BHARTI AXA REPORT.docx

Summer Internship Project Report
ON
“Recruitment and Licensing of Life Advisor”
At Bharti AXA Life Insurance Company Ltd.
Submitted in partial fulfillment of requirement of Bachelor of Commerce
in Honors (B.Com Hons.)
Guru Gobind Singh Indraprastha University
B.Com(H), 5th
Semester
Batch 2014-2017
Submitted to: Submitted by:
Mrs. Ruchi Singhal Rahul Malik
Assistant Professor 00814188814
JAGANNATH INTERNATIONAL MANAGEMENT SCHOOL
KALKAJI, NEW DELHI

Bharti – AXA Life Insurance (Training Report)
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ACKNOWLEDGEMENT
If words are considered to be signs of gratitude then let these words convey the very
same, my sincere gratitude to Bharti AXA Life Insurance Company Ltd. for providing
me an opportunity to work with Bharti AXA and giving necessary directions on doing
this project to the best of my abilities.
I am highly indebted to Mr. Ajeet Kumar (B.S.M., Bharti-AXA) who has provided
me the necessary information and also for the support extended in the completion of
this report and there valuable suggestion and comments on bringing out this report
in the best way possible.
I also thank Mr. Ravi Garg (Training Manager, Bharti-AXA), who has supported
me with the valuable insights into the completion of this project.
I would like to extend my sincere thanks to all executives of Bharti-AXA for their kind
help and cooperation during the entire course of the project.
Rahul Malik

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DECLARATION
I hereby declare that this work entitled “Recruitment and Licensing of Life
Advisor” --A project on Bharti-AXA submitted by me to Jagannath International
Management School, Kalkaji, New Delhi for the degree of Bachelor of Commerce in
Honors (B.Com Hons.) is my work carried out under the guidance of mentor
Mr.Ajeet Kumar (BSM) is my original work and it has never been submitted
elsewhere.
Project Guides:
Mrs. Ruchi Singhal Rahul Malik
Assistant Professor (00814188814)

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TABLE OF CONTENTS
CHAPTER NO. PARTICULARS PAGE NO.
CHAPTER 1 EXECUTIVE SUMMARY 5
CHAPTER 2 INDUSTRY PROFILE
7
CHAPTER 3 COMPANY PROFILE 18
CHAPTER 4
INTRODUCTION OF RECRUITMENT
AND SELECTION PROCESS OF AGENT
31
CHAPTER 5
RESEARCH METHODOLOGY
OBJECTIVES OF THE STUDY
47
CHAPTER 6
DATA PRESENTATION AND
INTERPRETATION
50
CHAPTER 7 LIMITATIONS 59
CHAPTER 8 FINDINGS 60
CHAPTER 7 CONCLUSION 61
CHAPTER 8 BIBLIOGRAPHY 62

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EXECUTIVE SUMMARY

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Introduction:
A general term ‘insurance’ is related to service sector. Insurance is concerned with
the protection of economic value of assets. For example in case of a factory or a
cow, the product generated by it is sold and income is generated. In this project the
Bharti AXA Life Insurance Company is undertaken which is one of the popular
sector insurance sectors. The analysis of “Bharti AXA Life Insurance” is taken from
different sectors.
For creating strong relationship and for a success full business every insurance
company required financial planner.
Objective of the study:
 How to recruit agents for Bharti-AXA life insurance.
 To understand the process of recruitment and selection of agent in life
insurance.
 Why people are not willing to work as an agent in life insurance sector specially
with private companies.
Need of the study:
The study is undertaken to know how many people are interested to work as life
insurance agent in Bharti AXA and their thinking about the Bharti AXA Life
Insurance Company or about private insurance company.
Conclusion:
In India, there is throat cut competition in the market of life insurance that brand
service which adopt new strategies for sales. I concluding the whole story it can be
said that people are much more aware about the aspects of life insurance and also
have knowledge about the role and act of agent but mostly people unwilling to work
as life insurance agent and mostly people prefer to work with LIC because it is a
semi government corporation.

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INDUSTRY PROFILE

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WHAT IS INSURANCE
The business of insurance is related to the protection of the ECONOMIC VALUES
OF ASSETS. Every asset has a value. The asset would have been created through
the efforts of the owner. The asset would have been created through the efforts of
the owner. The asset is valuable to the owner, because he expects to get some
benefits form it. It is a benefit because it meets some of his needs. The benefit may
be an income or in some other form. In the case of a factory or a cow, the product
generated by it is sold and income is generated. In the case of a motor car, it
provides comfort and convenience in transportation. There is no direct income. Both
are assets and provide benefits.
Every asset is expected to last for a certain period of time during which it will provide
the benefits. After that, the benefit may not be available.
There is a life-time for a machine in factory or a cow or a motor car. None of them
will last for ever. The owner is aware of this and he can so manage his affairs that
by the end of that period or life-time, a substitute is made available. Thus he makes
sure that the benefit is not lost. However, the asset may get lost earlier. An accident
or some other unfortunate event may destroy it or make it incapable of giving the
benefits. An epidemic may kill the cow suddenly. In that case, the owner and those
enjoying the benefits therefore, would be deprived of the benefits. The planned
substitute would not have been ready. There is an adverse or unpleasant situation.
Insurance is a mechanism that helps to reduce the effects of such adverse
situations. It promises to pay to the owner or beneficiary of the asset, a certain sum
if the loss occurs.

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HISTORY OF INSURANCE
 Insurance has been known to exist in some form or other since 3000 BC. The
Chinese traders, traveling treacherous river rapids would distribute their
goods among several vessels, so that the loss form any one vessel being
lost, would be partial and shared, and not total. The Babylonian traders would
agree to pay additional sums to lenders, as the price for writing off the loans,
in case of the shipment being stolen. The inhabitants of Rhodes adopted the
principle of general average of ‘general average’, whereby, if goods are
shipped together, the owners would bear the losses in proportion, if loss
occurs, due to jettisoning during distress. {Captains of ships caught in storms,
would throw away some of the cargo to reduce the weight and restore
balance. Such throwing away is called jettisoning} The Greeks had started
benevolent societies in the late 7 th century AD, to take care of the funeral
and families of members ho died. The great fire of London in 1666,in which
more than 13000 house were lost, gave a boost to insurance and the first fire
insurance company, called the fire office, was started in 1680.
 The origins of insurance business as in vogue at present, is traced to the
Lloyd’s Coffee House in London. Traders, who used to gather in the Lloyd’s
coffee house in London, agreed to share the losses to their goods while being
carried by ships. The losses used to occur because of pirates who robbed on
the high seas of because of bad weather spoiling the goods or sinking the
ship. In India, insurance began in 1818 with life insurance being transacted
by an English company, the Oriental Life Insurance Co. in 1870 in Mumbai.
This was followed by the Bharat Insurance co. in 1896 in Delhi, the Empire of
India in 1897 in Mumbai, The United India in Chennai, the National, the
National Indian and Hindustan Cooperative in Kolkata.
 Later, were established the cooperative Assurance in Lahore, the Bombay
Life (originally called the swadeshi life), the India Mercantile, the new India
and the Jupiter in Mumbai and the Lakshmi in New Delhi. These were all
Indian companies started as a result of the swadeshi movement in the early
1900s. By the year 1956, when life insurance business was nationalized and
the life Insurance Corporation of India (LIC) was formed on1st September
1956, there were 170 companies and 75 provident fund societies transacting
life business in India. After the amendments to the relevant laws in 1999, the

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L.I.C. did not have the exclusive privilege of doing life insurance business in
India. By 31.8.2007, sixteen new life insurers had been registered and were
transacting life insurance business in India.
The History of Insurance in India
Some of the important milestones in the life insurance business in India are:
 1912 - The Indian Life Assurance Companies Act enacted as the first statute
to regulate the life insurance business.
 1928 - The Indian Insurance Companies Act enacted to enable the
government to collect statistical information about both life and non-life
insurance businesses.
 1938 - Earlier legislation consolidated and amended to by the Insurance Act
with the objective of protecting the interests of the insuring public.
 1956 - 245 Indian and foreign insurers and provident societies taken over by
the central government and nationalized. LIC formed by an Act of Parliament,
viz. LIC Act, 1956, with a capital contribution of Rs. 5 crore from the
Government of India.
The General insurance business in India, on the other hand, can trace its
roots to the Triton Insurance Company Ltd., the first general insurance
company established in the year 1850 in Calcutta by the British.

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Life Insurance a Basic Need
Life insurance is a contract providing for payment of a sum of money to the person
assured or, failing him, to the person entitled to receive the same, on the happening
of certain event.
A family is generally dependent for its food, clothing and shelter on the income
brought in at regular intervals by the bread winner of the family. So long as the he
lives and the income is received steadily, that family is secure; but should death
suddenly intervene the family may be left in a very difficult situation and sometimes,
in stark poverty.
Uncertainty of death is inherent in human life. It is this uncertainty that is risk, which
gives rise to the necessity for some form of protection against the financial loss
arising from death; insurance substitutes this uncertainty by certainty.
Few Advantages of Life Insurance.
1. It is superior to an ordinary savings plans:
This is so because unlike other saving plans, it affords full protection against risk of
death. In case of death, the full sum assured is made available under a life
assurance policy; whereas under other savings schemes the total accumulated
savings alone will be available. The latter will be considerably less than the sum
assured, if death occurs during early years.
2. Insurance encourages and forces thrift:
A savings deposit can be too easily withdrawn. Many may not be able to resist the
temptation of using the balance for some less worthy purpose. On the other hand,
the payment of life insurance premiums becomes a habit and comes to be viewed
wit the same seriousness as the payment of interest on a mortgage. Thus
insurance, in effect brings about compulsory saving.
3. Easy settlement and protection against creditors:
The life assured can name a person or persons to whom the policy moneys would
be payable in the event of his death. The proceeds of a life insurance policy can be
protected against.The claims of the creditors of the life assured by effecting a valid
assignment of the policy. A married women’s property act policy constitutes a trust
in favor of the wife and children and no separate assignment is necessary. The
beneficiaries are fully protected from creditors except to the extent of any interest in
the policy retained by the assured.

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.
4. Administering the legacy for beneficiaries:
It often happens that a provision which a husband or father has made through
insurance is quickly lost through speculative or unwise investment or by
unnecessary expenditure on luxuries. These contingencies can be provided against
in the case of insurance. The policyholder can arrange that in the in the event of his
death the beneficiary should receive, instead of a single sum (a). payment of the net
claim amount by equal installments over a specified period of years, or (b).payment
of the claim amount by smaller monthly installments over the selected period
followed by a lump sum at the end thereof.
5. Ready marketability and suitability for quick borrowings:
After an initial period, if the policy holder finds himself unable to continue payment of
premiums he can surrender the policy for a cash sum. Alternatively he can tide over
a temporary difficulty by taking loan on the sole security of the policy without delay.
Further a life insurance policy is sometimes acceptable as security for a commercial
loan.
6. Tax relief:
For computing income tax (especially in India the Indian income tax act) follows
deduction from income tax payable, a certain percentage of a portion of the taxable
income of individuals which is diverted to payment of insurance premiums. When
this tax relief is taken into account it will be found that the assured is n effect paying
a lower premium for his insurance.

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How Insurance Works
The mechanism of insurance is very simple. People who are exposed to the same
risks come together and agree that, if any one of the members suffers a loss, the
others will share the loss and make good to the person who lost. All people who
send goods by ship are exposed to the same risk related to water damage, ship
sinking, piracy, etc. those owning factories are not exposed to these risks, but they
are exposed to different kinds of risks like, fire, hailstorms, earthquakes, lightening,
burglary, etc. like this, different kinds of risks can be identified and separate groups,
made including those exposed to such risks. By this method, the risk is spread
among the community and the likely big impact on one is reduced to smaller
manageable impacts on all.
If a Jumbo Jet with more than 350 passenger’s crashes, the loss would run into
several crores of rupees. No airline would be able to bear such a loss. It is unlikely
that many Jumbo Jets will crash at the same time. If 100 airline companies flying
Jumbo Jets, come together into an insurance pool, whenever one of the jumbo jets
in the pool crashes, the loss to be borne by each airline would come down to a few
lakhs of rupees. Thus, insurance is a business ‘sharing’.

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Role of Insurance in Economic Development
 For economic development, investments are necessary. Investments are
made out of savings. A life insurance company is a major instrument for the
mobilization of savings of people, particularly from the middle and lower
income groups. These savings are channeled into investments for economic
growth.
 An insurance company’s strength lies in the fact that huge amounts come by
way of premiums. Every premium represents a risk that is covered by that
premium. In effect, therefore, these vast amounts represent pooling of risks.
The funds are collected and held in trust for the benefit of the policyholders.
 The management of insurance companies is required to keep this aspect in
mind and make all its decisions in ways that benefit the community. This
applies also to its investments. This is why successful insurance companies
would not be found investing in speculative ventures. Their investments
benefit the society at large.
 The system of insurance provides numerous direct and indirect benefits to
the individual and his family as well as to industry and commerce and to the
community and the nation as a whole. Those who insure, both individuals and
corporate, are directly benefited because they are protected from the
consequences of the loss that may be caused by the accident or fortuitous
event. Insurance, thus, in a sense protects the capital in industry and
releases the capital for further expansion and development of business and
industry.

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 The every existence of risk that is, uncertainty concerning the future, is a
severe handicaps in economic activities. Insurance removes the fear, worry
and anxiety associated with this future uncertainty and thus encourages free
investment of capital in business enterprises and promotes efficient use of
existing resources.
 Thus insurance encourages commercial and industrial development and
there by contributes to a vigorous economy and increased national
productivity.
 Present day organization of industry, commerce and trade depend entirely on
insurance for their operation, banks and financial institutions lend money to
industrial and commercial undertakings only on the basis of the collateral
security of insurance. No bank or financial institution would advance loans on
property unless it is insured against loss or damage by insurable perils.
 Insurers are closely associated with several agencies and institutions
engaged in fire loss prevention, cargo loss prevention, cargo loss prevention,
industrial safety and road safety. Before acceptance of a risk, insurers
arrange survey and inspection of the property to be insured, by qualified
engineers and other experts.
 The object of these surveys is not only to assess the risk for rating purposes
but also to suggest and recommend to the insured, various improvements in
the risk, which will attract lower rates of premium and what is more important
, reduce the loss potential. For example, burglary surveyors make
recommendation in regard to security measures such as better locking
system, appointment of Watchman, etc. Engineering surveys play a most
useful part in accident prevention as valuable technical advice is provided in
respect of plant and machinery.

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 Insurance ranks with export trade, shipping and banking services as earner of
foreign exchange to the country. It helps to earn foreign exchange and
represent invisible exports.
List of Insurance Companies Listed in Different Years
List of Life Insurance Companies
13 102 23.10.2000 Royal Sundaram Alliance Insurance Company Limited
14 103 23.10.2000 Reliance General Insurance Company Limited.
15 106 04.12.2000 IFFCO Tokio General Insurance Co. Ltd
16 108 22.01.2001 TATA AIG General Insurance Company Ltd.
17 113 02.05.2001 Bajaj Allianz General Insurance Company Limited
18 115 03.08.2001 ICICI Lombard General Insurance Company Limited.
S.No. Registratio
n
Number
Date of Reg. Name of the Company
1 101 23.10.2000 HDFC Standard Life Insurance Company Ltd.
2 104 15.11.2000 Max New York Life Insurance Co. Ltd.
3 105 24.11.2000 ICICI Prudential Life Insurance Company Ltd.
4 107 10.01.2001 Kotak Mahindra Old Mutual Life Insurance Limited
5 109 31.01.2001 Birla Sun Life Insurance Company Ltd.
6 110 12.02.2001 Tata AIG Life Insurance Company Ltd.
7 111 30.03.2001 SBI Life Insurance Company Limited .
8 114 02.08.2001 ING Vysya Life Insurance Company Private Limited
9 116 03.08.2001 Bajaj Allianz Life Insurance Company Limited
10 117 06.08.2001 Metlife India Insurance Company Ltd.
11 133 04.09.2007 Future Generali India Life Insurance Company Limited
12 135 19.12.2007 IDBI Fortis Life Insurance Company Ltd.

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19 131 03.08.2007 Apollo DKV Insurance Company Limited
20 132 04.09.2007 Future Generali India Insurance Company Limited
21 134 16.11.2007 Universal Sompo General Insurance Company Ltd.
22 121 03.01.2002 Reliance Life Insurance company Ltd.
23 122 14.05.2002 Aviva Life Insurance Co. India Pvt. Ltd.
24 127 06.02.2004 Sahara India Insurance Company Ltd.
25 128 17.11.2005 Shriram Life Insurance Company Ltd.
26 130 14.07.2006 Bharti AXA Life Insurance Company Ltd.
27 133 04.09.2007 Future general Indai life Insurance Co.Ltd
28 135 19.12.2007 IDBI Fortis Life Insurance Company Ltd.
29 136 08.05.2008 Canara HSBC Oriental Bank of Commerce Life
Insurance Company Ltd.
30 138 27.06.2008 Aegon Religare Life Insurance Company Ltd.
31 140 27.06.2008 DLF Pramerica Life Insurance Company Ltd.

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COMPANY
PROFILE

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History of Bharti AXA Life Insurance
Bharti AXA Life Insurance is a joint venture between Bharti, one of India’s
leading business groups with interests in telecom, agro business and retail, and
AXA, world leader in financial protection and wealth management. The joint venture
company has a 74% stake from Bharti and 26%stake of AXA.
The company launched national operations in December 2006. Today, company
have over 8000 employees across over 12 states in the country and a national
footprint of distributors trained to provide quality financial advice and insurance
solutions to the large Indian customer base. Open first branch office in Hyderabad.
Introduces 2 unit linked products- “future confident’ and ‘wealth confident’
As we further expand our presence across the country with a large network of
distributors, we continue to provide innovative product and service offerings to cater
to specific insurance and wealth management needs of customers. Whatever your
plans in life, you can be confident that Bharti AXA Life will offer the right financial
solutions to help you achieve them.
Bharti-AXA perform over following cities
 Hyderabad
 Mumbai
 Delhi
 Bangalore
 Kolkata
 Chennai
 Ahmedabad
 Ludhiana
 Lucknow
 Surat
 Kochi
 Indoor
 Chandigarh

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 Vadodra
 Bhubneshwar
 Jaipur
 Mohali
Vision
To be a leader and the preferred company for financial
protection and wealth management in India
value
s
professionalism
Innovation
Team Spirit
Pragmatism Integrity

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Strategy
 To achieve a top 5 market position in India through a multi-
distribution, multi-product platform
 To adapt AXA's best practice blueprints as a sound platform for
profitable growth
 To leverage Bharti's local knowledge, infrastructure and customer
base
 To deliver high levels of shareholder return
 To build long term value with our business partners by enhancing
the proposition to their customers
 To be the employer of choice to attract and retain the best talent in
India
 To be recognized as being close and qualified by our customers

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Bharti Group
Bharti Airtel Ltd
Bharti Airtel Ltd is one of Asia's leading telecommunications service provider. The
Company is India’s largest integrated telecom company in terms of customer base
and offers Mobile Services, Fixed Line services, Broadband & IPTV, DTH, Long
Distance and Enterprise services. Airtel also offers mobile services in Sri Lanka on a
state-of-the art 3.5 G network.
Bharti TeleTech Ltd
Bharti Teletech is India’s leading telecom & allied products company. It is one of the
largest manufacturers of landline telephones in the world. With a strong distribution
network across the country, the company is also the primary distributor of IT and
Telecom products from interntional brands such as Motorola, Blackberry, Thomson,
Polycom, Transcend, and Logitech.
Telecom Seychelles Ltd
A subsidiary of Bharti, Telecom Seychelles Ltd provides comprehensive telecom
services including 3G mobile services in Seychelles, under the ‘Airtel’ brand.

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FieldFresh Foods Pvt. Ltd.
FieldFresh Foods Pvt. Ltd., is a venture between Bharti Enterprises and Del Monte
Pacific Limited, to offer fresh and processed fruits and vegetables in the domestic as
well as international markets, including Europe and the Middle East.
Bharti Retail Pvt Ltd
Bharti Retail is a wholly owned subsidiary of Bharti Enterprises. Bharti Retail
operates a chain of multiple format stores that offer consumers affordable prices,
great quality and wider choice. The company’s neighbourhood format stores operate
under the "Easyday" brand and the compact hypermarket format under the
“Easyday market” brand.
Bharti AXA General Insurance Company
Bharti AXA General Insurance is a joint venture between Bharti Enterprises and
AXA, world leader in financial protection and wealth management. The company
was incorporated in July 2007 and offers a full suite of general insurance solutions
to meet the needs of businesses and individuals alike.

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Bharti AXA Life Insurance Company
Bharti AXA Life Insurance Company Ltd is a joint venture between Bharti
Enterprises and AXA, world leader in financial protection and wealth management.
The company offers a range of life insurance and wealth management products with
an endeavour to help customers lead a confident life.
Bharti AXA Investment Managers Pvt. Ltd.
Bharti AXA Investment Managers Pvt. Ltd., an asset management company in India,
is a joint venture between Bharti Enterprises, AXA Investment Managers (AXA IM)
and AXA Asia Pacific Holdings (AXA APH).
Centum Learning Limited
Centum Learning Limited provides end-to-end learning and skill-building solutions to
several large corporates. It provides solutions that impact business performance
through enhanced employee productivity, customer profitability and effective talent
transformation.

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Jersey Airtel Ltd
Jersey Airtel, a subsidiary of Bharti, offers world-class mobile services in Jersey
(Channel Islands) over its full 2G, 3G and HSDPA enhanced network. The Company
brings market-leading products and services to its customers under Airtel-Vodafone
brand.
Bharti Realty
Bharti Realty Limited is a young, vibrant and dynamic realty company with
expanding interests in commercial, retail and residential real estate. Bharti Realty
aims to be amongst the most admired real estate players in India and aspires to
attain highest degree of customer trust through superior product design and
maintaining an uncompromising stand towards environmental responsibility, ethics
and safety
Bharti Infratel
Bharti Infratel, a wholly owned subsidiary of Bharti Airtel, provides passive
infrastructure services on a non-discriminatory basis to all telecom operators in
India. Bharti Infratel also holds approximately 42% stake in Indus Towers, a joint
venture between Bharti, Vodafone and Idea to offer passive infrastructure services.

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AXA Group
AXA Group is a worldwide leader in Financial Protection. AXA's operations are
diverse geographically, with major operations in Western Europe, North America
and the Asia/Pacific area. AXA had Euro 1,315 billion in assets under management
as of December 31, 2006. For full year 2006, IFRS revenues amounted to Euro 79
billion, IFRS underlying earnings amounted to Euro 4,010 million and IFRS adjusted
earnings to Euro 5,140 million.
The AXA ordinary share is listed and trades under the symbol AXA on the Paris
Stock Exchange. The AXA American Depository Share is also listed on the NYSE
under the ticker symbol AXA.
 AXA Asia Pacific Holdings
AXA Asia Pacific Holdings Ltd (AXA APH) is listed on the Australian stock exchange
and is 52.3% owned by AXA SA. AXA APH is responsible for AXA SA’s life
insurance and wealth management businesses in the Asia-Pacific region. It has
operations in Australia, New Zealand, Hong Kong, Singapore, Indonesia,
Philippines, Thailand, China, India and Malaysia. AXA APH had A$106.4 billion in
total funds under management and administration at 30 June 2007 and reported a
profit after tax before non-recurring items of A$374.0 million for the six months
ended 30 June 2007.

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Popular products of Bharti-AXA Life Insurance
1) Monthly advantage plan
A plan that gives you the flexibility to choose your Policy Term and Premium
Payment Term from 3 options. It makes sure you receive a steady stream of
monthly income without staying invested in the plan for a very long time.
4 REASONS TO BUY :-
 Receive Guaranteed* Monthly Income on survival/any untoward event like
disability or death, Start receiving guaranteed Monthly income after the
completion of the Premium payment term, until Maturity, provided the policy is still
in force. You have the flexibility to choose the Monthly income you wish to
receive, which decides your Premium amount.
 Get additional financial returns by way of accrued bonuses, if declared
 Enjoy accrued non-guaranteed simple annual reversionary bonus and non-
guaranteed terminal bonus, if declared by the company.
 Enjoy Tax Benefits on the Premiums paid and benefits received. The tax benefits
fall under Section 80C and Section 10 (10D) respectively of the Income Tax Act,
1961. The tax benefits are subject to change as per change in Tax laws over the
time.
Parameter Eligibility
Minimum age at entry
6 years for 12 years policy term
91 days for 24 years policy term
Maximum age at entry
65 years for 12 & 16 years policy term
Maximum age at maturity

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Minimum premium
Rs 10,600 for 12 year policy term
Premium modes Annual, semi-annual and monthly
Policy Term
6, 8 and 12 years for 12, 16 and 24 years
policy term respectively
Premium Payment Term Rs. 2,500

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2) BHARTI AXA LIFE ELITE SECURE.
A comprehensive, affordable and long-term plan that promises a secure life for your
family, with financial protection in case of an unfortunate event.
4 REASONS TO BUY :-
 Family is financially dependent on you: Provide your loved ones with financial
protection, if anything unfortunate should happen to you.
 Need long-term cover: The Policy Terms available are 5, 10, 15, 20, 25 years
and a “To age 75” years - a unique product option, where you can choose to
cover your life up to 75 years.
 Easy affordable Premiums: Makes it easier for you to get insured.
 Tax benefits: The Tax benefits fall under Income Tax Act, 1961. They are
subject to change as per change in tax laws from time to time.
PARAMETER ELIGIBILITY
Minimum age at entry 18 years
Maximum age at entry
 75 yr. for 10,15,20 and 25 year
 65 years for 5 year term and
“To age 75” term
Minimum Sum Assured Rs.25,00,000
Premium Modes Annual, Semi-annual and monthly
Premium Payment Term
Throughout the Policy Benefit
Period

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3) BHARTI AXA LIFE FUTURE INVEST PLAN
An Investment Plan where you invest money for a limited time-frame and reap good
returns at the end of the policy term. You can enjoy benefits for 10 years while
paying Single Premium or paying for 5 years only.
4 REASONS TO BUY :-
 A limited Premium payment plan with a longer term to remain invested.
 Zero allocation charges
 Pay once or for 5 years while accruing benefits for 10 along with the flexibility
of partial withdrawals.
 Enjoy Tax benefits on the Premiums paid and benefits received.
PARAMETER ELIGIBILITY
Minimum age at entry 18 years
Maximum age at entry 59 years
Maximum age at maturity 69 years
Premium modes Single pay, yearly, Half-yearly,
Quarterly and monthly
Policy Term 10 years

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PROCESS OF RECRUITMENT
AND SELECTION OF LIFE
ADVISOR

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Objectives of the study
 To understand the process of recruitment and selection of agent in Bharti AXA life
insurance.
 How to recruits agent for Bharti-AXA life insurance
 To know about the view of general public about the job of agent
 Why people are not willing to work with as an agent, especially with private
player.
Meaning of Recruitment
Finding the right people is a make-or-break factor for success in business today.
Recruiting the top talent for a job takes time and you have to attract quality
candidates who have the knowledge and skills needed to help your company grow.
The fact is, your success with recruitment depends on how well you prepare your
job ad, and use source of recruitment, and your interviewing skills.
Prepare a job ad that works to start, you want to be sure that your potential
candidate truly understands the job. The clearer you are with the task description,
working conditions and advantages, the less time you will waste examining and
rejecting applications
The essentials of any job description are:
 A brief description of your company
 Detailed outline of the tasks involved
 Qualifications and experience required
 Equipment and resources used to do the work
 Skills required using them.
However, you should also include work benefits (e.g., vacation, travel and perks),
general working conditions (e.g., scheduling, outside work) and the specific traits
required (e.g., Team building and communications skills). Ultimately, you want to be
perceived as an attractive employer in a competitive market.
Find the right recruitment vehicle choose the vehicle that best works for your
company, depending on your budget and resources.

33
 Word of mouth, or simply telling your employees, friends and colleagues
about a job opening, is a less expensive strategy but generates fewer
candidates. The advantage is that you already know something about your
recruiters and their skills, knowledge and achievements. This is a preferred
method with companies that have a finder's fee program for their employees.
 Advertising is a toss of the dice. If it goes well, it can help you find ideal
candidates in a regional, national, or international pool. If not, it's a costly
investment yielding few results. Make sure to factor in the time it takes to go
through a large number of resumes.
 Employment agencies cost more but generally provide a good range of
candidates. The employment advisors look at your needs, screen a number
of candidates, and only send you the applications that meet your
requirements. Bear in mind that the largest employment agencies do not
necessarily offer the best choice of candidates. There are numerous
agencies that specialize in recruitment in specific sectors.
 Recruiting online such as monster.com and naukri.com . These can provide
inexpensive, worldwide access to employees. In fact, 65% of job seekers now
have access to these types of services. Using the Internet for recruiting
usually involves regular visits to specialized recruitment sites, joining
newsgroups, and posting your job openings on recruitment sites, electronic
publications and on your own Web site.
After recruitment the next part is selection of best candidates.
Make the interview deliver
Since the purpose of an interview is to identify and verify the candidate's potential, it
should be structured to bring out all the desired competencies and aptitudes.
Remember that you have to decide between the candidates: you could create a
point system or analysis grid for comparing their strengths and weaknesses.
Here are a few points to consider when structuring an interview:
 Make a list in advance of the points for discussion and corresponding questions.
 Present the candidates with a situation they could face on the job and ask them
how they would react. This will enable you to evaluate the candidates'
knowledge, skills and work methods.

34
 Ask the candidates to describe some difficult situations encountered in previous
jobs and to explain the way in which they were resolved. This will give you the
chance to gauge the candidates' self-confidence, creativity and problem-solving
skills.
 Ask the candidates to describe a difficult situation involving colleagues and how
it was resolved. This will enable you to test their aptitude for teamwork.
 Ask the candidates about their ambitions and plans to ensure they fit your
company profile.
Beware of asking questions about personal interests. They can get the interview off
track or annoy people who want to keep their work and private lives separate.
Definition of Agent
 According to section 182 of Indian contracts Act, an “agent” is a person employed
to do any act for another or to represent another in dealing with a third person. In
the insurance industry, the term “agent” is ordinarily applied to a person engaged
by the insurer to procure new business. The insurance Act definers and insurance
agent as one who is licensed under Section 42 of that Act and is paid by way of
commission or otherwise, in consideration of his soliciting of procuring insurance
business, including business relating to the continuance, renewal or revival of
policies of insurance. He is, for all purposes, an authorized salesman for
insurance and needs a license.
 An agent is one who acts on behalf of another. The “another” on whose behalf the
agent acts, is called the principal in this case. The insurance company is the
principal in this case. The lawyer is the agent of the client, when he argues the
case in court. An ambassador is an agent of his country. The agent represents
the principal and acts on his behalf. Some insurers designate their agents as
‘advisers”,” consultants” etc. as if they are independent advisor or consultant
would not be appointed by an insurance company. He would be knowledgeable
enough as a person to be approached for advice or consultation. Some insurance
agents may acquire that status. All insurance agents should strive to attain that
status.

35
Procedure for becoming an Agent
 The insurance Act, 1938 lays down that an insurance agent must possess a license
under Section 42 of that Act. The license is to be issued by the IRDA. The IRDA has
authorized designated persons, in each insurance company, to issue the licenses on
behalf of the IRDA.
In terms of the Insurance Act, licenses will not be given if the person is
(a) minor,
(b) found to be of unsound mind,
(c) found guilty of criminal misappropriation or criminal misappropriation or
criminal breach of trust or cheating or forgery or an abetment of or attempt
to commit any such offence
(d) found guilty of or knowingly participation in or conniving at any fraud,
dishonesty or misrepresentation against an insurer or an insured,
(e) not possessing the requisite qualifications and specified training,
(f) Found violating the code of conduct as specified in the regulations.
(g) The fee for a license is Rs.600 for individual. A license is granted for 3
years. It may be renewed after 3 years and again valid for 3 years.
 A license issued by the IRDA may be to act as an agent for a life insurer, for a
general insurer or as a composite insurance agent working for a life insurer as sell
as a general insurer. No agent is allowed to work for more than one life insurer or
more than one general insurer.
The Qualifications necessary before a license can be given are that the person must
be
(a) Not a minor.
(b) Have passed at least the 12th standard or equivalent examination, if he is
to be appointed in a place with a population of 5,000 or more. (10th
standard otherwise.)
(c) Have undergone practical training for at least 50 hours in life or general
insurance business, as the case may be, form an institution, approved
and notified by the IRDA. IN the case of a person wanting to become a
composite insurance agent, the applicant should have completed at least

36
75 hours practical training in life and general insurance business, which
may be spread over six to eight weeks.
(d) Have passed the pre-recruitment examination conducted by the insurance
institute of India or any other examination body authorized by the IRDA.
The license once issued, can be cancelled whenever the person acquires a
disqualification. Applications for renewal have to make at least thirty days before the
expiry of the license, along either the renewal fee of Rs.250. If the application is not
made at least thirty days before the expiry, but is made before the date of expiry of
license, an additional fee of Rs.100 is payable . If the application is made after the
date of expiry, it would be normally being refused.
Prior to renewal of the license, the agent should have completed at least 25 hours
practical training in life or general insurance business or at least 50 hours practical
training in life and general insurance business in the case of a composite insurance
agent.
Insures who select agents for appointment, make arrangements for training, for
appearing in the prescribed examinations, and obtaining the license.
NOTE
The insurance Act provides, In Section 44, for payment of commission on renewal
premium even after termination of the agency. The commission will be limited to a
rate not exceeding 4%, to be eligible for this; the agent should have been an agent
with that insurer for at least
(1) five years and policies for at least Rs50,000 are in force one year before
termination of agency or,
(2) 10 year.
This commission will be payable to the heirs of the agent after the agent’s death.

37
Functions of an Agent
 Understanding the prospect’s needs and persuade him to buy a plan of life
insurance that suits his interests best.
 Complete the formalities:- paper work, medical examination, which are
necessary to get the policy expeditiously.
 Keep in touch to ensure that changing circumstances are reflected in the
arrangements relating to premium payments, nomination and other
necessary alterations.
 Facilitate quick settlement of claims.
 Be totally honest with both the prospect and the insurer.
 Not to induce prospects to submit wrong information.
Career with Bharti AXA
 Opportunity to earn unlimited income.
 Career Growth.
 Be your own boss.
 High quality training & Support to improve productivity.
 Compensation amongst the best.
 Club member benefits.
 Payout structured to facilitate your cash flows better.
 Best in class & competitive products.
 Pension for life.

38
Recruitment Process
Develop a Profile
Develop sources of
recruitment
Approaching the
Targeted recruits
Initial screening and
Interviews
Reality check

39
Sources of Recruitment
Controlled Uncontrolled
Natural Market
Central of Influence
Agent gets Agents
Job Ads/Inserts
Placement Consultants
Presentation / Seminar
Cold Prospecting
Data Base
Primary Secondary

40
Controlled Market
Natural market
 Your family
 Your friends
 People at job/business
 Neighbors
Extended Natural market
 The following are sources of names:
 People know through children.
 People know through spouse.
 People know through hobbies/ games.
 People known through social groups
 People known through public service.
 People you do business with.
 Friends of friends.
CENTRE OF INFLUNCE
 People with influence and prestige, other member of society believe and faith on
them.
 People who have a big circle of relationships: like secretary in societies,
president of an association.
 People who are known to you and are willing to help you.
 People who have contacts with the class of people you want to deals with.
 People who have faith in your leadership.
 A center of influence is a person who is in contact with many people through
social, political, religious or business angulations

41
Uncontrolled Sources
Job Ads/Inserts
 This program should be on regular long range basis.
 Example: Naveen Sharma who is a relationship officer in Bharti AXA Life
Insurance company put an ad in the newspaper, in which he called for the reader
to phone him during a specified 2 to 4 hours period on Monday or Sunday
morning
 From those who called Naveen Sharma was able to eliminate more misfits (who
are not qualified) and arrange for two to six personal visits.
Placement consultants
MOA can recruit a placement consultant or register himself in internet job search
sites to get list of prospects.
Seminars/job fairs
Manager of agency can also organized seminars at
management institutes and colleges.
OR
Bharti AXA life insurance company participate in the job fairs and then short list
prospects and then look for further opportunities for them.
Cold Prospecting
 MOA can use the telephone directory.
 MOA and telesales can use the directories of various business and social
organizations.

42
Database
 Primary data: Direct collection of data of from the source of information,
technology including personal interviewing, survey etc.
 Secondary Data: Indirect collection of data from sources can be purchased from
the open market and various kind of database are available such as telephone
databases of various surveys.
Point to be noted while recruiting the Agents
 Mature and responsible family person.
 Ambitious, hungry for recognition, challenges.
 Occupation.
 Experience and current designation.
 For how many years he is living in the city.
 Greedy person.
 Occupation of parent.
 Family income.
 Any experience in life insurance sector.
 Leadership qualities.
 Social and amiable.

43
Sources for Recruitment and Selection of Agent
used during Training
Telephone Script
Hello sir,
I am Rahul Malik from Bharti AXA. I want your few minute to speak.
Sir, Bharti AXA is going to expend the Business by recruiting quality people and
offering them the potential of a very rewarding career opportunity.
We have acquired your business card and we are aware of the company you work
for and you are one of the selective person with whom our company want to
concern.
So I would like to meet you for coffee to explain the exciting and rewarding
opportunity. It may have for you in terms of career compensation and support..
(Excellent I look forward to meeting you please May I have your address and I will
confirm our meeting in writing)
OR
(According to your convenience will you please tell me when and where we can
meet?)
Thank You Sir.
Secondary Data
(Telephone Directory)
Natural Market Market Survey

44
Step 1. Documents Required
 Age proof.
 Address proof.
 Photo – 8.
 Education proof.
 Q score sheet.
 Agency application.
 Form V A.
 Fill NAAF.
Step 2. Interview section
During the interview the senior manager/MOA asked following question to the
candidate to judge his ability and knowledge.
 Qualification.
 Present occupation.
 Knowledge or experience in insurance sector
 Tenor of stay in the town.
 Number of family member.
 Household income.
 Occupation of parent.
If selected then the senior manager/MOA approve the application.
The managers take the help of scoring Mechanism. Scoring Mechanism was filled at
the time of apply

45
Age
Below 25
years
Between 25-
40
More than 40 Score
Scoring
mechanism
0 2 1
Marital status Unmarried married
1 2
Education
10th or 12th
standard
graduate Post graduate
1 2 2
Tenor of stay
in city/town
Less than 3
years
3-5 years
More than 5
years
0 1 2
Household
income
Less than 2
lakhs
2-5 lakhs
More than 5
lakhs
Total score
Q Score:
Acceptable Range of Score Greater than or equal to 7
Additional Approvals 5 or 6
Rejected application if 4 or less
If the Q score is less than 7 then BSM/ARSM comments and signatures are
required.

46
Step 3. Training
50 Hours Training and also provide a text book (IC-33 life insurance) for pre-
recruitment Examination for Life Insurance Agents, which is based on syllabus
prescribed by insurance Regulatory & Development Authority.
IRDA for short, has laid down that those who wish to become insurance agents will
be given licenses only after they complete a course of study, training and pass an
examination prescribed by it.
During this training the knowledge about the entire essential concept related to life
insurance is provided to agent. Insurers will have different practices and offer
different benefits in their plans. All of them will be based on these concepts. The
details of the practices and the plans of each insurer will have to be learnt from the
respective insures.
Step 4. During training following things will be teaches.
 What is insurance
 Principles of life Assurance
 Premiums and Bonuses
 Life Insurance products
 Underwriting
 Insurance Documents
 Policy conditions
 Claims
 Linked life insurance products
 Insurance agency
 Laws and Regulations
 IRDA Regulation 2000.
 IRDA Regulation 2002.
Step 5. Examination and Code
Examination is the second last part of the recruitment and selection process.
It include one hour test under, which contain 50 objective questions, one marks
each, Passing marks are 25. Online the results are declared on the spot .
After clearing the exam, ULIP training of two days will be given to the advisor about
the product of company and then agency code is generated.

47
OBJECTIVES
AND
RESEARCH
METHODOLGY

48
Objectives of the study
 To understand the process of recruitment and selection of agent in Bharti
AXA life insurance.
 How to recruits agent for Bharti-AXA life insurance
 To know about the view of general public about the job of agent
 Why people are not willing to work with as an agent, especially with private
player.
Research Methodology
Research Methodology is the investigation of specific problem in detail. At first
problem is defined carefully for conducting research. There should be a good
research plan for conducting research. No research can be done without data
collection. After all this analyze is made for getting solution for problem.
 Defining the problem
 Defining the sampling plan
 Collection of data
 Analyze and interpretation
Defining the problem
Defining the research problem is first necessary step for any research. This work
should be done carefully. Here research problem is to know wiliness of general
public to work as an agent with private player or Bharti-AXA life insurance.
Sampling plan
The sampling plan calls for three decisions.
A) Sampling Unit: I have completed my survey in CHANDIGARH, MOHALI.
B) Sample Size: The selection of 20 respondents. The sample was drawn from
shopkeepers. The selection of the respondent was done on the basis of simple
random sampling.
C) Contract methods
I have conduct the respondent through personal interviews
Research Instrument
A close friend questionnaire was constructed for my survey. Questionnaire
consisting of a set of questions made to filled by various respondents.

49
Collecting the Information
After this, I have collected the information from the respondent with the help of
questionnaire.
Analyze the Information
The next step is to extract the pertinent finding from the collected data. I have
tabulated the collected data & developed frequency distributions.
Thus the whole data was grouped aspect wise and was presented in tabular from.
Thus, frequencies & percentages were to reder impact of the study.
Presentations of Findings
This was the last stop of the survey.

50
DATA PRESENTATION
AND INTERPRETATION

51
Script
Bharti has expanded into new territories of business and they are now offering the
best in class insurance products and Income opportunities at Bharti-AXA Life
Insurance Company.
Bharti-AXA Life Insurance Company is giving you an opportunity to earn and setup a
new income which can give you 20-30% margin on an average.
In this business you only have to contact your known people and regular customers
and their references to introduce Bharti’s product and get an appointment.
Post this, manager form Bharti-AXA will go, explain the product & close the sale for
you. You will in turn receive 20-30% margin on sale. E.g. if a policy is sold by Bharti-
AXA manager for 10,000 you will receive 3,000.
We are here to understand your interest in this proposal specially designed for
Businessmen and Professionals.

52
1) Do you know that all insurance co. are regulated
by IRDA ?
Yes – 32
No – 18
Inference:
More than 50% people knew about IRDA.
Do you know that all insurance co. are
regulated by IRDA ?
YES
NO

53
2) Have you ever heard about AXA?
Yes – 12
No – 28
Inference:
Most of the people are not aware about AXA.
Have you ever heard about AXA?
YES
NO

54
3) How many members are there in your Family?
2 : 2
3 : 15
4 : 12
More than 4 : 11
Inference:
Most number of people has 3 members in their Family.
0
2
4
6
8
10
12
14
16
2 3 4 More than 4
How many members are there in your Family?
How many members are there in
your Family?

55
4) What is the biggest concern for Future?
Child Education : 13
Medical Illness : 15
Retirement : 7
Child Marriage : 5
Inference:
Most of the people are concerned about Medical Illness and Child
Education.
0
2
4
6
8
10
12
14
16
Child Education Medical Illness Retirement Child Marriage
What is the biggest concern for Future?
What is the biggest concern for
Future?

56
5) Given a chance, Would you make extra income?
Yes – 3
No – 37
Inference:
We can observe that 90% people are not interested to do work for extra
income.
Given a chance, Would you make extra
income?
Yes
No

57
QUESTIONNAIRE
1) Do you know that all insurance co. are regulated by IRDA ?
Yes
No
2) Have you ever heard about AXA ?
Yes
No
3) How many members are there in your Family?
2
3
4
More than 4
Name: -
Address:-
Mobile no:-.
Marital Status :-

58
4) What is the biggest concern for Future?
Child Education
Medical Illness
Retirement
Child Marriage
5) Given a chance, Would you make extra income ?
Yes
No
MOA Name :
Date :

59
LIMITATIONS
However I tried my best to have desired information from the respondents and to
make the report fruitful but some limitations are bound to incur which may affect the
results or findings.
1. No Secondary Data:
As the subject of my project viz. consumer’s aptitude towards unit-linked product
was new so I was unable to have secondary data for the purpose of my study.
2. Small sample size:
As sample size taken by me for purpose of survey was 50 respondents. So the
result may have some deviations from the facts because of small sample size.
3. Limited area and time:
The study although carried out with the fullest possible effort and devotion, the
limitation of time, resources available may lead to an element chance of some error.
4. Sincerity of answering the questions cannot be judged:
Answers given by respondents may be biased which may result in inaccurate and
biased results.

60
FINDINGS
Why people are not ready to work with private players in life insurance?
Or
Why people are not ready to work as an agent in any company?
 In these days LIC created a very well image in the mind of General public
because it is semi Government Company and also an oldest company. In short
most people of Indian believe upon the LIC only.
 During the training period we felt that most of people who are already working in
insurance sector think that it is easy to sell the product of LIC than to sell the
product of other life insurance company.
 Most of people say that this job affects upon there social relation with other and
also effect upon there business.
 Most of people believe that private insurance companies carried out fraud activity
that’s why they never believe upon the private players.
 People think that it is a time consuming activity and also required huge market
skills.
 Some people said that only greedy people like to work in insurance sector.
 Because of three days compulsory training.

61
CONCLUSION
 The objective of the project of studying the “Recruitment and Licensing of Life
Advisor” has been achieved during the course of time. Today insurance industry
is a rapidly growing sector. After coming of the private players this industry is
becoming complex day by day and competition is rapidly increasing.
 After analyzing the responses of the people about main feature which influence
the insurance buying, the result shows that awareness level is increasing day by
day about the private insurance company. Till 1999 LIC have the monopoly in
insurance sector. But today is the era of private insurance companies, and the
awareness level and buying behavior is increasing day by day.
 Major finding of the study show that protection is the prime preference along
with saving or tax benefits. At the same time people are more focused on their
Children’s future planning In particular Bharti AXA Life Insurance has huge
brand awareness in the urban market due to Bharti Airtel presence in the
market. But at the same time company is struggling for its market share in rural
market. In brief it can be said that the people are getting confident to be the
investor of Bharti AXA Life Insurance products while they have heard about all
the benefits of these plans.
 In India, there is throat cut competition in the market of life insurance that brand
service which adopt new strategies for sales. I concluding the whole story it can
be said that people are much more aware about the aspects of life insurance
and also have knowledge about the role and act of agent but mostly people
unwilling to work as life insurance agent and mostly people prefer to work with
LIC because it is a semi government corporation.

62
BIBLIOGRAPHY
 Reference to a book:
 Bharti AXA Life Advisors Handbook
 Reference to Websites:
 www.bharti-axalife.com
 www.wikipedia.com
 www.google.co.in
 www.irda.org.in
 Other
 Bharti-AXA manuals.
 Insurance Newsletter
 IRDA journals

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