rajesh itrust

8/7/2019 RAJESH iTrust

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PROJECT REPORT ONi-TRUST

iLEARN TRAINING SESSION

ByRAJESH PANDEY

Under the guidance ofMr. NARESH NARULA

PGDM(BM)Entrepreneurship and Management Processes International

New Delhi -110074


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ACKNOWLEDGEMENT

This Session has been a great learning experience for me and I wouldlike to express my gratitude towards all the people who guided methroughout, and without whose guidance and support, this project would

not have been completed successfully.

I express my sincere gratitude to MR.VIKRANT PANDE and Mr.NARESH NARULA, for his able and continuous support andcooperation throughout session.

I also thankful to the Honorable Col. Arun Dhongde (RETD.), Dean andMentor for giving me the opportunity to go for iLearn training andguiding me throughout.

WITH REGARDSRAJESH PANDEY


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TABLE OF CONTENTS

1.Acknowledgement 22.Executive Summary 43.About ITrust 54.Life insurance 65.Health insurance 86.Retirement planning 117.Financial planning 138.Sales process 159.Personality Development Session 1710.Visit to corporate office 18


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EXECUTIVE SUMMARY

iTrust financial Advisor, has conducted training Session in my college-EMPI B school, where students got the knowledge about variousfinancial products and services like- Life insurance, Health insurance,financial planning, Retirement planning etc.

We have also gone through the personality grooming session, which

conveys importance of behavior and etiquettes in corporate world.

These sessions with Mr. Naresh became very fruitful for every one of us.

During these sessions, I not only learned about financial products andservices but also gained the importance of these in ones life.

iLEARN was a program which will help the students to get a goodunderstanding of the financial service industry and also learn thenecessary skills required to be a successful professional.


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ABOUT iTRUST

iTrust is an independent financial advisor and a financial supermarket.

Headquartered in the National Capital Region of Delhi (NCR), iTrust has

been founded by alumni of Harvard Business School, IIT and IIM who

have global experience in financial services.

We have a specialist team of over 150 members across Delhi, Mumbai,Bangalore and Chennai comprising MBAs, Chartered Accountants,

Chartered Financial Planners and Lawyers.

Mission: To help Indian families get rich.

iTrust offers services in:

Real Estate Home Loans Mutual Funds Financial Planning Tax Planning Wills


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Life Insurance

Life Insurance Industry was liberalized in the year 1999-2000.There areCurrently 23 players in the Life Insurance Industry. Out of which 20Insurance companies have JVs with foreign partners andLIC, Reliance Life Insurance and Sahara Life Insurance company are thethree companies who do not have JVs.

A high capital intensive industry-Rs.28,929 Cr(=10000000) deployed

Foreign partners have brought in capital of around Rs.5000 Cr as FDI (ason 31

stMarch 2010)

India has the largest in-force policies in the world.

The top five insurance companies in Indian market are

In terms of premium collections

1 LIC2 ICICI PRUDENTIAL3 HDFC STANDARD4 RELIANCE LIFE5.SBI LIFE

In Terms of policies sold

1 LIC

2 RELIANCE LIFE3 BIRLA SUN LIFE4 ICICI PRUDENTIAL5 BAJAJ ALLIANZ


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Opportunity

After opening up of the sector the life insurance industry has grownleaps and bounds. The industry has earned $ 55 billion total premiumincome during the F.Y 2009-10.The life insurance companies are the largest institutional investors inIndia.One of the key drivers of the Indian economy has been the dramaticincrease of the urban population.

Urban India today is already more populace than the entire UnitedStates. By 2025, it will exceed the current population of the EuropeanUnion.

Challenges and buying behavior

You are never going to die.Nobody is going to care when you die.You don't want to talk about death.I am going to be old when I die.You don't love your kids.Life Insurance agent is very annoying.You enjoy your cigarettes and drinks too muchReason for buying Life insurance

To protect your wealthShow your love to your familyShow that you are responsible personOur health is deteriorating everydayTo practice the habit of forced savingsFor funding the TrustFunding a business operationFunding the Partnership in BusinessFor Charity purpose


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HEALTH INSURANCE

Health insurance, like other forms of insurance, is a form of collectivismby means of which people collectively pool their risk, in this case the riskof incurring medical expenses. The collective is usually publicly ownedor else is organized on a non-profit basis for the members of the pool,though in some countries health insurance pools may also be managed byfor-profit companies. It is sometimes used more broadly to includeinsurance covering disability or long-term nursing or custodial careneeds. It may be provided through a government-sponsored socialinsurance program, or from private insurance companies. It may be

purchased on a group basis (e.g., by a firm to cover its employees) orpurchased by an individual. In each case, the covered groups orindividuals pay a fee, premium, or tax---to help protect themselves fromunexpected healthcare expenses. Similar benefits paying for medicalexpenses may also be provided through social welfare programs funded

by the government.The concept of health insurance was proposed in 1694 by Hugh the ElderChamberlen from the Peter Chamberlen family.

Reason For Buying Health Insurance

The health care costs are rising and all the more there is nostandardization of health care costs.It is not just the costs, but there is also a lack of standardization andaccreditation in health care facilities leading to difficulty in judging theauthenticity of procedures.A study shows that a growing number of people are estimated tosufferfrom lifestyle diseases such as heart diseases, diabetes, stroke and this

will have a negative impact on the economic growth and the chances ofthe IT sector being hit by lifestyle diseases is the highest.According to the World Bank report, 85 % of the working populationsin India do not have Rs. 5,00,000 as instant cash.l14 % has Rs. 5,00,000 instantly, but will subsequently face afinancialcrunch.


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Reason For not Buying Health Insurance

Lack of AwarenessLack of Good AdvisorsThe first and the foremost thing people think, before buying a health

insurance is that they think it is a waste of money.

I dont get my money back, they why should I buy health insurance?Many people think that they will get the money back if they dontmake any claims.

I have Company InsuranceI can Afford it,I am FitPeople bear wrong notion that claims are not paid when you take a

health insurance.

Types of health insurance

A)Family FloaterFamily Floater is a policy which covers more than one family memberfor a fixed cover. Herethe fixed cover is shared by all the family members, i.e. if Shah Familyof four take a cover of4 lakh, the entire family can claim up to Rs. 4 lakh together. Generallytwo adults and twochildren are covered in a general floater policy.

BENEFITS

It is less expensive than Individual Policy. It is great for younger families with members having low health

risk. You can add your immediate family members like your spouse and

kids. Another benefit is that in case of only one claim in a year, the

family member gets a greater claim amount compared towhat he might have on an individual cover.


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B)Individual Health Insurance

Individual Health Policy isa policy where each of the insured members

is entitled to theentire amount separately.BENEFITS:

The policy extends to family members like Parents, in-Laws. The Individual Policy is great for older families and when the

health risk is more. There are no age restrictions on the maximum age for the

members for renewable.You can avail the benefits of Loading and Discounts until the

policy lapses.


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RETIREMENT PLANNING

Retirement is one of the most important life events many of us will everexperience. From both a personal and financial perspective, realizing acomfortable retirement is an incredibly extensive process that takessensible planning and years of persistence. Even once it is reached,managing your retirement is an ongoing responsibility that carries wellinto one's golden years.

While all of us would like to retire comfortably, the complexity and timerequired in building a successful retirement plan could make the whole

process seem nothing short of daunting. However, it can often be donewith fewer headaches (and financial pain) than you might think - all ittakes is a little homework, an attainable savings and investment plan, anda long-term commitment.

Inflation is a big threat to retirement planning. It decreases the purchasingpower of money. So, while preparing retirement planning, one has toconsider inflation also.

Factors to consider for retirement planning:

One's projected everyday living expensesOne's life expectancyOne's projected costsOne's resources, other than one's retirement savings, that covers

unplanned expensesOne's propertyOne's intended lifestyle during retirement

Steps to retirement planning:

Start earlySeek the Assistance of a Financial Planner Implementing the PlanTracking / Reviewing the PlanDon't dip into One's Retirement Savings


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Estimating retirement need:

Major factors to be taken into consideration for retirement planning:

Estimation of expenseReplacement of income Importance of planning expenses:Sources of income are well defined India being a cash economy, a lot of money is spent in cashExpenses can be used to understand the financial position of an

individualRetirement planning is quintessential for ensuring that our future

expenses can be provided forEvery individual thus needs to undertake the exercise of retirement

planning

The most common needs:

Provide a Regular Income during Retired LifeMeet Lump Sum Needs Immediately on RetirementTake Care of InflationTake Care of Medical EmergenciesTwo parameters to estimate retirement expenses:The desired standards of livingResources available

Retirement Planning: Benefits

Avoiding a dramatic hit to your lifestyle post retirement.Providing financial protection to your dependents.Most retirement accounts offer you significant tax benefits

Retirement Planning: Disadvantages

Here are the disadvantages of retirement planning:Curbing current consumption.May lock in funds for a period of time.


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FINANCIAL PLANNING

Financial Planning is the important part of life.

Need For Financial Planning.

Gives you a goal to achieve and increases your chances ofachieving it.

Makes sure you make the right investments, at the right time andminimizes your risk.

Gives you backup plan, in case you cant work due to a disability,long-term illness, or loss of job.

Protects your family, in case of your unforeseen death.Better prepared. Therefore, it reduces your stress, worries and

helps you feel more secure for the future.

Steps for financial planning process:

Conducting needs analysisEvaluating existing resourcesConducting risk assessmentDeveloping the financial plan Implementing the financial planMonitoring the financial plan.


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Life Stages and requirements

Stage 1: Young and Single

Needs are: -Saving for a home and weddingTax planningSaving for old age

Stage 2: Just married -Needs arePlanning for homeSecuring your home loan liabilitySaving for vacationsSaving for the first child

Stage 3: Proud Parents -Needs areProvide for children's educationSafeguarding family against loan liabilities

Savings for post-retirement

Stage 4: Planning for Retirement

Needs areProvide for regular income post retirementImmediate tax benefits


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SALES PROCESS

In this session i learnt that sales is most important part of everyorganization. Without sales no company or industry can survive in themarket, so to achieve the sales target each and every company hasimplement through the sales process.

A sales process is a systematic approach to selling a product or service.There are specific steps or stages in a sales process vary from company tocompany but generally include the following elements:

Initial ContactApplication of initial fit criteriaSales leadNeed identificationQualified prospectProposalNegotiationClosingDeal transaction.

. Ten qualities of a good sales people

Willingness and ability to argue on behalf of buyer within thesupplier firm.

Thoroughness and follow-through.Knowledge about companys product line.Market knowledge. Imagination of applying his product and services to buyers needs.Knowledge about buyers product line.Preparation for the sales calls.Regularity of sales calls.


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Diplomacy in dealing with operating department, and finally Perseverance and not taking no as an answer.

Personality profile of an effective salesperson

DominanceAchieverAffiliationCreativityProblem solvingExhibitionism


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PERSONALITY DEVELOPMENTSESSION

In todays world, a professional must be well trained in soft skills.Soft skills are one area that people tend to neglect. However, soft skill intodays business environment is a must if one wishes to be successful inhis professional career. Mr. Naresh Narula took a session for soft skill.He gave us useful tips, which are very helpful to us.

How to do a hand shakeHow to give a business cardHow to dress properly in formal dressHow to make a good first impressionHow to build a positive attitudeHow to meet a clientHow to behave in a corporate party.

He told us various things, which help us to improve our personality. Itwas the important session of this training.


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OFFICE VISIT

As per the training program schedule we were invited to the office ofiTrust in Gurgaon. On reaching the office, we were given a brieflecture by Mr. Vikrant Pande. He explained us about the working.

Mr. Naresh Narula gave us a task of calling. The objective of the taskwas to know the process of calling. For this we were divided in twogroups and each student has to do this task.

It was a very nice experience for me.

rajesh itrust

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