“RECRUITMENT AND TEAM BUILDING OF LIFE ADVISORS IN BHARTI AXA LIFE INSURANCE”, BAPUJI NAGAR, BHUBANSEWAR
SUBMITTED BY:SUKANTA MEHER PGPM/08-10/57 Submitted for partial fulfillment of the requirement of PGPM 2009-10
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Under the guidance of
Mr. SOUMDRA ROUT Agency Development Manager BHARTI AXA LIFE INSURANCE, Bapujinagar, Bhubaneswar
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Dr. MRUTYUNJAY DAS ASBM, Bhubaneswar
ACKNOWLEDGEMENT I am very much thankful to the management of the Bharti AXA life insurance Company Ltd. for giving me an opportunity to do this project as a part of my PGPM program. The completion of this project is a successful and satisfactory out come of so many helping hands. I think it proper to express my deep obligation to my advisers. First and foremost, I am especially thankful to Mr. Somendra Rout (Agency Development Manager, Bharti AXA Life insurance company Ltd., Bapuji nagar branch, BBSR) for giving me the opportunity to do my two-month project training in their esteemed organization. I am highly obliged to Mr. Sudhansu Sekhar Sundaray (Business Manager, Bharti AXA life insurance co. ltd., BBSR) for his active co-operation and help for the completion of my project at BBSR. I also thankful to staff member of the organization for rendered service and provide various information to my purpose. Their suggestions are helping me in various stages. My usual thanks to Prof. Mrutyunjay Das my internal guide, who is constant source of help and inspiration to me and for his guidance without which the work could, has been possible. Above all my regards and thanks are due to my parent, family members and friends for the consistent support during doing the project.
With deep gratitude
SUKANTA MEHER
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EXECUTIVE SUMMARY
The project is about procurement and development of Life advisors. The project was undertaken by 5 member team and the entire task was divided into sub- tasks. The process started from identifying the need, then advertising the same to prospective individuals by distribution of pamphlets, holding various activities in residential areas etc. then individuals were surveyed. The questionnaire was designed in such a manner that it gave a general idea about the ability and capability of respondent as a prospective life insurance advisor. Certain scores were allotted depending on the answers given by the respondent. Those who were high on the scores were motivated to visit the office for conduction of their interview. After the successful completion of interview individuals were informed if they were selected for training of Life advisors. They were asked to fill the NAAF form and a fee was collected from them along with their photographs. After successful completion of training an exam was conducted and those who qualified the exam were selected as life advisors. The project report submitted here covers theory on recruitment and team building, flowchart of activities undertaken for team building, data analysis of the survey and a list of suggestions and recommendations for the company at the end of the entire study. During the process of summer project we conducted activities in various places of Bhubaneswar like DDCE, CRP, RAJMAHAL, WESTERN MARKET, AND 9TALA. The samples of the questionnaire that were surveyed for such activities have been given in the annexure.
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CHAPTER-1
Brief introduction of insurance -
What is insurance? Different types of insurance Need of life insurance History of insurance sector in INDIA Role of insurance in economic development
Company background -
About the company strategy Board of Directors Its organization structure
Major players in the life insurance industry in india Insurance Products of Bharti AXA Objective of the project
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Insurance industry Insurance industry is a booming sector. The business of insurance is related to the protection of the economic value of asset. Every asset has a value. The asset would have been created through the efforts of the owner, in the expectation that, either through the income generated there from or some other output, some of his needs would be met. There is a normally expected life time for the asset during which time it is expected to perform. Insurance is a mechanism that helps to reduce such as adverse consequences.
WHAT IS INSURANCE? Basic aim of the insurance plan satisfies the following objectives:•
Protection of economic value of assets.
•
Mechanism to reduce impact of adverse events on value generating assets.
Types of insurance Insurance is generally classified into three main categories: 1. Life Insurance. 2. Health Insurance. 3. General Insurance. To get insurance an individual or an organization can approach to Insurance Company directly, through Insurance agent of the concerned company or through intermediaries.
Life Insurance 6|Page
Life insurance or life assurance is a contract between the policy owner and the insurer, where the insurer agrees to pay a sum of money upon the occurrence of the insured individual's or individuals' death or other event, such as terminal illness or critical illness. In return, the policy owner agrees to pay a stipulated amount called a premium at regular intervals or in lump sums. There may be designs in some countries where bills and death expenses plus catering for after funeral expenses should be included in Policy Premium.
Life Insurance Sector in India Significant channel for household savings into capital formation 2nd largest financial service in India after banking
GDP penetration of 4.1% Statutory requirements to provide reach to rural areas
Life Insurance
Total Assets Under Management of Life Insurance Cos. as on March 31, 2008- Rs. 8,50,000 crores
Total number of lives insured and on books as on March 31, 2008- 22 Crs
NEED OF LIFE INSURANCE 7|Page
.
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 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 causes lesser payment to the assured by the insurer and this will 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.
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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 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.
Brief History of the Insurance Sector in India 9|Page
The business of life insurance in India in its existing form started in India in the year 1818 with the establishment of the Oriental Life Insurance Company in Calcutta. The story of insurance is probably as old as the story of mankind. The same instinct that prompts modern businessmen today to secure themselves against loss and disaster existed in primitive men also. They too sought to avert the evil consequences of fire and flood and loss of life and were willing to make some sort of sacrifice in order to achieve security. Though the concept of insurance is largely a development of the recent past, particularly after the industrial era – past few centuries – yet its beginnings date back almost 6000 years. Life Insurance in its modern form came to India from England in the year 1818. Oriental Life Insurance Company started by Europeans in Calcutta was the first life insurance company on Indian Soil. All the insurance companies established during that period were brought up with the purpose of looking after the needs of European community and these companies were not insuring Indian natives. •
Bombay Mutual Life Assurance Society heralded the birth of first Indian life insurance company in the year 1870, and covered Indian lives at normal rates.
•
Bharat Insurance Company (1896) was also one of such companies inspired by nationalism. The Swadeshi movement of 1905-1907 gave rise to more insurance companies.
•
The United India in Madras, National Indian and National Insurance in Calcutta and the Co-operative Assurance at Lahore were established in 1906.
•
In 1907, Hindustan Co-operative Insurance Company took its birth in one of the rooms of the Jorasanko, house of the great poet Rabindranath Tagore, in Calcutta.
•
The Indian Mercantile, General Assurance and Swadeshi Life (later Bombay Life) were some of the companies established during the same period.
The Parliament of India passed the Life Insurance Corporation Act on the 19th of June 1956, and the Life Insurance Corporation of India was created on 1st September, 1956, with the objective of spreading life insurance much more widely and in particular to the rural areas with a view to reach all insurable persons in the country, providing them adequate financial cover at a reasonable cost. Some of the important milestones in the life insurance business in India are: 10 | P a g e
1850Non life insurance debuts with triton insurance company. 1870
Bombay mutual life
assurance society is the first Indian owned life insurer. 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.
Insurance sector reforms In 1993, Malhotra Committee, headed by former Finance Secretary and RBI Governor R. N. Malhotra, was formed to evaluate the Indian insurance industry and recommend its future direction. The Malhotra committee was set up with the objective of complementing the reforms initiated in the financial sector. The reforms were aimed at “creating a more efficient and competitive financial system suitable for the requirements of the economy keeping in mind the structural changes currently underway and recognizing that insurance is an important part of the overall financial system where it was necessary to address the need for similar reforms…”.
The Insurance Regulatory and Development Authority (IRDA) 11 | P a g e
The Insurance Act, 1938 had provided for setting up of the Controller of Insurance to act as a strong and powerful supervisory and regulatory authority for insurance. Post nationalization, the role of Controller of Insurance diminished considerably in significance since the Government owned the insurance companies. But the scenario changed with the private and foreign companies foraying in to the insurance sector. This necessitated the need for a strong, independent and autonomous Insurance Regulatory Authority was felt. As the enacting of legislation would have taken time, the then Government constituted through a Government resolution an Interim Insurance Regulatory Authority
pending
The
enactment
of
a
comprehensive
legislation.
The Insurance Regulatory and Development Authority Act, 1999 is an act to provide for the establishment of an Authority to protect the interests of holders of insurance policies, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto and further to amend the Insurance Act, 1938, the Life Insurance Corporation Act, 1956 and the General insurance Business (Nationalization) Act, 1972 to end the monopoly of the Life Insurance Corporation of India (for life insurance business) and General Insurance Corporation and its subsidiaries (for general insurance business).
ROLE OF INSURANCE IN ECONOMIC DEVELOPMENT
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Insurance directly or indirectly plays a vital role in the economic development of the country through the following means:•
Life insurance is a major instrument in mobilizing the savings of the people. These savings are channeled into investments for economic groups.
•
The strength of life insurance is in the fact that huge amounts are collected and pooled together for the benefit of the policy holders.
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The insurance company is in the role of fiduciary- that all decision be made for the benefit of the community.
INTRODUCTION TO COMPANY 13 | P a g e
Bharti AXA Life Insurance Company Ltd. 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 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.
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The Joint Venture BHARTI and AXA BHARTI 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. AXA Group AXA Group is a worldwide leader in Financial Protection. AXA's operations are diverse geographically, with major operations in Western Europe, North America and the Asia/Pacific area. AXA had Euro 1,315 billion in assets under management as of December 31, 2006. For full year 2006, IFRS revenues amounted to Euro 79 billion, IFRS underlying earnings amounted to Euro 4,010 million and IFRS adjusted earnings to Euro 5,140 million. The AXA ordinary share is listed and trades under the symbol AXA on the Paris Stock Exchange. The AXA American Depository Share is also listed on the NYSE under the ticker symbol AXA.
\Bharti AXA Life Insurance 15 | P a g e
Vision To be a leader and the preferred company for financial protection and wealth management in India.
Values •
Professionalism
•
Innovation
•
Team Spirit
•
Pragmatism
•
Integrity
•
Professionalism:-A professional is a collegial discipline that regulates itself by means of mandatory, systematic training. It has a base in a body of technical and specialized knowledge that it both teaches and advances it sets and enforces its own standards and it has a service rather than a profit orientation, enshrined in a code of ethics.
Innovation: - Innovation . . . is generally understood as the successful introduction of a new thing or method . . . Innovation is the embodiment, combination, or synthesis of knowledge in original, relevant, valued new products, processes, or services. •
Team Spirit :-team spirit is the spirit of a group that makes the members want the group to succeed
•
Pragmatism:-Pragmatism is the philosophy of considering practical consequences and real effects to be vital components of meaning and truth.
•
Integrity: - Integrity is consistency of actions, values, methods, measures, principles, expectations and outcome. As a holistic concept, it judges the quality of a system in terms of its ability to achieve its own goals.
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Innovati on Profession alism
Pragmatis m
VALUE OF BHARTI AXA LIFE
Team Spirit 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
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To leverage Bharti's local knowledge, infrastructure and customer base
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To deliver high levels of shareholder return
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To build long term value with our business partners by enhancing the proposition to their customers
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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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Board of Directors
Nitin Chopra Chief Executive Officer Nitin Chopra (49) is the Chief Executive Officer (CEO) of Bharti AXA Life Insurance Company Ltd (Bharati AXA). An
engineer from Indian Institute of Technology (IIT) Kanpur and an MBA from Indian Institute of Management (IIM) Ahmedabad, Nitin brings with him 24 years of rich experience in the corporate world, of which the last 15 years have been in the financial services industry.
Tim Thomas Chief Operating Officer Tim Thomas is the Chief Operating Officer of Bharti AXA Life Insurance Company. A Bachelor of Commerce and Bachelor of Laws from the University of Melbourne, Tim has over 12 years of experience in financial services. Tim's first assignment was with the chartered accounting and management consulting firm Coopers and Lybrand (now PWC). He then moved to Colonial Group as Corporate Counsel before taking key corporate finance
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Priya Ranjan Director – Human Resources Priya Ranjan is Director - Human Resources at Bharti AXA Life Insurance Company. He brings to the business over 15 years of HR experience in diverse fields spanning financial services, information technology and manufacturing. He specialises in building large scale businesses from their project days.
Shyamal Saxena Chief Distribution and Marketing Officer Shyamal Saxena is the Chief Distribution and Marketing Officer of Bharti AXA Life Insurance Company. Shyamal Saxena brings to the business over 15 years of experience in the banking and financial services sector. Before joing us in October 2007, he was with HDFC Bank as Executive Vice President – Retail Banking. He joined the Bank in 1999, after a seven year stint in various retail banking capacities at Bank of America. Shyamal is a management graduate from Jamnalal Bajaj Institute of Management Studies.
ORGANIZATION STRUCTURE OF BHARTI AXA LIFE INSURANCE CO. LTD
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MAJOR PLAYERS IN THE LIFE INSURANCE INDUSTRY IN INDIA •
Life Insurance Corporation of India (LIC)
Life Insurance Corporation of India (LIC) was established on 1 September 1956 to spread the message of life insurance in the country and mobilise people’s savings for nation-building activities. LIC with its central office in Mumbai and seven zonal offices at Mumbai, Calcutta, Delhi, Chennai, Hyderabad, Kanpur and Bhopal, operates through 100 divisional offices in important cities and 2,048 branch offices. LIC has 5.59 lakh active agents spread over the country. The Corporation also transacts business abroad and has offices in Fiji, Mauritius and United Kingdom. LIC is associated with joint ventures abroad in the field of insurance, namely, KenIndia Assurance Company Limited, Nairobi; United Oriental Assurance Company Limited, Kuala Lumpur; and Life Insurance Corporation (International), E.C. Bahrain. It has also entered into an agreement with the Sun Life (UK) for marketing unit linked life insurance and pension policies in U.K. In 1995-96, LIC had a total income from premium and investments of $ 5 Billion while GIC recorded a net premium of $ 1.3 Billion. During the last 15 years, LIC's income grew at a healthy average of 10 per cent as against the industry's 6.7 per cent growth in the rest of Asia (3.4 per cent in Europe, 1.4 per cent in the US). LIC has even provided insurance cover to five million people living below the poverty line, with 50 per cent subsidy in the premium rates. LIC's claims settlement ratio at 95 per cent and GIC's at 74 per cent are higher than that of global average of 40 per cent. Compounded annual growth rate for Life insurance business has been 19.22 per cent per annum
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IN ADDITION TO ABOVE STATE INSURERS THE FOLLOWING HAVE BEEN PERMITTED TO ENTER INTO INSURANCE BUSINESS: The introduction of private players in the industry has added to the colors in the dull industry. The initiatives taken by the private players are very competitive and have given immense competition to the on time monopoly of the market LIC. Since the advent of the private players in the market the industry has seen new and innovative steps taken by the players in this sector. The new players have improved the service quality of the insurance. As a result LIC down the years have seen the declining phase in its career. The market share was distributed among the private players. Though LIC still holds the 75% of the insurance sector but the upcoming natures of these private players are enough to give more competition to LIC in the near future. LIC market share has decreased from 95% (2002-03) to 70 %( 2007-08)
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LIST OF LIFE INSURANCE COMPANY IN INDIA Bajaj Allianz Life Insurance Company Limited Birla Sun Life Insurance Co. Ltd HDFC Standard Life Insurance Co. Ltd ICICI Prudential Life Insurance Co. Ltd ING Vysya Life Insurance Company Ltd. Life Insurance Corporation of India Max New York Life Insurance Co. Ltd Met Life India Insurance Company Ltd. Kotak Mahindra Old Mutual Life Insurance Limited SBI Life Insurance Co. Ltd Tata AIG Life Insurance Company Limited Reliance Life Insurance Company Limited. Aviva Life Insurance Company India Limited Sahara India Life Insurance Co, Ltd. Shriram Life Insurance Co, Ltd. Bharti AXA Life Insurance Company Ltd. Future Generali India Life Insurance Company Limited IDBI Fortis Life Insurance Company Ltd. Canara HSBC Oriental Bank of Commerce Life Insurance Company Ltd. Aegon Religare Life Insurance Company Limited DLF Pramerica Life Insurance Company Limited Star Union Dai-Ichi Life Insurance Company Limited
1. HDFC Standard Life Insurance Company Ltd. 23 | P a g e
HDFC Standard Life Insurance Company Ltd. is one of India’s leading private life insurance companies, which offers a range of individual and group insurance solutions. It is a joint venture between Housing Development Finance Corporation Limited (HDFC Ltd.), India’s leading housing finance institution and The Standard Life Assurance Company, a leading provider of financial services from the United Kingdom. Their cumulative premium income, including the first year premiums and renewal premiums is Rs. 672.3 for the financial year, Apr-Nov 2005. They have managed to cover over 11, 00,000 individuals out of which over 3, 40,000 live have been covered through our group business tie-ups. 2. Max New York Life Insurance Co. Ltd. Max New York Life Insurance Company Limited is a joint venture that brings together two large forces - Max India Limited, a multi-business corporate, together with New York Life International, a global expert in life insurance. With their various Products and Riders, there are more than 400 product combinations to choose from. They have a national presence with a network of 57 offices in 37 cities across India. 3. ICICI Prudential Life Insurance Company Ltd. ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premier financial powerhouse and Prudential plc, a leading international financial services group headquartered in the United Kingdom. ICICI Prudential was amongst the first private sector insurance companies to begin operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA). The company has a network of about 56,000 advisors; as well as 7 bancassurance and 150 corporate agent tie-ups. 4. Om Kotak Mahindra Life Insurance Co. Ltd. Kotak Mahindra Old Mutual Life Insurance Ltd. is a joint venture between Kotak Mahindra Bank Ltd. (KMBL), and Old Mutual plc. 5. Birla Sun Life Insurance Company Ltd. Birla Sun Life Insurance Company is a joint venture between Aditya Birla Group and Sun Life financial Services of Canada. 6. SBI Life Insurance
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SBI Life Insurance is a joint venture between the State Bank of India and BNP Paribas Assurance. SBI Life Insurance is registered with an authorized capital of Rs 2000 crores and a Paid-up capital of Rs 1000 Crores. SBI owns 74% of the total capital and BNP Paribas Assurance the remaining 26%. State Bank of India enjoys the largest banking franchise in India. Along with its 7 Associate Banks, SBI Group has the unrivalled strength of over 14,500 branches across the country, arguably the largest in the world. BNP Paribas Assurance is the insurance arm of BNP Paribas Euro Zone’s leading Bank. BNP Paribas, part of the world's top 10 groups of banks by market value and part of Europe top 3 banking companies, is one of the oldest foreign banks with a presence in India dating back to 1860. BNP Paribas Assurance is the forth largest life insurance company in France, and a worldwide leader in Creditor insurance products offering protection to over 50 million clients. BNP Paribas Assurance operates in 42 countries mainly through the bancassurance and partnership model. SBI Life has a unique multi-distribution model encompassing Bancassurance, Agency and Group Corporates. SBI Life extensively leverages the SBI Group as a platform for cross-selling insurance products along with its numerous banking product packages such as housing loans and personal loans. SBI’s access to over 100 million accounts across the country provides a vibrant base for insurance penetration across every region and economic strata in the country ensuring true financial inclusion.
7. Allianz Bajaj Life Insurance Company Ltd. Bajaj Allianz Life Insurance Company Limited is a Union between Allianz SE, one of the world’s largest Life Insurance companies and Bajaj Auto, one of the biggest 2- &- 3 wheeler manufacturers in the world. Allianz SE is a leading insurance conglomerate globally and one of the largest asset managers in the world, managing assets worth over a Trillion Euros (Over R. 55,00,000 crores). Allianz SE has over 115 years of financial experience in over 70 countries.
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Bajaj Auto is one of the most trusted name is Indian auto for over 55 years. At Bajaj Allianz customer delight is our guiding principle. Ensuring world-class solutions by offering customized products with transparent benefits, supported by best technology is our business philosophy.
OTHER PLAYERS: Tata AIG Life Insurance Company Ltd ING Vysya Life Insurance Company Private Limited MetLife India Insurance Company Pvt. Ltd. AMP SANMAR Assurance Company Ltd. Dabur CGU Life Insurance Company Pvt. Ltd.
Insurance Products of Bharti AXA
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Individual Plans : Bharti AXA Life Guarantee Builder A Unit Linked Guarantee Plan Guarantee Builder provides you with a comfort factor on your investments and you can be sure that this comfort factor keeps building year-on-year. It's a solid investment plan that lets you achieve your long-term goals by investing in a mix of debt and equities, while providing a Guaranteed Maturity Value over 15 years. What's more, you need not worry about your family's security as it has a strong life insurance protection embedded.
Bharti AXA Life Bright Stars A Unit Linked Child product. Bharti AXA Life Bright Stars provides a launch pad for your child’s bright future. What else, You also have Jumpstart benefit which is paid out at maturity along with Policy Fund Value, which enables your child to explore more career options.
Bharti AXA Life Spot Suraksha Spot Suraksha helps you create a pool of wealth to meet your long-term needs, with an added advantage of simplified buying process
Bharti AXA Dream Life Pension A Unit Linked Pension Product Dream Life Pension, Bharti AXA Life Insurance's unique pension product ensures that your retirement life is your Dream Life. Live your Dreams! Be Life Confident.!
Bharti AXA Life AspireLife Unit Linked Endowment Product. Aspire Life helps you create a pool of wealth to meet your long-term needs, while also providing you adequate protection in case the need arises.
Bharti AXA Life InvestConfident Unit Linked Single Premium Product. 27 | P a g e
You have always strived hard to achieve the best for you and your loved ones, so when it comes to making an investment decision, we know that you would expect the best from it too.
Bharti AXA Life WealthConfident A unit-linked investment cum protection policy. Your wealth, your status ensures that you get preferential status wherever you go. So why shouldn't your money get the same?
Bharti AXA Life FutureConfident A unit-linked policy which offers comprehensive protection along with wealth creation in the long term.
Bharti AXA Life FutureConfident II A unit-linked product which offers enhanced protection along with wealth creation in the long term.
Bharti AXA Life SaveConfident Traditional money back insurance product for long term savings. Your changing life stages decide your financial milestone planning. When you foresee intermittent financial requirements in the years to come, like regular expenses related to your child’s education, liquidity becomes a key aspect of your planning along with long term savings, and protection for your family.
Bharti AXA Life SecureConfident A Long Term Life Insurance. All of us desire to maximize the happiness for our family at all times, irrespective of the circumstances. The thought of unfortunate events befalling us may cause us anxiety about providing a secured happiness to our loved ones.
Group Plans : 28 | P a g e
Bharti AXA Life - CreditSecure Bharti AXA Life CreditSecure is a group product, offering life insurance coverage to customers of financial institutions who have availed of a loan. CreditSecure is comprehensive solution that helps protect your customer’s assets and savings in the unfortunate event of death.
Bharti AXA Life - Sanjeevani Sanjeevani is a single premium group term life insurance product, offering protection to your family.
Bharti AXA Life - Swasthya Sanjeevani Swasthya Sanjeevani is a single premium group critical illness product, providing comprehensive protection against 6 critical illnesses.
Bharti AXA Life - Sanjeevani Sanjeevani is a single premium group term life insurance product, offering protection to your family.
Bharti AXA Life Mortgage Credit Shield Mortgage Credit Shield is a Group Product that provides coverage to people who have availed of a Mortgage\ Home loan\ Home equity loan from an Institution/Bank.
Bharti AXA Life Credit Shield Credit Shield is a Group Product that provides coverage to people who have availed of a loan for 1 to 5 years from Group Policyholder.
Bharti AXA Life Life Shield Life Shield is a single premium group term life insurance product.
OBJECTIVE OF THE PROJECT 29 | P a g e
1. On The project gave a practical exposure and helps in acquiring the on road skills. 2. First and foremost objective is to recruit financial advisors and to sell the various products of Bharti AXA. 3. To gain the complete knowledge about the products of Bharti AXA life insurance. 4. To generate the leads through the survey. 5. To sort out the prospective leads from the data collection through the survey. 6. To build the relationship with the new customers and to follow up them, make sure that they are satisfied with the product. 7. To maintain good relationship with the corporate employees. 8. To get more references from the customers and generate new leads by following a chain process. 9. To introduce Bharti AXA to those people who don’t have any knowledge about Bharti AXA and its products and services. 10. To find out the customer awareness on booming financial market and to find out the investment patterns of the people. 11. To make the customer aware of the benefits of the products from different competitors. 12. On training our objective is to know about the various products of Bharti AXA and its detail benefit that the customer will get. 13. How to convince a customer through the telephone to sell products by following the customer database. 14. If any new product is launched by Bharti AXA then how it will be communicated to exiting customers and all new prospects to become a customers. 15. After all how the claims of the customers will be settled quickly.
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The recruitment process that we have gone through in our project period
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As a project trainee in Bharti AXA Life Insurance Co. I have been assigned the job of recruiting financial advisor. So I have undergone a short-term training by the company and about the recruitment process and the various products of the company. Recruitment refers to the various segment of the society. So I went to the market and searched people from different profile to recruit them as Life Advisor in Bharti AXA Life Insurance Co. As per the company philosophy and values a Life Advisor must posses the following three vital things- Time, Attitude and Confidence. Now what is more important to now be who is a financial advisor, how important is he to a company, what recruitment is and what are the sources of recruiting financial advisor. The life, pension and investment industry has undergone dramatic changes over the past decade. Longer life expectancy and the desire to retire before state pension age have increased public awareness of financial services markets. These changes have created a marketplace where customers are more discerning and regulatory requirements more stringent. The emphasis is switching away from 'selling' towards providing quality advice. This is partly due to an increased percentage of individuals sitting industry-recognized exams such as the Certificate in Financial Planning (formerly the FPC).
What is a Life Adviser? A life adviser is a broker or intermediary authorized to sell or advise on the policies of life insurance and financial products, such as unit trusts. Typical examples of companies which employ financial advisers are banks, insurance and life companies, general brokers, estate agents and building societies. Life Advice is given in the following areas: Direct sales Tied sales Independent financial advice Banc assurance sales Advisers in direct and tied sales are only permitted to sell their own company's products, whereas independent financial advisers (IFAs) sell a variety of different products from different suppliers. The latter role is diverse as you are more likely to be exposed to a wider variety of people, situations and competitors. The ability to build effective relationships with clients and colleagues holds the key to success as do first-class communication and commercial awareness skills. A financial adviser fined their contacts through networking, cold calling, referrals, advertising and publicity, database marketing and through face-to-face contact. The role of Life Adviser usually revolves around targets.
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The sales aspect has taken a more advisory route. Legislation now stipulates that every quote produced must include a breakdown of how the client's money is to be spent. This includes the percentage allocated to the financial sales adviser.
Generally, there are three routes that the Life Adviser can take: he or she can work on a selfemployed, commission-only or salary plus bonus basis. An IFA with five years' plus experience working in London and the South East could reasonably expect to earn as much as £55,000 per year. Professional qualifications The changes within the industry, and the rigid regulatory bodies that have clamped down on practices have meant that it is now longer as easy to get into the industry as it was previously. The Certificate in Financial Planning provides a broad-based grounding in the financial services market, covering regulatory aspects, products, fact-finds and giving advice. A typical career path for a young professional interested in a career in financial advice is to both start on the administration side and move into a trainee sales role. Once becoming a fully-fledged financial adviser in a specialized area such as direct sales, tied sales or banc assurance, and having completed two or three years as a professional, you may want to recommend all products. You would then become an IFA and your career path could take on a managerial position or you could go into partnership. The key messages emanating from industry professionals are as follows: Be flexible and open-minded Be prepared to put in the hours for exams The first few years are long and hard - you must persevere Maintain a sense of humor throughout After knowing about the Life Advisor let see what is recruitment and various sources of recruitment. Recruitment is the process of attracting qualified applicants for a specific job. The process begins when applications are brought in and ends when the same is finished. The result is a pool of applicants, from where the appropriate candidate can be selected. Recruitment is the process of attracting prospective employees and stimulating them for applying job in organization recruitment is the process of hiring the right kinds of candidates on the right job.
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The recruitment process flowchart that we have gone through in our project period
GETTING KNOWLEDGE ABOUT THE COMPANY AND RECRUITMENT GETTING KNOWLEDGE ABOUT BENEFIT OF LIFE ADVISOR GETTING KNOWLEDGE ABOUT DOING THE SALES CALL SEGMENTING THE MARKET TARGETING THE MARKET PROCESS OF CAPCTURING ELEGABLE CANDIDATE FILLING OF I.S.F. FORM SHORTLISTING ON THE BASIC OF ‘Q’ SCORE CONDUCT AN INTERVIEW BOP PRESENTATION FILLING OF COMPULSORY IRDA /NAAF FORM THREE DAYS IRDA REFRESHER TRAINING CONDUCTION OF EXAMINATION TWO DAYS PRODUCT TRAINING 34 | P a g e
GETTING KNOWLEDGE ABOUT THE COMPANY AND RECRUITMENT PROCESS
For any good start a proper knowledge of the subject is require same was the case here, on the very first day we were given the Basic idea about the company, following three day all the requisite knowledge were given which a fresher requires, thereafter we were clubbed in a team of five and a manager was assigned for each team our manager Mr. Sudhansu Shekhar Sundaray(Business Manager) a very knowledgeable persona and one of the senior member in Bharti AXA gave us the complete idea about how to approach a prospective candidate GETTING KNOWLEDGE ABOUT BENEFIT AND OPPORTUNITY OF LIFE ADVISOR
As we were assigned to recruit life advisors, the very first thing that we required was knowledge about benefits and opportunity because to motivate a prospective candidate to become an Advisor, we need to convenience the Advisor about the opportunity and carrier growth in Bharti AXA. Benefit
• Commission • Renewal Commission • Bonus • Quarterly gifts • ACER club membership facility • MDRT • Promotion factor for an agent
• Domestic and International Conventions Opportunity • Advisor require no capital investment • They can chose there own working hour according to there convenience. • They are there own boss. • Unlimited earning potential 35 | P a g e
• Represent a strong trusted brand.
BENEFITS
Commission: The commission is generated whenever an agent sells a life insurance to the customers. The percentage of the commission differs from the type of products the agent sells. The various commissions that is generated from different policy are as follows: •
Wealth Confident
24000 of 10% = 2400
•
Future Confident
12000 of 22% = 2640
•
Save Confident
7000 of 22% = 1540
•
Aspire Life
18000 of 31% = 5580
•
Spot Surakhya
12000 of 24% = 2880
•
Bright Star
15000 of 30% = 4500
•
Dream life Pension Plan
12000 of 7.5% = 900
Renewal Commission: Each and every time a policy gets renewed, the agent gets the renewal commission. It is less than that of the commission and differs from policy to policy which it sells to the customers. Bonus: - Some of the policy during its growth accumulates some bonus e.g. some of the money back plans. This gives extra benefits to the customers in terms of money and the agent in terms of bonus. An extra benefit which Bharti AXA gives to its agent. No other life insurance company gives this benefit to its advisors. Performance Linked Bonus(PLB)is counted quarterly. In the 1st quarter i.e in Jan, Feb and Mar, if the commission is generated Rs.20,000 then the agent is able to get 30% of it that is 6000 as the PLB. Similarly the agents get commission after each three month gap and an yearly bonus of 10% to 40% depending upon his performance. 36 | P a g e
Quarterly Gift:-It is also an extra benefit that is given to the advisors based on the performance. This is a motivational factor for the advisor because these small things motivate the advisor to perform better and compete among other fellow advisors. The gift varies from melamine dining set to microwave, AC, laptop, mobile phone .etc.
Acer club membership:-This is an extra facility which the company provides to its agent. In this facility the Company provides four different membership group i.e; BRONZE, SILVER, GOLD, PLATINUM On the basis of the performance the Agent is assigned to this group starting from Bronze, the day the Advisor manages to get in the elite group of ACER club he is insured with a Life coverage of 1 to 3 lakhs. It also provides medical facility to his wife in case of delivery to an amount of 30,000 to 45,000, 45,000 in case of caesarian baby. Which gives a feeling of relief for the advisors working in Bharti AXA Life Insurance? MDRT:- The MDRT is a member-driven, international network of the world's best insurance and investment services professionals / advisors who deliver to their clients the highest standards of ethics, knowledge, service and productivity. With membership from 479 companies in 78 countries, MDRT represents the top 1% of financial professionals. AIG, Prudential, Mass Mutual, AXA, New York Life and Northwestern Mutual are just a few of the different companies represented. The MDRT promotes the 'Whole Person Concept' to help members have a balanced, meaningful and successful life through a focus on health, family, spirituality, education, financials, community service and career.
Promotion factor for an agent:-The Advisor of Bharti AXA has a chance to be promoted to the post of AM (Agency Manager) called the Avenues or can be a part of the Agency Associates. The promotion factors are as follows:•
Number of policies- The minimum number of policies an agent should do to be promoted is36. This acts as one of the promotional factor for an agent.
•
Tenure- Tenure is nothing but the time factor an agent is given to achieve his/her target. The different time factors an agent given by MNYL are 12months.
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•
Adjusted AFYP- AFYP is otherwise known as Annual First Year Premium. It is calculated on the single premium and fixed deposits at the rate of 10%. The targeted adjusted AFYP for the promotion is 5 lakhs.
•
Graduate- Another important factor for the promotion is that the agent’s minimum qualification should be graduation.
Domestic and International Conventions:-A better performer is send to different international conventions to share there ideas and skills with the fellow member working in different countries. In the process the Agents gets an opportunity to tour around the world on company expense. OPPORTUNITY Advisor requires no capital investment:- For starting any business we require a huge infrastructure but here in Bharti AXA the Advisors do not require any capital investment other than RS. 825 IRDA examination fees, which is very nominal and on return the Advisors get free phone calling facility, Xerox facility etc. They can choose there own working hour according to there convenience:- Advisor are free to work in there convenient hours because the advisors working here comes from different profession like Doctor, Engineer, Student, Medical Representative, contractor etc. They are there own boss:- There is no boss to give you target rather you are your own boss and can work according to your pleasure and earning requirement. Unlimited earning potential:- As the payment is made on commission basis so there is no limit to earning. A person working hard can go to any limit with reward and recognition in extra. Represent a strong trusted brand:-Bharti group which includes Bharti Airtel, Bharti Retail, Bharti Agribusiness which is a world class brand giving a sense of satisfaction to Advisor for being and representing such a strong brand. Bharti which in itself is big loves to make tie up with big brand and so for insurance Bharti has ties up with AXA which is at 15 th position in Fortune Global 500 companies.
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GETTING KNOWLEDGE ABOUT DOING THE SALES CALL Once we had the knowledge of benefits and opportunities of advisor in Bharti AXA life insurance we were given training as to how to go around in the market for making sales call .so were given a lot of idea by our manager Mr. Sudhansu Sekhar Sundaray .This idea includes market survey, door to door survey, putting around canopy in different prime location of Bhubaneswar.
SEGMENTING THE MARKET A market segment consists of a group of customers who share a similar set of needs and wants. The market does not create the segments; the marketer’s task is to identify the segments and decide which one to target. And for insurance company we segmented market into following different groups. • Geographical region:- we segmented Bhubaneswar into five segment i.e; East Bhubaneswar,
West
Bhubaneswar,
North
Bhubaneswar,
South
and
Central
Bhubaneswar. • Demographic age:- we segmented the entire population of Bhubaneswar into following three categories on the basis of demographic age i.e; 18 to 20 age group, 25 to 40 age groups and above 40. • Family life cycle:- we segmented the entire population of Bhubaneswar into following three categories on the basis of family life cycle i.e; Single, Married, Retired/VRS Optee. • Gender:- :- we segmented the entire population of Bhubaneswar into following two categories on the basis of two categories i.e; Male and Female • Income:- :- we segmented the entire population of Bhubaneswar into following three categories on the basis income below 2 lakhs,2 to 5 lakhs, more than 5 lakhs.
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• Occupation:- :- we segmented the entire population of Bhubaneswar into following six categories on the basis of there occupation like Student, Government employee, Private Employee, House Wife, Self employed and Unemployed. • Education:- :- we segmented the entire population of Bhubaneswar into following three categories on the basis of there education which is 10th or 12th standard, Graduate, Post Graduate and above. • Social class:- :- we segmented the entire population of Bhubaneswar into following three categories on the basis of social status that is Lower class, Middle class and Upper class.
TARGETING THE MARKET Once the firm has identified its market-segment it looks for Targeting and for insurance company Targeting the most prospective candidate requires segmenting of market into :Needs based Segmentation:- This is the most preferred and positive target segment of insurance company because most positive result comes from this segment targeting, like •
Extra income need
•
Job need
•
Carrier need
PROCESS OF CAPCTURING ELIGIBLE CANDIDATE A- Personal contacts- direct contact Many people known to an agency manager may be worth consideration as potential insurance advisor. Sources of direct contact include personal friends, fellow members of the community, schoolmates; former business associates personal contacts and business contacts of the branch office. (a) PERSONAL ACTIVITY No research is needed for means of introduction. Friends , the new financial advisors known to the recruiter serve as a good source. (b) PERSONAL OBSEVATION
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This is done by increasing “recruiting awareness”. This is done in three steps- ask yourself • Would this person be a good recruiting prospect? • If the answer is yes decide the best method to approach- telephone, letter or faceto-face . • Do it. (c)SEMINAR RECRUITING Discuss career opportunities with various groups of people and then individuals with whom to speak in more details.
select
(d)THE “NO LEG” RECRUITING SYSTEM This includes newspaper, office clients, city directory/office directory/ commerce directory/ fellow pages, statistical bureaus (government and public bodies. B- Through nominators This means to obtain help from people who have influence over others not known to you. Nominators serve as extra “ eyes and ears” for the branch office. There can be numbers of nominators within an Agency Manager circle of friends, acquaintance, community members, and sales staff is almost limitless. For getting cooperation from the nominators 1 built prestige : personal, of the branch office and of the company 2 give nominators adequate concept of opportunity for the right person 3 invest time and effort necessary to earn prestige and to strengthen relationship C-impersonal recruiting methods The best candidates from impersonal recruitment survive and produce as well as the best candidates from personal recruitment. (a) advertisement- classified ads, display ads, situation wanted ads (b) employment agencies (c) Direct mail
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FILLING OF I.S.F. FORM After complication of market survey each and every survey data is again re entered in ISF (Initial Screening Form) to get a clearer picture of the best among the prospective candidate. This ISF form helps as a data base for company. Processes of ISF are as below:(1) Candidate Name --------------------------------------------------------(2) Corresponding Address ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------(3) Telephone No -----------------------------------------------------------(4) Mobile No ---------------------------------------------------------------(5) Profession ----------------------------------------------------------------(a) Student (b) Housewife (c) Self Employed (d) Service- Govt/Pvt/PSU (e) CA/Tax Consultant/stock brokers (f) Postal Agent/MF Agent/GIC Agent (f) Retired/VRS Optee (6) Scoring Part -------------------------------------------------------------(a) Age:(1) Below 25- 0 (2) Bet 25-40- 2 (3) More Than 40- 1 (b) Marital Status:(1) Unmarried- 1 (2) Married- 2 (c) Education:(1) 10th or 12th Standard- 1 (2) Graduate- 2 (3) PG- 2 (d) Tenor of Stay in City/Town:(1) Less Than 3 Years- 0 (2) 3-5 Years- 1 (3) More Than 5 Years- 2 (e) Household Income:(1) Less Than 2 Lakh- 0 (2) 2-5 Lakh- 1 (3) More Than 5 Lakh- 2 Acceptable Range of Score is – Greater Than or Equal 7 Additional approvals – 5 or 6 Rejected Application if – 4 or Less
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BASIC SHORTLISTING ON THE OF ‘Q’ SCORE The Qs are 5 different criteria where the candidates are to be analyzed. This Qs are five basic screening question through which the company knows about the candidate interest of work in an insurance company. Q1- The candidate should have been a resident of Bhubaneswar for at least five years. Q2- He/ She should be married. Q3- His/ Her annual income should be at least 1.2 to 1.5 Lakhs. Q4- He/ She should be a graduate. Q5- Minimum age to be eligible for being a life advisor is 25. The significance of Qs A high Q score implies possibility of better performance by the candidate as a life advisor (meaning better revenue generation ability). On an average only a candidate with a score of Q4 or Q5 was interviewed. A low Q score implies lesser possibility of such performance. CONDUCT AN INTERVIEW In this session of recruitment process the probable adviser is given the idea of the job profile and taken his response. He is also given a general idea of the product and the commission on the product holds. In this whole selection process the prospective candidate is shown the career path in Bharti AXA BOP PRESENTATION Once the prospective candidate is ready for doing the advisory job he is called to office for a BOP(Business Opportunity Presentation) process in this process the prospective advisor is sent 43 | P a g e
to Branch Sales Manager, where the manager tries to know his interest in the insurance sector and in this process he also verifies his certificate and him personally.
FILLING OF COMPULSORY IRDA /NAAF FORM I. ADVISOR’S REMUNERATION a.Advisor’s entitlement to remuneration as an Advisor of Bharti AXA Life Insurance Company limited Shall be established by, While this Agreement is in force: •
Issuance by Bharti AXA Life Insurance Company Limited of a Life Insurance Policy Bond, subsequent to its acceptance of a proposal endorsed with the name of the Advisor; and
•
Receipt by Bharti AXA life Insurance Company Limited of the required premiums or deposits; and
•
Expiry of the free look period; and
•
Compliance by the Advisor with the terms and conditions of this Agreement in all respects.
b. Bharti AXa Life Insurance Company Limited shall pay to Advisor, remuneration on the life Insurance proposals solicited and procured by Advisor for Bharti AXA Life Insurance Company Limited at rates as mutually agreed between Bharti AXA Life Insurance Company Limited and Advisor, in Writing, which shall however not exceed the maximum limits of remuneration specified by the Statutory provisons. The remuneration rates presently in force will be provided to you by Bharti AXA Life Insurance Company Limited. c.Advisor shall also be entitled to be paid remuneration on renewal premium and on reinstatement of policies subject to the Statutory Provisions and the Bharti AXA Life Insurance Company Limited Instructions as may be in force from time to time. d. Bharti AXA Life Insurance Company Limited reserves the right from time to time to revoke, alter, add, amend or modify the commission structure without notice at its absolute discretion. e.When any policy issued upon the proposal submitted by the Advisor for a preferred Life Insurance product is changed or converted to another product, the remuneration on the 44 | P a g e
changed or converted product, shall be payable in accordance with the Bharti AXA Life Insurance Company Limited instructions in effect at the time of such change or conversion. The Advisor and not on account of any underwriting consideration. f. Subject to the Statutory provisions governing the payment of remuneration to insurance Advisors, Bharti AXA Life Insurance Company Limited may from time to time, by thirty (30) days’ written notice to Advisor, revise, alter or amend, whether by enhancement or reduction or in any other manner, the remuneration rates; provided that the revised rates shall be made applicable prospectively and shall not apply to Policies already issued on the proposals procured by the Advisor or on proposals received by Bharti AXA Life Insurance Company Limited prior to the date of revision, alteration or amendment unless otherwise stipulated. Bharti AXA life Insurance Company Limited shall communicate promptly of any change in the remuneration rates from time to time, Notwithstanding this Advisor shall ascertain the remuneration rates applicable at any given point of time and Bharti AXA Life Insurance Company Limited and Advisor for reasons attributable to Bharti AXA life Insurance Company Limited. g. Advisor shall repay to Bharti AXA Life Insurance on demand any indebtedness (any remuneration wrongly or in excess of what is due to Advisor ) whether before or after the termination of this Agreement, and more particularly any remuneration to be repaid by Advisor to Bharti AXA Life Insurance as a result of a charge-back or remuneration reversal. In the event of the non-receipt by Bharti AXA Life insurance of the same, Bharti AXA Life Insurance shall have a first charge for the same on any sums presently or hereinafter payable to the Advisor, with interest. Similarly, where Bharti AXA Life insurance has paid the Adviosr less remuneration than is actually payable, it shall on being intimated of the same by Advisor, repay the deficiency, with interest. h. If within one year of the date of proposal for a new insurance Policy a former Policy on the same person solicited, procedure and sold by Advisor has been•
Cancelled or allowed to lapse ofr reasons other than exhaustion of policy value; or
•
Converted to a reduced paid –up status;
The remuneration on the first year premium under the new Policy shall be payable only on the amount by which such commission exceed yearly commission payable under the former policy. i. In case a policy is issued within twelve months before or after the termination of a previous Policy issued in respect of the same Life Insured, the remuneration on the new policy shall be payable in accordance with the rules of Bharti AXA Life Insurance determined at its absolute discretion in effect at the time of its issue.
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‘Termination’ for the purpose of this clause means the ;cancellation, lapse for reasons other than exhaustion of policy value or conversion to a reduced paid-up status. j. Reversal of Remuneration: If any remuneration is paid against: •
the premium received but not realized and such premiums are not actually realized by Bharti AXA Life insurance; or
•
the premium received but refunded in full/part to the client;
then the remuneration so paid shall be reversed and due recovery shall be made from Advisor. k. Advisor agrees that Bharti AXA Life Insurance shall have a lien on the remuneration without limitation and the right to change back or forfeit, otherwise the entire remuneration without limitation in the event of the following happenings and such action will not create any cause of action against Bharti AXA Life Insurance: •
Any lapsation or reduction in the Sum Assured during the first two years of the Policy; or
•
Any breach of a covenant of this Agreement pertinent to sales practices; or
•
Any factual misrepresentation of any of the products/services to the customer.
The charge back would be product pecific and would be governed by Bhari AXA Life insurance rules made effective from time to time. l. No remuneration shall be payable on interim term premiums or on extra premium due to underwriting reasons. m. In case a policy shall lapse for non-premiums or on extra premium and shall subsequently be reinstated, the remuneration on the reinstated policy shall be payable in accordance with the rules of Bharti AXA Life Insurance determined at its absolute discretion in effect at the time of such reinstatement. n. Advisor shall have no claim for remuneration on any business unless his name and identification appears on the proposal. o. Remuneration will ordinarily be paid to the Advisor within thirty(30) working days of the issue or reinstatement of the policy referred to in (I) above. p. All payments to the Advisor by way of remuneration, reimbursement or for any other purpose shall be in Indian rupees only. q. The remuneration shall be inclusive of all taxes including service tax applicable from time to time. All payments made to Advisor by Bharti AXA Life Insurance shall be subject to deduction of withholding tax under the provisions of the Income Tax Act,
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1961 as applicable from time to time. Bharti AXA Life Insurance shall submit appropriate certificate thereof to the Advisor evidencing such deduction. r. Bharti AXA Life Insurance may assign any customer to the Advisor for him to provide service on terms and conditions specified in writing. II. ADVISOR’S OBLIGATIONS In fulfilling his obligations under the Agreement, Advisor shall scrupulously adhere to, follow and be bound by the Statutory provisions governing life insurance Advisors and more particularly the code of conduct contained therein, as in force from time to time. Without prejudice to the generalify of the obligations of the Advisor to Bharti AXA Life Insurance, the Advisor shall: a. Faithfully and diligently promote the business of Bharti AXA Life Insurace; b. Ensure that any representation made and information provided is accurate; c. Act diligently and carefully in providing any advice and ensure that such advice is based on thorough analysis and take into account available alternatives; d. Ensure that any advice is reasonable in view of the customer’s circumstances; e. Not admit any liability or make any false, misleading, deceptive or reckless statement to the customer in respect of life insurance generally or any particular product of Bharti AXA Life Insurance; f. Solicit proposals for insurance for Bharti AXA Life Insurance as Bharti AXA Life Insurance may from time to time determine during the term of this Agreement; g. Service the needs and requirements of customer introduced by self or assigned by Bharti AXA life Insurance; h. Meet the validation specified by Bharti AXA Life insurance including production and persistency; i. Attend all training, meetings and seminars arranged or required by Bharti AXa Life Insurance and perform such other duties as requested by Bharti AXA Life Insurance; j. Begin soliciting proposals for various insurance products at dates set by Bharti AXA Life Insurance; k. Be fully responsible and accountable for all its acts and omissions; l. Obtain, maintain, renew and keep renewed the prescribed licences issued by the IRDA and any other licence, approval or permission required of it for fulfilling the obligations of an Advisor at all times during the term of this agreemet;
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m. At all times during te term of this Agreement, act within the scope of such licences, approvals and permissions and any applicable legislation ad in consonance with the corporate image and objectives of Bharti AXA Life Insurance. The Advisor shall promptly notify Bharti AXA Life Insurance of the loss of any suc licence, approval or permission by it or by its certified persons; n. Submit to Bharti AXA Life Insurance within the period of time specified by Bharti AXA Life Insurance in writing from time to time, all proposals and initial premiums, for products solicited by Adviosr and in any case within the time specified by 64VB(4) of the Insurance Act, 1938 or any other statutory provisions applicable thereto. The Advisor shall remit to Bharti AXA Life Insurance all monies collected in trust immediately and without any deduction whatsoever. o. Observe and be bound by the•
Statutory provisions, Bharti AXA Life Insurance Instructions including Advisor manual, benefit illustration policy, cash acceptance policy, market conduct guidelines, prevention of money laundering policy, the compliance manual and the code of conduct that may be issued by Bharti AXA Life Insurance, in writing, from time to time relating to the conduct of the business;
•
Monitoring, supervision and performance standards of the business and sales practices used in relation to Bharti AXA Life Insurance products that may be issued by bharti AXA Life Insurance, in writing, from time to time;
p. Promptly deliver to Bharti AXA Life Insurance in good order and condition when demanded all records, rate books, documents, manuals, computers (hardware and software relating in any way to the life insurance business of Bharti AXA Life Insurance and which were received from Bharti AXA Life Insurance, including those that have been specifically entrusted to the Advisor pursuant to this Agreement. Advisor here by acknowledges that such good, tangible and otherwise, and the exclusive property of Bharti AXA Life Insurance; q. Maintain and observe at all times the strictest secrecy and confidentiality, concerning the business of Bharti AXA Life Insurance or of Policyholders or proposers of Life Insurance or persons or companies from time to time dealing with Bharti AXA Life Insurance at any time, either while the Agreement is in force or subsequent to its termination; r. Bear all expenses incurred in the performance of duties under this Agreement unless otherwise specifically agreed to in writing by Bharti AXA Life Insurance;
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s. Promptly disclose to Bharti AXA Life Insurance every fact and circumstance within his knowledge relevant to the acceptance of the risk of business by Bharti AXA Life Insurance and shall promptly and accurately relate to Bharti AXA Life Insurance every fact disclosed to him relevant to the acceptance of such risk or business howsoever the Advisor is aware of such matter; t. Promptly notify Bharti AXA Life Insurance of receipt by it or service on it of any complaint, demand, notice or claim made or to be made under a policy howsoever the advisor is aware of such matter. u. Record and reolve, within the standard turn around time of 7days from receipt, all the complaints and requests/inquiries received from customers of Advisor and statutory/regulatory bodies and forward a report of the complaints, requests and inquiries of the past week with the relevant documentation containing details like Date of Complaint, Policy older Name, Advisor name and Code No., MOA Name and No., Nature of Complaint, Date of Complaint Forwarded to the concerned function for resolution, Status (Resolved /Pending), Resolution date to Bharti AXA Life Insurance at the specified email address on every Thursday of the next week. v. Ensure that a strong needs analysis is carried out for every prospect during the sales process; w. Ensure strict adherence to the prevention of Money laundering and Terrorist Financing Policy of Bharti AXA Life Insurance, the prevention of Money Laundering Act, 2002, Rules thereunder and the IRDA Anti Money Laundering (‘AML’) guidelines and modification thereto and employ adequate know Your Customer (‘KYC’) standards as prescribed therein; x. In the event of finding any adverse or suspicious change on the standing, integrity or reputation of the customer/policyholder, Advisor should promptly disclose the same to the Principal compliance officer of Bharti AXA Life Insurance in change of Anti Money Laundering programme. In the event Advisor fails to comply with this provision and/or exposes Bharti AXA Life Insurance to AML related risks, Bharti AXA Life Insurance shall be entitled to terminate this Agreement with all attendant consequences to the Advisor; y. Act as a fiduciary, in good faith and I the best interests of Bharti AXA Life Insurance at all times during the continuance of this Agreement; and z. Declare his adherence to the code of sales and Business Conduct in the format prescribed in Schedule ‘A’.
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III. INSURANCE PROPOSALS a. Bharti AXA Life Insurance will only accept proposals which are submitted in the proposal form specified by Bharti AXA Life Insurance. b. Advisor shall ensure that the proposal form completed by each proposer for life insurance shall include the details as specified by Bharti Life Insurance. c. Prior to the proposer signing the proposal form, the Advisor shall notify the proposer of the following: i.
That the Advisor is acting as the Advisor of Bharti AXA Life Insurance;
ii.
The terms and conditions of the relevant life insurance policy;
iii.
Ensure that the completed proposal form is read and understood by the proposer.
iv.
That Bharti AXA Life Insurance has the right not to accept the proposal;
v.
That Bharti AXA Life Insurance has the right not to accept the proposal;
vi.
That Bharti AXA Life Insurance has the right to require additional premium payment in the event that it is reasonably of the opinion that the proposer is of high risk; and
vii.
That Bharti AXA Life Insurance is not bund by the actions of the Advisor or any representations made by the Advisor which are inconsistent with the Policy terms and conditions or the provisions of this Agreement.
IV. LIMITATIONS ON ADVISOR’S AUTHORITY Without prejudice to the Statutory Provisions, the authority of the Advisor is limited to that as expressly granted herein. In particular, but without limiting the generality of the foregoing, the advisor shall not do any of the things specified in this clause in performance of the obligations under the Agreement; a. Advisor shall not use any forms, documents, sale literature and materials other than tose as may from time to time be supplied by Bharti AX A Life Insurance. b. Advisor shall not amend or alter any such forms, documents or materials or use any forms, documents or matrials or use any forms, documents and materials not supplied by Bharit AXA Life Insurance without Bharti AXA Life Insurance’s prior written approval. The Advisor shall not amend or alter any forms, documents or materials belonging to any 50 | P a g e
proposer/customer. Any proposal form duly filled in by the customer and received by the advisor must be promptly forwarded to Bharti AXA Life Insurance. c. Bharti AXA life Insurance may by notice to the Advisor discontinue either permanently or for such period as it shall think fit the acceptance of any new business of any class/(es) introduced by the Advisor and the Advisor shall have no claim, monetary or otherwise, against Bharti AXA Life Insurance in that event. d. Advisor shall not bind Bharti AXA Life Insurance in any way other than as expressly authorized in writing by Bharti AXA Life insurance. e. Advisor shall not incur any expenses or liability chargeable to Bharti AXA Life Insurance except those expenses expressly assumed by Bharti AXA Life Insurance in Writing. f. Advisor shall not issue, use or allow to be published any circular, advertisement, news items, sales/support material, publicity material or other written or visual material related to Bharti AXa Life insurance. Advisor shall ensure that all material co-branded with Bharti AXA Life Insurance is approved by Bharti AXA Life Insurance. Advisor shall ensure that all material co-branded with Bharti AXA Life Insurance is approved by Bharti AXA Life insurance as well as by IRDA prior to publication and usage. g. Advisor shall not commence or threaten to commence any suit or legal proceedings in its capacity as advisor of bharti AXA Life insurance against any third person unless authorize in writing by Bharti AXA Life Insurance. h. Advisor shall not demand or accept or share any remuneration from any proposer/life to be insured/insured on account of being an Advisor of Bharti AXA Life Insurance or for and on behalf of Bharti AXA Life Insurance for rendering of services of any kind in connection with or incidental to his being an Insurance Advisor of Bharti AXA Life Insurance. i. Advisor shall not conduct any business, directly or indirectly, in the name of or on behalf of Bharti AXA Life Insurance, other than in terms of and under the purview of this agreement. j. Advisor shall not enter into any arrangement or induce any policy holder or any other person to make any insurance claim of what soever nature which is not a proper and valid claim nor receive or attempt to receive or accept any moneys, whether in full or inpart, paid by Bharti AXa Life Insurance pursuant to a validly proven claim or settlement thereon. k. Unless and to the extent that the Advisor is otherwise authorized in writing by Bharti AXA life Insurance, no authority is given to the Advisor on behalf of Bharti AXA Life Insurance: 51 | P a g e
i.
To accept any risk or business;
ii.
To issue any policy or other contract;
iii.
To receive or accept any notice of alteration, cancellation, determination or assignment of any policy or other business, any notice of loss or any other notices;
iv.
To waive any term or condition of any policy or other business;
v.
To negotiate terms of settlement, settle or pay any loss or claim or waive or defer payment of premium or other sum;
vi.
To incur any liability or pledge the credit of Bharti AXA Life Insurance;
vii.
To give any warranty, representation or promise in respect of any proposed policy, endorsement, supplement contract or other business;
viii.
To impose any charge in addition to the required premium or monies without Bharti AXA Life insurance’s prior written approval;
ix.
To bind Bharti AXA Life Insurance in any other manner; or
x.
Represent to a proposed insured or any other person that he is so authorized and make any representation to a proposed insured or any other person in respect of any such matter unless Bharti AXA Life insurance has so authorized him in writing.
l. Advisor shall not enter into any Agreement or arrangement with any Advisor or other persons for the performance of the duties of the Advisor under the agreement between the Advisor and Bharti AXA Life Insurance or pay or pay or offer to pay any remuneration to any such persons for the performance of such duties. m. Advisor shall not delegate any of his duties under this agreement to any person or enter into any agreement with any person to perform any of his duties under this agreement. n. Advisor shall have no authority to enter into any agreement on behalf of Bharti AXA Life Insurance with any Advisor or agency manager or waive any term or condition of any agreement between any Advisor or manager of Advisor and Bharti AXA Life insurance or any requirement specified by Bharti AXA life insurance in respect of such Advisor or manager of Advisor. Advisor shall not represent to any person that he is so authorized. o. Advisor shall not publish or cause to be published any advertisement concerning his appointment under this Agreement, Bharti AXA Life Insurance. Its business or any insurance or other business in respect of which the Advisor is authorized to solicit or 52 | P a g e
service I any newspaper, magazine, publication or other media whatsoever without Bharti AXA Life Insurance’s prior written approval. The Advisor shall not issue, distribute or cause to be issued or distributed any circular or write or cause to be write or cause to be written to any newspaper, magazine, publication or other media in respect of the same or any other insurance company without Bharti AXA Life insurance’s prior written approval. If any legal proceeding be brought against Bharti AXA Life Insurance in consequence of any unauthorized action or statement of the Advisor, all costs, expenses and damages arising from or incurred as a result of or in connection with such action or statement shall be borne by the Advisor personally. p. Advisor shall not use or cause to be used the name or logo (or any part of the name or logo)of Bharti AXA Life Insurance without prior written approval of Bharti AXA Life Insurance and shall not register such name or logo (or any part of such anem or logo) with any association, organization or government authority. q. No authority is given to the Advisor on behalf of Bharti AXA Life Insurance to institute, defend or take part in any legal proceedings relating to Bharti AXA Life insurance. The Advisor shall immediately remit to Bharti AXA Life Insurance all documents received by the Advisor relating to any notices/legal proceedings involving Bharti AXA Life Insurance. r. Advisor shall scrupulously follow and abide by the provisions of section 41 of the Insurance ACT 1938 and not pay or allow, or offer to pay or allow, as an inducement to any person to insure or to transact any business. Any rebate of premium or any inducement whatsoever not specified in the policy or the terms of the business. s. Advisor shall not make, or enter into any arrangement with or induce a person to make, any insurance claim of whatever nature, which is not a proper and valid claim. The advisor shall not receive or accept, or enter into any arrangement with a person under which he shall attempt to receive or accept, any money (whether in full or in part) paid pursuant to a claim or settlement of such claim. t. Advisor shall not make any misrepresentation or incomplete or inaccurate representation or comparison for the purpose of inducing a person to convert, lapse, forfeit or surrender his insurance or terminate his business relationship with any company. During the term of this Agreement, the Advisor shall not solicit, entice away, encourage or induce or attempt to solicit, entice away encourage or induce any employee or advisor of Bharti AXA Life Insurance to leave his service. V. COLLECTION AND REMITTANCE OF FUNDS a. Advisor has no authority to collect or accept on behalf of Bharti AXA Life Insurance, any money, securities or other properties, except the initial and renewal premium or deposit 53 | P a g e
payable with or pursuant to a proposal, unless otherwise specifically authorized or requested by Bharti AXA Life insurance in writing. The Advisor shall immediately and in any case within the time stipulated by the Statutory provisions, remit to Bharti AXA Life Insurance all monies, securities and other properties received or collection by the advisor on behalf of Bharti AXA Life Insurance and shall not use nay such money, securities or other properties for any purpose whatsoever. b. Advisor has no authority to issue any receipt (whether interim, conditional or other wise) on behalf of Bharti AXA Life Insurance for monies received by the Advisor on behalf of Bharti AXA Life Insurance without Bharti AXA Life insurance’s prior written approval. Where the Advisor is authorized to issue receipt, he can only do so in the form supplied by Bharti AXa Life insurance subject to the terms of any direction issued by Bharti AA Life Insurance. c. Advisor shall not act to put Bharti AXA Life Insurance at risk by delivering any policy, endorsement or supplementary contract issued to a proposer whose health or occupation he knows or has reason to suspect has changed since the date of proposal. The advisor shall not deliver to any person any policy or renewal receipt unless the premium has been received by Bharti AXA Life Insurance in full within the period allowed for payment and the person on whose life the policy is issued is at the time in good health.
VI INDEMNITY a.Advisor understands that in acting on behalf of Bharti AXA Life Insurance, Advisor shall only be acting in accordance with tha statutory provisions and in accordance with the terms of this agreement. b. Advisor shall indemnify and undertake to pay to Bharti AXA Life Insurance an amount equivalent to, and hold Bharti AXA Life Insurance harmless Against, all losses without limitation, damages, claims, demands, expenses and other liabilities including advocate fees incurred by Bharti AXA Life Insurance as a result of any faradism dishonest, misconduct or any breach or non-observance of any of the terms and conditions of this Agreement or any neglect, failure or refusal to provide services by the Advisor including any representation made or act carried out by the advisor which is not authorized under this agreement. VII. BOOKS AND RECORDS Advisor shall maintain full and proper books of account, records dairy notes for each customer and other documents in such form as may from time to time be required by Bharti AXA Life Insurance for the purpose for showing all transactions, matters and things concerning the business of the Advisor. His sales practices pursuant to this Agreement and Bharti AXA Life 54 | P a g e
Insurance shall have the right at any time to examine such books, records and documents and the Advisor shall afford all such facilities for inspection. VIII. CONFIDENTIALITY
a.
Without prejudice to the other express terms and conditions of this Agreement and all and any implied rights of Bharti AXA Life Insurance after the termination of this Agreement, the Advisor shall not: • Use for his own benefit or the benefit of any other person; or • Disclose to any person; or • Through any failure to exercise all due care and diligence, cause or permit any unauthorized disclosure of any trade secrets or confidential information of or relating to Bharti AXA Life Insurance which he may have received, used or obtained during the term of this Agreement. Any such trade secrets and confidential information shall at all times remain the property of Bharti AXa Life Insurance.
b.
c. d.
For the purposes of this clause, trade secrets and/or confidential information shall include, but not be limited to, lists of and information concerning customers, Policyholders, employees, Advisors and agency managers of Bharti AXA life Insurance, information relating to the working of any product, process, invention, improvement or development carried on or used by Bharti AXA Life Insurance, information relating to research projects, know-how, prices, rates, discounts, mark-ups, business strategies, marketing, tenders and any price sensitive information concerning Bharti AXA Life Insurance. For the avoidance of doubt, the obligation of confidentiality in this clause extends to trade secrets and confidential information howsoever stored, whether in hard copy documents, records or computer programs. Access to Bharti AXA Life Insurance computer resources, electronic data and the like may be given to and shall be utilized by the Advisor only for the purpose of carrying out the duties embodied in the Agreement. The forgoing provisions on confidentiality and non-disclosure also apply to employees of both the parties to this Agreement and the sad parties assume liability for the breach or violation in any manner by their employees.
IX.PROTECTION OF THE INTERESTS OF BHARTI AXA LIFE INSURANCE a. Within the period of one year after the termination of this Agreement, the Advisor shall not directly or indirectly solicit, entice away, encourage or induce or attempt to solicit, entice away, encourage or induce any employee, Advisor or agency manager of Bharti AXA Life Insurance who was such employee, Advisor or agency manager during the relevant period, and with whom the Advisor had material dealings in the provision of the services under this agreement (or to his knowledge was such, employee, Advisor or 55 | P a g e
agency manager) during the relevant period, to leave the employment of or to terminater their agency or agency management contractual arrangements (of whatever description ) with Bharti AXA Life Insurance, whether or not this would be a breach of contract on the part of the employee, Advisor or agency manager, and to act in the same or similar capacity in relation to the same or similar field of work for another employer or principal which directly or indirectly competes with Bharti AXA Life Insurance. b. Within the period of one year after the termination of this Agreement, the Advisor shall not directly or indirectly solicit, entice away, encourage or induce or attempt to solicit, entice away, encourage or induce any policyholder of Bharti AXA Life Insurance, whether existing or prospective, during the Relevant period, the cancel, lapse, forfeit or surrender a policy of insurance with Bharti AXA Life Insurance, whether existing or prospective, during the Relevant Period, to cancel, lapse, forfeit or surrender a policy of insurance with Bharti AXA Life Insurance in order to effect a policy of insurance with another insurer. c. Until the expiry of one year after the termination of this Agreement, the Advisor shall not so as to compete with Bharti AXA Life Insurance, directly or indirectly (on his own account or in conjuction with any person, firm, company or other entity) solicit, canvass or approach by any other means or attempt to solicit, canvass or approach by any other means seek to conduct business with any person, firm, company or other entity who was a client or prospective client of Bharti AXA Life Insurance during the Relevant Period and with whom the Advisor had material dealings in the provision of the services (or to his knowledge was such client or prospective client ) during the Relevant Period and in which business or activity the Advisor was directly concerned in the provision of the services during the relevant Period. d. In this clause the term: • ‘relevant period’ shall mean the period of one year immediately prior to the termination of this Agreement; and • ‘prospective customer’ shall mean any person/entity to whom a proposal of business, including but not limited to insurance, has been made by Bharti AXA Life Insurance but not limited to monetary penalty, legal proceedings and revocation of licence.
X. SUSPENSION • • •
If Bharti AXA Life Insurance in its opinion suspects any of the events stated in clause XIII [except Clause XIII(b)(ii)] may have happened, it may at its absolute discretion by notice suspend the operation of this Agreement without giving any reason. The operation of this Agreement shall immediately be suspended without the need for any notice to be given by Bharti AXA Life Insurance upon on the occurrence of an event referred to in Clause XIII(a). If the operation of this Agreement is suspended: 1. the Advisor shall use his best Endeavour’s to co-operate with Bharti AXA Life Insurance or others in any investigation into any of the event in clause XIII(b) [except clause XIII(b)(ii)] and shall provide all the information, document and assistance for the purpose of such investigation;
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2. the Advisor shall not solicit any business or provide any service under this Agreement without Bharti AXA Life Insurance’s prior written approval; and 3. Bharti AXA Life Insurance may at its absolute discretion withhold all payments of remuneration (whether or not they are accrued.) 4. the Advisor shall have no claim for any monetary, business or consequential loss against Bharti AXA Life Insurance during the operation of such suspension. XIII.TERMINATION a. Bharti AXA Life Insurance or the Advisor may terminate this Agreement at any time and without giving any reason for doing so by giving 30 days notice to the other in writing. b. Bharti AXA Life Insurance may terminate this Agreement immediately with notice [but in the case of Clause XIII(b)(ii) without notice] to the Advisor if: i. the Advisor’s license, authority or registration with the relevant government, regulatory or supervisory authority is revoked or terminated; or ii. the Advisor shall die; or iii. the Advisor shall commit any act of bankruptcy or have a receiving order made against him, the Advisor shall become bankrupt or insolvent or the Advisor shall make a general assignment, composition or arrangement for the benefit of creditors or admit in writing his inability to pay his debts as they become due; or iv. any judgement against the Advisor shall be entered which for a period of 30 days shall neither be paid nor stayed pending appeal; or v. any receiver or officer of any court or governmental authority shall be appointed or take possession or control of any substantial part of the Advisor’s assets or property or control over his affairs and obligation; or vi. the Advisor commits any dishonest or fraudulent act which results in the Advisor being charged and found guilty of an offence or if the Advisor has engaged in any conduct which in the opinion of Bharti AXA Life Insurance is prejudicial to the interests of Bharti AXA Life Insurance; or vii. the Advisor enters into any arrangement with another company or person (verbal or written replaced with Bharti AXA Life Insurance)to act as its Advisor or agency manager; or viii. the Advisor violates any of the trms and conditions of this Agreement or fails to observe or obey any of the instructions, rules or regulations of Bharti AXA Life Insurance (verbal or written replaced with Bharti AXA Life Insurance) or the Statutory Provisions; or ix. the Advisor does not meet validation Standards (training, production, persistency and other requirements) of Bharti AXA Life Insurance in respect of the Advisor’s appointment which may be set by Bharti AXA Life Insurance or as may be required under the applicable laws, rules, regulations, guidelines of Bharti AXA Life Insurance and can eb changed from time to time by Bharti AXA Life insurance and conveyed to the Advisor.
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c. In the event that written notice is given by Bharti AXA Life Insurance or the Advisor to terminate this Agreement under Clause XIII, Bhart AXa Insurance may at its absolute discretion by notice to the Advisor suspend for such period as it thinks fit the performance of any of the duties of the Advisor under this Agreement and the Advisor shall have no claim for any business, monetary or consequential loss against Bharti AXA Life Insurance for such act of suspension. d. In the event of termination of this Agreement, payments of remuneration shall be stopped immediately (whether or not they are accrued). All of the Advisor’s rights to such payments accruing prior to termination of this Agreement shall immediately cease upon termination of this Agreement, and the Advisor waives all his rights to such payments. e. On termination of this Agreement: i. the Advisor shall promptly deliver to Bharti AXa Life Insurance all lists of and information concerning customers. Policyholders, employees, Advisors and agency managers of Bharti AXA Life Insurance, working papers, correspondence, documents, and other property belonging to Bharti AXA Life Insurance and/or containing any trade secrets and/or confidential information which may be in his possession or under his control, including, for the avoidance of doubt, the books and records referred to in Clause IX above; and ii. the Advisor shall promptly deliver to Bharti AXA Life Insurance all reusable materials (including but not limited to mobile phone, personal computer/laptop, diskettes or other media) containing trade secrets and/or confidential information (as defined in Clause X)for deletion of such trade secrets and/or confidential information; and iii. Bharti AXA Life Insurance may if it thinks fit, publish and/authority such notice of termination of the Advisor’s appointment including a report of the dishonest or fraudulent act leading to such termination without any intimation to the Advisor; iv. Advisor and its employees and directors will refrain from holding its or himself as an Advisor of Bharti AXA Life Insurance or any of its affiliates for the purpose specified in this Agreement. v.
THREE DAYS IRDA REFRESHER TRAINING Refresher training is the basic given to the trainee advisors about what is insurance, types of insurance, present scenario of life insurance in India and scope and career growth in insurance with legal ideas related to insurance. As per provisions of IRDA Act for training of life advisors (effective from 31st October 2004). The applicant shall have to undergo at least 100 hours’ practical training in life or general insurance business which may be spread over three to four weeks, where such applicant is seeking license for the first time to act as an insurance agent. The training duration should be minimum 18 working days excluding Sundays and holidays. 58 | P a g e
No product training/market survey should be included into this hundred 100 hours training. The product training, if any, to be given by the insurance company should be over and above the minimum training hours prescribed by the Authority The attendance record of the trainees should be maintained at the Institute for necessary inspection at any given point of time. In case of short-fall of attendance, extra class may be permitted but the extra hours may be specified separately with proper attendance and details of faculty. Every Institute should have at least one qualified permanent faculty who is an Associate or Fellow from the Insurance Institute of India for each stream i.e. for Life and Non-Life. The attendance register of the faculty members should be maintained at the training institutes. The record of the payment made to faculty should be maintained at the training institute i.e. batch-wise payment detail should be maintained. The faculty should provide details of the other Institutes with whom they have been empanelled as part-time/guest faculty. Register should be maintained at the training institute giving details of batches completed, strength of the each batch, number of candidates decertified, name of the sponsored insurer and details of faculty who imparted the training with dates. The seating capacity of each class-room should not exceed 40. The fresh accreditation will be given on need basis after assessing the needs of the particular city/town. The initial approval will be for a period of 3 years and consideration of further renewal up to 3 years would depend on the satisfactory compliance of requirements of accreditation. The insurance companies would regularly send their officials to oversee the proper conduct of the training at the institutes and would not sponsor candidates to those institutes that are not maintaining the required standards of and facilities for the training. The training institute must display the certificate of accreditation to impart training issued by the Authority at the training institute. The Institute should not allow a franchisee to conduct courses on its behalf even if the faculty is that of the Institute. The Institute should conduct the training on its own premises or hired premises with proper infrastructure. No marketing fee/consultancy fee payment is permitted for getting the training batches. 59 | P a g e
It will be the responsibility of the Insurance Company to check the status of the institute before sponsoring any candidates for training. In case of mofussil areas or the cities where there are no accredited institutes and an insurance company intends to appoint agents, it will be the responsibility of the insurance company to conduct training. The Institutes must keep with them one set of records of the training at the place where the training is being imparted. The Institute should confine its activities only to the place/city for which it has been given the approval. No training outside the said place/city is permitted. The Institutes must submit a copy of the lease deed/rent agreement at the time of seeking fresh accreditation/renewal/change of address of the institute. On successful completion of training the candidates get COT i.e. the Completion of Training Certificate by Bharti AXA.
i.
CONDUCTION OF EXAMINATION Syllabus: the syllabus prescribed by the authority for life insurance agents is given in annexure 6. it is indicative and not exhaustive. The self study course material developed by institute in book form only the broad basis of examination which is available for sale with the institute and its associated institutes. A candidate is expected to study the course material in depth and also assimilate general information relevant to the subject. Candidate is also expected to know up-to-date developments in the insurance industry.
ii.
Pattern of examination: normally objective type multiple choice questions are asked. A candidate is required to indicate the correct alternative. A candidate is required to secure at least 50% marks to be declared successful. But the institute reserves the right to change, the pattern of question paper for the examinations without notice to anyone to test the knowledge of the candidate as it deems fit.
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iii.
Mode of examination: The test can be taken up in either of the two modes- online or offline. Depending on the mode of testing the training is also arranged. For online mode the training is also done online whereas in offline mode the training is done in the class room format of. The duration of classroom training is 6+2 days. Where 6 days are reserved for compulsory IRDA training and the remaining 2 days are for product based training.
iv.
Admission card: No candidate will be allowed to appear for the examination unless he/ she produce the admission card. The admission card will be issued by Bharti AXA. Besides admission card candidate must possess COT issued by Bharti AXA.
v.
Sample questions: a list of sample questions is given as annexure.
TWO DAYS PRODUCT TRAINING Product training is the final dressing of an advisor. Once the advisor qualifies the IRDA exam he is sent to next stage of enrichment where he is given product training. An advisor main job for an insurance company is to sales product and for this reason he needs to have a sound knowledge of each and every products the company provides. And once he get through these two days training he becomes a full fledge advisor to work for the company.
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o o o o
Meaning of methodology Sample, Types of data Data collection method
REASEARCH METHDOLOGY Research methodology is a way to systematically solve the research problem. It may be understood as a science of studying how research is done. We can say that research methodology has many dimensions and research methods do constitute a part of the research methodology. The study of research methodology gives the student the necessary training in gathering material and arranging or car-indexing them, participation in field work when required, and also training in techniques for the collection of data appropriate to particular problem, in the use of statistics, questionnaires and controlled experimentation and in recording evidences, sorting it out and interpreting it. Knowledge of research methodology plays a key role in project work. It consists of series of actions or steps necessary to effectively carry out research and the desired sequencing of these steps.
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Data Collection Method Data can be collected by Primary as well as secondary method. Primary Data Sources Primary data were collected through a well structured questionnaire designed separately for consumers. A pilot survey was conducted to test the utility of the questionnaire and necessary changes being made. Questionnaire Designed: Questionnaire was used for the survey.
Secondary Data Sources The secondary data sources were collected from the company manuals, handbooks, and management books and are edited to suite the purpose.
RESEARCH DESIGN Exploratory type of research designs adopted because sources of information are relatively few and the purpose is merely to find and to understand the possible actions. The major purposes of exploratory study are: Identification of problem The precise formulation of problems including the identification of variables Formulation of alternative course of action
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An exploratory research is often the first in the series of projects that culminates in one concerned with the drawing of inferences that are used as a basis of monetary action. Exploratory study is often used as a introductory phase of a larger study and results are used in developing specific technique for larger study. Of the study the relevant questionnaire was prepared and circulated among a stratified sample of 50 employees of BHARTI AXA LIFE INSURANCE COMPANY LTD.. This questionnaire formed the basis for the views on each of the points raised in the questionnaire. The data thus obtained formed the basis of information regarding the existing recruitment and selection processes at BHARTI AXA LIFE INSURANCE COMPANY LTD.. and the same is analyzed and interference is drawn regarding the various aspects of recruitment and the entire process of selection at BHARTI AXA LIFE INSURANCE COMPANY LTD..
Sample Design Sampling technique: Stratified sampling technique is adopted to conduct the research. Stratified purposive sapling is a selection method for achieving a greater degree of representatives, therefore decreasing the probable sampling error. It is based on the concept that a homogeneous population produces samples with smaller sampling errors than does a heterogeneous population. Stratified sampling is accomplished by placing all the members of the population into groups according to some characteristics that is common among them, that is homogeneous subsets of the population. Then specified number of unit is chosen from each of the groups or strata by purposive means.
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Sampling Plans The sampling plan consists of sampling units, e.g. from functional departments namely Marketing, Commercial, Technical and Human Resource. These employees constitute the manpower in the company who are engaged in the day to day functioning of the company, thus it is very important for them to understand the various aspects of the entire selection process. Therefore, they had been selected for the project sampling Sample size: total sample size is 178individual customers, out of which only 163are valid and 15 are invalid because the data provided by customer is not sufficient for Research. Sample procedure: Random sampling Sample area: Bhubaneswar In BBSR the area covered is SAHEED NAGAR, VANI VIHAR, KHARVELA NAGAR, RAJ MAHAL, MARKET BUILDING, CRP, KALPANA, ID MARKET, RASULGARH, MASTER CANTEEN AND 9 TALA because in this particular area there are so many public and private institutions are available. Analysis Data collected from the survey through systematically framed questionnaires and those are being analyzed and shown in graphical representation
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Analysis 1 Age of respondents: The following is the distribution of age of the respondents Age Numbers of
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<25 Years 4
25-30 years 73
31-40 years 45
>40 years 27
Individual
47.3% of the total sample size comes from 20-25 age groups Where individual less than 20 and more than 35years is 11.4% Interpretation: The majority of interest during the survey was shown from the age group 20-25 years Analysis 2: Years presence in the Bhubaneswar No. of years present No. of individual
<3 years
3-5 years
6-10 years
10-20 years
>20 years
41
44
18
26
33
The people belonging from 3-5 years presence in Bhubaneswar mainly come from student community Where as 6-10 years and 11-20 years was the most perfect candidate for insurance company. Interpretation: Though the interest was shown by candidate belonging from age group presence 3-5 years but the majority conversion rate was from people coming from age 6-20 years. Analysis 3: Occupation of individuals surveyed Govt. Employee 17
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Pvt. Employee 86
Students 50
Unemployed 06
Housewife 04
Unemployed Housewife Govt. Employee 4% 2% 10%
Here in this chart it
Student 31% Pvt. Employee 53%
shows that maximum numbers of people surveyed come from Pvt.Employee and student community. Interpretation: Sample which has been surveyed is dominated by younger individual like student and recently joined private employee.
Analysis 4: Qualification of individuals Qualification No. of individual
10th or below 18
Intermediate 15
Graduate 80
P.G. 50
Interpretation :- The majority people surveyed came form graduate and post graduate groups and they fulfils our requirement. 68 | P a g e
Analysis 5: Biggest concern for future Career 50
Income 64
Job 49
Interpretation:- Though all the three choices were equally preferred but the income was most preferred.
Analysis 6: were they prepared for there future planning Result No. of individual
YES 77
NO 86
Interpretation: - It shows that majority was still having no planning for future. Analysis 7: Interested for extra income RESULT NO. OF INDIVIDUAL
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YES 116
NO 46
Interpretation: - A very high response was shown for earning extra income. The people who were interested for more income is the one who show more interest towards insurance.
Analysis 8: Preferred amount as extra income by different people. Result No. of individual
0k-5k 28
5k-10k 51
10k-20k 29
>20k 7
No Answer 48
Interpretation: -Most people needed in around 5-10 thousand in the form of extra income. Analysis 9: Interested for part time or full time Full Time 77
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PartTime 86
Interpretation: - Though it is an equal distribution but majority people wanted to work as part time employee in insurance. Analysis 10: Awareness of Bharti AXA in Bhubaneswar market. Region YES NO TOTAL
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EAST 20 10 30
WEST 18 12 30
NORTH 21 9 30
SOUTH 7 13 20
CENTRAL 20 10 30
INSTITTUTION 14 9 23
TESTING (CHI- SQUARE TEST) Region YES NO TOTAL
EAST 20 10 30
WEST 18 12 30
NORTH 21 9 30
SOUTH 7 13 20
CENTRAL 20 10 30
INSTITTUTION 14 9 23
TOTAL 100 63 163
NULL HYPHOTHESIS: THERE IS BRAND AWARENESS OF BHARTI AXA IN BHUBANESWAR MARKET HERE, DEGREE OF FREEDOM = (NUMBER OF ROW-1)*(NUMBER OF COLUMS – 1) = (2-1) * (6-1) =1*5=5 DEGREE OF FREEDOM AND LEVEL OF SIGNIFICANT IS=0.01 SO, THE TABULATED VALUE AT 5 DEGREE OF FREEDOM AND 0.1 LEVEL OF SIGNIFICANT IS 15.086
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OBSERVE VALUE(O)
EXPECTED VALUE(E)
20
18.40490798
10
1.595092 11.59509202 025
18
18.40490798
12
11.59509202
21
18.40490798
9
11.59509202
7
12.26993865
13
7.73006135
20
18.40490798
10
11.59509202
14
14.11042945
9
8.889570552
O-E 1.595092 025
0.404907 975 0.404907 975 2.595092 025 2.595092 025 5.269938 65 5.269938 65 1.595092 025 1.595092 025 0.110429 448 0.110429 448
(O-E)² 2.544318 567
(O-E)²/E 0.138241 309
2.544318 567
0.219430 649
0.163950 469 0.163950 469 6.734502 616
0.008907 975 0.014139 644 0.365907 975
6.734502 616
0.580806 31
27.77225 338 27.77225 338 2.544318 567
2.263438 65 3.592759 762 0.138241 309
2.544318 567
0.219430 649
0.012194 663 0.012194 663
0.000864 23 0.001371 794
Σ(OE)²/E=
7.543540 258
FROM THE ABOVE CALCULATION WE FIND THE CALCULATED VALUE IS=7.74354038 CONCLUSION: -As the calculated value is less than the tabulated value, we can conclude that our null hypothesis is accepted. So, we came to know from above calculation the there is a good brand awareness of BHARTI AXA LIFE INSURANCE COMPANY.
73 | P a g e
FINDINGS The findings are based on the survey undertaken and interview of individuals for the procurement of life advisors.
Finally selected Life advisors
3 Individuals selected for IRDA training 5
Among the Individuals with scores > than Q3, those interviewed-
19
Among the individuals who were willing to make extra money, those with Q score greater than 3- 43
Among the individuals surveyed, the individuals who were willing to make extra money-
116
Total number of Individuals surveyed -163
The major findings are: 1. The Individuals finally selected as Life advisors constitute 1.23% of Sample size. 2. 60% of the Individuals who underwent the training cleared the exam. 3. 1.840% of the individuals who wanted to make extra money could finally be selected for the Job.
CONCLUSION As we know that 7.5% of the peoples are insured that means rest 92.5% of the people are still living without insured. It means insurance industry is still in growth stage. But when we go to 74 | P a g e
recruit life advisors of Bharti AXA most of the people did not agree because their view was that no body is ready to invest in insurance. It is totally wrong perception of some of the peoples. One important question arises in my mind is that if more than 90% of the Indian People are not insured so why people are not interested to be an advisors? The reason is that 70% of the peoples of India are living in rural areas and the awareness of private insurance company in rural market is very poor. But, it was found that the questionnaire and interview questions, employee manual were sufficient to obtain the information required to analyze the process of requirement within the organization. It has been found that the organization has a sound understanding of what process need to be used in order to achieve effective recruitment of Life advisors. In addition to this, there are several recommendations for the organization. For any firm to be successful the main objectives should be: •
Sustainable long-term growth,
•
Stable income and
•
Asset preservation;
•
Need to emphasize quality and diversification in both equity and fixed income asset classes.
•
Focus should be on long-term consistent investment performance.
•
Emphasis towards training and enhancing skills of recruiters needs to be more.
•
Invest more in current staff than in Recruitment:
•
Conduct internal audit.
•
Be Creative
•
Understand and manage salary:
. The general perception of life insurance has to change in India before progress is made in this field.
RECOMMENDATION 1: In the 2 years of existence in the market it has created a sensation by introducing its most profitable Unit-Linked Plans and products. The insurer needs to concentrate to make its products
75 | P a g e
and company much more aware among the public to change the mindset of the people and attract them towards insurance sector. This can make the recruitment of the potential advisors very well. To create the awareness among the people, the following methods could be adopted: •
It needs to conduct awareness programmers, campaigns and publish news about
the company, products and attributes to position it in the customer’s mind. The company should timely communicate through media to make the relationship stronger. •
Another way of creating awareness about the presence of insurer is by placing
hoardings and posters in the traffic areas and market complexes to attract the attention of the people. •
The awareness through the Television is another medium. Though it advertises its
product but it should forecast itself on the channel which the maximum of people use like Doordarshan or advertising through regional channels. •
The company restricts itself from making any branch offices as it believes in the
philosophy of “one family”. Hence more awareness can be created by establishing more branch and subsidiaries in the urban as well as rural areas. It can create much more awareness among the common people also. The above discussed methods could be helpful to create awareness and thus can attract more people to be its customers as well as to be a good life advisor. But for this the recruitment standard and the recruitment policy should be a good one. 2: The fee charged from candidates as application money should be waved off. It should rather be paid by the Insurance Company. 3: The strict training schedule should be made flexible. For a person who is Q4 or Q5 on score it is difficult for him/ her to be able to come for training especially in case when he/ she is already working. 4: The incentive system should be more attractive to motivate more and more people for becoming Life Advisors. 5: There is need to have in place a properly managed performance appraisal system even for life advisors that would contribute to effective retention of personnel. 6: The organization should use E- Recruitment in the process of recruiting life advisors. It is the use of technology to assist the recruitment process. They advertise job vacancies through 76 | P a g e
worldwide web. The job seekers send their applications or curriculum vitae i.e. CV through e mail using the Internet. Alternatively job seekers place their CV’s in worldwide web, which can be drawn by prospective employees depending upon their requirements. 7: The organization should use POACHING/Reading methods of recruitment. It means employing a competent and experienced person already working with another reputed company in the same or different industry; the organization might be a competitor in the industry. Bharti AXA life insurance has innovative Unit Linked Plans with more flexible options which differentiates it from other insurer. But due to the lack of awareness it does not penetrate easily into the market. To ensure success at the local and national level, it is vital to create awareness about its product and the benefits provided by the respective products. Hence the above recommendations would help the company to create the awareness. This will bring the company higher visibility, and that will bring more success to the company.
BIBLIOGRAPHY Marketing Management- Philip Kotlor, edition-twelve edition….April 2006, Publisher- Prentice Hall of India (p) Ltd, Analyzing Consumer Markets & Buyer behavior & consumer behaviour. Research Methodology- C.R Kothari, edition-2004, reprint 2006 Publisher – New Age International (P) Ltd, publishers Methods of Data Collection, page no- 95 Sampling Fundamentals, page no- 152
77 | P a g e
Arrow K. (1963), "Uncertainty and the Welfare Economics of Medical Care", American Economic Review, 53(5):941-973/// Dionne (1984), "Search and Insurance", International Economic Review, Vol 25(2), 357-367 (From a pdf file) Broachers of Bharti AXA products. NAAF WEBSITES • • • • •
www.irdaindia.org www.bharti-axalife.com www.wikipedia.org www.ibef.org Indian brand equity forum www.selling-well.com
•
www.insureme.com
•
www.advisortoday.com
•
www.unlockthegame.com
• Consumer Survey Questionnaires 78 | P a g e
• DATA
QUESTIONNAIRE
:_______________________________
NAME
ADDRESS:_______________________________________________________________________
YOUR PRESENT IN CITY:__________________ MARRED:
YES______ NO__________
QUALIFICATION____________OCCUPATION________
1.
DO YOU KNOW BHARTI AIRTEL
2.
WHICH IS BIGGEST CONCERN OF YOUR FUTURE?
3.
HAVE YOU MADE ANY
79 | P a g e
:- YES:
NO:
PROVISION? YES:____NO::____
JOB:_______CAREER:________INCOME:___________
4.
ARE YOU INTERESTED TO EARN EXTRA INCOME
YES:_____NO:_______
AND HOW
MUCH_____________
5.
ARE YOU INTERESTED FOR
6.
DO YOU WANT TO WORK UNDER BHARTI GROUP OF COMPANY?
7.
DO YOU KNOW BHARTI AXA LIFE INSURANCE COMPANY?
8.
DO YOU WANT TO WORK IN BHARTI AXA LIFE INSURANCE COMPANY? YES:_________NO:___________
PART TIME:______________FULL TIME:_______________ YES:__________NO:_____________
YES:____________NO:_____________
CONTACT NUMBER:_________________________
DATA EASTERN REGION K.PATRA
3
N
BA
2 3
D. KHUNTIA D.MOHA NTY S.PRADH AN S.RATH
2 N
BA
4 N 4
N
B.CO M MBA
2
Y
BSC
25
N
5
N
B.CO M BSC
3
N
MA
R.GHOSH
4 N
MA
S.MISHR A P.SAHOO
2
N
MA
23
N
MBA
S.SAHOO
15
N
S.SULAM AN P.NAYAK
3
N
B.CO M BA
46
Y
BSC
A.KUMAR
23
N
5
N
B.CO M BA
B.KHUNT IA P.BIDDH AR S.NAYAK
S.PADHI
80 | P a g e
CARE ER JOB
Y
STUDENT
Y
67K -
par t F
Y
2 2 2 INCOM 4 E
Y
STUDENT
N
Y
Y
2 5 2 8 2 6 2 7 2 4 2 5 2 3 2 5 2 3 2 4 4 6 2 4 2
JOB
N
UNEMPLOY ED PVT EMP.
F
N
F
Y
N
56K 56K -
INCOM E JOB
Y
PVT EMP.
F
Y
Y
PVT EMP.
Y
-
Y
Y
PVT EMP.
Y
Y
STUDENT
Y
56K 5K
JOB
Y
PVT EMP.
Y
3K
JOB
Y
STUDENT
Y
5K
CAREE R JOB
Y
STUDENT
Y
-
N
STUDENT
Y
15K
CAREE R INCOM E CAREE R INCOM
N
STUDENT
N
-
Y
GOVT.EMP.
N
-
N
STUDENT
N
-
Y
STUDENT
Y
15K
par t par t par t par t par t par t FUL L FUL L FUL L FUL L FUL
CAREE R JOB
N
Y
Y N Y Y Y N Y Y Y Y
M.PANDA
5
Y
IA
G.BEHER A S.DAS
4
N
MA
11
N
BA
P.PARIDA
15
Y
LLB
L.PATEL
1
Y
IA
S.MAJHI
25
N
IA
A.BEHER A M.TADDU
22
Y
8TH
6
Y
BA
J.SING
20
Y
BSC
G.MOHA NTY S.TRIPAT HY S.ROUT
8
N
BA
20
Y
MA
8
Y
MA
K.GOYAL
24
N
A.BALA
10
N
B.CO M IA
3 2 8 2 4 2 7 3 2 3 2 2 6 2 5 3 5 3 8 2 5 4 0 3 5 2 4 3 2
E JOB
N
PVT EMP.
Y
10K
JOB
Y
STUDENT
N
-
CAREE R INCOM E CAREE R INCOM E INCOM E JOB
Y
PVT EMP.
N
-
Y
PVT EMP.
Y
15K
Y
PVT EMP.
Y
5K
N
PVT EMP.
Y
6K
N
GOVT.EMP.
N
-
N
GOVT.EMP.
Y
10K
INCOM E JOB
N
GOVT.EMP.
Y
10K
N
PVT EMP.
Y
4K
CAREE R INCOM E INCOM E INCOM E
N
PVT EMP.
N
-
Y
PVT EMP.
Y
10K
Y
PVT EMP.
N
-
N
UNEMPLOY ED
Y
15K
WESTERN BHUBANESWAR S.SWARO OP D.PANDA
2
N
25
JOB
N
PVT EMP.
Y
20K
N
B.TEC H BA
2
26
N
PVT EMP.
Y
5K
30
N
BA
30
Y
PVT EMP.
Y
10K
20
N
BA
25
N
PVT EMP.
Y
10K
S.SWAIN
7
N
IA
27
N
5K
2
N
MBA
26
N
UNEMPLOY ED GOVT.EMP.
Y
K.SAHOO
Y
8K
S.SAHOO
4
N
MBA
22
Y
STUDENT
Y
20K
B.SWAIN
1
N
BA
26
INCOM E INCOM E INCOM E INCOM E CAREE R CAREE R JOB
P.SAHOO B.BARIK
N
PVT EMP.
N -
M.DAS
30
Y
10TH
34
N
PVT EMP.
N -
A.DAS
2
Y
IA
38
N
PVT EMP.
Y
M.BEHER A T.SING
1
N
MA
23
CAREE R INCOM E JOB
Y
PVT EMP.
N -
2
N
MBBS
25
CAREE R
Y
STUDENT
N -
81 | P a g e
10K
par t par t FUL L par t par t par t par t FUL L FUL L par t FUL L FUL L
Y Y N Y N Y Y N N N Y N
L FUL L FUL L FUL L par t par t par t FUL L par t par t par t FUL L par t FUL L FUL L
Y Y Y N N N Y Y N N N Y Y N
R.RATH
4
N
25
Y
B.CO M BA
N
PVT EMP.
N -
30
INCOM E JOB
A.ROUT
30
N
PVT EMP.
Y
5K
R.ROT
25
N
MCA
25
JOB
Y
STUDENT
Y
5K
S.KAR
2
Y
IA
29
JOB
Y
PVT EMP.
Y
10K
S.HARICH A R.TRIVED Y R.PRADH AN M.RATH
5
N
MBA
25
JOB
Y
PVT EMP.
Y
5K
1
N
MCA
28
JOB
Y
PVT EMP.
Y
10K
20
Y
10TH
45
JOB
N
PVT EMP.
Y
10K
4
N
MCA
23
N
STUDENT
Y
10K
2
N
BCA
22
CAREE R JOB
Y
STUDENT
Y
10K
P.DAS
25
N
MBA
25
JOB
Y
STUDENT
Y
5K
R.PANDA
15
Y
10TH
35
JOB
Y
PVT EMP.
Y
5K
I.KHAN
25
Y
BA
26
Y
PVT EMP.
N -
D.RANA
20
N
BA
28
INCOM E JOB
N
PVT EMP.
Y
U.GAMAN GO S.JENA
4
N
MA
26
N
STUDENT
N -
2
N
24
Y
STUDENT
N -
A.SAHOO
12
N
PVT EMP.
Y
5K
5
N
26
CAREE R JOB
Y
S.SAHOO
B.CO M B.TEC H MBA
CAREE R JOB
Y
Y
20K
R.KUMAR I
10
Y
BA
32
JOB
N
UNEMPLOY ED HOUSEWIF E
Y
10K
RATAN
27
10K
FUL L par t par t par t par t par t par t FUL L FUL L par t par t FUL L par t FUL L FUL L par t FUL L FUL L
NORTHE BHUBANESWAR DILIP
4
N B.CO M N B.CO M Y 10TH
24
P.ROUTRA Y C.SAHOO
3
D.MOHANT Y RASHMI
2 5 6
N
MBA
24
Y
10TH
24
L.PATRA
7
N
CS
26
R.SHARMA
4
N
25
N.SAHOO
5
N
B.CO M MBA
P.MOHANT Y
1
Y
10TH
32
82 | P a g e
4
23 30
25
CARE ER CAREE R INCOM E CAREE R INCOM E INCOM E INCOM E INCOM E INCOM E
N
Y
N
STUDEN T STUDENT
part
Y
part
Y
N
PVT EMP.
Y
part
N
N
STUDENT
Y
FULL
Y
N
Y
Y
HOUSEWI FE PVT EMP.
part
Y
N -
FULL
Y
Y
PVT EMP.
Y
FULL
Y
Y
PVT EMP.
Y
FULL
N
N
PVT EMP.
Y
part
Y
Y
10 K 10 K 10 K 60 K 5K
25 K 20 K 10 K
Y Y N Y Y N Y Y N Y Y N Y Y N Y Y N
S.MOHANT UY P.DADTIYA
1
N
MA
24
JOB
N
STUDENT
Y
9
N
MA
26
Y
PVT EMP.
Y
M.YADAV
8
Y
IA
35
Y
PVT EMP.
Y
D.SAHOO
2
N
MBBS
23
Y
STUDENT
Y
B.NAYAK
2 0 1 0 4 0 1 5 1 0 7
N
B.TE CH
27
Y
PVT EMP.
Y
Y
BA
34
Y
10TH
40
Y
B.CO M
36
N
GOVT.EM P. GOVT.EM P. PVT EMP.
Y
Y
BA
38
INCOM E CAREE R INCOM E CAREE R CAREE R INCOM E CAREE R JOB
Y
PVT EMP.
N
BA
25
N
Y
10TH
32
C.ROUTRA Y A.PANDA
1 5 1 2 8
Y
BA
30
Y
MA
36
P.BEHERA
1
N IA
26
P.SWAIN
1 4 1 2
Y
IA
29
N Y
BSC IA
25 34
3
N
BSC
23
2
N
BSC
24
5
N
25
1
N
B.TEC H B.CO M
INCOM E CAREE R INCOM E CAREE R CAREE R INCOM E JOB CAREE R CAREE R INCOM E CAREE R INCOM E
T.SING G.DAS A.SAHOO R.BEHERA A.BEHERA M.SAHOO
G.SADANGI S.MAJIT ALI P.MOHAPA TRA P.MOHAPA TRA R.MOHANT Y R.SAHOO
Y
23
FULL
Y
part
Y
part
Y
part
Y
FULL
N
part
Y
part
Y
part
N
part
Y
PVT EMP.
50 K Y 10 K Y 50 K Y 30 K N -
FULL
Y
N
PVT EMP.
N -
FULL
Y
Y
GOVT.EM P. PVT EMP.
Y
10 K N -
FULL
N
FULL
Y
Y
10 K N -
part
N
Y
GOVT.EM P. PVT EMP.
FULL
N
N N
STUDENT PVT EMP.
Y 6K N -
part FULL
Y Y
N
STUDENT
Y
FULL
N
Y
STUDENT
10 K N -
FULL
N
Y
STUDENT
Y
FULL
Y
Y
STUDENT
Y
FULL
Y
N -
FULL
N
Y
10K
part
Y
Y
15K
FULL
N
Y
3K
part
Y
Y
3K
part
N
Y
10K
part
N
Y
N Y
10 K 50 K 20 K 10 K 5K
20 K 5K
SOUTHERN BHUBANESWAR D.PADHI
N BA
23
Y
37
INCOM E JOB
N BA
25
JOB
A.DAS
2 1 3 5 2 0 1
N BA
24
JOB
B.BEHERA
1
N BA
24
JOB
S.SWAIN
2 2
Y
32
INCOM E
R.ROUTRA Y S.MOHALA
83 | P a g e
IA
10T H
Y
PVT EMP.
N GOVT.EM P. N STUDEN T N STUDEN T N STUDEN T N PVT EMP.
SUBHENDU
5
Y
BA
30
P.PATRA
2
Y
BA
32
MD KHAN
2 6 4
Y
P.PANDA N.KHAN A.MOHAPA TRA A.NAYAK
1 5 5
P.SUBUDHI
2 5 2 4 4 3 5 2 2 1 5 3
A.SAHOO
1
D.SAHOO N.BHARTI D.KANUNG O K.MURMU P.KAR
10T H N 10T H Y BA
37
N MB A Y 10T H Y 10T H Y MA Y BA
27
Y
BA
31
Y
BSC
37
CAREE R INCOM E INCOM E INCOM E INCOM E INCOM E INCOM E INCOM E JOB INCOM E INCOM E JOB
Y
LLB
32
JOB
Y
10T H
25
INCOM E
25 38
29 34 31 35
N PVT EMP.
N -
FULL
N
N PVT EMP.
Y
20K
part
N
Y
Y
15K
part
Y
PVT EMP.
N PVT EMP.
N -
part
N
Y
PVT EMP.
Y
10K
part
Y
Y
PVT EMP.
Y
15K
part
Y
N PVT EMP.
Y
10K
FULL
N
N GOVT.EM P. Y PVT EMP. N PVT EMP.
Y
20K
part
N
Y Y
20K 10K
part part
N Y
N GOVT.EM P. Y PVT EMP.
N -
FULL
N
Y
7K
part
N
Y
Y
75K
part
N
Y
5K
part
Y
GOVT.EM P. N PVT EMP.
CENTRAL BHUBANESWAR R.PRADHA N P.PRADHA N R.SWAIN
5
N
BSC
3
N
MBA
5
N
BA
S.PANDA
3
N
BCA
S.PANDA
6
N
MBA
P.MOHARA NA P.PUHAN
3
N
BSC
15
Y
MSC
S.JENA
25
N
MBA
1
N
MBA
25
Y
MBA
26
N
MCA
18
N
MA
0
N
MA
P.MOHAPA TRA J.MOHAPA TRA A.SHARMA P.PRADHA N A.RATH
84 | P a g e
2 6 2 4 2 2 2 4 2 4 2 5 3 2 2 5 2 5 2 5 2 6 2 6 2 4
CAREE R CAREE R JOB
Y
PVT EMP.
Y
20K
part
Y
N
PVT EMP.
Y
15K
FULL
Y
N
STUDENT
Y
10K
FULL
N
JOB
N
STUDENT
Y
5K
part
N
CAREE R INCOM E CAREE R INCOM E INCOM E JOB
N
PVT EMP.
Y
5K
part
N
N
PVT EMP.
Y
10K
part
Y
Y
PVT EMP.
Y
-
FULL
Y
N
STUDENT
Y
15K
FULL
Y
N
STUDENT
Y
15K
part
Y
Y
N -
FULL
Y
JOB
N
HOUSEWI FE PVT EMP.
Y
part
Y
CAREE R INCOM E
N
PVT EMP.
N -
FULL
Y
N
STUDENT
N -
FULL
Y
15K
B.SAHOO
4
N
BA
S.PRUSTI
2
N
BA
S.SWAIN
1
N
B.CO M
J.DAS
0
N
MA
S.SWAIN
5
N
BA
J.MOHAPA TRA S.BHANJA
10
N
B.CO M
15
N
MBA
R.NANDA
25
Y
BA
5
N
BA
L.PARIDA
11
Y
MCA
D.PRAHAR AJ A.SATPATH Y B.JENA
23
Y
MA
5
N
LLB
0
N
MBA
3
N
IA
19
N
IA
S.PATRA
3
N
P.SAHOO
3
Y
B.CO M MBA
M.PATI
A.PANDA T.DAS
2 5 2 6 2 3 2 5 2 3 2 3 2 5 3 2 2 2 2 9 2 6 2 6 2 7 1 9 1 9 2 3 2 8
CAREE R INCOM E INCOM E INCOM E INCOM E CAREE R JOB
N
STUDENT
N -
FULL
Y
N
PVT EMP.
N -
FULL
Y
N
STUDENT
Y
16K
FULL
Y
N
STUDENT
Y
4K
part
Y
N
STUDENT
N 6K
part
Y
Y
STUDENT
Y
part
Y
N
STUDENT
N -
FULL
N
JOB
Y
N -
FULL
Y
CAREE R INCOM E CAREE R CAREE R CAREE R CAREE R CAREE R INCOM E CAREE R
Y
GOVT.EM P. STUDENT
Y
5K
FULL
Y
Y
PVT EMP.
Y
5K
part
N
N
Y
4K
part
N
Y
HOUSEWI FE PVT EMP.
Y
10K
part
N
Y
PVT EMP.
Y
10K
FULL
Y
N
STUDENT
Y
5K
part
N
N
STUDENT
Y
5K
part
N
N
STUDENT
Y
6K
part
N
Y
PVT EMP.
Y
10K
part
Y
Y
PVT EMP.
Y
PVT EMP.
N N
UNEMPLOY ED STUDENT
N
10K
INSTITUTION OF BHUBNESWAR B.DAS
1 7 3 0 2 5 2 3 2
Y
BA
31
Y
30
N
B.CO M 10TH
N
MCA
23
Y
26
N
C.SWAIN
3 0 7
B.TE CH BA
N
MBA
16
S.OJHA
1
Y
MBA
29
C.PRADHA N M.SENAPA
3
N
10TH
20
INCOM E INCOM E CAREE R CAREE R CAREE R INCOM E CAREE R INCOM E JOB
5
N
B.TE
28
CAREE
P.ROUT A.SAHOO G.NAYAK P.NAYAK L.SWAIN
85 | P a g e
25
30
Y
20 K Y 10 K N -
part
Y
part
Y
FUL L part
N
part
N
part
Y Y
N
Y
5K
GOVT.EMP.
Y
N
PVT EMP.
Y
10 K 9K
Y
PVT EMP.
N -
Y
PVT EMP.
Y
N
STUDENT
20 K N -
FUL L part
N
PVT EMP.
Y
FUL L part
10
N
Y
Y
TY C.PRADHA N A.SAHOO
N
B.BHANJA
1 0 1
B.TE CH MBA
N
BA
23
H.PATRA
2
N
BSC
24
R INCOM E INCOM E CAREE R CAREE R JOB
S.BEHERA
4
N
BA
24
JOB
Y
STUDENT
N -
V.MALLIK
5
Y
BA
34
N
GOVT.EMP.
Y
M.MISHRA
1
Y
BA
32
INCOM E JOB
Y
PVT EMP.
R.SAHOO
1
N
BA
21
N
PVT EMP.
K.NAYAK
0
Y
IA
32
INCOM E JOB
Y
GOVT.EMP.
20 K Y 15 K Y 20 K N -
B.ROUT
2 8 2 0 5
N
BSC
28
N
PVT EMP.
N -
N
B.TE CH BA
24
INCOM E JOB
Y
Y
INCOM E
N
UNEMPLOY ED PVT EMP.
D.NAYAK
J.MOHAPA TRA S.PARIDA
1
Y
1 Y 5
Y
CH 10TH
30 36 25
32
Colum 1-Name Colum 2-years present in city. Colum 3-married or not Colum 4-Qualification Colum 5-Age Colum 6-Biggest concern for future Colum 7-Provision for future concern Colum 8-Present profession Colum 9-interested for extra income or not Colum 10-preferance amount of extra income Colum 11-interested for part time or full time job Colum 12-knowledge about Bharti AXA
86 | P a g e
N
PVT EMP.
Y
PVT EMP.
K Y 20 K N -
N
PVT EMP.
N -
Y
PVT EMP.
Y
Y
STUDENT
10 K N -
Y
10 K 15 K
part
N
FUL L FUL L part
N
FUL L FUL L FUL L FUL L FUL L FUL L FUL L FUL L part
N
Y Y
Y Y N Y y N Y Y
