main project bharti axa liife

BHARTI AXA LIFE INSURANCE LTD

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 from 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 introduce Bharti AXA to those people who don’t have

any knowledge about Bharti AXA and its products and services.

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 sector especially with private companies.

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.

HYPOTHESIS:

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People are much more aware about the aspects of life insurance.

And have knowledge about the role and act of agent. Mostly people prefer to work with LIC because it is a semi

government corporation.Research Methodology:

Research Methodology is the investigation of specific problem in detail. At first problem is defined carefully for conducting research. There should be a good research plan for conducting research. No research can be done without data collection. After all this analyze is made for getting solution for problem.

Defining the problem Defining the sampling plan Collection of data Analyze and interpretation Methodology for collecting data with reference to the

secondary data was taken from different books, magazines, IRDA journals and relevant web sites.

I have collected information from Mumbaikars which includes college student, professors and so on.

INDUSTRY PROFILE

WHAT IS INSURANCE

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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 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 forever. 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.

HISTORY OF INSURANCE

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

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river rapids would distribute their goods among several vessels, so that the loss from 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 started benevolent societies in the late 7 th century AD, to take care of the funeral and families of members who died.

The origins of insurance business as in vogue at present, is traced to the Lloyd’s Coffee House in London. Traders, who used to gather in the Lloyd’s 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

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National, the National Indian and Hindustan Cooperative in Kolkata.

Later, were established the cooperative Assurance in Lahore, the Bombay 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.

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.

2. Insurance encourages and forces thrift:

A savings deposit can be too easily withdrawn. Many may not be able to resist the temptation of using the balance for some less worthy purpose. On the other hand, the payment of life insurance premiums becomes a habit and comes to be viewed wit the same seriousness as the payment of interest on a

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mortgage. Thus insurance, in effect brings about compulsory saving.

3. Easy settlement and protection against creditors:

The life assured can name a person or persons to whom the policy moneys would be payable in the event of his death. The proceeds of a life insurance policy can be protected against. The claims of the creditors of the life are assured by effecting a valid assignment of the policy. A married women’s property act policy constitutes a trust in favor of the wife and children and no separate assignment is necessary.

4. Ready marketability and suitability for quick borrowings:After an initial period, if the policy holder finds him unable to continue payment of premiums he can surrender the policy for a cash sum. Alternatively he can tide over a temporary difficulty by taking loan on the sole security of the policy without delay. Further a life insurance policy is sometimes acceptable as security for a commercial loan.

Role of Insurance in Economic Development For economic development, investments are necessary.

Investments are 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.

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An insurance company’s strength lies in the fact that huge amounts come by way of premiums. Every premium represents a risk that is covered by that premium. In effect, therefore, these vast amounts 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 this aspect 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 indirect benefits to the individual and his family as well as to industry and commerce and to the community and the nation as a whole.

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

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Thus insurance encourages commercial and industrial development and there by contributes to a vigorous economy and increased national productivity.

Insurance ranks with export trade, shipping and banking services as earner of foreign exchange to the country. It helps to earn foreign exchange and represent invisible exports.

CORPORATE PROFILE

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Bharti AXA Life Insurance is joint ventures between Bharti, one of India’s leading business groups with interests in telecom, agree 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 Enterprises:

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Bharti Enterprises is one of India’s leading business groups with interests in telecom, agro business, insurance and retail. Bharti has been a pioneering force in the telecom sector with many firsts and innovations to its credit. Bharti Airtel Limited, a group company, is one of India’s leading private sector providers of telecommunications services with an aggregate of 60 million customers, spanning mobile, fixed line, broadband and enterprise services. Bharti Airtel was ranked amongst the best performing companies in the world in the Business Week IT 100 list 2007. Bharti Teletech is the country’s largest manufacturer and exporter of telephone terminals. Bharti has a joint venture with ‘Field Fresh Foods Pvt. Ltd’ - for global distribution of fresh fruits and vegetables. Bharti also has a joint venture - ‘Bharti AXA Life Insurance Company Ltd.’ - with AXA, world leader in financial protection and wealth management. Bharti has recently forayed into the retail business under a company called Bharti Retail Pvt. Ltd. It also has a joint venture – ‘Bharti Wal-Mart Private Limited’ – with Wal-Mart, for wholesale cash-and-carry and back-end supply chain management operations.

AXA Group: AXA 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 amounted to Euro 4,010 million and IFRS adjusted

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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.

Bharti AXA General Insurance is a joint venture between Bharti, one of India’s leading business groups with interests in Telecom, Agri Business and Retail; and AXA, world leader in Financial Protection and Wealth Management. Bharti Group holds 74% of equity and AXA holds 26% of the equity.The company was incorporate 13th July 2007 and plans to commence national operations in August 2008. Headquartered in Bangalore, the company currently has offices in 7 cities- Bangalore, Mumbai, Delhi, Ahmadabad, and Hyderabad, Ludhiana and Chennai- and plans to grow to a total strength of 29 branches by the end of the first year of operations. With a vision to become the leader and preferred company for financial protection in India, Bharti AXA General Insurance offers its customers - individuals and businesses- a wide range of products and services that meet their insurance needs.The company will leverage the Bharti Group’s large customer pool and develop a strong multi channel distribution network in both urban and rural markets.

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BHARTI ENTERPRISES

BHARTITELETECH

BHARTITELECOM

BHARTIFOOD

BHARTISEYCHELLES

BHARTITELESOFT

TELETECHSERVICES

BHARTITELEVENTURE


With a customer commitment to provide Fast, Fair & Friendly service in all aspects of business, the company offers transparency, structured customer support and trained manpower, backed by a robust IT platform. The company’s claims philosophy is to offer prompt and hassle free claims service that deals with the claims process with empathy.The Management team at Bharti AXA consists of experienced leaders who are passionate about their company’s vision and goals and are committed to the development of Bharti AXA General Insurance as the preferred company for Financial Protection in India.

The company launched national operations in December 2006. Today, company has over 5200 employees across over 12 states in the country. Our business philosophy is built around the promise of making people "Life Confident".

As company expand our presence across the country to cater to your insurance and wealth management needs with our product and service offerings, company continue to bring 'life confidence' to customers spread across India. 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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50 Million (500 Lakhs Customers) 130,000 Employees 72 Billion Euros (Rs. 4, 16,300. Cores) Revenue 869 Billion Euros (Rs.50 24, 500.Crores) Asset under

Management

Key features: Using multi-distribution, multi product platform

techniques. Adapting AXA's best practices as a sound platform for

profitable growth. Leveraging Bharti's local knowledge, infrastructure and

customer base. Delivering high levels of shareholder return. Building long term value with business partners by

enhancing the proposition to their customers. Retaining the best talent in India.

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Our Philosophy: Available, Reliable and Attentive to our customer’s needs

Vision

“To be a leader and the preferred company for financial protection and wealth management in India”

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Values

Professionalism

InnovationTeam Spirit

Pragmatism Integrity


Bharti AXA Life Insurance Growing Presence:

Number of cities - 111 Number of offices - 163 Number of Agents - 30,000 PLUS.

To achieve a top 5 market position in India through a multi-distribution, multi-product platform

To adapt AXA's best practice blueprints as a sound platform for profitable growth

To leverage Bharti's local knowledge, infrastructure and customer base

To deliver high levels of shareholder return

To build long term value with our business partners by enhancing the proposition to their customers

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

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To be recognized as being close and qualified by our customers

Promoter's Strength:

Bharti Enterprises is one of India’s leading business groups with interests in telecom; agree business, insurance and retail. Its flagship telecom brand 'Airtel', has over 60 million customers across the length and breadth of India.

AXA Group is worldwide leader in Financial Protection. AXA is among Fortune Global 15 companies having 120,000 employees and is represented in over 60 countries worldwide.

Largest Insurer:AXA Group has 120,000 employees and is represented in over 60 countries worldwide

Service Excellence:Company stand by three main commitments to our customers and agents, effective local service, professional expertise, and professional code of ethics. Company aim to build close and lasting relationships by offering expert advice, providing a supportive environment and a full range of adapted solutions.Information Technology Driven:

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Our commitment and continuous investment in Information Technology enables the Company to provide unparalleled customer service.

Bharti AXA Club Member:Become a Bharti AXA Club Member and enjoy additional benefits.

Bharti AXA's Support for Our Agents:

Company is looking for bright, self-motivated people who want to build a successful career in insurance sales and consultancy. We offer good financial rewards and recognition, comprehensive training, excellent back-up and the full support of a world-class organization.

Bharti-AXA fund returns are above the median returns of the Industry*:

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3Mth RANK 1Yr. RANK 2Yr. RANKBharti-AXA Grow Money

8.92% 3 57.48% 6 3.31% 4

Bharti-AXA Pension Grow Money

8.96% 2 57.62% 5 3.46% 3

The equity fund performance for all periods for the above funds is within the top six in the industry.

*Published data- Inconversation Newsletter

Bharti-AXA offers a range of innovative products to cater to the insurance and wealth management needs of our customers.

PRODUCTS OF BHARTI-AXA LIFE INSURANCE

Individual Plans:-

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Bharti AXA Dream Life Pension:-

A Unit Linked Pension Product

Dream Life Pension, Bharti AXA Life Insurance’s unique pension product ensures that your retirement life is your Dream Life.

Live your Dreams! Be Life Confident.

Key Benefits:

Unmatched flexibility for retirement wealth creation o Pay one time lump sum or regular premiums o At the inception systematically increase your

premiums by 5 % or 8% each year with the Accumulator Option

o Increase/decrease premiums any time after the 2nd policy year

o Add top up premiums any number of times after the 1st policy year

Dream Life Pension enhances your retirement kitty by providing special addition, starting from the end of 10th policy year

Change your planned retirement age any time during the policy term

Obtain tax benefits as per the prevailing tax laws on the premiums paid and the benefits received under the policy.

Bharti AXA Life Wealth Confident:-

A unit-linked investment cum protection policy.

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Your wealth, your status ensures that you get preferential status wherever you go. So why shouldn't your money get the same?

WealthConfident, a unit-linked investment cum protection product, with its limited period premium payment facility of 5 years, premium payment flexibility, higher allocation of your premium for investment, unique special additions and life insurance benefit, not only makes your money grow but also provides your investment the special treatment that it deserves.

"Be confident of providing your investments the right mix of growth, flexibility and loyalty benefits. Live confident with WealthConfident."

Key Benefits:

Pay premium for five years, while your policy continues for ten years.

Higher allocation of your premium up to 88% for investment.

Special additions of units added every year from 6th Year for incremental wealth creation.

Choose from four different investment funds to meet your financial objectives.

Five times the life cover of your annual premium. Tax benefit under 80C and 10(10D).

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Bharti AXA Life Secure Confident:-

A Long Term Life Insurance.

All of us desire to maximise the happiness for our family at all times, irrespective of the circumstances. The thought of unfortunate events befalling us may cause us anxiety about providing a secured happiness to our loved ones.

Key Benefits:

Term Assurance for 5,10,15,20,25 years. Financial protection against unfortunate event of death at

an affordable cost. Comprehensive overall protection with help of riders. Tax benefit under section 80C and 10(10D) of Income Tax

Act.

Group Plans :-

Bharti AXA Life Mortgage Credit Shield:-

Mortgage Credit Shield is a Group Product that provides coverage to people who have availed of a Mortgage\ Home loan/Home equity loan from an Institution/Bank.

Bharti AXA Life eProtect: a life insurance plan best suited to your needsKeeping your loved ones safe and protected is of paramount importance to you. You spend most of your life building a happy and comfortable living for them today and into the future. Should something unfortunate were to happen to you, their future needs to be well protected and their lifestyle sustained. The Life

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Insurance sector in India offers a compelling proposition in the form of term insurance that helps you meet this objective. It protects your loved across various financial liabilities e.g. insurance against the home loan amount or any such liabilities.

At Bharti AXA Life Insurance, we have decided to act. We bring to you, Bharti AXA Life eProtect- a simple, hassle free, online term insurance plan that offers protection for your family- at a nominal cost. So now you can apply for the Life Insurance cover suited to your needs at the click of a button.

Benefits of Bharti AXA Life eProtect- Online term insurance plan

1. Affordable life insurance premium rates: You can get yourself insured at affordable premium rates with this life insurance term policy

2. Life Insurance Benefit: The life insurance coverage that you get ensures that incase of an unfortunate death of the Life Insured, an amount equal to sum assured will be paid as a life insurance benefit to the nominee

Family Care Benefit as part of the life insurance benefit: Unfortunate events in life come unannounced and during this time of distress your family could require contingency support. Family Care Benefit, is a unique proposition by way of which, a part of the life insurance benefit i.e. Rs 100,000 is paid as a lumpsum to the nominee in case of death of the life insured, within 48 hours** of submission of all relevant claim documents. This term life insurance benefit is paid subject to the policy being inforce and the premiums for 2 consecutive term insurance policy years from the date of issuance or the date of latest reinstatement have been paid.

3. Reward for non-smokers, premium discounts on the term insurance policy: You will be eligible for special

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http://buyonline.bharti-axalife.com/




rates if you are a non-smoker and you have applied for a life insurance benefit (sum assured) in excess of Rs 5,000,000. This gives better value for money for non-smokers when it comes to the life insurance premium that they pay.

4. Hassle Free process of buying a term insurance policy: Now get the advantage of Life Insurance cover at the click of a button. Bharti AXA Life eProtect offers you convenience at your finger tips, as you can buy this term insurance plan online to save the time and effort that would have been required otherwise.

5. Tax benefits along with life insurance: Apart from the life insurance benefit with this term insurance plan, you can avail the tax benefits on the premiums paid and the benefits received subject to the prevailing provisions under Income Tax Act, 1961. The tax benefits are subject to change as per change in Tax laws from time to time. So in addition to the life insurance coverage you also get to save tax

What you will get? Cover for up to three unrelated critical illnesses with premium

waiver after the first claim Lumpsum payout of 100% of the Sum Assured for each claim Maturity Benefit and Death Benefits available with the return of

Premium option

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You will receive tax benefits under Section 80D for all premiums paid towards health insurance benefits and under Section 80C for premiums paid towards life insurance benefits (as applicable) of the Income Tax Act, 1961.

Parameter Eligibility

Minimum Age At Entry 18 Years

Maximum Age At Entry 50 Years

Maximum Age At Maturity 65 Years

Illnesses is covered The policy covers 13 critical illnesses that are split into three

groups. Should one have the misfortune of being diagnosed with any critical illness from these groups, the first claim could be made and the policyholder will still be eligible for a second and third claim from the other two groups in future years.

What you will get? Double Protection Benefits for your loved ones - Sum assured

Plus Fund value is paid in case something unfortunate were to happen to you

Receive full fund value at the time of maturity of the policy Flexible options like partial withdrawal, premium redirection etc

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You receive tax benefits under section 80C and 10(10D)

Parameter Eligibility

Minimum Age At Entry 18 Years

Maximum Age At Entry 60 Years

Minimum Age At Entry70 Years For 10 Year Term75 Years For 15 Year Term80 Years For 20 Year Term

Where can I Invest my Money? You have the options of investing across 6 funds depending on

your risk appetite and return expectation. We also give you 12 policy switches every year to change your asset allocation as per your needs

INDIVIDUAL PLANS:

PROTECTION: Bharti-AXA Life ELITE Secure Bharti-AXA Life Secure Confident Bharti-AXA Life Family Income Secure

WEALTH CREATION WITH PROTECTION:

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CHILD PLANS: 1. Bharti-AXA Life Bright Stars Edge2. Bharti-AXA Life Future Champs

GURANTEED PLANS: 1. Bharti-AXA Life Save Confident2. Bharti-AXA Life True Wealth

OTHER MARKET LINK PLANS: 1. Bharti-AXA Life Wealth One

WEALTH: Bharti-AXA Life Triple Health Insurance Plan Bharti-AXA Life Easy Health

RETIREMENT: Bharti-AXA Life Wonder Years Retirement Plan

GROUP PLANS:

LIFE INSURANCE: Bharti-AXA Life Shield Bharti-AXA Life Sanjeevani

CREDIT PROTECTION: Bharti-AXA Life Credit Secure

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Bharti-AXA Life Mortgage Credit Shield Bharti-AXA Life Credit shield Bharti-AXA Life Premier Protect Home Shield

HEALTH: Bharti-AXA Life Swasthya Sanjeevani

INVESTMENT PHILOSOPHY

Our investment philosophy is carved out from stringent and robust investment policies. Risk management is an integral part of our investment processes. The company has well-defined risk policies and process covering both portfolio and process risks. Our equity investments are currently made primarily in large cap stocks (>85%), as large cap stocks are less volatile than mid cap or small cap stocks.The debt portfolio of the company is currently invested only in highest credit quality assets i.e. Government of India securities

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and securities issued by AAA rated companies. A reasonable level of liquidity is maintained with the respective funds so as to enable smooth redemption processes on account of switches, claims etc.

ORGANIZATION STRUCTURE

Works through many channels marketing, human resource, finance, information technology,

Marketing wing is divided into -1) DIRECT SALES FORCE – Have two tired salaried adviser force to target the large and diverse Bharti Airtel customer base.

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2) AGENCY-focus on building a highly productive agency force. This wing needs high quality of training, and high quality recruitment.

3) BANK ASSURANCE- planes for developing strategic partnership with quality banks.

4) CORPORATE AGENCY AND BROKING CHANNEL- planes for developing strategic partnership.

SWOT ANALYSIS

Strength:

Bharti AXA Life Insurance Company India’s Most Respected Company in the insurance industry of India.

Excellent services.

Customized of product as per customer needs.

Brand image. Business experience.

Strong financial base.

Innovative product technology, organization culture and environment.

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Weakness:

Lot of the competitions is in the market offers some product difference in the premium and offerings.

Target only bigger income group where other companies are trying to catch middle lower level people.

Higher premium as compared to the other companies.

Client face problem to get insured due to large number of formalities.

High target of financial advisor and for the sales development.

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Opportunity:

Huge market is literally untapped out of estimated 320 million is usable markets only 20% of the population is insured.

In the pension field where people want good life after their retirement.

Indian people are more emotional towards their children that are why children plan are selling like hot cakes.

Health insurance and pension schemes and estimated market potential of approximately $ 10 billion.

Threats:

Weak perception of private players in the minds of Indian people due to frequent financial schemes.

Large number of insurance players.

Current government policies do not encourage gross domestic savings.

Of the tax liabilities of the service rises the customers will have little money to invest.

And change rules day by day more rigid which is very difficult for the company.

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DATA PRESENTATION AND INTERPRETATION

Name: - Address:-

Location:-

Mobile no.

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

Script

Bharti has expanded into new territories of business and they now offer the best in class insurance products. This new venture is named Bharti-AXA.

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 Bharti’s 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

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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 Mumbai.

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

Yes No

8, 20%

32, 80%

yes

no

Only 20% Students were interested in taking up this business opportunity with Bharti.(8 students were interested in this activity)

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

½ hr 1-2 hrs 3-h hrs 5 hrs or more

6,75%

2,25%half hour

1/2 to 2

2 to 4

4 to 5

From the above 8 people, 6 people said that they can spend ½ hour for this activity daily.

2 said that they can spend ½ to 2 hours for this activity.

3) Do you have any knowledge of or

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Experience in Insurance?

Yes No

8, 20%

32, 80%

no yes

80% of students at them have knowledge about insurance.

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

4) Do you have Experience as an agent?Yes No

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6, 15%

34, 85%

yes

no

15% of students have experience in the field of life insurance.

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

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

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3,50%

2, 33%

1, 17%

LIC

HDFC

ICICI

Out of 6 people 33%(3) of students working with LIC

33% (2) of students working with HDFC Standard Life insurance

33% (1) of students working with ICICI Prudential Life Insurance Co. Ltd.

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

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YES NO

4; 10%

36; 90%

Yes

no

10 % of students were interesting to spare 1/2 day on training to understand to product.

QUESTIONNAIRE

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1. Would you be interested in taking up this business opportunity with Bharti? Yes

No

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

½ hr

1-2 hrs

3-h hrs

5 hrs or more

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

Knowledge

Yes

No

Experience

Yes

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No

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

4. Can you spare ½ day on training to understand the product and how can introduce it to your customer?

Yes

No

5. How many people do you know in this city? Under 50

51-100

101-300

301-600

Above 600

LIMITATION

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I didn’t get complete feed from the students about the question as they are busy in their work and had less time to fill questioned.

Sincerity of answering the questions cannot be judged.

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

No money available for project ( My pocket expenditure )

Lack of knowledge and interest.

FINDING

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

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Or

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

In these days LIC created a very well image in the mind of General public because it is semi Government Company and also an oldest company. In short most people of Indian believe upon the LIC only.

During the training period we felt that most of people who are already working in insurance sector think that it is easy to sell the product of LIC than to sell the product of other life insurance company.

Most of people say that this job affects upon their social relation with other and also effect upon their business.

Most of people believe that private insurance companies carried out fraud activity that’s why they never believe upon the private players.

People think that it is a time consuming activity and also required huge market skills.

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Some people said that only greedy people like to work in insurance sector.

CONCLUSION

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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.

Some people who has low income they were not interested in life insurance but when I told them about different – different plan so they were quite interested in it. I hope they will definitely change their mind & will be aware of benefits of life insurance.

SUGGESTIONS

Bharti-AXA life insurance company must give more advertisements on electronic media and print media, as it

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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.

Training hours should be made choice of their preference timing.

Fees charged by companies from candidate for IRDA exam and training should reduce.

Many other extra facilities must be provide to agent to attract them such local and foreign trips, special price on achieving a target, open bank account at free of cost.

Bharti-AXA Life Insurance Company must organize more and more seminars and also participate in the job trade fairs to find out more candidates.

Increase the commission of agents.

Company must relic to candidate or other people that they are doing a social service for the welfare of society.

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Better career opportunity must be provided to an adviser, such as on role job, promotion etc.

A special function must organize time to time in which the special prizes distribute among those agent who perform well.

Reduce the minimum premium amount it will help company to attract the agent of other company, as it increases the scope of market of its agent.

BIBLIOGRAPHY

IC-33 Life Insurance, Shri S.J Gidwani Publishers, Mumbai

[46]


www.irdaindia.org

www.bhart-axalife.com

www.wikipedia.org

www.ibef.org

[47]

http://www.ibef.org/

http://www.wikipedia.org/

http://www.bhart-axalife.com/

http://www.irdaindia.org/

main project bharti axa liife

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