Training Report On Advisors Recruitment

Summer Training Project Report
On
Procurement and Development of Life
advisors
At
Bharti AXA Life insurance, Delhi
Submitted in partial fulfillment of the Degree of Bachelor of

Business Administration of Guru Govind Singh Inderprastha
University Delhi.
Under the guidance of

Mr. Dhirendra Singh Parihar
Submitted by:
Name - NISHANT OHRI

Enrolment no.- 0591061807
Course - BBA (B&I)
Semester - 5th
Ansal Institute of Technology
Gurgaon
Procurement and Development of Life advisors
EVALUATION OF PROJECT
Th
is is to certify that the project titled “Procurement and
Development of Life advisors at Bharti AXA, Delhi” submitted
by Nishant Ohri of BBA(B&I),Semester 5th of Ansal Institute of
Technology affiliated to GGSIP University, Delhi has been
examined by the following examiners:
Internal Examiner External Examiner
2
CERTIFICATE
This is to certify that the project titled “Procurement and

Development of Life advisors at Bharti AXA, Delhi”
submitted by Nishant Ohri of BBA(B&I),Semester 5th of Ansal
Institute of Technology affiliated to GGSIP University, Delhi is
original and authentic and has been done under my supervision
and guidance.
Signature, name & designation of the supervisor
3
ACKNOWLEDGEMENT
The present work is an effort to throw some light on “Procurement and

Development of Life advisors at Bharti AXA, Delhi”. The work
would not have been possible to come to the present shape without
the able guidance, supervision and help to me by the number of
people.
With deep sense of gratitude I acknowledge the encouragement and

guidance received by Mr Dhirendra Singh Parihar and other staff
members.
I take this opportunity as privilege to articulate my deep sense of

gratefulness to Mr. Pravind Kumar (Agency Manager) and the staff of Bharti
AXA Life Insurance Company Ltd for their timely help and positive
encouragement. It was a pleasure to work with these people and some other
project trainees as a team.
I would like to acknowledge all my family members, relatives, and

friends for their help and encouragement.
4
INDEX
CHAPTER CONTENTS PAGE

NO.
1 INTRODUCTION 6-11
2 LITERATURE 12-24
REVIEW
3 RESEARCH 25-28
METHODOLOGY
AND DESIGN
4 DATA ANALYSIS 29-43
AND
INTERPRETATIONS
5 FINDINGS AND 44-48
CONCLUSIONS
6 BIBLIOGRAPHY 49-50
5
CHAPTER 1
INTRODUCTION
6
The project is about procurement and development of Life advisors. The questionnaire
was designed in such a manner that it gave a general idea about the ability and capability
of respondent as a prospective life insurance advisor. Certain scores were allotted
depending on the answers given by the respondent. Those who were high on the scores
were motivated to visit the office for conduction of their interview. After the successful
completion of interview individuals were informed if they were selected for training of
Life advisors. They were asked to fill the NAAF form and a fee was collected from them
along with their photographs. After successful completion of training an exam was
conducted and those who qualified the exam were selected as life advisors.
The project report submitted here covers theory on procurement and development,
flowchart of activities undertaken for procurement and development, data analysis of the
survey and a list of suggestions and recommendations for the company at the end of the
entire study.
7
OBJECTIVE OF THE PROJECT
The objective should be SMART objective.

S- Specific
M- Measurable
A- Achievable
R- Relevant
T- Time bound
OBJECTIVE: To recruit Life advisors during the two months in Delhi region, to
interview prospective candidates to be recruited as Life Advisors and to assist in their
training.
8
SCOPE OF THE PROJECT
The project involved recruiting life advisors for Bharti AXA Life insurance in Delhi
region. The project also involved arranging preliminary training of Life advisors.
The process of recruiting and training Life advisors can be broken into the following
steps:
• Get hands on experience of recruitment in Insurance sector.

• Identifying individuals who are willing to solicit insurance business as a life
advisor of the company.
• Assisting in scheduling the training and examination of the life advisors.
• Assisting and coordinating with Agency Development Manager of the company
for licensing and coding of Life Advisors.
• Applying theoretical knowledge to the recruitment practices at Bharti AXA.
9
LIMITATIONS OF THE PROJECT
Following are some reasons that demotivate and demoralize people from becoming Life
advisors. I came across the following obstacles that arose in the process of recruitment:
Lack of awareness among the people – This is the biggest limitation found in this
sector. Most of the people are not aware about the importance and the necessity of the
insurance in their life. They are not aware how useful life insurance can be for their
family members if something happens to them.
Perception of the people towards Insurance sector – People still consider

insurance just as a Tax saving device. So today also there is always a rush to buy an
Insurance Policy only at the end of the financial year like January, February and March
making the other 9 months dry for this business.
Insurance does not give good returns – Still today people think that Insurance
does not give good returns. They are not aware of the modern Unit Linked Insurance
Plans which are offered by most of the Private sector players. They are still under the
perception that if they take Insurance they will get only 5-6% returns which is not true
nowadays.
10
Lack of awareness about the earning opportunity in the Insurance

sector – People still today are not aware about the earning opportunity that the
Insurance sector gives. After the privatization of the insurance sector many private giants
have entered the insurance sector. These private companies in order to beat the
competition and to increase their Insurance Advisors to increase their reach to the
customers are giving very high commission rates but people are not aware of that.
Increased competition – Today the competition in the Insurance sector has became
very stiff. Currently there are 16 Life Insurance companies working in India including the
LIC (life insurance Corporation of India). Today each and every company is trying to
increase their Insurance Advisors so that they can increase their reach in the market.
This situation has created a scenario in which to recruit Life insurance

Advisors and to sell life Insurance Policy has became very-very difficult.
11
12
CHAPTER 2
LITERATURE REVIEW
13
Brief History of the Insurance Sector in India
The business of life insurance in India in its existing form started in India in the year
1818 with the establishment of the Oriental Life Insurance Company in Calcutta.
The story of insurance is probably as old as the story of mankind. The same instinct that
prompts modern businessmen today to secure themselves against loss and disaster existed
in primitive men also. They too sought to avert the evil consequences of fire and flood
and loss of life and were willing to make some sort of sacrifice in order to achieve
security. Though the concept of insurance is largely a development of the recent past,
particularly after the industrial era – past few centuries – yet its beginnings date back
almost 6000 years.
Life Insurance in its modern form came to India from England in the year 1818. Oriental
Life Insurance Company started by Europeans in Calcutta was the first life insurance
company on Indian Soil. All the insurance companies established during that period were
brought up with the purpose of looking after the needs of European community and these
companies were not insuring Indian natives.
• Bombay Mutual Life Assurance Society heralded the birth of first Indian life
insurance company in the year 1870, and covered Indian lives at normal rates.
• Bharat Insurance Company (1896) was also one of such companies inspired by
nationalism. The Swadeshi movement of 1905-1907 gave rise to more insurance
companies.
• The United India in Madras, National Indian and National Insurance in Calcutta
and the Co-operative Assurance at Lahore were established in 1906.
• In 1907, Hindustan Co-operative Insurance Company took its birth in one of the
rooms of the Jorasanko, house of the great poet Rabindranath Tagore, in Calcutta.
14
• The Indian Mercantile, General Assurance and Swadeshi Life (later Bombay Life)
were some of the companies established during the same period.
The Parliament of India passed the Life Insurance Corporation Act on the 19th of
June 1956, and the Life Insurance Corporation of India was created on 1st
September, 1956, with the objective of spreading life insurance much more widely and
in particular to the rural areas with a view to reach all insurable persons in the country,
providing them adequate financial cover at a reasonable cost.
15
Some of the important milestones in the life insurance business

in India are:
1850: Non life insurance debuts with triton insurance company.
1870: Bombay mutual life assurance society is the first Indian owned life insurer.
1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate
the life insurance business.
1928: The Indian Insurance Companies Act enacted to enable the government to collect
statistical information about both life and non-life insurance businesses.
1938: Earlier legislation consolidated and amended to by the Insurance Act with the
objective of protecting the interests of the insuring public.
1956: 245 Indian and foreign insurers and provident

societies taken over by the central government and
nationalized. LIC formed by an Act of Parliament, viz. LIC Act,
1956, with a capital contribution of Rs. 5 Crore from the
government of India.
16
Insurance sector reforms
In 1993, Malhotra Committee, headed by former Finance Secretary and RBI

Governor R. N. Malhotra, was formed to evaluate the Indian insurance
industry and recommend its future direction.
The Malhotra committee was set up with the objective of complementing the reforms
initiated in the financial sector. The reforms were aimed at “creating a more efficient
and competitive financial system suitable for the requirements of the economy
keeping in mind the structural changes currently underway and recognizing that
insurance is an important part of the overall financial system where it was necessary
to address the need for similar reforms…”.
17
The Insurance Regulatory and Development Authority (IRDA)
The Insurance Act, 1938 had provided for setting up of the Controller of Insurance to act
as a strong and powerful supervisory and regulatory authority for insurance. Post
nationalization, the role of Controller of Insurance diminished considerably in
significance since the Government owned the insurance companies.
But the scenario changed with the private and foreign companies foraying in to the
insurance sector. This necessitated the need for a strong, independent and autonomous
Insurance Regulatory Authority was felt. As the enacting of legislation would have taken
time, the then Government constituted through a Government resolution an Interim
Insurance Regulatory Authority pending the enactment of a comprehensive legislation.
The Insurance Regulatory and Development Authority Act, 1999 is an act to provide for
the establishment of an Authority to protect the interests of holders of insurance policies,
to regulate, promote and ensure orderly growth of the insurance industry and for matters
connected therewith or incidental thereto and further to amend the Insurance Act, 1938,
the Life Insurance Corporation Act, 1956 and the General insurance Business
(Nationalization) Act, 1972 to end the monopoly of the Life Insurance Corporation of
India (for life insurance business) and General Insurance Corporation and its subsidiaries
(for general insurance business).
18
Bharti AXA Life Insurance
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, we 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. The company launched national operations in December 2006. Today, we
have over 5200 employees across over 12 states in the country. Our business philosophy
is built around the promise of making people "Life Confident".
As we expand our presence across the country to cater to your insurance and wealth
management needs with our product and service offerings, we continue to bring 'life
confidence' to customers spread across India. Whatever your plans in life, you can be
confident that Bharti AXA Life will offer the right financial solutions to help you achieve
them.
19
The Joint Venture BHARTI and AXA
BHARTI
Bharti Enterprises is one of India’s leading business groups with interests in telecom, agri
business, insurance and retail. Bharti has been a pioneering force in the telecom sector
with many firsts and innovations to its credit. Bharti Airtel Limited, a group company, is
one of India’s leading private sector providers of telecommunications services with an
aggregate of 60 million customers, spanning mobile, fixed line, broadband and enterprise
services. Bharti Airtel was ranked amongst the best performing companies in the world in
the BusinessWeek IT 100 list 2007. Bharti Teletech is the country’s largest manufacturer
and exporter of telephone terminals. Bharti has a joint venture with ELROo Holdings
India Ltd. – ‘FieldFresh Foods Pvt. Ltd’ - for global distribution of fresh fruits and
vegetables. Bharti also has a joint venture - ‘Bharti AXA Life Insurance Company Ltd.’ -
with AXA, world leader in financial protection and wealth management. Bharti has
recently forayed into the retail business under a company called Bharti Retail Pvt. Ltd. It
also has a joint venture – ‘Bharti Wal-Mart Private Limited’ – with Wal-Mart, for
wholesale cash-and-carry and back-end supply chain management operations.
20
AXA Group
AXA Group is a worldwide leader in Financial Protection. AXA's operations are diverse
geographically, with major operations in Western Europe, North America and the
Asia/Pacific area. AXA had Euro 1,315 billion in assets under management as of
December 31, 2006. For full year 2006, IFRS revenues amounted to Euro 79 billion,
IFRS underlying earnings amounted to Euro 4,010 million and IFRS adjusted earnings to
Euro 5,140 million.
The AXA ordinary share is listed and trades under the symbol AXA on the Paris Stock
Exchange. The AXA American Depository Share is also listed on the NYSE under the
ticker symbol AXA.
21
Bharti AXA Life Insurance
Vision
To be a leader and the preferred company for financial protection and wealth
management in India.
Values
• Professionalism
• Innovation
• Team Spirit
• Pragmatism
• Integrity
Strategy
• To achieve a top 5 market position in India through a multi-distribution, multi-

product platform
22
• 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 recognized as being close and qualified by our customers
Good HR practices
The guiding Human Resources principles at Bharti AXA are:
7. Clearly define scope of responsibilities and empower people to

deliver
7. Provide people with the means to develop their competencies
7. Consider individual training and development a priority
investment
7. Build organizations that are conducive to teamwork and that
involve everyone
7. Promote ongoing dialogue between managers and the people
who report to them
7. Make cultural difference a key source of strength
Strategic differentiators
• Strong partner Bharti - provides access to customer base of

more than 20 million.
23
• 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.
Insurance Products of Bharti AXA
Life insurance products for individuals:
Bharti AXA Dream Life Pension
A Unit Linked Pension Product
Dream Life Pension, Bharti AXA Life Insurance’s unique pension product ensures that
your retirement life is your Dream Life.
Bharti AXA Life AspireLifeAspire Life
24
Unit Linked Endowment Product.
Aspire Life helps you create a pool of wealth to meet your long-term needs, while also
providing you adequate protection in case the need arises.
Bharti AXA Life Invest Confident
Unit Linked Single Premium Product.
You have always strived hard to achieve the best for you and your loved ones, so when it
comes to making an investment decision, we know that you would expect the best from it
too.
Bharti AXA Life Wealth Confident
A unit-linked investment cum protection policy.
Your wealth, your status ensures that you get preferential status wherever you go. So why
shouldn't your money get the same?
Bharti AXA Life Future Confident
A unit-linked policy which offers comprehensive protection along with wealth creation in
the long term.
Bharti AXA Life Future Confident II
A unit-linked product which offers enhanced protection along with wealth creation in the
long term.
Bharti AXA Life Save Confident
Traditional money back insurance product for long term savings.
25
Your changing lifestages decide your financial milestone planning. When you foresee
intermittent financial requirements in the years to come, like regular expenses related to
your child’s education, liquidity becomes a key aspect of your planning along with long
term savings, and protection for your family.
Bharti AXA Life Secure Confident
A Long Term Life Insurance.
All of us desire to maximise the happiness for our family at all times, irrespective of the
circumstances. The thought of unfortunate events befalling us may cause us anxiety about
providing a secured happiness to our loved ones.
Disclaimer:
Tax benefits are subject to change in tax laws.
For more details on risk factors, terms and conditions please read sales brochure
carefully before concluding a sale.
Life insurance products for Group Insurance:
Bharti AXA Life Mortgage Credit Shield
Mortgage Credit Shield is a Group Product that provides coverage to people who have
availed of a Mortgage\ Home loan\ Home equity loan from an Institution/Bank.
Bharti AXA Life Credit Shield
26
Credit Shield is a Group Product that provides coverage to people who have availed of a
loan for 1 to 5 years from Group Policyholder.
Disclaimer :
• Tax benefits are subject to change in tax laws.
• For more details on risk factors, terms and conditions please read sales brochure
carefully before concluding a sale
27
CHAPTER 3
RESEARCH
METHODOLOGYDESIGN AND
DESIGNMETHODOLOGY
28
REASEARCH METHDOLOGY
Research methodology is a way to systematically solve the research problem. It may be

understood as a science of studying how research is done. We can say that research
methodology has many dimensions and research methods do constitute a part of the
research methodology. The study of research methodology gives the student the
necessary training in gathering material and arranging or car-indexing them, participation
in field work when required, and also training in techniques for the collection of data
appropriate to particular problem, in the use of statistics, questionnaires and controlled
experimentation and in recording evidences, sorting it out and interpreting it. Knowledge
of research methodology plays a key role in project work. It consists of series of actions
or steps necessary to effectively carry out research and the desired sequencing of these
steps.
Data Collection Method

Data can be collected by Primary as well as secondary method.
Primary Data Sources

Questionnaire methods and discussions were used to collect data.
Questionnaire Designed: Questionnaire was used for the
survey.
Secondary Data Sources

The secondary data sources were collected from the company manuals, handbooks, and
management books and are edited to suite the purpose.
29
RESEARCH DESIGN
Exploratory type of research designs adopted because sources of information are

relatively few and the purpose is merely to find and to understand the possible actions.
The major purposes of exploratory study are:
 Identification of problem
 The precise formulation of problems including the identification of variables
 Formulation of alternative course of action
Exploratory research gives valuable insight, generates ideas and hypotheses rather than
measuring or testing them. Exploratory research is concerned with identifying the real
nature of research problems and perhaps of formulating relevant hypotheses for various
tests. A researcher uses this type of research when very little is known about the problem
being examined. The major benefit is that it is less expensive and less time consuming.
An exploratory research is often the first in the series of projects that culminates in one
concerned with the drawing of inferences that are used as a basis of monetary action.
Exploratory study is often used as a introductory phase of a larger study and results are
used in developing specific technique for larger study. Of the study the relevant
questionnaire was prepared and circulated among a stratified sample of 50 employees of
RELIGARE INSURANCE BROKING Limited. This questionnaire formed the basis for
the views on each of the points raised in the questionnaire. The data thus obtained formed
the basis of information regarding the existing recruitment and selection processes at
RELIGARE INSURANCE BROKING LTD. and the same is analyzed and interference is
drawn regarding the various aspects of recruitment and the entire process of selection at
RELIGARE INSURANCE BROKING Ltd.
30
Sample Design
Sampling technique:
Stratified sampling technique is adopted to conduct the research. Stratified sampling is a

selection method for achieving a greater degree of representatives, therefore decreasing
the probable sampling error. It is based on the concept that a homogeneous population
produces samples with smaller sampling errors than does a heterogeneous population.
Stratified sampling is accomplished by placing all the members of the population into
groups according to some characteristics that is common among them, that is
homogeneous subsets of the population. Then specified number of unit is chosen from
each of the groups or strata by purposive means.
31
Sample Size:-
Sample size was taken 110 to undertake the survey.
CHAPTER 4
DATA ANALYSIS AND

INTERPRETATION
32
The Recruitment Process flowchart:-
Following is the flowchart of steps followed in recruitment of Life

advisors:
Identifying Vacancy & advertising it

↓
Prepare Job Description and person
Specification
↓
Short-listing on the basis of ‘Q’
scores
↓
Conduction of interview
↓
33
Filling up the compulsory IRDA form

↓
Scheduling the training
↓
Conduction of examination
↓
Final selection as LA
The elaboration on all the steps given in the flow chart above is given
in the following pages.
Identifying vacancy and advertising it: The following changes in the scenario
led to the increasing vacancy for life advisors in Bharti AXA, Delhi.
Expansion of business as well as market.

Growing competition.
Change in demographics.
After the identification of vacancy pamphlets containing the details were prepared
and were distributed. The pamphlet used has been provided as Annexure 1.
Preparing job description and person specification:
Career Bandwidth as a Life advisor at Bharti AXA:

As a Life Advisor at Bharti AXA, there is only one way to grow. And that’s by meeting
and exceeding your targets.
As a good performer, you stand to get promoted from Bronze to Diamond Club and enjoy
special remuneration benefits.
34
As a Life Advisor, you can get appointed as an Agency Manager within a span of just 9
months to 1 year.
As a Life Advisor, you also get to participate in various business related projects and
committees.
Compensation
As a Life Advisor, you have the opportunity to create attractive earnings for the first year
and for the long term through payouts.
Higher the business you generate in the first year, higher the income you stand to earn
year after year.
Get rewarded through Best in Class Rewards and Recognition programs including
overseas conventions.
Support
All Bharti AXA branches have HR services for support on all matters related to
compensation and career so you can redress your concerns immediately.
Comprehensive marketing support in terms of brochures, illustrations etc.
Sales Management Support for on the job training and business closure.
Infrastructure & Technology support through dedicated Life Advisor’s bay equipped with
telephones, computers and internet at Bharti AXA premises.
Customer Service and operations support.
Short Listing on the basis of Q scores:
The five Qs- The Qs are 5 different criteria where the candidates are to be analyzed.
Q1- The candidate should have been a resident of Delhi for at least five years.
Q2- He/ She should be married.
35
Q3- His/ Her annual income should be at least 1.2 to 1.5 Lakhs.
Q4- He/ She should be a graduate.
Q5- Minimum age to be eligible for being a life advisor is 24.
The significance of Qs
A high Q score implies possibility of better performance by the candidate as a life
advisor (meaning better revenue generation ability). On an average only a candidate
with a score of Q4 or Q5 was interviewed.
A low Q score implies lesser possibility of such performance.
Conduction of interview:
Pre- interview: Preparation of recruitment /selection document for Advertising.

Preparing advertisement
Media selection
Positioning
Response handling
Initial interview online or telephone
Short-listing for interviews
Interview arrangement
Sending emails or calling short listed candidates
Interview details to the short listed candidates
36
During Interview
HR interview
Technical interview
Conducting tests [Aptitude / Mathematical / Analytical etc.]
Initial final list of candidates
Reference check (if required)
Post interview
Email or Telephone call to unsuccessful candidates.
Technical Manager approval for a start up date.
Email or Telephone call to successful candidates.
HRM prepares a letter of appointment.
Selection Process
Starts with the preliminary interview.
Ends with contract of employment.
Different process for different organization.
Different process for different job in same organization.
Affected by internal & external environment.
Mutual decision making.
Filling up of compulsory IRDA form: A NAAF (New advisor application form)

is to be filled up by the candidate.
37
Scheduling of the training: Guidelines as per provisions of IRDA Act for training
of life advisors.
The applicant shall have to undergo at least 50 hours of practical training in life or
general insurance business which may be spread over three to four weeks, where
such applicant is seeking license for the first time to act as an insurance agent.
The training duration should be minimum 18 working days excluding Sundays and
holidays.
No product training/market survey should be included into this hundred 50 hours
training. The product training, if any, to be given by the insurance company should
be over and above the minimum training hours prescribed by the Authority
The attendance record of the trainees should be maintained at the Institute for necessary
inspection at any given point of time.
In case of short-fall of attendance, extra class may be permitted but the extra hours may
be specified separately with proper attendance and details of faculty.
38
Every Institute should have at least one qualified permanent faculty who is an Associate
or Fellow from the Insurance Institute of India for each stream i.e. for Life and
Non-Life.
The attendance register of the faculty members should be maintained at the training
institutes.
The record of the payment made to faculty should be maintained at the training institute
i.e. batch-wise payment detail should be maintained.
The faculty should provide details of the other Institutes with whom they have been
empanelled as part-time/guest faculty.
Register should be maintained at the training institute giving details of batches
completed, strength of the each batch, number of candidates decertified, name of
the sponsored insurer and details of faculty who imparted the training with dates.
The seating capacity of each class-room should not exceed 40.
The insurance companies would regularly send their officials to oversee the proper
conduct of the training at the institutes and would not sponsor candidates to those
institutes that are not maintaining the required standards of and facilities for the
training.
The training institute must display the certificate of accreditation to impart training issued
by the Authority at the training institute.
The Institute should not allow a franchisee to conduct courses on its behalf even if the
faculty is that of the Institute. The Institute should conduct the training on its own
premises or hired premises with proper infrastructure.
No marketing fee/consultancy fee payment is permitted for getting the training batches.
It will be the responsibility of the Insurance Company to check the status of the institute
before sponsoring any candidates for training.
The Institutes must keep with them one set of records of the training at the place where
the training is being imparted.
The Institute should confine its activities only to the place/city for which it has been
given the approval. No training outside the said place/city is permitted.
The Institutes must submit a copy of the lease deed/rent agreement at the time of seeking
fresh accreditation/renewal/change of address of the institute.
39
On successful completion of training the candidates get COT i.e. the Completion of
Training Certificate by Bharti AXA.
1. Conduction of examination:
7.1 Syllabus: The syllabus prescribed by the authority for life insurance agents is
given in annexure 2. The self study course material developed by institute in
book form only the broad basis of examination which is available for sale with the
institute and its associated institutes. A candidate is expected to study the course
material in depth and also assimilate general information relevant to the subject.
Candidate is also expected to know up-to-date developments in the insurance
industry.
7.2 Pattern of examination: Normally objective type multiple choice
questions are asked. A candidate is required to indicate the correct alternative. A
candidate is required to secure at least 50% marks to be declared successful. But
the institute reserves the right to change, the pattern of question paper for the
examinations without notice to anyone to test the knowledge of the candidate as it
deems fit.
40
7.3 Mode of examination: The test can be taken up in either of the two
modes- online or offline. Depending on the mode of testing the training is also
arranged. For online mode the training is also done online whereas in offline
mode the training is done in the class room format of. The duration of classroom
training is 3+2 days. Where 3 days are reserved for compulsory IRDA training
and the remaining 2 days are for product based training.
7.4 Admission card: No candidate will be allowed to appear for the
examination unless he/ she produces the admission card. The admission card will
be issued by Bharti AXA. Besides admission card candidate must possess COT
issued by Bharti AXA.
2. Final selection as Life Advisor: The final selection as Life advisor is

communicated to the candidate.
SURVEY QUESTIONNAIRE
1. Name:
2. Age:
3. Sex: Male Female
4. Occupation:
• Government Employee
• Private Employee
• Student
• Proprietor
• Others
5. Number of Years spent in Delhi:

• Less than 1 year
• 1-3 years
• 3-5 years
• 5-above years
41
6. Marital Status: Married Unmarried
7. Do you live in joint family? Yes No
8. Which is your biggest concern for future?

• Child education
• Retirement
• Child’s marriage
• Medical illness
9. Have you made provision for future liabilities?
• Yes
• No
10. Given a chance would you like to make extra money?
• Yes
• No
Analysis 1
Age of respondents: the following is the distribution of age of the respondents.

Age <25 Years 25-35 Years 35-45 Years >45 Years
Number of 58 40 7 5
individuals
Age of respondents
of
er
m
di
in
vi
al
N
u
d
u
70
58
60
50
40
40
30
20
7 5
10
0
<25 years 25-35 years 35-45 years >45 years
Age
Interpretation: Less than 25 years of age individuals constitute 52.72% of sample size.
42
Whereas individuals with more than 45 years of age constitute only 4.545%.
Analysis 2
Sex of respondents
Sex of Respondent
male female
female, 28
male, 82
Interpretation: Sample is dominated by males which constitute 74.54% of total size.
Analysis 3
Occupation of Respondents
Occupatio Studen Pvt. Govt. Proprietor Others
n t Employee Employee
Number 44 35 11 16 4
others, 4 govt. employee, 11

proprietor, 16
pvt. Employee, 35
govt. employee
pvt. Employee
student, 44 student
proprietor
others
Interpretation: Sample is dominated by students and Private Employees (71.81%).
43
Analysis 4
Number of Years spent in Delhi.
number of years Number of years spent in Delhi
Less than 1 years

24
1-3 years 23
3-5 years 16
5-above years 47
0
5 10 15 20 25 30 35 40 45 50
number of individuals
100
80
60
East
40 We st
20 North
0
1st 2nd 3rd 4th
Qtr Qtr Qtr Qtr
Interpretation: Most of the individuals

(less than 1 yr) have come to Delhi to study or work.
Analysis 5
Marital status:
44
Marital status
married 29
married
unmarried
unmarried
81
Interpretation: 73.63% of the sample size is Unmarried people.
Analysis 6
Question: Do you stay in a joint family in Delhi ?
Yes – 39 No- 71
Family type of respondent
80
71
70
60
50
39
40
30
20
10
staying in joint family not staying in joint family
Interpretation: Almost 64.54% of Individuals are not staying in joint family.
Analysis 7
45
Question: What is your biggest concern for future?
Biggest concern for future
medical illness,
35 child education,
43
child's marriage, child education

7 retirement
retirement,
25 child's marriage
medical illness
Interpretation: medical illness (32%) & child education (39%) are major concern for
future.
Analysis 8
Question: Have you made provision for future liabilities?
Yes: 31 No: 79
Have you made provision for future Liabilities.
yes, 28.19%
no, 71.81%
Interpretation: 71.81% of the individuals have made no provision for the future
liabilities.
46
Analysis 9
Question: Given a chance would you like to make extra money?
Yes: 83 No: 27
Given a chance would you like to make extra money?
no, 24.54%
yes, 75.45%
Interpretation: 75.45% of the individuals would like to make extra money. Such
individuals are identified and then they are motivated become Life advisors for an extra
source of income.
47
CHAPTER 5
FINDINGS, SUGGESTIONS
AND
CONCLUSION
48
FINDINGS
The findings are based on the survey undertaken and interview of individuals for the
procurement of life advisors.
Finally selected 4
Life advisors
Individuals selected
for IRDA training- 7
Among the Individuals with scores >

than Q3, those interviewed- 13
Among the individuals who were willing to make extra

money, those with Q score greater than 3- 24
Among the individuals surveyed, the individuals who were willing to

make extra money- 83
Total number of Individuals surveyed -110
49
Procurement and development of Life advisors
Individuals finally selected as life advisors 4
Individuals selected for IRDA training 7
Individuals interviewed 13
Individuals with Q score greater than 3 24
Individuals willing to make extra money 83
Individuals surveyed 110
0
10 20 30 40 50 60 70 80 90 100 110 120
Number of individuals
The major findings are:
1 After undertaking the entire process of questionnaire survey, individuals

were analysed on the basis of their Q scores.
2 Those individuals whose Q score was greater than 3 were considered better
prospects to be Life advisors.
3 13 individuals were Inter viewed.
4 7 individuals were selected for IRDA training.
5 4 individuals successfully completed the training and passed the Exam and
were finally selected as Life advisors at Bharti AXA Life Insurance, Delhi.
6 The Individuals finally selected as Life advisors constitute 3.63% of Sample
size.
50
SUGGESTIONS
• The fee charged from candidates as application money should be waved off. It
should rather be paid by the Insurance Company.
• The strict training schedule should be made flexible. For a person who is Q4 or
Q5 on score it is difficult for him/ her to be able to come for training especially in
case when he/ she is already working.
• The incentive system should be more attrative to motivate more and more people
for becoming Life Advisors.
• More and more promotional activities should be held for enhanced brand building
which will facilitate revenue generation and increased satisfaction leading to
customer retention in the long run.
51
CONCLUSION
For the purpose of this report, it was found that the questionnaire and interview
questions, employee manual were sufficient to obtain the information required to
analyze the process of requirement and selection within the organization. It has been
found that the organization has a sound understanding of what process need to
be used in order to achieve effective recruitment and selection of Life advisors.
The general perception of life insurance has to change in India before progress is
made in this field.
52
CHAPTER 6
BIBLIOGRAPHY
53
BIBLIOGRAPHY:
• www.irdaindia.org
• www.bharti-axalife.com
• www.wikipedia.org
• www.ibef.org Indian brand equity forum
• NAAF
54
Annexure 1
PERSONAL DETAIL FORM
DATE:
NAME: CONTACT NUMBER:

AGE: D.O.B:
OCCUPATION:
ADDRESS:
FAMILY DETAILS:
NAME AGE OCCUPATION

FATHER:
MOTHER:
BROTHER:
SISTER:
E-MAIL:-
Annexure 2
55
Broad syllabus for pre- recruitment exam for life insurance agent:
1. Introduction to insurance:
• What is insurance
• Purpose and need of insurance
• Classification of risk
• The human asset
• Insurance as a social security tool
• Role of insurance in economic development
2. principles of life assurance:

• life insurance contracts
• principle of utmost good faith
• insurable interest
• principle of indemnity
• different risks
3. premium and bonus

• what is premium?
• Premium calculation
• Life fund
• Actuarial valuation
• Bonus
4. life insurance products
56
• basic elements
• some popular plans
• variable insurance plans
• salary saving schemes
• riders
• annuities
• group insurance
5. underwriting
• introduction
• classification of risk
• financial underwriting
• assessing risk
• adverse selection
• non medical underwriting
• recent rends
6. insurance documents
• proposal form and personal statements
• first/ renewal payment receipt
• policy document
• endorsement
• prospectus
7. policy conditions
• age, days of grace
• lapse and non- forfeiture
• paid up value
• revival
57
• assignment, nomination
• surrenders and loan
• foreclosure
• alterations
• married women’s property act policy
8. claims
• maturity claims
• survival benefit payments
• death claims
• accident and disability benefits
• claims concessions.
9. unit linked life insurance products

• what is linked policy
• option of funds
• net asset value (NAV)
• flexibility
• lock in
• charges
• ULIP and traditional insurance
• Annuities and pensions
10. insurance agency

• definition of an agent
• agents’ regulation
• procedure for becoming an agent
• methods of remunerating agents
• agency as a profession
• functions of agents
58
• responsibilities of an agent
• pre requisites for success
• ethical behavior
11. law and regulations

• insurance act 1938
• LIC act 1956
• IRDA act 1999
• Consumer protection act 1986 (COPA)
• Ombudsman
• Income tax act
• MWP act
• Rural and social sector
• Micro insurance
59
Annexure 3
SURVEY QUESTIONNAIRE
1. Name:
2. Age:
3. Sex: Male Female
4. Occupation:
• Government Employee
• Private Employee
• Student
• Proprietor
• Others
5. Number of Years spent in Delhi:

• Less than 1 year
• 1-3 years
• 3-5 years
• 5-above years
6. Marital Status: Married Unmarried
7. Do you live in joint family? Yes No
8. Which is your biggest concern for future?

• Child education
• Retirement
• Child’s marriage
• Medical illness
9. Have you made provision for future liabilities?
• Yes
• No
10. Given a chance would you like to make extra money?
• Yes
• No
60
61

Training Report On Advisors Recruitment

Diunggah oleh

Informasi Dokumen

Judul Asli

Hak Cipta

Format Tersedia

Bagikan dokumen Ini

Bagikan atau Tanam Dokumen

Opsi Berbagi

Apakah menurut Anda dokumen ini bermanfaat?

Apakah konten ini tidak pantas?

Hak Cipta:

Format Tersedia

Training Report On Advisors Recruitment

Diunggah oleh

Hak Cipta:

Format Tersedia

Summer Training Project Report

Submitted in partial fulfillment of the Degree of Bachelor of

Under the guidance of

Name - NISHANT OHRI

Internal Examiner External Examiner

This is to certify that the project titled “Procurement and

Signature, name & designation of the supervisor

The present work is an effort to throw some light on “Procurement and

With deep sense of gratitude I acknowledge the encouragement and

I take this opportunity as privilege to articulate my deep sense of

I would like to acknowledge all my family members, relatives, and

CHAPTER CONTENTS PAGE

OBJECTIVE OF THE PROJECT

The objective should be SMART objective.

SCOPE OF THE PROJECT

• Get hands on experience of recruitment in Insurance sector.

LIMITATIONS OF THE PROJECT

Perception of the people towards Insurance sector – People still consider

Lack of awareness about the earning opportunity in the Insurance

This situation has created a scenario in which to recruit Life insurance

Brief History of the Insurance Sector in India

Some of the important milestones in the life insurance business

1850: Non life insurance debuts with triton insurance company.

1956: 245 Indian and foreign insurers and provident

Insurance sector reforms

In 1993, Malhotra Committee, headed by former Finance Secretary and RBI

The Insurance Regulatory and Development Authority (IRDA)

Bharti AXA Life Insurance

The Joint Venture BHARTI and AXA

Bharti AXA Life Insurance

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

The guiding Human Resources principles at Bharti AXA are:

7. Clearly define scope of responsibilities and empower people to

• Strong partner Bharti - provides access to customer base of

• Multi channel execution capability.

Insurance Products of Bharti AXA

Life insurance products for individuals:

Bharti AXA Dream Life Pension

A Unit Linked Pension Product

Bharti AXA Life AspireLifeAspire Life

Unit Linked Endowment Product.

Bharti AXA Life Invest Confident

Unit Linked Single Premium Product.

Bharti AXA Life Wealth Confident

A unit-linked investment cum protection policy.

Bharti AXA Life Future Confident

Bharti AXA Life Future Confident II

Bharti AXA Life Save Confident

Traditional money back insurance product for long term savings.

Bharti AXA Life Secure Confident

A Long Term Life Insurance.

Tax benefits are subject to change in tax laws.

Life insurance products for Group Insurance:

Bharti AXA Life Mortgage Credit Shield

Bharti AXA Life Credit Shield

• Tax benefits are subject to change in tax laws.

Research methodology is a way to systematically solve the research problem. It may be

Data Collection Method

Primary Data Sources

Secondary Data Sources

Exploratory type of research designs adopted because sources of information are

 The precise formulation of problems including the identification of variables

 Formulation of alternative course of action