On

RECRUITMENT OF INSURANCE ADVISORS

Submitted in partial fulfillment of the requirement for the

Award of degree of
“MASTER OF BUSINESS ADMINISTRATION”
Session: 2009 – 11
Of
UTTAR PRADESH TECHNICAL UNIVERSITY, LUCKNOW (U.P.)

Submitted To Submitted By
Prof. C . Lal Nidhi Jaiswal
Director-IMS, (SHEPA) MBA (HR) Marketing
Varanasi Roll No-0918470030

INSTITUTE OF MANAGEMENT SCIENCE

(SHEPA)
NIBIA, BACHCHHAON, VRM BYPASS, VARANASI-11

1
 To whom it may concern

This is to certify that Ms. NIDHI JAISWAL Roll no 0918470030 is the student of MBA III
semester and has successfully completed her project on “RECRUITMENT OF INSURANCE
ADVISORS”

Date: HOD
Prof. C . Lal

2
 Company Logo

To whom it may concern

This is to certify that Ms NIDHI JAISWAL , Roll no 0902970050, is the student of MBA III
semester. She has worked on the project titled “RECRUITMENT OF INSURANCE
ADVISORS” under my supervision and guidance. This is an original and authenticated work
done by her.

Date. Guide

ASHWINI DUBEY

3
 Declaration

I NIDHI JAISWAL , Roll no 0902970050, student of MBA IIIrd Semester of Department of

Management Studies, Krishna Institute of Engineering and Technology, Ghaziabad hereby
declare that the project report on “RECRUITMENT OF INSURANCE ADVISORS”, is an
original and authenticated work done by me. I further declare that it has not been submitted else
where by any other person in any of the university for the award of any degree or diploma.

Date Name of student

NIDHI JAISWAL

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 ACKNOWLEDGEMENT

I am thankful to management of BIRLA SUN LIFE INSURANCE Co. Ltd. Gorakhpur .For
granting the permission, cooperation and valuable information for completing this project.
No words are enough to thank Mr. Prashant Awasthi (Branch Manager) and Ashwini Dubey
(Senior Agency Manager), who not only inspired me to work on this project but also accepted to
guide me.
I also express my heart felt thanks to Mr. Ashwini Dubey (Agency Manager) Birla Sun life
insurance co. Ltd, Cross road Gorakhpur for his valuable guidance and continuous support in
better understanding the study with his excellent ideas throughout the project.
In spite of heavy responsibilities and busy schedules, they always managed time to provide
proper guidance.
Last but not the least, I would like to say that my parents and friends for giving me their constant
support and encouragement in completion of my project.

NIDHI JAISWAL

5
 PREFACE

Summer training is an integral part of the MBA course curriculum. The main objective of this
training is to supplement the student’s theoretical knowledge with a practical exposure to the
working environment of an organization. This programme enhances the student’s capability to
cope up with the uncertainties and challenges which are the part and parcel of every
organization.

The competition in the insurance sector is highly volatile in nature. Over the decade only
government undertaking company was operating in India but with the opening up of the
economy several new player like private sector & multinational insurance entered in Indian
horizon. In the giving project I made the importance of Financial Advisor in accelerative the
service of the company. Advisors are playing a very important role for making a bright future of
Birla Sun life.

Research design method used was descriptive research. The sampling method used was
simple random sampling. I have taken a size of 60 respondents. I first formed a structure
questionnaire to collect data & the questionnaire is filled by the people, who are related with
insurance company.

On the basis of filled questionnaire, coding sheet is formulated & the conclusions are
drawn with the help of graphs pie charts.

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 EXECUTIVE SUMMARY

Identifying different profiles of the people and giving them a Business Opportunity to join Birla
Sun life Insurance Company Ltd. as an advisor

The study is conducted to identify the perception perceived by the people and insurance
holders amongst Life Insurance Company. To make people aware of the services facilitated by
Birla sun life’s insurance. Several awareness programs were conducted followed by promotional
activity. People were contacted to make them understand of birla’s investment Services.

A market survey was done on life insurance companies. Different questions regarding the
companies training programs for advisor, top 5 USP's, training centers etc were asked. The areas
covered up in this survey were Gorakhpur. The report contains details of different role of the
advisor in life insurance companies and the importance of financial advisor in accelerative the
service of the company.

Insurance industry is growing rapidly day-by-day. India itself has a population of

1.12billion out of which roughly 33.2% people are insured. This clearly shows that most of the
people are not insured just because they don’t know much about insurance.

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 TABLE OF CONTENT

Page no

• CERTIFICATE

• DECLARATION 4

• ACKNOWLEDGEMENT 5

• PREFACE 6

• EXECUTIVE SUMMARY 7

• BRIEF INTRODUCTION 9

CHAPTER - I

• INTRODUCTION 12

• COMPANY PROFILE 26

CHAPTER – II
• RECRUITMENT AND SELECTION 46

• RESEARCH METHODOLOGY 68

CHAPTER – III
• DATA ANALYSIS & INTERPRETATION 74

CHAPTER - IV

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 • CONCLUSION 87

• BIBLIOGRAPHY 92

• QUESTIONNAIRE 93

BRIEF 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 BIRLA SUN LIFE INSURANCE
COMPANY is undertaken which is one of the popular sector insurance sectors. The analysis of
Birla sun life insurance is taken from different sectors. For creating strong relationship and for a
successful business every insurance company required financial planner.

Objective of the study:

• How to recruit agents for Birla sun 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 especially 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 Birla sun life and their thinking about the Birla sun Life Insurance Company or about private
insurance company.

Conclusion:

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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.

CHAPTER - I

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 Life Insurance

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 INTRODUCTION

Life insurance or life assurance is a contract between the policy owner and the insurer, where the
insurer agrees to pay a sum of money upon the occurrence of the insured individual's or
individuals' death or other event, such as terminal illness or critical illness. In return, the policy
owner agrees to pay a stipulated amount called a premium at regular intervals or in lump sums.
There may be designs in some countries where bills and death expenses plus catering for after
funeral expenses should be included in Policy Premium. In the United States, the predominant
form simply specifies a lump sum to be paid on the insured's demise.

As with most insurance policies, life insurance is a contract between the insurer and the policy
owner whereby a benefit is paid to the designated beneficiaries if an insured event occurs which
is covered by the policy.

Life-based contracts tend to fall into two major categories:

• Protection policies - designed to provide a benefit in the event of specified event,

typically a lump sum payment. A common form of this design is term insurance.

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 • Investment policies - where the main objective is to facilitate the growth of capital by
regular or single premiums. Common forms (in the US anyway) are w hole life,
universal life and variable life policies

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 toregulate the
life insurance business.

 1928 - The Indian Insurance Companies Act enacted to enable the government tocollect
statistical information about both life and non-life insurance businesses.

 1938 - Earlier legislation consolidated and amended to by the Insurance Act withthe
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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 TYPES OF LIFE INSURANCE
Life insurance may be divided into two basic classes – temporary and permanent or following
subclasses - term, universal, whole life and endowment life insurance.

Temporary Term Insurance:-

Term assurance: provides for life insurance coverage for a specified term of years for a
Specified premium.

Permanent Life Insurance:-

Permanent life insurance is life insurance that remains in force (in-line) until the policy
matures (pays out), unless the owner fails to pay the premium when due (the policy
expires or policies lapse).

Whole life coverage:-

Whole life insurance provides for a level premium, and a cash value table included in the policy
guaranteed by the company.

Universal life coverage:-

Universal life insurance (UL) is a relatively new insurance product intended to provide
permanent insurance coverage with greater flexibility in premium payment and the potential for
a higher internal rate of return.

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Limited-pay:-

Another type of permanent insurance is Limited-pay life insurance, in which all the premiums
are paid over a specified period after which no additional premiums are due to keep the policy in
force. Common limited pay periods include 10-year, 20-year, and paid-up at age 65.

Endowments:-

Endowments are policies in which the cash value built up inside the policy, equals the death
benefit (face amount) at a certain age. The age this commences is known as the endowment age.

Accidental Death:-

Accidental death is a limited life insurance that is designed to cover the insured when they pass
away due to an accident. Accidents include anything from an injury, but do not typically cover
any deaths resulting from health problems or suicide. Because they only cover accidents, these
policies are much less expensive than other life insurances

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 Why Insurance?
Insurance is the protection of life and assets against unforeseen circumstance. Whether it is a
general accident policy, a Mediclaim policy or a pension policy, an insurance policy helps you to
scope with uncertainty and insecurity.
Ever thought about why you should take an insurance policy. For one, it helps you to hedge risks
against unforeseen circumstances and save more. If that's not all, it is:
• Superior to an ordinary savings plan as it provides full protection against risk of
death.
• Encourages and forces compulsory savings unlike other saving instruments,
wherein the saved money can be easily withdrawn.
• Provides loan to tie over a temporary difficult phase and is also acceptable as
security for a commercial loan.
• Offers tax relief to policyholders.
• Hedges risk against uncertainty.
• For a policy taken under the MWP Act 1874, (Married Women's Property Act), a
trust is created for wife and children as beneficiaries.
• Based on the concept of sharing of losses, the society will benefit as catastrophic
losses are spread globally.

Life Insurance has come a long way from the earlier days when it was originally

conceived medium for short periods of time. Covering temporary risk situation,

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 such as sea voyages. As Life Insurance became more established, it was realized

what a useful tool it was for a number of including.

 TEMPORARY NEED / THREATS :-

The original purpose of the Life Insurance remains an important elements,

namely for replacement of income on death etc.

 REGULAR SAVING :-

Providing for one’s family and oneself, as a medium to long term exercise

(through a series of regular payment or premiums). This has become more

relevant in recent times as people sect financial independence for their family

 INVESTMENT :-

Put simply, the building up of saving while safeguarding it form the

ravages of inflation. Unlike regular saving produc ts, investment products are

traditionally lump sum investment, where the individual makes a one off

payment .

 RETIREMENT:

Provision for later years become increasingly necessary, especially in a cultural and
social environment. One can buy a suitable insurance policy, which will provide periodical
payments in one’s old age.

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Who can buy a life insurance policy?

Any person above 18 years of age, who is eligible to enter into a valid contract, can go for an
insurance policy. Subject to certain conditions, a policy can be taken on the life of a spouse or
children.

HOW LIFE INSURANCE IS USEFUL?

Planning for the financial consequences of a premature death is an essential part of every
financial plan. Generally, the consequences are simply too large to ignore and cannot be totally
covered with your own resources. Life insurance is nothing but a contract with an insurance
company under which the insured (purchaser) pays a premium in exchange for coverage of
specified losses.

• Protects life’s uncertainties in financial terms.

• Monetary compensation against the losses.

• Protects your family against the risk of pre mature death of you.

• Consider your family’s short-term needs (for example- medical expenses)

• Consider long term needs (for example- replacing your income)

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Some financial information about insurance sector:-
About Stock?

A stock symbolizes ownership in a company.

Those who own stock become shareholders or stockholders in the company from which they
purchased the stock,

Experts have identified a number of stock types that people can acquire:

• Penny Stocks: Stocks offered by small companies with limited growth potential. Such
stocks tend to be worth very little reflecting the perceived value of the company.
• Growth Stock: Stocks offered by relatively new companies that are high on potential but
low on stability.
• Blue Chip Stocks: Stocks offered by established, successful companies. These stocks are
relatively safe investments.

About Stock Market?

Essentially a market is a place which introduces a buyer to a seller. In the case of stocks the
buyer and seller are dealing in small ownership portions of companies or shares.

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What is the function of Stock Markets?

Stock markets perform the following functions:

• Connecting those who seek money with those who can provide it.
• Create an auction mechanism in which prices can be decided for investments.
• Distributing the future risk of investments across many millions of individuals.

Providing the claim tickets upon which future wealth can be staked.

• Connecting financial institutions together to create money

About Debenture?

A debenture is a debt instrument, just like a fixed deposit (FD), usually issued by a company.
You invest a sum, and the company pays you a fixed rate of interest for the pre-defined period.
After the period gets over, you get back your principal amount.

About Bond?

A debt investment in which an investor loans money to an entity (corporate or governmental)

that borrows the funds for a defined period of time at a fixed interest rate.

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Two features of a bond - credit quality and duration - are the principal determinants of a bond's
interest rate. Bond maturities range from a 90-day Treasury bill to a 30-year government
bond. Corporate and municipals are typically in the three to 10-year range.

Initial Public offering:-

An initial public offering, or IPO, is the first sale of stock by a company to the public. A
company can raise money by issuing either debt or equity. If the company has never issued
equity to the public, it's known as an IPO. An IPO is just selling stock. It's all about the sales job.
If you can convince people to buy stock in your company, you can raise a lot of money.

Is life insurance a saving instrument?

Life insurance is mainly considered as a saving instrument rather than an investment avenue as it
promotes compulsory savings besides reducing tax burden on the policyholder and protects the
family of the policyholder in the event of unforeseen happening. It is the only saving instrument,
which covers the life risk besides giving tax concession both at entry (premium paid) and at exit
points. The section 10 (D) of the income tax act totally exempts payment of tax on any amount
received as bonus against life insurance policies.

WHY INSURANCE IN INDIA:

• Only 22% of the insurance population has been extended cover. Market penetration is
low and the potential to exploit is high.

• Insurance premium per capita is very low.

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 • Lack of comprehensive social system benefit and welfare means that demand for pension
products is high.
• Huge middle class of approximately 300 Million.
• Existing insurance company score low on customer servicefront.

The insurance market registered growth in the Asian region even though India’s share in global
insurance is less than 0.5% (1988) as compared to USA (24.2%) and Japan (21%). Studies have
reveled that in an emerging market, as disposable income rises, Insurance premiums as a ratio of
GDP shoots up. The confederation of Indian Industry projected a growth of Life Insurance
premiums from Rs. 350 Billion at present to Rs.140 Billion.

The growth of non-life insurance premium is expected to increase from 75 billion to 375 billion.
Out of which, only 10% is tapped by the existing insurer.

Insurance even more than banking is a volume game. A very exclusive approach in view is
unlikely to provide meaningful numbers. Currently, insurance is bought for the purpose of tax-
benefits. A higher percentage of business is in the rural market. The share of rural new business
insurance total new business is 55% in terms of policies and 47% in terms of sum assured.
However, this needs to be viewed in the light of some recent issues that have been raised
regarding as to what constitutes the rural market. Therefore, private insurers will be best served
by middle market approach, targeting the customer segments that are presently unexploited.

How many Indians are aware that LIC has more than 60Products and GIC has more than
180Products? Not only there is a reduction in the premiums of Life Insurance products have long
overdue since Indian morality rate has decreased three folds in the last 50years. There is also
scope to increase the yield on life insurance policies (presently 6%) with proper risk management
in place.

It is been debated that insurance business does not produce profit in the first five years
cross subsidization is a feature of Indian market. Even the first portfolio vote that is considered

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profitable, cross subsidizes other departments. Tariffs reduction is likely to reduce profits; further
insurers have to institute proper claims management progress in order to extract efficiencies. At
present life insurance business in the country is taxed at 12.5% of the profit in financial year. The
government is soon to present a new model of taxing life insurance companies at international
rates.

New entrants should be well advised to look ahead to the stage where brand strength will be a
competitive advantage and sketch their alliances accordingly. In fact, we believe that alliance
related to distribution rather than to produce or technology will prove most valuable in the long
run.

Banks and financial companies will emerge, as attractive distribution channel for this
insurance trend will be led by two factors, which already apply in other world market. First
Banking food insurance, fund management and other financial services companies are being to
increase their profitability and provide maximum value to their customers.

Therefore, they are themselves looking for a range of products to distribute.

In other market notably Europe; this has resulted in bank assurance. Bank entering into
the insurance business in India to bank hope to maximize expensive existing network by selling a
range of products more of a loss alliance between insurance and bank than a formal ownership.
Some Indian entrants like ICICI, HDFC and Reliance hope to ride their existing network and
customer bases.

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 IRDA

The Insurance Act, 1938 had provided for setting up of the Controller of Insurance to act

as a strong and powerful supervisory and regulatory authority for insurance. Post nationalization,

the role of Controller of Insurance diminished considerably in significance since the Government

owned the insurance companies.

The Insurance Regulatory and Development Authority Act, 1999 is an act to provide

for the establishment of an Authority to protect the interests of holders of insurance policies, to

regulate, promote and ensure orderly growth of the insurance industry and for matters connected

therewith or incidental thereto and further to amend the Insurance Act, 1938, the Life Insurance

Corporation Act, 1956 and the General insurance Business (Nationalization) Act, 1972 to end the

monopoly of the Life Insurance Corporation of India (for life insurance business) and General

Insurance Corporation and its subsidiaries (for general insurance business).

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25
 Companies Equity Share

74%
+ 26%

= 100%

ACHIEVEMENTS:-

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 • stood at Rs.746.60 crores, marking a 105% growth over the previous year. BSLI known
for best practices that were adopted by IRDA for the industry
.
• BSLI pioneered ULIP’s in India and is known for its innovative products
.
• BSLI has the best claims ratio in the industry- An Outstanding 0.41%.

• BSLI 3rd largest in the group segment.

• BSLI considered a role model for Banc assurance in the industry & has 7 bank
relationships.

• BSLI is rapidly developing its alternate channels, with 197+ relationships, includes
premier relations like AR insurance, UTI securities & Reliance retail.

• Highest average ticket size in the industry.

• BSLI has grown more than the market in 2007 - For YTD October 2007, BSLI’s New
Business Premium

. BSLI would sponsor the Travel and Hotel stay for all repeat MDRT qualifiers of 2008 &
first time TOT/COT qualifiers of 2008 to attend the MDRT Conference at Canada (22nd
June to 28th June 2008)

. All the first time MDRT qualifiers of 2008 will get the laptop

Companies of Aditya Birla Group

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 1. 1-UltraTech Cement Ltd
2. Hindalco
3. Grasim
4. Aditya Birla Novo
5. Idea Cellular Ltd.
6. Birla Sun Life Insurance Co.Ltd
7. Birla Sun Life Asset Mgmt. Co.Ltd
8. Birla Sun Life Distribution Co. Ltd
9. PSI Data Systems
10. Indo Gulf Fertilizers Ltd.

1- Adityabirlanuvo ltd.

Aditya Birla Nuvo Ltd is a diversified conglomerate and the platform that has launched

many new businesses for India’s premier business house, the Aditya Birla Group. Aditya

Birla Nuvo has a balanced portfolio of traditional and new age businesses under its fold,

ranging from textiles to life insurance.

2- Grasim Industries Limited

Grasim Industries Limited, a flagship company of the Aditya Birla Group, ranks among

India's largest private sector companies, with consolidated net turnover of Rs.184 billion

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and a consolidated net profit of Rs.29 billion (FY2009).

Starting as a textiles manufacturer in 1948, today Grasim's businesses comprise viscose

staple fibre (VSF), cement, chemicals and textiles. Its core businesses are VSF and

cement, which contribute to over 90 per cent of its revenues and operating profits.

3- Novelis
Novelis is the world leader in aluminum rolling, producing an estimated 19 percent of the

world's flat-rolled aluminum products. We are the No. 1 rolled products producer in

Europe and South America, and the No. 2 producer in both North America and Asia.

Novelis is also the world leader in the recycling of used aluminum beverage cans.

Annually, we recycle around 35 billion used beverage cans -- enough to circle the earth

more than 100 times.

4-Ultra tech
Ultra Tech Cement Limited has five integrated plants, six grinding units and three

terminals — two in India and one in Sri Lanka.

Ultra Tech Cement is the country’s largest exporter of cement clinker. The export markets

span countries around the Indian Ocean, Africa, Europe and the Middle East.

Ultra Tech’s subsidiaries are Dakshin Cement Limited and Ultra Tech Ceylinco (P)

Limited.

5-IDEA Cellular
IDEA Cellular Limited was incorporated in 1995 and is one of the leading GSM mobile

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service operators. Headquartered in Mumbai, it has licenses to operate in all 22 service

areas across the country, though commercial operations are currently in 16 services areas.

IDEA enjoys a market leadership position in many of its operational area.

6-Hindalco Industries Limited

Hindalco Industries Limited, the metals flagship company of the Aditya Birla Group, is

an industry leader in aluminium and copper of its operational areas.

Hindalco is the world's largest aluminium rolling company and one of the biggest

producers of primary aluminium in Asia. Its copper smelter is the world's largest custom

smelter at a single location.

Established in 1958, Hindalco commissioned its aluminium facility at Renukoot in Eastern U.P.
in 1962.

COMPETITORS IN DETAIL:-
♣ Aviva life insurance: Aviva Life Insurance Company India Pvt. Ltd. is a joint
venture between Aviva of UK and Dabur, one of India's leading producers of
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traditional healthcare products. Aviva holds a 26 per cent stake in the joint venture

and the Dabur group holds the balance 74 per cent share

♣ Bajaj Allianz: Bajaj Allianz is a joint venture between Allianz AG one of the
world's largest insurance companies, and Bajaj Auto, one of the biggest 2 and 3

wheeler manufacturers in the world. Bajaj Allianz is into both life insurance and

general insurance. Allianz Group is one of the world's leading insurers and

financial services providers. Founded in 1890 in Berlin, Allianz is now present in

over 70 countries

♣ HDFC Standard Life Insurance Co. Ltd: is a joint venture between HDFC Ltd.,
India's largest housing finance institution and Standard Life Assurance Company,

Europe's largest mutual life company. It was the first life insurance company to be

granted a certificate of registration by the IRDA on the 23rd of October 2000.

♣ ING Vysya Life Insurance Company Limited: is a joint venture between Vysya
Bank and ING Group of Holland, the world's 4th largest financial services group,

with presence across 50 countries, and a heritage of over 150 years.

♣ Kotak Mahindra Old Mutual Life Insurance Ltd: is a joint venture between Kotak

Mahindra Bank Ltd. (KMBL), and Old Mutual plc. Kotak Mahindra is one of

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 India's leading financial institutions and offers a range of financial services such

as commercial banking.

♣ Life Insurance Corporation of India: (LIC) is an autonomous body authorized to

run the life insurance business in India with its Head Office at Mumbai. It has

been established by an act of the Parliament and started functioning from

1/9/1956.

♣ ICICI Prudential Life Insurance: ICICI Prudential life insurance is a part of ICICI
Bank.

♣ Max New York Life Insurance Company Limited is a joint venture between Max
India Limited, a multi-business corporate, and New York Life International, a

global expert in life insurance. New York Life is a Fortune 100 company that has

over 160 years of experience in the life insurance business.

♣ MetLife India Insurance Co. Pvt Ltd is a joint venture between MetLife Group
and its Indian partners. The Indian partners include J&K Bank, Dhanalakshmi

Bank, Karnataka Bank, Karvy Consultants, Geojit Securities, Way2Wealth, and

Mini Muthoothu.

♣ Reliance Life Insurance Company Limited is a part of Reliance Capital Ltd. of the
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Reliance - Anil Dhirubhai Ambani Group. The company acquired 100 percent

shareholding in AMP Sanmar Life Insurance Company in August 2005. Taking

over AMP Sanmar Life provided Reliance Life Insurance a readymade

infrastructure and a portfolio.

♣ SBI Life Insurance is a joint venture between the State Bank of India and Cardiff
SA of France. SBI Life Insurance is registered with an authorized capital of Rs

500 crore and a paid up capital of Rs 350 crore.

♣ Tata AIG Life Insurance Company Limited is a joint venture between Tata Group
and American International Group, Inc. (AIG). Tata Group is one of the oldest and

leading business groups of India. Tata Group has had a long association with

India's insurance sector having been the largest insurance company in India prior

to the nationalization of insurance. The Late Sir Dorab Tata was the founder

Chairman of New India Assurance Co. Ltd., a group company incorporated way

back in 1919.

♣ Shriram Life Insurance Company Ltd is a joint venture between the Chennai-
Based Shriram Group and the South African insurance major Sanlam. The

company launched its operation in India in December 2005

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Life Product policy of birla sun life

1-Protection-----

(A) Term plan

(B) High Networth plan

2-Saving--------

(A) Birla sunlife insurance platinum plan

(B) Birla sunlife insurance Gold plus plan

(C) Birla sunlife insurance dream plan

(D) Birla sunlife insurance saral jeevan plan

3-Health solution------(A) BSLI Health plan

(B) BSLI universal Health plan

4-Retirment ------

(A)Birla sunlife insurance secure58 plan

(B) Birla sunlife insurance Freedom58

5- Children------

(A) Birla sunlife insurance dream plan

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 Opportunity of an insurance advisor in term of
carrier and growth path

What is advisor:-

An adviser is a professional who renders investment advice and financial planning

services to individuals and businesses. Ideally, the financial advisor helps the client

maintain the desired balance of investment income, capital gains, and acceptable level of

risk by using proper asset. He makes sure that you are aware of every opportunity

available to you. Advisors provide guidance for developing and achieving meaningful

educational, professional, and personal goals

Successful advising depends upon a shared understanding of, and commitment

to, the advising process, by students, advisors, and the university

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Advisor Role.

To provide ongoing financial advice for his/her clients:-

• Identify future clients
• Making appointments
• Conduct financial review meetings with prospects/clients.
• Close sales
• Get referrals
• Provide service to clients.
• Follows internal sales and reporting system.

Working Environment of an advisor/agent:-

• To be a part of world-class sales team.
• Work from your own office or residence.
• Work full time or part time (an advisor can work part time by undergoing only 50hrs
of training and 100hrs training is for full time advisors.)
• Earn Commission, Bonus & Incentives.
• No upper limits on earnings.
• Flexible career.

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How does an advisor/agent work:-

• Firstly an advisor/agent has to make a list of 100 people that he/she knows.

• Then the Advisor/agent makes a call to these clients and tries to fix an appointment.

• When an appointment is fixed the advisor/agent meets the customer & tries to sell the
product.

• After that the advisor/agent asks for the reference of maximum number of people from
the client.

• The reference is asked in context to make future calls and the whole procedure is
repeated again.

Opportunities for an Advisor/agent.

• No startup capital required.

• Flexible working environment.
• Be your own boss.
• Unlimited earning potential.
• To be a part of a world-class team.

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Other opportunities for insurance advisor:-

1-Tiger Program:-

CRITERIA

Advisors to AM

– Vintage: 12 months+
– Annualized Premium: 6,00,000
– Policies: 40
– Age: 25 -40 yrs
– Education: Graduate

NOTE

1-Promotion to AAM/AM on achievement of Pinnacle criteria would be subject to clearance of

Assessment Center.

2-His potential must be checked by the company that he is able for that post or not.

3-On the basis of that criterion he will promoted to that post.

38
2-Consultant Trainer Program

Consultant Trainer program is a part time career for an high potential Advisor where he can earn
a fee for the trainings conducted.

Greater potential to ‘Earn and Learn’ and create more successful advisors.

CRITERIA:

– Vintage: 6 months +
– Annualized Premium: 3,00,000
– Policies: 10
– Age: 25 to 40 yrs
– Education: Graduate

Note:

Promotion to Consultant Trainer would be subject to clearance of Assessment Center.

His potential will be checked by the company only then he will be promoted to the post of
trainer.

39
 Advisor commission

First premium commission :-

The type of policy and the premium paying term determines commission payable.

Currently the following rate of commission are in-force and applicable:

1-CLASSIC LIFE PREMIER. (Post ULIP)

Base Commission

PREMIUM PAYING 3 PAY OTHER PAYS

PERIODS
First Year 10.00% 11.00%
Second Year 3.50% 3.50%
Third Year 3.50% 3.50%
Fourth Year 0.00% 3.50%
Fifth Year 0.00% 3.50%
Sixth Year + 0.00% 1.50%
Top- up premium 1.50% 1.50%

40
2-SIMPLY LIFE

POLICY YEAR COMMISSION IN %

First Year 11.25%
Second Year onwards 2.0%

3-SUPREME LIFE

POLICY YEAR COMMISSION % COMMISSION %

3 PAY & 5PAY OTHER PAYS

First Year 9.0% 10.0%
Second Year Onward 2.0% 2.0%
TOPUP 2.0% 2.0%

4-DREAM PLAN/ CHILDREN PLAN

The commission rate for dream plan is calculated as :

. Commission Rate =2% x Policy term, Subject to a maximum of 40% (as per IRDA
guidelines.)

. Renewal commission rate =5% from second year onwards.

5-SARAL JEEVAN

41
POLICY YEAR COMMISSION IN %
1st Year Benefit period x 2% of premium
2nd Year onwards 5% of premium

6-GOLD PLUS

POLICY YEAR COMMISSION %

1st Year 8.0%
2nd Year & 3rd Year 4.0%
4th Year NIL
Top- Ups 2.0%

7- PLATINUM PLUS

PLAN TYPE PREMIUM COMMISSION RENEWAL

PAYING PERIOD COMMISSION
FOR 2nd & 3rd YEAR
Platinum plus 1-3 Years 8.0% 4.0%

8- FREEDOM 58

POLICY YEAR COMMISSION%

1st Year 7.5%
2nd Year onward 2.0%
Top- ups premium 2.0%

42
9- HEALTH PLAN

PLAN TYPE PREMIUM COMMISSION RATES %

PAYING
PERIOD 2nd& 3rd Year Subsequent Top-ups
st
1 Year Years
BSLI Health 1–3 Years 30.00 5.0 _
plan
BSLI 1–3 Years 25.00 4.0 _
Universal
Health Plan

Suggested Tasks for Advisors

• Have knowledge of all plans and activities of the group.

• Discourage domination of the group by any individual or small groups.

43
 • Assist in the orientation of new officers.
• Be available to meet with members of the organization at their regular meetings and
events sponsored by the group. If the group meets weekly plan on attending at least once
a month.
• Provide guidance in the planning and evaluation of programs.
• Assist the group in setting realistic goals and objectives for the academic year.
Facilitators are available at the Center for Student Involvement & Leadership, 621-8046
to help with this task.
• Promote closer involvement between students, faculty and staff. Suggest the group apply
for faculty student interaction monies (see the Funding Section of the Handbook.)
• Assist the group in abiding by all University policies, procedures, and regulations.
• Be familiar with the Policy Section of the Handbook.

Techniques of Advising

Understanding what a student officer expects of an advisor and what an advisor may expect of a
student officer may enable one to more effectively fulfill the role of an advisor. It is strongly
suggested that before agreeing to sign the annual recognition papers, advisors should meet with
the student leaders to determine mutual expectations. Listed here are guidelines that may be
helpful in determining these expectations

OBJECTIVE of new advisor’s:-

1-Grow own talent

2-Picking best people

44
3-Retention of Talent

4-Opportunity for career development

5-Sharing best practices

6-Blueprint for success

45
 CHAPTER -2

46
RECRUITMENT AND
SELECTION

47
 What is Recruitment?

Recruitment is the process where the HR identifying the gaps to be filled, attracting the

suitable person's CV’s through different media (like advertisement in paper, approaching

consultants, employee references, campus placements (when the requirement is huge),

even you can verify active working Employees in your company through promotions

/transfers) & etc., up to receiving the CV’s. Selection starts from scrutining the received

CV’s, Conducting the tests & finally ends with the HR round of Interview for taking a

decisions whether selected or not.

48
 RECRUITMENT GUIDELINES:

Foreword:

For a manpower intensive industry such as ours, Recruitment represents one of the single

biggest Expense items. It is therefore prudent for this expense Head to be monitored

closely. As a first step, all recruitments in BSLI will be frozen for the next three months

(starting from April ’07) Except for sales channels who will obtain advance approval

from the CEO on a monthly basis. Replacements and emergency needs for other Functions

will also require CEO’s approval.All functions can work on the lines of the recruitment

plans that they have designed for the quarter, as it is important to staff in order to support

anticipated business growth and raise their proposals accordingly

49
Coverage:
These guidelines cover all new joiners on full time basis at Head Office and across all

branches, including Agency Managers and those who are on contract, as also for new

positions and replacements

Other Functions.
For recruitment of any new or replacement positions the concerned function will have to

provide a justification on criticality / need of the same to Head Of HR in the enclosed

format (Annexure “A”).Head of HR with the CEO will review the same on a monthly

basis. The normal recruitment process would be followed for the approved numbers and

positions. The Head Count Approval Form for the same needs to be raised (Available on

the home site under Forms in HR manuals) for approval of Planning and HR.

50
THE RECRUITMENT PROCESS:

1. IRS (Internal Recruitment System)

2. Through referrals.
3. Advertisement (Web sites & Newspaper.)
4. Through Consultant
5. Open Market (Direct Walk in)
6. Direct External Method Of Recruitment

Internal Recruitment System :

As a rapidly growing organization we posses the advantage of being able to leverage on our size,
diversity and the multiple locations of our operations to better manage the career of our
employees. The enclosed policy on Internal Recruitment System is meant for ensuring that the
career of our employees is better managed while meeting the needs of our company. This policy
will be applicable to all the vacancies arising on or after January 01, 2003.

Through Refferals
Employee referral means using personal contacts to locate job opportunities. It is a
recommendation from a current employee regarding a job applicant. The logic behind employee
referral is that “it takes one to know one”. Employees working in the organization, in this case,
are encouraged to recommend the names of their friends, working in other organizations for a
possible vacancy in the near future. In fact, this has become a popular way of recruiting people in
the highly competitive Information Technology industry nowadays. Companies offer rich
rewards also to employees whose recommendations are accepted – after the routine screening
and examining process is over– and job offers extended to the
suggested candidates. As a goodwill gestures, companies also consider the names recommended
by unions from time to time.

51
Advertisement

These include advertisements in newspapers; trade, professional and technical journals; radio and
television; etc. in recent times, this medium has become just as colorful, lively and imaginative
as consumer advertising. The ads generally give a brief outline of the job responsibilities,
compensation package, prospects in organizations, etc.


Newspaper Ads: Here it is easy to place job ads without much of a lead time. It has flexibility in
terms of information and can conveniently target a specific geographic location. On the negative
side, newspaper ads tend to attract only those who are actively seeking employment

Direct Walk-ins:

Walk-ins is relatively inexpensive, and applicants may be filed and processed whenever

vacancies occur. Walk-ins provide an excellent public relations opportunity because well-

treated applicants are likely to inform others. On the other hand, walk-ins show up randomly,

and there may be no match with available openings. This is particularly true for jobs

requiring specialized skills.

Direct External Method Of Recruitment

In Campus Recruitment, Companies / Corporate visit some of the most important

Technical and Professional Institutes in an attempt to hire young intelligent and smart students at

source. It is common practice for Institutes today to hire a Placement Officer who coordinates

with small, medium and large sized Companies and helps in streamlining the entire Campus

52
Objectives:
The Internal Recruitment System at BSLI will serve the following purposes:

• Help in better career management of employees.

• Enlarge available choice of candidates by throwing
• open positions to all who are eligible.
• Ensure that persons most suitable occupy positions.
• Promote a culture of merit and transparency
• Enhance the vibrancy of the whole organization.

53
 AdvisorsClub

54
 Exclusive Club for Exclusive Advisors

OBJECTIVE

1-To reward and recognize loyal and top performing Advisors

2-To reward and recognize loyal and top performing Advisors

3-Building and maintaining long term relationship with Advisors

4-Blueprint for success

5-Increased BSLI growth through committed performance of the Advisors

Criteria of club membership:-

Clubs Qualifying Conditions (Alternate Condition)

Bronze 25 Net Lives and Rs. 60,000 NAAC Rs. 1,20,000 NAAC
Silver 40 Net Lives and Rs. 90,000 NAAC Rs. 1,80,000 NAAC
Gold 60 Net Lives and Rs. 1,50,000 NAAC Rs. 3,00,000 NAAC
C.E.O 100 Net Lives and Rs. 5,00,000 NAAC Rs. 10,00,000 NAAC
CEO Classic1 100 Net Lives and Rs. 12,50,000 NAAC Rs. 25,00,000 NAAC
CEO Classic 2 100 Net Lives and Rs. 20,00,000 NAAC Rs. 40,00,000 NAAC
CEO Classic 3 100 Net Lives and Rs. 35,00,000 NAAC Rs. 70,00,000 NAAC
CEO Classic 4 100 Net Lives and Rs. 50,00,000 NAAC Rs. 1,00,00,000 NAAC

55
CEO Classic 5 100 Net Lives and Rs. 65,00,000 NAAC Rs. 1,30,00,000 NAAC
CEO Classic 6 100 Net Lives and Rs. 80,00,000 NAAC Rs. 1,60,00,000 NAAC

BENEFITS:-

• Fixed Line Rentals/local call /local mobile charges, Sales Promotion Expenses as allowed
in Competition.

• Printing/postage charges of authorized communication sent to existing / prospective

clients.

• Other office expenses.

• Events Organized for existing/prospective clients or Local & Non-Local travel cost to
business related seminars /educational meets, Inclusive Foreign Travels

• Interest on personal loans taken for computers, printers, laptops,

2/4 wheelers

56
 REIMBURSEMENTS FOR AN ADVISOR IN CLUB
MEMBERSHIP:-

CLUB MEMBERS CAN REIMBURSE THE BENEFITS UP TO THE

FOLLOWING AMOUNT

Club Reimbursements Club Reimbursements

Bronze 3500 CEO Classic210000
2
Silver 4500 CEO Classic360000
3
Gold 10000 CEO Classic510000
4
CEO 45000 CEO Classic660000
5
CEO Classic120000 CEO Classic810000
1 6

57
Advisors club: Benefits:-

• Advisor Marketer
– A business enabler - a professionally written document about the advisor to
present and impress his/her prospective clients.

– Printed and laminated, this document would capture in a single

sheet all the important details such as: profile, qualification &
training, and customer testimonials.

• Customer Giveaways
– Sales Promotion Items will be sent to the advisors at regular intervals for
promoting business with their customers.
– The quantity will vary with the membership category.

58
 • Business Cards
– This specially designed and personalized Business Card with Club qualification
will be printed and distributed to the
qualifiers.

• Meeting top management

– Each of the categories beginning with CEO club will meet top management at the
respective club conventions/ seminars

• Meeting the top Management

– The Top 10 Advisors of the country gets to meet the Head Financial Services

– The Top 10 performers of each region get to meet the CDO

– All CEO members shall qualify to meet the CEO twice a year

- Invitation to an exclusive break Advisors/lunch where the Advisor can have a one-to-
one conversation with the top management of BSLI.

• Health Insurance

– Health Insurance coverage for the club members shall be provided

– The details of the same shall be circulated later.

59
. Annual Health Check-ups

– All eligible Advisors Club members will receive a pre-printed Health check-up
Voucher with the Advisors Club welcome kit. Advisor is our partner in this
benefit. The list of diagnostic centres and Advisor Office numbers are mentioned
in the voucher.
– The Advisors have to call up the nearest to fix an appointment according to their
convenience.
– Then present the voucher along with a photo ID .
– The reports will be sent by the diagnostic centre to Advisor who will in turn mail
it to our Advisors at the address we have on our records.

• Magazine Subscription

– As BSLI Advisors, we would like them to keep abreast of the latest events across
the world and present a worldly wise image to their customers.

– Platinum members will receive a magazine subscription of the international

magazine .

– Diamond members will receive a magazine subscription of the domestic magazine

• Training Programmes

– To help Advisors realize their dreams, several training & development

programmes have been developed to enhance them with:

60
 – Knowledge

– Skills

– Attitude to meet performance benchmarks

– Provide exclusivity & value addition to select band of trainers

REWARD AND RECOGNITION

There are three reward which are provided by company to the advisors when they achieve

their target . This target is fixed by the company.

1-MDRT

2-COT

3-TOT

MDRT

61
It is stand for MILLION DOLLAR ROUND TABLE.MDRT is the degree of an advisor

which is given by the company when an advisor achieve the criteria of 33 lacks (annual

premium).It is a great recognition of an advisor. When he complete his criteria , he is

able to get heavy incentive and foreign trip.

COT

It is second step of an advisor ,when an advisor complete his criteria of 94 lacks (annual
premium).After achieving this criteria ,he will able to get heavy incentives with foreign trip with
spouse. This reward is very helpful to motivate the advisors. It is stand for court of table.

TOT

Tot is the biggest degree of an advisor in which he must be completed the target of Rs 2 crore.
After achieving this target an advisor can get Europe tour with heavy incentives.Ihis is stand for
TOP OF THE TABLE.

62
 PROCESS OF RECRUITMENT OF AN ADVISOR

SURVEY(Prospecting)

CONTACT

MEETING

ADVISOR RESPONSE

63
 FORMALITIES OF AN ADVISOR

CRITERIA OF AN ADVISOR

DOCUMENTS

TRAINING

EXMINATION

1-SURVEY

Survey is the very first step of recruiting the advisor .I have decide the area for the

survey then I have done a survey of people from the area which is decided .From each

area I select some people and talk with them about the agency of BIRLA SUNLIFE

INSURANCE CO. Ltd and try to know their interest

.

2-CONTECT

64
 In this step I prepared the list of people and try to motivate them for meeting. If some one
interested , they can attend the meeting with their agency manager.

3-MEETING

Meeting is the next process to convince the people who are interested in taking advisorship
.In this step I try to convince them after providing the information about the benefit which can be
get by the people after taking the advisorship.

4-RESPONSE OF ADVISOR

After getting the whole information about the profit , commission , rules and regulation
the people is become able to take decision that he should take the agency or not

5-FORMALITIES

When an advisor ready to take the agency , then he have to fulfill the some requirement
which is necessary for the advisor as well as company. In which they have to fill the form and
submit some documents.

65
6-CRITERITA FOR ADVISORS

Age- 18 year

Educational Qualification- Urban - Intermediate, Rural – Class 10th.

Documentation- Age proof

Id proof
PAN Card
Bank account
Driving Licence
Address proof .

7-TRAINING

It is the next step ,when the people is ready to take the advisorship then he have to
take training of 50hours for getting the more and more information about IRDA examination.

8-EXAMINTION

After getting the information about the examination through the training of 50 hours,
he have to give the examination of IRDA . If he will be passed then he will get the code of the
company which is certified by IRDA.

66
 Hierarchy of BSLI
CEO

CDO

HOS

ZM ( N1) N2 E1 E2 W1 W2 S1 S2

ZM(E-2)

67
 RM

TM

BH BM

AM SAM BDM

CHAPTER -3

68
69
 RESEARCH
METHODOLOGY

Research Methodology
While making a study we very often look for what type of research methodology is to be used in
this type of study. For implementation of aproper research methodology we have to first
understand the meaning of research.
Research is a process with the help of which new concepts arises. It is the increase in the actual
knowledge stock. It can be called as movement from known to unknown and vice-versa. It is also
a continuous process. It is a scientific as well as systematic process, which includes defining and
redefining the problem to develop hypothesis, to collect and define the information/data, to

70
analysis the information and bring out the mother of Discovery. An individual makes the effort
in research and society or public takes its benefits because the results are usually generalized.

Data collection
The word data means any raw information, which is either quantitativeor qualitative in nature,
which is of practical or theoretical use. The task of data collection begins after a research
problem has been defined and research design chalked out. While deciding about the method of
data collection, the researcher should keep in mind that there are two types of data primary and
secondary.

Primary data: -

This is those, which are collected afresh and for the first Time, and thus happen to be original in
character. There are many ways of data collection of primary data like observation method,
interview method, through schedules, pantry Reports, distributors audit, consumer panel etc. The
Team Managers and employees of both the Department were consulted to get information about
procedure of both the online and off line share trading. But the method used by us for the
primary data collection was through questionnaires. For the collection of primary data I used
questionnaire method. A formal list of question, which is to be asked, is prepared in a
questionnaire and questions are asked on those bases. There are some merits and demerits of this
method.

Merits: -
1. Low cost even when universe is large.
2. It is free from bias of interviewer.
3. Respondents have proper time to answer.
4. Respondents who are not easily approachable can also be reachable.
5. Large samples can be made.

71
 2. Secondary data: -

These are those data, which are not collected afresh and are used earlier also and thus they
cannot be considered as original in character. There are many ways of data collection of
secondary data like publications of the state and central govt., reports prepared by researchers,
reports of various associations connected with business, Industries, banks etc. And the method,
which was used by us, was with the help of reports of the company.

Sample Size

We have meet 250 peoples during requirement Advisor and policy selling after that I have taken
25 Peoples they have fill up the questionnaire and given response .

Sample Design

Descriptive and Exploratory Research Design. Study is descriptive because it describes the

process of recruitment and selection and study is exploratory because some more new profiles or

segments are discovered for recruitment.

STEPS
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

72
 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 willingness of general public to work as an agent
with private player .

Sampling plan
The sampling plan calls for three decisions.
A) Sampling Unit: I have completed my survey in Gorakhpur.
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) Contact 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.
Collecting the Information

Data Presentation and Interpretation

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

73
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.

74
 CHAPTER - 3

75
 DATA ANALYSIS

Analysis 1

Age of respondents: The following is the distribution of age of the respondents

76
Age <25 Years 25-30 years 31-40 years >40 years
Numbers of 4 73 45 27

Individual

80 73

60
45
40 27
20 14
4
0
<20 years 20-25 years 26-30 years 31-35 years >35 years
Number of individual

47.3% of the total sample size comes from 20-25 age groups

Where individual less than 20 and more than 35years is 11.4%

Interpretation: The majority of interest during the survey was shown from the age
group 20-25 years

Analysis 2: Years presence in the GORAKHPUR

77
No. of years <3 years 3-5 years 6-10 years 10-20 years >20 years

present
No. of 41 44 18 26 33

individual

50 45
41
40 33
30 26
18
20

10

0
<3years 3-5 years 6-10 years 11-20 >20 years
years

No. of individual

The people belonging from 3-5 years presence in GORAKHPUR mainly come from student

community, where as 6-10 years and 11-20 years was the most perfect candidate for insurance

company.

Interpretation: Though the interest was shown by candidate belonging from age group
presence 3-5 years but the majority conversion rate was from people coming from age 6-20

years.

Analysis 3: Occupation of individuals surveyed

Govt. Pvt. Employee Students Unemployed Housewife

Employee
17 86 50 06 04
78
Here in this chart it shows that maximum numbers of people surveyed come from

Pvt.Employee and student community

Interpretation: Sample which has been surveyed is dominated by younger individual like

student and recently joined private employee.

Analysis 4: Qualification of individuals

Qualification Intermediate Graduate Post Graduate Others

No. of 18 15 80 50

individual

79
 100
graduate, 80
80

60 P.G., 50

40 10th or below,
18 intermideate, 15
20

0
10th or below intermideate graduate P.G.

Interpretation: - The majority people surveyed came form graduate and post
graduate groups and they fulfil our requirement.

Analysis 5: Biggest concern for future

Career Income Job

50 64 49

80
Interpretation: - Though all the three choices were equally preferred but the income was

most preferred.

Analysis 6: were they prepared for there future planning

Result YES NO
No. of individual 77 86

81
Interpretation: - It shows that majority was still having no planning for future.

Analysis 7: Interested for extra income

RESULT YES NO
NO. OF INDIVIDUAL 116 46

82
Interpretation: - A very high response was shown for earning extra income. The people
who were interested for more income is the one who show more interest towards

insurance.

Analysis 8: Preferred amount as extra income by different people.

Result 0k-5k 5k-10k 10k-20k >20k No Answer

No. of 28 51 29 7 48

individual

83
Interpretation: -Most people needed in around 5-10 thousand in the form of extra
income.

Analysis 9: Interested for part time or full time

Full Time Part-Time

77 8

84
Interpretation: - Though it is an equal distribution but majority people wanted to
work as part time employee in insurance.

According to respondent future of Birla Sun Life

M B D AVERAGE CAN'T SAY

E R U
E I L
T G L

85
 I
N H
G T
Govt. Service 10 4 1 2 3
Business 15 8 2 4 1
Pvt. Service 20 10 3 5 2
Other
(Specify) 20 7 3 5 5
Student 25 10 4 8 3
House Wife 10 2 1 2 5

MEETING

Govt. Service
Business
Pvt. Service
Other (Specify)
Student
HouseWife

INFERENCE
With the help of this figure we find that the Future of the Birla Sun Life

FINDING

86
 Why people are not ready to work as an agent in the
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 believe upon the LIC only.

• During the training period we felt that must of people who are already
working in insurance sector think that it is easy to sell the product of
other life insurance company.

• 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 3 days compulsory training.

87
CHAPTER - 4

88
 Conclusion

Recommendations & Suggestions

Limitation

89
 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.

90
 SUGGESTION

BSLI Company must give more advertisement on electronic media and

print media, as it help in enhance its goodwill and more people are
willing to work with reputed companies, through proper advertisement
it become easy to sell the product.

An insurance company must work with honesty to win the confident of

its agent and general public.

Duration of training must be reducing as in these day people have no

extra time.

Fees charged by companies from candidate for IRDA exam and training
should reduce.

Many other extra facilities must be provide to agent to attract them

such local and foreign trips, special price on achieving a target open
bank account at free of cost.

91
 BSLI Company must organize more and more seminars and also
participate in the job trade fairs to find out more candidates.

Increase the commission of agents.

Company must relic to candidate or other people that they are doing
social services for the welfare of society.

Better career opportunity must be provided to an advisor, such as an

role job, promotion etc.

A special function must organize time to time in which the special

prizes distribute among those agent who perform well.

The duration of the process of recruitment and selection is too long(1

and 1/2 month),during this process mostly candidate loss there
interest, so there is an urgent need to reduce the duration of this
period.

LIMITATIONS

92
• I did not get complete feed from the people about the question as they
are busy in their work and had less time to fill questioned.

• Sincerity of answering the questions cannot be judged.

• Time was the major constraint for me to understand the long process
of recruitment and selection.

• Limited money available for project.

93
ANNEXURE

BIBLIOGRAPHY

BOOK:-
94
Kotler Philips,

Marketing Management,

R. S. N. Pillai,

Cooper & Schindler,

V. S. P. Rao.

Magazines:-
Businsee India

Business world

Business newspaper

WEBSITES:-

http://www.google.com

http://www.economictimes.com

http://www.birlasunlife.com

http://www.adityabirlagroup.com

http://www.stockindia.com

Questionnaire for Respondent

1:- NAME _____________________

95
2:- CONTACT NO. ________________________

3:-ADDRESS

A- Permanent Add.____________________________________

B- Correspondence Add. _______________________________

4:- GENDER:
A- Male B- Female

5:-QUALIFICATION
A- Under graduate B- Post graduate
C- 12th pass D –others

6:-MARITAL STATUS

A-Single B-Married

C-Divorced D-Widow

96
7:-ANNUAL INCOME

A-Less than 1.5 lac B-Less than 3 lac

C-Less than 5 lac D-More than 5 lac

8:-OCCUPATION

A-Business man B-House wife

C-Retired D-Other

9:-WHICH MODE OF INVESTMENT IS PREFERRED BY YOU

A-Insurance B-Real Estate

C-Mutual fund D-Bank

10:-HAVE YOU INSURED YOURSELF WITH AN OTHER COMPANY

A-Yes B-No

C-Name of the Company___________

97
11:-HAVE YOU HEARD ABOUT BIRLA SUN LIFE INSURANCE COMPANY??

A-Yes B-No

12. ARE YOU WORKING?

A- YES B- NO

13. WOULD YOU LIKE TO HAVE EXTRA EARNING THROUGH SOME OTHER

WORK

A- YES B- NO

14. IF YES, WOULD YOU LIKE TO ADD YOURSELF WITH BIRLA SUN LIFE

INSURANCE LIFE CO?

A- YES B- NO

15. ARE YOU SATISFIED EITH THE RECRUITMENT PROCESS OF LIFE

ADVISORS.

A- YES B- NO

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1. WHAT ARE THE QUALITIES POSSESS BY YOU THAT WILL HELP THE

COMPANY TO SELL ITS POLICY?

_______________________________________________________________

2. WILL YOU BE ABLE TO BUILD TRUST AND CONFIDANCE AMONG

CUSTOMERS?

A- YES B- NO

3. IF YES, THEN HOW?

4. ARE YOU SATISFIED WITH THE SALARY PROVIDED TO LIFE ADVISORS?

A- YES B- NO

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16. WOULD YOU LIKE TO GET ASSOCIATED WITH BIRLA SUN LIFE INSURANCE

COMPANY

A-Yes B-No

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