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Training and Recruitment in Bharti Axa

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A Study on “BALANCE SHEET ANALYSIS OF BAJAJ HINDUSTAN LIMITED” Submitted in the partial fulfillment of the requirement for qualifying

Master of Business Administration Of Invertis University

Submitted by Rahul Vishnoi MB2013064 Roll No:1320103047 Project guide : Dr. Nitin Sareen Specialization: Finance

PREFACE Practical training is an important part of management courses. Theoretical studies are not sufficient to get into corporate world and understand the complexities of large-scale organizations. Practical training exposes us to real practices of management in the organization. It also exposes students to the treasures of experience, knowledge and leaning which prerequisites of making a successful career are. I deem it privilege to have undergone this project. I acknowledge that the practical training that I got from this cannot be gained otherwise. I found my project very interesting and challenging.

(Rahul Vishnoi) Roll No. 1320103047 MBA IV Sem


I hereby declare that study of “BALANCE SHEET ANALYSIS BAJAJ HINDUSTAN LIMITED” has been exclusively done by me for the degree of MASTERS OF BUSINESS ADMINISTRATION and not for any other degree, Diploma or fellowship. This is my own study done under the guidance of MR. NITIN SAREEN, Agency Development Managers of the company. I hereby declare that the contents of this report are true and best to my knowledge.

(RAHUL VISHNOI) Roll No. 1320103047 MBA IV Sem


This is to certify that the project report entitled “BALANCE SHEET ANALYSIS BAJAJ HINDUSTAN LIMITED” submitted for the degree of MBA for Invertis university is a benefited project work carried by RAHUL VISHNOI, student of Invertis university. This assistance and help received during the course of investigation have been fully acknowledged.

Project Co-coordinator MR. NITIN SAREEN

Brief summary 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.

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.

Table of Contents CHAPTER NO. CHAPTER 1



PAGE NO. 7-15





















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. In that case, the owner and those enjoying the benefits therefore, would be deprived of the benefits. The planned substitute would not have been ready. There is an adverse or unpleasant situation. Insurance is a mechanism that helps to reduce the effects of such adverse situations. It promises to pay to the owner or beneficiary of the asset, a certain sum if the loss occurs.

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 great fire of London in 1666,in which more than 13000 house were lost, gave a boost to insurance and the first fire insurance company, called the fire office, was started in 1680.  The origins of insurance business as in vogue at present, is traced to the Lloyd’s Coffee House in London. Traders, who used to gather in the Lloyd’s coffee house in London, agreed to share the losses to their goods while being carried by ships. The losses used to occur because of pirates who robbed on the high seas of because of bad weather spoiling the goods or sinking the ship. In India, insurance began in 1818 with life insurance being transacted by an English company, the Oriental Life Insurance Co. in 1870 in Mumbai. This was followed by the Bharat Insurance co. in 1896 in Delhi, the Empire of India in 1897 in Mumbai, The United India in Chennai, the National, the National Indian and Hindustan Cooperative in Kolkata.  Later, were established the cooperative Assurance in Lahore, the Bombay Life (originally called the swadeshi life), the India Mercantile, the new India and the Jupiter in Mumbai and the Lakshmi in New Delhi. These were all Indian companies started as a result of the swadeshi movement in the early 1900s. By the year 1956, when life insurance business was nationalized and the life Insurance Corporation of India (LIC) was formed on1st September 1956, there were 170 companies and 75 provident fund societies transacting life business in India. After the amendments to the relevant laws in 1999, the L.I.C. did not have the exclusive privilege of doing life insurance business in India. By 31.8.2007, sixteen new life insurers had been registered and were transacting life insurance business in India.

The History of Insurance in India Some of the important milestones in the life insurance business in India are:  1912 - The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business.

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

 1938 - Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public.

 1956 - 245 Indian and foreign insurers and provident societies taken over by the central government and nationalized. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 crore from the Government of India. The General insurance business in India, on the other hand, can trace its roots to the Triton Insurance Company Ltd., the first general insurance company established in the year 1850 in Calcutta by the British.

Life Insurance a Basic Need Life insurance is a contract providing for payment of a sum of money to the person assured or, failing him, to the person entitled to receive the same, on the happening of certain event. A family is generally dependent for its food, clothing and shelter on the income brought in at regular intervals by the bread winner of the family. So long as the he lives and the income is received steadily, that family is secure; but should death suddenly intervene the family may be left in a very difficult situation and sometimes, in stark poverty.

Uncertainty of death is inherent in human life. It is this uncertainty that is risk, which gives rise to the necessity for some form of protection against the financial loss arising from death; insurance substitutes this uncertainty by certainty.

Few Advantages of Life Insurance 1. It is superior to an ordinary savings plans: This is so because unlike other saving plans, it affords full protection against risk of death. In case of death, the full sum assured is made available under a life assurance policy; whereas under other savings schemes the total accumulated savings alone will be available. The latter will be considerably less than the sum assured, if death occurs during early years. 2. Insurance encourages and forces thrift: A savings deposit can be too easily withdrawn. Many may not be able to resist the temptation of using the balance for some less worthy purpose. On the other hand, the payment of life insurance premiums becomes a habit and comes to be viewed wit the same seriousness as the payment of interest on a mortgage. Thus insurance, in effect brings about compulsory saving. 3. Easy settlement and protection against creditors: The life assured can name a person or persons to whom the policy moneys would be payable in the event of his death. The proceeds of a life insurance policy can be protected against. The claims of the creditors of the life 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. The beneficiaries are fully protected from creditors except to the extent of any interest in the policy retained by the assured. 4. Administering the legacy for beneficiaries: It often happens that a provision which a husband or father has made through insurance is quickly lost through speculative or unwise investment or by unnecessary expenditure on luxuries. These contingencies can be provided against in the case of insurance. The policyholder can arrange that in the in the event of his death the beneficiary should receive, instead of a single sum (a). payment of the net claim amount by equal installments over a specified period of years, or (b).payment of the claim amount by smaller monthly installments over the selected period followed by a lump sum at the end thereof. 5. Ready marketability and suitability for quick borrowings: After an initial period, if the policy holder finds 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. Tax relief: For computing income tax (especially in India the Indian income tax act) follows deduction from income tax payable, a certain percentage of a portion of the taxable income of individuals which is diverted to payment of insurance premiums. When this tax relief is taken into account it will be found that the assured is n effect paying a lower premium for his insurance.

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

Role of Insurance in Economic Development  For economic development, investments are necessary. Investments are made out of savings. A life insurance company is a major instrument for the mobilization of savings of people, particularly from the middle and lower income groups. These savings are channeled into investments for economic growth.  An insurance company’s strength lies in the fact that huge amounts come by way of premiums. Every premium represents a risk that is covered by that premium. In effect, therefore, these vast amounts represent pooling of risks. The funds are collected and held in trust for the benefit of the policyholders.  The management of insurance companies is required to keep this aspect in mind and make all its decisions in ways that benefit the community. This applies also to its investments. This is why successful insurance companies would not be found investing in speculative ventures. Their investments benefit the society at large.

 The system of insurance provides numerous direct and indirect benefits to the individual and his family as well as to industry and commerce and to the community and the nation as a whole. Those who insure, both individuals and corporate, are directly benefited because they are protected from the consequences of the loss that may be caused by the accident or fortuitous event. Insurance, thus, in a sense protects the capital in industry and releases the capital for further expansion and development of business and industry.  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.  Present day organization of industry, commerce and trade depend entirely on insurance for their operation, banks and financial institutions lend money to industrial and commercial undertakings only on the basis of the collateral security of insurance. No bank or financial institution would advance loans on property unless it is insured against loss or damage by insurable perils.  Insurers are closely associated with several agencies and institutions engaged in fire loss prevention, cargo loss prevention, cargo loss prevention, industrial safety and road safety. Before acceptance of a risk, insurers arrange survey and inspection of the property to be insured, by qualified engineers and other experts.  The object of these surveys is not only to assess the risk for rating purposes but also to suggest and recommend to the insured, various improvements in the risk, which will attract lower rates of premium and what is more important , reduce the loss potential. For example, burglary surveyors make recommendation in regard to security measures such as better locking system, appointment of Watchman, etc. Engineering surveys play a most

useful part in accident prevention as valuable technical advice is provided in respect of plant and machinery.  Insurance ranks with export trade, shipping and banking services as earner of foreign exchange to the country. It helps to earn foreign exchange and represent invisible exports.

List of Insurance Companies Listed in Different Years S.No.

Registration Number

Date of Reg.

Name of the Company



23.10.20 HDFC Standard Life Insurance 00 Company Ltd.



15.11.20 Max New York Life Insurance Co. Ltd. 00

3 105 13 102

24.11.20 ICICI Prudential Life Insurance 23.10.20 Royal Sundaram Alliance Insurance 00 Company 00 Company Ltd. Limited

103 414 107

23.10.20 Kotak Reliance GeneralOld Insurance 10.01.20 Mahindra MutualCompany Life 00 Limited. 01 Insurance Limited


31.01.20 Birla Sun Life Insurance Company Ltd. 01 04.12.20 IFFCO Tokio General Insurance Co. Ltd 00 12.02.20 Tata AIG Life Insurance Company Ltd. 01 22.01.20 TATA AIG General Insurance Company Ltd. 01 30.03.20 SBI Life Insurance Company Limited . 01 02.05.20 Bajaj Allianz General Insurance Company 01 Limited 02.08.20 ING Vysya Life Insurance Company Private 01 03.08.20 Limited ICICI Lombard General Insurance Company 01 Limited. 03.08.20 Bajaj Allianz Life Insurance Company 03.08.20 Apollo DKV Insurance Company Limited 01 Limited 07 06.08.20 Metlife India Insurance Company Ltd. 04.09.20 Future Generali India Insurance Company 01 07 Limited 04.09.20 Future Generali India Life Insurance 16.11.20 Universal Sompo General Insurance 07 Company Limited


15 106 6 110 16 108 7 111 17 113 8 114 18


9 116 19 131 10 117 20 132 11 133 21 134 12


19.12.20 IDBI Fortis Life Insurance Company Ltd. 07


Company Ltd.



03.01.20 Reliance Life Insurance company Ltd. 02



14.05.20 Aviva Life Insurance Co. India Pvt. Ltd. 02



06.02.20 Sahara India Insurance Company Ltd. 04



17.11.20 Shriram Life Insurance Company Ltd. 05



14.07.20 Bharti AXA Life Insurance Company Ltd. 06



04.09.20 Future general Indai life Insurance 07 Co.Ltd



19.12.20 IDBI Fortis Life Insurance Company Ltd. 07



08.05.20 Canara HSBC Oriental Bank of Commerce 08 Life Insurance Company Ltd.



27.06.20 Aegon Religare Life Insurance Company 08 Ltd.



27.06.20 DLF Pramerica Life Insurance Company 08 Ltd.

List of General Insurance Companies



15.07.20 Cholamandalam General Insurance 02 Company Ltd.



27.08.20 Export Credit Guarantee Corporation Ltd. 02



27.08.20 HDFC-Chubb General Insurance Co. Ltd. 02



27.06.20 Bharti Axa General Insurance Company Ltd. 08



15.12.20 Raheja QBE General Insurance Co. Ltd 08

Company Profile

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

Bharti-AXA perform over following cities                 

Hyderabad Mumbai Delhi Bangalore Kolkata Chennai Ahmedabad Ludhiana Lucknow Surat Kochi Indoor Chandigarh Vadodra Bhubneshwar Jaipur Mohali

 Guwahati

Vision To be a leader and the preferred company for financial protection and wealth management in India


Team Spirit






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

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

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

 To deliver high levels of shareholder return

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

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

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

Bharti Group

Bharti Airtel Ltd Bharti Airtel Ltd is one of Asia's leading telecommunications service providers. The Company is India’s largest integrated telecom company in terms of customer base and offers Mobile Services, Fixed Line services, Broadband & IPTV, DTH, Long Distance and Enterprise services. Airtel also offers mobile services in Sri Lanka on a state-of-the art 3.5 G network.

Bharti TeleTech Ltd Bharti Teletech is India’s leading telecom & allied Products Company. It is one of the largest manufacturers of landline telephones in the world. With a strong distribution network across the country, the company is also the primary distributor of IT and Telecom products from international brands such as Motorola, Blackberry, Thomson, Polycom, Transcend, and Logitech.

Telecom Seychelles Ltd A subsidiary of Bharti, Telecom Seychelles Ltd provides comprehensive telecom services including 3G mobile services in Seychelles, under the ‘Airtel’ brand.

Comviva Technologies Ltd Comviva is the leading provider of integrated VAS solutions for mobile operators in emerging markets. Among the top 3 global providers of integrated VAS solutions in rapidly growing markets, Comviva has deployed solutions for over 100 mobile operator customers in over 80 countries worldwide.

FieldFresh Foods Pvt. Ltd. FieldFresh Foods Pvt. Ltd., is a venture between Bharti Enterprises and Del Monte Pacific Limited, to offer fresh and processed fruits and vegetables in the domestic as well as international markets, including Europe and the Middle East.

Bharti Retail Pvt Ltd Bharti Retail is a wholly owned subsidiary of Bharti Enterprises. Bharti Retail operates a chain of multiple format stores that offer consumers affordable prices, great quality and wider choice. The company’s neighbourhood format stores operate under the "Easyday" brand and the compact hypermarket format under the “Easyday market” brand.

Bharti AXA General Insurance Company Bharti AXA General Insurance is a joint venture between Bharti Enterprises and AXA, world leader in financial protection and wealth management. The company was incorporated in July 2007 and offers a full suite of general insurance solutions to meet the needs of businesses and individuals alike.

Bharti AXA Life Insurance Company Bharti AXA Life Insurance Company Ltd is a joint venture between Bharti Enterprises and AXA, world leader in financial protection and wealth management. The company offers a range of life insurance and wealth management products with an endeavour to help customers lead a confident life.

Bharti AXA Investment Managers Pvt. Ltd. Bharti AXA Investment Managers Pvt. Ltd., an asset management company in India, is a joint venture between Bharti Enterprises, AXA Investment Managers (AXA IM) and AXA Asia Pacific Holdings (AXA APH).

Centum Learning Limited Centum Learning Limited provides end-to-end learning and skill-building solutions to several large corporate. It provides solutions that impact business performance through enhanced employee productivity, customer profitability and effective talent transformation.

Jersey Airtel Ltd Jersey Airtel, a subsidiary of Bharti, offers world-class mobile services in Jersey (Channel Islands) over its full 2G, 3G and HSDPA enhanced network. The Company brings marketleading products and services to its customers under Airtel-Vodafone brand.

Bharti Foundation Bharti Foundation was set up in 2000, with the vision, “To help underprivileged children and young people of our country realize their potential”. It aims to create and support programs that bring about sustainable changes through education and the use of technology and information.

Bharti Realty Bharti Realty Limited is a young, vibrant and dynamic realty company with expanding interests in commercial, retail and residential real estate. Bharti Realty aims to be amongst the most admired real estate players in India and aspires to attain highest degree of customer trust through superior product design and maintaining an uncompromising stand towards environmental responsibility, ethics and safety

Bharti Infratel Bharti Infratel, a wholly owned subsidiary of Bharti Airtel, provides passive infrastructure services on a non-discriminatory basis to all telecom operators in India. Bharti Infratel also holds approximately 42% stake in Indus Towers, a joint venture between Bharti, Vodafone and Idea to offer passive infrastructure services.

Bharti Enterprises  Bharti Airtel Ltd: Bharti Airtel Ltd is India’s leading provider of telecommunications service. The company has 4 distinct Business divisions- mobile and telephone services, broadband services, long distance services and enterprise services,  Bharti Teletech Ltd Bharti Teletech Ltd manufactures and exports world-class telecom equipment under the brand ‘Beetel’.  Telecom Seychelles Ltd Telecom Seychelles ltd provides telecom services in Seychelles, under the brand ‘Airtel’.  Bharti AXA Life Insurance Bharti AXA Life Insurance is a joint venture between Bharti, one of India’s leading business groups with interests in telecom, agri 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 Telesoft Ltd Bharti Telesoft Ltd delivers best-in-class, Revenue-critical Vas products and service to telecom carriers,

 Tele Tech Service Ltd Tele Tech Service (India) Ltd is Joint venture with Tele Tech Inc., U.S.A. It offers a range of Customer Management Services.  Field Fresh Foods Pvt Ltd Field Fresh Foods Pvt Ltd is Bharti’s Venture with EL Rothschild Group owned ELRO holding India Ltd., to export fresh Agricultural products exclusively to markets in Europe and USA.

 AXA AXA Group is a worldwide leader in Financial Protection. AXA's operations are diverse geographically, with major operations in Western Europe, North America and the Asia/Pacific area. AXA had Euro 1,315 billion in assets under management as of December 31, 2006. For full year 2006, IFRS revenues amounted to Euro 79 billion, IFRS underlying earnings amounted to Euro 4,010 million and IFRS adjusted earnings to Euro 5,140 million. The AXA ordinary share is listed and trades under the symbol AXA on the Paris Stock Exchange. The AXA American Depository Share is also listed on the NYSE under the ticker symbol AXA.

 AXA Asia Pacific Holdings AXA Asia Pacific Holdings Ltd (AXA APH) is listed on the Australian stock exchange and is 52.3% owned by AXA SA. AXA APH is responsible for AXA SA’s life insurance and wealth management businesses in the Asia-Pacific region. It has operations in Australia, New Zealand, Hong Kong, Singapore, Indonesia, Philippines, Thailand, China, India and Malaysia. AXA APH had A$106.4 billion in total funds under management and administration at 30 June 2007 and reported a profit after tax before non-recurring items of A$374.0 million for the six months ended 30 June 2007.

Products of Bharti-AXA Life Insurance

Bright stars  This is a regular premium unit-linked insurance policy, which, which offers you the twin benefits of protecting your loved ones and creating wealth for them over the desired period.  As a caring parent, you want only the best for your child. As your child grows, his aspirations will grow too and so will your responsibilities. Whether it’s higher studies abroad, a grand

wedding or a comfortable home … you can now ensure that your child is always one step ahead  You can fulfill all the dreams you have for your child, and give him what he deserves. A bright future!  The plan also offers the flexibility to make modifications, depending on the changing needs of your child. As his dreams grow, the plan will grow too… so financial hurdles will never come in the way of his growing dreams! With Bharti AXA Life Bright Stars, Parameter


Minimum age at entry

18 years

Maximum age at entry

70 years minus policy benefit period chosen. E.G: for policy benefit period of 17 years, the

Maximum age at maturity

maximum age at entry is 53 years. 70 years

Minimum premium

Rs.15,000 p.a. for annual & semi-annual modes

Premium modes

Rs18,000 p.a. for monthly mode Annual, semi-annual and monthly

Policy benefit periods available

7 years,10 years,15 years, 17 years and 20 years

Minimum top-up premium

Rs. 2,500

Spot Suraksha Introduction Spot Suraksha is a unit liked insurance product, which offers you an instant insurance protection and benefit of wealth creation in the long-term.

Main Advantages of Spot Suraksha  Understand the product:(Read and understand the product brochure)  Answering the simple health related questions, Sign up the simple application form, submit photograph, proofs for identity, address and age.  A cover note is issued to policy holder and insurance cover starts instantly.  100% allocation of premium- Full allocation of premium to the Investment Fund, according to policy holder choice from 2nd year onwards.  A guaranteed special addition equal to 130% of annualized premium in the first policy year is added in the policy fund at maturity or death, which is earlier.



Minimum age at entry

5 years

Maximum age at entry

55 years

Maximum age at maturity

70 years

Minimum premium

Rs. 12,000 p.a

Premium Modes

Annual, Semi-annual and monthly

Policy term

15 years

Minimum top up premium

Rs. 5,000

Dream life pension Let you live your retired life king-size This plan is made for old persons and to make them self independent and live a life of dignity and self-respect. Today you are busy climbing the ladder of success and realizing your dreams. Today, time is with you. Just take a moment and think. The Bharti AXA Life Dream life pension gives you:  A post retirement income for life.  Policy holder choose the age at which he/she would like to retire (vesting age), which determines your premium paying term. Alternatively you can opt for single premium payment.



Minimum age at entry

18 years

Maximum age at entry

70 years

Minimum age at vesting

45 years

Maximum age at vesting Premium modes

80 years Single pay, yearly, Half-yearly ,Quarterly and monthly

Minimum premium

Annual Regular Premium: Rs.12, 000 p.a.

Minimum policy term

10 years

Minimum top-up premium

Rs.2, 500 and no maximum limit on topup premium and top up allowed only after first policy year.

MERIT PLUS This is a regular premium unit-linked insurance policy which offers you the twin benefits of protection against financial loss in the unfortunate event of the death and helping you to create wealth systematically over the long-term. Hence this product is suitable for your long-term objective like retirement planning, children’s future and giving a total protection to you and your family.



Minimum age at entry

0 year

Maximum age at entry

60 years (For death benefit option A)

Maturity age

55 years (For death benefit option b) 80 years (for death benefit option A)

Policy benefit period

75 years (for death benefit option B) 80 year less age at entry (for death benefit option A) 75 years less age at entry (For death

Premium payable period

benefit option B) Yearly, Half-Yearly And Monthly

Minimum premium


Minimum Top-up premium


Benefits of Bharti AXA Life merit plus In merit plus the policy holder must have to choice one option out of the two. 1. Sum assured(less all partial withdrawals made form the basic policy fund during the 12 months prior to the date of death of life assured) or the policy Fund Value as on the date of intimation of death, which is higher, will be paid. 2. The sum of sum assured and the policy fund value as on the date of intimation of death will be paid.

Future confident Future confident is a suitable product for you, if your objective is long-term targeted wealth creation over 15-20 year, either for your own retirement or for your children’s future, while at the same time providing your family enhance financial protection.



Minimum age at entry

0 year

Maximum age at entry

60 years

Maturity age

70 years

Policy benefit period

70 year less age at entry

Premium payable period





Monthly Minimum premium

Rs.10,000 for yearly, 5,000 for half-yearly 2,500 for quarterly and Rs.834 for monthly premium

Minimum Top-up premium


Secure Confidence Provide complete financial protection to your family, even when you are not there. Secure confident is suitable to you if your objective is to protect your family against any financial loss caused due to unfortunate death, disability due to an accident or critical illnesses which may deprive them of a secured future. Parameter Minimum age at entry Maximum age at entry Minimum sum assured Minimum premium

Eligibility 18 years 55 years Rs.5 ,00,000 RS.1,500 for yearly,Rs.780 for half-yearly, Rs.405 for quarterly and Rs.135 for

Policy benefit period Maximum age at maturity. Premium paying term On death A sum assured is paid to the policy holder

monthly premium 5,10,15,20 and 25 years 60 years Equal to the policy benefit period. On survival The policy shall be terminated and no

or nominee and the policy shall be

monies shall be payable to the policy



Introduction of the process of recruitment and selection of agent

Objectives of the study 

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.

Meaning of Recruitment Finding the right people is a make-or-break factor for success in business today. Recruiting the top talent for a job takes time and you have to attract quality candidates who have the knowledge and skills needed to help your company grow. The fact is, your success with recruitment depends on how well you prepare your job ad, and use source of recruitment, and your interviewing skills. Prepare a job ad that works to start, you want to be sure that your potential candidate truly understands the job. The clearer you are with the task description, working conditions and advantages, the less time you will waste examining and rejecting applications The essentials of any job description are: 

A brief description of your company

Detailed outline of the tasks involved

Qualifications and experience required

Equipment and resources used to do the work

Skills required using them.

However, you should also include work benefits (e.g., vacation, travel and perks), general working conditions (e.g., scheduling, outside work) and the specific traits required (e.g. Team Building and Communications skills). Ultimately, you want to be perceived as an attractive employer in a competitive market. Find the right recruitment vehicle choose the vehicle that best works for your company, depending on your budget and resources. Word of mouth, or simply telling your employees, friends and colleagues about a job opening, is a less expensive strategy but generates fewer candidates. The advantage is that you already know something about your recruiters and their skills, knowledge and achievements. This is a preferred method with companies that have a finder's fee program for their employees. Advertising is a toss of the dice. If it goes well, it can help you find ideal candidates in a regional, national, or international pool. If not, it's a costly investment yielding few results. Make sure to factor in the time it takes to go through

a large number of resumes. Employment agencies cost more but generally provide a good range of candidates. The employment advisors look at your needs, screen a number of candidates, and only send you the applications that meet your requirements. Bear in mind that the largest employment agencies do not necessarily offer the best choice of candidates. There are numerous agencies that specialize in recruitment in specific sectors. Recruiting online such as monster.ca, workopolis.com and jobboom.com. These can provide inexpensive, worldwide access to employees. In fact, 65% of job seekers now have access to these types of services. Using the Internet for recruiting usually involves regular visits to specialized recruitment sites, joining newsgroups, and posting your job openings on recruitment sites, electronic publications and on your own Web site.

After recruitment the next part is selection of best candidates.

Make the interview deliver Since the purpose of an interview is to identify and verify the candidate's potential, it should be structured to bring out all the desired competencies and aptitudes. Remember that you have to decide between the candidates: you could create a point system or analysis grid for comparing their strengths and weaknesses. Here are a few points to consider when structuring an interview:  Make a list in advance of the points for discussion and corresponding questions.

 Present the candidates with a situation they could face on the job and ask them how they would react. This will enable you to evaluate the candidates' knowledge, skills and work methods.

 Ask the candidates to describe some difficult situations encountered in previous jobs and to explain the way in which they were resolved. This will give you the chance to gauge the candidates' self-confidence, creativity and problem-solving skills.

 Ask the candidates to describe a difficult situation involving colleagues and how it was resolved. This will enable you to test their aptitude for teamwork.

 Ask the candidates about their ambitions and plans to ensure they fit your company profile. Beware of asking questions about personal interests. They can get the interview off track or annoy people who want to keep their work and private lives separate.

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

An agent is one who acts on behalf of another. The “another” on whose behalf the agent acts, is called the principal in this case. The insurance company is the principal in this case. The lawyer is the agent of the client, when he argues the case in court. An ambassador is an agent of his country. The agent represents the principal and acts on his behalf. Some insurers designate their agents as ‘advisers”,” consultants” etc. as if they are independent advisor or consultant would not be appointed by an insurance company. He would be knowledgeable enough as a person to be approached for advice or consultation. Some insurance agents may acquire that status. All insurance agents should strive to attain that status.

Procedure for becoming an Agent

The insurance Act, 1938 lays down that an insurance agent must possess a license under Section 42 of that Act. The license is to be issued by the IRDA. The IRDA has authorized designated persons, in each insurance company, to issue the licenses on behalf of the IRDA. In terms of the Insurance Act, a license will not be given if the person is (a) minor, (b)

found to be of unsound mind,


found guilty of criminal misappropriation or criminal misappropriation or criminal breach of trust or cheating or forgery or an abetment of or attempt to commit any such offence


found guilty of or knowingly participation in or conniving at any fraud, dishonesty or misrepresentation against an insurer or an insured,


not possessing the requisite qualifications and specified training,


Found violating the code of conduct as specified in the regulations.


The fee for a license is Rs.825 for individual. A license is granted for 3 years. It may be renewed after 3 years and again valid for 3 years.

A license issued by the IRDA may be to act as an agent for a life insurer, for a general insurer or as a composite insurance agent working for a life insurer as sell as a general insurer. No agent is allowed to work for more than one life insurer or more than one general insurer. The Qualifications necessary before a license can be given are that the person must be



Not a minor.


Have passed at least the 12th standard or equivalent examination, if he is to be appointed in a place with a population of 5,000 or more. (10th standard otherwise.)


Have undergone practical training for at least 50 hours in life or general insurance business, as the case may be, form an institution, approved and notified by the IRDA. IN the case of a person wanting to become a composite insurance agent, the applicant should have completed at least 75 hours practical training in life and general insurance business, which may be spread over six to eight weeks.

Have passed the pre-recruitment examination conducted by the insurance India or any other examination body authorized by the IRDA.

institute of

The license once issued, can be cancelled whenever the person acquires a disqualification. Applications for renewal have to make at least thirty days before the expiry of the license, along either the renewal fee of Rs.250. If the application is not made at least thirty days before the expiry, but is made before the date of expiry of license, an additional fee of Rs.100 is payable . If the application is made after the date of expiry, it would be normally being refused.

Prior to renewal of the license, the agent should have completed at least 25 hours practical training in life or general insurance business or at least 50 hours practical training in life and general insurance business in the case of a composite insurance agent. Insures who select agents for appointment, make arrangements for training, for appearing in the prescribed examinations, and obtaining the license.

NOTE The insurance Act provides, In Section 44, for payment of commission on renewal premium even after termination of the agency. The commission will be limited to a rate not exceeding 4%, to be eligible for this; the agent should have been an agent with that insurer for at least (1) five years and policies for at least Rs50,000 are in force one year before termination of agency or, (2)

10 year.

This commission will be payable to the heirs of the agent after the agent’s death.

FUNCTION OF AN AGENT  Understanding the prospect’s needs and persuade him to buy a plan of life insurance that suits his interests best.  Complete the formalities:- paper work, medical examination, which are necessary to get the policy expeditiously.  Keep in touch to ensure that changing circumstances are reflected in the arrangements relating to premium payments, nomination and other necessary alterations.  Facilitate quick settlement of claims.  Be totally honest with both the prospect and the insurer.  Not to induce prospects to submit wrong information.

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

Recruitment Process Develop a Profile

Develop sources of recruitment

Approaching the Targeted recruits

Initial screening and Interviews

Reality check

Sources of Recruitment



Natural Market

Job Ads/Inserts

Placement Consultants

Central of Influence

Presentation / Seminar

Agent gets Agents

Cold Prospecting

Data Base



Controlled Market Natural market  Your family  Your friends  People at job/business  Neighbors

Extended Natural market

The following are sources of names:

People know through children.

People know through spouse.

People know through hobbies/ games.

People known through social groups

People known through public service.

People you do business with.

Friends of friends.

CENTRE OF INFLUNCE  People with influence and prestige, other member of society believe and faith on them.  People who have a big circle of relationships: like secretary in societies, president of an association.  People who are known to you and are willing to help you.  People who have contacts with the class of people you want to deals with.  People who have faith in your leadership.  A centre of influence is a person who is in contact with many people through social, political, religious or business angulations  Usually a respected individual with influence over the people with him/her is in contact.

Uncontrolled Sources Job Ads/Inserts 

This program should be on regular long range basis.

Example: Gul Mohan Sharma who is a relationship officer in Bhrati AXA Life Insurance company put an ad in the newspaper, in which he called for the reader to phone him during a specified 2 to 4 hours period on Monday or Sunday morning

From those who called Gul Mohan Sharma was able to eliminate more misfits (who are not qualified) and arrange for two to six personal visits.

Placement consultants MOA can recruit a placement consultant or register himself in internet job search sites to get list of prospects.

Seminars/job fairs Manager of agency can also organized seminars at Management Institutions and Colleges. OR Bharti AXA Life Insurance Company participate in the job fairs and then short list Prospects and then look for further opportunities for them.

Cold Prospecting 

MOA can use the telephone directory.

MOA and Telecaller can use the directories of various business and social organizations.

Database  Secondary Data: Indirect collection of data from sources can be purchased from the open market and various kind of database are available such as telephone databases of various surveys.

Point to be noted while recruiting the Agents  Mature and responsible family person.  Ambitious, hungry for recognition, challenges.  Occupation.  Experience and current designation.

 For how many years he is living in the city.  Greedy person.  Occupation of parent.  Family income.  Any experience in life insurance sector.  Leadership qualities.  Social and amiable.

Sources for Recruitment and Selection of Agent Used during Training Natural Market

Market Survey

Secondary Data (Telephone Directory)


Objectives of the study  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.

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.  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.

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.

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.

 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.

BIBLIOGRAPHY www.irdaindia.org www.bhart-axalife.com www.wikipedia.org www.ibef.org

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