Project Report

On
BHARTI AXA life insurance
Submitted to

International Center For Distance Education And

Open Learning
Himachal Pradesh university Shimla

In the partial full time of the award of the degree of

MBA(Master of Business Administration)

Project guide:-
Submitted by:- Prof pankej
Dalip Thakur Shishir kumar
MBA MBA
2nd year

1
 PREFACE
The liberalization of the Indian insurance sector has been the subject of
much heated debate for some years. The policy makers where in the catch
22 situation wherein for one they wanted competition, development and
growth of this insurance sector which is extremely essential for

Channelling the investments in to the infrastructure sector. At the other end

the policy makers had the fears that the insurance premium, which are
substantial, would seep out of the country; and wanted to have a cautious
approach of opening for foreign participation in the sector.
As one of the rare occurrences the entire debate was put on the back
burner and the IRDA saw the day of the light thanks to the maturing polity
emerging consensus among factions of different political parties. Though
some changes and some restrictive clauses as regards to the foreign
participation were included the IRDA has opened the doors for the private
entry into insurance.
Whether the insurer is old or new, private or public, expanding the market
will present multitude of challenges and opportunities. But the key issues,
possible trends, opportunities and challenges that insurance sector will
have still remains under the realms of the possibilities and speculation.
What is the likely impact of opening up India’s insurance sector?
The large scale of operations, public sector bureaucracies and
cumbersome procedures hampers nationalized insurers. Therefore,
potential private entrants expect to score in the areas of customer service,
speed and flexibility. They point out that their entry will mean better
products and choice for the consumer. The critics counter that the benefit
will be slim, because new players will concentrate on affluent, urban
customers as foreign banks did until recently. This seems to be a logical
strategy. Startup costs-such as those of setting up a conventional
distribution network-are large and high-end niches offer better returns.
However, the middle-market segment too has great potential. Since
insurance is a volumes game. Therefore, private insurers would be best
served by a middle-market approach, targeting customer segments that
are currently untapped.

2
 ACKNOWLEDGEMENT

I would like to thank my project guide Mr. JADEEP SINGH

Manager BHARTI AXA Life Insurance,

I would like to thank Prof. pankaj Updhaya, for

supporting me during this project and providing me an
opportunity to learn outside the class room. It was a
truly wonderful learning experience.

I would like to dedicate this project to my parents. Without

their help and constant support this project would not have been
possible.

Once again my gratitude to the BHARTI AXA Life Insurance.

For their kind co-operation.

3
 DECLARATION

I Dalip Thakur S/O Shri Madan Thakur Of MBA 2nd

year Student Of “International Centre for Distance
Education and Open Learning HPU” hereby declare
that the summer training report entitled “INSURANCE
SECTOR” IN BHARTI AXA LIFE is an original word
and the same has not been submitted to any other
institute for the award of any other degree.

Signature 0f Candidate-
DALIP THAKUR

4
5
 EXECUTIVE SUMMARY

In today’s corporate and competitive world, I find that insurance

sector has the maximum growth and potential as compared to
the other sectors. Insurance has the maximum growth rate of
75-85% while as FMCG sector has maximum 15 -20% of growth
rate. This growth potential attracts me to enter in this sector and
BHARTI AXA LIFE INSURANCE has given me the opportunity
to work and get experience in highly competitive and enhancing
sector.

The success story of good market share of different market

organizations depends upon the availability of the product and
services near to the customer, which can be distributed through a
distribution channel.
In Insurance sector, distribution channel includes only
agents or agency holders of the company. If a company like
BHARTI AXA LIFE , TATA AIG, MAX LIFE etc. have adequate
agents in the market they can capture big market as compared
to the other companies.

Agents are the only way for a company of Insurance sector

through which policies and benefits of the company can be
explained to the customer.

6
 Brief Contents

Sr.No Contents

1. Introduction

2. Objectives

3. Indian Insurance Industry

4. Profile of Organization

5. SOWT Analysis

6. Targets/Tasks
7. Strategy
8. Limitations

9. Learning in the Executive Training

10. Conclusions

11. Bibliography

7
 INTRODUCTION

On-the- job-Training is a situation where a student gets a chance

to face the real world competition. Being a student he/she has to
battle continuously to meet his/her long nourished ambition
successfully.
On-the-job training (OJT) is one of the best training methods
because it is planned, organized, and conducted at the
employee's worksite. OJT will generally be the primary method
used for broadening employee skills and increasing productivity. It
is particularly appropriate for developing proficiency skills unique
to an employee's job - especially jobs that are relatively easy to
learn and require locally-owned equipment and facilities.
An analysis of the major job requirements (identified in the
position description and performance plan) and related
knowledge’s, skills, and abilities form the basis for setting up an
OJT plan. To be most effective, an OJT plan should include:
· The subject to be covered;

· Number of hours;

· Estimated completion date; and

· Method by which the training will be evaluated

To have a successful OJT program, supervisors need to assign

a coach to each intern involved in OJT. It is the responsibility of
the coach to plan training carefully and conduct it effectively.
The objectives of the on –the job training are to undertake various
assignment /jobs along with the day-to-day – functions of the
8
company, both at the assistance and the execution level.
Here I am explaining the environment I have been facing during
my OJT In Insurance sector with Bharti Axa Life Insurance.

OBJECTIVE

To gain insurance knowledge of this insurance industry.

To generate an awareness among the customers for bharti axa

life insurance Connections.

To contact 15 people daily, generate lead through them and

convince them to purchase the company product and make the
adviser of company.

Calling the customers and taking appointment from them to

enhance our communication skills.

To enhance our selling skills and to get real practical exposure

of the outside world.

To acquire social skills by being in constant interaction with the

professionals of the organization, other corporates and
customers

9
THE INSURANCE INDUSTRY IN INDIA AN
OVERVIEW
With the largest number of life insurance policies in force in the
world, Insurance happens to be a mega opportunity in India. It’s
a business growing at the rate of 20-25% per cent annually and
presently is of the order of Rs 1560.41 billion (for the financial
year 2008 – 2009). Together with banking services, it adds about
7% to the country’s Gross Domestic Product (GDP). The gross
premium collection is nearly 2% of GDP and funds available with
LIC for investments are 8% of the GDP.

Even so nearly 65% of the Indian population is without life

insurance cover while health insurance and non-life insurance
continues to be below international standards. A large part of our
population is also subject to weak social security and pension
systems with hardly any old age income security

A well-developed and evolved insurance sector is needed for

economic development as it provides long term funds for
infrastructure development and strengthens the risk taking ability
of individuals. It is estimated that over the next ten years India
would require investments of the order of one trillion US dollars.

10
 History of Insurance in India

The history of life insurance in India dates back to 1818 when it

was conceived as a means to provide for English Widows.
Interestingly in those days a higher premium was charged for
Indian lives than the non - Indian lives, as Indian lives were
considered more risky to cover. The Bombay Mutual Life
Insurance Society started its business in 1870. It was the first
company to charge the same premium for both Indian and non-
Indian lives.

The Oriental Assurance Company was established in 1880.The

General insurance business in India, on the other hand, can
trace its roots to Triton Insurance Company Limited, the first
general insurance company established in the year 1850 in
Calcutta by the British. Till the end of the nineteenth century
insurance business was almost entirely in the hands of overseas
companies.

Insurance regulation formally began in India with the passing of

the Life Insurance Companies Act of 1912 and the Provident
Fund Act of 1912. Several frauds during the 1920's and 1930's
sullied insurance business in India. By 1938 there were 176
insurance companies.

The first comprehensive legislation was introduced with the

Insurance Act of 1938 that provided strict State Control over
the insurance business. The insurance business grew at a
faster pace after in dependence. Indian companies
strengthened their hold on this business but despite the growth
that was witnessed, insurance remained an urban
phenomenon.
11
The Government of India in 1956, brought together over 240
private life insurers and provident societies under one
nationalized monopoly corporation and Life Insurance
Corporation (LIC) was born. Nationalization was justified on the
grounds that it would create the much needed funds for rapid
industrialization. This was in conformity with the Government's
chosen path of State led planning and Development.

The non-life insurance business continued to thrive with the

private sector till 1972. Their operations were restricted to
organized trade and industry in large cities. The general
insurance industry was nationalized in 1972. With this, nearly
107 insurers were amalgamated and grouped into four
companies- National Insurance Company, New India Assurance
Company, Oriental Insurance Company and United India
Insurance Company. These were subsidiaries of the General
Insurance Company (GIC).

12
 KEY MILESTONES
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 by the

Insurance Act with the objective of protecting the interests
of the insuring public.

1956: 245 Indian and foreign insurers along with provident

societies were taken over by the central government and
nationalized. LIC was formed by an Act of Parliament- LIC
Act 1956- with a capital contribution of Rs. 5 crore from the
Government of India.

The functions of Insurance can be bifurcated into two

parts:
1. Primary Functions
2. Secondary Functions
3. Other Functions

The primary functions of insurance include the

13
following:
Provide Protection - The primary function of insurance is to
provide protection against future risk, accidents and uncertainty.
Insurance cannot check the happening of the risk, but can
certainly provide for the losses of risk. Insurance is actually a
protection against economic loss, by sharing the risk with others.

Collective bearing of risk - Insurance is a device to share the

financial loss of few among many others. Insurance is a mean by
which few losses are shared among larger number of people. All
the insured contribute the premiums towards a fund and out of
which the persons exposed to a particular risk is paid
Assessment of risk - Insurance determines the probable
volume of risk by evaluating various factors that give rise to risk.
Risk is the basis for determining the premium rate also

Provide Certainty - Insurance is a device, which helps to

change from uncertainty to certainty. Insurance is device
whereby the uncertain risks may be made more certain.

The secondary functions of insurance include the

following:

Prevention of Losses - Insurance cautions individuals and

businessmen to adopt suitable device to prevent unfortunate
consequences of risk by observing safety instructions; installation
of automatic sparkler or alarm systems, etc. Prevention of losses
cause lesser payment to the assured by the insurer and this will
14
encourage for more savings by way of premium. Reduced rate of
premiums stimulate for more business and better protection to the
insured.

Small capital to cover larger risks - Insurance relieves the

businessmen from security investments, by paying small
amount of premium against larger risks and uncertainty.

Contributes towards the development of larger

industries - Insurance provides development opportunity to
those larger industries having more risks in their setting up.
Even the financial institutions may be prepared to give credit
to sick industrial units which have insured their assets
including plant and machinery.

The other functions of insurance include the

following:

Means of savings and investment - Insurance serves

as savings and investment, insurance is a compulsory
way of savings and it restricts the unnecessary
expenses by the insured's For the purpose of availing
income-tax exemptions also, people invest in
insurance.

Source of earning foreign exchange - Insurance is an

international business. The country can earn foreign
15
 exchange by way of issue of marine insurance policies and
various other ways.

Risk Free trade - Insurance promotes exports

insurance, which makes the foreign trade risk free with
the help of different types of policies under marine
insurance cover.

INDUSTRY REFORMS

Reforms in the Insurance sector were initiated with the passage

of the IRDA Bill in Parliament in December 1999. The IRDA
since its
Incorporation as a statutory body in April 2000 has fastidiously
stuck to its schedule of framing regulations and registering the
private sector insurance companies. Since being set up as an
independent statutory body the IRDA has put in a framework of
globally compatible regulations.
The other decision taken simultaneously to provide the
supporting systems to the insurance sector and in particular the
life insurance companies was the launch of the IRDA online
service for issue and renewal of licenses to agents. The approval
of institutions for imparting training to agents has also ensured
that the insurance companies would have a trained workforce of
insurance agents in place to sell their products

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 PRESENT SCENARIO - LIFE INSURANCE
INDUSTRY IN INDIA
The life insurance industry in India grew by an impressive
47.38%, with premium income at Rs. 1560.41 billion during the
fiscal year 2006-2007.Though the total volume of LIC's business
increased in the last fiscal year (2006-2007) compared to the
previous one, its market share came down from 85.75% to
81.91%.
The 17 private insurers increased their market share from about
15% to about 19% in a year's time. The figures for the first two
months of the fiscal year 2007-08 also speak of the growing
share of the private insurers. The share of LIC for this period has
further come down to 75 percent, while the private players have
grabbed over 24 percent.

With the opening up of the insurance industry in India many

foreign players have entered the market. The restriction on
these companies is that they are not allowed to have more

17
than a 26% stake in a company’s ownership.
Since the opening up of the insurance sector in 1999, foreign
investments of Rs. 8.7 billion have poured into the Indian market
and 19 private life insurance companies have been granted
licenses.

Innovative products, smart marketing, and aggressive

distribution have enabled fledgling private insurance companies
to sign up Indian customers faster than anyone expected.
Indians, who had always seen life insurance as a tax saving
device, are now suddenly turning to the private sector and
snapping up the new innovative products on offer. Some of these
products include investment plans with insurance and good
returns (unit linked plans), multi – purpose insurance plans,
pension plans, child plans and money back plans.
Profile of Organization
Corporate Profile

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, we have over 5200 employees across over 12 states in
the country. Our business philosophy is built around the promise
of making people "Life Confident".
As we expand our presence across the country to cater to your
insurance and wealth management needs with our product and

18
service offerings, we continue to bring 'life confidence' to
customers spread across India. Whatever your plans in life, you
can be confident that Bharti AXA Life will offer the right financial
solutions to help you achieve them.

Bharti Enterprises

Bharti Enterprises is one of India’s leading business groups with

interests in telecom, agri business, insurance and retail. Bharti
has been a pioneering force in the telecom sector with many firsts
and innovations to its credit. Bharti Airtel Limited, a group
company, is one of India’s leading private sector providers of
telecommunications services with an aggregate of 60 million
customers, spanning mobile, fixed line, broadband and enterprise
services. Bharti Airtel was ranked amongst the best performing
companies in the world in the Business Week IT 100 list 2007.
Bharti Teletech is the country’s largest manufacturer and exporter
of telephone terminals. Bharti has a joint venture with ELRo
Holdings India Ltd. – ‘FieldFresh Foods Pvt. Ltd’ - for global
distribution of fresh fruits and vegetables. Bharti also has
a joint venture - ‘Bharti AXA Life Insurance Company Ltd.’ - with
AXA, world leader in financial protection and wealth
management. Bharti has recently forayed into the retail business
under a company called Bharti Retail Pvt. Ltd. It also has a joint
venture – ‘Bharti Wal-Mart Private Limited’
– with Wal-Mart, for wholesale cash-and-carry and back-end
supply chain management operations.
About 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
19
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.
Vision

• To be a leader and the preferred company for financial

protection and wealth management in India
• Values

• Professionalism

• Innovation

• Team Spirit

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• Pragmatism

• Integrity

FUTURE PLAN

• 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 the 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

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CUSTOMERS

As national economy is growing rapidly their have been a great

reforms in financial sector too. Moreover growing middle class
together with the factor mentioned earlier offers a huge potential
for bharti axa life incurance co. pvt in Indian context. As a result
of growing middle class population, disposable income has also
been increased proportionally and has evoked booming markets
in housing.

Category of Customer -BhartiAXA has the following customer

group:
• Organizations like Bank, company.

• Urban customer –These customer group includes:

a) Higher income group

b) Middle income group

c) Lower income group

• Rural customer – BhartiAXA also offers the policy to the

people of rural area.

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COMPETITORS

There are many companies who has entered into the

Insurance sector. BhartiAXA has to face the competition
from the following companies:

AVIVA LIFE INSURANCE

Aviva is UK’s largest and the world’s fifth largest insurance
group.It is one of the leading providers of life and pensions
products to Europe and has substantial business elsewhere
around the world. With a history dating back to 1696, Aviva has
35 million-customer base worldwide.In India, Aviva has a long
history dating back to1834.

BIRLA SUN LIFE

Birla Sun Life Insurance Company Ltd.is a joint venture between

Aditya Birla Group and Sun Life Financial of Canada. Aditya Birla
Group is an Indian multinational conglomerate with presence in
India, Thailand, Indonesia, Malaysia,Egypt, Canada, Australia
and China. Sun Life Assurance, Sun Life Financial’s primary
insurance business, is one of the leading insurance companies of
the world and ranks amongst the largest International financial
services.

23
The other competition from the following companies:

1 .Bajaj Allianz Life Insurance Company Ltd

2. HDFC Standard Life Insurance Company Ltd

3. ICICI Prudential Life Insurance Company Ltd

4. ING Vysya Life Insurance Company Ltd

5. Max New York Life Insurance Company Ltd

6. Met Life India Insurance Company Ltd

7. Kotak Mahindra Old Mutual Life Insurance

Company Ltd
8. SBI Life Insurance Company Ltd

9. Tata AIG Life Insurance Company Ltd

10. Reliance Life Insurance Company Ltd

11. Sahara India Life Insurance Company Ltd

12. Shriram Life Insurance Company Ltd

13. Life Insurance Corporation Of India

14. Future Generali India Life Insurance Company

Ltd.

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ENVIRONMENT

• Exposure to extensive learning and over all

development in personality.
• Having skilled trainers and motivate employee to perform
well.
• To leverage Bharti's local knowledge, infrastructure and
customer base Rich induction program for new joining.
• Different department for handling different type of issue.
• Doing best to make the employer of choice to attract and
retain the best talent in India
• Working hard and developing strategies to be
recognized as being close and qualified by our
customers .

TECHNOLOGY

• Company is using different type of advanced

technology for work simplification.
• Premises are well maintained with good
infrastructure.
• Internet and intranet provides a number of benefits to the
25
 agents, policyholder and insurer.
• Kiosks are unmanned information centers open for 24
hours, which give information of various product and details
of the company for policyholder and new customer.
• Auto debit system for payment of premium through bank.
• Suggestion box for customer.

TERMINOLOGY
• INSURED : The policyholder - the person(s) protected in
case of a loss or claim.
• INSURER : The insurance company.

• PREMIUM : The amount of money an insurance company

charges for insurance coverage
• AGENT : A licensed person or organization authorized to
sell insurance by or on behalf of an insurance company.
• Fund Value – Total value of units that you hold in the fund.

• Switch of Funds

Switch is a facility available only in Unit Linked policies

allowing the Policyholder to change the investment pattern by
moving from one Investment Fund/s to another among the
Investment Funds offered under the underlying product of the
Company.
• Assignment

This term refers to the process of legal transference, by which

the policyholder can pass on his interest to another person. An
assignment can be made by an endorsement on the policy
document or as a separate deed. Assignment can be of two
26
types (1). Conditional assignment, (2). Absolute Assignment

SWOT Analysis

STRENTHS

Strong new business growth exceeding 40% you Market

increase in agency force private players.

Successful ban assurance contribution 25% of private

market .

Strong growth of unit linked market at the mass affluent end

Healthy regulatory environment.

WEAKNESSES

Life insurance penetration at 3% still largely uninsured

or underinsured population .

Private players have limited focus on mass market and lower

income section , and an tier 3, semi urba and rural market.

27
Market growth largely investment driven, protection market still
under developed.

High cost operating models unable to yield profitabitily in

low ticker high volume business.

OPPORTUNITIES ( RETAILING )

Expand beyond proprietary brance outlets through alarge

number of partner points of presence.
Estabtish extensive distribution spreading to tier 3, semi urban
and rural location with access to the large mass and low
income population.
Develop the pure market through large volume lower ticket
products.
Sustainable business supported through low cost
operations and service model,
THREATS

Insurance sector is the fastest growing sector where there is lots

of scope for the companies but competitors is increasing in this
market.
Competitors like Birla sun life, Reliance life insurance, Aviva
etc.

TARGET/TASKS

My target is to sell 1 policy in a two week and recruit 1 advisor in

a week, or 2 policy and 4 advisors in a Month, or 6 policy and 12
advisors in three Months. For this I have to meet 10 to 15

28
customers in a day in my own level or effort and convince them
to Purchases the insurance Policy and find out the prospective
clients for the company.

The Monthly target assigned by the company is as follows:

a. To sell the policy.

b. Recruit the life advisor.

MONTH POLICIES to be ADVISORS to

sold recruit
MARCH4-31 3 Policies 5Advisors

APRIL 1-30 4 Policies 4 Advisors

MAY 1-4 2 Policies 1 Advisors

STRATEGY
Strategy is about choice, which affects outcomes. Strategies play
an important role in completion of goals. They are used to make
the problem easier to understand and solve. They guide us
through the path which is both planned and simplified. These
guidelines help us to work out our goals in a prefect manner and
help us not to deviate from them. To achieve above mentioned
target successfully, it is very necessary to develop a roadmap of
the destination. Hence, my plan to achieve the target set by my
company guide is as follows:-
29
Product Training:

Any person, no matter how successful he is, cannot perform

well if he/she is not aware about the products the company is
offering. A well presented deal can be cancelled at the last
moment if the customer is not satisfied by the product features
or if the person can not handle any kind of objections raised by
the customers. To overcome this problem we were provided with
a 1 week training session at the company.khushboo rani our
company guide provided with every information about the
products the company was offering. This helped us to have
insight knowledge about the products and it features which in
turn helped us to convince the customers to buy the product

Field Work :

On –Field Training:-

After completing the training sessions, we were asked

to apply this knowledge on the practical field to convince the
customers. This was the most difficult part. As of now we
were in our secured world and were free to alter things as
30
 per our wishes. But now we were placed in the true world
were we have to struggle hard to make things work
according to our needs.

Field Activity-

Date -12-04-09

Want to sonpur and gave business opportunity

presentation
.

Date-20-04-09

Reported to company at 9.00 A.M from there we took the canopy

and went to khetan market at 10.oo A.M all of us set up the
canopy in side the market .This was the first day of the
activity .The main motiv behind this activity was to generated
lead for the recruitment of advisor. This activity also included
survey. Everythingh was done according to the plan .Three
project trainees stayed at the cancpy with the survey form which
was given by company whereas six project trainees want inside
the market with survey form . survey was conducted shop to
shop visit . In a day 100 lead were generated . During survey
majority of the respondents gave positive response some
responded in negative manner . we collected the names and
phone number of the respondent on the form.

Date -21-04-09

The second day of the activity was good . we surveyed the

31
remaining shop .the response was wonderful .by the evening
almost all the shop were left which had customers in it so,we
planned to survey them the next day .On the second day the
activity visiting respondents were more . During interaction they
inquired about Bharti axa company products and services offered
by them.

Date-22-04-09

This was the last day of the activity the survey was completed
by noon in khetan market later on .response was good.
Throughh this activity we learn how to generated large number
of leads.Awareness for also created.

In my strategy includes following steps:-

Meeting people at offices and colleges.

Meeting people at their doorsteps.

Making a database of prospective investors.

32
Referrals.

Follow up of prospective investors on a repetitive basis.

To get an idea about the different products of the Bharti axa.
To get an idea about the distribution (place)strategy of
Bharti axa life insurance.
To know about the promotional tools of the strategy of
Bharti axa life insurance
To assess whether the marketing mix adopted by Bharti axa life
insuranceis appropriate or it need some change.
To study the importance of people, process and physical
evidence in service marketing.
I prepared a database on the basis of information’s provided by
my company guide. Usually I deals with middle class and upper
middle class customers and most of the customers were busy in
their schedule. They were unwilling to have any personal
interaction. Therefore, I decided for telecalling. Although,
responses were not up to the mark but it was a successful effort. I
got the opportunity to convert these prospects into customers of
my office and I did it successfully. The another part of my strategy
was to deal different kind of customers with their needs.
Further need and want vary persons to persons. Therefore, I
interacted with prospects and communicate the features of
these products which suited there preferences. In order to
communicate the attributes of products, I conveyed the
customers regarding benefit versus cost , how our product is
different and unique from other.The strategy mentioned earlier
is very much similar to two generic strategy of marketing which
33
is meant to have a competitive advantage.

LIMITATION

Their were many limitations present which acted as barriers in

completion of my project. Some of them are:
End of fiscal year:- As the fiscal year ended so the
customer doesn’t want to invest because they had already
invested.
Uncertainity of market:- Fluctuations in the share market
are also a major factor which affects the customer’s decision
Lack of awareness:- In patna region common man do not aware
about theBharti axa Life Insurance company , even some of them
don’t know that now Bharti axa is providing Life Insurance also.
· Some people did not cooperated well.They were not willing
to give correct data.People do not give true data related to
their income.
· Some of the respondents were unwilling to divulge
information or were ignorant.
· Money and time were also a limitation.
· The consumers may not have revealed the true
picture.
· The responses of respondents may be different in
different at different situations.
Inspite of these limitations, efforts were made part to collect
whatever possible information could be gathered
34
The products may not suit the need of the prospect. Limited
sources of data collection.

Convincing the customers to buy the product was difficult.

LEARNING IN THE EXECUTIVE TRAINING

knowledge of Insurance sector:- I come to know about the

products and working of the insurance sector.
Understanding of the corporate culture:- Executive Training in
Bharti axa life inusrance provides me an insight about the
corporate world and how to behave with superiors and peers.

Customer Handling and Public Relation:- -It helps me to

understand about market and kind of strategies needed to be
adopted to convince a customer.
Learn selling techniques:- A good selling technique is a base of
any successful deal, in this training I have learnt how to change
my approach according to the customer’s need and wants.
Team Working Skills:- In this executive training I learnt to work
efficiently in a team. Every week I had to work under a new team
leader to give maximum output to the company.

Stress Management:- In this executive training I learnt how to

handle the pressure of chasing a target within given time frame
and other work related stress.
NOMENCLATURE
Free look period: A free look period gives the client an option to
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review the terms and conditions of the policy within 15 days from
the date of receipt of the policy document. Where he disagrees
with the terms and conditions stated in the policy, he has the
option to return the policy, stating the reasons for objection.

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IRDA: The acronym for the Insurance Regulatory and
Development Authority of India, it is the apex body overseeing
the insurance business in India. It protects the interests of the
policyholders, regulates, promotes and ensures orderly growth of
the insurance industry and for matters connected therewith.

Loyalty additions: Additional benefits (other than guaranteed

additions/bonus) paid to policyholders on maturity of certain
investment-based insurance plans for staying on through its
term.
Lock-in period: The period of time for which investments
made in an investment option cannot be withdrawn.

Net asset value (NAV): The simplest measure of how a scheme

is performing, it tells how much each unit of it is worth at any
point in time. A scheme’s NAV is its net assets (the market value
of the financial securities it owns minus whatever it owes)
divided by the number of units it has issued.

Policy: The legal document issued by an insurance

company to a policyholder that states the terms and
conditions of an insurance contract.
Premium: The amount paid by the insured to the insurer to buy
cover.
Riders: Additional covers that can be added to a life policy,
for a cost.

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Sum assured: The amount of cover taken under a life
insurance policy, it is the minimum amount that will be paid on
death of the policyholder during the policy term.
Surrender value: The amount payable by the insurer to the
owner of an investment-based plan in case he opts to terminate
the policy after three years (the mandatory lock-in period) but
before its maturity date. The surrender value will be the premia
paid till date minus surrender charges and any outstanding loans
due.

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 CONCLUSION

After working with Bharti axa life inusarnce company limited. I can
conclude that today’s customers are well aware about various
plans launched by different companies and it is not at all an easy
task to convenience them to buy the product of company.

During OJT a student faced so many problems to achieve their

targets successfully but only those interns are able to survive
who have capabilities to remove all these limitations. OJT is the
important part of SIP. It gives a student an opportunity to
understand the working culture of the company or corporate
culture. It helps student to learn how to work under pressure,
plan for achieving targets etc… and most importantly within a
term

OJT is the outcome that decides how seriously a student carried

out his/her OJT and what he/she learned during the training
provided by the organization. OJT is not only achieving targets
set by the organizations. It is also the experience gathered by
the student about the market and latest trends.
It gives the opportunity to the student to apply all his
knowledge in the field. After all work is not done is our
restricted area.

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 Bibliography

Books Referred:

 Marketing Management (kotlar)

 Life Insurance (IRDA Press)

Websites Referred:

 www.google.com
 Error! Hyperlink reference not valid.g
 www.wikipedia.com

Personal Suggestions:

Faculty guide suggestion (Prof. pankaj Updhaya)

Company guide suggestion (Ms. Khushboo Rani and Mr.

Jadeep singh

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