INTERNSHIP REPORT

ON

bharti axa life insurance

In the partial fulfillment of the Degree of bachelor of Business management Session
(2008-2011)

Submitted to Submitted by

Mr.DINESH NARENDRA BABU B N

Professor reg no:07BMC08082

PES BBM 4th semester bbm
 Bharti – Axa Life Insurance (Training Report)

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 learning 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.

Reg no:08BMC08099` (NARENDRA BABU B N)

PES COLLEGE OF BUSINESS MANAGEMENTPage 2

 Bharti – Axa Life Insurance (Training Report)

STUDENT DECLARATION

I hereby declare that study of “insurance industry in india and bharti axa life insurance” has been
exclusively done by me for the degree of BACHELOR OF BUSINESS MANAGEMENT and not for
any other degree, Diploma or fellowship. This is my own study done under the guidance of guide and
Managers of the company.
I hereby declare that the contents of this report are true and best to my knowledge.

(NARENDR
A BABU B N)

Reg no: 07BMC08082

PES COLLEGE OF BUSINESS MANAGEMENTPage 3

 Bharti – Axa Life Insurance (Training Report)

DECLARATION

This is to certify that the project report entitled “insurance industry in india and bharti
axa life insurance” submitted for the degree of bbm , Affiliated to Bangalore university –
from (7th june, 2010 to 7thjuly, 2010)” is a bonafied research work carried by narendra
babu b n, PES COLLEGE OF BUSINESS MANAGEMENT
This assistance and help received during the course of investigation have been fully
acknowledged.
 
 
 

Project Co-coordinator

PES COLLEGE OF BUSINESS MANAGEMENTPage 4

 Bharti – Axa Life Insurance (Training Report)

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 mnc in insurance
sectors. The analysis of “Bharti AXA Life Insurance” is taken from different sectors.
For creating strong relationship and for a successful business every insurance company
requires a financial planner.

Objective of the study:

 How to recruit agents for Bharti-AXA life insurance.
 To understand the process of recruitment and selection of agent in life insurance.
 Why people are not willing to work as an agent in life insurance sector specially
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.

PES COLLEGE OF BUSINESS MANAGEMENTPage 5

 Bharti – Axa Life Insurance (Training Report)

Table of Contents
CHAPTER PARTICULARS PAGE NO.
NO.

CHAPTER 1 8-18
INDUSTRY PROFILE

CHAPTER 2 COMPANY PROFILE 19-35

CHAPTER 3 INTRODUCTION OF RECRUITMENT AND 36-51

SELECTION PROCESS OF AGENT

CHAPTER 4 RESEARCH METHODOLOGY 52-54

OBJECTIVES OF THE STUDY

CHAPTER 5 DATA PRESENTATION AND 55-60

INTERPRETATION

CHAPTER 6 LIMITATIONS AND FINDINGS 61

CHAPTER 7 CONCLUSION AND SUGGESTIONS 62

CHAPTER 8 BIBLIOGRAPHY 63

PES COLLEGE OF BUSINESS MANAGEMENTPage 6

 Bharti – Axa Life Insurance (Training Report)

Industry Profile

PES COLLEGE OF BUSINESS MANAGEMENTPage 7

 Bharti – Axa Life Insurance (Training Report)

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 from 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.

PES COLLEGE OF BUSINESS MANAGEMENTPage 8

 Bharti – Axa Life Insurance (Training Report)

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 off
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.

PES COLLEGE OF BUSINESS MANAGEMENTPage 9

 Bharti – Axa Life Insurance (Training Report)

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.

PES COLLEGE OF BUSINESS MANAGEMENTPage 10

 Bharti – Axa Life Insurance (Training Report)

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 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.

PES COLLEGE OF BUSINESS MANAGEMENTPage 11

 Bharti – Axa Life Insurance (Training Report)

.
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 himself 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.

PES COLLEGE OF BUSINESS MANAGEMENTPage 12

 Bharti – Axa Life Insurance (Training Report)

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’.

PES COLLEGE OF BUSINESS MANAGEMENTPage 13

 Bharti – Axa Life Insurance (Training Report)

Role of Indian insurance during 2008-2009 economic melt down

A. New Offices
 Life Insurance companies in India have opened 2,807 new offices.
Total number branches of Life Insurance companies -11,720.
39% of the total offices are located in Class “C” location
31% of the total offices are located in less than Class “C” location.
B. Employment Generation
 Have provided direct employment to 30,333 people.
 There was net addition of more than 3.8 lacs individual agents during the year.

C. Improved Persistency
 Increase in renewal premium collection by 24 % (Rs.1,07,638 Cr to Rs.1,33,318
Cr)
 Increase in unit linked renewal premium collection by 106 % (Rs.22380 Cr. To
Rs 46239 Cr)
 Decrease in surrender value payment
 Increase in Total Premium collection by 10% (Rs.2,01,351 Cr to Rs.2,20,184 Cr)

Investment by Indian Insurance Companies

 Insurance companies have invested approximately Rs.58,000 Cr in the Equity

market.

 FII pulled out approximately Rs.47,345 Cr from the domestic stock market.
 Mutual funds invested approximately Rs.7,000Cr in the domestic stock market.

 Increase in Infrastructure Investment by 26%(Rs.91,283 Cr to Rs.1,15,762 Cr)

“Insurance industry was the saving grace for the domestic equity market”- Hindu
Business Line

PES COLLEGE OF BUSINESS MANAGEMENTPage 14

 Bharti – Axa Life Insurance (Training Report)

PES COLLEGE OF BUSINESS MANAGEMENTPage 15

 Bharti – Axa Life Insurance (Training Report)

PES COLLEGE OF BUSINESS MANAGEMENTPage 16

 Bharti – Axa Life Insurance (Training Report)

Role of Insurance in Economic Development

PES COLLEGE OF BUSINESS MANAGEMENTPage 17
 Bharti – Axa Life Insurance (Training Report)

 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 every 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.

PES COLLEGE OF BUSINESS MANAGEMENTPage 18

 Bharti – Axa Life Insurance (Training Report)

 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

PES COLLEGE OF BUSINESS MANAGEMENTPage 19

 Bharti – Axa Life Insurance (Training Report)

Years

List of Life Insurance Companies

S.N Registrat Date of Name of the Company
o. ion Reg.
Number
1 101 23.10.2000 HDFC Standard Life Insurance Company Ltd.
2 104 15.11.2000 Max New York Life Insurance Co. Ltd.
3 105 24.11.2000 ICICI Prudential Life Insurance Company Ltd.
4 107 10.01.2001 Kotak Mahindra Old Mutual Life Insurance Limited
5 109 31.01.2001 Birla Sun Life Insurance Company Ltd.
6 110 12.02.2001 Tata AIG Life Insurance Company Ltd.
7 111 30.03.2001 SBI Life Insurance Company Limited .
8 114 02.08.2001 ING Vysya Life Insurance Company Private Limited
9 116 03.08.2001 Bajaj Allianz Life Insurance Company Limited
10 117 06.08.2001 Metlife India Insurance Company Ltd.
11 133 04.09.2007 Future Generali India Life Insurance Company Limited
12 135 19.12.2007 IDBI Fortis Life Insurance Company Ltd.

13 102 23.10.2 Royal Sundaram Alliance Insurance

000 Company Limited
14 103 23.10.2 Reliance General Insurance Company
000 Limited.

15 106 04.12.2 IFFCO Tokio General Insurance Co.

000 Ltd
16 108 22.01.2 TATA AIG General Insurance

PES COLLEGE OF BUSINESS MANAGEMENTPage 20

 Bharti – Axa Life Insurance (Training Report)

001 Company Ltd.

17 113 02.05.2 Bajaj Allianz General Insurance
001 Company Limited
18 115 03.08.2 ICICI Lombard General Insurance
001 Company Limited.
19 131 03.08.2 Apollo DKV Insurance Company
007 Limited
20 132 04.09.2 Future Generali India Insurance
007 Company Limited
21 134 16.11.2 Universal Sompo General Insurance
007 Company Ltd.
22 121 03.01.2 Reliance Life Insurance company Ltd.
002
23 122 14.05.2 Aviva Life Insurance Co. India Pvt. Ltd.
002
24 127 06.02.2 Sahara India Insurance Company Ltd.
004
25 128 17.11.2 Shriram Life Insurance Company Ltd.
005
26 130 14.07.2 Bharti AXA Life Insurance Company
006  Ltd.
27 133 04.09.2 Future general Indai life
007 Insurance Co.Ltd
28 135 19.12.2 IDBI Fortis Life Insurance Company
007 Ltd.
29 136 08.05.2 Canara HSBC Oriental Bank of
008 Commerce Life
Insurance Company Ltd.
30 138 27.06.2 Aegon Religare Life Insurance
008 Company Ltd.
31 140 27.06.2 DLF Pramerica Life Insurance
008 Company Ltd.

PES COLLEGE OF BUSINESS MANAGEMENTPage 21

 Bharti – Axa Life Insurance (Training Report)

List of General Insurance Companies

1 123 15.07.2 Cholamandalam General Insurance

002 Company Ltd.
2. 124 27.08.2 Export Credit Guarantee Corporation
002 Ltd.
3. 125 27.08.2 HDFC-Chubb General Insurance Co.
002 Ltd.
1 139 27.06.2 Bharti Axa General Insurance Company
008 Ltd.
2 141 15.12.2 Raheja QBE General Insurance Co. Ltd
008

PES COLLEGE OF BUSINESS MANAGEMENTPage 22

 Bharti – Axa Life Insurance (Training Report)

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

PES COLLEGE OF BUSINESS MANAGEMENTPage 23

 Bharti – Axa Life Insurance (Training Report)

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

PES COLLEGE OF BUSINESS MANAGEMENTPage 24

 Bharti – Axa Life Insurance (Training Report)

 Bhubneshwar
 Jaipur
 Mohali

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

professionalism

Team Spirit Innovation

values
PES COLLEGE OF BUSINESS MANAGEMENTPage 25
 Bharti – Axa Life Insurance (Training Report)

Pragmatism Integrity

Strategy
 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 recognised as being close and qualified by our customers

PES COLLEGE OF BUSINESS MANAGEMENTPage 26
 Bharti – Axa Life Insurance (Training Report)

Organization structure of bharti axa life

PES COLLEGE OF BUSINESS MANAGEMENTPage 27

 Bharti – Axa Life Insurance (Training Report)

Bharti Group

PES COLLEGE OF BUSINESS MANAGEMENTPage 28

 Bharti – Axa Life Insurance (Training Report)

Bharti Airtel Ltd

Bharti Airtel Ltd is one of Asia's leading telecommunications service provider. 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 interntional 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.

PES COLLEGE OF BUSINESS MANAGEMENTPage 29

 Bharti – Axa Life Insurance (Training Report)

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.  

PES COLLEGE OF BUSINESS MANAGEMENTPage 30

 Bharti – Axa Life Insurance (Training Report)

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 corporates. 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 market-leading 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.

PES COLLEGE OF BUSINESS MANAGEMENTPage 31

 Bharti – Axa Life Insurance (Training Report)

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.

PES COLLEGE OF BUSINESS MANAGEMENTPage 32

 Bharti – Axa Life Insurance (Training Report)

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 Agricltural products exclusively to markets in Europe
and USA.

PES COLLEGE OF BUSINESS MANAGEMENTPage 33

 Bharti – Axa Life Insurance (Training Report)

 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

PES COLLEGE OF BUSINESS MANAGEMENTPage 34
 Bharti – Axa Life Insurance (Training Report)

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 Eligibility
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 entry is 53 years.

Maximum age at maturity 70 years
Minimum premium Rs.15,000 p.a. for annual & semi-annual modes

Rs18,000 p.a for monthly mode

Premium modes 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

Aspire life plus

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

PES COLLEGE OF BUSINESS MANAGEMENTPage 35

 Bharti – Axa Life Insurance (Training Report)

Main Advantages of aspire life plus

 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, from
2nd year to 5th year 5% andit is nil from the 6th year

 Receive upto 250% of your first years premium as guaranteed special addition

 Get option of investing across 6 funds depending upon the risk appetite and return
expectation of the policy holder

PARAMETER ELIGIBILITY
Minimum age at entry 0 years
Maximum age at entry 55 years
Minimum and maximum age at maturity 25 and 80 years
Minimum premium Rs. 18,000 p.a
Premium Modes Annual, Semi-annual and monthly
Policy term 25 years
Minimum top up premium Rs. 5,00-25%of premium

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.

PES COLLEGE OF BUSINESS MANAGEMENTPage 36

 Bharti – Axa Life Insurance (Training Report)

 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.

PARAMETER ELIGIBILITY

Minimum age at entry 18 years

Maximum age at entry 70 years

Minimum age at vesting 45 years

Maximum age at vesting 80 years

Premium modes Single pay, yearly, Half-yearly

,Quarterly and monthly

Minimum premium Annual Regular Premium:

Rs.12, 000p.a.

Minimum policy term 10 years

Minimum top-up premium Rs.2, 500 and no maximum limit on top-

up premium and top up allowed only

after first policy year.

MERIT PLUS EDGE

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.

PARAMETER ELIGIBILITY

Minimum age at entry 0 year

PES COLLEGE OF BUSINESS MANAGEMENTPage 37

 Bharti – Axa Life Insurance (Training Report)

Maximum age at entry 60 years (For death benefit option A)

55 years (For death benefit option b)
Maturity age 80 years (for death benefit option A)
75 years (for death benefit option B)
Policy benefit period 80 year less age at entry (for death
benefit option A)
75 years less age at entry (For death
benefit option B)
Premium payable period Yearly, Half-Yearly And Monthly

Minimum premium Rs.10,000

Minimum Top-up premium 500

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.

PARAMETER ELIGIBILITY

Minimum age at entry 0 year

PES COLLEGE OF BUSINESS MANAGEMENTPage 38

 Bharti – Axa Life Insurance (Training Report)

Maximum age at entry 60 years

Maturity age 70 years

Policy benefit period 70 year less age at entry

Premium payable period Yearly, Half-Yearly, quarterly and

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 500

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 Eligibility
Minimum age at entry 18 years
Maximum age at entry 55 years
Minimum sum assured Rs.5 ,00,000
Minimum premium RS.1,500 for yearly,Rs.780 for half-yearly,

Rs.405 for quarterly and Rs.135 for

monthly premium

PES COLLEGE OF BUSINESS MANAGEMENTPage 39

 Bharti – Axa Life Insurance (Training Report)

Policy benefit period 5,10,15,20 and 25 years

Maximum age at maturity. 60 years
Premium paying term Equal to the policy benefit period.
On death On survival
A sum assured is paid to the policy holder The policy shall be terminated and no

or nominee and the policy shall be monies shall be payable to the policy

terminated. holder.

Introduction of the process of

recruitment and selection of
agent

PES COLLEGE OF BUSINESS MANAGEMENTPage 40

 Bharti – Axa Life Insurance (Training Report)

Objectives of the study

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

 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.

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

PES COLLEGE OF BUSINESS MANAGEMENTPage 41

 Bharti – Axa Life Insurance (Training Report)

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.,

teambuilding 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.

PES COLLEGE OF BUSINESS MANAGEMENTPage 42

 Bharti – Axa Life Insurance (Training Report)

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.

PES COLLEGE OF BUSINESS MANAGEMENTPage 43

 Bharti – Axa Life Insurance (Training Report)

 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

PES COLLEGE OF BUSINESS MANAGEMENTPage 44

 Bharti – Axa Life Insurance (Training Report)

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 licence under
Section 42 of that Act. The licence is to be issued by the IRDA. The IRDA has
authorized designated persons, in each insurance company, to issue the licences on behalf
of the IRDA.

In terms of the Insurance Act, a licences will not be given if the person is
(a) minor,
(b) found to be of unsound mind,
(c) 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
(d) found guilty of or knowingly participation in or conniving at any fraud,
dishonesty or misrepresentation against an insurer or an insured,
(e) not possessing the requisite qualifications and specified training,
(f) Found violating the code of conduct as specified in the regulations.
(g) The fee for a licence is Rs.825 for individual. A licence is granted for 3 years.
It may be renewed after 3 years and again valid for 3 years.

 A licence 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

PES COLLEGE OF BUSINESS MANAGEMENTPage 45

 Bharti – Axa Life Insurance (Training Report)

insurer. No agent is allowed to work for more than one life insurer or more than one
general insurer.

The Qualifications necessary before a licence can be given are that the person must be

(a) Not a minor.

(b) 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. (10 th standard
otherwise.)

(c) 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.

d) Have passed the pre-recruitment examination conducted by the insurance institute

of India or any other examination body authorized by the IRDA.

The licence 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 licence, 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
licence, 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 licence, 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 licence.

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

PES COLLEGE OF BUSINESS MANAGEMENTPage 46

 Bharti – Axa Life Insurance (Training Report)

(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.

PES COLLEGE OF BUSINESS MANAGEMENTPage 47

 Bharti – Axa Life Insurance (Training Report)

 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 check48
PES COLLEGE OF BUSINESS MANAGEMENTPage
 Bharti – Axa Life Insurance (Training Report)

Sources of Recruitment

Controlled Uncontrolled

Natural Market Job Ads/Inserts

Central of Influence Placement Consultants

Presentation / Seminar
Agent gets Agents

Cold Prospecting
PES COLLEGE OF BUSINESS MANAGEMENTPage 49
 Bharti – Axa Life Insurance (Training Report)

Data Base

Primary Secondary

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.

PES COLLEGE OF BUSINESS MANAGEMENTPage 50

 Bharti – Axa Life Insurance (Training Report)

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 wiling 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 he/she is in
contact.

Uncontrolled Sources
Job Ads/Inserts
 This program should be on regular long range basis.
 Example: Navajeevan 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 Navjeevan 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 him self in internet job search sites to
get list of prospects.

Seminars/job fairs
Manager of agency can also organized seminars at
management institutes and colleges.
OR
Bharti AXA life insurance company participate in the job fairs and then short list

PES COLLEGE OF BUSINESS MANAGEMENTPage 51

 Bharti – Axa Life Insurance (Training Report)

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
 Primary data: Direct collection of data of from the source of information,
technology including personal interviewing, survey etc.
 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.

PES COLLEGE OF BUSINESS MANAGEMENTPage 52

 Bharti – Axa Life Insurance (Training Report)

Sources for Recruitment and Selection of Agent

used during Training

Natural Market Market Survey

Secondary Data
(Telephone Directory)

Telephone Script

Hello sir,

I am Paramjit Singh from Bharti AXA. I want your few minute to speak.

Sir, Bharti AXA is going to expend the Business by recruiting quality people and offering
them the potential of a very rewarding career opportunity.

We have acquired your business card and we are aware of the company you work for and
you are one of the selective person with whom our company want to concern.
So I would like to meet you for coffee to explain the exciting and rewarding opportunity.
It may have for you in terms of career compensation and support..

(Excellent I look forward to meeting you please May I have your address and I will
confirm our meeting in writing)
OR
(According to your convenience will you please tell me when and where we can meet?)

Thank You Sir.

Step 1. Documents Required

 Age proof.
 Address proof.

PES COLLEGE OF BUSINESS MANAGEMENTPage 53

 Bharti – Axa Life Insurance (Training Report)

 Photo – 8.
 Education proof.
 Q score sheet.
 Agency application.
 Form V A.
 Fill NAAF.

Step 2. Interview section

During the interview the senior manager/MOA asked following question to the candidate
to judge his ability and knowledge.

 Qualification.
 Present occupation.
 Knowledge or experience in insurance sector
 Tenor of stay in the town.
 Number of family member.
 Household income.

 Occupation of parent.
If selected then the senior manager/MOA approve the application.
The managers take the help of scoring Mechanism. Scoring Mechanism was filled at the
time of apply.

Age Below 25 years Between 25-40 More than 40 Score

Scoring 0 2 1
mechanism
Marital status Unmarried married

1 2
th
Education 10 standard or graduate Post graduate
12th standard
1 2 2
Tenor of stay in Less than 3 3-5 years More than 5
city/town years years
0 1 2
Household Less than 2 2-5 lakhs More than 5
income lakhs lakhs

Total score

Q Score:
Acceptable Range of Score Greater than or equal to 7

PES COLLEGE OF BUSINESS MANAGEMENTPage 54

 Bharti – Axa Life Insurance (Training Report)

Additional Approvals 5 or 6

Rejected application if 4 or less

If the Q score is less than 7 then BSM/ARSM comments and signatures are required.

Step 3. Training

50 Hours Training and also provide a text book (IC-33 life insurance) for pre-recruitment
Examination for Life Insurance Agents, which is based on syllabus prescribed by
insurance Regulatory & Development Authority.

IRDA for short, has laid down that those who wish to become insurance agents will be
given licenses only after they complete a course of study, training and pass an
examination prescribed by it.

During this training the knowledge about the entire essential concept related to life
insurance is provided to agent. Insurers will have different practices and offer different
benefits in their plans. All of them will be based on these concepts. The details of the
practices and the plans of each insurer will have to be learnt from the respective insures.

Step 4. During training following things will be teaches.

 What is insurance
 Principles of life Assurance
 Premiums and Bonuses
 Life Insurance products
 Underwriting
 Insurance Documents
 Policy conditions
 Claims
 Linked life insurance products
 Insurance agency
 Laws and Regulations
 IRDA Regulation 2000.
 IRDA Regulation 2002.

Step 5. Examination and Code

Examination is the second last part of the recruitment and selection process.
It include one hour test under, which contain 50 objective questions, one marks each,
Pass marks are 25.

PES COLLEGE OF BUSINESS MANAGEMENTPage 55

 Bharti – Axa Life Insurance (Training Report)

There are two method of examination.

 Online
 Manual

In case of online the result is declared on the spot and in the case of manual result is
declared within one month.

After clearing the exam, ULIP training of two days will be given to the advisor about the
product of company and then agency code is generated.

OBJECTIVES
AND
RESEARCH
METHODOLGY
PES COLLEGE OF BUSINESS MANAGEMENTPage 56
 Bharti – Axa Life Insurance (Training Report)

Objectives of the study

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

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

Defining the problem

Defining the research problem is first necessary step for any research. This work should
be done carefully. Here research problem is to know wiliness of general public to work as
an agent with private player or Bharti-AXA life insurance.

Sampling plan
The sampling plan calls for three decisions.

PES COLLEGE OF BUSINESS MANAGEMENTPage 57

 Bharti – Axa Life Insurance (Training Report)

A) Sampling Unit: I have completed my survey in CHANDIGARH, MOHALI.

B) Sample Size: The selection of 20 respondents. The sample was drawn from
shopkeepers. The selection of the respondent was done on the basis of simple random
sampling.
C) Contract methods
I have conduct the respondent through personal interviews

Research Instrument
A close friend questionnaire was constructed for my survey. Questionnaire consisting of
a set of questions made to filled by various respondents.

Collecting the Information

After this, I have collected the information from the respondent with the help of
questionnaire.

Analyze the Information

The next step is to extract the pertinent finding from the collected data. I have tabulated
the collected data & developed frequency distributions.
Thus the whole data was grouped aspect wise and was presented in tabular from. Thus,
frequencies & percentages were to reder impact of the study.

Presentations of Findings
This was the last stop of the survey.

PES COLLEGE OF BUSINESS MANAGEMENTPage 58

 Bharti – Axa Life Insurance (Training Report)

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.

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 Punjab and Chandigar

PES COLLEGE OF BUSINESS MANAGEMENTPage 59

 Bharti – Axa Life Insurance (Training Report)

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

Yes No

20; 20%

ye
s
80; 80% no

 Only 20% shopkeepers were interested in taking up this business opportunity with
Bharti.(8 shopkeeper 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

PES COLLEGE OF BUSINESS MANAGEMENTPage 60

 Bharti – Axa Life Insurance (Training Report)

25%
half hour
1/2 to 2
2 to 4
75% 4 to 5

 From the above 8 people , 6 people said that they can spend ½ hour for this
activity daily.
 2 said that they can spent ½ to 2 hours for this activity.

3) Do you have any knowledge of or experience in Insurance?

Yes No

20; 20%
no yes

80; 80%

 80% of shopkeeper said that they have knowledge about insurance.

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

4) Do you have Experience as an agent?

PES COLLEGE OF BUSINESS MANAGEMENTPage 61

 Bharti – Axa Life Insurance (Training Report)

Yes No

6; 15%
yes
no
3rd
Qtr
34; 85% 4th
Qtr

 15% of shopkeepers have experience in the field of life insurance.

 85% of shopkeepers have no experience in the field of life insurance.

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

17;
17%
LIC
50; HDFC

33; 50% ICICI

33%

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

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

5) Can you spare 1/2 day on training to understand to product and how can introduce it
to your customer?

PES COLLEGE OF BUSINESS MANAGEMENTPage 62

 Bharti – Axa Life Insurance (Training Report)

Yes NO

4; 10%

Ye
s
no

36; 90%

10 % of shopkeepers were interesting to spare 1/2 day on training to understand to

product.

Name: - Address:-
Location:-
Mobile no.
Shop Type:- (Mobile stores, General store, Chemist etc. Please specify

QUESTIONNAIRE

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

PES COLLEGE OF BUSINESS MANAGEMENTPage 63

 Bharti – Axa Life Insurance (Training Report)

5 hrs or more

3) Do you have any knowledge of or experience in Insurance?

Knowledge

Yes

No

Experience

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

PES COLLEGE OF BUSINESS MANAGEMENTPage 64

 Bharti – Axa Life Insurance (Training Report)

Above 600

Limitation
 I didn’t get complete feed from the shopkeepers about the question as they are busy in
there work and had less time to fill questionaire.

 Sincerity of answering the questions cannot be judged.

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

 Limited money available for project.

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.

PES COLLEGE OF BUSINESS MANAGEMENTPage 65

 Bharti – Axa Life Insurance (Training Report)

 Most of people say that this job affects upon there social relation with other and also
effect upon there 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.

 Because of three days compulsory training.

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.

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.

PES COLLEGE OF BUSINESS MANAGEMENTPage 66

 Bharti – Axa Life Insurance (Training Report)

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.

The duration of the process of recruitment and selection is too long (one and half month),
during this process mostly candidate loss there interest, so there is an urgent need to
reduce the duration of this period.

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

Assistance given mr sunil h (2010), IC-33 Life Insurance

www.irdaindia.org

www.bhart-axalife.com

www.wikipedia.org

www.ibef.org

The opportunity

PES COLLEGE OF BUSINESS MANAGEMENTPage 67

 Bharti – Axa Life Insurance (Training Report)

About 2/3 of the Indian population is ‘insurable”

High % of population is uninsured or underinsurance.

We Indian are “natural savers”

Indians save the maximum in the world.

Those ‘insured’ are ‘underinsured’.

PES COLLEGE OF BUSINESS MANAGEMENTPage 68