Bharti Axa Life Insurance

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Bharti Axa Life Insurance

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Introduction Of Insurance  History of Insurance  Types of Insurance Organisation  Basic Functions of Insurance  Some Benefits of Policy Holder  Introduction of Bharti AXA Life Insurance  Bharti group facts  AXA Group  Achievements of Bharti AXA Life Insurance


Life Insurance Companies Operating In India  Products of Bharti AXA Life Insurance  Defination Of Agent  Differents Clubs in Bharti Axa  Objectives Of The Study  Training Of Life Advisors  Questionnaire  Findings  Conclusion  Suggestions




Insurance is a form of contract or agreement under one party agrees in return of a consideration to pay an agreed amount of money to another party to make goods for a loss, damage, injury to something of value Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss.



Phase 1- Pre-liberalisation

Phase 2 - Liberalisation

Phase 3- Post-liberalisation

RBI SEBI IRDA

• The RBI uses the monetary policy to create stability in India and is charged with regulating the country currency‟s and credit systems.

• The regulatory Body for the invesment market in India. The purpose of this board is to maintain stable and effcient markets by creating and enforcing regulations in the market place.

• That has been set up to protect the interests of the policy holders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected there with or incidental thereto .

LIFE

INSURANCE

FIRE INSURANCE MARINE

TYPES OF INSURANCE ORGANISATION

NON-LIFE INSURANCE

INSURANE EARTHQUAKE INSURANCE

REINSURANCE

OTHERS

PRIMARY

FUNCTIONS

SECONDARY
FUNCTIONS
Others Functions

INVESTMENT OPTION
LOAN AGAINST INSURANCE POLICY

DEVELOPS TAX BENEFITS THE HABIT OF SAVING PLANNING FOR LIFE STAGE NEEDS

RELASES CAPITAL AND MANAGEMENT

Bharti
74%

Axa
26%

Bharti Axa
Life Insu 100%

Incorporated on 13th July 2007 . Headquartered in Bangalore .  Vision to become the leader and preferred company for financial protection in India.  To provide Fast, Fair & Friendly services. Joint venture between Bharti and AXA .  74% stake from Bharti and 26% stake of AXA .


Sandeep Ghosh, CEO, Bharti AXA Life Insurance

Founded in 1976 by, Sunil Bharti Mittal.  Bharti group operats in 21 Countries across the globe.  Bharti group has 20 different companies.  Bharti Airtel was founded in 1995.  5th largest telecom company worldwide.  In india Airtel holds 30% Market Share.




1976-1979



1980-84



1989



1995



2005



2006



2008

2009  Bharti Airtel launches its services in Sri Lanka (2G/3G network).


2012  Bharti Airtel launch of the country‟s first ever fourth generation mobile services in Kolkata


      

      

Bharti Airtel Ltd. Bharti Infratel Limited Bharti Retail Ltd. Bharti Walmart Private Limited Bharti TeleTech Ltd. Comviva Technologies Limited FieldFresh Foods Pvt. Ltd. Bharti AXA General Insurance Company Bharti AXA Life Insurance Company Bharti AXA Investment Managers Pvt. Ltd. Centum Learning Limited Bharti Foundation Bharti Realty Del Monte

The company was originally founded in 1816 as Mutuelle de L'assurance contre L'incendie (the Ancienne Mutuelle)AXA is world‟s leading financial service provider with presence across 5 continents in 57 countries  France, China, Australia ,New Zealand, Hong Kong , Singapore, Thailand, Indonesia, Philippines and major countries across Europe, North America & Asia Pacific.  2,16,095 Employees Base worldwide.


Fastest Business Expansion .  24/7 dedicated Life Advisors connect centre.  Industry best TAT in policy issuance  First in industry to offer 48hrs TAT in fund value settlement .  One of its kind training value proposition in industry through “Bharti AXA Life Learning University”


Particular 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 s

Public Sector

1

1

1

1

1

1

1

1

1

1

Private Sector

22

21

17

15

14

13

12

12

11

4

Total

23

22

18

16

15

14

13

13

12

5

Sl. No.

Insurers Life Insurance Corporation of India

Foreign Partners --Standard Life Assurance, UK

Regn. No. 512 101

Date of Year of Registration Operation 01.09.1956 23.10.2000 1956-57 2000-01

1 HDFC Standard 2

Max New York
3 ICICI-Prudential 4 Kotak Mahindra Old Mutual 5 Birla Sun Life 6 TATA-AIG 7

New York Life, USA
Prudential Plc, UK Old Mutual, South Africa Sun Life, Canada American International Assurance Co., USA

104
105 107 109 110

15.11.2000
24.11.2000 10.01.2001 31.01.2001 12.02.2001

2000-01
2000-01 2001-02 2000-01 2001-02

SBI Life
8 ING Vysya 9 Bajaj Allianz Life 10 Metlife India 11 Reliance 12

BNP Paribas Assurance SA, France
ING Insurance International B.V., Netherlands Allianz, Germany Metlife International Holdings Ltd., USA ---

111
114 116 117 121

29.03.2001
02.08.2001 03.08.2001 06.08.2001 03.01.2002

2001-02
2001-02 2001-02 2001-02 2001-02

AVIVA
13 Sahara 14 Shriram 15 Bharti AXA 16 Future Generali India 17 IDBI Federal 18 Canara HSBC OBC 19 Aegon Religare 20 DLF Pramerica 21 Star Union Dai-ichi 22 IndiaFirst 23

Aviva International Holdings Ltd., UK
--Sanlam, South Africa AXA Holdings, France Generali, Italy Ageas, Europe HSBC, UK Aegon Netherlands Prudential of America, USA Dai-ichi Mutual Life Insurance,Japan Legal & General Middle East Limited, UK

122
127 128 130 133 135 136 138 140 142 143

14.05.2002
06.02.2004 17.11.2005 14.07.2006 04.09.2007 19.12.2007 08.05.2008 27.06.2008 27.06.2008 26.12.2008 05.11.2009

2002-03
2004-05 2005-06 2006-07 2007-08 2007-08 2008-09 2008-09 2008-09 2008-09 2009-10

Insurer LIC

2009-10 186077.31 (18.30)

2008-09 157288.04 (5.01) 31.21 1992.87 10624.52 360.41 4571.80 296.41

2007-08 149789.99 (17.19) 1891.88 9725.31 118.41 3272.19

2006-07 127822.84 (40.79) 1147.23 5345.24 7.78 1766.17

2005-06 90792.22 (20.85) 600.27 3133.58 1259.68

2004-05 75127.29 (18.25) 253.42 1001.68 915.47

2003-04 63533.43 (16.30) 81.50 220.80 537.54

2002-03 54628.49 (9.65) 13.47 69.17 143.92

Aegon Religare Aviva Bajaj Allianz Bharti AXA Birla Sun Life Canara HSBC

165.65 2378.01 11419.71 669.73 5505.66 842.45

2.49 4858.56 13561.06 11.90 1158.87 1691.14 2714.60 1159.54 3225.44 143.49 5622.14 358.05 2046.35 51561.42 (82.57) 201351.41 (29.01)

2855.87 7912.99 707.20 971.51 1500.28 492.71 1004.66 51.00 2928.49 184.17 1367.18 28242.48 (87.24) 156065.32 (47.38)

1569.91 4261.05 425.38 621.85 788.13 205.99 224.21 27.66 1075.32 10.33 880.19 15083.54 (95.19) 105875.76 (27.78)

686.63 2363.82 338.86 466.16 413.43 81.53 106.55 1.74 601.18 497.04 7727.51 (147.65) 82854.80 (24.31)

297.76 989.28 88.51 150.72 215.25 28.73 31.06 225.67 253.53 3120.33 (178.83) 66653.75 (19.56)

148.83 417.62 21.16 40.32 96.59 7.91 6.47 72.39 81.21 1119.06 (310.59) 55747.55 (11.28)

DLF Pramerica
Future Generali HDFC Standard ICICI Prudential IDBI Federal IndiaFirst ING Vysya Kotak Mahindra Max New York MetLife Reliance Sahara SBI Life Shriram Star Union Daiichi TATA AIG Private Total

38.44
541.51 7005.10 16531.88 571.12 201.60 1642.65 2868.05 4860.54 2536.01 6604.90 250.59 10104.03 611.27 530.37 3493.78 79373.06 (23.06) 265450.37 (19.69)

3.37
152.60 5564.69 15356.22 318.97 1442.28 2343.19 3857.26 1996.64 4932.54 206.47 7212.10 436.17 50.19 2747.50 64497.43 (25.09) 221785.47 (10.15)

Industry Total

TOTAL LIFE INSURANCE PREMIUM 2009-2010
200000 186077 180000

160000

140000

120000

100000 TOTAL LIFE INSURANCE PREMIUM

80000

60000

40000

20000

0

16531.88 669.73 11419.71 10104.03 7005.10 6604.90 5505.66 4860.54 3493.78 2868.05 2536.01 2378.01 1642.65 842.45 611.27571.12541.51530.37250.59201.60165.65 38.44

State / Union Territory

2009-10 No. of policies

Premium

2008-09 No. of policies

Premium

2007-08 No. of policies

Premium

2006-07 No. of policies

Premium

Andhra Pradesh Arunachal Pradesh Assam Bihar Chattisgarh Goa Gujarat Haryana Himachal Pradesh Jammu & Kashmir Jharkhand Karnataka Kerala Madhya Pradesh Maharashtra Manipur Meghalaya Mizoram Nagaland Orissa Punjab Rajasthan Sikkim

5033973 21475 1147104 2874562 735256 121306 2508343 964886 571106 312365 1046319 3385546 2435371 2044796 5471792 82840 27639 9418 33066 1826498 1404191 2612195 19893 3892855 133017 6176057 678103 5697386 23331 134611 1393 3086 1705367 257 59788 53195191

5572.37 40.74 1392.92 2768.78 718.33 431.96 5286.79 1485.97 959.56 592.89 1454.22 4714.64 4635.06 3172.47 12476.44 108.12 84.53 48.14 72.56 2061.39 2543.22 3371.59 38.58 6032.66 224.08 7601.30 885.38 7655.61 70.42 723.26 3.98 112.22 4572.54 0.96 93.38 82007.05

4661915 14774 1068332 2551196 746858 152811 2938482 802335 418696 202105 1014194 3374040 2513726 2029821 6034206 83361 32044 10905 30064 1607331 1304873 2121980 21198 3896649 108267 5301049 510583 5404180 23104 118764 1157 6641 1748045 525 50660 50904871

4912.54 26.30 1090.30 2235.68 585.12 366.76 4686.39 1285.51 690.05 436.57 1227.13 4238.31 4073.22 2552.70 10929.95 69.75 76.62 60.21 47.55 1653.33 2351.72 2694.09 35.53 5315.17 161.15 5981.39 612.69 5730.76 49.21 756.65 8.69 262.37 4214.90 1.07 110.03 69529.41

4705896 13682 986682 2333424 495942 153612 2703402 830714 436029 271996 984865 3554507 2667048 1784882 6643175 55048 28561 11296 23498 1630089 1193593 2077792 21987

5707.75 32.44 1152.23 2267.62 711.6 324.12 4398.88 1675.68 977.46 620.85 1285.94 5007.13 6347.4 2609.67 11257.38 96.72 84.09 53.42 43.22 1917.20 3119.18 3397.49 58.81

4590505 11778 940729 2015894 910886 120666 2399812 864779 332171 223881 905158 3240376 2038410 2006889 5482681 40891 22661 8316 23932 1348973 940184 2112791 23544

5150.05 16.67 970.26 1795.18 1010.89 194.58 3493.73 1555.91 810.59 495.92 995.87 3703.85 3913.36 2346.94 7189.75 53.36 45.35 50.98 45.41 1302.23 2340.48 3237.61 51.73

Tamil Nadu Tripura
Uttar Pradesh UttraKhand West Bengal Andaman & Nicobar Islands Chandigarh Dadra & Nagra Haveli Daman & Diu Delhi Lakshadweep Puducherry ALL INDIA

4754322 123237
5395340 523911 4465811 28420 120840 932 6689 1749006 252 70716 50847196

8294.8 194.85
6853.05 679.18 5315.71 48.87 864.99 1.52 10.23 3903.92 3.47 106.12 79422.97

3827785 127669
5021447 507404 3831294 31474 316003 313 4944 1810466 245 42846 46127798

5614.57 141.07
5922.41 611.54 3716.55 48.76 853.61 0.64 6.07 3876.06 0.07 55.79 61617.83

State Wise Pvt Players Premium 2009-2010
14000.00
12476.44 12000.00

10000.00

8000.00

7655.61 7601.30

6000.00

6032.66 5572.37 5286.79 4714.64 4635.06 4572.54 State Wise Pvt Players Premium

4000.00

3371.59 3172.47 2768.78

2543.22
2061.39 1485.97 1454.22 1392.92 959.56 885.38 723.26 718.33 592.89 431.96 224.08 112.22 108.12 93.38 84.53 72.56 70.42 48.14 40.74 38.58 3.980.96

2000.00

0.00

NUMBER OF INDIVIDUAL AGENTS OF LIFE INSURERS

Insurer

2010 7617 32728 167741 32661 168124 0 2115 42613 198879 241830 7737 0 53273 35897 72828 63300 195565 13856 65532 21554 69 151557

2009 2309 30838 204941 28495 164363 113 24437 207626 299879 6509 76058 42083 84651 60727 149613 13515 68993 19759 107670

2008

2007

2006

2005

2004

2003

2002

Aegon Religare
Aviva Bajaj Allianz Bharti Axa Birla Sunlife Canara HSBC* DLF Pramerica Future Generali HDFC Standard ICICI Prudential IDBI Federal IndiaFirst* ING Vysya Kotak Mahindra Max New York MetLife Reliance Life Sahara SBI Life Shriram Star Union Daiichi TATA AIG

35307 250239 11749 109034 11 144714 306354 279 52760 34723 36901 36798 184194 12839 40643 17659 52544

29052 216191 1266 56490 79109 234460 33944 24484 25044 20848 95622 9797 25356 10384 28105

10974 109141 17738 34887 72383 18683 12523 15275 9985 19956 78 8128 5759 35336

3806 32565 5288 10305 29890 7622 2900 6997 3336 5005 2165 17737

5002 36251 12696 19038 46639 11671 6511 10296 3155 6381 24690 32890

1868 14157 6179 11237 23825 3906 3730 5773 1454 1599 2218 15451

4377 2009 3214 10861 1135 1348 2620 417 484 719 7038

Private Total
LIC Industry Total

1575476
1402807 2978283

1592579
1344856 2937435

1326748
1193744 2520492

890152
1103047 1993199

370846
1052993 1423839

127616
353634 481250

215220
1341597 1556817

91397
947405 1038802

34222
442680 476902

NO. Of Agents
1600000 1402807

1400000

1200000

1000000

800000

600000 NO. Of Agents 400000 241830 198879 195565 168124 167741 151557 72828 32661 65532 63300 53273 42613 35897 32728 21554 138567737

200000

0

7617 2115

69

0

0

State /Union Territory Andhra Pradesh Arunachal Pradesh Assam Bihar Chattisgarh Goa Gujarat Haryana Himachal Pradesh Jammu & Kashmir Jharkhand Karnataka Kerala Madhya Pradesh Maharashtra Manipur Meghalaya Mizoram Nagaland Orissa Punjab Rajasthan Sikkim Tamil Nadu Tripura Uttar Pradesh UttraKhand West Bengal Andaman & Nicobar Islands Chandigarh Dadra & Nagrahaveli Daman & Diu Delhi Lakshadweep Puducherry Company Total

2010 1033 6 151 222 85 31 688 329 61 70 160 446 656 325 882 1 18 6 4 230 630 541 11 607 14 749 83 476

Private Total 2009 1045 6 148 206 85 32 730 315 61 53 156 461 677 329 917 1 18 6 4 221 626 538 11 591 12 723 81 467

2008 752 4 107 161 60 20 570 174 38 40 120 330 534 248 665 1 16 4 3 157 438 417 9 425 9 518 44 340

2007 269 1 63 80 33 10 218 82 22 25 68 195 276 146 348 0 8 1 1 95 181 136 7 228 6 262 23 173

2010 264 3 79 119 51 14 177 65 35 25 62 218 175 199 344 4 1 1 4 103 100 168 2 297 16 347 44 230 1

LIC 2009 249 3 75 109 51 14 170 61 32 20 55 206 162 187 325 4 1 1 4 94 91 148 2 277 16 329 42 210

2008 219 2 61 77 42 14 160 50 28 20 45 175 112 152 299 4 1 1 4 69 75 127 1 208 5 266 38 182

2007 198 2 56 68 35 14 157 44 27 20 41 154 95 130 291 4 1 1 4 62 69 120 1 193 4 240 36 154

2010 1297 9 230 341 136 45 865 394 96 95 222 664 831 524 1226 5 19 7 8 333 730 709 13 904 30 1096 127 706

Industry Total 2009 2008 1294 9 223 315 136 46 900 376 93 73 211 667 839 516 1242 5 19 7 8 315 717 686 13 868 28 1052 123 677 971 6 168 238 102 34 730 224 66 60 165 505 646 400 964 5 17 5 7 226 513 544 10 633 14 784 82 522

2007 467 3 119 148 68 24 375 126 49 45 109 349 371 276 639 4 9 2 5 157 250 256 8 421 10 502 59 327

1 21 2 1 212 0 16 8768

1 20 2 2 223 0 17 8785

1 17 1 2 152 0 14 6391

0 12 1 1 91 0 10 3072

17 1 0 77 0 7 3250

1 9 1 0 74 0 7 3030

1 9 0 0 72 0 3 2522

1 9 0 0 67 0 3 2301

2 38 3 1 289 0 23 12018

2 29 3 2 297 0 24 11815

2 26 1 2 224 0 17 8913

1 21 1 1 158 0 13 5373

S.No Insurer PUBLIC SECTOR 1 PRIVATE SECTOR 2 3 4 5 Aegon Religare Aviva Bajaj Allianz Bharti Axa LIC

O/S at the start of the year

2009-10 Reported during Resolved during the year the year

O/S at the end of O/S at the start of the year the year

2008-09 Reported during Resolved during the year the year

O/S at the end of the year

186

606

642

150

685

481

980

186

0 13 38 0

6 152 173 38

6 142 195 21

0 23 16 17

0 17 78 0

0 193 211 5

0 197 251 5

0 13 38 0

6
7 8 9 10

Birla Sun Life
Canara HSBC OBC DLF Pramerica Future Generali HDFC Standard

9
0 0 2 56

153
4 0 24 154

141
4 0 24 171

21
0 0 2 39

13
0 0 0 57

109
0 0 5 94

113
0 0 3 95

9
0 0 2 56

11
12 13

ICICI Prudential
IDBI Federal IndiaFirst

14
1 0

330
5 0

296
4 0

48
2 0

20
0 0

196
1 0

202
0 0

14
1 0

14
15 16

ING Vysya
Kotak Mahindra Max New York

21
10 40

29
151 187

40
132 227

10
29 0

6
17 33

35
95 112

20
102 105

21
10 40

17
18 19 20 21 22 23

Met Life
Reliance Sahara SBI Life Shriram Star Union Dai-Ichi TATA AIG PRIVATE TOTAL

9
23 1 19 0 0 16 272

75
184 2 80 16 1 79 1843

79
192 2 94 16 1 83 1870

5
15 1 5 0 0 12 245

29
19 1 16 2 0 24 332

46
79 1 62 4 0 65 1313

66
75 1 59 6 0 73 1373

9
23 1 19 0 0 16 272

GRAND TOTAL

458

2449

2512

395

1017

1794

2353

458



Bharti AXA life e product



Life Insurance - Elite Secure Plan

  

Life Insurance - Family Income Secure Life Insurance - Protect Plus Life Insurance Premium Waiver Rider

Wealth Creation With Protection
Bharti AXA LifeChild Plans  Bharti AXA Life Bright Stars Power Plus




Bharti AXA Life Power Kid Insurance Plans



Bharti AXA life Montly Income Plan



Bharti AXA Life Aajeevan Sampathi



Bharti AXA Life Young India Plan Bharti AXA Life Secure Saving Plan





Bharti AXA Life Future Invest



Triple Health Insurance Plan Easy Health





Bharti AXA life Shield

Bharti AXA Life Sanjeevani



To understand the process of recruitment and selection of agent in Bharti AXA life insurance.



On The project gave a practical exposure and helps in acquiring the on road skills.
How to recruits agent for Bharti-AXA life insurance





To know about the view of general public about the job of agent
Why people are not willing to work with as an agent, especially with private player. To introduce Bharti AXA to those people who don‟t have any knowledge about Bharti AXA and its products and services.





According to section 182 of Indian contracts Act, an “agent” is a person employed to do any act for another or to represent another in dealing with a third person.  In the insurance industry, the term “agent” is ordinarily applied to a person engaged by the insurer to procure new business.  The insurance agent one who is licensed under Section 42 is paid by way of commission or otherwise, in consideration of his soliciting of procuring insurance business, including business relating to the continuance, renewal or revival of policies of insurance.




Opportunity to earn unlimited income. Career Growth. Be your own boss. High quality training & Support to improve productivity. Compensation amongst the best. Club member benefits. Payout structured to facilitate your cash flows better. Best in class & competitive products.















CEO‟s KLUB

• International Convention, Direct Interaction with CEO . Klub convention 2012 held in SWITZERLAND • International Convention, Direct Interaction with Directors • Up to 23%extra commission And Other Benefits • Be recognized with certificate from RM and get HOS Trophy for becoming Hat trick 10 Dulkar • Be the first to Start generating business and recognized with certificate from BH

Director‟s Klub

Acers klub

10 Dulkar

SHIKHAR

SOURCES OF RECRUITMENT
CONTROLLED
NATURAL MARKET CENTER OF INFLUENCE
AGENT GETS AGENTS

UNCONTROLLED
JOBS ADS

PLACEMENT CONSULTANTS

PRESENTATION /SEMINAR

COLD PROSPECTING

Primary

DATA BASE

Secondary

CONTROLLED MARKET

NATURAL MARKET
YOUR FAMILY YOUR FRIENDS

CENTER OF INFLUENCE EXTENDED NATURAL MARKET
PEOPLE YOU DO BUSINESS WITH Friends of friends. People know throug h childre n. People who are known to you and are willing to help you

People with influence and prestige, other member of society believe and faith on them.

NEIGHB OURS

People know through spouse

People known through social groups

People who have faith in your leadership .

Identifying Vacancy & Advertising It  Signing the MoA  Attending the BOP Business Opportunity Presentation  Short-listing the candidates on the basis of „Q‟ scores 

Filling up IRDA Form/NAAF Form  Scheduling & Attending the Trainings 3 Days Refresher‟s Training 2 Days Product Training  Conduction of IRDA Examination  Final selection as Life Advisor

Age Proof

Fill NAAF

Address Proof

Documents Required
Q score Sheet Education Proof

3 Photos

Age Scoring mechanism Marital status 1

Below 25 years 2

Between 25-40

More than 40

Score

Unmarried 1

married 2 2 Post graduate

Education

10th standard or 12th graduate standard 1 2 3-5 years

2 More than 5 years

Tenor

of

stay

in Less than 3 years

city/town 0 Household income Total score Less than 2 lakhs 1 2-5 lakhs 2 More than 5 lakhs

Q Score: Acceptable Range of Score Additional Approvals Rejected application if

Greater than or equal to 7 5 or 6 4 or less

Generally there are 2 trainings done for the Life Advisors.

1. Refresher‟s Training: –
 

It is done for 3 consecutive days. 11 chapters of Insurance are taught in these 3 days.

2. Product Training: -



It is done for 2 days.



In this training the candidates are told about the various features & benefits of Bharti AXA Life Insurance Products.

Sample Size: The selection of 50 respondents
AGE

40 - 50, 8%

above 50, 20%

40 - 50
30 - 40, 32%

30 - 40 20 - 30 above 50
20 - 30, 40%

Interpretation: sample which has been surveyed is dominated by younger individuals.

GENDER

female, 36%

male, 64%

male female

Interpretation: Sample is dominated by males which constitute 64% of total size.

OCCUPATION

others, 18% Student, 28%

Student Pvt. Employee Govt. Employee Proprietor others

Proprietor, 20% Pvt. Employee, 22% Govt. Employee, 12%

Interpretation: Sample is dominated by students and Private Employees .

JOINT FAMILY
yes, 34%

no, 66%

yes

no

Interpretation: Almost 66% of Individuals are staying either alone or in a nuclear family.

FAMILY MEMBERS

20%

2 -- 4
16% 60%

4 -- 6 above -- 6

Interpretation: Mainly family members rely

upon 2 to 4 members .

Marital status

Married, 40% Married Unmarried, 60% Unmarried

Intrepretation: Mainly Sample size is Unmarried .

CHILDREN

CHILDREN, 20% CHILDREN, 30%

CHILDREN, 50%

1 2 more than 2

Interpretation: Mainly people have 2 children.

BIGGEST CONCERN

Medical illness , 20%

Child education , 45% Child’s marriage, 15%

Child education Retirement Child’s marriage

Retirement, 20%

Medical illness

Interpretation: medical illness (20%) & child education (45%) are major concern for future.

Have you made provision for future liabilities

YES, 32%

YES NO

NO, 68%

Interpretation: 68% of the individuals have made no provision for the future liabilities.

Given a chance would you like to make extra money

no, 24%

yes yes, 76% no

Interpretation: 76% of the individuals would like to make extra money. Such individuals are identified and then they are motivated become Life advisors for an extra source of income.

Column1

yes , 20% yes no no, 80%

Interpretation: Very few people say yes .

5hrs or How Much Time You Dedicate more, 4% 3-4 hrs, 10%

½ hr ½ hr, 48% 1-2 hrs 3-4 hrs

1-2 hrs, 38%

5hrs or more

Interpretation : mainly people spend ½ hr to 1-2 hrs daily

 









Why people are not ready to work with private players in life insurance? In these days LIC created a very well image in the mind of General public because it is semi Government Company and also an oldest company. In short most people of Indian believe upon the LIC only. During the training period we felt that most of people who are already working in insurance sector think that it is easy to sell the product of LIC than to sell the product of other life insurance company. Most of people say that this job affects upon their social relation with other and also effect upon their business. Most of people believe that private insurance companies carried out fraud activity that‟s why they never believe upon the private players. People think that it is a time consuming activity and also required huge market skills. People have not enough time to attend the one week training.



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.

“Praying for the best … …being PREPARED for the WORST”.



Bharti-AXA life insurance company must give more advertisements 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. Duration of training must be reducing as in these day people have no extra time. Training hours should be made choice of their preference timing Fees charged by companies from candidate for IRDA exam and training should reduce.









Increase the commission of agents.



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. Better career opportunity must be provided to an adviser, such as on 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 incentive system should be more attractive to motivate more and more people for becoming Life Advisors.







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