference

Date

Interview Assessment

Technical Strengths

Behavioral Strengths

Area Of Improvement

Recommendation

Compensation Solution Suggested


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OFFER CLOSINGClosing is done by a HR manager .In this HR Person mainly focus on salary negotiation.Offer closing is based on the persons Qualification, Total no. of work experience, Last CTCearned Last company brand. When the salary negotiated is accepted by the candidate then offermail is released.

OFFERMAILAn offer mail is being released to all the selected candidate .In this offer mail all the details

regarding joining are present. Generally an offer mail is floated before two days of joining.

The offer mail entitles the following details:

Date of joining

Day of joining

Designation Of The candidates

Package per annum

Venue

Along with this following document is asked to bring at the time of joining:

Resignation acceptance which should be signed and stamped by immediate boss

Last Company appointment letter

Last drawn Salary slip (if the candidates was an agent then he is required to bring IRDA

license ,commission statement ,Bank Statement , or form 16A

Pan Card If applied then Acknowledgement for the same.

Identity prove: Driving license/ ration card/voter ID card/Passport

10 Photographs with blue background.

Qualification certificates and mark sheet

NOC of the previous company.

Person should be aware of his blood group.

All the documents are mandatory to bring


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PROCESS OF JOININGFinal Joining date is the date decided by the HR person .Jonnie has to fill two forms on the dayof joining. One form is online and one is Joining kit.

BASE DATA FORM

It is an on line form present on the official website of Reliance Life Insurance(www.rclhrssg.com). This form contain all the personal details of the employee which isrecorded in the employee data base .After completion of base data form a BD number is assignto each employee. This BD number is being written on the Joining kit of employee.

VALIDATION: Base data form is used as a reference during validation of an employee joining kit. Withoutvalidation a joining kit cannot be dispatched to HO.

BASE DATA FORM

Following information is to be filled in this form:

Name

Gender

Fathers name

DOB, Place of Birth

Blood Group, Height, Weight

Identification Mark

Present & Permanent Address(Period of staying) Contact Number

PAN

E mail ID

Place of posting

Submitted to Regional HR & in UP- Uttaranchal Region
http://www.rclhrssg.com/http://www.rclhrssg.com/


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CONTENT JOINING KIT BOOKLET

Joining report

Personal Information Form

Information Released form

Data Reference Check Form

Salary Account Declaration

Medical Insurance data

I Card Form

Requisition Form For E Mail

Business Card Requisition

Hardware Requisition Form

Data Card Requisition Form

PF/EPS Declaration/ Nomination Form

PF Transfer Form

Gratuity Nomination Form

Superannuation Nomination Form

Term Insurance Nomination Form

CTC Allocation Plan

Investment Declaration Form

Data Ownership Undertaking


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IT security Policy Declaration

Code Of Ethics Undertaking

Specimen Signature Form

JOINING KIT EVALUATIONWhile evaluating the joining kit it is required that joiner must submit Xerox of all the documentthat were asked in the offer mail.Signature of the joiner is mandatory in the company appointment letter.It is also to be check that joining kit is been properly filled without any errors.

PROCESS OF KIT DISPATCHING

Before dispatching the joining kit to Mumbai head office following things areprovided:

Compensation sheet.(CTC Comparables)

Reference check for E3 and above

BDF validation(validation of the salary , designation, grade, function,

reporting authority, SAP code)

Preparing of Partial kit Personal Information Interview Assessment sheet

Curricular Vitae of the candidate

Resignation of previous company

Appointment Letter of RLIC

Background verification form

Salary Account Declaration

Medical Hospitalization insurance form

All these are further processed for Xerox And then original of Following:

Requisition Form For E Mail

Business Card Requisition

Hardware Requisition Form


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Are kept regional office for record

CONCLUSION

Every activity has a purpose or an objective behind it. This project has helped us in gaining

experience and acquiring certain knowledge about the company. Recruitment & Selection in


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management practices in an organization which is one of Leading Insurance Company in India

has given us a lot of information during the analysis of data.

During the research it was found that the most of employees, management and trade unions

were involved in the Recruitment & Selection procedure at Reliance Life Insurance, Lucknow.

The working environment in, Lucknow is very good. The participation of employees in

management and labor-management relationship is quiet satisfactory. They think that

Recruitment & Selection is an essential part and a matter of great concern for the company.

Most of employees of, Lucknow are in the favour of better way to conduct Recruitment &

Selection to get the best candidates which may prove vital for the growth of the company. So we

can say that Recruitment & Selection Process at Reliance Life Insurance , Lucknow is

effective, yet it requires a better implementation strategy to overcome any sort of misjudgment

and the fear of losing an ideal candidate.

RECOMMENDATION


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1. Reliance Life Insurance should give more attention on its Quality and method of

Recruitment & Selection because it helps the company in reducing attrition rate and

selecting the right candidate to serve the company for a long period.

2. Reliance Life Insurance should give more advertisement in Magazines & Newspapers

regarding the New Hire Process and New Recruitments.

3. Reliance Life Insurance should maintain the communication through feedback. They

should take time-to-time feedback regarding customer satisfaction to know about the

customer perception about their insurance products.

4. Budget required for Recruitment & Selection Process must be economical.

5. Reliance Life Insurance should find out the factors for which the customers are

purchasing their policies. This will help it in making appropriate message in advertisement

so that that advertisement will much focused and targeted and may attract excellent

candidates to serve the company.

6.Reliance Life Insurance which prefer remote areas also for selling its policies must hirefrom there to due to localize expertise.

7. Reliance Life Insurance should make the provision for change in Recruitment &

Selection Methodology with the advent of time and newer technology.

8. Reliance Life Insurance should provide all details related to any promotions, company

schemes and Packages at the time of Final Selection.

9. The person conducting the Interview should make sure that candidate being interviewed

shows better ability to listen, understand and answer queries.

10. Reliance Life Insurance should ensure that the company is innovative and introduces

new products to meet new customers needs and keeps on check with the competitors too.


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PROBLEMS ENCOUNTERED WHILE SUMMER TRAINING:

While conducting the project study at Reliance Life Insurance, a lot of problems were encountered.

Some of them are discussed below.

Unwillingness of executives to give a clear picture of the system.

Some executives were busy.

Unwillingness of respondents.

Incomplete questionnaire were difficult to access.

Perception of workers towards management is not excellent.

Difficult to study such a complex structure in such a small period.

Diversity in views of management and workers, between workers and between management

people.


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BIBLIOGRAPHY

HUMAN RESOURCE MANAGEMENT V.S.P.RaoWWW.GOOGLE.COMWWW.WIKIPEDIA.COMWWW.ALTAVISTA.COM
http://www.google.com/http://www.wikipedia.com/http://www.altavista.com/http://www.google.com/http://www.wikipedia.com/http://www.altavista.com/

Priyanka Jangid Reliance

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