Académique Documents
Professionnel Documents
Culture Documents
TO
SUBMITTED BY:
RITESH SAINI
Roll No-2839
MBA (3rd sem)
Manesar, hereby declare that Summer Training Report entitled, Recruitment and
Selection Process at Reliance Life Insurance , is an original work and the same has not
been submitted to any other institute for the award of any other degree. A seminar
presentation of the Training Report was made on 09.10.09 and the suggestions by the
faculty were duly incorporated.
Presentation Incharge
(Faculty)
Countersigned
Director of the Institute
QUALIFICATION
12th
Graduation
Post graduation
professional course
any other
RESPONDENTS
FREQUENCY
10%
60%
20%
10%
0%
2
12
4
2
0
Interpretation
According to survey qualification of most of the Life Advisor are graduation.
2. Marital status
Marital status
Married
Unmarried
response
40%
60%
Interpretation
More than half the number of employees out of sample are unmarried.
Respondents
20%
30%
20%
15-20yrs
above 20yrs
20%
10%
35%
30%
25%
20%
Series1
15%
10%
5%
0%
below 5yrs
5-10yrs
10-15yrs
15-20yrs
above 20yrs
Interpretation
Maximum 30% respondents are living in Gorakhpur since 5-10 years.
%AGE
0%
Agree
Neutral
Disagree
strongly disagree
60%
10%
30%
0%
Interpretation
There are more respondents satisfied with the training sessions provided by
company in comparison to others.
%AGE
0
25%
0
Disagree
strongly disagree
75%
0
Interpretation
Most of the respondents are dissatisfied with commission of Life Advisor
JOB
part time
full time
%AGE
10%
90%
Interpretation
Most of them does full time job
ACKNOWLEDGEMENT
This report has been made possible due to invaluable support of a number of people to
whom I own my heartfelt gratitude and without whose help I may not have been able to
complete this report.
I would like to thank Prof (Dr) R C Sharma, Advisor, Amity Business School,
Manesar, for extending full help in my project. His consistent support and cooperation
showed the way towards the successful completion of the project.
Finally I would like to give special thanks to my family and my friends who make it all
happen and make it worth while.
Ritesh Saini
TABLE OF CONTENTS
Certificate
Declaration
Acknowledgement
Chapter I
Introduction
Significance of the study
Conceptualization
Focus of the study
Objectives of the study
Limitations of the study
2
3
4
20
21
22
9
Chapter II
Industry Profile
Company Profile
24
29
Chapter III
Review of Existing Literature
Research Methodology
40
42
Chapter IV
Analysis and Interpretation
44
Chapter V
Findings
Recommendations
Conclusions
63
64
65
Bibliography
Annexure
Organizations Structure
RELIANCE LIFE INSURANCE
REGIONAL OFFICE
10
REGIONAL MANAGER
BRANCHMANAGER
BRANCH OPERATION
BRANCH OPERATION
BRANCH OPERATION
11
Chapter-1
12
INTRODUCTION
The insurance sector has gone through a number of phases and changes. Since 1999,
when the government opened up the insurance sector by allowing private companies to
solicit insurance and also allowing FDI up to 26%, the insurance sector has been a
booming market.
The insurance sector in India has come a full circle from being an open competitive
market to nationalization and back to a liberalized market again. The business of life
insurance in India in its existing form started in India in the year 1818 with the
establishment of the Oriental Life Insurance Company in Calcutta by Anita Bhavsar.
Despite the fact that general insurance business has been growing at a healthy rate of 16
per cent annually between 2004-05 and 2008-09, its penetration level is just 0.60 per cent
of Indias GDP against world average of 2.14 per cent. India ranks 136 th on penetration
levels and Life Advisors behind China(106), ThaiLife Advisornd (87), Russia(86),
Brazil(85), Japan(61), and the US(9). The penetration of general insurance in india
remains low on account of low consumer preference, Life Advisorrgely untapped rural
markets and constrained distribution channels (Crisil & Assocham).
Recruitment and selection is the process of identifying the need for a job, defining the
requirements of the position and the job holder, advertising the position and choosing the
most appropriate person for the job.Human Resource Management includes all activities
used to attract & retain employees and to ensure they perform at a high level in meeting
13
14
CONCEPTUALIZATION
Recruitment
Recruitment is defined as, a process to discover the sources of manpower to meet the
requirements of the staffing schedule and to employ effective measures for attracting that
manpower in adequate numbers to facilitate effective selection of an efficient workforce.
Edwin B. Flippo defined recruitment as the process of searching for prospective
employees and stimulate them to apply for jobs in the organization. Recruitment is a
linking function-joining together those with jobs to fill and those seeking jobs. It is a
joining process in that it tries to bring together job seekers and employer with a view to
encourage the former to apply for a job with the Life Advisor.
In order to attract people for the jobs, the organization must communicate the position in
such a way that job seekers respond. To be cost effective, the recruitment process should
attract qualified applicants and provide enough information for unqualified persons to
self-select themselves out.
Recruitment is distinct from Employment and Selection. Once the required number and
kind of human resources are determined, the management has to find the potential Life
Advisors where the required human resources are/will be available and also find the
means of attracting them towards the organization before selecting suitable candidates for
jobs. All this process is generally known as recruitment. Some people use the term
Recruitment for employment. These two are not one and the same. Recruitment is only
one of the steps in the entire employment process. Some others use the term recruitment
for selection. These are not the same either. Technically speaking, the function of
recruitment precedes the selection function and it includes only finding, developing the
sources of prospective employees and attracting them to apply for jobs in an organization,
15
whereas the selection is the process of finding out the most suitable candidate to the job
out of the candidates attracted (i.e., recruited).Formal definition of recruitment would
give clear cut idea about the function of recruitment.
Help increase the success rate of the selection process by reducing the number of
visibly, under qualified or overqualified job applicants.
Help reduce the probability that job applicants, once recruited and selected, will
leave the organization only after a short period of time.
Begin identifying and preparing potential job applicants who will be appropriate
candidates.
Search or head hunt/head pouch people whose skills fit the companys values.
Search for talent globally and not just within the company.
Anticipate and find people for positions that do not exist yet.
Increase organizational and individual effectiveness in the short term and long
term.
Evaluate the effectiveness of various recruiting techniques and sources for all
types of job applicants.
16
Recruitment represents the first contact that a company makes with potential
employees. It is through recruitment that many individuals will come to know a company,
and eventually decide whether they wish to work for it. A well-planned and wellmanaged recruiting effort will result in high-quality applicants, whereas, a haphazard and
piecemeal effort will result in mediocre ones. High-quality employees cannot be selected
when better candidates do not know of job openings, are not interested in working for the
company and do not apply. The recruitment process should inform qualified individuals
about employment opportunities, create a positive image of the company, provide enough
information about the jobs so that applicants can make comparisons with their
qualifications and interests, and generate enthusiasm among the best candidates so that
they will apply for the vacant positions.
The negative consequences of a poor recruitment process speak volumes about its role
in an organization. The failure to generate an adequate number of reasonably qualified
applicants can prove costly in several ways. It can greatly complicate the selection
process and may result in lowering of selection standards. The poor quality of selection
means extra cost on training and supervision. Furthermore, when recruitment fails to
meet the organizational needs for talent, a typical response is to raise entry-level pay
scales. This can distort traditional wage and salary relationships in the organization,
resulting in avoidable consequences. Thus, the effectiveness of a recruitment process can
play a major role in determining the resources that must be expended on other HR
activities and their ultimate success
SOURCES OF RECRUITMENT
Every organisation has the option of choosing the candidates for its recruitment processes
from two kinds of sources: internal and external sources. The sources within the
organisation itself (like transfer of employees from one department to other, promotions)
to fill a position are known as the internal sources of recruitment. Recruitment candidates
from all the other sources (like outsourcing agencies etc.) are known as the external
sources of recruitment.
17
SOURCES OF RECRUITMENT
18
19
A clear, accurate and up-to-date job description is crucial to ensuring a good person-job
fit. It is worthwhile spending some time making sure that the job description matches the
everyday reality of the job.
A job description contains two types of information:
Specific tasks and activities required for a particular job (e.g., conduct counseling
sessions, write client reports)
The knowledge, skills and abilities required for effective performance by the job
incumbent (e.g., good communication skills, capacity to establish good client
rapport).
Most positions within the AOD field are complex, characterized by challenging work,
multiple roles and changing work demands. In these circumstances, the best person-job
fit t may be achieved by focusing on the tasks and activities as well as the knowledge,
skills and abilities of an effective performer.
The accuracy of a job description is likely to be improved by gathering information from
different sources. Different perspectives on the knowledge, skills, responsibilities,
challenges and demands of a position are likely to be provided by supervisors and
workers in the same or similar roles.
Useful information to gather from supervisors and coworkers includes:
What knowledge, skills, abilities and other personal characteristics (KSAOs) are
necessary for the position?
What KSAOs can be practically and reasonably expected?
What KSAOs are essential for effective job performance?
What KSAOs distinguish between good and poor performers on the job?
21
MODERN TECHNIQUES:
Walk-in: - As per this technique, the potential candidates are required to attend for an
interview directly and without a prior application on a specified date, time and at a
specified place.
Consult-in: - The busy and dynamic companies encourage the potential job seekers to
approach them personally and consult them regarding the jobs.
Head-hunting: - These are also known as search consultants. The companies request the
professional organizations to search for the best candidates particularly for the senior
executive positions.
22
Body Shopping: - Professional organizations and the hi-tech training institutes develop
the pool of human resources for the possible employment. The prospective employers
contact these organizations to recruit the candidates. These professional and training
institutions are called body shoppers and these activities are known as body shopping.
Business Alliances: - Business alliances like acquisitions, mergers and take-over help in
getting human resources. The company with surplus human resources offers the services
of their employees to other needy organizations.
Tele-Recruitment: - This technique involves the use of the Internet, to advertise job
vacancies and also for the candidates to apply online.
23
24
25
Interview panels
It is recommended that an interview panel, rather than a single interviewer, is used. Using
a panel of interviewers can help to minimize potential biases, as well as provide the
opportunity to compare evaluations of the candidate before a final decision is made.29
Where appropriate, the panel should be
representative of gender and professions. Representation on an interview panel can
provide frontline workers / team members with an opportunity to participate in the
recruitment and selection process.
Selection tests
Purpose
Types
There are mainly four kind of tests:1. achievement test(profeceancy test): to test the skills or knowledge acquired by the
candidate due to his training and achievement for example typing test,shorthand
test,operating calculators etc.
2. Aptitude test(Potential test): to judge latent ability to learn a new job,in order to
judge memory,reasoning,speed of perception,fluency in language,to judge the
capacityto learn a particular type of mechanical work etc.
3. Pschometer or skill test: measure to ability to do a specific job
4. Personality
test:
to
judge
reaction,maturity,confidence,to
individual
judge
sufficiancyetc.
29
the
value
system,emotional
dominance,selfconfidence,self
30
31
32
33
Chapter-2
34
INDUSTRY PROFILE
History of insurance sector in india
In India, insurance has a deep-rooted history. It finds mention in the writings of Manu (
Manusmrithi ), Yagnavalkya ( Dharmasastra ) and Kautilya ( Arthasastra ). The
writings talk in terms of pooling of resources that could be re-distributed in times of
calamities such as fire, floods, epidemics and famine. This was probably a pre-cursor to
modern day insurance. Ancient Indian history has preserved the earliest traces of
insurance in the form of marine trade loans and carriers contracts. Insurance in India has
evolved over time heavily drawing from other countries, England in particular.
1818 saw the advent of life insurance business in India with the establishment
of the Oriental Life Insurance Company in Calcutta. This Company however failed in
1834. In 1829, the Madras Equitable had begun transacting life insurance business in the
Madras Presidency. 1870 saw the enactment of the British Insurance Act and in the last
three decades of the nineteenth century, the Bombay Mutual (1871), Oriental (1874) and
Empire of India (1897) were started in the Bombay Residency. This era, however, was
dominated by foreign insurance offices which did good business in India, namely Albert
Life Assurance, Royal Insurance, Liverpool and London Globe Insurance and the Indian
offices were up for hard competition from the foreign companies.
35
36
In 1968, the Insurance Act was amended to regulate investments and set minimum
solvency margins. The Tariff Advisory Committee was also set up then.
In 1972 with the passing of the General Insurance Business (Nationalisation) Act, general
insurance business was nationalized with effect from 1st January, 1973. 107 insurers were
amalgamated and grouped into four companies, namely National Insurance Company
Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company Ltd and
the United India Insurance Company Ltd. The General Insurance Corporation of India
was incorporated as a company in 1971 and it commence business on January 1sst 1973.
This millennium has seen insurance come a full circle in a journey extending to nearly
200 years. The process of re-opening of the sector had begun in the early 1990s
and the last decade and more has seen it been opened up substantially. In 1993, the
Government set up a committee under the chairmanship of RN Malhotra, former
Governor of RBI, to propose recommendations for reforms in the insurance sector.The
objective was to complement the reforms initiated in the financial sector. The committee
submitted its report in 1994 wherein , among other things, it recommended that the
private sector be permitted to enter the insurance industry. They stated that foreign
companies be allowed to enter by floating Indian companies, preferably a joint venture
with Indian partners.
Following the recommendations of the Malhotra Committee report, in 1999, the
Insurance Regulatory and Development Authority (IRDA) was constituted as an
autonomous body to regulate and develop the insurance industry. The IRDA was
incorporated as a statutory body in April, 2000. The key objectives of the IRDA include
promotion of competition so as to enhance customer satisfaction through increased
consumer choice and lower premiums, while ensuring the financial security of the
insurance market.
The IRDA opened up the market in August 2000 with the invitation for application for
registrations. Foreign companies were allowed ownership of up to 26%. The Authority
has the power to frame regulations under Section 114A of the Insurance Act, 1938 and
37
has from 2000 onwards framed various regulations ranging from registration of
companies for carrying on insurance business to protection of policyholders interests.
In December, 2000, the subsidiaries of the General Insurance Corporation of India
were restructured as independent companies and at the same time GIC was converted into
a national re-insurer. Parliament passed a bill de-linking the four subsidiaries from GIC in
July, 2002.
The insurance sector is a colossal one and is growing at a speedy rate of 1520%. Together with banking services, insurance services add about 7% to the countrys
GDP. A well-developed and evolved insurance sector is a boon for economic
development as it provides long- term funds for infrastructure development at the same
time strengthening the risk taking ability of the country.
Tracing the developments in the Indian insurance sector reveals the 360-degree turn
witnessed
over
period
of
almost
190
years.
The business of life insurance in India in its existing form started in India in the year
1818 with the establishment of the Oriental Life Insurance Company in Calcutta.
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.
38
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.
Company profile
ABOUT RELIANCEGROUP
and
marketing,
petrochemicals
(polyester,
polymers,
and
40
There was a split in Reliance group in 2005 and it was broken into two
separate companies:
VISION
To build a global enterprise for all our stakeholders, and
A great future for our country,
To give millions of young Indians the power to shape their destiny,
The means to realize their full potential
VALUES
41
Shareholder Interest
We value the trust of shareholders, and keep their interests
paramount in every business decision we make, every choice we
exercise
People Care
We possess no greater asset than the quality of our human capital
and no greater priority than the retention, growth and well-being of
our vast pool of human talent
Consumer Focus
We rethink every business process, product and service from the
standpoint of the consumer so as to exceed expectations at every
touch point
Excellence in Execution
We believe in excellence of execution in large, complex projects as
much as small everyday tasks. If something is worth doing, it is worth
doing well.
Team Work
The whole is greater than the sum of its parts; in our rapidly-changing
knowledge economy, organizations can prosper only by mobilizing
diverse competencies, skill sets and expertise; by imbibing the spirit
42
Proactive Innovation
We nurture innovation by breaking silos, encouraging crossfertilization of ideas & flexibility of roles and functions. We create an
environment of accountability, ownership and problem-solving based
on participative work ethic and leading-edge research
Leadership by Empowerment
We believe leadership in the new economy is about consensus
building, about giving up control; about enabling and empowering
people down the line to take decisions in their areas of operation and
competence
Social Responsibility
We believe that organizations, like individuals, depend on the support
of the community for their survival and sustenance, and must repay
this generosity in the best way they can.
Respect for Competition
We respect competition because theres more than one way of
doing things right. We can learn as much from the success of others
as from our own failures
43
Reliance Communication
Reliance Energy
Reliance Capital
Reliance General
Insurance
Reliance Health
44
Reliance Entertainment
Reliance Infrastructure
45
46
47
Reliance Capital
Reliance Capital is one of Indias leading and fastest growing private sector
financial services companies, and ranks among the top 3 private sector
financial services and banking companies, in terms of net worth.
The company has interests in asset management and mutual funds, life and
general insurance, private equity and proprietary investments, stock broking
and other activities in financial services.
Reliance Communications Limited
The flagship company of the Reliance ADA Group, Reliance
Communications Limited, is the realization of our founders dream of
bringing about a digital revolution that will provide every Indian with
affordable means of communication and a ready access to information.
The company began operations in 1999 and has over 20 million subscribers
today. It offers a complete range of integrated telecom services. These
include mobile and fixed line telephony; broadband, national and
international long distance services, data services and a wide range of value
added services and applications aimed at enhancing the productivity of
enterprises and individuals.
Reliance Energy Limited
Reliance Energy Limited, incorporated in 1929, is a fully integrated utility
engaged in the generation, transmission and distribution of electricity. It
48
ranks among Indias top listed private companies on all major financial
parameters, including assets, sales, profits and market capitalization.
It is Indias foremost private sector utility with aggregate estimated revenues
of Rs 9,500 crore (US$ 2.1 billion) and total assets of Rs 10,700 crore (US$
2.4 billion).
Reliance Energy Limited distributes more than 21 billion units of electricity
to over 25 million consumers in Mumbai, Delhi, Orissa and Goa, across an
area that spans 1,24,300 sq. kms. It generates 941 MW of electricity, through
its power stations located in Maharashtra, Andhra Pradesh, Kerala,
Karnataka and Goa.
The company is currently pursuing several gas, coal, wind and hydro-based
power generation projects in Maharashtra, Uttar Pradesh, Arunachal Pradesh
and Uttaranchal with aggregate capacity of over 12,500 MW. These projects
are at various stages of development.
Reliance Energy Limited is vigorously participating in emerging
opportunities in the areas of trading and transmission of power. It is also
engaged in a portfolio of services in the power sector in Engineering,
Procurement and Construction (EPC) through a network of regional offices
in India.
Reliance Health
In a country where healthcare is fast becoming a booming industry, Reliance
Health is a focused healthcare services company enabling the provision of
49
50
51
52
54
PRODUCTS POLICIES
Reliance Life Insurancehas a wide array of insurance plans that have been designed with
the philosophy that different individuals are bound to have differing insurance needs.
The ideal insurance plan is one that addresses the exact insurance needs of the
individual that will depend on the age and life stage of the individual apart of the host of
other factors.
Protection Plans
Saving&Investment
Plans
We all carry dreams in our lives.
You can realize these dreams by investing in a plan
that works as hard as you.
55
56
In life, you have always given your family whatever they have wanted. Yet,
there are some promises you have to fulfil, such as taking your family for a
vacation, or buying that dream house.
Set aside some money to achieve these specific goals with the help of
Reliance Savings & Investment Plans. The plan allows you to experience the
joys of life and provide for your family's needs.
Enjoy life without worrying about the promises you have madewe are
here to fulfil them.
Reliance Life Insurance Smart Maturity Benefit Plan
Reliance Life Insurance Super Endowment Plan
57
RETIREMENT SOLUTIONS:
The primary objective of retirement plan is to help you provide for your financial needs
in your post retirement years.
Forever Life
Health Assure
Hospital Care
58
Cancer Care
Diabetes Care
PRODUCT PORTFOLIO
Insurance Solutions for Individuals
59
LifeTime Gold is a unit-linked plan that offers customers the flexibility and
control to customize the policy to meet the changing needs at different life
stages. It offers 7 fund options - Preserver, Protector, Balancer, Flexi
Balanced Multiplier, R.I.C.H and Flexi Growth.
LifeStage RP is unit linked plan that provides you with an option of lifecyclebased portfolio strategy that continuously re-distributes your money across
various asset classes based on your life stage. This will help you achieve the
right Asset Allocation to meet your desired financial goals.
Premier Life Gold is a limited premium paying plan specially structured for
long-term wealth creation.
InvestShield Life New is a unit linked plan that provides premium guarantee
on the invested premiums and ensures that the customer receives only the
benefits of fund appreciation without any of the risks of depreciation.
60
Protection Solutions
Education Solutions
61
Retirement Solutions
LifeTime Super Pension is a regular premium unit linked pension plan that
helps one accumulate over the long term and offers 5 annuity options (life
annuity, life annuity with return of purchase price, joint life last survivor
annuity with return of purchase price, life annuity guaranteed for 5, 10 and 15
years & for life thereafter, joint life, last survivor annuity without return of
purchase price) at the time of retirement.
62
Health Solutions
Health Assure Plus: Health Assure is a regular premium plan which provides
long term cover against 6 critical illnesses by providing policyholder with
financial assistance, irrespective of the actual medical expenses. Health
Assure Plus offers the added advantage of an equivalent life insurance cover.
Cancer Care: is a regular premium plan that pays cash benefit on the
diagnosis as well as at different stages in the treatment of various cancer
conditions.
63
Cancer Care Plus: is a wellness plan that includes all the benefits of Cancer
Care and also provides an additional benefit of free periodical cancer
screenings.
Hospital Care: is a fixed benefit plan covering various stages of treatment hospitalization, ICU, procedures & recuperating allowance. It covers a
range of medical conditions (900 surgeries) and has a long term
guaranteed coverage upto 20 years.
64
65
Reliance Life InsuranceLife also offers Group Insurance Solutions for companies
seeking to enhance benefits to their employees.
66
Group Term Plan: Reliance Life InsuranceLife's flexible group term solution
helps provide an 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.
67
Reliance Life InsuranceLife offers flexible riders, which can be added to the basic
policy at a marginal cost, depending on the specific needs of the customer.
1. Accident & disability benefit: If death occurs as the result of an accident during
the term of the policy, the beneficiary receives an additional amount equal to the
rider sum assured under the policy. If an accident results in total and permanent
disability, 10% of rider sum assured will be paid each year, from the end of the 1st
year after the disability date for the remainder of the base policy term or 10 years,
whichever is lesser. If the death occurs while traveling in an authorized mass
transport vehicle, the beneficiary will be entitled to twice the sum assured as
additional benefit.
2. Critical Illness Benefit: protects the insured against financial loss in the event of
9 specified critical illnesses. Benefits are payable to the insured for medical
expenses prior to death
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4. Income benefit rider: In case of death of the life assured during the term of the
policy, 10% of the sum assured is paid annually to the nominee on each policy
anniversary till the maturity of the rider.
69
SBAS % of S.S.
year
3
6
9
12
Maturity
4
8
12
16
Maturity
10%
15%
20%
25%
50%+GA+VB
10%
15%
20%
25%
50%+GA+VB
Additional features:
70
For protection to your family against unfortunate health, hazards or eventuality, we offer
you the followings riders:
1. Critical illness Riders
2. Major surgical Riders
3. Accident & Disability benefit
4. accident benefit Riders
General features:
Surrender- after 3 policy years, you get certain amount on surrender of the policy.
SMART KID
Who can apply?
If you are a parents aged between 20 & 60 years with children in the age group of 0 to 15
years with minimum sum assured Rs. 1,00,000.
Death benefit:
Nominee get 100% sum assured + profit accrued on the plan till such date + Wavier of
premium
Survival benefit:
This policy pays out money at regular interval coinciding with important Miles tones in
childs life. It has two options for payment.
71
Option 1:
At the end of
Child Age
Pay out
Term-7
5 years
0% of S.A.
Term-5
7 years
5% of S.A.
Term-2
0 years
5% of S.A.
Term
2 years
0% of S.A.+GA+VB
72
Option 2:
At the end of
Child Age
Pay out
Term-4
8 years
5% of S.A.
Term-3
9 years
20% of S.A.
Term-2
0 years
20% of S.A.
Terrm-1
1 years
0% of S.A.
Term
2 years
0% of S.A.
Riders:
General features:
73
Forever life pension plan provides life covers during the deferment phase. In unfortunate
event of the death, the spouse has the option to receive the sum assured with guaranteed
additions and vested bonuses(if any) as a lump sum or get an annuity that would provide
a regular income for life.
Maturity benefit:
1. Life Annuity: annuity for life
2. Life annuity with return of purchase price: life annuity for the annuitant with the
return of the purchase price.
3. Life annuity guaranteed for 5, 10, 15 years: guaranteed annuity paid for chosen
term and after that the annuity as long as the annuitant is alive.
4. Joint life, last survivor with return of purchase price: in this case, the annuity is
first paid to annuitant. After the death of annuitant, the spouse starts getting a
pension, which is an amount that equal to the annuity paid to the annuitant. After
the death of last survivor, the purchase price is return to the beneficiary.
74
Chapter-3
75
76
process leading to employment. The author discusses a dual interview and supplementary
self-evaluation process to be used to fill a new position of print media editor.
Robert P. Vecchio(2004) Selection is the process of choosing from a group of applicants
the individual best suited for a particular position based on conventional and nonconventional methods . Therefore, the effectiveness of recruitment has a significant
impact on the efficiency of the selection process. The selection process should provide as
much reliable and valid information as possible about applicants so that their
qualifications may be carefully matched with the job requirements.
BLife Advisorckman (2002) said in his book interviews are used widely for selection
purposes at senior or executive level (Campion, Palmer, & Campion, 1997; Garman,
2005). Research shows that to increase their reliability, validity and feasibility, interviews
should be based on a thorough job analysis and selection criteria, they should be semistructured and scored according to a behaviourally anchored rating scale. Multiple
interviews are often favoured over panel interviews, the modality of the interview should
be standardised across all candidates, and assessors should be trained .
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RESEARCH METHODOLOGY
Research problem:- To get the potential Life Advisors for the sake of companys
benefit.
Analysis pattern:- pie chart and bar chart were used for analysis.
78
Chapter-4
79
Primary Sources
Cold Calling
Through Interns
candidate.
After this Training will be provided to
Candidate.
Exam.
No Strategies are followed as such.
Strategies Followed
Criteria
for
Financial
Advisor)
Graduate.
Age > 25
Married Preferred.
Female Preferred
Min. of 5years of Residence in Gurgaon.
No. of days allocated for 18-20 days are allocated for Training.
training
In a month,no.of candidates 40-50 candidates are recruited as Life Advisors.
Recruited
as
Financial
Advisors
Training
Reimbursement/Commission
Advisors.
80
norms of IRDA
so; if anyone is not fulfilling the criteria then
he cannot be awarded with any position in the
company.
Life Advisors get a good Career Path so they
Career Path
Professionalism
Pragmatism
Integrity
And also they want to become preferred
company for financial protection so, they take
candidate needs into consideration a lot as
they have multi-channel execution capability.
1. From which segment people come and ready to do the job of LIFE
ADVISOR
segments
students
Businessman
60%
10%
Response
12
2
81
govt. employes
Housewives
retired person
10%
5%
15%
100%
2
1
3
Interpretation
Most of the respondents said that the people come and ready to do the job of LIFE
ADVISOR are freshers..
30%
20%
0%
30%
20%
responses
6
4
0
6
4
82
Interpretation
According to survey the main source of life advisors are from employment exchange and
calling on random numbers.
3. Which one of the quality you want to see in your LIFE ADVISOR?
qualities
communication skill
Commitment
Confidence
social circle
Punctuality
30%
10%
30%
30%
0%
Responses
6
2
6
6
0
83
Interpretation
Communication skill,confidence and social circle are the main characteristics of LIFE
ADVISOR which agency manager want to see in the LIFE ADVISOR.
company?
Life Advisor in %
0-20
20-40
40-60
Respondents
0
10%
45%
84
60-80
80-100
25%
20%
Interpretation
According to survey 40-60% Life Advisor attend the training sessions organized by
company.
5. How much time you can retain your active LIFE ADVISOR?
Time
0-1 year
1-2 year
2-3 year
3-4 year
4-5 year
40%
40%
10%
10%
0%
Respondents
8
8
2
2
0
85
Interpretation
According to survey a company can retain LIFE ADVISOR only 0-2 years,after that they
change their company and join some other company of insurance.
40%
40%
10%
10%
0%
Responses
8
8
2
2
0
86
Interpretation
There is very small probability of permotion within company,this is only 10-30%.
0
25%
25%
50%
0
87
Interpretation
Most of the agency managers are not satisfied with the performance of Life Advisor.
Segments
Businessman
govt.employee
retired person
house-wife
Fresher
respondents
15%
30%
30%
10%
15%
88
Interpretation
According to survey managers want to recruit more businessman and retired persons as
compared to other options.
Qualification
12th
Graduation
Postgraduation
professional course
any other
respondents
10%
60%
20%
10%
0%
89
Interpretation
According to survey qualification of most of the Life Advisor are graduation.
2. Marital status
Marital status
Married
Unmarried
response
40%
60%
90
Interpretation
More than half the number of employees out of sample are unmarried.
Living status
below 5yrs
5-10yrs
10-15yrs
15-20yrs
above 20yrs
respondents
20%
30%
20%
20%
10%
91
Interpretation
Maximum 30% respondents are living in Gurgaon since 5-10 years.
0
10%
20%
30%
40%
92
Interpretation
Most of the respondents have more than three Life Advisorkh annual household income.
strongly agree
Agree
Neutral
Disagree
strongly disagree
0
60%
10%
30%
0%
93
Interpretation
There are half respondents satisfied with the training sessions provided by company and
one third are dissatisfied with the training sessions.
strongly agree
Agree
Neutral
Disagree
strongly disagree
0
25%
0
75%
0
94
Interpretation
Most of the respondents are dissatisfied with commission of Life Advisor
strongly agree
Agree
Neutral
Disagree
strongly disagree
0
20%
0
70%
10%
95
Interpretation
Most of the respondents are dissatisfied with the permotion policy of the company.
part time
full time
10%
90%
96
97
Chapter-5
FINDINGS
The agency managers can not retain the Life Advisor in company.
There are very less number of Life Advisor who got promotion within the
company.
About half number of Life Advisor are not attending the training sessions
provided by company.
Most of the Agency Managers are not satisfied with the performance of Life
Advisor
98
Most of the Life Advisor are not satisfied with their commission & promotion
policy of company.
Reliance Life Insurance is new in insurance sector so people not know much abut
the company.
RECOMMENDATIONS
1. Company should focus more on profiles of Life Advisor while recruiting them,
for example, company should recruit people at the age of 28-32 years, company
should prefer married people who have a higher level of responsibility and
company should give preference to female life advisors such as female
entrepreneurs, divorced women.
2. Company should do some amendments in their promotion policy like they should
do internal promotion and stress on succession planning.
99
3. Company try to retain their active Life Advisors by giving some lucrative
incentives,quarterly bonus,tours based on their performance.
4. Company should do more interesting training sessions with the help of audio
visuals,two way communication,activities,practical training,etc.
5. Company should give more focus on advertisements so that they can lure more
people.
CONCLUSION
As we know Recruitment is distinct from Selection. Once the required number and kind
of human resources are determined, the management has to find the places where the
required human resources are/will be available and also they have to find the means of
attracting them towards the organization before selecting suitable candidates for jobs. The
present study has been done to analyze the effectiveness of recruitment process at
Reliance Life Insurance This study reveals that the company is not able to recruit
100
potential Life Advisors. Also the Life Advisors are dissatisfied with their commission and
promotion policy.
At the end of the study, we can conclude that though there is satisfactory recruitment
process but company have to do some amendments in their recruitment process to get
potential Life Advisors like company should choose suitable segment for Life Advisor.
BIBLIOGRAPHY
Books :
a) Blackman(2002), Human Resource Management, Tata Mcgraw Hill Publications.
b) Kotler Philips(2009),Marketing Management, Dorling Kindersley(India) Pvt.Ltd.
c) Kothari, C. R.(2005), Quantitative Technique, Vikas Publishing House Pvt.
Limited, New Delhi
d) Vecchio P Robert (2008), HRM Review, The Icfai University Press
101
Websites :
a) www.bhartiaxalife.com
b) www.citehr.com
c) www.irda.nic.in
d) www.paradize.com
Questionnaire
Hello sir/madam,
I am an M B A student and conducting a very prestigious marketing research project on
Recruitment and Selection of Life Advisor in Reliance Life Insurance . You are
requested to cooperate me by filling this questionnaire.
102
NAME ________________________________
GENDER a) Male
b) Female
d) more than 35
1. From which segment people mostly ready to do the job of life advisor?
a) students(Freshers)
b) businessman
c) govt.employee
d) housewife
e) retired person
2. What are the sources of recruitment?
a) through employment exchange
b) through consultancy firm
c) through campus interview
d) calling on random numbers
e) through references.
3. Which one of the following quality you want to see in your LA?(rate 1-5)
a) good communication skill
b) commitment
c) confidence
d) social circle
e) punctuality
4. How many LAs attending regular training sessions organized by company ?(in %)
a) 0-20
b) 20-40
c) 40-60
d) 60-80
e) 80-100
103
Agree
Neutral
Disagree
104
Strongly Disagree
b) Female
d) more than 35
105
e) any other
2. Are you married?
a) yes
b) no
Strongly Disagree
3
Strongly Disagree
3
Strongly Disagree
2
106
107