PROJECT REPORTON

ADVISOR’S

RECRUITMENT AND SELECTIONA Summer Training Project

Submitted in partial fulfillment of the requirements for theAward of degree of Bachelor of Business Administration

2008-2009

Submitted by Project Guide Sumit kohli Mrs.SoniaMalik

BHARATI VIDYAPEETH UNIVERSITY

INSTITUTE OF MANAGEMENT AND RESEARCH

NEW DELHI

ACKNOWLEDGEMENT

The making of any project calls from many others, besides the individual alone. It is the

result of meticulous efforts put in by many minds that contribute to the final report

formation. Several eminent people at Bharti Axa life Insurance have made valuable

contributions to this report through their inputs. I duly acknowledge my gratitude to each

one of them.

I am grateful to the HR department to help me in making project on “advisor’s

recruitment in Bharti Axa Life Insurance”.

I would also like to thank Bharati Vidyapeeth University, Institute of Management and

Research, which gave me an opportunity to accomplish my project. My special thanks to

my faculty guide, Mrs. Sonia malik.

At last, I would like to acknowledge all those who helped directly or indirectly in various

areas in completing the project and related study and made my training a wonderful

experience.

PREFACE

In today’s competitive and dynamic world, with easy business providing the same kind or

services, only that firm which comes up with an innovative idea can hope to survive in

the long run, by attracting and luring customers.

Insurance sure is an upcoming sector but with the privatization of the same, selling

insurance products has become tough due to the competition angle attached to it.

This project involves the detailed profile of BHARATI AXA LIFE INSURANCE and

what is the process of agency recruitment in BHARATI AXA LIFE INSURANCE.

One should be well aware with ‘insurance’ to complete or to start this project. The very

first step involved is to describe the history of the industry in brief, and then comes the

research methodology which contains objectives and the methods involved in it.

Company profile will proceed after this, which further is discussed with concepts.

Another important step is to analyze the data collected during the specific period.

This project report deals with recruitment process matters, which are basics should be

known to everybody in the insurance industry. The career of insurance agency is

profoundly rewarding one, not merely in terms of money, but in terms of prestige and

satisfaction of having done well to others. Insurance advisor earn the gratitude of their

customers as few others professionals do, this will happen as the advisors keep learning

at work.

INDEX

CHAPTER

NUMBER

CHAPTER NAME CONTENTS PAGE

NUMBER

I INTRODUCTION TO THE

STUDY

INDIAN INSURANCE

INDUSTRY

5

ABOUT IRDA 8

DUTIES, POWERS &

FUNCTIONS OF IRDA

9

COMPANY PROFILE 12

LIFE PLANS 16

II RESEARCH METHODOLOGY 2.1 OBJECTIVES OF STUDY

2.2 SCOPE OF THE STUDY

2.3 METHODOLOGY

2.4 LIMITATIONS OF THE

STUDY

47

48

49

51

III DATA ANALYSIS ANALYSIS OF DATA 36

IV FINDINGS

V SUGGESTIONS AND

RECOMENDETATIONS

62

VI CONCLUSION 64

VII ANNEXURE 65

VIII BIBLIOGRAPHY 67

Chapter 1

INTRODUCTION OF

INDUSTRY

Indian Insurance Industry

Insurance is a federal subject in India The insurance sector to 26%, the insurance sector

has been a booming market. However, the largest has gone through a number of phases

and changes. Since 1999, when the government opened up the insurance sector by

allowing private companies to solicit insurance and also allowing up life-insurance

company in India is still owned by the government.

History

In India has its history dating back until 1818, when Oriental Life Insurance Company

was started by Anita Bhavsar in Kolkatta to cater to the needs of European community.

The pre-independent era in India saw discrimination among the life of foreigners and

Indians with higher premiums being charged for the latter. In 1870, Bombay Mutual Life

Assurance Society became the first Indian insurance company covering Indian lives at

normal rates. Insurance

At the dawn of the twentieth century, many insurance companies were founded. In the

year 1912, the Life Insurance Companies Act and the Provident Fund Act were passed to

regulate the insurance business. The Life Insurance Companies Act, 1912 made it

necessary that the premium-rate tables and periodical valuations of companies should be

certified by an actuary. However, the disparage still existed as discrimination between

Indian and foreign companies. The oldest existing insurance company in India is the

National Insurance Company Ltd., which was founded in 1906. It is in business. Before

that, the industry consisted of only two state insurers: Life Insurers ) and General

Insurers GIC). GIC had four subsidiary companies.

With effect from December 2000, these subsidiaries have been de-linked from the parent

company and were set up as independent insurance companies:

Currently, in India only two million people (0.2 % of the total population of 1 billion) are

covered under Mediclaim, whereas in developed nations like USA about 75 % of the total

population are covered under some insurance scheme. With more and more private

companies in the sector, the situation may change soon

Acts

Life insurance in India was completely nationalized on January 19, 1956, through the

Life Insurance Corporation Act. All 245 insuance companies The insurance sector went

through a full circle of phases from being unregulated to completely regulated and then

currently being partly deregulated. It is governed by a number of acts.

The Insurance Act of 1938 was the first legislation governing all forms of insurance to

provide strict state control over insurance business.

operating in the country were merged into one entity, the

The General Insurance Business Act of 1972 was enacted to nationalise the about 100

general insurance companies and subsequently merging them into four companies. All

the companies were amalgamated into National Insurance, New India Assurance,

Oriental Insurance and United India Insurance, which were headquartered in each of the

four metropolitan cities Life Insurance Corporation of India

Until 1999, there were not any private insurance companies in India. The government

then introduced the Insurance Regulatory and Development Authority Act in 1999,

thereby de-regulating the insurance sector and allowing private companies. Furthermore,

foreign investment was also allowed and capped at 26% holding in the Indian insurance

companies

About IRDA

The Insurance Regulatory and Development Authority (IRDA) is a national agency of the

Government of India, based in Hyderabad . It was formed by an act of Indian Parliament

known as IRDA Act 1999, which was amended in 2002 to incorporate some emerging

requirements. Mission of IRDA as stated in the act is "to protect the interests of the

policyholders, to regulate, promote and ensure orderly growth of the insurance industry

and for matters connected therewith or incidental thereto."

Expectations

law of India has following expectations from IRDA

1. To protect the interest of and secure fair treatment to policyholders;

2. To bring about speedy and for the benefit of The the common man, and to provide long

term funds for accelerating growth of the economy;

3. To set, promote, monitor and enforce high standards of integrity, financial soundness,

fair dealing and competence of those it regulates;

4. To ensure that insurance customers receive preciseorderly growth of the insurance

industry (including annuity and superannuation payments), , clear and correct information

about products and services and make them aware of their responsibilities and duties in

this regard;

5. To ensure speedy settlement of genuine claims, to prevent insurance frauds and other

malpractices and put in place effective grievance redressal machinery;

6. To promote fairness,transparency and orderly conduct in financial markets dealing

with insurance and build a reliable management information system to enforce high

standards of financial soundness amongst market players;

7. To take action where such standards are inadequate or ineffectively enforced;

8. To bring about optimum amount of self-regulation in day to day working of the

industry consistent with the requirements of prudential regulation.

Duties, Powers and Functions of IRDA

(1) Subject of this Act and to the provisions any other law for the time being in force, the

Authority shall have the duty to regulate, promote and ensure orderly growth of the

insurance business and re-insurance business.

(2) Without prejudice to the generality of the provisions contained in sub-section (1), the

powers and functions of the Authority shall include,

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

or cancel such registration;

(b) protection of the interests of the policy holders in matters concerning assigning of

policy, nomination by policy holders, insurable interest, settlement of insurance claim,

surrender value of policy and other terms and conditions of contracts of insurance;

(c) specifying requisite qualifications, code of conduct and practical training for

intermediary or insurance intermediaries and agents;

(d) specifying the code of conduct for surveyors and loss assessors;

(e) promoting efficiency in the conduct of insurance business;

(f) promoting and regulating professional organisations connected with the insurance and

re-insurance business;

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

(h) calling for information from, undertaking inspection of, conducting enquiries and

investigations including audit of the insurers, intermediaries, insurance intermediaries

and other organisations connected with the insurance business;

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

offered by insurers in respect of general insurance business not so controlled and

regulated by the Tariff Advisory Committee under section 64U of the Insurance Act,

1938 (4 of 1938);

(j) specifying the form and manner in which books of account shall be maintained and

statement of accounts shall be rendered by insurers and other insurance intermediaries

(k) regulating investment of funds by insurance companies; Section 14 of IRDA Act,

1999 lays down the duties, powers and functions of IRDA

(l) regulating maintenance of margin of solvency;

(m) adjudication of disputes between insurers and intermediaries or insurance

intermediaries;

(n) supervising the functioning of the Tariff Advisory Committee;

(o) specifying the percentage of premium income of the insurer to finance schemes for

promoting and regulating professional organisations referred to in clause (f);

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

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

(q) such other powers as may be prescribed exercising

Chapter 2

Company Profile

Bharti AXA Life 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. The joint venture company has a 74%

stake from Bharti and 26% stake of AXA.

The company launched national operations in December 2006. Today, they have over

8000 employees across over 12 states in the country and a national footprint of

distributors trained to provide quality financial advice and insurance solutions to the large

Indian customer base.

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

distributors, we continue to provide innovative product and service offerings to cater to

specific insurance and wealth management needs of customers. Whatever our plans in

life, we can be confident that Bharti AXA Life will offer the right financial solutions to

help achieve them.

AXA Group

AXA SA, world leader in financial protection and wealth management is ranked 15th in

the Fortune list. As a global insurance company with over 50 million customers and

110,000 employees world over, it manages Euro 1064 Billion of funds. The company

recorded Euro 72 Billion in Revenues and Euro 3.3 Billion in Profits.

About AXA Asia Pacific Holdings

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

and is 51.6% owned by AXA SA.  AXA APH is responsible for AXA SA’s life insurance

and wealth management businesses in the Asia-Pacific region.  It has operations in

Australia, New Zealand, Hong Kong SAR, China, Indonesia, the Philippines, Thailand,

Singapore, India and Malaysia. AXA APH had AUD87.6 billion in total funds under

management, administration and advice at 30 June 2006 and reported a profit after tax

before non-recurring items of AUD 303.8 million for the half year ended 30 June 2006

 Vision

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

management in India

Strategy

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

To be recognised as being close and qualified by our customers

Strategic differentiators

Strong partner Bharti - provides access to customer base of more than 20 million

Multi channel execution capability

Current Asia product range which is a strong match to products sold to the mass and

mass affluent

Global scale providing cost effective and speedy re-use of systems, products and

business capability

Strong AXA and Bharti brands which can be leveraged to attract and retain a high

quality management team

Life plans

Bharti AXA Life Merit Plus

Bharti AXA Life Merit Plus

This is a regular premium unit-linked endowment insurance Policy which offers the twin

benefits of protection against financial loss in the unfortunate event of the demise of the

life insured and helping to create wealth systematically over the long-term. Hence this

product is suitable for long-term objectives like retirement planning, children’s future and

giving a total protection to us and our family.

What are advantages with Bharti AXA Life Merit Plus?

• A financial solution that provides comprehensive protection to us and our family

• Sum Assured as high as 15 times of annualised premium depending on our age

• Option to choose Life Insurance Benefit as:

(a) Higher of Sum Assured or Fund Value

(b) Sum Assured PLUS Fund Value

• Guaranteed additions, which returns more than all the allocation charges paid by us

=100% of First Year Premium

• Get 4% simple interest per annum on Premium Allocation Charges on 2Qth policy year

= 72.2% of first year premium

Working of Bharti AXA Life Merit Plus

As a customer we will have the liberty

• To choose our premium amount

• Death benefit option: Option A/Option B

• To choose fund mix out of five fund options

The premium we pay would be invested, net of Premium Allocation Charges, in fund or

mix of available funds of our choice and units are allocated depending on the price of

units for the fund/funds.

The Fund Value is the total value of units that we hold in the fund/funds. The Mortality

Charges and Policy Administration Charges are deducted through cancellation of units

whereas the Fund Management Charge is adjusted in the unit price.

Benefits of Bharti AXA Life Merit Plus

Life Insurance benefit:

Bharti AXA Life Merit Plus offers the choice of Life Insurance benefit which are as

follows:

1. Death Benefit Option A

Sum Assured (less all partial withdrawals made from the basic policy fund during the 12

months intimation of death, whichever is higher, will be paid. prior to the date of death of

life assured) or the Policy Fund Value as on the date of intimation of death, whichever is

higher, will be paid.

2. Death Benefit Option B

The sum of Sum Assured and the Policy Fund Value as on the date of intimation of death

will be paid.

We can choose any one out of the above two options.

Irrespective of the death benefit option chosen, if the life assured, at the time of death, is

less than 5 years, the death benefit in both the above cases will be restricted to Policy

Fund Value. Sum assured under the product is dependent on the age of the life assured at

entry, which is as follows:

Bharti AXA Life Guarantee Builder

Bharti AXA Life Guarantee Builder

Bharti AXA Life Guarantee Builder is a 15-year regular premium unit-linked Insurance

policy that offers us the best of both worlds by guaranteeing our investments at maturity

as well as offering the upside potential of equity markets over the long-term. Now we

don’t have to wait for the markets to smile again, because our smile will be in place with

Bharti AXA Life Guarantee Builder.

What are our advantages with Bharti AXA Life Guarantee Builder?

Ensuring solid protection for our family through a Death Benefit that offers Sum

Assured PLUS Fund Value

Getting the comfort of a Guaranteed Maturity Value (GMV) which means atleast

our investment premiums are returned at maturity.

Getting the power of Builder, which means that we can expect your GMV to

potentially increase by 1% each year till it reaches 115% by the time Guarantee is

applicable.

The new Build n Protect Fund ensures not only safety to our investments, but also

provide us the springboard for growth of our investments over the long-term by

allocating upto 40% in large-cap stocks.

Getting tax benefits on the premiums paid and benefits received as per the

prevailing tax laws.

. Life Insurance Benefit:

This policy offers a high level of protection to our family in case of any eventuality. In

the unfortunate event of death of the Life Insured during the Policy Benefit Period, the

sum of the following benefits is paid to the nominee:

a) Payment of sum assured immediately

b) Policy fund value

The Sum Assured under the policy is 10 times the Annualised Investment Premium

2. Maturity Benefit: On maturity of the Policy, we will get the Higher of

a) Policy fund value

b) Guaranteed Maturity Value: The Guaranteed Maturity Value is atleast 100%

of the sum of the Investment Premium that we have paid over the policy

benefit period.

3. Special additions: this benefit helps boost fund value & rewards for staying invested

in long term. An amount equal to 2.5% of the average of policy fund value as on the end

of each of the preceding 36 policy months will be added to policy fund value at the end

of 10th policy year and 15th policy year.

4. Choice of investment funds: period would be allocated to the investment funds, the

fund value of which is considered for Investment Fund Objective Asset Allocation Risk-

Return Potential maturity through steady Government bonds and provide a limited

opportunity for capital appreciation by investing in equities Guaranteed Fund

Bharti AXA Life Bright Stars

Bharti AXA Life Bright Stars

This is a regular premium unit-linked Insurance Policy, which offers the twin, benefits of

protecting our loved ones & creating wealth for them over the desired period.

We can plan & invest in a systematic manner through this product for certain important

events (financial goals) in our life like our child’s higher education / marriage or buying a

house!

1 Bharti AXA Life Bright Stars offers the twin benefits of protecting

our loved ones & creating wealth for them over the desired period.

our advantages with Bharti AXA Life Bright Stars

• We can invest in market-linked funds while providing with all-round protection benefit

and what’s more, it also provides us with a Jumpstart Benefit at maturity.

We can enhance our protection in this product by adding riders.

We get a smart financial solution through this product. Not only does the Sum Assured

gets paid out in case of unfortunate event of death, but Bharti AXA Life will pay all our

future premiums to ensure that the ambitions of our loved ones are achieved.

• We have the option of investing across 4 funds, depending upon our risk appetite and

return expectation and can make use of the switch facility to change our asset allocation.

• Tax benefits for premiums paid and benefits received, as per the prevailing Tax laws.

Working of Bharti Axa Life Bright Stars:

Benefits of Bharti AXA Life Bright Stars

1. Life Insurance Benefit

The Sum Assured under the Policy is based on the Policy benefit period chosen by us.

Policy Benefit Period Sum Assured

7 years 5 times annualized regular premium

10 years 5 times annualized regular premium

15 years 8 times annualized regular premium

17 years 10 times annualized regular premium

20 years 10 times annualized regular premium

In the unfortunate event of death of the Life insured during the Policy benefit period, the

following benefits are available:

• Payment of Sum Assured immediately

• All the future premiums payable till maturity are waived off and Bharti AXA Life will

pay all those premiums into the investment funds

• The Policy continues until maturity with the nominee having the right to exercise all the

applicable benefits under the Policy

2. Maturity Benefit:

On maturity of the Policy, we or our nominee will get the Policy Fund Value plus

Jumpstart Benefit.

3. Special Addition with “Jumpstart Benefit”:

On maturity of the Policy, in addition to the Policy Fund Value, we get a Jumpstarl

Benefit equal to 5% of the average of the Policy Fund Values as on the end of each of the

preceding 36 Policy months.

Since this benefit is paid out in addition to your Policy Fund Value, it provides our

financial goals a “jumpstart”. For instance, if the Policy is taken with the intention of

securing our child’s future, then it can be used to jumpstart our child’s future by having

access to more career options.

4. Critical Illness Benefit Rider:

In addition to our life insurance benefit, we can also enhance our protection by adding

Critical Illness Benefit Rider by paying a nominal amount. This rider will pay the chosen

Rider Sum Assured in case we are diagnosed with any of the below mentioned critical

illnesses and subject to the terms and conditions contained in the Critical Illness Benefit

Rider — Policy Bond:

• Cancer

• Coronary Artery Bypass Surgery

• Heart Attack

• Kidney Failure

• Major Organ Transplant

• Stroke

We can use this Rider Sum Assured to meet various expenses that are generally incurred

in treatment of critical illnesses like hospitalisation expenses, surgery, cost of medicines,

diagnosis, possible loss of pay etc.

5. Choice of Investment Funds:

We have a choice of investing your premiums in any or all of the four investment funds,

as per our financial objective.

6. Managing investments with Switch and Premium Redirection facility:

Through the feature of switches & premium redirection we can manage our asset

allocation between equity & debt depending on our needs. For example we may wish to

move our money to a low-risk investment fund option before maturity of the Policy to

protect against adverse movements in equity markets.

We can switch four times in a Policy year free of charge, beyond which a charge of Rs.

100 per switch is levied. The minimum value of a switch should be Rs. 2,500.

We can also redirect our future premiums after first Policy year into different funds with

Premium Redirection facility. This facility can be availed of any number of times free of

charge. The minimum allocation in any chosen investment fund should be 5%.

7. Top-up Premiums

We can invest a bonus received from our employer or profits earned from our business or

any other surplus in your existing investments to achieve our financial goals faster.

With the top-up option, we can boost our contribution any time after the first Policy year.

The minimum amount of a single top-up is Rs. 2,500. The total amount of top-up in a

Policy year cannot be more than 25% of total regular premiums paid till that date. Top-up

premium has no effect on our Sum Assured.

8. Liquidity Benefit with Partial Withdrawal: We all need money during our lifetime to fulfil certain goals. From time to

time, we may need money to pay for our child’s education, going on a long vacation, pay off an existing loan etc.

We can withdraw money from our Policy Fund Value any time after completion of three

Policy years. Each partial withdrawal should be a minimum of Rs. 5,000 and after

withdrawal the Policy Fund Value should not be less than 120% of the Annualised

Regular Premium. Four partial withdrawals are free of charge in a Policy year and each

subsequent partial withdrawal will be subject to a charge of Rs. 100.

9. Decrease in Premium:

While we recommend that you pay the agreed amount of annual premium for the entire

term of the Policy, we also understand that sometimes we may face financial constraints

which might make it difficult for us to pay the agreed premium throughout the term.

Therefore, in this product, we allow to decrease the premium amount any time after

completion of two Policy years. Decrease in premium will decrease our Sum Assured in

the same proportion. Annualised Regular Premium can be reduced subject to the

following condition:

During 3rd policy year, the Annualised Regular Premium can be reduced such that the

revised premium is at least Higher of

• 75% of first year Annualised Regular Premium

• Minimum Annualized Regular Premium

From 4th policy year onwards, the Annualised Regular Premium can be reduced to the

minimum Annualised Regular Premium.

10. Cover Continuance Option:

While we recommend that all our regular premiums be paid on the respective due dates,

we also understand that due to sudden changes in lifestyle like increased responsibilities

or unexpected increase in household expenses may affect our future ability to pay

premiums.

Now we need not worry if we are unable to pay premiums into our Policy. The cover

continuance option entitles us to continue our Policy with all benefits if we are unable to

pay premiums (as per the table below). Once we have opted for this option, we cannot

pay any further premiums

Bharti axa life wealth confident

Wealth Confident

Unit-linked Limited Pay Product

Our advantages with Wealth Confident

• Higher allocation of our premium for investment that ensures that more of our money is

invested for growth.

• Sum Assured equal to five times of annual regular premium.

• Investment fund options ranging from funds with high equity allocation to help us earn

potentially high returns over the long term to a fund that offers you steady returns.

• Pay premiums for only 5 years while our money grows for 10 years.

• Facility to increase or decrease your premiums any time after completion of 2 Policy

years.

• Partial withdrawal facility from our Policy Fund Value as per your financial

requirements, after 3 completed years of our Policy.

• Facility to receive our maturity proceeds either as a lump sum amount or in instalments,

or as a combination of both.

• Special additions for 5 continuous years starting from the end of the 6th

Policy year.

Working of WealthConfident

Wealth Confident is a unit-linked plan for wealth creation. The product works as follows:

1. The premium paid by us decides the Sum Assured.

2. The premium is netted off the premium allocation charge and invested in the

investment fund of our choice. The unit price of the investment fund decides the number

of units allocated to us.

3. Once the units are allocated, monthly fixed charges and mortality charges (deducted

for the Life insurance benefit and depending on our age) are deducted by cancellation of

units.

4. Net units and the unit price of the investment fund decide our Policy Fund Value.

Every time, the premium is paid, fresh units are allocated and subsequently the

deductions are made and the Policy accumulates higher number of units, resulting into

potentially higher Policy Fund Value.

5. Special Additions: Units are credited on periodic basis from end of 6th Policy year till

maturity

Key Benefits

Life Insurance Benefit:

The Sum Assured will be five times the annual regular premium.

In case of unfortunate event of death of the Life insured during the Policy benefit period,

higher of the Sum Assured (net of partial withdrawals, made on regular premiums in 12

months prior to death of the Life insured) or the Policy Fund Value at that point in time is

payable, and the Policy will cease to exist.

Special additions:

Wealthconfident offers us a special benefit over the Policy benefit period by crediting the

additional units to our Policy continuously for 5 years starting from the end of the 6th

Policy year.

Under this special benefit, WealthConfident adds units to our Policy Fund Value from the

end of the 6th Policy year onwards till the end of the 10th Policy year, thereby increasing

the number of units in our Policy and hence potentially increasing our Policy Fund Value.

The schedule of the special additions is as follows:

End of policy year

6th to 8th year 9th & 1oth year

Addition as % of average

policy fund value 0.50

1.00

The average Policy Fund Value is equal to the average of the Policy Fund Values as on

the last date of each of the preceding 36 Policy months prior to the date of crediting of the

special additions.

Maturity Benefit:

WealthConfident provides us flexible options to withdraw our Policy Fund Value at

maturity (after 10th

Policy year). The options available are:

1. Take the entire Policy Fund Value at maturity as a lump sum payment or

2. Take the Policy Fund Value at maturity in instalments over the next 5 years Extended

Maturity Period or

3. Take a part of the Policy Fund Value at maturity as lump sum and the remaining as

instalments over the next 5 years

In case of death during the Extended Maturity Period, only the Policy Fund Value will be

payable.

Investment fund options:

WealthConfident offers us four different investment funds. We can choose to invest in

any of these investment funds, depending on our investment objectives and needs.

to take the Policy fund value in installments

Partial Withdrawal Facility:

We all need money during our lifetime to fulfil certain goals. From time to time, we may

need money to pay for our child’s education, going on a long vacation, pay off an

existing loan etc.

We can withdraw money from our Policy Fund Value any time after completion of three

Policy years. Each partial withdrawal should be a minimum of Rs. 10,000 and after

withdrawal the Policy Fund Value should not be less than 120% of the annualised regular

premium plus applicable surrender charge. Two partial withdrawals are free of charge in

a Policy year and each subsequent partial withdrawal will be subject to a charge of Rs.

100.

Switch & Premium Redirection Facility:

Through the feature of switches and premium redirection we can manage our asset

allocation between equity and debt depending on our needs. For example we may wish to

move our money to a low-risk investment fund option before maturity of the Policy to

protect against adverse movements in equity markets.

Additional investments through Top-ups:

This feature helps us to make additional investment over and above our regular premium

with the help of ‘Top-up premium’ facility, at our own convenience. This facility is

available to us after 3 completed years of the Policy. The minimum amount of a single

Top-up is Rs. 5,000.

Top-up investment at any point can be made only if the regular premium for the base plan

is paid in full. Additionally, at any point during the Policy benefit period, total amount of

Top-up premium cannot be more than 25% of total regular premium paid till that date.

Increase / decrease our annual premium after 2 Policy years:

While we recommend that wepay the agreed amount of annual premium for the entire

term of the Policy, we also understand that sometimes we may face financial constraints

which might make it difficult for us to pay the agreed premium throughout the term.

Therefore, in this product, we allow you to increase/decrease your premium any time

after completion of two Policy years but the change will come into effect from the next

Policy anniversary.

Increase in the premium of the basic plan will increase our Sum Assured in exactly the

same proportion. Any increase in premium of the basic plan shall be subject to the then

administrative and underwriting rules of the Company. Decrease in premium will

decrease our Sum Assured in the same proportion. Annualised Regular Premium can be

reduced subject to the following condition:

During 3rd policy year, the Annualised Regular Premium can be reduced such that the

revised premium is at least Higher of

• 75% of first year Annualised Regular Premium

• Minimum Annualized Regular Premium

From 4th policy year onwards, the Annualised Regular Premium can be reduced to the

minimum Annualised Regular Premium.

Cover continuance option:

While we recommend that all our regular premiums be paid on the respective due dates,

we also understand that due to sudden changes in lifestyle like increased responsibilities

or unexpected increase in household expenses may affect our future ability to pay

premiums. Now we need not worry if we are unable to pay premiums into our Policy.

The cover continuance option entitles us to continue our Policy with all benefits if we are

unable to pay premiums after 3 Policy years. Once we have opted for this option, we

cannot pay any further premiums or top-ups under the Policy.

Our advantages with Bharti AXA Life AspireLife:

1. Allocation rates as high as 100% i.e. no allocation charges for annualised regular

premium greater than or equal to Rs. 50,000 from year 2 onwards.

2 Get back up to 175% of our first year’s premium as Guaranteed Special Addition on

maturity or on death of the Life insured.

3. We have the option of investing across 4 funds, depending upon our risk appetite and

return expectation and we can make use of the switch facility to change our asset

allocation.

4. We can get higher protection if we opt for longer terms.

5. we also have the following flexibilities in our Policy.

a. Flexibility of partial withdrawal;

b. Cover Continuance, in case of discontinuance of premium;

c. Switch among investment funds:

d. Redirect our future premium into different investment funds.

6. Tax benefits for premium paid and benefits received, as per the prevailing tax law.

Bharti AXA life secure confident:

Sum Assured:

It is the guaranteed amount of money that is payable to us or our nominee, as the case

may be, in case of the unfortunate event of death of the Life Insured.

Premium Payment Term:

It is the period for which we pay the premium for SecureConfident in order to keep

complete financial the Policy in force.

Policy Benefit Period

It is the time period for which the Policy shall be in force.

Riders:

These are the additional protection benefits that are available to us by payment of an

additional amount over and above our premium. These additional benefits provide

comprehensive cover to us and our family against unfortunate circumstances like Critical

Illnesses and Death or Disability caused due to an accident. SecureConfident, with these

additional benefits, provides complete comprehensive protection to our family.

Our advantages with SecureConfident

• Provide our loved ones with financial protection against the unfortunate event of death.

• Get complete protection for our family against financial loss or burden (such as

repayment of mortgage for your house), with full Sum Assured payment in case of an

unfortunate death.

• Provide comprehensive protection with the help of riders.

• Get financial protection with the help of Critical Illness Benefit Rider against any

unfortunate contraction of six critical illnesses like cancer, heart attack, stroke, total

kidney failure, major organ transplant and bypass surgery.

• Get financial protection with the help of Accidental Death and Disability Benefit Rider

against total disability or death caused due to an accident.

Why should we buy SecureConfident?

SecureConfident is suitable to us, if our objective is to protect our family against any

financial loss caused due to unfortunate death, disability due to an accident or critical

illnesses, which may deprive them of a secured future.

How does SecureConfident work for us?

SecureConfident is a simple, long term and affordable insurance product. The product

works as follows:

1. We choose the Policy benefit period and the Sum Assured (subject to minimum of Rs.

5,00,000). The available Policy benefit periods are 5, 10, 15, 20 and 25 years.

2. We pay the premium (base premium) regularly as per the mode of premium payment

chosen by us.

3. In case of the unfortunate event of death of the Life Insured during the Policy benefit

period, the Company shall pay the Sum Assured to the Policyholder or the nominee, as

the case may be, provided the Policy is in effect.

4. On survival of the Life Insured beyond the Policy benefit period, the Policy shall be

terminated and no monies shall be payable to the Policyholder.

What are the key benefits of SecureConfident?

Life Insurance Benefit:

The Life Insurance benefit is provided by the Sum Assured in the product. The minimum

Sum Assured for this plan is Rs. 5,00,000.

In case of the unfortunate event of death of the Life Insured, the Policyholder or the

nominee, as the case may be, will be entitled to receive the Sum Assured.

SecureConfident Comprehensive Financial Protection

Comprehensive overall protection benefits:

Along with the Life Insurance benefit, SecureConfident offers us a range of rider benefits

to choose from by paying a nominal additional amount to help us secure comprehensive

financial protection against any unfortunate eventuality.

In case we have opted for any of the riders such as Accidental Death and Disability

Benefit Rider or Critical Illness Benefit Rider, we will have to pay an additional nominal

premium to avail of the benefits under these Riders.

The sum of all the Rider premiums excluding a Critical Illness Benefit Rider should not

exceed 30% of the Base Policy Premium. The premium for Critical Illness Benefit Rider

should not exceed the Base Policy Premium.

Rider benefit can be availed if the age of the Life Insured at the time of purchase of the

rider/s is between 18 years and 55 years. The benefit is available till the Policy benefit

period or till 60 years, whichever is earlier.

You can choose the following rider options;

• Critical Illness Benefit Rider

• Accidental Death and Disability Benefit Riders.

Tax Benefits:

The premium paid under this Policy would enjoy tax benefits under Section 80C of the

Income Tax Act 1961.

The Policy proceeds in the event of claim shall be tax free in accordance with

Section 10 (1 OD) of the Income Tax Act 1961.

Tax benefits are subject to change in tax law.

Other features of SecureConfident that we should know

Reinstatement of the Policy

If the premiums are discontinued during the Policy benefit period, the Policy shall lapse.

In such a situation, we can revive the Policy by paying the due premiums with the due

interest within 2 years of the date of discontinuance of the premium. In case of a death

during the Reinstatement period, no death benefit will be payable.

Free-look option

If the Policyholder disagrees with any of the terms and conditions of the Policy, then the

Policyholder has the option to return the original Policy Bond along with a letter stating

reasons for the objection within 15 days of receipt of the Policy Bond. The Policy will

accordingly be cancelled and an amount equal to the Premium paid will be refunded to

you. All our rights under this Policy shall stand extinguished immediately on the

cancellation of the Policy under the free-look option.

Premiums at a glance:

Policy benefit periods

Age at last

birthday

5 years 10 years 15 years 20 years 25 years

25 2440 2450 2600 2620 2660

30 2480 2580 2780 2850 2940

35 2520 3040 3350 3490 3640

40 3680 3950 4450 4080 -

45 4680 5580 6380 - -

50 7220 8300 - - -

These are the annual premiums for a Sum Assured for Rs. 10,00,000 for

SecureConfident. These are based on the assumptions of a healthy male life and do not

include service tax and cess, if any.

CHAPTER - 3

RESEARCH

METHODOLOGY

Objective of the study

This project is based on the prospective recruits for agency training. Therefore, the

objectives of this project are:

1. To clearly define the prospective to help Agency sales to easily procure life advisors.

2. Help life advisors undertake the regulatory training as defined by IRDA.

3. Inducted life advisors into the BAL system through proper ULIP and AML

certification and provide orientation to BAL products.

Scope of the study

The scope of my study restricts to recruitment of life advisors for the company. Keeping

this in mind, I conducted a field survey through questionares to find the prospective

people suitable for this job based upon various parameters like age, marital status ,

household income, , education etc. However, the other aspects of this study are:

a) Pre licensing – Pre III Examination which included BOP handover of the life

advisors, registration process , regulatory training as prescribed by IRDA ,

refresher as well as guidelines for examination.

b) Pre licensing – Post III Examination: which included ULIP and AML

certification, Data management and communication.

The scope of my study is also restricts itself to Delhi region only.

Methodology

Research design:

There are 3 types of research designs: Descriptive research designs, Exploratory research

designs, Diagnostic research studies

The research design I have used is descriptive in nature. This studies are those studies

which are concerned with describing the characteristics of a particular individual or of a

group. It includes specific predictions with narration of facts and characteristics

concerning individuals.

Sample design:

Sample size:

A sample of 100 people was taken.

Sampling technique:

However, the people were being approached based upon random sampling at

convenience.

Research period:

Research work was only carried for 6-7 weeks.

Research instruments:

The study was conducted with the help of questionnaires. The questions included were

open ended & closed ended.

Data collection:

The data collected for the purpose of study was divided into 2 parts:

Primary data: It included the information available through surveys. The respondents

were being approached directly with the help of structured questionares. Here, the

approaches to respondents were made through telephonic conversation.

Secondary data: It included the data made available from the existing records of the

company, which were collected from company’s annual reports, publications etc.

Limitations of the study:

Attempts were being made to complete the study reliably, accurately & effectively,

however, in this process, the following limitations could not be ignored:

a) People were hesitant to disclose the truth. Hence, the data obtained

was inaccurate.

b) The main focus of the study was to attract the prospective candidates

as per the qualifications & specifications. Hence, this factor could not

be avoided.

c) The chance of biased response can’t be eliminated though all

necessary steps were taken to avoid the same.

CHAPTER 4

DATA ANALYSIS &

INTERPRETATION

The data is analyzed on the basis of suitable tables by using mathematical techniques.

The technique that I have used is bar technique to know the preference of people on

variable parameters.

PREFERENCE ACCORDING TO AGE GROUPS

Age grops

Number of people

Less than 25 years

45

25-40

40

More than 40

15

Out of a given sample of 100 people , 45, prospective are below 25 years, 40 are between

25- 40. but the proportion is less with only 15 in case of people above 40 years.

4540

15

05

101520253035404550

1

age groups

num

ber

of p

eopl

e

less than 25

25-40

more than 40

Interpretation: It shows that mostly young working population is more attracted towards

the job .however, the demand is neither less for people between 25-40 years as

compared to the others.

PREFERENCE ACCORDING TO MARITAL STATUS

Marital status Unmarried Married

Number of peolpe. 65 31

As can be seen from the above data that only 65 number of prospective belong to the

married class whereas 31 number of prospectives belong to unmarried class.

65

31

0

10

20

30

40

50

60

70

1

marital status

num

ber

of p

eopl

e

unmarried

married

Interpretation: we get to know from the above figure that more than half of the total

married population is getting attracted towards the job as compared to unmarried

population.

PREFERENCE AS PER QUALIFICATIONS

Education level 10 or 12 pass graduates Post graduates

Number of people 30 30 28

From the above data , it can be analyzed that number of prospective hold a greater share

in terms of graduates & post graduates having 30 prospective each as compared to 12th

passed out, with 28 people

.Interpretation: it can be seen that the education factor doesn’t seem to have effect on the

demand for the job.the demand is equal & uniform in all the 3 sectors.

STAYING TENURE

Tenor of stay in

Delhi Less than 3 years 3-5 years More than 5 years

Number of people 24 26 39

3028

30

0

5

10

15

20

25

30

35

1

education level

num

ber

of p

eopl

e

10 or 12 pass

graduate

post graduates

As shown in above table, 24 people residing since last 3 years. get attracted towards the

job. 26 between 3-5 years & 39 are residential since 5 years .

Interpretation:: it indicates that the people who are residents for more than 5 years form a

greater share, but a good response is generated from the other sectors as well.. It shows

that the elasticity for job is high in case of the residents.

PREFERENCE ACCORDING TO HOUSEHOLD INCOME

Household

income(per year)

Less than 2 lakhs 2-5 lakhs More than 5 lakhs

Number of persons 32 36 4

2426

39

0

5

10

15

20

25

30

35

40

45

1

stability of tenure in city

num

ber

of p

eopl

e

less than 3 years

3-5 years

more than 5 years

32

36

4

0

5

10

15

20

25

30

35

40

45

1

household income

num

ber

of p

eopl

e

less than 2 lakh

2-5 lakh

more than 5 lakh

This table shows that 32 prospective are those who belong to income group below 2

lakhs, 36 between 2-5 lakhs and 4 with more than 5 lakhs of income.

Interpretation: it can be interpretated from the above that the attraction towards the job is

more for people belonging to the middle income group, with a tremendous response from

lower income groups but is less in case of high income groups.

CATEGORIES OF PROSPECTS

From the above data it can be analyzed that service sector constitute 51% of the total

population , along with 32% of the student sector, but is limited to 17% in case of

business sector as shown in above figure.

Interpretation: it can be well interpreted that the service class forms the mainstay of the

jobs, followed by a good response from the student sector as well., whereas the business

sector seems to be less elastic towards its demand

32%

17%

51%

student

business

service

CHAPTER 4

FINDINGS

The findings of my research work can be broadly understood as follows:

Age factor: From the data available, it can be clearly understood that the

young working population between 18- 40 forms a greater share, which

means that the demand for job is high in them as compared to the other

.

Marital: status: Here, I came to know the difference in behavior towards job

between married & unmarried people, & found out that the former ones are

more inclined towards jobs.

Education: this includes the need for job for people belonging to different

qualification levels. I have concluded that the graduate & post graduate

population shows a significant response with favorable response from latter

ones as well.

Stay of tenure: under this, I have concluded that mostly people who are

residential since 5 years & above form a greater number of prospects which

means that there is a greater relationship between the tenure factor & the job.

Household income: this study highlights the response of the people belonging

to the different income groups. We can conclude that the people belonging to

low & medium income group are forming better prospects as compared to the

high income group people.

CHAPTER 5

SUGGESTIONS &

RECOMMENDATIONS

Suggestions & Recommendations

From my point of view , the company should go on for aggressive advertising.

1. Aggressive advertising is an infestation of termites knawing at the honest

framework of society. Much of the work in promoting products involves a

dishonest form of thinking, and one that strives to root itself into the next

generation. Advertisements have infiltrated almost every part of the nation and

have manipulated the very core of society. Corporations have been to the

extremes of advertising, only to create ads that disrupt, degrade, and destroy the

quality of life.

2. By doing so the company would promote job opportunities in the prevailing

recession market situations & create an awareness to attract local populations

towards such kind of jobs.

3. To enhance the performance of advisors. They should be given on-the-job

training time-to-time.

4. To retain the good human resource. Motivation schemes should be added in HR

policies.

CHAPTER 6

CONCLUSIONS

Conclusions:

From all the surveys conducted ,overall, it can be concluded that the job is more suitable

to the people in need for additional benefits in the form of part time jobs. These may

include the poverty driven population, service people , graduates & post graduates etc.

But still , the company has a tremendous amount of scope for improvement for

attracting more prospects as a majority of the population is incentive driven in nature &

needs to be motivated through efficient company policies, as the demand for job is

based upon the monetary incentives provided by the company in the form of free

medical claim , promotion offers , LIC cover options etc.

CHAPTER 7

ANNEXURE

What is your age?

Below 25 years 25-40 years more than 40 years

Are you married?

Yes No

What are your educational qualifications?

10- 12th graduate post graduate

How long have you been staying in Delhi?

Less than 3 years 3-5 years more than 5 years

What is your household income ?

Less than 2 lakhs 2-5 lakhs more than 5 lakhs

Are you:

Student employed businessman

Personal details::

FULL NAME:FULL NAME:

ADDRESSADDRESS

PIN CODE :PIN CODE :

TELEPHONE:TELEPHONE:

MOBILE:MOBILE:

THANK YOU THANK YOU

CHAPTER 8

BIBLIOGRAPHY

Magazines & Newspapers

BHARATI AXA LIFE INSURANCE brochure & magazines

Times of India

Hindustan Times

Other various magazines

Internet Sites

www.lic.com

www.bharatiaxalife.com