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  • 3. SAAB MARFIN MBA EXECUTIVE SUMMARY ICICI Prudential Life Insurance Life Insurance is one of the largestInsurance networks in the country, and 2nd Life Insurance Company inIndia. The ICICI Group has been in existence since 1955 when ICICI Ltd.,was created. ICICI Prudential Life Insurance started in 2002 as subsidiaryof ICICI Ltd., Today ICICI Life Insurance has a customer base of 4 millionwith total assets exceeding Rs.1, 00,000 Cr. making it the 2nd largest lifeinsurance company in the country, next only to LIC. The Insurance sector, after the opening up, provides greateropportunities. Several global players have emerged and the market haschanged significantly. In the changed scenario, the expectation is that thelow Insurance premium as a percentage of GDP prevailing in India willimprove and will offer better opportunities to the insurance players. Life Insurance sector is one of the key areas where enormousbusiness potential exists. In India currently the life insurance premium asa percentage of GDP is 1.3 per cent against 5.2 per cent in the US, but inthe liberalized scenario, the life insurancepremiums were projected to grow at around 18% to 20% from Rs 215billion in 1998- 99 to Rs 592 billion in 2004-05 and to Rs 1450 billion by2009-10. Corporate non-life premium was projected to grow from Rs 84billion in 1998-99 to Rs 386 billion in 2009-10 and personal line 3A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 4. SAAB MARFIN MBAnon-life from Rs 4 billion to Rs 51 billion. In the life Insurance segment the Life Insurance Corporation ofIndia (LIC) is the major player. The LIC has 2050 branches. It isconstituted in to seven Zones. Currently there are 5, 60,000 LIC agents inIndia. General Insurance is another segment, which has been growing at afaster pace. Though it all can happen with good HR policies and practices thathas been a part of ICICI Prudential Life Insurance. 4A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 5. SAAB MARFIN MBA1. INTRODUCTIONThe role of Human Resources is changing as fast as technology and theglobal marketplace. Historically, the HR Department was viewed asadministration, kept personal files and other records, managed the hiringprocess, and provided other administrative support to the business.Those times have changed.The positive result of these changes is that HR professionals have theopportunity to play a more strategic role in the business. The challengefor HR managers is to keep up to date with the latest HRinnovations—technological, legal, and otherwise.This special report will discuss the best practices in HR management for2010—in other words, how HR managers can anticipate and addresssome of the most challenging HR issues this year. This report will giveyou the information you need to know about these current HR challengesand how to most effectively manage them in your workplace.Human resources is an increasingly broadening term with which anorganization, or other human system describes the combination oftraditionally administrative personnel functions with acquisition andapplication of skills, knowledge and experience, Employee Relations andresource planning at various levels. The field draws upon conceptsdeveloped in Industrial/Organizational Psychology and System Theory.Human resources has at least two related interpretations depending on 5A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 6. SAAB MARFIN MBAcontext. The original usage derives from political economy andeconomics, where it was traditionally called labor, one of four factors ofproduction although this perspective is changing as a function of newand ongoing research into more strategic approaches at national levels.This first usage is used more in terms of `human resources development,and can go beyond just organizations to the level of nations. The moretraditional usage within corporations and businesses refers to theindividuals within a firm or agency, and to the portion of the organizationthat deals with hiring, firing, training, and other personnel issues,typically referred to as `human resources management. This articleaddresses both definitions.The objective of human resource’s development (the `s is important inhuman resource`s in that it underscores indiduality/variability) is tofoster human resourcefulness through enlightened and cohesive policiesin education, training, health and employment at all levels, fromcorporate to national (Lawrence 2000) Human resource managementsobjective, on the other hand, is to maximize the return on investmentfrom the organizations human capital and minimize financial risk. It isthe responsibility of human resource managers in a corporate context toconduct these activities in an effective, legal, fair, and consistent manner.Human resource management serves these key functions: 1. Recruitment & Selection 2. Training and Development 3. Performance Evaluation and Management 4. Promotions 6A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 7. SAAB MARFIN MBA 5. Redundancy 6. Industrial and Employee Relations 7. Record keeping of all personal data. 8. Compensation, pensions, bonuses etc in liaison with Payroll 9. Confidential advice to internal customers in relation to problems at work 10. Career developmentModern analysis emphasizes that human beings are not "commodities" or"resources", but are creative and social beings in a productive enterprise.The 2000 revision of ISO 9001 in contrast requires to identify theprocesses, their sequence and interaction, and to define andcommunicate responsibilities and authorities. In general, heavilyunionized nations such as France and Germany have adopted andencouraged such job descriptions especially within trade unions. TheInternational Labour Organization also in 2001 decided to revisit, andrevise its 1975 Recommendation 150 on Human Resources Development.One view of these trends is that a strong social consensus on politicaleconomy and a good social welfare system facilitates labor mobility andtends to make the entire economy more productive, as labor can developskills and experience in various ways, and move from one enterprise toanother with little controversy or difficulty in adapting. Another view isthat governments should become more aware of their national role infacilitating human resources development across all sectors.An important controversy regarding labor mobility illustrates the broaderphilosophical issue with usage of the phrase "human resources": 7A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 8. SAAB MARFIN MBAgovernments of developing nations often regard developed nations thatencourage immigration or "guest workers" as appropriating humancapital that is rightfully part of the developing nation and required tofurther its growth as a civilization. They argue that this appropriation issimilar to colonial commodity fiat wherein a colonizing European powerwould define an arbitrary price for natural resources, extracting whichdiminished national natural capital.The debate regarding "human resources" versus human capital thus inmany ways echoes the debate regarding natural resources versus naturalcapital. Over time the United Nations have come to more generallysupport the developing nations point of view, and have requestedsignificant offsetting "foreign aid" contributions so that a developingnation losing human capital does not lose the capacity to continue totrain new people in trades, professions, and the arts.An extreme version of this view is that historical inequities such asAfrican slavery must be compensated by current developed nations,which benefited from stolen "human resources" as they were developing.This is an extremely controversial view, but it echoes the general themeof converting human capital to "human resources" and thus greatlydiminishing its value to the host society, i.e. "Africa", as it is put tonarrow imitative use as "labor" in the using society.In a series of reports of the UN Secretary-General to the GeneralAssembly, a broad inter-sectoral approach to developing humanresourcefulness has been outlined as a priority for socio-economicdevelopment and particularly anti-poverty strategies. This calls for 8A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 9. SAAB MARFIN MBAstrategic and integrated public policies, for example in education, health,and employment sectors that promote occupational skills, knowledge andperformance enhancement (Lawrence, J.E.S. 2000).In the very narrow context of corporate "human resources" management,there is a contrasting pull to reflect and require workplace diversity thatechoes the diversity of a global customer base. Foreign language andculture skills, ingenuity, humor, and careful listening, are examples oftraits that such programs typically require. It would appear that theseevidence a general shift through the human capital point of view to anacknowledgment that human beings do contribute much more to aproductive enterprise than "work": they bring their character, their ethics,their creativity, their social connections, and in some cases even theirpets and children, and alter the character of a workplace. The termcorporate culture is used to characterize such processes at theorganizational level.The traditional but extremely narrow context of hiring, firing, and jobdescription is considered a 20th century anachronism. Most corporateorganizations that compete in the modern global economy have adopteda view of human capital that mirrors the modern consensus as above.Some of these, in turn, deprecate the term "human resources" as useless.Yet the term survives, and if related to `resourcefulness, has continuedand emerging relevance to public policy.In general the abstractions of macro-economics treat it this way - as itcharacterizes no mechanisms to represent choice or ingenuity. So oneinterpretation is that "firm-specific human capital" as defined in 9A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 10. SAAB MARFIN MBAmacro-economics is the modern and correct definition of "humanresources" - and that this is inadequate to represent the contributions of"human resources" in any modern theory of political economy.1.1 HUMAN RESOURCES DEVELOPMENTIn organizations, in terms of sex and selection it is important to considercarrying out a thorough job analysis to determine the level ofskills/technical abilities, competencies, flexibility of the employeerequired etc. At this point it is important to consider both the internaland external factors that can have an effect on the recruitment ofemployees. The external factors are those out-with the powers of theorganization and include issues such as current and future trends of thelabor market e.g. skills, education level, government investment intoindustries etc. On the other hand internal influences are easier to control,predict and monitor, for example management styles or even theorganizational culture.In order to know the business environment in which any organizationoperates, three major trends should be considered: Demographics – the characteristics of a population/workforce, for example, age, gender or social class. This type of trend may have an effect in relation to pension offerings, insurance packages etc. Diversity – the variation within the population/workplace. Changes in society now mean that a larger proportion of organizations are made up of "baby-boomers" or older employees in comparison to thirty years ago. Traditional advocates of "workplace diversity" 10A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 11. SAAB MARFIN MBA simply advocate an employee base that is a mirror reflection of the make-up of society insofar as race, gender, sexual orientation, etc. Skills and qualifications – as industries move from manual to a more managerial professions so does the need for more highly skilled graduates. If the market is "tight" (i.e. not enough staff for the jobs), employers will have to compete for employees by offering financial rewards, community investment, etc.In regard to how individuals respond to the changes in a labour marketthe following should be understood: Geographical spread – how far is the job from the individual? The distance to travel to work should be in line with the pay offered by the organization and the transportation and infrastructure of the area will also be an influencing factor in deciding who will apply for a post. Occupational structure – the norms and values of the different careers within an organization. Mahoney 1989 developed 3 different types of occupational structure namely craft (loyalty to the profession), organization career (promotion through the firm) and unstructured (lower/unskilled workers who work when needed). Generational difference –different age categories of employees have certain characteristics, for example their behavior and their expectations of the organization.While recruitment methods are wide and varied, it is important that thejob is described correctly and that any personal specifications are stated.Job recruitment methods can be through job centres, employment 11A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 12. SAAB MARFIN MBAagencies/consultants, headhunting, and local/national newspapers. It isimportant that the correct media is chosen to ensure an appropriateresponse to the advertised post.Human Resources Development is a framework for the expansion ofhuman capital within an organization or (in new approaches) amunicipalty, region, or nation. Human Resources Development is acombination of Training and Education, in a broad context of adequatehealth and employment policies, that ensures the continual improvementand growth of both the individual, the organisation, and the nationalhuman resourcefulnes. Adam Smith states,“The capacities of individualsdepended on their access to education”.Kelly D, 2001Human ResourcesDevelopment is the medium that drives the process between training andlearning in a broadly fostering environment. Human ResourcesDevelopment is not a defined object, but a series of organised processes,“with a specific learning objective” (Nadler,1984) Within a nationalcontext, it becoms a strategic approach to intersectoral linkages betweenhealth, education and employment Human Resources Development is thestructure that allows for individual development, potentially satisfying theorganization’s, or the nations goals. The development of the individualwill benefit both the individual, the organization, or the nation and itscitizens. In the corporate vision, the Human Resources Developmentframework views employees, as an asset to the enterprise whose valuewill be enhanced by development, “Its primary focus is on growth andemployee development…it emphasises developing individual potentialand skills” (Elwood, olton and Trott 1996) Human Resources Developmentin this treatment can be in-room group training, tertiary or vocational 12A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 13. SAAB MARFIN MBAcourses or mentoring and coaching by senior employees with the aim fora desired outcome that will develop the individual’s performance. At thelevel of a national strategy, it can be a broad intersectoral approach tofostering creative contributions to national productivityAt the organizational level, a successful Human Resources Developmentprogram will prepare the individual to undertake a higher level of work,“organized learning over a given period of time, to provide the possibilityof performance change” (Nadler 1984). In these settings, HumanResources Development is the framework that focuses on theorganizations competencies at the first stage, training, and thendeveloping the employee, through education, to satisfy the organizationslong-term needs and the individuals’ career goals and employee value totheir present and future employers. Human Resources Development canbe defined simply as developing the most important section of anybusiness its human resource by, “attaining or upgrading the skills andattitudes of employees at all levels in order to maximize the effectivenessof the enterprise” (Kelly 2001). The people within an organization are itshuman resource. Human Resources Development from a businessperspective is not entirely focused on the individual’s growth anddevelopment, “development occurs to enhance the organizations value,not solely for individual improvement. Individual education anddevelopment is a tool and a means to an end, not the end goal itself”.(Elwood F. Holton II, James W. Trott Jr). The broader concept of nationaland more strategic attention to the development of human resources isbeginning to emerge as newly independent countries face strongcompetition for their skilled professionals and the accompanying 13A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 14. SAAB MARFIN MBAbrain-drain they experience.1.2 MODERN CONCEPT OF HUMAN RESOURCESThough human resources have been part of business and organizationssince the first days of agriculture, the modern concept of humanresources began in reaction to the efficiency focus of Taylorism in theearly 1900s. By 1920, psychologists and employment experts in theUnited States started the human relations movement, which viewedworkers in terms of their psychology and fit with companies, rather thanas interchangeable parts. This movement grew throughout the middle ofthe 20th century, placing emphasis on how leadership, cohesion, andloyalty played important roles in organizational success. Although thisview was increasingly challenged by more quantitatively rigorous and less"soft" management techniques in the 1960s and beyond, humanresources development had gained a permanent role within organizations,agencies and nations, increasingly as not only an academic discipline, butas a central theme in development policy.Human resource policies are systems of codified decisions, establishedby an organization, to support administrative personnel functions,performance management, employee relations and resource planning.Each company has a different set of circumstances, and so develops anindividual set of human resource policies. 14A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 15. SAAB MARFIN MBAPurposesHR policies allow an organization to be clear with employees on: The nature of the organization What they should expect from the company What the company expects of them How policies and procedures work at your company What is acceptable and unacceptable behaviour The consequences of unacceptable behaviourThe establishment of policies can help an organization demonstrate, bothinternally and externally, that it meets requirements for diversity, ethicsand training as well as its commitments in relation to regulation andcorporate governance. For example, in order to dismiss an employee inaccordance with employment law requirements, amongst otherconsiderations, it will normally be necessary to meet provisions withinemployment contracts and collective bargaining agreements. Theestablishment of an HR Policy which sets out obligations, standards ofbehaviour and document displinary procedures, is now the standardapproach to meeting these obligations.Developing the HR PoliciesHR policies provide an organization with a mechanism to manage risk bystaying up to date with current trends in employment standards andlegislation. 15A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 16. SAAB MARFIN MBA1.3 HR POLICIES AND PROCEDURESThis factsheet gives introductory guidance. It: highlights the main policies and procedures that organizations need to consider looks at formatting a policy and sources of informationIntroducing HR policies and procedures gives organizations theopportunity to offer a fair and consistent approach to managing theirstaff. For more on why HR policies are introduced, see our factsheet HRpolicies and procedures: why introduce them?11 policy or practice areas those are crucial to effective peoplemanagement and development: recruitment and selection training and learning/development career opportunities communication employee involvement team working performance appraisal pay satisfaction job security job challenge/job autonomy Work-life balance. 16A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 17. SAAB MARFIN MBANot all policies and procedures will be relevant to all organizations, andsome policies are required by law while others are to promote goodpractice.The following paragraphs indicate the range of possible policies whichapply during the employment life cycle - more detailed information andthe legal requirements on each of these areas is included.Beginning employmentRecruitment and selectionSuccessful recruitment depends on finding people with the necessaryskills, expertise and qualifications to deliver organizational objectives andwho have the ability to make a positive contribution to the values andaims of the organization. A diverse workforce that reflects customergroups in the local community should be encouraged.Elements to consider when forming a recruitment policy: job profile/person specification dealing with job applications - whether to use hard copy and/or online forms; confidentiality recruitment advertising - discrimination pitfalls selection techniques - training and validation interviews references medical examinations asylum and immigration 17A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 18. SAAB MARFIN MBA documentation job analysis equal opportunities monitoring return on investment (ROI)/cost.Theres more information on the website via our Recruitment and talentmanagement subject pages.InductionDesigning an appropriate and cost-effective induction programme is acomplex task. The programme has to find a balance between providingall the information new employees need without overwhelming ordiverting them from integrating into the team.The length and nature of the induction process will depend on thecomplexity of the job and the background of the new employee.Elements of an induction policy: organization information - background and structure; departments; products and services; physical layout terms and conditions - hours of work; holidays, travel policy financial - pay; bonuses; overtime; pensions culture and values - communication rules and procedures - data protection; email and Internet usage; equal opportunities; use of mobile phones health and safety - first aid; smoking; environmental aspects training 18A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 19. SAAB MARFIN MBA trade unions welfare, benefits and facilities - alcohol and drugs; employee assistance programmes.Organizations may find it useful to have checklists that cover thepre-employment period, the first day, the first week, the first month andthe end of the probationary period (if applicable) to make sure everythinghas been explained.Theres more information on the website via our Induction subject page.During employmentEmployee relations look at the partnership between employee andemployer, covering areas such as communication, grievances anddiscipline. It is equally important in both union and non-union situations.While employment law is closely linked with managing employee relations,a successful organization wont just base its actions on compliance withthe law - exploring the concept of the psychological contract, based ontrust between employee and employer, may also be useful.Policies and procedures that organizations may introduce include: health and safety disciplinary and grievance maternity and paternity leave and pay redundancy absence whistle blowing 19A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 20. SAAB MARFIN MBA performance management recognition agreements (union and other) time off and leave for trade union activities, holidays, secondment, volunteering, eldercare, childcare, bereavement communication and involvement, including employee voice harassment and bullying.Theres more information on many of these issues on the website via ourHR practice, Health, safety and wellbeing and Employment lawsubject pages.Managing diversityDiversity runs through all aspects of an organization’s policies. Managingand valuing diversity is central to good people management and makesgood business sense, so it also makes sense for diversity to be integralwithin all policies. A diversity policy sets out the organisations vision andvalues in relation to diversity. It will often include the remit of polices, theprocesses for taking action, who is responsible and the training available.The basic premise is that people should be valued as individuals and forreasons related to business interests, as well as for moral and socialreasons. A more diverse workforce is likely to offer a wider range of skillsand experiences and greater flexibility to meet business challenges.Elements of a diversity policy: 20A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 21. SAAB MARFIN MBA gender/sex equality race equality sexual orientation religion age appearance/accent formats and accessibility of policies and procedures.Learning, training and developmentRoles and responsibilities are constantly changing, so employees willneed to continually renew and refresh their skills and competencesthrough training. This can happen in the course of normal working(on-the-job training) or away from the workplace (off-the-job training).Some training is mandatory to comply with legal requirements, such ashealth and safety or finance.Elements of a learning and development policy: the organization’s vision for learning and development opportunities available, including secondment, career breaks, courses, coaching, mentoring who to ask to get authorization for training support given for learning opportunities development reviews and personal development plans payment of professional fees 21A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 22. SAAB MARFIN MBA training available for peripheral workers ie contractors, temporary staff record-keeping and administration continuing professional development and personal development allowances (if these are not part of the employee benefits statement) follow-up actions and transfer of learning to work.RewardEffective reward practices and procedures can underpin activities inrecruitment, retention, turnover and engagement. Effectiveimplementation and communication are essential for initiatives tosucceed.Reward policies should be clear and simple so that employees knowwhats expected of them and what they can expect to receive in return.Elements of a reward policy: the organization’s vision for reward, including market rates, extra responsibility allowances how jobs are graded or evaluated pensions/additional voluntary contributions permanent health insurance/critical illness cover bonuses and incentive pay benefits and non-cash recognition company cars 22A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 23. SAAB MARFIN MBA sick pay pay reviews equal pay.Complementary policiesOther policies that organizations may want to consider in relation toemployment include: a mission or values statement parental leave work-life balance/family-friendly work practices disability well-being and wellness green/sustainable development the employment of relatives/friends conflict of interest, including personal relationships second jobs confidentiality bad weather/climate conditions relocation suggestion schemes. 23A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 24. SAAB MARFIN MBAEnding employmentThere are many reasons why employment ceases, from voluntaryresignation to dismissal or redundancy.Areas to consider for ending employment include: dismissal redundancy voluntary resignation retirement - retirement age; pre-retirement courses; phased retirement options end of a short-term contract end of a probationary period death in service.Exit surveys can record information about why employees say they areleaving. But the data is not always reliable. Another way to discover thereasons why is through opinion surveys during employment.Formatting a policyPolicies should be written in plain English, so that they are user-friendlyand easily understood by all employees.The culture of the organization and the complexity of the policies willdictate the format. Options include: separate manager and employee manuals 24A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 25. SAAB MARFIN MBA all policies available on an intranet key policies on notice boards.Policies should also indicate who to go to with queries about the contentand who is responsible for updating and reviewing them.Sourcing informationWhen developing policies and procedures there are many sources ofinformation available. The following list gives an indication of furtherhelp but is not an exhaustive list. 25A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 26. SAAB MARFIN MBA2. INSURANCE INDUSTRY ‘INSURANCE’ is basically a sharing device. The losses to assistresulting from natural calamities like fire, flood, earthquake, accidents,etc. are not met out of common pool contributed by large number ofpersons who are exposed to similar risks. This contribution of many isused to pay the losses suffered by the few. However the basic principle isthat loss should occur as a result of natural calamities or unexpectedevents, which are beyond the human control. Secondly insured personshould not make any gains out of insurance.It is natural to think of insurance of physical assets such as motorcarinsurance or fire insurance but often we forget that creator of all theseassets is human being whose efforts have gone a long way in building upthe assets. In that sense, human life is a unique income-generating asset.Unlike the physical assets, which decrease in value with the passage oftime, the individual becomes more experienced and more matured as headvances in age. This raises his earning capacity and the purpose of lifeinsurance is to protect the income of individual and provide financialsecurity to his family, which is dependent on his income in the event ofhis premature death. The individual himself also needs financial securityfor the old age or on his becoming permanently disabled when hisincome will stop. Insurance also has an element of savings in certaincases. Insurance is related to the protection of the economic value of theasset. Every asset has a value .The asset would have been created 26A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 27. SAAB MARFIN MBAthrough the effort of the owner, in the expectation that, either throughthe income generated there from or some other output, some of hisneeds would be met. In the case of the factor or a cow, the production issold and income generated. In the case of a motorcar, it provides comfortand convenience in transportation. There is no direct income. There isnormally expected life time for the asset during which time it is expectedto perform. the owner, aware of this , can so manage his affairs that bythe end of that life time, a substitute is made available to ensure that thevalue, or income is not lost, however , if the asset get lost earlier, beingdestroyed or made non functional, through an accident or otherunfortunate event, the owner and those deriving benefits thereforesuffer. Insurance is a mechanism that helps to reduce such adverseconsequences.Objectives of life InsuranceThere are many reasons for investing in life insurance policies, such as: 1. Protection for the Family The most important objective of life insurance is to provide financial protection for the family in case of an unexpected and premature death of its breadwinner. The purpose is to protect the dependents against the loss of earning power of the insured through death or disability. Those who have insured their lives for an adequate sum can live in peace and comfort, free of the gnawing worry of what would happen to their families in the event of their sudden and premature death. Life insurance has long been recognized as a necessary and essential element in a familys total financial program. 27A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 28. SAAB MARFIN MBA2. Regular Savings Saving is not a physical need, unlike hunger or sleep. Many of us maynot save unless there is compulsion to do so. For such people, lifeinsurance is a compulsory, regular savings scheme, especially themonthly salary savings schemes.Even if you do not subscribe to the salary savings scheme, you can issuestanding instructions to your bankers to pay the premium regularlywithout reference to you. The element of savings in a life insurance contract should be understoodin a proper perspective. Typically, life insurance is made available on thebasis of equated periodical payments. In the initial years, you tend to paymore compared to the risk factor. Strictly, speaking, the savings aspectin a life insurance policy should not be compared with other pure savingsmedia.3. Tax BenefitsThere is a tax rebate under Section 88 on life insurance premium. Manyinvestors, especially those in higher tax brackets, used to buy lifeinsurance mainly to take advantage of these tax benefits. Additional taxbenefits are available under Section 80DD and Section 80CCC applicableto specific schemes. Hence, attractiveness from the tax angle has comedown.4. Housing FinanceOne of the easier ways of acquiring a house property is through a loanunder the various scheme of ICICI pru life, under which a life insurance 28A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 29. SAAB MARFIN MBApolicy is accepted as a collateral security. The proceeds of the policy canbe adjusted towards the housing loan. To enjoy this loan facility, manypeople even go in for additional life insurance. However, with the adventof HDFC and various other housing finance schemes, you havealternatives to choose from.Advantages of Life Insurance Protection against risk of untimely death. Protection during old age Forced savings Educational requirements and charity Nomination and assignment Marketability and suitability for borrowing. Loans from the Insurance Company Tax benefits Protection to wife and children2.1 IMPORTANCE OF INSURANCEA) Beneficial to an individual:1) Insurance provides security and safety. In case of life insurancepayment is made when death occurs or the term of insurance is expired.2.) Insurance affords peace of mind. A sense of security removes alltensions and fears. It stimulate to more and better work. By means ofinsurance much of the uncertainty that centers round the modern life 29A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 30. SAAB MARFIN MBAmay be eliminated. 3) Insurance eliminates dependency. The insuranceprovides adequate amount to the dependents at the early death of theproperty owner to pay off the unpaid loan.4.) Insurance eliminated dependency. In the event of death of the breadwinner of the family or destruction of property, the family suffers a lot.The insurance assists the family and provides adequate amount at thetime of need.5) Life Insurance encourages saving. Systematic saving is possible because regular premium are required to be compulsorily paid. Unlike bank deposits the deposited insurance premiums can not be withdrawn. Life Insurance is the best media of saving.6) Life Insurance provides profitable investment. The elements of investment i.e. regular saving capital formation and return of the capital are observed in life insurance. In India in insurance policies carry the exemption from the income tax and estate duty.7.) Life Insurance fulfills the needs of a person. The need of a person maybe divided into (I) Family needs, (ii) old age needs, (iii) re-adjustmentneeds and(iv) special needs including needs for education, marriagesettlement of children etc. (v) clean up funds for ritual ceremonies,payment of taxes etc. Insurance comes to help for meeting requirements.(b) Beneficial to Business:Insurance has been useful of the business society in more than one way.(i) It reduces uncertainty of business losses. As a huge number ofproperties are employed in commerce and industry equally great risks areinvolved in day to day functioning. The owner of the business might 30A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 31. SAAB MARFIN MBAforeseecontingencies that would bring great loss. By purchasing a policy he canbesured of his earnings.(ii) Business efficiency is increased with insurance. A businessman getsfree from unnecessary botherations and can devote more care and energytomaximize his profits.(iii)Keyman indemnification. Persons having expertise, experience,ability to control the business are most important for the employers.Death of such persons proves a more serious loss then that by fire. Thecompensation to the dependents of such employers requires adequateprovision which can be met by purchasing life policies.(iv) Addition in credit. The business can obtained loan by pledging thepolicy as collateral security for the loan. As the assets are insuredtherefore, in the event of loss the compensation can be paid. (v)BusinessContinuation. The partnership business may be discontinued at thedeath of a partner. The insurance policy provide adequate funds at thetime of death therefore, the legal representative can be paid easily.(vi)Employee Welfare. Provision for welfare for employees can be madeby the life insurance in case of accident or sickness benefit and pensions.(c) Beneficial to Society:(i) Wealth of society is protected. Insurance provides loss of humanwealth. Loss of damage of property can also be indemnified by theinsurance company. 31A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 32. SAAB MARFIN MBA(ii) Economic growth of the company. As insurance provides protectionagainst loss of property thus, if any such damage arise the assets can bereplaced without loss of production thus, Economic development of thecountry is not effected.(iii) Accelerate the production growth. Adequate capital from Insurancecompany can accelerate production circle in the country. Economicgrowthof the country is not only assured but the process of growth isacceleratedwhich is more essential in a country like India where the population isincreasing very fast.(iv) Reduction in inflation. The insurance company in the form ofpremiumget lot of money supply from the public which insurance corporation putinto production thus the money which would have come into circulationmight have gone for productive purposes.2.2 TYPES OF PLANS OR POLICIESOn the basis of insurance objective, basic plans offered by insurers canbe classified under three broad categories: Pure insurance products (termplan), pure investment products (pension plan) andinvestment-cum-insurance products (endowment, money-back,whole-life and unit-linked insurance plans). Increasingly, insurers arelaunching hybrid variants of these plain-vanilla plans. 1. Term plan Term plans are the purest from of insurance. These are no-frills policies that cover only the risk of your dying. In the event of 32A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 33. SAAB MARFIN MBA death during the policy term, your nominees receive the cover amount—in insurance parlance, the sum assured; you get no benefits if you survive the policy term. Since the entire premium paid by you ---the cost of buying insurance cover---on term policies goes towards covering the risk of your life, insurers offer you this cover at the least cost. 2. Endowment plans While term plans covers just the risk of death, endowment plans also offer some return on the premium is paid by you. So, if you die during the policy term, your nominee gets the sum assured plus some returns; if you survive the policy term, you still get back the sum assured and returns. As much as this "money if you die, money if you live” philosophy is an enticing proposition, it comes at a price; high premiums, which drag down the returns from endowment plans, to barely 4-6 per cent a year. In an endowment plan, you pay premiums for a pre-defined tenure and sum assured. The premium will depend upon your age, the sum assured, the plans tenure and the nature of returns. A portion of the premium paid by you is invested by the insures on your behalf. Another portion goes towards your cover and a third towards meeting the insurers administrative expenses, which lowers the effective yield on your investment in endowment plans.3. Money back plansMoney back plans are variant of endowment plans, with one basicdifference: unlike endowment plans, where the survival benefits aredistributed at the end of the policy term, the pay back in money -back 33A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 34. SAAB MARFIN MBAplans is staggered through the policy term. Typically, a part of the sumassured is returned to you at periodic intervals through the policy tenure.4. Whole-life planThe three categories of insurance plans mentioned above provide you lifecover for a defined period, up to a certain age (generally, 70 years),Whole-life plan, on other hand, provide you cover through yourlifetime---the only class of insurance policies to do so. Typically,whole-life plan are structured such that the policyholder has the optionto pay premium up to a certain age (referred to as the maturity agewhich is generally 80-100 years) or for a specified period. On reachingmaturity age, the insurer gives you the option to either continue with thecover through the lifetime (for which no further premiums will have to bepaid) or encash the maturity benefits (sum assured plus bonuses). Someinsurers do give the option to encash the bonus during the term per itself, which can serve as a useful income stream during your later years, ifyou so desire.5. Unit-linked insurance plansIn insurance-cum investment plans of the kind listed above, you havelittle say in where your money is invested. Your insurer too is governedby certain investment restrictions: it can invest just 10 per cent of thepremium paid by you in equities; the greater chunk of 90 percent has tobe invested in debt paper. While such restrictions are intended to insuresafety of your investment, they also lead to rigidity in investment are reinin your returns to low single digits. Unit-linked insurance plans getaround such restrictions, by giving you greater control over where your 34A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 35. SAAB MARFIN MBApremium is invested.Think of them as insurance plans that double as mutual funds. Theannual premium you pay on unit-linked plans is linked to the sumassured and the policy tenure. You can switch from one plan to anotherfree of cost once a year (a nominal amount is charged for additionalswitches). So, if you think stocks are going cheap, you can move to thegrowth plan; or, if you think stocks are overvalued, you can move yourmoney to the income plan. You can switch from one plan to another freeof cost once a year (a nominal amount is charged for additional switches).So, if you think stocks are going cheap, you can move to the growth plan;or, if you think stocks are overvalued, you can move your money to theincome plan.6. Pension planPension plan differ from the five types of the insurance plan mentionedabove in the fundamental way; not all of them of life over. So, why we aretalking about them here?Because pension plan feature among the bevy of products offered byinsurers and are pitched as retirement planning a schemes, similar toother investment-based insurance plans. Pension plans are investmentoptions that let you set up an income stream in your post-retirementyears by routing your savings through an insurer, who invests it on yourbehalf for a free. The precise returns you will get depend upon severalfactors: your age begin when you investing, the contribution you make,your investment preferences based on your risk profile, the age at whichyou want the money to start coming back to you, and the number ofyears for which you want the returns. 35A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 36. SAAB MARFIN MBA2.3 FUNCTIONS OF INSURANCEa) Primary Functions(I) Certainty of Compensation of Loss: Insurance provides certainty of payment at the uncertainty of loss. The element of uncertainty is reduced by better planning and administration. The insurer charges premium for providing certainty. Life is always full of risks. Life without risks and uncertainties is unthinkable. Man has always encountered risks of various types since the inception of civilization. Minor risks can be ignored but the major risks cannot be ignored and their avoidance is desirable. One of the ways or techniques of meeting the risks loss prevention and insurance. Insurance removes all uncertainties and the assured is given certainty of payment of loss. The insurer charges premium for providing the said certainty.(ii) Insurance provides protection: The risk will occur or not, when willoccur, how much loss will be there? There are uncertainties ofhappenings oftime and amount of loss. The main function of the insurance is to provideprotection against the probable chances of loss. The insurance cannotcheck the happening of risk. The insurer gives certainty of payment ofloss to the assured by charging premium. 36A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 37. SAAB MARFIN MBA(iii)Risk sharing: Risk is uncertain and therefore, the arising from the riskis also uncertain. All business concerns face the problem of risk and ifthe concern is big enough the handling of risk become a specializedfunction. Risk and insurance are interwoven with each other. Insurance,as a device is the outcome of the existence of various risks in our day today life. It does not eliminate risks but it reduce the financial loss causedby risks. Insurance speeds the whole loss over the large number ofpersons who are exposed by a particular risk.(b) Secondary Function(I) Prevention of loss: Prevention is always better than cure. Preventionof loss is by far the best solution to the problem of risk. It is the mosteffective and cheapest method to avoid the unfortunate consequences. Byhaving the fire resistant construction, observing safety instructions,installation of automatic sparker system etc. fore can be prevented.Similarly better roads, better lights and better traffic regulationsautomobile accidents can be prolonged. But some times prevention ofprotection is not always possible and effective. When prevention failsother methods must be adopted. The insurance joins hands with thoseinstitutions which are actively engaged in preventing the losses of thesociety. Reduction in loss causes lesser payment to the assured and somore saving is possible which will assist in reducing the premium. Lesserpremium invites more business and more business in its turn results inlesser share to the assured. Reduced premiums stimulate more businessand more and better protection to the insured(ii) It provides capital: It provides capital to the society. For planneddevelopment of a country there is great need for huge amount of 37A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 38. SAAB MARFIN MBATheaccumulated funds are invested in providing proper infrastructure and ininvesting in productive channel. Now a day, the insurance companies arerendering positive help in the development of trade, commerce andindustries of a country through different scheme of investment. Acountrysnatural resources can be exploited with long term and huge amount ofinvestment by the insurance companies.(iii) Adequate Financial cover: The need of insurance is largely felt togivea cover to the rural areas and to the socially and economically backwardclasses with a view to reach all insurable person in the country andprovidethem adequate financial cover against death at a reasonable cost.(iv) Mobilization of Savings: In insurance the savings of masses iscollectedby insurance corporations.(v)Investment: When funds are invested the interest of the community iskept in mind.2.4 CONTRACT OF INSURANCE1. Life Insurance can be defined as a contract, where for stipulatedconsiderations called the premium the insurer agrees to pay the insuredor a beneficiary, a defined amount upon the occurrence of death or someother specified event.2. A contract of insurance is a contract of utmost good faith, technicallyknown as Ubermiea fides. The doctrine of disclosing all material facts is 38A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 39. SAAB MARFIN MBAembodied in this important principle, which applies to all forms ofinsurance.3. The Proposer, who is one of the parties of the contract, is presumed tohave means of knowledge, which are not accessible to the Company, whois the other party to contract. Therefore, the Proposer is bound to tell theinsurer everything, which might affect the judgments of the insurer, nomatter how unimportant it may seem to him. In all the contracts ofinsurance, the Proposer is bound to make full disclosure of all materialfacts and not merely those, which he thinks material.4. Misrepresentation, non-disclosure or fraud in any document leading tothe acceptance of the risk automatically discharges the Company from allliability under the contract the client loses out.Insurable Interest An Insurable interest is one of the most basic of all requirements in insurance & it must be met for an insurance contract to be valid. The Principle of Indemnity cannot be applied & does not apply to a Life Insurance contract because of the difficulty of putting a monetary value on the human life. However, here also Insurable Interest must be present to distinguish the contract from a mere gamble. The Insurable Interest must: Be definite Be capable of valuation Be legally valid & subsisting 39A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 40. SAAB MARFIN MBA Involve a loss of a legal right2.5 INSURANCE SECTOR REFORMSIn 1993, Malhotra Committee- headed by former Finance Secretary andRBI Governor R.N. Malhotra- was formed to evaluate the Indian insuranceindustry and recommend its future direction. The Malhotra committeewas set up with the objective of complementing the reforms initiated inthe financial sector. The reforms were aimed at creating a more efficientand competitive financial system suitable for the requirements of theeconomy keeping in mind the structural changes currently underway andrecognizing that insurance is an important part of the overall financialsystem where it was necessary to address the need for similar reforms. In1994, the committee submitted the report and some of the keyrecommendations included:I) STRUCTURE Government stake in the insurance Companies to be brought down to 50%. Government should take over the holdings of GIC and its subsidiaries so that these subsidiaries can act as independent corporations. All the insurance companies should be given greater freedom to operate.II) COMPETITION 40A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 41. SAAB MARFIN MBA > Private Companies with a minimum paid up capital of Rs.1bn should be allowed to enter the sector. No Company should deal in both Life and General Insurance through a single entity. Foreign companies may be allowed to enter the industry in collaboration with the domestic companies. Postal Life Insurance should be allowed to operate in the rural market. Only one State Level Life Insurance Company should be allowed to operate in each state.III) REGULATORY BODY The Insurance Act should be changed. An Insurance Regulatory body should be set up. Controller of Insurance- a part of the Finance Ministry- should be made independentIV) INVESTMENTS Mandatory Investments of LIC Life Fund in government securities to be reduced from 75% to 50%. GIC and its subsidiaries are not to hold more than 5% in any company (there current holdings to be brought down to this level over a period of time) 41A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 42. SAAB MARFIN MBAV) CUSTOMER SERVICE LIC should pay interest on delays in payments beyond 30 days. Insurance companies must be encouraged to set up unit linked pension plans. > Computerization of operations and updating of technology to be carried out in the insurance industry.The committee emphasized that in order to improve the customerservices and increase the coverage of insurance policies, industry shouldbe opened up to competition. But at the same time, the committee feltthe need to exercise caution as any failure on the part of new playerscould ruin the public confidence in the industry.Hence, it was decided to allow competition in a limited way by stipulatingthe minimum capital requirement of Rs.100 crores. The committee feltthe need to provide greater autonomy to insurance companies in order toimprove their performance and enable them to act as independentcompanies with economic motives. For this purpose, it had proposedsetting up an independent regulatory body2.6 INSURANCE REGULATORY AND DEVELOPMENTAUTHORITY.Reforms in the Insurance sector were initiated with the passage of theIRDA Bill in Parliament in December 1999. The IRDA since itsincorporation as a statutory body in April 2000 has fastidiously stuck toits schedule of framing regulations and registering the private sector 42A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 43. SAAB MARFIN MBAinsurance companies. Since being set up as an independent statutorybody the IRDA has put in a framework of globally compatible regulations.The other decision taken simultaneously to provide the supportingsystems to the insurance sector and in particular the life insurancecompanies was the launch of the IRDA online service for issue andrenewal of licenses to agents. The approval ofinstitutions for imparting training to agents has also ensured that theinsurance companies would have a trained workforce of insurance agentsin place to sell their products which are expected to be introduced byearly next year. Since being set up as an independent statutory body theIRDA has put in a framework of globally compatible regulations. In theprivate sector 151ife insurance and 15 non-life insurance companieshave been registered.2.7 ENTRY OF PRIVATE PLAYERSThe introduction of private players in the industry has added to the colorsin the dull industry. The initiatives taken by the private players are verycompetitive and have given immense competition to the on timemonopoly of the market LlC. Since the advent of the private players in themarket the industry has seen new and innovative steps taken by theplayers in this sector. The new players have improved the service qualityof the insurance. The following companies are present in the LifeInsurance Industry in India. Bajaj Allianz Life Insurance Company Limited. Birla Sun Life Insurance Co. Ltd HDFC Standard Life Insurance Co. Ltd 43A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 44. SAAB MARFIN MBA ICICI Prudential Life Insurance Life Insurance Co. Ltd ING Vysya Life Insurance Company Pvt. Ltd. Life Insurance Corporation. of India Max New York Life Insurance Co. Ltd Met Life India Insurance Company Pvt. Ltd. Kotak Mahindra Old Mutual Life Insurance Limited SBI Life Insurance Co. Ltd Tata AIG Life Insurance Company Limited Reliance Life Insurance Company Limited. Aviva Life Insurance Co. India Pvt. Ltd. Sahara India Life Insurance Co, Ltd. Shriram Life Insurance Co, Ltd. Bharti AXA Life Insurance Company Ltd. 44A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 45. SAAB MARFIN MBA3. COMPANY PROFILE ICICI Prudential Life Insurance Life Insurance Company is a jointventure between ICICI Bank, a premier financial powerhouse, andPrudential plc, a leading international financial services groupheadquartered in the United Kingdom. ICICI Prudential Life Insurance wasamongst the first private sector insurance companies to begin operationsin December 2000 after receiving approval from Insurance RegulatoryDevelopment Authority (IRDA). ICICI Prudential Life Insurances equity base stands at Rs. 675 crorewith ICICI Bank and Prudential plc holding 55% and 45% stake respectively.In the quarter ended June 30, 2004, the company issued over 100,000policies, for a total sum assured of over Rs 3,753 crore and had a newbusiness premium income of Rs. 242 crore. Today the company is the #1private life insurers in the country.3.1 GROWTH PATTERNICICI Prudential Life Insurance has one of the largest distributionnetworks amongst private life insurers in India, having commencedoperations in 62 cities and towns in India. These are: Agra, 45A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 46. SAAB MARFIN MBAAjmer, Allahabad, Amritsar, Aurangabad, Bangalore, Bareilly, Bhatinda,Bhopal, Bhubhaneshwar, Chandigarh, Chennai, Coimbatore, Dehradun,Goa, Guntur, Gurgaon, Gwalior, Hyderabad, Hubli, Indore, Jaipur,Jalandhar, Jamnagar, Jamshedpur, Jodhpur, Kanpur, Karnal, Kochi, Kolkata,Kolhapur, Kota, Kottayam, Kozhikode, Lucknow, Ludhiana, Madurai,Mangalore, Meerut, Mumbai, Nagpur, Nasik, Noida, New Delhi, Patiala,Pune, Raipur, Rajkot, Ranchi, Rourkela, Siliguri, Surat, Thane, Thrissur,Trichy, Trivandrum, Udaipur, Vadodara, Vashi, Vijayawada and Vizag.The company has ten bancassurance tie-ups, having agreements withICICI Bank, Federal Bank, South Indian Bank, Bank of India, Lord KrishnaBank, as well as some co-operative banks and corporate agents. It hasalso tied up with organizations like Dhan for distribution of SalaamZindagi, a policy for the socially and economically underprivilegedsections of society.ICICI Prudential Life Insurance has recruited and trained over 36,000insurance agents to interface with and advice customers. Further, itleverages its state-of-the-art IT infrastructure to provide superior qualityof service to customers. ICICI Pru in the News ICICI Pru has 40% of private life insurance market The Economic Times: March 1, 2004 46A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 47. SAAB MARFIN MBA Prudential seeks to replicate ICICI Pru success The Economic Times: March 13, 2004 Best Life Insurer Award Outlook Money: March 15, 2004 ICICI Prudential Life Insurance Life hikes capital to Rs 675 cr The Economic Times: March 17, 2004 ICICI Pru tops premium income chart Business Standard: April 15, 20043.2 ORGANIZATIONAL STRUCTUREBoard of DirectorsThe ICICI Prudential Life Insurance Life Insurance Company Limited Boardcomprises reputed people from the finance industry both from India andabroad.Mr. Ajay SrinivasanMs. Shikha SharmaMr. N. S kannan.Mr. K. S. Mehta 47A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 48. SAAB MARFIN MBAMr. Dadi EngineerMr. Pradip P. ShahDr. (Mrs.) Swati A. PiramalMr. Pankaj RazdanManagement TeamMs. Shikha Sharma, Managing DirectorMr. Sandeep Batra, Chief Financial Officer & Company SecretaryMr. Shubhro J. Mitra, Chief - Human ResourcesMr. Puneet Nanda, Head - InvestmentsMs. Anita Pai, Chief - Customer Service and OperationsMr. V. Rajagopalan, Appointed ActuaryMr. Shridhar Sethuram, Chief - Strategy3.3 STRUCTURE AND GROWTH OF INVESTMENTICICI and Prudential came together in 1993 to form Prudential ICICI AssetManagement Company, which has today emerged as one of the leadingmutual funds in India. The two companies bring together two of thestrongest financial service brands in Asia, known for theirprofessionalism, excellent quality of service and long term commitmentto YOU. Riding on the success of this relationship, the two companiesjoined hands once more in 2000, to form ICICI Prudential Life InsuranceLife Insurance, with a commitment to provide leading-edge life insurancesolutions. 48A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 49. SAAB MARFIN MBAICICI Bank has 45% stake in the company, and Prudential plc has 55%.ICICI BankICICI Bank (NYSE:IBN) is Indias second largest bank with an asset base ofRs. 106812 crore. ICICI Bank provides a broad spectrum of financialservices to individuals and companies. This includes mortgages, car andpersonal loans, credit and debit cards, corporate and agricultural finance.The Bank services a growing customer base of more than 7 millioncustomer accounts and 5 million bondholders’ accounts through amulti-channel access network. This includes about 450 branches andextension counters, 1675 ATMs, call centre and Internet banking( ICICI Bank posted a net profit of Rs.1, 206 crore forthe year ended March 31, 2003. ICICI Bank is the only Indian company tobe rated above the country rating by the international rating agencyMoodys and the only Indian company to be awarded an investmentgrade international credit rating. The Bank enjoys the highest AAA (orequivalent) rating from all leading Indian rating agencies.Prudential plcEstablished in 1848, Prudential plc is a leading international financialservices company in the UK, with around US$250 billion funds under 49A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 50. SAAB MARFIN MBAmanagement and more than 16 million customers worldwide. Prudentialhas brought to market an integrated range of financial services productsthat now includes life assurance, pensions, mutual funds, banking,investment management and general insurance. In Asia, Prudential isUKs largest life insurance company with a vast network of 22 life andmutual fund operations in twelve countries - China, Hong Kong, India,Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan,Thailand and Vietnam. Since 1923, Prudential has championedcustomer-centric products and services, supported by over 60,000 staffand agents across the region. UnderwritingUnderwriting at ICICI Prudential Life Insurance is designed to ensure thatthe best lives are taken in the risk pool and at the same time assist salesin getting more policies.Underwriting at ICICI Prudential Life Insurance is divided into thefollowing categories: 1. Non-Medical underwriting or jet underwriting 2. Standard Medical underwriting 3. Medical underwriting 4. Female underwritingNon-Medical Underwriting or Jet UnderwritingDefinition: 1. Educated life earning regular income through employment 50A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 51. SAAB MARFIN MBA 2. Professionally qualified life earning regular income through practice 3. Businessmen with gross income of Rs. 2 lakh as proved by ITR for the last financial yearMaximum age at entry: 45 yearsMaximum Premium Ceasing age: 65 yearsMinimum service:Employed with the government defense, PSU’s, Public or Private Ltd. Co.’sonly.Employees of partnership firms and proprietorship firms will not qualify.Qualifying Documents:For Employed: - 1. Salary certificate / slip (authentication by employer not necessary) 2. Appointment letter given by employer 3. Tax returns for last one year (last financial year) 4. Form 16For Professionals: - 1. Copy of degree certificate signed by the life assured 2. self declaration by professional on his printed letter head mentioning the year and place of obtaining the professional degree and years of practice 3. Tax returns for last 1 year (last financial year end) 51A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 52. SAAB MARFIN MBAFor Businessmen: - 1. Tax returns for last 1 year (last financial year end) showing income above 2 lakhs Plans allowed: All plans other than Lifeguard series Riders Allowed: All Maximum limit for eligible plan SA+ Rider SA (duly rated up but not including non-medical plans) 18 to 35 years: Rs. 10 lakhs death risk 36 to 45 years: Rs. 5 lakhs death riskStandard Medical UnderwritingCases that do not fall under jet i.e., non medical – such cases go throughmedical. The simplest medical examination is called as SME- Standardmedical examination and a majority or policies sold fall under thiscategory.Medical underwritingFor cases that have high sum assure and high ages or the underwriterfeels that their needs to be more security before issuance-certain medicaltests are conductedFemale underwritingFemale underwriting is divided into three groups. Special underwritingnorms are required for female lives because of health profile, pregnancyrelated issues and the varied socio-economic profile 52A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 53. SAAB MARFIN MBA3.4 APPLICATION FORM & LOG- IN PROCESSThere are lot of processes & activities that take place while the proposalpack is converted into the policy. The process that takes place is calledthe sales process. At the very outset, it may be said that there are threebasic stages, which are as follows: -The Advisor customer Interface: This is the stage where after theAdvisor has offered a solution using our company’s products, he has theapplication form filled up by the client. Along with this, the otherdocuments that comprise the proposal pack are also collected.The Advisor Branch Interface: In this second stage, the Advisor submitthe proposal to the branch office of the company, where after checkingfor the completeness of the proposal pack, the acknowledgement slip ishanded over to the advisor, along with the medical slips.Business process: Here we are referring to the actual processing of theapplications. This would happens once more as one of the threeprocesses – 1. Process for Jet Cases 2. Process for Standard Medical cases 3. Process for Medical casesAdvisor confidential Report: 53A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 54. SAAB MARFIN MBAHere are the guidelines to be followed while filling up the AdvisorConfidential Report – a. Do fill up the information on the identity of life Assured b. Mention the purpose of insurance for client c. Provide details as available on the occupation of life assured d. Do mention his relation with the life assured or proposer e. Mention about income & assets details f. Details about other insurance policies would be disclosed g. The general risk factors would help us to know if there are some hobbies or financial or social position or personal habits that would impact the risk profile of the life to be assured.Proposal Pack:Here are the documents that comprises a proposal pack – Completed application form. Proof of age Computer generated Quotation Slip, which is included in proposal pack Benefit illustration of the products First Premium Deposit cheque, / Demand draft / bank pay order. Ensure that the application no. is written behind the cheque, DD Income Proof Advisor’s confidential Report Client Confidential Report 54A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 55. SAAB MARFIN MBAApplication form: The client should countersign all cuttings, overwriting All the fields in the application form should be filled Ensure that the application form is filled with same colour inkAge proof (standard) Date of birth / name match with that on form If the life assured is married woman, a marriage certificate or maiden name declaration should be disclosed The information provided in the age proof should be legible.Age proof (Non-standard) Date of birth / name does not match with that on form Document provided is not legible Document provided is not valid The death risk exceeds Rs. 3 lakh The cover ceasing age for the person is more than 60 years.Quotation slip1. Details on the computerized quotation slip does not match with those mentioned on the Application form2. For Non –Standard Age proof, extra premium charged not included in the Quotation slipPayments details1. The first premium amount is lesser than Rs. 800 55A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 56. SAAB MARFIN MBA2. For monthly mode of premium payment, the cheque is enclosed for one month3. Unacceptable if third party issued cheque4. For monthly mode of payment, the ECS form is not attachedOther Documents1. Jet documents not attested by life assured2. In case of student life, copy of recent ID card/ mark sheet not enclosed.3. Income proof not enclosed as per requirements.Certain Pointers The advisor must not accept cash payments from the client. Cash will be accepted only by sales officer at the branch. See that the form has been filled in the capitals and in legible handwriting & dark ink The application number should be written behind the cheque Take the appointment with the doctor as per the doctor list on the behalf of the client and inform as to what medical test he/ she will need to undergo Give to the client both the copies of Medical examination slip. The advisor code should be mentioned on the Application form.3.5 PERFORMANCE & PRODUCTS OF ICICI PRUDENTIAL LIFEINSURANCEInsurance Solutions for Individuals 56A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 57. SAAB MARFIN MBAICICI Prudential Life Insurance Life Insurance offers a range of innovative,customer-centric products that meet the needs of customers at every lifestage. Its 19 products can be enhanced with up to 6 riders, to create acustomized solution for each policyholder.Savings Solutions SecurePlus is a transparent and feature-packed savings plan that offers 3 levels of protection. CashPlus is a transparent, feature-packed savings plan that offers 3 levels of protection as well as liquidity options. SavenProtect is a traditional endowment savings plan that offers life protection along with adequate returns. CashBak is an anticipated endowment policy ideal for meeting milestone expenses like a childs marriage, expenses for a childs higher education or purchase of an asset.Protection Solutions LifeGuard is a protection plan, which offers life cover at very low cost. It is available in 3 options - level term assurance, level term assurance with return of premium and single premium.Child Plans SmartKid education plans provide guaranteed educational benefits to a child along with life insurance cover for the parent who purchases the policy. The policy is designed to provide money at 57A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 58. SAAB MARFIN MBA important milestones in the childs life. SmartKid plans are also available in unit-linked form - both single premium and regular premium.Market-linked Solutions LifeLink II is a single premium Market Linked Insurance Plan which combines life insurance cover with the opportunity to stay invested in the stock market. LifeTime II offers customers the flexibility and control to customize the policy to meet the changing needs at different life stages. It offers 4 fund options - Preserver, Protector, Balancer and Maximiser. Premier Life is a limited premium paying plan that offers customers life insurance cover till the age of 75.Retirement Solutions ForeverLife is a retirement product targeted at individuals in their thirties. SecurePlus Pension is a flexible pension plan that allows one to select between 3 levels of cover.Market-linked retirement products LifeTime PensionII is a regular premium market-linked pension plan 58A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 59. SAAB MARFIN MBA LifeLink Pension II is a single premium market-linked pension plan.ICICI Prudential Life Insurance also launched Salaam Zindagi, a socialsector group insurance policy targeted at the economicallyunderprivileged sections of the society.Group Insurance SolutionsICICI Prudential Life Insurance also offers Group Insurance Solutions forcompanies seeking to enhance benefits to their employees. ICICI Pru Group Gratuity Plan: ICICI Prus group gratuity plan helps employers fund their statutory gratuity obligation in a scientific manner. The plan can also be customized to structure schemes that can provide benefits beyond the statutory obligations. ICICI Pru Group Superannuation Plan: ICICI Pru offers a flexible defined contribution superannuation scheme to provide a retirement kitty for each member of the group. Employees have the option of choosing from various annuity options or opting for a partial commutation of the annuity at the time of retirement. ICICI Pru Group Term Plan: ICICI Prus flexible group term solution helps provide affordable cover to members of a group. The cover could be uniform or based on designation/rank or a multiple of salary. The benefit under the policy is paid to the beneficiary nominated by the member on his/her death. 59A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 60. SAAB MARFIN MBA TERMINOLOGIES 1. DB: Death benefit: Benefit paid in a life insurance policy or an annuity plan with live cover in the event of the life assured passing away during the term 2. LA: Life assured: Person who is insured under the plan. 3. SA: Sum Assured: Amount of money for which the insurance is taken. 4. VB: Vested Bonus: Bonuses that have accrued over the term of the plan in with profits plans. 5. PP: Purchase Price: The accumulation of the money in a deferred annuity plan. 6. GA: Guaranteed Additions: Guaranteed return that the insurer adds to the sum assured. 7. Prospect: Individual that has the potential to purchase a life insurance policy –i.e. age, health and money. 8. Prosper: The person who buys the policy-prosper and life assured can be the same person or different-but should fulfill the principle of insurable interest. 9. Annuitant: The policyholder who has pension / annuity plan. 10. Nominee: The custodian to the claim-may or may not be the rightful owner to the claim money. 11. Claimant: The person who makes the claim. 12. Beneficiary: The rightful successor to the claim. 60A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 61. SAAB MARFIN MBA3.6 DIFFERENT PRODUCTS SAVE ‘N’ PROTECTSave‘n’protect is a with profits endowment plan with FREE extended lifecover.The prospect has to choose the term & a sum assured for this plan. Theplan provides plan cover during the term of the plan. After the term isover, on maturity the policyholder is paid the sum assured (SA) along withthe bonuses that have accrued on the policy.After maturity the policyholder is provided with free cover for 50% of thebasic sum assured that have been taken for next 5 years. Thus this planis of a great advantage when it comes to providing protection. Theunique benefits provided is known as Extended Life Cover (ELC)GENERAL FEATURESSurrender: The plan can be surrendered after three policy years has beencompleted.Loans: Are available on the policy and can be taken after the policyacquires the surrender value. Rate of interest changed will depend uponthe interest rate as of that time.Paid-up: The policy can acquire a paid up value after a period of threeyears. 61A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 62. SAAB MARFIN MBATax benefits: The plan carries the Sec 88 on the premium paid and Sec10(10) d benefit on death and maturity claim. The tax benefits aresubjects to tax laws and are not an integral features of Save’n’ Protect. SAVE’N’PROTECT AT A GLANCEMinimum sum assured Rs 50,000Maximum sum assured Rs 1,00,00,000Minimum Premium Yearly- Rs 6,000 Half yearly-Rs 3,000 Monthly- Rs 500Minimum age at entry 0 YearsMaximum age at entry 60 YearsMinimum maturity age 18 YearsMaximum maturity age 70 YearsMinimum term 10 YearsMaximum term 30 YearsSum assured in Rs 1,000/-multiples ofPremium payment Yearly, half –Yearly, &frequencies monthly. 62A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 63. SAAB MARFIN MBAPremium payment Entire term of the planperiodBenefit coverage period Entire term of the policy+ 5 Years after maturity(50%of sum assured under ELC )Death benefit ---------Age<7years Premiums paid will be refunded.Age>7years ----------ELC period 50% of sum assured in case CASH BAK the policy holder dies during the 5 Years Extended Term. CashBak isMaturity benefits S.A +G.A @ 3.5% with profits compounded annually (for the anticipated first 4 Years)+V.B(if any & endowment after 4 Years). plan. ThisSurrender/Paid up After 3 full years premiums plan provides have been paid. liquidity at the regularLoans Allowed after the surrender intervals of value period. time and alsohelp in saving money. 63A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 64. SAAB MARFIN MBAGeneral featuresSurrender: The plan can be surrendered after three policy years havebeen completed.Loans: The Company in CashBak provides no loans as regular payouts areavailable to policyholdersPaid-up: The policy can acquire a paid-up value after a period of threeyears.Tax benefits: The plan carries the sec 88 on the premium paid and sec10(10) d benefit on death and maturity claim. The tax benefits are subjectto tax laws and are not an integral feature of CashBak.Target market1. Young people of the age group 20-30 years who have just started acareer and family. 64A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 65. Minimum sum assured Rs 75,000Maximum sum assuredSAAB MARFIN MBA Rs 1,00,00,000Minimum Premium Yearly- Rs 6,000 Half yearly-Rs 3,000 Monthly- Rs 500Minimum age at entry 16 YearsMaximum age at entry 55 YearsMinimum maturity age Not ApplicableMaximum maturity age 70 YearsMinimum term 15 YearsMaximum term 20 YearsSum assured in multiples of Rs 1,000/-Premium payment frequencies Yearly, half –Yearly, & monthly.Premium payment period Entire term of the planBenefit coverage period Entire term of the policy.Death benefit during the term of S.A+G.A@3.5%+Vested bonus (if any)the policyMaturity benefits 50% of Sum assured @ 3.5%G.A compo annually (for the first 4 Years)+V.B (if a after 4 Years).Surrender/Paid up After 3 full years premiums have beenLoans No LoansRiders Allowed Critical Illness Benefit Rider (CIBR) Major Surgical Assistance Rider (MSAR)2. Income group of minimum Rs 10,000 per month. 65 Accident & Disability Benefit Rider (ADB A COMPARATIVE STUDY OF HR PRACTICES AND Accident Benefit Rider) POLICES OF ICICI COMPANY LTD
  • 66. SAAB MARFIN MBA3. Middle-aged professionals, service holders and businessmen.CASHBAK AT A GLANCE LIFE GUARDLife Guard is the term insurance solutions from ICICI Prudential LifeInsurance. These plans provide with optimum financial protection in casedeath. These plans are extremely reasonable and are so cost effectivethat you just can’t afford not to have one.In this group of term insurance solutions there are three variants: 1. LifeGuard – Return of Premium (ROP) 2. LifeGuard – Without Return of Premium (WROP) 3. LifeGuard – Singe Premium (SP)Life Guard – ROPIn this variant the premiums that are paid by the policyholder arereturned at the end of the term i.e., on maturity to the policyholder.Thus this plan serves to provide life protection and at the end of term themoney paid which accumulates to be a substantial amount is received onmaturity.Moreover, this plan provides with the facility of FREE Extended Life Coverafter maturity – which adds to the protection that LifeGuard ROP soexcellently provides. 66A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 67. SAAB MARFIN MBAGeneral featuresSurrender: The plan can be surrendered after three policy years havebeen completed.Loans: No loans are availablePaid-up: The policy can acquire a paid up value after a period of threeyears.Tax benefits: The plan carries the sec 88 on the premium paid and sec10(10) d benefit on death and maturity claim. The tax benefits are subjectto tax laws and are not an integral feature of LifeGuard ROP 67A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 68. SAAB MARFIN MBA Minimum sum assured Rs 1,00,000 LIFEGU Maximum sum assured Rs 1,00,00,000 ARD-R Minimum Premium Yearly- Rs 6,000 OP AT Half yearly-Rs 3,000 A Monthly- Rs 500 GLANC Minimum age at entry 18 Years E Maximum age at entry 50 Years Maximum maturity age 65Years Minimum term 5 Years LIFEGU Maximum term 25 Years ARD-W ROP Sum assured in multiples Rs 1,000/- of This is Premium payment Yearly, half –Yearly, & the most frequencies monthly. cost Premium payment period Entire term of the plan effective Benefit coverage period Term of The policy policy to have life Death benefit The entire Sum assured insurance Maturity Benefit Sum of Premiums paid & FREE . This ELC for 50% OF the SA plan For next 5 Years. Provides Riders Allowed Accident & Disability Benefit Life Rider (ADBR) protectio 68 Accident Benefit Rider (ABR)A COMPARATIVE STUDY OF HR PRACTICES AND Waiver of Premium POLICES OF ICICI COMPANY LTD rider(WOPR) Surrender/Paid up After 3 full years premiums have been paid.
  • 69. SAAB MARFIN MBAn in the most effective way & it is as inexpensive as your daily newspaper.For a healthy 30-Years old Male, SA of Rs 1 lakh & premium paid Yearly,the premium on LifeGuard WROP would be Rs 0.88 per Day for a periodof 5 years. Features of LifeGuardWROPFeatures of WROP are in many ways similar-however the features thatdifferentiate it from LifeGuard ROP are mentioned here for yourunderstanding: Death BenefitThe beneficiary/nominee gets 100% of the sum assured in case of thedeath of the policyholder.There is no ELC in LifeGuard WROP Maturity BenefitNO maturity BenefitTarget Market: 1. Key man Insurance 2. Businessmen & Individuals that have liabilities. 3. People who are looking for pure protection. 69A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 70. SAAB MARFIN MBA LIFEGUARD-WROP AT A GLANCE Minimum sum assured Rs 1,00,000 Maximum sum assured Rs 1,00,00,000 Minimum age at entry 18 Years Maximum age at entry 50 Years Maximum maturity age 65 Years Minimum term 5Years Maximum term 25 Years Sum assured in multiples Rs 1,000/- of Premium payment Yearly, half –Yearly, & monthly. frequencies Premium payment period Entire term of the plan Benefit coverage period Entire term of the policy Death benefit The entire sum assured Maturity benefits No Benefit Surrender/Paid up After 3 full years premiums have been paid. Loans No Loans 70A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 71. SAAB MARFIN MBA Riders Allowed Accident & Disability Benefit Rider (ADBR) Accident Benefit Rider (ABR) Waiver of Premium Rider (WOPR) LIFEGUARD-SPLifeGuard Single Premium is another term product that offers pureprotection at lowest possible cost.This plan absolves the policyholder from the commitment of payingregular premiums & ensures that the protection continues without anyhindrance.The concept of this variant is as same as the rest. The product at a glancewill help you in understanding the plan.Target Market 1. People who do not prefer long term commitments 2. People going for liabilities like housing loan or any sort of liability. 3. Young professionals that have an earning but are not too sure about it in the future. 4. Students who are going to study abroad 5. People who are going on short term or middle term assignments abroad. 71A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 72. SAAB MARFIN MBA LIFEGUARD-SP AT A GLANCE Minimum sum assured Rs 2,00,000 Maximum sum assured Rs 10,00,000 Minimum age at entry 18 Years Maximum age at entry 50 Years Maximum maturity age 65 Years Minimum term 5Years Maximum term 15 Years Sum assured in multiples of Rs 1,000/- Premium payment frequencies Single Premium Benefit coverage period Term of the policy Death benefit The entire sum assured Maturity benefits No Benefit Surrender/Paid up NO SURRENDER VALUE Loans NO LOANS Riders Allowed NO RIDERS 72A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 73. SAAB MARFIN MBA SMART KIDSmart Kid is with profits anticipated endowment plan that helps parentsin creating an asset through which they can plan for their children’sfuture.This plan insures the life of the parent and makes the child thebeneficiary-therefore ensuring that the future if the child issecure-because when you are a parent you cant leave anything tochange-can you?General FeaturesSurrender: The plan can be surrendered after three policy years havebeen completed.Loans: The Company in Smart Kid provides no loans as regular payoutsare available to policyholdersPaid-up: The policy can acquire a paid-up value after a period of threeyears.Tax benefits: The plan carries the sec 88 on the premium paid and sec10(10)d benefit on death and maturity claim. The tax benefits are subject totax laws and are not an integral feature of Smart Kid 73A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 74. SAAB MARFIN MBATarget Market: 1. Young couples with new born baby or children below 12 Years of age. 2. Income group of minimum Rs 10,000 per month. 3. Ideal age group: 30-45 years. 4. Professionals, service holders & businessmen. 74A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 75. SAAB MARFIN MBA Minimum sum assured Rs 1,00,000 Maximum sum assured Rs 30,00,000SMART Age at entry for parent 20 Years to 60 YearsKID AT Age at entry (child) 0-12 Years A Maturity age 22 Years-25 YearsGLANC Minimum term 10Years E Maximum term 25 Years Premium payment frequencies Regular premium plan with Yearly, half-yearly, monthly mode of paymentsFOREV Death benefit Sum Assured paidERLIFE immediately + Wop + Periodic benefits continue as it isForever Maturity benefits Two payout structures areLife is therewith life Surrender/Paid up After 3 years of premiumscover. paidThe Loans NO LOANSworld inwhich Riders Allowed ADBR & Income benefit riderwe livetoday-the life expectancy is increasing however the earning period is 75A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 76. SAAB MARFIN MBAconstantly reducing.This means that we will live longer but earn for a shorter period thereforewe need to make our money work for us. And the earlier we put themoney that we earn towards our retirement fund-the better will be ourretirement fund and thus a better retired life.Forever Life is a retirement solution that assists in meeting with that needin a disciplined planner.General FeaturesSurrender: The plan can be surrendered after three policy years havebeen completed.Loans: The Company in Forever Life provides no loans.Paid-up: The policy can acquire a paid-up value after a period of threeyears.Tax benefits: The plan carries the sec 88 ccc on the premium paid. Deathclaims are exempted from tax under sec10 (10)d. Annuity received istaxable at par with income Target Market 1. Young People in the age group of 25-30 2. Monthly income Rs 10,000 & above 76A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 77. SAAB MARFIN MBA 3. Salaried individuals in private sector 4. Businessmen & Traders ANNUITY:In this plan the annuitant pays a contribution for a term specified which iscalled the deferment period and post that term i.e. on Vesting, annuitantget an annuity. He can choose any of the 5 annuity types that planprovides. This annuityContinues till the time the annuitant lives. During the deferment periodForeeverLife provides with life protection – thus this plan provides bothlife insurance & retirement planning benefits.Annuity Options 1. Life Annuity: This annuity provides an annuity till the time the annuitant lives. Once the annuitant passes away the contract is over & nothing is payable. This is suitable for an annuitant who does not have any dependents. This annuity type will disburse the maximum amount as an annuity. 2. Life Annuity with return of purchase price: Annuity is paid till the time the annuitant survives & after the demise the purchase price (as on vesting) is given to the nominee. Therefore this annuity type can not provide only annuity but also leave a legacy for the family 3. Joint Life Annuity, Last survivor annuity: Annuity is paid to the annuitant and after the annuitant passes away & the spouse 77A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 78. SAAB MARFIN MBA survives, the same annuity will be disbursed to the spouse. On the death of spouse the annuity will stop & nothing is payable. 4. Joint Life Annuity, Last survivor annuity with return of purchase price: Annuitant is paid to the annuitant & after the annuitant passes away & the spouse survives, the same annuity will be disbursed to the spouse. On the demise of the spouse the purchase price (as on vesting) is given as a claim to the nominee. Therefore this annuity type can not only provide an annuity but also leave a legacy for the family. 5. Life Annuity guaranteed for 5,10,15 years & life thereafter: In this annuity type the annuitant can choose a term of 5,10 or 15 Years & during the term the annuity will continue to be disbursed irrespective of the fact whether the annuity is alive or not. If the annuitant survives the guaranteed period the same annuity will continue to be disbursed till the time annuitant survives. After annuitants demise nothing is payable. Annuities can be taken on yearly, half yearly, monthly basis. Annuity Option once chosen cannot be changed. Annuities have a 5 or 7 year reset option. FOREVER LIFE AT A GLANCE 78A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 79. SAAB MARFIN MBA Minimum sum assured Rs 50,000 Maximum sum assured No Limit Minimum age at entry 20 Years Maximum age at entry 60 Years Maximum maturity age 70Years Minimum term 5Years Maximum term 30 Years Sum assured in multiples of Rs 1,000/- Premium payment frequencies Yearly, half-yearly & monthly Premium payment period Entire term of the policy Death benefit The entire sum assured + G.A +Vested bonus (if any) Maturity benefits According to Annuity option choose Surrender/Paid up After three years Loans NO LOANS Riders Allowed Accident & Disability Benefit Rider (ADBR) Accident Benefit Rider (ABR) Critical Illness Benefit Rider (CIBR) 79A COMPARATIVE STUDY OF HR PRACTICES AND Major Surgical Assistance POLICES OF ICICI COMPANY LTD Rider (MSAR)
  • 80. SAAB MARFIN MBA4. HUMAN RESOURCE MANAGEMENT OF ICICIPRUDENTIAL LIFE INSURANCE1. MODE OF APPOINTMENT: The appointment to various points shall be made in the followingmanner:-BY DIRECT RECRUITMENT:- a. The qualifications for direct recruitment shall be such as specified in the staffing pattern. b. The appointment shall be made according to the merit list drawn at the time of selection. c. All appointments except to class-IV services shall be made on the recommendations of the selection Committee consisting of the following:-BY PROMOTION Appointment by promotion to the next higher post in the respectivediscipline in any category shall be made on the basis of ‘Seniority-cum-Merit’from 80A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 81. SAAB MARFIN MBA amongst the employees working in the lower category having atleastfive years service on the said post in the Life Insurance.BY TRANSFER: a. By transfer of a person on deputation from any Department. Of Government/ ICICI Prudential Life Insurance or any sister Life Insurance. b. By permanent transfer of services of surplus staff of ICICIPrudential Life Insurance on the terms & conditions as Prescribed by the ICICI Prudential LifeInsurance and adopted by the Board from time to time subject to the approval of Register.c. By permanent transfer of an employee of other /ICICI Prudential LifeInsurance on his own request and upon the terms & inditions asprescribed by the ICICI Prudential Life Insurance and adopted by theboard from time to time subject to the approval of Registrar.The quta of appointment by direct recruitment and by promotion shall bein the ratio of 40:60 respectively’ wherever applicable. Theappointment under Rule 1.3 shall be treated against the quota of direct recruitment. 81A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 82. SAAB MARFIN MBAa). The reservation for the members of Scheduled Castes, ScheduledTribes and Background classes in recruitments shall be in accordancewith the policy of the Govt. as adopted by the BOD. b). The Life Insurance may fix Quato for promotion of class IVemployees to class III posta upto 10% of the promotion quota.2. COMMENCEMENT OF SERVICE: Services shall be deemed to have commenced from the working day onwhich the employee reports for duty. If he reports for the duty in theafternoon’ the services shall be deemed to have commenced from the following day.3. ATTENDANCE AND LATE COMING:-No employee shall enter or leave the premises of the Establishmentaccept by the gate or gates meant for this purpose. 82A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 83. SAAB MARFIN MBAAn employee who is off his duty or has resigned or has been dischargedor declared by the competentMedical Authority to be suffering from any contagious or infectious disease, shall immediately leave thepremoises of the Etablished and shall not enter any part of it, except with the express permission of the copetent authority.All employees shall be liable to be searched both at the time of entry andexit at the main entrance of the Establishment by an authorized person ofthe same sex with due dignity.If more than one shift is working, the employee shall be liable to betransferredfrom one shift to another.4. SENIORITY:a). The seniority of an employee under these rules shall be determined ina particular category of post on the basis of the length of service on thatpost provided that in the case of employees appointment by the directrecruitment 83A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 84. SAAB MARFIN MBA which join within the period specified in the order of appointment orwithin such period specified by direct recruitment who who join with in theperiod specified in the order of appointment or within such period as mayfrom time to time be extended by the appointing authority, subject to a maximumof one month from the data of order of appointment, the order of meritdertermined, shall not be disturbed. Provided further that in the case a candidate ispermitted to join the service after the expiry of the said period of one month,his seniority shall be determined from the data he joins the service.b). A person recruited by promotion from the service of the Life Insuranceshall be senior to the person recruited otherwise if they join on the same data.Provided that in case of promotion of two or more persons with effect from thesame data their inter-se-seniority shall be determined according to theirseniority in the cadre or postal from which they have been promoted. 84A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 85. SAAB MARFIN MBAc) Seniority of the employees of PDDC/ICICI PRUDENTIAL LIFE INSURANCEupon the permanent transfer of their services to the Life Insurance vis-à-vis other employees of LifeInsurance, shall be determined in the following manner:- (1) An employee who was working in the higher pay scale at thetime of permanent transfer shall rank senior to the employee working inthe lower pay scale on that date. (2) In case where the pay scale of the post held by an employee inthe PDDC or ICICI Prudential Life Insurance and of the post againstwhich he has been transferred in Life Insurance identical, their seniority shall be determinedon the basis of length of services in the same pay scale.5. POSTING AND TRANSFERES: Managing Director shall be competent to post/ transfer any employeewithin the establishment. He shall also be competent to transfer anemployee against any equivalent post or along with post. As and when considered necessary in the internet of work and uponrequest from ICICI Prudential Life Insurance/Sister Life Insurance’theservices of an employee of ?Life Insurance may be placed on nationaldeputation without payment of deputation allowance to any other Life 85A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 86. SAAB MARFIN MBAInsurance/ ICICI Prudential Life Insurance for Period upto one year in thefirst instance, which can be extended further.6.DEPUTATION Any employee of Life Insurancemay be sent on deputation to anyState level co- operative Apex. Institution or Government Undertaking with hisconsent and on receipt of writtenrequisation from the concernedInstitution/Government undertaking and with the concurrence of the ICICI Prudential LifeInsurance on the terms & conditions mutually agreed upon by the leading and borrowingorganizations subject to prior approval of the Registration.7. JOINING TIME: Upon transfer of an employee from one station to another the joining time, exclusive of journey day(s), shall be admissible as under:- (i) upto distance of 4 kms : No joining time. (ii) For distance between 41kms : one day to 100 kms (iii) Above 100kms : Two day8.Security 86A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 87. SAAB MARFIN MBA An employee of the Life Insurance Shall furnish such security, Fidelityguarantee, agreement bond in favour of the Life Insurance as may be decided byboard from time to time.9. PROVIDENT FUNDS: Employees of the Life Insurance shall be entitled to the membership ofthe Employees Provident Fund and other schemes under the employeesProvident Fund and Misc. Provisions Act’ 1952 irrespective of the pay drawn bhim re- employed persons shall be governed by the terms of theirappointment.10. BONUS: Employees of the Life Insurance shall b entitled to payment of theBonus under the payment of Bonus Act, 1965 as amended or re-enacted from timeto time.11. MEDICAL BENEFITS: An employee, as and when covered under the PSI Act/Scheme, shallget medical benefits as provided there in. An employee not coveredunder the PSI 87A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 88. SAAB MARFIN MBA Act/Scheme shall be entitled to medical benefits as may be decidedby the board from time to time with the concurrence of the ICICI PrudentialLife Insurance.12. ALLOWANCE:Dearness Allowance, Additional Dearness Allowance, House RentAllowance, City Compensatory Allowance, Rural Allowance and OtherCompensatory Allowance Shall be Admissible to the Employees of the LifeInsurance as per the Decision of the Board with the concurrence of theICICI Prudential Life Insurance and approval of the Registrar.13. BENEFITS ADMISSIBLE IN THE EVENT OF DEATH OF AN EMPLOYEE DURING SERVICE:In case of death of an employee whilr in the service ofLife Insurance his family members shall be entitled to the followingbenefits/ facilities at the rates/scales and on the tearms & conditions asapproved by the board from time to time with the concurrence of ICICIPrudential Life Insurance. a. Ex-gratia grant. b. House Rent Allowance. c. Encashment of P.leave. d. Priority for employment of window/dependent of deceased employee. e. Special Ex-gratia grant to the family members of an employee of the Life Insurance Killed by terrorist action. 88A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 89. SAAB MARFIN MBA14. TRAINING:Managing Director may wit the concurrence of Life Insurance employee toattend a seminar/ workshop/training within the country or abroad inaccordance with the instructions of the Registrar, as may be issued fromtime to time.15. LEAVE: 15.1 All the employees of Life Insurance shall be entitled to thefollowing kinds of leave:- (i) PRVILEGE LEAVE (LEAVE WITH WAGES: One day for every 18 days of service (for the purpose ofcalculation of days of services,the period of Privilege Leave availed andleave without wages/ absence shall not be counted). (ii) CASUAL LEAVE: 12 days per annum. (iii) SICK LEAVE: (a) 14 days per annum to those mployees ho are not covered by the ESI ct/Schemes. (b) 7 days per annum to thise employees who are covered by the ESI Act/Scheme. 89A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 90. SAAB MARFIN MBA16. RESIGNATION: If a regular/permanent employee intends to leave the service of the Life Insurance by tendering resignation, he shall have to giveone month’s notice in writing, otherwise, he shall have to depositon e month’s notice in writing, otherwise, he shall have to depositone month’s salary or salary for the period by which the noticefalls short of one month (for this purpose salary will include basic pay+all other allowance admissible thereon, experts House Rent/Ruralallowance, Conveyance Allowance and Medical Allowance.) 24 hours notice shall be required for tendering resignation during probation period. The resignation tendered by the employee may be accepted by thea appointing authority.17. SUPERANNUATION / RETIREMENTEvery employee of Life Insurance shall be superannuated on theafternoon of the last day of the month in which he attains the age of 58years. 90A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 91. SAAB MARFIN MBANot with standing anything contained in Rule 17.1 above, an employeemay be permitted at his own request to retire room the service of the LifeInsurance on attaining the age of 50 years or after 20 years of service atany time by the appointing authority provided three months notice. An ything contained in rule 17.1 and 17.2 above , the appointingauthority shall, if it is of the opinion after reviewing the entire servicerecord of an employee that he is not fit to be retained in the service andthat it is in the interest of the Life Insurance.18. Major misconducts: Without prejudice to the generality of the term, “ misconduct”, thefollowing acts of communion or omission shall, interlaid, constitute specificacts of Major Misconduct on the part of the employee: 1. Breach or habitual breach of any standing instructions or rules regulations, conditions of the appointment letter or orders issued by the establishment from time to time. 2. Acting in any manner prejudicial to the inertest or reputation of the establishment, disregard of any operation & maintenance. 3. Negligence or habitual negligence of duty or laziness or in efficiency or incompetence or malingering or neglect of work or carelessness in work, poor or unsatisfactory performance intentionally. 91A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 92. SAAB MARFIN MBA 4. bring narcotic, liquor or other intoxicating things in premises or reporting. 5. Doing private or personal work during working hours, engaging in any other trade, business profession, service of the Establishment without while in the competent authority.19. PUNISHMENTS FOR MAJOR MISCONDUCTS: One or more of the following punishments may be imposed on anemployee who is found guilty of a major misconduct, namely:- 1. Stoppage of one or more annual grade increments of pay with or without cumulative effect 2. Recovery of damages or the amount of loss suffered by the Establishment on account of misconduct of the employee. 3. Demotion to the Lower post. 4. Termination of service. 5. Dismissal from service.20. PUNISHMENTS FOR MINOR MISCONDUCTS:- One or more of the following punishments may be imposed on anemployee who is found guilty or minor misconduct, namely:- 1. Warning or Censure. 2. Making an adverse entry in his service record. 3. Stoppage of one annual grade increment of pay with or without cumulative effect for a period of six months. 4. Recovery of loss of goods expressly entrusted to the employee or more for which he is accountable. 92A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 93. SAAB MARFIN MBA 5. Recovery from his pay of the he is accountable, pecuniary loss caused by him to the establishment by negligence or breach of orders. 6. Suspension without pay or subsistence for a period not exceeding 15 days.21. PROCEDURE FOR AWRDING PUNISHMENT FOR ACTS OF MINOR MISCONDUTS: Where an allegation of minor misconduct is alleged against anemployee, he shall be called upon to explain his position.22. PROCEDURE OF ENQUIRY AND PUNISHMENT FOR MAJOR MISCONDUCTS.An employee against whom a major misconduct is alleged shall be servedwith a charge heet by the competent authority clearly setting forth theimputation of mis conduct and calling upon the employee to submit hisexplanation within a period of 7 days, provided that such time may beextended for a maximum period of 7 days , after the expiry of initialperiod of 7 days if suffiecient reasons are advised by the employee forseeking an extension, for which purpose a written request will have to bemade him. In case the employee be pastedon the notice board of theoffice establishment and it shall be deemed to have been served upon theemployee for the purpose of these rules. In case where the employee admits in writing the charge(s) leveledagainst him, it shall be open to the competent authority to award one 93A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 94. SAAB MARFIN MBAmore of the punishments provided in these rules without holding anyenquiry. In the case of the explanation submitted by the employee is foundto be satisfactory, the matter will be dropped. In case the employee fails to submit his explanation within theprescribed time or extended time allowed to him or where the extendedtime allowed to him or where the explanation submitted by him is notfound satisfactory, the competent authority shall appoint a person tohold an enquiry and issue ordered in this regards specifying there in thenames of the Enquiry officers and the Presenting officers. The accused employee shall be entitled to the reimbursementof actual rail/bus fare only besides conveys undertaken by him forinspection of relevant records and attending the enquiry proceedings at astation other than his HQs. The enquiry officer shall on the conclusion of the enquiry, submithis report in writing giving his findings with the reasons therefore to theauthority.APPEAL AGAINST PUNISHMENT: i) An appeal against the orders of the competent authorityimposing punishment, under rules 29 and 30 of these riles shall lieto the board of directors of the Life Insurance. The board shallconstitute a 94A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 95. SAAB MARFIN MBA committee consisting of chairman , nominee of ICICIPrudential Life Insurance, nominee o f RCs and nominee of NDDB to examine the appeal on the basis of records. ii) An appeal shall be filled within a period of 30 days fromthe data on which the appellant receives a copy of the orderappealed against or is deemed to have received. iii) The appellate authority may after consideration of thecase and on recording sufficient reasons yet aside, reduce,confirm or enhance the punishment and its decides to enhance the punishment, the accused employee shall be given anopportunity to show cause against such enhancement.23. SUSPENSION: In a case where it is considered that the employee be suspendedpending enquiry, the competent authority may suspend the employee pendingissues of a charge sheet or subsequent domestic enquiry or till the final ordersare 95A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 96. SAAB MARFIN MBA passed on the enquiry case. Where criminal proceeding against anemployee in respect of any offence involving moral turpitude are pending and the competent authority is satisfied that it is necessary/desirable to placethe employee under suspension, the competent. SUBSISTENCE ALLOWANCE DURING SUSPENSION: 1. An employee shall be paid during the period of suspension subsistence Allowance @ 50 % of the wages to whichthe employee was entitled to immediately proceeding thedate of such suspension for the first 90 days of suspension and 75%of such wages for the remaining period of suspension. 2. The payment of subsistence Allowance to the suspended employee shall be subject to his processing a certificateevery month about his having not taken up any otheremployment and his having remained at the head quarters.24. SERVICE RECORDS: The following service reords shall be maintained in respect of anemployee of Life Insurance:- 96A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 97. SAAB MARFIN MBA i) personal File ii) service book iii) A.C.R file. RESIDENTIAL ADDRESS OF EMPLOYE An employee shall notify to the Life Insurance immediately on engagement, like details of his residential addresses and thereafter promptly communicate to the Life Insurance any change in his residential address. ANNUAL CONFIDENTIAL REPORTS: ACRS of employees shall be written on yearly basis (April to march) in the prescribed format. The entries in the A.C.R of an employee sall be taken into account while deciding the case of promotion, Proficiency step up, pre-mature increment(s) etc. The adverse remarks in the ACR of an employee, if any ,hall be communicated to him in writing. The employee to whom adverse remarks are conveyed may make a representation for review of the adverse remarks. In this regards the following time schedule shall be followed:- 97A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 98. SAAB MARFIN MBA 1 Period of communication of Within 30 days of the adverse remarks to the official receipt from the final concerned accepting authority. 2. Period for receipt of Within thirty days from representation against the date of receipt of adverse remark. adverse remarks. 3. Final decision on the Within 30 days of the representation on receipt of receipt of comments comments of reporting / on the representation reviewing/ accepting authority from the reporting/ reviewing/ accepting authority.NOTE –I No further representation shall lie against the final decision.NOTE-II The representation against adverse remarks received after theexpiry of the stipulated period shall be rejected straight way.25. GRIEVANCE /REDRESSAL PROCEDURE: Any employee having a cause for complaint about his work orworking conditions shall have a right to present a cause for investigation and consideration within two days of rising of the cause. The procedurefor the redress shall be as follows:- 98A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 99. SAAB MARFIN MBAStage –IThe employee having a cause for complaint shall in the first place,discuss it with his immediate supervisor.Stage –IIIf a satisfactory solution of his problem is not bound with six days hisdiscussion of the complaint, he shall approach his sectional head/departmental head through his immediate supervisor.Stage-IIIIf the problem is not yet resolved, the aggrieved employee may requestfor the consideration of his cause by the Grievance communityconstituted as under with an intimation to the Labor-cum conciliationofficers of the areas. 99A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 100. SAAB MARFIN MBA5. RESEARCH OBJECTIVES The current research will be aimed at determining the HR Practicesand Policies at ICICI PRUDENTIAL LIFE INSURANCE. The research will befocused on the following major issues. a) To study the significance of HR policies. b) To study the system development at ICICI Prudential Life Insurance c) To measure the factors related to HR Practices and Policies. d) To study the employee relation and executive response for Practices and Policies in ICICI Prudential Life Insurance. 100A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 101. SAAB MARFIN MBA6. RESEARCH METHODOLOGYIn order to cope up with the emerging challenges due to tough globalcompetitions, the way out for this is to produce quality products atreasonable prices. This is possible only through an organization cultureof quality consciousness and enhanced productivity. Optimal utilizationof resources especially the human resources are one sure way of meetingthis objective. That’s why proper induction of an employee is veryimportant.RESEARCH DESIGNResearch design means a specified framework for controlling the datacollection. The research is of descriptive in nature, which could providean accurate picture of induction procedure conducted in the organization.Descriptive research includes surveys and fact-finding inquiries ofdifferent kinds. The research is of Ex post facto nature in whichresearcher has no control over the variables. Statistical method lay stresson objectivity rather than rely on intuition and judgment and average &percentages can easily be calculated.The following methodology was adopted in project Comprises of understanding the theoretical concepts in general. Questionnaire study Analysis of the primary data Analysis of the secondary data 101A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 102. SAAB MARFIN MBAThe statically method needs the collection of data in two forms 1. Primary data 2. Secondary data 1. PRIMARY DATAThe primary data are those, which are collected afresh and for the firsttime, and thus happen to be original in character. The data on therequired information is collected from actual persons using the product/services. This data is more suited for the objectives of the project.2. SECONDARY DATAThe data which have already been collected by someone else or takenfrom published or unpublished sources and which have been alreadybeen passed through the statistical process.MODE OF DATA COLLECTIONThe study is based on Secondary data which includesSecondary DataSecondary Data will be gathered from books and journals on HR Practicesand Policies in ICICI Prudential Life Insurance.Sample PlanUnit:100 Employees 102A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 103. SAAB MARFIN MBAUniverse:The universe of the study was be ICICI Prudential Life Insurance, Patiala.Contact Method:The respondents sampling personally will be prepared to interview 100employees.7. FINDINGS OF THE STUDYINDUCTION PROGRAMDoes the company provide induction for new employees ? 103A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 104. SAAB MARFIN MBAGRAPHThe graph shows the %age of companies, which undergo somestandard methods of induction. o The graph shows that almost all the companies are following induction practices. o Near about 93% of the companies follow induction practices while 7 % of them don’t follow it. o Induction is although inseparable part for HR practices. Yet there are companies, which don’t follow a standard procedure of induction but make it just through personal explanation of working strategy of the dept. 104A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 105. SAAB MARFIN MBA o Induction could be done through Diaries, Manuals or through Company CDs, or even by standard power point presentations given to the employees to make them familiar to the policies of the companyWho participates in delivering Induction ?GRAPH 2 The graph shows the involvement of different departments in delivering induction. Most of the companies follow delivery of induction by related departments. According to the survey approximately 40% of the companies follow induction practice through related dept., which explains 105A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 106. SAAB MARFIN MBA working of respective dept. to the employees. Compared to 40% of induction done by related dept. 35% is been done by HR dept. and only 25% is performed by all dept. 106A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 107. SAAB MARFIN MBAIs induction same for all levels or different ?GRAPH 3 The chart depicts that what level of induction is applied to various levels of employees. Most of the companies say that induction process is different for different level of employees while some says that the induction procedure they follow is same for all level of employees. The company may prepare a common induction procedure to explain the policies, work culture of the company, the benefits the company provide, the basis to be adopted for transfers and separations, basis for promotions, and a brief history of the organization, yet the process to be followed for individual working environment must be different. 107A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 109. SAAB MARFIN MBAHow does the company recognize the need for training ?GRAPH 4 The graph shows the methods through which the companies identify the need to provide behavioral training to their employees. There may be several methods for training among which most commonly adopted method is reference through supervisor. According to the survey conducted 67% of the companies take a feed back from their employees and thus determine need for training. 109A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 110. SAAB MARFIN MBA Although 54% of superiors depends on performance monitoring approach to decide for providing training to their employees. And only 20% rely on questionnaire method. 110A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 111. SAAB MARFIN MBAWhat type of training is conducted ?GRAPH 5 The graph shows the type of training provided by various organizations. Though various types of training methods are adopted which comprises of on the online training, apprentice training, classroom training, job training, and outdoor training. But the most commonly adopted method is on the job training, which is practiced in almost all companies. Then do the companies prefer the outdoor training, which is, again most adopted one whereas online training is least. 111A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 112. SAAB MARFIN MBAWhat is the Annual budget for training ?GRAPH 6 The graph shows training budget, which is decided by the companies to be spend on training of their employees. The companies even send their employees to outstations. The budget is decided depending upon the need of the employee and the degree of skills and knowledge already possessed by the employees and also depending the need of the organization. Most of the companies i.e. almost 30-35% of companies keep their budget around 2.5 to 3lac. 112A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 113. SAAB MARFIN MBA Although some organizations have as high as Rs.9 lac assigned as budget for training. 113A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 114. SAAB MARFIN MBAWhat is the module duration for training programme ?GRAPH 7 The graph depicts the module duration specified for training programs by various companies. Most of the companies prefer to go for training for less than 1 week it is mostly ranging from a minimum of 2 hrs to 2 days and maximum to 6 to 7 days. Some of the companies even go for a training for 4 weeks, which makes their employees completely trained about the skills they are lacking in. 114A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 115. SAAB MARFIN MBA The companies even go for job rotation, which help them go for all round development. 115A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 116. SAAB MARFIN MBADoes the company provide any profit sharing policy ?GRAPH 8 The graph shows the profit sharing policies of the organization. Although there may be various profit sharing methods which may work as motivational aspect for the employees. It could be through ESOPs, exgratia etc, yet the most preferred one could be providing bonus to the employees who fall in to this category as per government rule. According to the survey 13% of the organizations declare shares for their employees and 87% prefer to declare bonus time to time. 116A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 118. SAAB MARFIN MBADoes the organization provide any recreational activities?GRAPH 9 The graph shows the recreational activities performed by the manufacturing organizations. Recreational activities are quite important for maintaining interpersonal relations among the staff and to develop enthusiasm among the employees. Moreover it’s a part of welfare activity, which even work as motivational aspect. The company could conduct many activities, which could gather the company staff together at a common platform. These activities could be picnics, tours, outings, parties, functions, get together. 118A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 119. SAAB MARFIN MBA These activities not only enhance the interpersonal relations but also help the families of the employees interact. According to the survey the most preferred activity is get together which approaches up to appx 100% of the organizations and the least preferred one is company tours. 119A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 120. SAAB MARFIN MBADoes the company provide any retirement benefit ? GRAPH 10 The graph shows retirement benefits been received by the employees . As per government rule providing provident funds (PF) and gratuity is the rule thus it is provided by all the organizations. Apart from these, organizations provide other benefits too. 15% of the organizations provide age relaxation so that the employees could serve a little more to the organization and appx 40% provide pensions to retired employees. 120A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 121. SAAB MARFIN MBAWhat are the welfare activities taken up by the organizations ?GRAPH 11 The graph shows the welfare activities taking place in the manufacturing organizations. Most of the organizations provide all the major welfare activities to their employees. Almost 100% of the companies provide first aid facilities and cafeteria. Almost 98% of them the organizations provide uniforms to their employees. Although the maintenance of these uniforms may be taken by either the HR dept. or the employees by themselves. 121A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 122. SAAB MARFIN MBA Almost 94% of the organizations provide the transportation facility. It may be company bus, or the company vehicles; in some cases the company provides traveling allowance. 122A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 123. SAAB MARFIN MBADoes the organization adopt any on job safety measures ?GRAPH 12 The graph shows safety measures adopted by various organizations as a part of their welfare scheme. Various safety measures, which could be adopted by the organizations, could be from fire, shock and electricity, safety while handling machinery, and operational health and safety measures(OH&S facility). According to the survey almost all the organizations adopt all these safety measures. 123A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 124. SAAB MARFIN MBA The result is 100% implementation of these practices. 124A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 125. SAAB MARFIN MBAWhat appreciation scheme is followed by the organization ?GRAPH 13 The graph shows the appreciation schemes adopted by organizations to reward the employees. The organization may provide perks, promotions, monetary rewards, increments, incentives or even an appreciation in public matters a lot. According to the survey the most common, adopted and preferred one is increments for better work performance, then comes the promotions & monetary incentives. 125A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 126. SAAB MARFIN MBA Almost 100% of the organizations prefer to go for increments and 94% provide promotions & monetary incentives. Least preferred one is public appreciation count to 67%.What are various reward & recognition schemes of the organization ?GRAPH 14 The graph shows the basis to give rewards. There are various methods to reward an employee for his outstanding performance. The organization may provide them with 126A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 127. SAAB MARFIN MBA paid vacations, additional pay for additional work, overtime, monetary rewards, perks etc. According to the survey perks are the most preferred means of rewarding the employees, then is paying overtime and least preferred is paid vacations. Perks counts to 67% of the choice, and paid vacations the least to 34%. 127A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 128. SAAB MARFIN MBAHow the organization recognize outstanding performer ?GRAPH 15 The graph show the basis on which the organizations decide which employee is to be rewarded . Although almost all the organizations go for all o Punctuality o Regularity o Initiative o Productivity o Extra work But according to the survey the most preferred basis is punctuality followed by initiative and productivity. 128A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 129. SAAB MARFIN MBA Punctuality comprises 93% preference in deciding the right candidate for reward and initiative and productivity aspect counts equal to 67%.8. SUGGESTIONSAs in the competitive world where the need for every organization toprove itself the best and make an outstanding and remarkable progress isthe need, no fact could be left ignored. Every organization must know theshortcomings and must try to go for building up the shortcomings. Anethical practice in any organization could only be achieved if theorganization works for the well being of its employees. Everyorganization must possess a basic structure and the organization mustbe capable enough to reward its outstanding performers and mustappreciate the initiative works.According to the survey been conducted with various HR heads of variousorganizations here are few suggestions from their side:INDUCTION PRACTICESInduction is must in every organization for all level of employees to makethem well known of the industry they are working in. The best ways to perform induction may be through 129A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 130. SAAB MARFIN MBA o Lectures o Power point presentations prepared explaining company’s policies. o Through SOPs (Standard operating procedures) o Manuals o Diaries o But the most adopted one is through personal induction. The induction program must follow a proper feed back from employees been put into the program which is again an ethical practice and is achieved by o induction scheduling o opinions from supervisors o feed back forms.BEHAVIORAL TRAINING Behavioral training is boon for any organization. The organization could provide on the job training, which is quite common and most adopted. The organization may also go for outdoor training Job rotation could be preferred which could make the employee skilled in overall working of an organization. 130A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 131. SAAB MARFIN MBA The organization may provide a basic training for FIRST AID & SAFETY OR FIRE SAFETY TRAINING. The organization may have tie ups with the training organizations which could organize courses and the organization may take up the best course as per requirements of their staff. A proper feedback must be taken to grasp the extent the employees have versed themselves with knowledge. Proper Feed-back could be taken through o evaluation o questionnaire o feed back forms o submission of report through trainee o feed back through trainersMOTIVATIONAL TOOLSMotivating for work is inseparable to continue productivity. But workwhen itself serves as motivation then progress is inevitable. Theorganization must take great care to motivate its employees throughvarious methods. Promotion may be one of the best motivational factors. Promotional basis could be o work performance 131A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 132. SAAB MARFIN MBA o qualification o performance evaluation o skill enhancements o initiative steps taken . organization may also provide fringe benefits such as o leave traveling allowance o medical o free transportation o ESI (Employee State Insurance) o Furnishing scheme o House lease o hospitalizationWELFARE ACTIVITIESThe organization may adopt welfare policies such as o Transportation facility o Canteen facility with breakfast, lunch and dinner facility along with refreshments. o Canteen could be free, subsidized ,paid. But the most preferred one is through subsidized mode. o The organization must also possess first aid facilities for its staff. A well-versed rehabilitation of injured staff and an 132A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 133. SAAB MARFIN MBA duty doctor or an ambulance should be always provided. o The organization must also possess a grievance handling committee despite a union to take an action for their problems. It could be a three tier of four-tier grievance committee.REWARD AND RECOGNITION SCHEME Rewarding the best work not only provide the candidate with appreciation but also provide enthusiasm to do better. A competitive spirit is also developed to perform the best. Some of the practices of rewarding the employees practiced in organizations are o Award after completion of 10 years of service o Company’s well furnished housing & hotels for officers o Paid vacations to foreign countries o Yearly reward scheme o Overall equipment efficiency reward o Quality man of the year award o Best man of the year o Best kaizen award o Increments o Promotions o Incentives o Monetary rewards 133A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 134. SAAB MARFIN MBA o Public appreciation.RECOMMENDATIONS For all the programs the organization must follow feed back method to understand the effectiveness of any practice in a better way. Holistic views of induction should out show both positive and negative aspects of the organization. Which ultimately let the employee know about both the phases of the policies adopted by the organization. Practice of providing a brief presentation of the company and a booklet for rules and regulations of company must be maintained so that the employee could go through it when ever required. Individual should concentrate more while training. When an organization invest on training of an employee, the purpose of training serves the mutual benefit of both organization and the employee. Thus, the employee should be more oriented towards drawing as much benefits as he can. Employees are supposed to understand their role for particular training program. Company must maintain training manuals or training charts and training report submitted by the trainee. This, practice not only keeps a maintained record of the programs been conducted but also keep the employee known of the knowledge gained by him which could later be utilized. A pre- evaluation and post evaluation practice should be followed to understand the success of training and the training could be then effectively used to fill gaps later. 134A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 135. SAAB MARFIN MBA Continuous training module should be conducted, personality development training should be provided. To motivate the employees Performance awards could be given every year. Incentives could be paid. Salary saving schemes could be provided. Extra activities such as games and sports, community meetings, recreational activities, picnics, tours and outings should be planned to improve the interpersonal relationships. External welfare activities could also be taken up by the organization such as o Blood donation camps o Safety week o Free eye camps o Free books for children o Poster and quotes competition could be organized. Devotion, belongingness and good team member spirit should be rewarded. Employees should be encouraged for group efforts and team work. To avoid worker union for better employee welfare and give suitable welfare activities from time to time to the employees in house work committee should be developed to handle the grievance. Employee’s participation is key issue. Thus, suggestions should always be invited and maximum efforts should be put up to implement the suggestions. 135A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 136. SAAB MARFIN MBAINITIATIVE SUGGESTIONS Employee’s family’s involvement in motivating employee is the key element. It creates a special pressure point. o Drawing competitions of children could be organized. o Special training for wives could be arranged to teach them what are the dos and doesn’t. o Special scholarships could be announced for the children of employees securing good marks. Management by objective should be adopted. The practice should be objective to avoid biasness. Kaizen award could be given to the implementer of best suggestion. 136A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 137. SAAB MARFIN MBABENEFITS“The new environment in INDIA is an environment of change, a changebrought by an awakening among the people of INDIA who demand a fairdeal for themselves and for their children. This situation constitutes agreat challenge for managers. All managers, whether they are managingbusiness or offices, farms or factories, whether they are called businessexecutives or civil servants, will have to measure up to this challenge ”. --Mrs. INDIRA GANDHIFor scientific and systematic execution of all human activities, twoessential watchwords are- administer well and manage well.Thus focusing the benefits of ethical HR practices are: INCREASED PRODUCTIVITY HR practices deals with training process which teach the employees proper handling of resources and the methods to put their resources to optimum utilization with minimization of losses and minimum wastage. EMPLOYEE SATISFACTION HR goes for human resource development functioning. It looks after the welfare activities of the employees. Take care of their problems. Thus, an overall care of their health, transportation, meals and well being is taken. Which ultimately results into employee satisfaction. 137A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 138. SAAB MARFIN MBA INDUSTRIAL PEACE Ethical HR practices contains a well maintained grievance handling machinery which deals with the internal problems and provide employees with satisfactory solutions. ORGANIZAED WORK PATTERN With the ascent of HR practices the organization follows the process of departmentation. Which further results to delegation of work and an organized work pattern. BETTER INTERACTION Through recreational activities been organized by the organization ( like parties, picnics, get-together, annual days celebration). This inculcate team spirit among the employees. BETTER ADMINISTRATION Through following a fixed and scheduled work pattern like induction feed-backs, induction scheduling, training feed-backs, performance appraisal forms etc. KNOWLEDGE ENHANCEMENT Through trainings ( on the job training, out-door training etc.) PARTICIPATION IN MANAGEMENT through suggestions and kaizen practices. 138A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 140. SAAB MARFIN MBACONCLUSIONAt last I want to say that while recruitment and selection identifyacceptable candidate, the process still continue with induction programfor the new employee, we can further fine tune the fit between thecandidate’s qualities and the organization’s desire. Then to make theemployees more skilled behavioral training may be provided.It makes the positive impact of any organization, but it needs a lot ofmoney, time, attention and guidance. It is just like only taking, not givingor taking the starting benefits and when the time comes for returningback you just quit the job. So it is not always fruitful.The employee motivation is needed to be built up through constantattempts of the organization. The organization may adopt variousmethods for motivating the employees. It may be by providingrecreational activities such as tours, picnics, family outings, annual days,sport days, functions, and parties. The organization must consider itsemployees as its family members and must provide some profit sharingpolicy such as ESOPs , bonus, and shares. the organization may providefringe benefits. Welfare activities to be undertaken by the organization may include various facilities such as uniform for the employees for whom HR department is responsible for its maintenance and providing it.Last but not the least rewards are the main motivational activity, whichmay be monetary and non-monetary rewards.At last to conclude, I would like to say that with enthusiasm that it was agreat experience working with many experienced people working at 140A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 141. SAAB MARFIN MBAsenior positions. Interacting and spending time with the people rich inlearning experience. The people were very cooperative and helpful andencouraging. It is an experience to be cherished for a long time.It was great of learning so much about HR practices and implementingthem. I’m really thankful for all the senior members who explain me theworking strategies and methodologies of organizations.LIMITATIONS VERY TIME CONSUMING in the fast competitive market every body is busy in performing his /her job. It is really hard for the managers to spare time. So it is time consuming. TIME CONSTRAINTS understanding the work culture of any organization in few weeks is very hard task. For doing project few weeks are not enough. Managers were very busy so managing time with them was quite difficult. As the researcher was an outsider so co-ordination with the employees took some time and it was formal. HR managers were quite reserved in sharing their company’s policies with an outsider. The sample size of study was small. 141A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 145. SAAB MARFIN MBAANNEXURERespected sir/Maam This questionnaire is to study the “HR POLICIES AND PRACTICES INICICI PRUDENTIAL LIFE INSURANCE”. You are requested to please givefew minutes to fill the questionnaire and provide us with valuableinformation. All the information provided by you will be treated asconfidential. We will be glad to share the summary of the survey withyou ….InstructionsYou may mark more then one options if relevant.You are free to put your remarks in every blank provided. 1) Name of the company_______________________________________ 2) Complete address__________________________________________ 3) Name of HR head__________________________________________ 4) E-mail address_____________________________________________ 5) Telephone no.______________________________________________ 6) Work force of the company____________________________________ 145A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 146. SAAB MARFIN MBA 7) Turnover rate_______________________________________________ 8) does your organization have other manufacturing units in India (Yes / No) 9) if Yes, how many permanent employees do u have in each (1)_________________ (2)_________________(3)_____________INDUCTION PROGRAM 1) Does the company provide induction for new employees (yes/no) 2) What are ways of induction o Diaries o Manuals o Brochures o Company cd’s o Any other, please specify________________________________ 3) who participates in delivering the function? o HRdepartment o Related department o All departments o Any, other please specify_______________________________ 146A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 147. SAAB MARFIN MBA 4)Does induction is o Same for all o Different for different levels 5) Induction related to which areas are provided____________________ 6) What is the duration of induction program `______________________ 7) How does the company evaluates the effectiveness of induction program being conducted o Feed back method o 0pinion from supervisor o Employee satisfaction surveys o Performance evaluation o Any other, please specify__________________ 8) Do the organization follow any induction scheduling______________ 9) Any other best induction practices you would like to share __________ __________________________________________________________BEHAVIORAL TRAINING 147A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 148. SAAB MARFIN MBA 1) HOW does the company recognize the need for training? o Through questionnaires o Performance monitoring o Reference from supervisor o Absence in pride o Defective quality product o Unsatisfactory promotions o Any others, please specify_______________________________ _________________________________________________________ 2) What type of training is conducted o On the job training o Class room sessions o Online training o Apprentice Training o Outdoor training o Anyotherpleasespecify________________________________ ____ 3)who gives the training o Internal trainer o External trainer o Any other, please specify_______________________________ 148A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 149. SAAB MARFIN MBA 4) what is the percentage of employee involved in training_________ 5) what is the annual budget for training______________________ 6) what is the module duration of training_________________________ 7) How do you take feedback of training program__________________ ____________________________________________________ 8) Please provide us any other information to help us understand the measurement of training effectiveness_____________________________ 9) Any best practice in training you would like to share______________________________________________________ _MOTIVATIONAL TOOLS 1) Does the company provide any recreational activities( you can mark more than one option in case applicable) 149A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 150. SAAB MARFIN MBA o Picnics o Tours o Family outings o None o Any other, please specify _____________________ 2) Does the company provide any profit sharing policy o ESOP’S o Bonus o Shares o None o If any other, please specify___________________________ 3) Does the company take up initiative for improving interpersonal relationship o Parties o Functions o Get together o Community meetings o Any other, please specify 150A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 151. SAAB MARFIN MBA 4) does the company provide any retirement benefits o Gratuity o VRS( voluntary retirement scheme) o PF (Provident fund) o Pension o Old age security o Any other, please specify_______________ 5) What are the promotional basis adopted by the organization __________________________________________________________ 6)what are the fringe benefits provided by an organization____________ ____________________________________________________________ 7) any other motivational initiative you would like to share with us_________________________________________________________ _ 151A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 152. SAAB MARFIN MBAWELFARE ACTIVITIES 1)Does the company provide any transportation facilities(yes/no) 2) if yes, what type of facilities have been provided___________ ____________________________________________________ 3)Does the company provide uniform for its employees(yes/no) 4)if yes, o Who is responsible for providing these uniforms o Who take care of their maintenanence 5) Does the company has well eastablish cafeteria/canteen(yes/no) If yes, 6) what facilities are provided o Lunch o Breakfast o Dinner o Snacks 7) Payment Mode 152A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 153. SAAB MARFIN MBA o Free o Subsidized o Paid 8) does the company has any special aid facility( you canmark more than oneoption if applicable) o On duty doctors o Any collaboration with hospitals o Ambulance for emergency o First aid kit o None o Any other please specify_________________________________ 9) Does the company adopt any on job safety measures o Fire safety o Electric/ shock safety o Radiation safety (if any) o Any harm while handling the machinery o None o If any other pleasespecify_____________________________ ____10) what policy do the company has for rehabilitation ofinjuredstaff__________________________________________________11) What are the grievance handling procedures of the organization______ 153A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 154. SAAB MARFIN MBA_____________________________________________________________12) any other welfare related initiative you would like toshare_________________________________________________________________________________REWARDS AND RECOGNISATION 1) What appreciation schemes are being followed by your organization o Appreciate publicly o Incentives o Increments o Promotions o Any other please specify, ____________________________________________________________ __________________________________________ 2) what are various rewards and recognition schemes for the organization o Additional pay for extra work o Paid vacations o Overtime o Monetary rewards o Perks o Any other please specify_____________________________ 154A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD
  • 155. SAAB MARFIN MBA 3) How do you recognize outstanding performer o Regularity o Punctuality o Initiative o Extra work o Productivity o Any other, please specify____________________________________ ___________________________________________________________ 4)Any other medical benefits provided____________________________ __________________________________________________________ 5) Any other recognisational schemes you would like to share_________ ___________________________________________________________ THANKS FOR YOUR VALUEABLE HELP! 155A COMPARATIVE STUDY OF HR PRACTICES AND POLICES OF ICICI COMPANY LTD