Bharti ± Axa Life Insurance (Training Report)

SILB  School Of Business Management

Page 5
Brief summary
Introduction:
A general term µinsurance¶ is related to service sector. Insurance is concerned
with theprotection of economic value of assets. For example in case of a factory
or a cow, theproduct generated by it is sold and income is generated. In this
project the Bharti AXALife Insurance Company is undertaken which is one of the
popular sector insurancesectors. The analysis of ³Bharti AXA Life Insurance´ is
taken form different sectors.
For creating strong relationship and for a success full business every insurance
company
required financial planner.
Objective of the study:
y
How to recruit agents for Bharti-AXA life insurance.
y
To understand the process of recruitment and selection of agent in life insurance.
y
Why people are not willing to work as an agent in life insurance sector specially
with private companies.
Need of the study:
The study is undertaken to know how many people are interested to work as
lifeinsurance agent in Bharti AXA and their thinking about the Bharti AXA Life
InsuranceCompany or about private insurance company.
Conclusion:
In India, there is throat cut competition in the market of life insurance that brand
servicewhich adopt new strategies for sales. I concluding the whole story it can
be said thatpeople are much more aware about the aspects of life insurance and
also have knowledgeabout the role and act of agent but mostly people unwilling
to work as life insuranceagent and mostly people prefer to work with LIC because
it is a semi governmentcorporation.
Bharti ± Axa Life Insurance (Training Report)
SILB  School Of Business Management
Page 6
Table of Contents
CHAPTER
NO.
PARTICULARS
PAGE NO.
CHAPTER 1
INDUSTRY PROFILE
8-18
CHAPTER 2
COMPANY PROFILE
19-35
CHAPTER 3
INTRODUCTION OF RECRUITMENT AND
SELECTION PROCESS OF AGENT
36-51
CHAPTER 4
RESEARCH METHODOLOGY
OBJECTIVES OF THE STUDY
52-54
CHAPTER 5
DATA PRESENTATION AND
INTERPRETATION
55-60
CHAPTER 6
LIMITATIONS AND FINDINGS
61
CHAPTER 7
CONCLUSION AND SUGGESTIONS
62
CHAPTER 8
BIBLIOGRAPHY
63

Bharti ± Axa Life Insurance (Training Report)

SILB  School Of Business Management
Page 7
Industry Profile

Bharti ± Axa Life Insurance (Training Report)

SILB  School Of Business Management
Page 8
WHAT IS INSURANCE
The business of

insur
ance
is
relat
ed to
the
prote
ction
of
the
ECO
NO
MIC
VAL
UES
OFA
SSE
TS.
Ever
y
asse
t has
a
valu
e.
The
asse
t
woul
d
have
been
creat
ed
throu
gh
the
effort
sof
the
own
er.
The
asse
t
woul
d
have
been
creat
ed
throu
gh
the
effort
s of
the
own
er.
Thea
sset
is
valu
able
to
the
own
er,
beca
use
he
expe
cts
to
get
som
e
bene
fits
form
it. It
is
aben
efit
beca
use
it
meet
s
som
e of
his
need
s.
The
bene
fit
may
be
an
inco
me
or in
som
eoth
er
form.
In
the
case
of a
facto
ry or
a
cow,
the
prod
uct
gene
rated
by it
is
sold
andi
nco
me
is
gene
rated
. In
the
case
of a
moto
r car,
it
provi
des
comf
ort
and
conv
enie
nce
intra
nspo
rtatio
n.
Ther
e is
no
direc
t
inco
me.
Both
are
asse
ts
and
provi
de
bene
fits.
Ever
y
asse
t is
expe
cted
to
last
for a
certa
in
perio
d of
time
durin
g
whic
h it
will
provi
de
the
bene
fits.
After
that,
the
bene
fit
may
not
be
avail
able.
Ther
e is
a
life-
time
for a
mac
hine
in
facto
ry or
a
cow
or a
moto
r car.
Non
e of
them
willla
st for
ever.
The
own
er is
awar
e of
this
and
he
can
so
man
age
his
affair
s
that
by
the
endo
f that
perio
d or
life-
time,
a
subs
titute
is
mad
e
avail
able.
Thus
he
mak
es
sure
that
theb
enefi
t is
not
lost.
How
ever,
the
asse
t
may
get
lost
earli
er.
An
acci
dent
or
som
e
other
unfor
tunat
e
even
t
may
destr
oy it
or
mak
e it
inca
pabl
e of
givin
g the
bene
fits.
An
epid
emic
may
kill
the
cow
sudd
enly.
In
that
case
, the
own
er
and
thos
e
enjo
ying
the
bene
fitsth
erefo
re,
woul
d be
depri
ved
of
the
bene
fits.
The
plan
ned
subs
titute
woul
d not
have
been
read
y.
Ther
e is
an
adve
rse
or
unpl
easa
nt
situa
tion.
Insur
ance
is a
mec
hani
sm
that
help
s
tored
uce
the
effec
ts of
such
adve
rse
situa
tions
. It
prom
ises
to
pay
to
the
own
er
orbe
nefic
iary
of
the
asse
t, a
certa
in
sum
if the
loss
occu
rs.
Bharti
± Axa
Life
Insur
ance
(Train
ing
Repor
t)
SILB

Scho
ol Of
Busi
ness
Man
age
ment
Page
10
Th
e
His
tor
y of
Ins
ura
nce
in
Indi
a
Som
e of
the
impo
rtant
miles
tone
s in
the
life
insur
ance
busin
ess
in
India
are:
19
12 -
The
India
n
Life
Assu
ranc
e
Com
pani
es
Act
enac
ted
as
the
first
statu
te to
regul
ate
the
life
insur
ance
busi
ness
.
19
28 -
The
India
n
Insur
ance
Com
pani
es
Act
enac
ted
to
enab
le
the
gove
rnme
nt to
colle
ct
stati
stical
infor
mati
on
abou
t
both
life
and
non-
life
insur
ance
busi
ness
es.
19
38 -
Earli
er
legisl
ation
cons
olida
ted
and
ame
nded
to by
the
Insur
ance
Act
with
the
obje
ctive
of
prote
cting
the
inter
ests
of
the
insur
ing
publi
c.
19
56 -
245
India
n
and
forei
gn
insur
ers
and
provi
dent
soci
eties
take
n
over
by
the
centr
al
gove
rnme
nt
and
natio
naliz
ed.
LIC
form
ed
by
an
Act
of
Parli
ame
nt,
viz.
LIC
Act,
1956
,
with
a
capit
al
contr
ibuti
on of
Rs.
5
crore
from
the
Gov
ernm
ent
of
India
.
The
Gen
eral
insur
ance
busi
ness
in
India
, on
the
other
hand
, can
trace
its
roots
to
the
Trito
n
Insur
ance
Com
pany
Ltd.,
the
first
gene
ral
insur
ance
com
pany
esta
blish
ed in
the
year
1850
in
Calc
utta
by
the
Britis
h.
Bharti ± Axa Life Insurance (Training Report)
SILB  School Of Business Management
Page 10
The History of Insurance in India
Some of the important milestones in the life insurance business in India are:
 1912 - The Indian Life Assurance Companies Act enacted as the first statute
to
regulate the life insurance business.
 1928 - The Indian Insurance Companies Act enacted to enable the
government to
collect statistical information about both life and non-life insurance businesses.
 1938 - Earlier legislation consolidated and amended to by the Insurance Act
with
the objective of protecting the interests of the insuring public.
 1956 - 245 Indian and foreign insurers and provident societies taken over by
the
central government and nationalized. LIC formed by an Act of Parliament, viz.
LIC Act, 1956, with a capital contribution of Rs. 5 crore from the Government of
India.
The General insurance business in India, on the other hand, can trace its roots to
the Triton Insurance Company Ltd., the first general insurance company
established in the year 1850 in Calcutta by the British.

Bharti ± Axa Life Insurance (Training Report)

SILB  School Of Business Management
Page 11
Life Insurance a Basic Need
Life insurance is a contract providing for payment of a sum of money to the
personassured or, failing him, to the person entitled to receive the same, on the
happening ofcertain event.
A family is generally dependent for its food, clothing and shelter on the income
broughtin at regular intervals by the bread winner of the family. So long as the he
lives and theincome is received steadily, that family is secure; but should death
suddenly intervene thefamily may be left in a very difficult situation and
sometimes, in stark poverty.
Uncertainty of death is inherent in human life. It is this uncertainty that is risk,
whichgives rise to the necessity for some form of protection against the financial
loss arisingfrom death; insurance substitutes this uncertainty by certainty.
Few Advantages of Life Insurance.
1. It is superior to an ordinary savings plans:
This is so because unlike other saving plans, it affords full protection against risk
ofdeath. In case of death, the full sum assured is made available under a life
assurancepolicy; whereas under other savings schemes the total accumulated
savings alone will beavailable. The latter will be considerably less than the sum
assured, if death occurs duringearly years.
2. Insurance encourages and forces thrift:
A savings deposit can be too easily withdrawn. Many may not be able to resist
thetemptation of using the balance for some less worthy purpose. On the other
hand, thepayment of life insurance premiums becomes a habit and comes to be
viewed wit thesame seriousness as the payment of interest on a mortgage. Thus
insurance, in effectbrings about compulsory saving.
3. Easy settlement and protection against creditors:
The life assured can name a person or persons to whom the policy moneys
would bepayable in the event of his death. The proceeds of a life insurance
policy can be protectedagainst.The claims of the creditors of the life assured by
effecting a valid assignment ofthe policy. A married women¶s property act policy
constitutes a trust in favor of the wifeand children and no separate assignment is
necessary. The beneficiaries are fullyprotected from creditors except to the
extent of any interest in the policy retained by theassured.

Bharti ± Axa Life Insurance (Training Report)

SILB  School Of Business Management
Page 12
.4. Administering the legacy for beneficiaries:
It often happens that a provision which a husband or father has made through
insurance isquickly lost through speculative or unwise investment or by
unnecessary expenditure onluxuries. These contingencies can be provided
against in the case of insurance. Thepolicyholder can arrange that in the in the
event of his death the beneficiary shouldreceive, instead of a single sum (a).
payment of the net claim amount by equalinstallments over a specified period of
years, or (b).payment of the claim amount bysmaller monthly installments over
the selected period followed by a lump sum at the endthereof.
5. Ready marketability and suitability for quick borrowings:
After an initial period, if the policy holder finds himself unable to continue
payment ofpremiums he can surrender the policy for a cash sum. Alternatively he
can tide over atemporary difficulty by taking loan on the sole security of the policy
without delay.Further a life insurance policy is sometimes acceptable as security
for a commercial loan.