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Bharti Axa Liife

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BHARTI AXA LIFE INSURANCE LTD

INTRODUCTION
A general term ‘insurance’

is related to service sector.

Insurance is concerned with the protection of economic value of
assets. For example in case of a factory or a cow, the product
generated by it is sold and income is generated. In this project
the Bharti AXA Life Insurance Company is undertaken which is
one of the popular sector insurance sectors. The analysis of
“Bharti AXA Life Insurance” is taken from different sectors.
For creating strong relationship and for a success full business
every insurance company required financial planner.
Objective of the study:
 How to recruit agents for Bharti-AXA life insurance.
 To introduce Bharti AXA to those people who don’t have
any knowledge about Bharti AXA and its products and
services.
 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 Bharti AXA and
their thinking about the Bharti AXA Life Insurance Company or
about private insurance company.

[1]

BHARTI AXA LIFE INSURANCE LTD

HYPOTHESIS:
 People are much more aware about the aspects of life
insurance.
 And have knowledge about the role and act of agent.
 Mostly people prefer to work with LIC because it is a semi
government corporation.
Research Methodology:
Research Methodology is the investigation of specific problem
in detail. At first problem is defined carefully for conducting
research. There should be a good research plan for conducting
research. No research can be done without data collection.
After all this analyze is made for getting solution for problem.
 Defining the problem
 Defining the sampling plan
 Collection of data
 Analyze and interpretation
 Methodology for collecting data with reference to the
secondary

data

was

taken

from

different

books,

magazines, IRDA journals and relevant web sites.
 I have collected information from Mumbaikars which
includes college student, professors and so on.

[2]

BHARTI AXA LIFE INSURANCE LTD

INDUSTRY PROFILE
WHAT IS INSURANCE
The business of insurance is related to the protection of the
ECONOMIC VALUES OF ASSETS. Every asset has a value. The
asset would have been created through the efforts of the
owner. The asset would have been created through the efforts
of the owner. The asset is valuable to the owner, because he
expects to get some benefits form it. It is a benefit because it
meets some of his needs. The benefit may be an income or in
some other form. In the case of a factory or a cow, the product
generated by it is sold and income is generated. In the case of
a

motor

car,

it

provides

comfort

and

convenience

in

transportation. There is no direct income. Both are assets and
provide benefits.
Every asset is expected to last for a certain period of time
during which it will provide the benefits. After that, the benefit
may not be available.
There is a life-time for a machine in factory or a cow or a motor
car. None of them will last forever. The owner is aware of this
and he can so manage his affairs that by the end of that period
or life-time, a substitute is made available. Thus he makes sure
that the benefit is not lost. However, the asset may get lost
earlier. An accident or some other unfortunate event may
destroy it or make it incapable of giving the benefits. An
epidemic may kill the cow suddenly.
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BHARTI AXA LIFE INSURANCE LTD

HISTORY OF INSURANCE
 Insurance has been known to exist in some form or other
since 3000 BC. The Chinese traders, traveling treacherous
river rapids would distribute their goods among several
vessels, so that the loss from any one vessel being lost,
would be partial and shared, and not total. The Babylonian
traders would agree to pay additional sums to lenders, as
the price for writing off the loans, in case of the shipment
being stolen. The inhabitants of Rhodes adopted the
principle of general average of ‘general average’, whereby,
if goods are shipped together, the owners would bear the
losses in proportion, if loss occurs, due to jettisoning
during distress. {Captains of ships caught in storms,
would throw away some of the cargo to reduce the weight
and restore balance. Such throwing away is called
jettisoning} The Greeks had started benevolent societies
in the late 7 th century AD, to take care of the funeral and
families of members who died.

 The origins of insurance business as in vogue at present,
is traced to the Lloyd’s Coffee House in London. Traders,
who used to gather in the Lloyd’s coffee house in London,
agreed to share the losses to their goods while being
carried by ships. The losses used to occur because of
pirates who robbed on the high seas of because of bad
weather spoiling the goods or sinking the ship. In India,
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BHARTI AXA LIFE INSURANCE LTD

insurance

began

in

1818

with

life

insurance

being

transacted by an English company, the Oriental Life
Insurance Co. in 1870 in Mumbai. This was followed by
the Bharat Insurance co. in 1896 in Delhi, the Empire of
India in 1897 in Mumbai, The United India in Chennai, the
National, the National Indian and Hindustan Cooperative
in Kolkata.
 Later, were established the cooperative Assurance in
Lahore, the Bombay Life (originally called the swadeshi
life), the India Mercantile, the new India and the Jupiter in
Mumbai and the Lakshmi in New Delhi. These were all
Indian companies started as a result of the swadeshi
movement in the early 1900s. By the year 1956, when life
insurance business was nationalized and the life Insurance
Corporation of India (LIC) was formed on1st September
1956, there were 170 companies and 75 provident fund
societies transacting life business in India.
Few Advantages of Life Insurance
1.

It is superior to an ordinary savings plans:

This is so because unlike other saving plans, it affords full
protection against risk of death. In case of death, the full sum
assured is made available under a life assurance policy;
whereas under other savings schemes the total accumulated
savings alone will be available. The latter will be considerably
less than the sum assured, if death occurs during early years.
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BHARTI AXA LIFE INSURANCE LTD

2.

Insurance encourages and forces thrift:

A savings deposit can be too easily withdrawn. Many may not
be able to resist the temptation of using the balance for some
less worthy purpose. On the other hand, the payment of life
insurance premiums becomes a habit and comes to be viewed
wit the same seriousness as the payment of interest on a
mortgage. Thus insurance, in effect brings about compulsory
saving.
3.

Easy settlement and protection against creditors:

The life assured can name a person or persons to whom the
policy moneys would be payable in the event of his death. The
proceeds of a life insurance policy can be protected against.
The claims of the creditors of the life are assured by effecting a
valid assignment of the policy. A married women’s property act
policy constitutes a trust in favor of the wife and children and
no separate assignment is necessary.

4. Ready marketability and suitability for quick
borrowings:
After an initial period, if the policy holder finds him unable to
continue payment of premiums he can surrender the policy for
a cash sum. Alternatively he can tide over a temporary
difficulty by taking loan on the sole security of the policy
without delay. Further a life insurance policy is sometimes
acceptable as security for a commercial loan.

[6]

BHARTI AXA LIFE INSURANCE LTD

Role of Insurance in Economic Development
 For economic development, investments are necessary.
Investments are made out of savings. A life insurance
company is a major instrument for the mobilization of
savings of people, particularly from the middle and lower
income

groups.

These

savings

are

channeled

into

investments for economic growth.

 An insurance company’s strength lies in the fact that huge
amounts come by way of premiums. Every premium
represents a risk that is covered by that premium. In
effect, therefore, these vast amounts represent pooling of
risks. The funds are collected and held in trust for the
benefit of the policyholders.

 The management of insurance companies is required to
keep this aspect in mind and make all its decisions in
ways that benefit the community. This applies also to its
investments. This is why successful insurance companies
would not be found investing in speculative ventures.
Their investments benefit the society at large.

 The system of insurance provides numerous direct and
indirect benefits to the individual and his family as well as
to industry and commerce and to the community and the
nation as a whole.
[7]

BHARTI AXA LIFE INSURANCE LTD

 The very existence of risk that is, uncertainty concerning
the future, is a severe handicaps in economic activities.
Insurance removes the fear, worry and anxiety associated
with this future uncertainty and thus encourages free
investment

of

capital

in

business

enterprises

and

promotes efficient use of existing resources.

 Thus insurance encourages commercial and industrial
development and there by contributes to a vigorous
economy and increased national productivity.

 Insurance ranks with export trade, shipping and banking
services as earner of foreign exchange to the country. It
helps to earn foreign exchange and represent invisible
exports.

[8]

BHARTI AXA LIFE INSURANCE LTD

CORPORATE PROFILE

Bharti AXA Life Insurance is joint ventures between Bharti,
one of India’s leading business groups with interests in

[9]

BHARTI AXA LIFE INSURANCE LTD

telecom, agree business and retail, and
AXA, world leader in financial protection
and wealth management. The joint venture
company has a 74% stake from Bharti and
26% stake of AXA.
Bharti Enterprises:
Bharti Enterprises is one of India’s leading business groups with
interests in telecom, agro business, insurance and retail. Bharti
has been a pioneering force in the telecom sector with many
firsts and innovations to its credit. Bharti Airtel Limited, a group
company, is one of India’s leading private sector providers of
telecommunications services with an aggregate of 60 million
customers,

spanning

mobile,

fixed

line,

broadband

and

enterprise services. Bharti Airtel was ranked amongst the best
performing companies in the world in the Business Week IT
100

list

2007.

Bharti

Teletech

is

the

country’s

largest

manufacturer and exporter of telephone terminals. Bharti has a
joint venture with ‘Field Fresh Foods Pvt. Ltd’ - for global
distribution of fresh fruits and vegetables. Bharti also has a
joint venture - ‘Bharti AXA Life Insurance Company Ltd.’ - with
AXA,

world

leader

in

financial

protection

and

wealth

management. Bharti has recently forayed into the retail
business under a company called Bharti Retail Pvt. Ltd. It also
has a joint venture – ‘Bharti Wal-Mart Private Limited’ – with
Wal-Mart, for wholesale cash-and-carry and back-end supply
chain management operations.
AXA Group:
[10]

BHARTI AXA LIFE INSURANCE LTD



AXA Group is a worldwide leader in Financial Protection.
AXA's operations are diverse geographically, with major
operations in Western Europe, North America and the
Asia/Pacific area. AXA had Euro 1,315 billion in assets under
management as of December 31, 2006. For full year 2006,
IFRS revenues amounted to Euro 79 billion, IFRS underlying
earnings amounted to Euro 4,010 million and IFRS adjusted
earnings

to

Euro

5,140

million.

The AXA ordinary share is listed and trades under the
symbol AXA on the Paris Stock Exchange. The AXA
American Depository Share is also listed on the NYSE under
the ticker symbol AXA.

Bharti AXA General Insurance is a joint venture between
Bharti,

one

of

India’s

leading

business groups with interests in Telecom, Agri Business and
Retail; and AXA, world leader in Financial Protection and
Wealth Management. Bharti Group holds 74% of equity and
AXA holds 26% of the equity.
The company was incorporate 13th July 2007 and plans to
commence national operations in August 2008. Headquartered
in Bangalore, the company currently has offices in 7 citiesBangalore,

Mumbai,

Delhi,

Ahmadabad,

and

Hyderabad,

Ludhiana and Chennai- and plans to grow to a total strength of
29 branches by the end of the first year of operations. With a
vision to become the leader and preferred company for
[11]

BHARTI AXA LIFE INSURANCE LTD

financial protection in India, Bharti AXA General Insurance
offers its customers - individuals and businesses- a wide range
of products and services that meet their insurance needs.
The company will leverage the Bharti Group’s large customer
pool and develop a strong multi channel distribution network in
both urban and rural markets.

With a customer commitment to provide Fast, Fair & Friendly
service

in

all

transparency,

aspects
structured

of

business,
customer

the

company

support

and

offers
trained

manpower, backed by a robust IT platform. The company’s
claims philosophy is to offer prompt and hassle free claims
service that deals with the claims process with empathy.
The Management team at Bharti AXA consists of experienced
leaders who are passionate about their company’s vision and
goals and are committed to the development of Bharti AXA
General Insurance as the preferred company for Financial
Protection in India.

The company launched national operations in December 2006.
Today, company has over 5200 employees across over 12
states in the country. Our business philosophy is built around
the promise of making people "Life Confident".
As company expand our presence across the country to cater
to your insurance and wealth management needs with our
product and service offerings, company continue to bring 'life
[12]

BHARTI AXA LIFE INSURANCE LTD

confidence' to customers spread across India. Whatever your
plans in life, you can be confident that Bharti AXA Life will offer
the right financial solutions to help you achieve them.

BHARTI ENTERPRISES

BHARTI
TELETECH
TELETECH
SERVICES

BHARTI
TELECOM

BHARTI
FOOD

BHARTI

BHARTI
TELESOFT

BHARTI
TELEVENTURE

 50 Million (500 Lakhs Customers)
 130,000 Employees
 72 Billion Euros (Rs. 4, 16,300. Cores) Revenue
 869 Billion Euros (Rs.50 24, 500.Crores) Asset under
Management

Key features:
[13]

BHARTI AXA LIFE INSURANCE LTD

 Using

multi-distribution,

multi

product

platform

techniques.
 Adapting AXA's best practices as a sound platform for
profitable growth.
 Leveraging Bharti's local knowledge, infrastructure and
customer base.
 Delivering high levels of shareholder return.
 Building long term value with business partners by
enhancing the proposition to their customers.
 Retaining the best talent in India.

[14]

BHARTI AXA LIFE INSURANCE LTD

Our Philosophy: Available, Reliable and Attentive to our
customer’s needs
Vision
“To be a leader and the preferred company for financial
protection and wealth management in India”

Professionalism

Team Spirit

Innovation

Values

Integrity

Pragmatism

[15]

BHARTI AXA LIFE INSURANCE LTD

Bharti AXA Life Insurance Growing Presence:

Number of cities

- 111

Number of offices

- 163

Number of Agents

- 30,000 PLUS

.
 To achieve a top 5 market position in India through a
multi-distribution, multi-product platform

 To adapt AXA's best practice blueprints as a sound
platform for profitable growth

 To leverage Bharti's local knowledge, infrastructure and
customer base

 To deliver high levels of shareholder return

 To build long term value with our business partners by
enhancing the proposition to their customers

[16]

BHARTI AXA LIFE INSURANCE LTD

 To be the employer of choice to attract and retain the best
talent in India

 To be recognized as being close and qualified by our
customers

Promoter's Strength:

Bharti Enterprises is one of India’s leading business groups
with interests in telecom; agree business, insurance and retail.
Its

flagship

telecom

brand

'Airtel',

has

over

60

million

customers across the length and breadth of India.
AXA Group is worldwide leader in Financial Protection. AXA is
among

Fortune

Global

15

companies

having

120,000

employees and is represented in over 60 countries worldwide.
Largest Insurer:
AXA Group has 120,000 employees and is represented in over
60 countries worldwide
Service Excellence:
Company stand by three main commitments to our customers
and agents, effective local service, professional expertise, and
professional code of ethics. Company aim to build close and
[17]

BHARTI AXA LIFE INSURANCE LTD

lasting relationships by offering expert advice, providing a
supportive environment and a full range of adapted solutions.
Information Technology Driven:
Our commitment and continuous investment in Information
Technology enables the Company to provide unparalleled
customer service.
Bharti AXA Club Member:
Become a Bharti AXA Club Member and enjoy additional
benefits.
Bharti AXA's Support for Our Agents:
Company is looking for bright, self-motivated people who want
to build a successful career in insurance sales and consultancy.
We

offer

good

financial

rewards

and

recognition,

comprehensive training, excellent back-up and the full support
of a world-class organization.

[18]

BHARTI AXA LIFE INSURANCE LTD

Bharti-AXA fund returns are above the median returns of
the Industry*:
3Mth

RANK

1Yr.

RANK

2Yr.

RANK

8.92%

3

57.48%

6

3.31%

4

8.96%

2

57.62%

5

3.46%

3

BhartiAXA
Grow
Money
BhartiAXA
Pension
Grow
Money

The equity fund performance for all periods for the above funds
is within the top six in the industry.
*Published data- Inconversation Newsletter
Bharti-AXA offers a range of innovative products to cater to the
insurance and wealth management needs of our customers.

[19]

BHARTI AXA LIFE INSURANCE LTD

PRODUCTS OF BHARTI-AXA LIFE
INSURANCE
Individual Plans:Bharti AXA Dream Life Pension:A Unit Linked Pension Product
Dream Life Pension, Bharti AXA Life Insurance’s unique pension
product ensures that your retirement life is your Dream Life.
Live your Dreams! Be Life Confident.
Key Benefits:
 Unmatched flexibility for retirement wealth creation
o Pay one time lump sum or regular premiums
o At

the

inception

systematically

increase

your

premiums by 5 % or 8% each year with the
Accumulator Option
o Increase/decrease premiums any time after the 2nd
policy year
o Add top up premiums any number of times after the
1st policy year

[20]

BHARTI AXA LIFE INSURANCE LTD

 Dream Life Pension enhances your retirement kitty by
providing special addition, starting from the end of 10th
policy year
 Change your planned retirement age any time during the
policy term
 Obtain tax benefits as per the prevailing tax laws on the
premiums paid and the benefits received under the policy.
Bharti AXA Life Wealth Confident:A unit-linked investment cum protection policy.
Your wealth, your status ensures that you get preferential
status wherever you go. So why shouldn't your money get the
same?
WealthConfident, a unit-linked investment cum protection
product, with its limited period premium payment facility of 5
years, premium payment flexibility, higher allocation of your
premium for investment, unique special additions and life
insurance benefit, not only makes your money grow but also
provides

your

investment

the

special

treatment

that

it

deserves.
"Be confident of providing your investments the right mix of
growth, flexibility and loyalty benefits. Live confident with
WealthConfident."
Key Benefits:
[21]

BHARTI AXA LIFE INSURANCE LTD

 Pay premium for five years, while your policy continues for
ten years.
 Higher allocation of your premium up to 88% for
investment.
 Special additions of units added every year from 6th Year
for incremental wealth creation.
 Choose from four different investment funds to meet your
financial objectives.
 Five times the life cover of your annual premium.
 Tax benefit under 80C and 10(10D).
Bharti AXA Life Secure Confident:A Long Term Life Insurance.
All of us desire to maximise the happiness for our family at all
times, irrespective of the circumstances. The thought of
unfortunate events befalling us may cause us anxiety about
providing a secured happiness to our loved ones.
Key Benefits:
 Term Assurance for 5,10,15,20,25 years.
 Financial protection against unfortunate event of death at
an affordable cost.
 Comprehensive overall protection with help of riders.
[22]

BHARTI AXA LIFE INSURANCE LTD

 Tax benefit under section 80C and 10(10D) of Income Tax
Act.
Group Plans :Bharti AXA Life Mortgage Credit Shield:Mortgage Credit Shield is a Group Product that provides
coverage to people who have availed of a Mortgage\ Home
loan/Home equity loan from an Institution/Bank.
Bharti AXA Life eProtect: a life insurance plan best
suited to your needs
Keeping your loved ones safe and protected is of paramount
importance to you. You spend most of your life building a happy
and comfortable living for them today and into the future. Should
something unfortunate were to happen to you, their future needs
to be well protected and their lifestyle sustained. The Life
Insurance sector in India offers a compelling proposition in the
form of term insurance that helps you meet this objective. It
protects your loved across various financial liabilities e.g.
insurance against the home loan amount or any such liabilities.
At Bharti AXA Life Insurance, we have decided to act. We bring to
you, Bharti AXA Life eProtect- a simple, hassle free, online term
insurance plan that offers protection for your family- at a nominal
cost. So now you can apply for the Life Insurance cover suited to
your needs at the click of a button.

[23]

BHARTI AXA LIFE INSURANCE LTD

Benefits of Bharti AXA Life eProtect- Online term insurance
plan
1. Affordable life insurance premium rates: You can get
yourself insured at affordable premium rates with this life
insurance term policy
2. Life Insurance Benefit: The life insurance coverage that
you get ensures that incase of an unfortunate death of the
Life Insured, an amount equal to sum assured will be paid
as a life insurance benefit to the nominee
Family Care Benefit as part of the life insurance
benefit: Unfortunate events in life come unannounced and
during this time of distress your family could require
contingency support. Family Care Benefit, is a unique
proposition by way of which, a part of the life insurance
benefit i.e. Rs 100,000 is paid as a lumpsum to the
nominee in case of death of the life insured, within 48
hours** of submission of all relevant claim documents. This
term life insurance benefit is paid subject to the policy
being inforce and the premiums for 2 consecutive term
insurance policy years from the date of issuance or the
date of latest reinstatement have been paid.
3. Reward for non-smokers, premium discounts on the
term insurance policy: You will be eligible for special
rates if you are a non-smoker and you have applied for a
life insurance benefit (sum assured) in excess of Rs
5,000,000. This gives better value for money for nonsmokers when it comes to the life insurance premium that
they pay.
4. Hassle Free process of buying a term insurance
policy: Now get the advantage of Life Insurance cover at
the click of a button. Bharti AXA Life eProtect offers you
convenience at your finger tips, as you can buy this term
[24]

BHARTI AXA LIFE INSURANCE LTD

insurance plan online to save the time and effort that
would have been required otherwise.
5. Tax benefits along with life insurance: Apart from the
life insurance benefit with this term insurance plan, you
can avail the tax benefits on the premiums paid and the
benefits received subject to the prevailing provisions under
Income Tax Act, 1961. The tax benefits are subject to
change as per change in Tax laws from time to time. So in
addition to the life insurance coverage you also get to save
tax

What you will get?

Cover for up to three unrelated critical illnesses with
premium waiver after the first claim


Lumpsum payout of 100% of the Sum Assured for each
claim



Maturity Benefit and Death Benefits available with the
return of Premium option



You will receive tax benefits under Section 80D for all
premiums paid towards health insurance benefits and under
Section 80C for premiums paid towards life insurance benefits
(as applicable) of the Income Tax Act, 1961.

Parameter

Eligibility

[25]

BHARTI AXA LIFE INSURANCE LTD

Minimum Age At Entry

18 Years

Maximum Age At Entry

50 Years

Maximum Age At Maturity

65 Years

Illnesses is covered


The policy covers 13 critical illnesses that are split into
three groups. Should one have the misfortune of being
diagnosed with any critical illness from these groups, the first
claim could be made and the policyholder will still be eligible for
a second and third claim from the other two groups in future
years.

What you will get?


Double Protection Benefits for your loved ones - Sum
assured Plus Fund value is paid in case something unfortunate
were to happen to you



Receive full fund value at the time of maturity of the
policy



Flexible options like partial withdrawal, premium
redirection etc



You receive tax benefits under section 80C and 10(10D)

[26]

BHARTI AXA LIFE INSURANCE LTD

Parameter

Eligibility

Minimum Age At Entry

18 Years

Maximum Age At Entry

60 Years
70 Years For 10 Year Term

Minimum Age At Entry

75 Years For 15 Year Term
80 Years For 20 Year Term

Where can I Invest my Money?


You have the options of investing across 6 funds
depending on your risk appetite and return expectation. We
also give you 12 policy switches every year to change your
asset allocation as per your needs

INDIVIDUAL PLANS:
 PROTECTION:
 Bharti-AXA Life ELITE Secure
 Bharti-AXA Life Secure Confident
 Bharti-AXA Life Family Income Secure
 WEALTH CREATION WITH PROTECTION:
 CHILD PLANS:
1. Bharti-AXA Life Bright Stars Edge
2. Bharti-AXA Life Future Champs
 GURANTEED PLANS:
1. Bharti-AXA Life Save Confident
[27]

BHARTI AXA LIFE INSURANCE LTD

2. Bharti-AXA Life True Wealth
 OTHER MARKET LINK PLANS:
1. Bharti-AXA Life Wealth One
 WEALTH:
 Bharti-AXA Life Triple Health Insurance Plan
 Bharti-AXA Life Easy Health
 RETIREMENT:
 Bharti-AXA Life Wonder Years Retirement Plan

   GROUP PLANS:
 LIFE INSURANCE:
 Bharti-AXA Life Shield
 Bharti-AXA Life Sanjeevani

 CREDIT PROTECTION:
 Bharti-AXA Life Credit Secure
 Bharti-AXA Life Mortgage Credit Shield
 Bharti-AXA Life Credit shield
 Bharti-AXA Life Premier Protect Home Shield
 HEALTH:
 Bharti-AXA Life Swasthya Sanjeevani

[28]

BHARTI AXA LIFE INSURANCE LTD

INVESTMENT PHILOSOPHY
Our investment philosophy is carved out from stringent and
robust investment policies. Risk management is an integral part
of our investment processes. The company has well-defined
risk policies and process covering both portfolio and process
risks. Our equity investments are currently made primarily in
large cap stocks (>85%), as large cap stocks are less volatile
than mid cap or small cap stocks.
The debt portfolio of the company is currently invested only in
highest credit quality assets i.e. Government of India securities
and securities issued by AAA rated companies. A reasonable
level of liquidity is maintained with the respective funds so as
to

enable

smooth

redemption

switches, claims etc.

[29]

processes

on

account

of

BHARTI AXA LIFE INSURANCE LTD

ORGANIZATION STRUCTURE
Works through many channels marketing, human resource,
finance, information technology,

Marketing wing is divided into 1) DIRECT SALES FORCE – Have two tired salaried adviser
force to target the large and diverse Bharti Airtel customer
base.

2) AGENCY-focus on building a highly productive agency force.
This wing needs high quality of training, and high quality
recruitment.

3)

BANK

ASSURANCE-

planes

for

developing

strategic

partnership with quality banks.

4) CORPORATE AGENCY AND BROKING CHANNEL- planes
for developing strategic partnership.

[30]

BHARTI AXA LIFE INSURANCE LTD

SWOT ANALYSIS
Strength:

 Bharti AXA Life Insurance Company India’s Most Respected
Company in the insurance industry of India.

 Excellent services.
 Customized of product as per customer needs.
 Brand image.
 Business experience.
 Strong financial base.
 Innovative product technology, organization culture and
environment.
Weakness:

 Lot of the competitions is in the market offers some product
difference in the premium and offerings.

 Target only bigger income group where other companies are trying
to catch middle lower level people.

 Higher premium as compared to the other companies.
 Client face problem to get insured due to large number of
formalities.

 High target of financial advisor and for the sales development.

[31]

BHARTI AXA LIFE INSURANCE LTD

Opportunity:

 Huge market is literally untapped out of estimated 320 million is
usable markets only 20% of the population is insured.

 In the pension field where people want good life after their
retirement.

 Indian people are more emotional towards their children that are
why children plan are selling like hot cakes.

 Health insurance and pension schemes and estimated market
potential of approximately $ 10 billion.
Threats:

 Weak perception of private players in the minds of Indian people
due to frequent financial schemes.

 Large number of insurance players.
 Current government policies do not encourage gross domestic
savings.

 Of the tax liabilities of the service rises the customers will have little
money to invest.

 And change rules day by day more rigid which is very difficult for
the company.

[32]

BHARTI AXA LIFE INSURANCE LTD

DATA PRESENTATION AND
INTERPRETATION

Name: -

Address:-

Location:Mobile no.
Shop Type: - (Mobile stores, General store, Chemist etc.
Please specify
Script
Bharti has expanded into new territories of business and
they now offer the best in class insurance products. This new
venture is named Bharti-AXA.
Mr. Sunil Bharti Mittal is introducing insurance to Punjab and
Chandigarh retailers and would like to give you an opportunity
to earn and setup a new income which can give you 15-20%
margin on an average.
In this business you only have to contact your known people or
regular customers and their references to introduce Bharti’s
product and get an appointment.

[33]

BHARTI AXA LIFE INSURANCE LTD

Post this, manager form Bharti-AXA will go, explain the product
& close he sale for you. You will in turn receive 15-20 % margin
on sale. E.g. if a policy is sold by Bharti-AXA manager for
10,000 you will receive 2,000.
We are here to understand your interest in this proposal
specially designed by Mr. Sunil Bharti Mittal for Mumbai.

1) Would you be interested in taking up this
business opportunity with Bharti?

Yes

No

2000%; 20%

yes

no

8000%; 80%

[34]

BHARTI AXA LIFE INSURANCE LTD

 Only 20% Students were interested in taking up
this business opportunity with Bharti.
(8 students were interested in this activity)

2) How much time can you dedicate per day for
this activity? (For getting Appointments)

½ hr

1-2 hrs

3-h hrs

5 hrs or more

25%

half hour

1/2 to 2

2 to 4

4 to 5

75%

 From the above 8 people, 6 people said that
they can spend ½ hour for this activity daily.

[35]

BHARTI AXA LIFE INSURANCE LTD

 2 said that they can spend ½ to 2 hours for this
activity.

3)

Do you have any knowledge of or
Experience in Insurance?
Yes

No

2000%; 20%
no

yes

8000%; 80%

 80% of students at them have knowledge about
insurance.

[36]

BHARTI AXA LIFE INSURANCE LTD

 20% of students said that they have no
knowledge about insurance.

4) Do you have Experience as an agent?
Yes

No

600%; 15%
yes

no

3rd Qtr

4th Qtr

3400%; 85%

 15% of students have experience in the field of
life insurance.
 85% of students have no experience in the field
of life insurance.
[37]

BHARTI AXA LIFE INSURANCE LTD

If yes, then please specify the name of the
company.

1700%; 17%
LIC

HDFC5000%;

50% ICICI

3300%; 33%

 Out of 6 people 33%(3) of students working
with LIC

[38]

BHARTI AXA LIFE INSURANCE LTD

 33% (2) of students working with HDFC
Standard Life insurance
 33% (1) of students working with ICICI
Prudential Life Insurance Co. Ltd.

5) Can you spare 1/2 day on training to
understand

to

product

and

introduce it to your customer?
YES

NO

[39]

how

can

BHARTI AXA LIFE INSURANCE LTD

400%; 10%
Yes

no
3600%; 90%

10 % of students were interesting to spare 1/2 day
on training to understand to product.

QUESTIONNAIRE

[40]

BHARTI AXA LIFE INSURANCE LTD

1. Would you be interested in taking up this business
opportunity with Bharti?
Yes
No

2. How much time can you dedicate per day for this activity?
(For getting Appointments)
½ hr
1-2 hrs
3-h hrs
5 hrs or more

3. Do

you

have

any

knowledge

Insurance?
Knowledge
Yes
No

Experience

[41]

of

or

experience

in

BHARTI AXA LIFE INSURANCE LTD

Yes
No
If yes, then please specify the name of the company.

4.

Can you spare ½ day on training to
understand the product and how can introduce it to your
customer?

Yes
No

5.

How many people do you know in this city?
Under 50
51-100
101-300
301-600
Above 600

LIMITATION
[42]

BHARTI AXA LIFE INSURANCE LTD

 I didn’t get complete feed from the students 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.

 No money available for project ( My pocket expenditure )

 Lack of knowledge and interest.

[43]

BHARTI AXA LIFE INSURANCE LTD

FINDING
Why people are not ready to work with private players in
life insurance?
Or
Why people are not ready to work as an agent in any
company?

 In these days LIC created a very well image in the mind of
General public because it is semi Government Company and
also an oldest company. In short most people of Indian
believe upon the LIC only.

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

 Most of people say that this job affects upon 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.

[44]

BHARTI AXA LIFE INSURANCE LTD

 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.

[45]

BHARTI AXA LIFE INSURANCE LTD

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.
Some people who has low income they were not interested in
life insurance but when I told them about different – different
plan so they were quite interested in it. I hope they will
definitely change their mind & will be aware of benefits of life
insurance.

[46]

BHARTI AXA LIFE INSURANCE LTD

SUGGESTIONS
 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.

 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.

 Training hours should be made choice of their preference
timing.

 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.

[47]

BHARTI AXA LIFE INSURANCE LTD

 Bharti-AXA Life Insurance 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 a social service for the welfare of society.

 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.

 Reduce the minimum premium amount it will help
company to attract the agent of other company, as it
increases the scope of market of its agent.

[48]

BHARTI AXA LIFE INSURANCE LTD

BIBLIOGRAPHY
IC-33 Life Insurance, Shri S.J Gidwani Publishers, Mumbai

www.irdaindia.org

www.bhart-axalife.com

www.wikipedia.org

www.ibef.org

[49]

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