Post on 12-Dec-2015
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transcript
Project title
Project report submitted in the partial fulfillment of the requirement
for the
Award of the degree of
MASTER OF BUSINESS ADMINISTRATION
Of
Sharda University
Greater noida
By
Aanchal Goyal
8447343131
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ACKNOWLEDGMENT
I am the student of Sharda university under the M.B.A is highly
thankful to our respected --------------(Project Guided). Because due to
these respected persons I am able to choose this Research Project. And
now I am presenting the project report. Actually I have no words to
explain my pleasure on the completion of this project. It was not an easy
matter for me to complete this project.
In addition to this, I would like to thank all my respondents, who has
spent their valuable time with me and help me in getting the requested
information for this project.
I would also offer my gratitude to my parents and friends for their help.
Last but not the least I am indebted to “Almighty” without whose
blessings and grace this project would not have reached where it is now.
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Declaration
I name of the student, herby declare that the research project entitled “recruitment and selection and insurance policy” has been prepared by me as part of the requirement of the master of business administration Program of Sharda university Greater Noida .this is my original work and up to the Best of my knowledge.
I further declare that this project has not been submitted earlier to any other university or institute for the award of any degree of diploma
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EXECUTIVE SUMMARY
SBI life insurance is India's premier insurance enabling company. sbi
Life insurance is the one-stop-shop for requirements of services in the
areas of insurance, optimum investment, financial coverage and losses,
mortality benefit, and health option etc. This is backed by sbi life
insurance service support infrastructure - the widest in the country
The objective of the project was to understand how financial consultant
play important role for insurance company like SBI LIFE. To
understand the process of Recruitment of finanical consult in sbi life
and about the mechanism of insurance policies.
The main objective of the project is to understand the recruitment and
selection of financial consultant more effectively and efficiently, because
financial consultant play most important role in business of insurance.
Market in Pune city was targeted. Various areas in city were selected.
The data gave knowledge about customer satisfaction, loyalty & their
feel about the sbi Life Insurance.
Recruitment was conducted using questionnaire. The information about
various attributes & factors was collected about the financial
consultant. All the data collected, primary data was filtered & analyzed,
represented in the form of graphs & charts. Secondary data was also
used in report such as company profile, on the basis of analysis of data,
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conclusions were drawn. On the basis of findings & conclusions,
suggestions were given.
RECRUITMENT AND SELE CTION: Recruitment is concerned with developing suitable techniques for
attracting more and more candidates. The aim of personnel planning is
to determine the needs for persons both in terms of number and type.
For deciding about the number both present and future requirements
should be taken into account. If there are expansion plans in near future
then these requirements should also be considered. Besides number, the
type of persons needed is also important. The educational and technical
requirements to manage various jobs should e properly analyzed so that
right type of persons are employed.
Recruitment is sometimes confused with employment. The two are not
one and the same. Recruitment is just one step in the process of
employment. Recruitment is a linkage activity bringing together those
with jobs and those seeking jobs. When more persons apply for jobs
then there will be scope for recruiting better persons.
DEFINITION :
“Recruitment is the process of searching for prospective employees and
stimulatingand encouraging them to apply for jobs in an organization.”
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Recruitment is defined as, “a process to discover the sources of
manpower to meet the requirements of the staffing schedule and to
employ effective measures for attracting that manpower in adequate
numbers to facilitate effective selection of an efficient workforce.”
Edwin B. Flippo defined recruitment as “the process of searching for
prospective employees and stimulating them to apply for jobs in the
organization.” Recruitment is a ‘linking function’-joining together those
with jobs to fill and those seeking jobs. It is a ‘joining process’ in that it
tries to bring together job seekers and employer with a view to
encourage the former to apply for a job with the latter
In order to attract people for the jobs, 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.
Thus, the recruitment process begins when new recruits are sought and
ends when their applications are submitted. The result is a pool of
applicants from which new employees are selected
PURPOSES AND IMPORTANCE
The general purpose of recruitment is to provide a pool of potentially
qualified job candidates. Specifically, the purposes are to:
• Determine the present and future requirements of the organization
in
conjunction with its personnel-planning and job-analysis activities.
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• Increase the pool of job candidates at minimum cost.
• Help increase the success rate of the selection process by reducing
the
number of visibly, under qualified or overqualified job applicants.
• Help reduce the probability that job applicants, once recruited and
selected, will leave the organization only after a short period of
time.
• Begin identifying and preparing potential job applicants who will be
appropriate candidates.
• Induct outsiders with a new perspective to lead the company.
• Infuse fresh blood at all levels of the organization.
• Develop an organizational culture that attracts competent people to
the company.
• Search or head hunt/head pouch people whose skills fit the
company’s values.
• Devise methodologies for assessing psychological traits.
• Search for talent globally and not just within the company.
• Design entry pay that competes on quality but not on quantum.
• Anticipate and find people for positions that do not exist yet.
• Increase organizational and individual effectiveness in the short
term
and long term.
• Evaluate the effectiveness of various recruiting techniques and
sources for all types of job applicants.
Recruitment represents the first contact that a company makes with
potential employees. It is through recruitment that many individuals
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will come to know a company, and eventually decide whether they wish
to work for it. A well-planned and well-managed recruiting effort will
result in high- quality applicants, whereas, a haphazard and piecemeal
effort will result in mediocre ones. High-quality employees cannot be
selected when better candidates do not know of job openings, are not
interested in working for the company and do not apply. The
recruitment process should inform qualified individuals about
employment opportunities, create a positive image of the company,
provide enough information about the jobs so that applicants can make
comparisons with their qualifications and interests, and generate
enthusiasm among the best candidates so that they will apply for the
vacant positions.
The negative consequences of a poor recruitment process speak volumes
about its role in an organization. The failure to generate an adequate
number of reasonably qualified applicants can prove costly in several
ways. It can greatly complicate the selection process and may result in
lowering of selection standards. The poor quality of selection means
extra cost on training and supervision. Furthermore, when recruitment
fails to meet the organizational needs for talent, a typical response is to
raise entry-level pay scales. This can distort traditional wage and salary
relationships in the organization, resulting in avoidable consequences.
Thus, the effectiveness of a recruitment process can play a major role in
determining the resources that must be expended on other HR activities
and their ultimate success
RECRUITMENT POLICY :
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It specifies the objective of recruitment and provides a framework for
the
implementation of the recruitment programme. A recruitment policy
may involve
1) It should provide employees with job security and continuous
employment.
2) It should integrate organizational needs and employee needs.
3) It should match the qualities of the employees with the requirements
of the work for which they are employed.
4) It should highlight the necessity of establishing job analysis.
FACTORS AFFECTING RECRUITMENT :
Every organization, big or small has to engage in recruitment of
persons, recruitment has two aspects-
1) To find out the number of vacancies to be notified and the type of
applicants needed to fill them.
2) To approach the potential applicants to apply for such vacancies.
No organization can recruit successfully without taking into
consideration the following factors –
1) The Economic Factors –
The economic conditions of a country influence the recruitment process
in all organization. The globalization and liberalization of Indian
economies since 1991 onwards has resulted in a boom in financial
services in India. As a result of the new economic policy, the demands of
well
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2) The Social Factors –
These also affect the recruitment policy of an organization. Social
changes in the past two decades in India, have forced organization to
commitment to broad principles such as filling vacancies with the best-
qualified individuals. It may also involve the organizational system to be
developed for implementing recruitment programme and procedure to
be employed.
ELEMENTS OF GOOD RECRUITMENT POLICY :
A good recruitment policy must contain the following elements:
1) Organizational objectives : Both short term and long term
organizational objectives must be taken into consideration into
consideration. Identification of recruitment needs :
2) Preferred sources of recruitment : The sources of recruitment should
be identified properly.
3) Monetary aspects : The cost of recruitment and financial implications
of the same have to be kept in mind also.
PRE-REQUISITES OF GOOD RECRUITMENT POLICY
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1) It should be in conformity with the general personnel policies.
2) It should be flexible enough to meet the changing needs of the
organization.
3) It should provide employees with job security and continuous
employment.
4) It should integrate organizational needs and employee needs.
5) It should match the qualities of the employees with the requirements
of the work for which they are employed.
6) It should highlight the necessity of establishing job analysis.
FACTORS AFFECTING RECRUITMENT :
Every organization, big or small has to engage in recruitment of
persons, recruitment
has two aspects-
1) To find out the number of vacancies to be notified and the type of
applicants needed to fill them.
2) To approach the potential applicants to apply for such vacancies.
No organization can recruit successfully without taking into
consideration the following factors –
1) The Economic Factors –
The economic conditions of a country influence the recruitment process
in all organization. The globalization and liberalization of Indian
economies since 1991 onwards has resulted in a boom in financial
services in India. As a result of the new economic policy, the demands of
well
2) The Social Factors – These also affect the recruitment policy of an
organization. Social changes in the past two decades in India, have
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forced organization to place increasedemphasis on recruitment. The
mentality of modern employees has changed from just any job to a
satisfying career.
3) The Technological Factors – New technology have created new jobs
and existing jobs have undergone rapid changes. Several old jobs have
disappeared from the scene.
4) The Legal Factors – The different legislative policies governing child
labour, night shifts, bonded labour etc. have brought legal environment
to a major factor.
PROCESS OF RECRUITMENT -
It passes through the following stages :
1) Recruitment process begins when personnel department receives
requisition for recruitment from any department of the company.
2) Locating and developing the sources of required number and type of
employees.
3) Identifying the prospective employees with required characteristics.
4) Developing the techniques to attract the desired candidates.
5) The next stage in the process is to stimulate as many candidates as
possible.
6) Evaluating the effectiveness of recruitment process.
PROCESS OF RECRUITMENT COMPANY ADOPTS : SOURCES
OF RECRUITMENT
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Personnel
Planning
Job
Analysis
Recruitment
Planning
Searching
Evaluation
and control
Strategy
Development
Selection
Screening
–
Before an organization actively begins to recruit applicants it should
consider the mostly likely source of the type of employee it needs. Some
companies try to develop new sources while most try to tackle the
existing sources they have. These sources accordingly may be termed as
internal and external.
Internal Sources –
This is one of the important sources of recruitment. The employees
already working in the organization may be more suitable for higher
jobs than those recruited outside. Internal sources consist of the
following :
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1) Present employee: Promotions and transfers among the
present employees can be a good source of internal recruitment.
2) Employee Referrals: In an organization with a large number of
employees referrals can
provide quite a large pool of potential organizational members.
3) Former Employee : These are another internal source of recruitment.
Some retired employees may be willing to come back to work.
4) Previous Employees : Those who have previously applied for jobs can
be contacted bymail.
External Sources :
These are as follows –
1. Advertisement
2ProfessionanOrganization
3.DataBank
4.Walkin
5.RecruitingAgencies
6.Competitors
7.DisplacedPersons
8. E-recruitment
12. Cold calling
RECRUITMENT PROCESS COMPANY ADOPTS–
1)Internalsource
2)Advertisement
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3)Consultants
4) Data banks
INDUCEMENTS
Organizational inducements are all the positive features and benefits
offered by an organization that serves to attract job applicants to the
organisation. Three inducements need specific mention here, they are:-
.Compensation: Starting salaries, frequency of pay increases, incentives
and fringe benefits can all serve as inducements to potential employees.
Career Opportunities: These help the present employees to grow
personally and professionally and also attract good people to the
organization. The feeling that the company takes care of employee
career aspirations serves as a powerful inducements to potential
employees.
Image or Reputation: Factors that affect an organisation’s reputation
include its general treatment of employees, the nature and quality of its
products and services and its participation in worthwhile social
endeavors.
CONSTRAINTS
If a firm has a poor image in the market, many of the prospective
candidates may not even apply for vacancies advertised by the firm. If
the job is not attractive, qualified people may not even apply. Any job
that is viewed as boring, hazardous, anxiety producing, low-paying, or
lacking in promotion potential seldom will attract a qualified pool of
applicants. Recruiting efforts require money. Sometimes because of
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limited resources, organizations may not like to carry on the recruiting
efforts for long periods of time, this can, ultimately, constrain a
recruiter’s effort to attract the best person for the job. Government
policies often come in the way of recruiting people as per the rules of the
company or on the basis of merit/seniority, etc. For example,
reservations to specific groups (such as scheduled castes, scheduled
tribes, backward castes, physically handicapped and disabled persons,
ex-servicemen, etc.) have to be observed as per constitutional provisions
while filling up vacancies in government corporations, departmental
undertakings, local bodies, quasi-government organizations, etc.
CORPORATE MISSION, OBJECTIVES, STRATEGIES AND
TACTICS (MOST)
Corporations have started linking their Mission, Objectives, Strategies
and Tactics (MOST) to the functions of recruitment and selection. The
economic liberalizations and consequent competition through quality
and services necessitated the companies to search for and attract
competent human resources. Corporations focusing on new business
development will have to seek entrepreneurial abilities, companies
planning to withdraw from diversifications must look for pragmatists
and companies chasing growth alliances should employ people
comfortable in different cultural backgrounds. Above all, companies
must hire for the future, anticipating jobs that may not be in existence
yet. Recruitment managers must focus for attitudes and approaches
that fit the corporate goals and culture
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CENTRALISED V/s DECENTRALISED RECRUITMENT
Recruitment practices vary from one organization to another. Some
organizations like commercial banks resort to centralized recruitment
while some organizations like the Indian Railway resort to decentralized
recruitment practices. Personnel department at the central office
performs all the functions of recruitment in case of centralised
recruitment and personnel
Departments at unit level/zonal level perform all the functions of
recruitment
Concerning to the jobs of the respective unit or zone.
MERITS OF CENTRALISED RECRUITMENT
• Average cost of recruitment per candidate/unit should be relatively
less due to economies of scale.
• It would have more expertise available to it.
• It can ensure broad uniformity among human resources of various
Units/zones in respect of education, skill, knowledge, talent, etc.
• It would generally be above malpractices, abuse of powers,
favoritism, bias, etc.
• It would facilitate interchangeability of staff among various
units/zones.
• It enables the organization to have centralized selection procedure,
promotional and transfer procedure, etc.
• It ensures the most effective and suitable placement to candidates.
• It enables centralized training programmed which further brings
Uniformity and minimizes average cost of staff.
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MERITS OF DECENTRALISED RECRUITMENT
1 The unit concerned concentrates only on those sources/places
wherein
Normally gets the suitable candidates. As such the cost of
recruitment
would be relatively less.
2 The unit gets most suitable candidates as it is well aware of the
requirements of the job regarding culture, traditional, family
background aspects, local factors, social factors, etc.
• Units can recruit candidates as and when they are required without
any delay.
• The units would enjoy freedom in finding out, developing the
sources, in selecting and employing the techniques to stimulate the
candidates.
• The unit would relatively enjoy advantage about the availability of
information, control and feedback and various functions/processes of
recruitment.
• The unit would enjoy better familiarity and control over the
employees it recruits rather than on employees selected by the central
recruitment agency.
Both the systems of recruitment would suffer from their own demerits.
Hence, the management has to weigh both the merits and demerits of
each system before making a final decision about centralizing or
decentralizing the recruitment. Alternatively management may
decentralize the recruitment of certain categories of employees
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preferably middle and top level managerial personnel and centralize the
recruitment of other categories of employee’s preferably lower level
positions in view of the nature of the jobs and suitability of those
systems for those categories of positions. The management has to find
out and develop the sources of recruitment after deciding upon
centralizing or decentralizing the recruitment function
INTRODUCTION SELECTION
The size of the labour market, the image of the company, the place of
posting, the nature of job, the compensation package and a host of other
factors influence the manner of aspirants are likely to respond to the
recruiting efforts of the company. Through the process of recruitment
the company tries to locate prospective employees and encourages them
to apply for vacancies at various levels. Recruiting, thus, provides a pool
of applicants for selection.
Definition
To select mean to choose. Selection is the process of picking individuals
who have relevant qualifications to fill jobs in an organisation. The
basic purpose is to choose the individual who can most successfully
perform the job from the pool of qualified candidates.
Purpose
The purpose of selection is to pick up the most suitable candidate who
would meet the requirements of the job in an organisation best, to find
out which job applicant will be successful, if hired. To meet this goal,
the company obtains and assesses information about the applicants in
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terms of age, qualifications, skills, experience, etc. the needs of the job
are matched with the profile of candidates. The most suitable person is
then picked up after eliminating the unsuitable applicants through
successive stages of selection process. How well an employee is matched
to a job is very important because it is directly affects the amount and
quality of employee’s work. Any mismatched in this regard can cost an
organisation a great deal of money, time and trouble, especially, in
terms of training and operating costs. In course of time, the employee
may find the job distasteful and leave in frustration. He may even
circulate ‘hot news’ and juicy bits of negative information about the
company, causing incalculable harm to the company in the long run.
Effective election, therefore, demands constant monitoring of the ‘fit’
between people the job.
The Process
Selection is usually a series of hurdles or steps. Each one must be
successfully cleared before the applicant proceeds to the next one. The
time and emphasis place on each step will definitely vary from one
organisation to another and indeed, from job to job within the same
organisation. The sequence of steps may also vary from job to job and
organisation to organisation. For example some organisations may give
more importance to testing while others give more emphasis to
interviews and reference checks. Similarly a single brief selection
interview might be enough for applicants for lower level positions, while
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applicants for managerial jobs might be interviewed by a number of
people.
Reception
A company is known by the people it employs. In order to attract people
with talents, skills and experience a company has to create a favourable
impression on the applicants’ right from the stage of reception.
Whoever meets the applicant initially should be tactful and able to
extend help in a friendly and courteous way. Employment possibilities
must be presented honestly and clearly. If no jobs are available at that
point of time, the applicant may be asked to call back the personnel
department after some time.
SELECTION OF FINANCIAL CONSULTANT UNDERSTANDING
SELECTION PROCESS
Recruitment function helps the organization to develop a pool of
prospective human resources. It is difficult for the HR manager to
employ the suitable people out of the pool. Infact, many organizations
face critical problems in choosing the people. Selection techniques and
methods reduce the complexities in choosing the right candidates for the
job. After identifying the sources of human resources, searching for
prospective employees and stimulating them to apply for jobs in an
organization,
the management has to perform the function of selecting the right
employees at the right time. The obvious guiding policy in selection is
the intention to choose the best person who have good social contact.
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The objective of the selection decision is to choose the individual who
can most successfully perform the job from the pool of qualified
candidates. The selection procedure is the system of functions and
devices adopted in a given company to ascertain whether the candidate
specifications are matched with the job specifications and requirements
or not.
The selection process can be successful if the following requirements are
satisfied:
Someone should have the authority to select. This authority comes
from the employment requisition, as developed by an analysis to the
workload and work force.
There must be some standard of personnel with which a prospective
employee may be compared, i.e. a comprehensive job description and
job specification should be available before hand.
There must be a sufficient number of applicants from whom the
required number of employees may be selected.
The ability of an organization to attain its goal effectively and to develop
in a dynamic environment largely depends upon the effectiveness of its
selection programme. If the right person is selected, he is valuable asset
to the organization
SELECTION PROCEDURE:
Selection procedure employs several methods of collecting information
about the candidates qualifications, experience, physical and mental
ability, nature and behavior, knowledge and aptitude for judging
whether a given applicant is suitable or not for the job. Therefore the
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selection procedure is not a single act but is essentially a series of
methods or stages by which different types of information can be
secured through various selection techniques. At each step facts may
come to light, which are useful for comparison with the job requirement
and employee specifications
IN DETAIL EXPLANATION:
(A) JOB ANALYSIS:
Job analysis is the basis for selecting the right candidates. Every
organization should finalize the job analysis, job description, job
specification and employee specifications before proceeding to the next
step of selection
essentially a series of methods or stages by which different types of
information can be secured through various selection techniques. At
each step facts may come to light, which are useful for comparison with
the job requirement and employee specifications.
(B) HUMAN RESOURCE PLAN:
Every company plans for the required number of and kind of
employees for a future date. This is the basis for recruitment function.
(c) RECRUITMENT:
Recruitment refers to the process of searching for prospective
employees and stimulating them to apply for jobs in an organization. It
is the basis for the remaining technologies of the screening the
candidates in order to select the appropriate candidates for the jobs
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.
(D) DEVELOPMENT OF BASES FOR SELECTION:
The company has to select the appropriate candidates from the pool of
applicants. The company develops or borrows the appropriate
bases/techniques for screening the candidates in order to select the
appropriate candidates for the jobs.
(E) APPLICATION FORM:
Application form is also known as application blank. The techniques of
application blank are traditional and widely accepted for securing
information from the prospective candidates. It can also be used as a
device to screen the candidates at the preliminary level. Many
companies formulate their own style of application forms depending
upon the requirement of
information based on the size of the company, nature of business
activities, type and level of the job etc. Information is generally required
on the following items in the application forms:
Personal background
Educational qualifications
Work experience
Salary (drawing and expecting)
Personal attainments including likes and dislikes
References
F) WRITTEN EXAMINATION:
Organizations have to conduct written examination for the qualified
candidates after they are screened on the basis of the application blanks
so as to measure the candidate s ability in arithmetical calculations, to
know the candidate s attitude towards the job, to measure the candidate
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s aptitude, reasoning, knowledge in various disciplines, general
knowledge and English language.
(G) PRELIMINARY INTERVIEW:
The preliminary interview is to solicit necessary information from the
prospective applications and to assess the applicant s suitability to the
job. An assistant in the personnel department may conduct this
preliminary interview. The information thus provided by the candidate
may be related to the job or personal specifications regarding education,
experience, salary expectations, attitude towards job, age, physical
appearance and other requirements etc. Thus, preliminary interview is
useful as a process of eliminating the undesirable and unsuitable
candidates. If a candidate satisfies the job requirements regarding most
of the areas, he may be selected for further process. Preliminary
interviews are short and known as stand up interviews or sizing up of
the applicants or screening interviews. However, certain required
amount of care is to be taken to ensure that the desirable workers are
not eliminated. This interview is also useful to provide the basic
information about the company to the candidate.
(H) BUSINESS GAMES:
Business games are widely used as a selection technique for selecting
management trainees, executive trainees and managerial personnel at
junior, middle and top management positions. Business games help to
evaluate the applicants in the areas of decision-making, identifying the
potentialities, handling the situations, problem- solving skills, human
relations skills etc. participants are placed in a hypothetical work
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situation and are required to play the role situations in the game. The
hypothesis is that the most successful candidate in the game will be most
successful one on the job
.
GROUP DISCUSSION is used in order to secure further information
regarding the suitability of the candidate for the job. Group discussion
is a method where groups of the successful applicants are brought
around a conference table and are asked to discuss either a case study
or subject
matter. The candidates in the group are required to analyze, discuss,
find alternative solutions and select the sound solution. A selection panel
then observes the candidates in the areas of initiating the discussion,
explaining the problem, soliciting unrevealing information based
on the given information and using common sense, keenly observing the
discussion of others, clarifying controversial issues, influencing others,
speaking effectively, concealing and mediating arguments among the
participants and summarizing or concluding aptly.
The selection panel, based on its observation, judges the candidate s skill and ability and ranks them according to their merit. In some cases, the selection panel may also ask the candidates to write the summary of the group discussion in order to know the candidate s writing ability as well.
Types of test:
Tests are classified into six classes, each class is again divided into
different types of tests. They are:
APTITUDE TESTS:
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These tests measure whether an individual has the capacity or latent
ability to learn a given job if given adequate training. Aptitudes can be
divided into general and mental ability or intelligence and specific
aptitudes such as mechanical, clerical, manipulative capacity etc.
General aptitude test is of two types namely intelligence quotient (IQ)
and emotional quotient (EQ).
(1) Skill tests:
These tests measure the candidate s ability to do a job perfectly and
intelligently. These tests are useful to select the candidates to perform
artistic jobs, product design, design of tools, machinery etc. The
candidates can be selected for assembly work, testing and inspection
also.
(2) Mechanical aptitude tests:
These tests measure the capabilities of spatial visualization, perceptual
speed and knowledge of mechanical matter. These tests are useful for
selecting apprentices, skilled, mechanical employees, technicians etc.
(3) Psychomotor tests:
These tests measure abilities like manual dexterity, motor ability and
eyehand coordination of candidates. These tests are useful to select
semi-skilled workers and workers for repetitive operations like packing
and watch assembly.
(4) Clerical aptitude tests:
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These types of tests measure specific capacities involved in office work.
Items of this tests include spelling, computation, comprehension,
copying, word measuring etc.
ACHIEVEMENT TESTS:
These tests are conducted when applicants claim to know something as
these tests are concerned with what one has accomplished. These tests
are more useful to measure the value of a specific achievement when an
organization wishes to employ experienced candidates. These tests are
classified into (a) job knowledge test and (b) work sample test. Thus, the
candidate s achievement in his career is tested regarding his knowledge
about the job and actual work experience.
SITUATIONAL TESTS:
This test evaluates a candidate s in a similar real life situation. In this
test the candidate is asked either to cope with the situation or solve
critical situations of the job.
(1) Group discussion:
This test is administered through the group discussion approach to solve
a problem under which candidates are observed in the areas of
initiating, leading, proposing valuable ideas, conciliating skills, oral
communicating skills, coordinating and concluding skills.
(2) In basket:
Situational test is administered through in basket method. The
candidate in this test is supplied with actual letters, telephone and
telegraphic message,reports and requirements by various officers of the
organization, adequate information about the job and organization. The
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candidate is asked to take decisions on various items based on the in
basket information regarding requirements in the memoranda.
INTEREST TESTS:
These tests are inventories of the likes and dislikes of candidates in
relation to work, job, occupations, hobbies and recreational activities.
The purpose of this test is to find out whether a candidate is interested
or disinterested in the job for which he is a candidate and to find out in
which area of the job range/occupation the candidate is interested. The
assumption of this test is that there is a high correlation between the
interest of a candidate in a job and job success. Interest inventories are
less faked and they may not fluctuate after the age of 30
. PERSONALITY TESTS:
These tests prove deeply to discover clues to an individual s value
system, his emotional reactions and maturity and characteristic mood.
They areexpressed in such traits like self-confidence, tact, distrust,
initiative, emotional control, optimism, decisiveness, sociability,
conformity,objectivity, patience, fear, judgment dominance or
submission, impulsiveness, sympathy, integrity, stability and self-
confidence. (1) Objective tests: Most personality tests are objective tests as they are suitable for group testing and can be scored objectively.
(2) Projective tests:
Candidates are asked to project their own interpretation of certain
standard stimulus basing on ambiguous pictures, figures etc. under
these tests. Personality tests have disadvantages in the sense that
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sophisticated candidates can fake them and most candidates give
socially acceptable
answers. Further, personality inventories may not successfully predict
job success. A number of corrective measures tried as personality
inventories are widely subject to faking. They are:
Forced choice of Edward s personnel preference schedule.
Gordon personal profile.
The Minnesota Multi-phasic Inventory offers different methods
forIdentifying faking. The faking can be countered by repeating the
same question in different parts to measure consistency.
MULTI-DIMENSIONAL TESTING:
However, the need for multi-skills is being felt be most of the companies
consequent upon globalization, competitiveness and the consequent
customer-centered strategies. Organization have to develop
multidimensional testing in order to find out whether the candidates
possess a variety of skills or not, candidate s ability to integrate the
multi-skills and potentiality to apply them based on situational and
functional requirement.
J) INTERVIEW:
Final interview follows after tests. This is the most essential step in the
process of selection. In this step the interviewer matches the information
obtained about the candidate through various means to the job
requirements and to the information obtained through his own
observation during the interview. The different types of interviews are:
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PRELIMINARY INTERVIEW: (1) Informal interview:
This is the interview, which can be conducted at any place by the person
to secure the basic and non-job related information. The interaction
between the candidate and the personnel manager when the former
meets the latter to enquire about the vacancies or additional particulars
in connection with the employment advertisement is an example of the
informal interview. 2) Unstructured interview:
In this interview, the candidate is given the freedom to tell about himself
by revealing his knowledge on various items/areas, his background,
expectations, interest etc. Similarly, the interviewer also provides
information on various items required by the candidate.
CORE INTERVIEW:
It is normally the interaction between the candidates and the line
executive or experts on various areas of job knowledge, skill, talent etc.
This interview may take various forms like:
(1)Background information interview This interview is intended to
collect the information which is not available in the application blank
and to check that information provided in the application blank
regarding education, place of domicile, family, health, interest, hobbies,
likes, dislikes and extra curricular activities of the applicant.
(2) Job and probing interview:
This interview aims at testing the candidate s job knowledge about
duties, activities, methods of doing the job, critical/problematic areas,
methods of handling those areas etc.
(3) Stress interview:
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This interview aims at testing the candidate s job behavior and level of
understanding during the period of stress and strain. The interviewer
tests candidate by putting him under stress and strain by interrupting
the applicant from answering, criticizing his opinions, asking questions
pertaining to unrelated areas, keeping silent for unduly long periods
after he has finished
speaking etc. Stress during the middle portion of the interview gives
effective results. Stress interview must be handled with utmost care and
skills. This type of interview is often invalid, as the interviewer s need
for a job and his previous experience in such type of interviews may
inhibit his actual behavior under such situations.
(4) Group discussion interview: There are 2 methods of conducting
group discussion interviews, viz. group interview method and discussion
interview method. All the candidates are
brought into one room and are interviewed one by one under group
interview. This method helps a busy executive to save valuable time and
gives a fair account of the objectivity of the interview to the candidates.
Under the discussion interview method, one topic is given for discussion
to the candidates who assemblein one room and they are asked to
discuss the topic in detail. This type of interview helps the interviewer in
appraising certain skills of the candidates like initiative, inter-personal
skills, dynamism, presentation, leading, comprehension, collaboration
etc. Interviewers are at ease in this category of interview because of its
informality and flexibility. (5) Formal and structured interview:
In this type of interview, all the formalities, procedures like fixing the
value, time, panel of interviewers, opening and closing, intimating the
candidates officially etc. are strictly followed in arranging and
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conducting interview. The course of the interview is preplanned and
structured, in advance, depending on job requirements
(6) Panel interview:
A panel of experts interviews each candidate, judges his performance
individually and prepares consolidated judgment. This type of interview
is known as panel interview. Interviewers for middle level and senior
level mangers are normally conducted are the panel of experts. (7) Depth interview:
In this interview, the candidate would be examined extensively in core
areas of job skills and knowledge. Experts test the candidate s
knowledge in depth. Depth interviews are conducted for specialist jobs.
DECISION-MAKING INTERVIEW:
After the experts including the line managers of the organization in the
core areas of the job examine the candidates, the head of the
department/section concerned interviews the candidates once again,
mostly through informal discussion. The interviewer examines the
interest of the candidate in the job, organization
Reaction adaptability to the working complaining, promotional
opportunities, work adjustment and allotment etc. The personnel
manger also interviews the candidates with a view to find out his
reaction/acceptance regarding salary, allowances, benefits, promotions,
opportunities etc. The head of the department and the personnel
manager exchange the view and then they jointly inform their decision
to the chairman of the interview board, which finally makes the decision
about the candidate s performance and their ranks in the interview.
Most of the organizations have realized that employee s positive attitude
matters much rather than employee s skill and knowledge. Employees
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with positive attitude contribute much to the organization. Hence,
interviewers look for the candidates with the right attitude while
making final decision.
(K) MEDICAL EXAMINATION:
Certain jobs require certain physical qualities like clear vision, perfect
hearing unusual stamina, tolerance of hardworking conditions, clear
tone etc. Medical examination reveals whether or not a candidate
possesses these qualities. Medical examination can give the following
information: Whether the applicant is medically suited for the specific job Whether the applicant has health problems or psychological attitudes likely to interfere with work efficiency or future attendance. The offer. Whether the applicant suffers from bad health which should be corrected before he can work satisfactorily It reveals the applicant s physical measurements and It is used to check the special senses of the candidates.
(L) REFERENCE CHECKS:
dition,careerAfter completion of the final interview and medical
examination, the personnel department will engage in checking
references. Candidates are required to give the names of references in
their application forms. These references may be from the individuals
who are familiar with the candidates academic achievement or form the
applicant s previous employer, who is well versed with the applicant s
job performance, and sometimes from coworkers. Incase the reference
check is from the previous employer; information for the following
areas may be obtained. They are job title, job description, and period of
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employment, pay and allowances, gross emoluments, benefits provided,
rate of absence, willingness of the previous employer to employ the
candidate again and soonFurther, information regarding candidate s
regularity at work, character, progress etc. can be obtained.
Often a telephone call is much quicker. The method of mail provides
detailed information about the candidate s performance, character and
behavior. However, a personal visit is superior to the mail and
telephone methods and is used where it is highly essential to get the
detailed, actual
information, which can also be secured by observation. Reference
checks are taken as a matter of routine and treated casually or omitted
entirely in many organizations. But a good reference check used
sincerely will fetch useful and reliable information to the organization.
(M) FINAL DECISION BY THE LINE MANAGER:
The line manager concerned has to make the final decision whether to
select or reject a candidate after soliciting the required information
through techniques discussed earlier. The line manager has to take
much care in taking the final decision not only because of economic
implications but alsobecause of behavioral and social implications. A
careless decision of rejecting would impair the morale of the people and
they would suspect the selection procedure and the basis of selection of
this organization. A true understanding between line managers
andpersonnel managers should be established to take proper decisions.
(N) JOB OFFER:
Thus, after taking the final decision, the organization has to intimate
this decision to the successful as well as unsuccessful candidates. The
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organization offers the job to the successful candidates either
immediately or after some time depending upon its time schedule. The
candidate after receiving job offer communicates his acceptance to the
offer or requests the company to modify the terms and conditions of
employment or rejects the offer.
RECRUITMENT AND SELECTION AT SBI LIFE INSURANCE
Recruitment is the process of attracting prospective candidates who are
likely to get selected. Recruitment process starts with the drafting of
advertisement for the required post mentioning the name of the post,
qualifications required, place of posting etc. the advertisement is
released in all major and national newspaper across the country. Not
only print media, but other media like internet is also used for posting
the advertisement. Placement agencies and educational institutions are
considered if the requirements are for fresh graduates. Employee
references by are also encouraged. After receiving the applications, it is
initially screened by HR division based on minimum requirements and
qualifications prescribed for the post. Screened applications from HR
division are sent to respective divisional heads for their screening in
case of applications for higher posts. Selection is the process of selecting
right candidates from the list of prospective candidates. Selection
process involves tests, interviews, group discussions, psychometric tests
or a combination of these depending on the nature or sensitivity of the
level and the post. For technical posts, tests are used as elimination
means while for some other posts like management trainee, tests are not
used as elimination means. The shortlisted candidates are called for the
final interview. Regret letters are sent to those who are not shortlisted.
Background checking of the shortlisted candidates is done to ensure
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that they will fit with the culture of the organization. Job offers are
made to the selected candidates and they are asked to give their
confirmation that they accept the job offer. On receiving their
confirmation, appointment letter is prepared by personnel and
administration division and given to the candidate at the time of joining.
Salary offer is a part of Human resource division while personnel and
administration division handles salary administration. 57
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RESEARCH METHODOLOGY
The current chapter deals with the research methodology adopted In
present study indicates the selection of sample respondents, collection of
data. choice of statistical tools for analysis of data, in addition to
pointing out limitations’ of the study.
Methodology adopted:
The research is aimed at to evaluate employee engagement at SBI bank.
The city will cover under the research Moga.,Bagha purna
Research design:
The design for this study is descriptive.
Sampling unit:
Sampling is an effective step in collection of primary data that influence
the quality and correctness of the result.
Sampling size:
The sample size is selected to give the true picture. The size is
ANLAYSIS AND FINDINGS
From the analyzed data I could find that – The main source of the recruitment is through external sources i.e.
through
advertisement.
The other source of recruitment is through references , natural
market and
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consultants.
Maximum prospects fulfils all the criteria prescribed by the IRDA.
Research shows that the Financial Advisors generally belong to the
age of 30- 50 years
It is found that the company provides both types of training and
mainly prospects goes for the online training.
Every year company recruits as many as 50 Advisors in order to
increase
the sales force of the company.
Most of the recruited people are aware of the insurance sector and
the person who are not aware of the insurance sector are made aware
through the training before sitting for the test.
It has been found through the studies that most of the candidate
recruited
belongs the banking and insurance sector . It means that they are
having some knowledge about the insurance sector.
For most of the prospects attending 21 days training is a major
problem. As the timings for the training are full time 10:30 am to 5.00
p.m.
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For most of the prospects they join SBI LIFEINSURANCE for the
extra
income.
Most of the recruited people continue working as a Financial
Advisor.
LIMITATIONS
1) This Project Report is restricted only for the interviewed people.
2) Biased reply of the respondents like giving wrong information.
3) Non availability of the data or the relevant information of the
respondent.
4) Sometimes it happens that the respondent was busy so as to get the information it becomes difficult
5) The project is done in near by areas of the Aundh Branch of the company & therefore findings of it may not be applicable in other areas.
6) Time Constraints – The duration of the project is only 2 months. In
this duration we have to finish the project so the sample size considered
for this project is also limited which may give some misleading outputs.
7) Although ICICI Prudential is a well known brand, it invests heavily
in the advertisements, but somehow the concept of financial advisor was
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not known to the customers and it requires great amount of efforts to
convince the various benefits to them.
INSURANCE:
Insurance, in law and economics, is a form of risk management
primarily used to hedge against the risk of a contingent loss. Insurance
is defined as the equitable transfer of the risk of a loss, from one entity
to another, in exchange for a premium, and can be thought of as a
guaranteed small loss to prevent a large, possibly devastating loss. An
insurer is a company selling the insurance; an insured or policyholder is
the person or entity buying the insurance. The insurance rate is a factor
used to determine the amount to be charged for a certain amount of
insurance coverage, called the premium. Risk management, the practice
of appraising and controlling risk, has evolved as a discrete field of
study and practice.
It is one of those things that one would not like to think and talk about
but if you don’t you may leave your family unprotected. In simple terms
life insurance provides money for my family in the event that I die.
It is a financial resource for my family and loved ones in case of my
death. A “Contract” between me and the insurance company.
“Insurance is sharing the risk between company and individual”
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In insurance two type of benefits risk cover and saving. Risks cover
Consists of death, accidental recovery and health.
Insurance
Risk cover Saving
1. Death 2.Accidental recovery 3.Health
When age is increase, risk is also increase, so premium is increase.
Need of Insurance
Insurance is a basic need of a individual. Like every man eat food
forgiving so insurance is necessary for every human life. If a person not
has life insurance and he is died then his families face many financial
troubles. So insurance is necessary need.
Share of SBI GROUP & BNP PARIBAS:-SBI Life Insurance Company Limited is a joint venture between the
State Bank of India and BNP Paribas Assurance. SBI Life Insurance is
registered with an authorized capital of Rs 2000 crores and a Paid-up
capital of Rs 1000 Crores. SBI owns 74% of the total capital and BNP
Paribas Assurance the remaining 26%.
SBI GROUP + BNP PARIBAS = SBI LIFE INSURANCE CO. LTD.
74 % + 26 % = 100 %
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PRODUCT OF SBI LIFE:-
I. Traditional plan:-
A. Term Insurance: Shield Plan
Swadhan Plan
B. Endowment plan: SUDARSHAN PLAN
Money back plan
C. Children plan: Scholar II plan
D. Pension plan:
Lifelong pension
These all Plans are Traditional Plans.
SHIELD PLAN
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Introduction: Key man is the key member or staff of the organization who is a major
contributor to its growth and the profit and whose absence may affect
the continuity of the business.
A Keyman insurance policy is taken to protect the 44organization
against the reduction in profit resulting from the death of the Keyman.
As per IRDA circular only Pure Term Assurance Products may be used
as a Keyman Insurance. We offer “SBI Life – Shield” as a Keyman
Insurance Policy.
Product features available of “SBI Life – Shield” used as Keyman:
Minimum / Maximum Age at Entry : 18 Years to 60 Years
Term : 5 Years to 25 Years or Retirement age, whichever is earlier
Choice of Increasing Sum Assured @ 5% p.a. or Level Cover
No Riders available
Mode of Payment : Single Premium or Regular Premium (no
monthly mode available)
Sum Assured
Minimum (Per Life Assured):
SBI Life – Shield Plan: Rs. 10, 00,000/- (in multiples of Rs. 10,000)
Maximum Sum Assured (Per Corporate):
The quantum of cover would be based on the following parameters,
underwriting requirements and subject to the maximum Sum Assured
permitted in the respective plan chosen
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Maximum Sum Assured should be LOWER of :
1. 5 times the average net profit of the Company for the past 3
years.
2. 3 times the average gross profit of the Company for the past 3
years.
A multiple of the individual remuneration/compensation package that
the
Key man receive may also be considered.
SUDARSHAN
Introduction:
SBI Life - Sudarshan is an Endowment Policy designed to provide
savings and protection to you and your family. You can save regularly
for the future. Thus at the end of the plan, you will receive a substantial
amount of savings along with the accumulated bonuses declared. At the
same time, your family will be protected for death risk for the full Sum
Assured.
Key Features:
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It offers you the option of tailoring your policy according to your
requirement and needs, by opting for various extra covers (Riders) that
are offered.
This is a unique product that offers you an innovative cover (plan
B) which helps you to protect your savings against ’the financial
consequences of inflation’ with constant premium for the entire
duration of the plan.
It gives you protection against unfortunate terminal or dreaded
illness. It is an insurance plan which could also act as a hedging
instrument.
With this plan you can plan your children’s future education,
marriage expenses or even your own retirement - in a most flexible
manner.
Product type:
It is a traditional endowment plan i.e. saving - cum protection product.
How does it work?
SBI Life - Sudarshan has two basic plans.
Fixed Sum Assured Plan: Allows you to build a regular saving
plan that gives you a secure amount at the end of a fixed period plus a
bonus. In the unfortunate event of death before maturity, the nominee
would stand to receive the Sum assured and the bonus accrued till that
date.
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Increasing Sum Assured Plan - the COLA Option: The Cost
Of Living Adjustment (COLA) option is so called because it serves as an
automatic hedge against inflation. It allows you to increase the Sum
Assured automatically by paying an additional premium compared to
the Fixed Sum Assured Plan. Moreover, the life cover also automatically
increases during the period as added protection to the family.
Benefits
Maturity Benefit: Depending upon the plan option chosen: Fixed Sum Assured (Plan A) Basic Sum Assured along with
Vested Bonus* is payable
Increasing Sum Assured (Plan B) Increased Sum Assured @ 5%
p.a. along with Vested Bonus* is payable
Death Benefit:
In the unfortunate event of death of the Life Assured, depending upon
the plan option chosen:
Fixed Sum Assured (Plan A) The Sum Assured along with Vested
Bonus * is payable to your nominee.
Increasing Sum Assured (Plan B) Increased Sum Assured @ 5%
p.a along with Vested Bonus* is payable to your nominee.
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Other Benefits:
If the extra cover (riders) have been opted for, the following additional
benefits are payable:
Term Assurance Cover benefit
The Term Assurance cover is payable in addition to normal death
benefit.
Accidental Death and Accidental Total Permanent Disability
Cover Benefit:
In case death due to an accident: The rider Sum Assured is payable in
addition to normal Life cover.
In case of Total Permanent Disability due to an accident:
Two benefits are payable:
Critical Illness cover:
On diagnosis of any of the 6 critical illnesses and you survive for more
than 30 days; the Critical Illness Cover Sum Assured is paid in a lump
sum. No more claims will be admitted under this cover.
SBI Life - Sudarshan policy remains in force for all the other
benefits
Tax Benefits SBI Life :
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Sudarshan enjoys Tax benefit u/s 80 C and 10 (10 D) of IT Act*
Premiums paid for Critical Illness Benefit qualify for tax exemption
under Sec 80D*
What is the policy term?
Who can buy this product?
What is the minimum & maximum sum assured?
Riders available
Minimum
Years
Maximum Years
Regular Mode 8 years 30 years
Single Premium Mode5 years 30 years
Minimum
Years
Maximum Years
Regular Mode 12 years 62 years
Single Premium Mode12 years 65 years
Minimum Maximum
Rs.25,000 Rs.1 Crore
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SBI Life - Critical Illness Rider
SBI Life - Term Assurance Rider
SBI Life - Accidental Death & Total Permanent Disability Rider
MONEY BACK PLAN
Introduction:
As an individual your life is fueled by dreams. You experience different
special moments in life like wedding, birth of a child, child’s education
or purchasing a new home. You have to be financially prepared for
these special moments. What you need is easy liquidity at regular
intervals with life insurance protection to take care of these special
moments.
Key Features:
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The plan has a number of moneyback options specially suited to your
needs. The cover is available at competitive premium rates. It has
guaranteed cash inflows which can meet your various financial
obligations. In addition to normal death cover, the plan also provides
you 4 additional covers. Product type: It is a Traditional Saving Plan
with added advantage of life cover and guaranteed cash inflow at
regular intervals.
How does it work?
SBI Life Money Back is a saving plan with added advantage of life
cover and cash inflow at regular intervals. This plan is designed for
individuals who want to plan for various financial obligations at
specified times in life.
Term of the Plan Guaranteed Survival Benefit payable
Cumulative Guaranteed Survival Benefit
10 Years The last 3 years on the term 110% of Basic Sum Assured
15 Years After every 3 years on the term115% of Basic Sum Assured
20 Years After every 4 years on the term120% of Basic Sum Assured
25 Years After every 5 years on the term125% of Basic Sum Assured
Benefits
Death Benefit:
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In the unfortunate event of death during the term of the plan, the
nominee will receive Sum Assured + Vested Bonuses, (accrued till the
date of death),No deductions are made from the claim amount for the
Survival Benefits already paid.
Exclusions applicable to the Basic Cover:
Suicide within the first year
Other Optional Benefits:
SBI Life - Term Assurance Rider:
The benefit under the Term Assurance Rider is payable in addition to
death benefit.
SBI Life - Accidental Death and Accidental Total
Permanent Disability Rider
In case of death due to an accident, the nominee gets the additional
rider Sum Assured. If the policyholder is involved in an accident,
resulting in total permanent disability, he/she will get Sum Assured
under this rider in 10 equal annual installments; He/she will exit from
all the rider covers thereafter, but continue to be covered for basic
cover on receipt of further premium due, if any.
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SBI Life - Premium Waiver Benefit Rider:
Under this rider the policy holder need not pay future premiums for the
base product, if he/she suffers from total and permanent disability due
to an accident after the rider is opted for.
SBI Life - Critical Illness Rider:
On diagnosis of any of the 6 critical illnesses (depending on the C.I.
cover you have opted for) and you survive for more than 30 days from
diagnosis; the Critical Illness Cover Amount is paid in a lumpsum. No
more claims will be admitted under this cover. The Basic policy remains
in force for all the other benefits.
Tax Benefit:
SBI Life Money Back Plan enjoys Tax benefit u/s 80 C and 10 (10 D) of
IT Act*.
Premiums paid for Critical Illness Benefit qualify for tax exemption
under Sec 80D*.
What is the policy term?
Minimum YearsMaximum Years
10 years 25 years
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Who can buy this product?
Eligibility Criteria Term
Option 1: Term 10
Years
Option 2: Term 15
Years
Option 3: Term 20
Years
Option 4: Term 25
YearsMinimum age at entry 15 15 15 15
Maximum age at entry 60 55 50 45
What is the min. & max. sum assured?
Riders Available
SBI Life - Term Assurance Rider
SBI Life - Accidental Death & TPD Rider
SBI Life - Critical Illness Rider
SBI Life - Premium Waiver Benefit Rider
Minimum Maximum
Rs. 50,000 (and multiples of Rs.
10,000 thereafter)
Rs.5 Crore.
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II. Unit Link Plan:
Unit Plus-II
Smart Ulip
Horizon II
Unit Plus Children Plan
Horizon II Pension
Unit Plus II Pension
UNIT PLUS II PLAN
IN THIS POLICY, THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS BORN BY THE POLICYHOLDER
INTRODUCTION:
It may be difficult to understand all your needs but as your preferred
life insurance company, SBI Life definitely understands all your
financial & insurance needs. SBIBI Life - Unit Plus II Plans are an
attempt to meet all your financial & insurance needs through a single
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non participating product. You can use it the way you like. What’s more
you get market linked returns which in the long term has always proved
to give better returns than traditional savings products.
Key Features:
Unmatched Flexibility to match your changing
requirement.
Choice of 5 investment funds: you can change the allocation
percentage when you want, 4 switches free per annum.
Choice of term : Limited term or whole life.
Attractive riders available.
Product type:
This is a non-participating individual unit linked product.
How does it work?
SBI Life - Unit Plus II Plans: II plans depending on your premium
mode.
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Single Premium Mode : SBI Life - Unit Plus II Single
UIN No: 111L029V01)
Regular Premium Mode : SBI Life - Unit Plus II Regular
UIN No: 111L028V01)
Decide Your Investment Amount :
Frequency Minimum Premium Maximum Premium
Single Rs. 40, 000 No Limit
Regular Rs. 24, 000 p.a. No Limit
Choose Your Life Cover:
It depends upon the total amount you have decided to invest.
Single Premium
Minimum Sum Assured
Maximum Sum Assured
Term 5 to 9 years
125 % of single premium amount
625 % of single premium amount
Term 10 years and above
110 % of single premium amount
625 % of single premium amount
Regular Premium
Minimum Sum Assured
Maximum Sum Assured
Regular Premium
5 times annual premium amount
Depends on the age*
Whole Life
5 times annual premium amount
No Limit(Subject to underwriting)
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Benefits : Maturity Benefit:
At maturity, the Fund Value as on that date is paid in full. Death Benefit: In the unfortunate event of the death.
Before or the age 7 years: Fund Value is payable to the nominee.
After attaining age 7 and before 65th birthday, the beneficiary will receive
higher of Fund Value or Sum Assured less Partial Withdrawals within the last 12
calendar months.
If death occurs after age 65, the beneficiary will receive the higher of the Fund
Value or Sum Assured less all the Partial Withdrawals made in the last 12 calendar
months before attaining the age of 65+ all withdrawals made after attaining the age of
65 will be set off against the Sum Assured excluding partial withdrawals from Top Up
Amount.
Tax Benefits :
Tax benefit as per section 80C and 10(10D) of Income Tax Act.
What is the policy term?
Guaranteed Additions(Only for SBI Life - Unit Plus II Regular):
Percentage Of Average Annualised Regular
Age at
entry
Sum Assured
18-35 5 or 10 times first annualised premium subject to
maximum SA of Rs. 10 Lacs
36-45 5 or 10 times first annualised premium subject to
maximum SA of Rs. 5 Lacs
46-60 1.2 lacs
Term = Vesting Age - Age at Entry
Minimum Years Maximum Years
5 Years 52 Years
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Equity Optimizer Fund:
Assets
Min
Max
Risk
Equity & Equity related instruments
60% 100%
HighDebt and Money market instruments
Nil 40%
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