ABSTRACT

The insurance sector in India has come a full circle from being an open competitive market to nationalization and back to a liberalized market again. Tracing the developments in the Indian insurance sector reveals the 360-degree turn witnessed over a period of almost two centuries. Training is the process of sharpening skills knowledge and attitudes in a particular domain in strife to achieve perfection in that domain. The training process is carried out at various levels and across various dimensions. The study titled Training, Development and Recruitment process in Kotak Mahindra Life is aimed to analyze the training, development and recruitment program as done in the company for employees and its uniqueness. The whole course of study focus on two levels first is recruitment process and second training and development process. The study probes into details of the recruitment process after that training and development program given to the employees in depth. The chief aim after probing is to find out the possible pitfalls if any and suggest techniques wherever there is room for improvement. The study involved the use of both primary and secondary data and primary data was chiefly in form of questionnaires and as a result of direct interviews with the trainers. Secondary data was also obtained from website, journals and magazines. Various statistical tools were applied through the whole course of study which involved Chi square analysis, percentage analysis, regression, co-relation etc. The conclusions and findings hopes to show light to the company for its training in the future.

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INTRODUCTION

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INTRODUCTION
The word of Michael Armstrong defines training as the Systematic development of knowledge, skills and attitudes required by an individual to perform adequately a given task or job. It is the mechanism which is done to enhance an individuals or teams skills and make them to work in a better manner. It suggests methods of improving the efficient and effectiveness of work. For the success of every training program every employee should be convinced about the utility and effectiveness of the program. Every successful training program results in improving individual performance which in turn improves organizational performance. Other than improving performance it also results in updating employees skills, avoiding managerial succession, retaining and motivating employees and above all creating an effective and efficient organization. The various dimensions across which the employees are trained are given follows. To make the employees understand the company policies and procedures. To meet the skill requirements of the job they are given skill based training. To improve inter personal skills they are given human relations training, as all the employees have to interact with their superiors, subordinates colleagues and other external agencies and people. To make the employees get used to the way of tacking problems which he encounters during the course of work. It can vary from small operational problems at the lower level to decision making problems at its highest level. To perform managerial and supervisory functions which every employee has to face during the course of his work.

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In the company the training is mainly conducted two levels. Firstly, sales managers are trained with a view of getting acquainted with the company policies and procedures, problem solving training and managerial & supervisory training. In contrast the life advisors are given training for objection handling, to improve their skill in the particular domain, and human relation training. In the company which is working in the insurance sector training becomes the back bone of the organization, as the industry is always trendy and keep on changing. The sales managers and life advisors have to keep themselves updated in order to keep them ahead in the rat and ct race. EMPLOYEE TRAINING METHODS: Training methods are mainly classified into two sectors, on the job training and off the job training. The sub categorization is mentioned as below. 1) ON THE JOB TRAINING: In this kind of training the trainee is actually exposed to the actual work situation in the real job environment. The chief advantage being that trainee gets hands own experience but he is risking himself and organization highly as an error during the time might make them to pay heavily for that. In the insurance industry where the customer is the king and no one wants insurance but every one is need of insurance, a customer once lost might be lost forever. In on the job training it can be further categorized as follows. a) JOB INSTRUCTION TRAINING: Here, the trainee is given clear instructions by the trainer while on the job and on-site. Any doubts are cleared immediately by the trainer. Normally a trainer or co-worker acts as the supervisors. b) APPRENTICESHIP AND COACHING: Individuals seeking to enter
skilled jobs like carpentry are required to go through a formal training

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program known as the apprenticeship. This period generally lasts from one to five years. Here the coach acts as the model for the trainee to emulate.

c) JOB ROTATION: In this kind of a training program the trainee is placed

across various jobs in different functions of the organization. This helps the trainee to get the cross functional knowledge and I turn adds to his flexibility. This can also help to take away the monotonous nature I doing only one kind of a job.

d) COMMITTEE ASSIGNMENT: Here a group of employees are given a

real organizational problem and are asked to find out a solution. This can helps the employees to improve both this problem solving skills and his team management skill in particular other than interpersonal skill, communication skill etc.

2) OFF THE JOB TRAINING: In Off-the-job training the disadvantage of Onthe-job training is maid up for, by preventing the employees from the actual work situation. Here the employees are away from the real situation and his primary focus is on learning. This is again classified into three categories given is follows: a) CLASSROOM LECTURE: This is widely applicable to make the employee understand the policies and procedure of the organization or any amendments therein. b) SIMULATION EXERCISES: Here the trainee is exposed to an artificial work situation that closely resembles the actual work situation. c) PROGRAMMED INSTRUCTION: Here the trainee is given a series of questions after he studies the relevant material for the

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accomplishment of job. After trainee answers he is given immediate feedback regarding his answer.

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OBJECTIVES

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OBJECTIVES
The study is aimed in realizing various objectives which acts as the goals to be achieved in the project. The main objectives of the study are mention below. To thoroughly analyze the training program as conducted in the company, for the sales managers. To thoroughly analyze the training program as conducted in the company, for the life advisors. To find out the unique features involved in the training program conducted in the company. To establish a relation between the performance and training for the sales managers. To establish a relation between the performance and training for the life advisors. To find out the possible pitfalls if any in the training program conducted in the company. To recommend suggestions where there is a scope of improvement in the company. To get the first hand experience of conducting a survey and drawing conclusions and analyzing the data.

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INDUSTRY PROFILE

INDUSTRY PROFILE
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ORIGIN OF LIFE INSURANCE: Life insurance had its origins in ancient Rome, where citizens formed burial clubs that would meet the funeral expenses of its members as well as help survivors by making some payments. As European civilization progressed, its social institutions and welfare practices also got more and more refined. With the discovery of new lands, sea routes and the consequent growth in trade, medieval guilds took it upon themselves to protect their member traders from loss on account of fire, shipwrecks and the like. Since most of the trade took place by sea, there was also the fear of pirates. So these guilds even offered ransom for members held captive by pirates. Burial expenses and support in times of sickness and poverty were other services offered. Essentially, all these revolved around the concept of insurance or risk coverage. That's how old these concepts are, really. Insurance as we know it today owes its existence to 17th century England. In fact, it began taking shape in 1688 at a rather interesting place called Lloyd's Coffee House in London, where merchants, ship-owners and underwriters met to discuss and transact business. By the end of the 18th century, Lloyd's had brewed enough business to become one of the first modern insurance companies. In 1693, astronomer Edmond Halley constructed the first mortality table to provide a link between the life insurance premium and the average life spans based on statistical laws of mortality and compound interest. In 1756, Joseph Dodson reworked the table, linking premium rate to age. The first stock companies to get into the business of insurance were chartered in England in 1720. The year 1735 saw the birth of the first insurance company in the American colonies in Charleston, SC. The 19th century saw huge developments in the field of insurance, with newer products being devised to meet the growing needs of urbanization and industrialization. In 1835, the infamous New York fire drew people's attention to the need to provide for sudden T.JOHN INSTITUTE OF MANAGEMENT & SCIENCE Page 10

and large losses. Two years later, Massachusetts became the first state to require companies by law to maintain such reserves. The great Chicago fire of 1871 further emphasized how fires can cause huge losses in densely populated modern cities. The practice of reinsurance, wherein the risks are spread among several companies, was devised specifically for such situations. There were more offshoots of the process of industrialization. In 1897, the British government passed the Workmen's Compensation Act, which made it mandatory for a company to insure its employees against industrial accidents. With the advent of the automobile, public liability insurance, this first made its appearance in the 1880s, gained importance and acceptance. In the 19th century, many societies were founded to insure the life and health of their members, while fraternal orders provided low-cost, members-only insurance. Bombay Mutual Assurance Society, the first Indian life assurance society, was formed in 1870. Other companies like Oriental, Bharat and Empire of India were also set up in the 1870-90s. It was during the swadeshi movement in the early 20th century that insurance witnessed a big boom in India with several more companies being set up. As these companies grew, the government began to exercise control on them. The Insurance Act was passed in 1912, followed by a detailed and amended Insurance Act of 1938 that looked into investments, expenditure and management of these companies' funds. By the mid-1950s, there were around 170 insurance companies and 80 provident fund societies in the country's life insurance scene. However, in the absence of regulatory systems, scams and irregularities were almost a way of life at most of these companies. As a result, the government decided nationalize the life assurance business in India. The Life Insurance Corporation of India was set up in 1956 to take over around 250 life companies. T.JOHN INSTITUTE OF MANAGEMENT & SCIENCE Page 11

For years thereafter, insurance remained a monopoly of the public sector. It was only after seven years of deliberation and debate - after the RN Malhotra Committee report of 1994 became the first serious document calling for the re-opening up of the insurance sector to private players -- that the sector was finally opened up to private players in 2001.

MAIN PRIVATE PLAYERS IN INDIA: 1. Birla Sun Life Insurance 2. Bajaj Allianz General Insurance 3. HDFC Standard Life Insurance 4. ICICI Prudential Life Insurance 5. ING Vysya Life Insurance 6. Kotak Mahindra Old Mutual Life 7. Life Insurance Corporation (LIC) 8. MetLife India 9. Tata AIG Insurance

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COMPANY PROFILE

ABOUT COMPAY PROFILE

Kotak Mahindra one of India's leading financial institutions was born in 1985 as Kotak Capital Management Finance Limited. This company was promoted by Mr. Uday Kotak, Mr. Sidney A. A. Pinto and Kotak & Company. Industrialists Mr. Harish Mahindra and Mr. Anand Mahindra took a stake in 1986, and that's when the company changed its name to Kotak Mahindra Finance Limited. T.JOHN INSTITUTE OF MANAGEMENT & SCIENCE Page 13

Kotak Mahindra is one of India's leading financial institutions, offering complete financial solutions that encompass every sphere of life. From commercial banking, to stock broking, to mutual funds, to life insurance, to investment banking, the group caters to the financial needs of individuals and corporates. The group has a net worth of around Rs.1,700 core and employs over 4,000 employees in its various businesses. With a presence in 74 cities in India and offices in New York, London, Dubai and Mauritius, it services a customer base of over 5,00,000. Kotak Mahindra Old Mutual Life Insurance Ltd. is a joint venture between Kotak Mahindra Bank Ltd.(KMBL), and Old Mutual plc. At Kotak Life Insurance, we aim to help customers take important financial decisions at every stage in life by offering them a wide range of innovative life insurance products, to make them financially independent. Jeene Ki Azaadi...

VISION:
To be dominant life and pensions player built on trust by world class people and service.

INTEGRITY:

Stand up honestly and fearlessly for what they truly care about. Always act in a consistent and equitable manner. Dont compromise the future to pay for the present.

CUSTOMER FIRST:

Own the customer : Deliver the promise Listen actively, stretch continually to add value to customers and channel partners.

BOUNDARYLESS:

Never say its not my job - go beyond the call of duty. Page 14

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Experiment believe anything is possible. Seek new ideas regardless of source. Share ideas and thoughts freely across levels and functions.

OWNERSHIP:

If it is to be, it is up to me. Bias for action

MISSION:

To be the leading organization in insurance sector. Giving 100% level of satisfaction to their customer

JOURNEY TO GROWTH AND SUCCESS:

1986- Kotak Mahindra Finance Limited starts the activity of Bill Discounting. 1987- Kotak Mahindra Finance Limited enters the Lease and Hire Purchase market. 1990- The Auto Finance division is started. 1991- The Investment Banking Division is started. Takes over FICOM, one of Indias
largest financial retail marketing network.

1992- Enters the Funds Syndication sector.

1995- Brokerage and Distribution businesses incorporated into a separate company

Kotak Securities. Investment banking division incorporated into a separate company - Kotak Mahindra Capital Company.

1996 - The Auto Finance Business is hived off into a separate company Kotak
Mahindra Primus Limited. Kotak Mahindra takes a significant stake in Ford T.JOHN INSTITUTE OF MANAGEMENT & SCIENCE Page 15

Credit Kotak Mahindra Limited, for financing Ford vehicles. The launch of Matrix Information Services Limited marks the Groups entry into information distribution.

1998- Enters the mutual fund market with the launch of Kotak Mahindra Asset
Management Company.

2000- Kotak Mahindra ties up with Old Mutual plc. for the Life Insurance business.
Kotak Securities launches kotakstreet.com - its on-line broking site. Formal commencement of private equity activity through setting up of Kotak Mahindra Venture Capital Fund.

2001-Matrix sold to Friday Corporation Launches Insurance Services. 2003- Kotak Mahindra Finance Ltd. converts to bank.

KEY GROUP COMPANIES AND THEIR BUSINESS:

KOTAK MAHINDRA BANK LTD. Kotak Mahindra Bank Limited (KMBL) is the holding company and the flagship of the Kotak Mahindra Group. It was actually incorporated as Kotak Capital. Management Finance Limited on November 2, 1985 and obtained its Certificate of Commencement of Business on February 11, 1986. It commenced operations with Bill Discounting and soon started other fund-based activities like corporate leasing & hire purchase, automobile finance and money market operations. Subsequently, it also entered the funds syndication and the Investment banking business.

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With the liberalisation of the Indian economy and the opening up of the financial markets, the Company diversified and started offering a wider spectrum of financial services. To meet the increasing competition, from global players, in the Indian financial markets in terms of capital, knowledge base, technology and systems, the company decided to restructure its investment banking and car finance divisions into joint venture companies.

KOTAK MAHINDRA PRIMUS LTD. Kotak Mahindra Primus Limited (KMPL) is a joint venture between Kotak Mahindra Bank Ltd and (USA) (FCII) formed to finance all non-Ford passenger vehicles. The Joint venture is dedicated to financing and supporting automotive and automotive related manufacturers, dealers and retail customers. The Company was incorporated on 28th February 1996 and commenced its operations on 1st November 1996. After incorporation and subsequent commencement of the business by the joint venture, the business of financing non-Ford passenger cars and its related activities, previously carried on by KMFL, is being undertaken by KMP. The Company has immensely benefited from the brand equity of "Kotak Mahindra" who were market leaders in the auto finance sector.

KOTAK MAHINDRA CAPITAL COMPANY LTD. KMBL has come into existence in March 2003 through the conversion of Kotak Mahindra Bank Ltd. into a Commercial Bank. Kotak Mahindra is one of Indias leading financial institutions, offering complete financial solutions that encompass every sphere of life. From commercial banking, to stock broking, to mutual funds, to life insurance, to investment banking, the group caters to the financial needs of individuals and corporates.

KOTAK MAHINDRA ASSET MANAGEMENT COMPANY Kotak Mahindra Asset Management Company (KMAMC), a wholly owned subsidiary of KMBL, is the asset manager for Kotak Mahindra Mutual Fund (KMMF). KMAMC T.JOHN INSTITUTE OF MANAGEMENT & SCIENCE Page 17

started operations in December 1998 and has over 1,35,000 investors in various schemes. KMMF offers schemes catering to investors with varying risk- return profiles and was the first fund house in the country to launch a dedicated gilt scheme investing only in government securities.

KOTAK MAHINDRA INTERNATIONAL LTD Kotak Mahindra International Limited (KMIL) is the international arm of the Kotak Mahindra Group and was incorporated in 1994 in Mauritius, with a branch in Dubai. Today the international operations also cover the United Kingdom, through Kotak Mahindra U.K. Limited and in the USA, through Kotak Mahindra Inc. USA. These companies are subsidiaries of Kotak Mahindra Capital Company (KMCC) the Investment Banking Division of the Group. Services offered include GDR and ADR trading and broking, debt syndication, placement of Indian securities and advisory services. Kotak Mahindra was the first Indian group to be registered with the Securities and Futures Authority, U.K. Also, Kotak Mahindra is the first Indian group registered in the US providing service to both Institutional investors and High Networth Clients in the US for their investments into Indian markets. KOTAK SECURITIES Kotak Securities Ltd., subsidiary of Kotak Mahindra Bank Ltd., is one of Indias largest brokerage and distribution house. Over the years Kotak Securities has been one of the leading investment service providers catering to the needs of various investor categories both institutional and non-institutional.. The Private client group (PCG) of the Company provides value added investment advisory services to high net worth individuals, NRI investors, trusts, corporate and Banks. The investment product range offered by PCG covers equity investment and equity trading, equity derivatives, portfolio management, IPOs and Mutual funds. The Company has a full fledged research division involved in macro economic studies, sectoral research and company specific equity research combined with a strong and

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well networked sales force which helps deliver current and up to date market information and news.

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PRODUCT PROFILE

PRODUCT PROFILE
PRODUCT RANGE Life Insurance Products are designed to suit the requirements of customers. Fundamentally the products provide for:

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1. Risk Cover 2. Investment 3. Health cover

In every product to a certain degree risk cover is imperative for it to fall under the category of Insurance. Based on the coverage of the product -the premiums are calculated and the customer pays accordingly. It is essential for an agent to understand the customer requirements well in order to suggest the right product.

There are four main types of insurance policies:

1) Term assurance 2) Whole-life assurance 3) Endowment assurance, and 4) An annuity 5)

TERM INSURANCE:
Term insurance pays a death benefit to the legal heirs if a person should die during the term of the policy. The terms of coverage vary, and some policies allow one to renew the policy at end of the given period. Depending on the, the term insurance premium rates often increase at each renewal date, but renewal is generally guaranteed up to a certain age. Term insurance can usually be converted to a cash value policy. Term assurance is the form of life assurance that pays out if the assured dies within a stipulated period (e.g. while a businessman is on a specific journey).

WHOLE LIFE INSURANCE:

Whole life insurance guarantees a minimum death benefit throughout the course of life, provide the required premiums are paid . T.JOHN INSTITUTE OF MANAGEMENT & SCIENCE Page 21

Typically the premiums remain at the same level for the life of the insured. Whole life insurance usually requires premiums to be paid for as long as the insured life, but some cash value policies required premiums for a shorter period, such as 20 yrs or until age 65. Premiums for these policies will be higher, since the premiums will be paid for fewer paid years. Whole life insurance builds cash value. Whole life insurance, life term insurance, can also earn dividends as early as the policys third anniversary. These dividends which cannot be guaranteed can be paid in cash, or they can reduce the amount of premium you pay. The advantage of whole life insurance is that the policy, if kept current, covers you or your for entire life, to term insurance that covers you only for a term of years. Whole life assurance pays out on the death of the assured whenever it occurs. Premiums may continue to be paid throughout the assureds life or may cease at a stipulated age (e.g. 65).

ENDOWMENT INSURANCE:
Endowment assurance pays out either on the death of the assured, whenever it occurs, or after a fixed number of years (e.g. when the assured reaches the age of 60). An integral part of life assurance financing is the fund of collected premiums, invested in its turn for capital growth, and income. Over the course of time, insurance companies become more expert investor, and in recent decades stop market values grew strongly. The fund was thus found increasingly to be surplus to payments needs. A further important refinement then emerged in the shape of endowment assurance. This is a development of term insurance in which the lump sum is payable either on death during the term, or certainly at the end of the term. Most assurors require the assured to undergo a medical examination before granting whole- life or endowment assurance.

ANNUITY :
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A form of pension in which an insurance company makes a series of periodic payments to a person (annuitant) or his or her dependents over a number of years (term), in return of the money paid to the insurance company either in a lump sum or in installments. An immediate annuity begins at once and a deferred annuity after a fixed period. An annuity certain is for a specific number of years. A life annuity is paid from a certain age until death. Perpetuity continues indefinitely. Annuities start where life insurance ends. A specified capital sum is paid by a person and in return of a promise from insurer to make a series of payments as long as the person lives. Annuity stops on death of the person, whereas theoretically life insurance starts on death of the assured.

IMMEDIATE ANNUITY:
Purchaser pays a lump sum caned purchase price, in return of a promise to receive monthly /half-yearly /yearly annuity. The annuity can be paid for 5, 10, 15, 20 or 25 years. If the person-buying annuity dies during the term, his legal heirs or nominees get the remaining installments.

DEFFERED ANNUITY:
Annuity purchased through lump sum payment or through installments Annuity payment starts after lapse of a selected period caned deferment period.

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UNIT LINK POLICIES:

A life assurance policy in which the benefits depend on the performance of a portfolio of shares. Each premium paid by the insured person is split: one part is used to provide life-assurance cover, while the balance (after the deduction of costs, expenses, etc.) is used to buy units in a unit trust. In this way a small investor can benefit from investment in a managed fund without making a large financial commitment. As they are linked to the value of shares, unitlinked policies can go up or down in value. Policyholders can surrender the policy at any time and the surrender value is the selling price of the units purchased by the date of cancellation (less expense). Small part of the contribution is used for providing life cover and the balance is invested in units. Legal heirs are entitled to the amount of insurance cover and entitled units in case of death of the member.

With Profit and Without Profits Policies:

A life-assurance policy , that has additional amounts added to the sum assured, or paid separately as cash bonuses, as a result of a surplus or profit made on the investment of the fund of the life-assurance office, is called a with profits policy . The surplus generated by the insurance company is retained and also distributed as bonus to policyholders. Policies may be profits, entitling the assured to a share in the assurer's profits (which is added to the sum assured when it is paid out), or, for a lower premium, Without profit, in which case only the sum assured is paid out(which in time of inflation may have considerably less purchasing power then the assured intended).Without profit polices are not entitled to bonus.

KOTAK MAHIDRA Product Basket

KOTAK MAHIDRA today provides a board spectrum of insurance solutions that cater to all segments of the society and create value for the client. T.JOHN INSTITUTE OF MANAGEMENT & SCIENCE Page 24

The following is a short graphical depiction of the KOTAK MAHIDRA product basket .

Regular Premium Life Guard ROP Regular Premium Forever Life Deferred Annuity Single Premium Life Guard Term Insurance Pension

Single Premium Plans

Endowment Plans

Special Products Life Link Life Time

Assure Invest Reassure Life Time Pension Life Link Pension

Regular Premium Cash Back

Regular Premium Save n Protect Smart Kid

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KOTAK MAHIDRA Save 'n' Protect.

As the name suggests this is the policy that helps the client in compulsory saving creating wealth and having life protection.

This is the ever-popular endowment plan. Catering to the masses this plan has been a huge success and is the best in its category.

The plan is a with profits plan and has an unique feature of Extended life cover In which the life assured is protected even after the maturity of the plan for a period of 5 years for 50% of the sum assured. During this period there is no premium commitment.

RIDER BENEFITS
Every person has a different need and we at Kotak Life Insurance recognize this. To give you the flexibility to customize and enhance your cover, we offer a set of riders which you may opt for along with your basic policy and shape your policy to suit your individual needs. Riders offered by Kotak Life Insurance may be availed of at the time of purchasing the plan, at a nominal cost. The maximum amount of benefit you can avail is equal to the Basic Sum Assured and the benefit depends on the rider selected. However, the aggregate premium on all value-adds should not exceed 30% of the basic premium.

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Six riders can be attached with this plan: 1) Kotak Term Benefit (KTB)/ Kotak Preferred Term Benefit (KPTB) 2) Kotak Accidental Death Benefit (ADB) 3) Kotak Permanent Disability Benefit (PDB) 4) Kotak Critical Illness Benefit (CIB) 5) Kotak Life Guardian Benefit (LGB) 6) Kotak Accidental Disability Guardian Benefit (ADGB)

Kotak Term Benefit (KTB)/ Kotak Preferred Term Benefit (KPTB)

In the event of death of the Life Insured during the term of this benefit, the beneficiary would receive an additional death benefit amount, which is over and above the Basic Sum Assured. The maximum amount of benefit that is available is equal to the Basic Sum Assured. For male non-smokers and females, who want a term benefit cover of more than Rs.10 lakhs, Kotak .Preferred Term Benefit is recommended; subject to eligibility conditions.

Kotak Accidental Death Benefit (ADB)

If the Life Insured dies of an accident within 120 days from the date of accident and the beneficiary proves the same to the satisfaction of the Company, then Kotak Accidental Death benefit Sum Assured will become payable. The maximum cover available under this benefit is equal to the Basic Sum Assured (subject to a maximum of Rs.10 lakhs).

Kotak Permanent Disability Benefit (PDB)

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If the Life Insured becomes totally and permanently disabled due to an accident and the policyholder proves the same to the satisfaction of the Company, Kotak Permanent Disability Benefit Sum Assured will be paid as five annual installments of 12% of the Sum Assured, starting on the date that disability is admitted by the Company, followed by a final payment at the end of the fifth year of 60% of the Sum Assured. The life insured should survive for at least 120 days from the date of the accident. The policyholder should write to the Company giving the details of Permanent and Total disability in the required format, within 150 days after the happening of the disability. Permanent Disability is defined as permanent and immediate inability to work or permanent loss of use of any two limbs or total and permanent loss of sight or injuries that permanently preclude following an appropriate occupation from the date of accident onwards. The maximum cover available under this benefit is equal to the Basic Sum Assured (subject to a maximum of Rs 10 lakhs).

Kotak Critical Illness Benefit (CIB)

This benefit can be added to the basic life insurance plan to provide financial support in the event of medical emergencies. On the first occurrence of critical illness during the term of the plan, you would receive a portion of the Sum Assured to help you reduce your financial burden in this emergency. The maximum rider benefit that you can avail depends on the basic plan subject to a maximum of Rs.20 lakhs. Maximum Critical Illness Benefit Allowed For Kotak Capital Multiplier Plan and Kotak Retirement Income Plan (With Cover), the maximum Critical Illness benefit that you can avail of is equal to the Basic Sum Assured (subject to a maximum of Rs 20 lakhs). For Kotak Eternal Life Classic Shield, Kotak Eternal Life Premier Shield, Kotak Ace Investment and Kotak Wealth Insurance the maximum Critical Illness benefit that you can avail of is 75% of the Basic Sum Assured (subject to a maximum of Rs 20 lakhs). For Kotak Endowment Plan, Kotak Money Back Plan, Kotak Term/Preferred Term Plan, and Kotak Secure Invest Insurance, the maximum Critical Illness benefit that you can avail of is 50% of the Basic Sum Assured (subject to a maximum of Rs 20 lakhs). T.JOHN INSTITUTE OF MANAGEMENT & SCIENCE Page 28

After the Critical Illness Benefit is paid, the Basic Sum Assured and all the benefits dependent on the Basic Sum Assured will reduce in the same proportion that the Critical Illness Benefit bears to the Basic Sum Assured at the time of claim. The list of critical illnesses is: Heart Attack (MI) Cancer Stroke Coronary artery by-pass graft surgery (CABG) Kidney failure Major organ transplants Paralysis Loss of limbs Aorta surgery Major burns Heart valve surgery Blindness

Kotak Life Guardian Benefit (LGB)

In case of the unfortunate death of the policyholder, this benefit keeps the policy alive by waiving all future premiums on the policy. All the future basic premiums are paid by KLI as and when due. This benefit can be availed of only when the Life Insured and Policyholder are two different people.

Kotak Accidental Disability Guardian Benefit (ADGB)

In case the policyholder is permanently disabled as a result of accident, this benefit keeps the policy alive by waiving all future premiums on the policy. All the future basic premiums are paid by KLI as and when due. Permanent Disability is defined as permanent and immediate inability to work or T.JOHN INSTITUTE OF MANAGEMENT & SCIENCE Page 29

permanent loss of use of any two limbs or total and permanent loss of sight or injuries that permanently preclude following an appropriate occupation from the date of accident onwards.

Eligibility Criteria:

Eligibility Condition Age at entry Max Premium Ceasing Age Benefit Term Mode.

KTB/ KPTB / ADB / PDB Min 18 yrs &Max 60 yrs

CIB

LGB / ADGB (for

the Proposer) Mini 18 yrs & Max 60 Min 18 yrs and yrs Max 50 yrs

70 years

70 years 60 years

Less than or equal to the Equal to the premium Equal premium payment term# payment term # premium term

to

the

payment

Mode payment

of As of the Basic policy

As of the Basic policy

As of the basic policy

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ORGANIZATIONAL STRUCTURE

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ORGANIZATIONAL STRUCRUTE

Managing director

Appointed Actuary

IT CTO

Investment CO

Finance CFO

Sales VP Tied Agency

Marketing VP

Sales VP Alt. Channels

HR VP

Training

Finance Actuary

AVP IT

AVP Investment

AVP CPC Legal Underwriting, MISAccounts

VP Sales
Development

AVP Marketing

AVP Corporate HO

AVP HR

AVP Training

Product Actuary

AVP Sales Support

AVP Group Marketing

AVP Corporate regions

AVP Sales Regions

Corporate Agents

Branch Manager

Sales Manager

Life Advisors

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TRAINING

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TRAINING AS IN OMKM
In the insurance industry where OMKM exists, the only thing that is constant is changes that are happening across the industry from the time to time. Thus training that is becomes inevitable and forms that core of success to thrive the cut throat they would lag behind in comparison with the other player in the market. The company realizing the pulse is following a unique training program that is described. The entire training program is done mainly in two levels. First, for the LAs and the second for the SMs.

The program for the LAs includes a 18 days training as made a law by the IRDA for becoming a LA in country and a 45 hour training program for PT (product training). The SMs will be having a SMDP in addition to the IRDA training and the PT. This is specific to the company. The 18 days training includes prescribed syllabus as stipulated by the IRDA and has a book for that. In the text it covers the main insurance concepts, the common practices followed in the industry, laws and regulations pertaining top the industry and as a whole making the insurance industry known to them. Other than the insurance concepts, the company also trains them with the Consultative selling Skills as practiced by the company. This means giving the customer what and it is not just imposing what we have with us. To get used to this training gives the right platform. This is mainly done through role plays. They are also given the training to handle calls and objections also. Besides these during the program the company equips them with other necessary skills like interpersonal skills, communication skill etc. In the concept of insurance selling a principle of 12/6/3/1 is there. It means out of every 12 customers 6 will give the appointments, 3 will be interested and finally only 1 buys the product. Also another uniqueness of the industry is that though every one wants insurance no one feel the need of insurance. In selling such a product there are two aspects involved known as the hard fact and the soft fact.

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1. AN INSIGHT TO THE IRDA TRAINING PROGRAM

PURPOSE:

The syllabus is designed for practical training for life advisors, as

specified in licensing of Life Advisors Regulations. It provides a foundation of knowledge, and concept upon which an individual can build a successful career as life insurance agent. GENERAL INSURANSE REQUIREMENS: Section 42(4) of the amended insurance Act, 1938 states that a person taking license to act as an insurance agent shall be one who is not: A minor. Found to be of unsound mind by a court of complement jurisdiction. Found guilty of criminal misappropriation or criminal breach of trust. Found guilty of having knowingly participated in or connived at any fraud and who Posses minimum qualification of pass in 12th standard (10th standard of rural agents) Shall have completed from an approved institution (An Agents Training institute approved by the Insurance Regulatory and Development Authority) at least 100 training hours spread over to three to four weeks; and (period of training can be reduced under certain circumstances. Please see the Agents Regulations). Has a pass in the pre-recruitment examination conducted by the Insurance Institute, Mumbai, or any other approved examination board. 2. TRAINING SCHEDULE AND STRUCTURE

PRACTICAL TRAINING METHODOLOGY: The classroom training may be by means of lecture, discussions, speeches/ seminars, question-answer sessions, case studies, role playing, exchange of experiences, team training, replication of real life situation in the classroom, open house, self study, etc. The use of various audio-visual T.JOHN INSTITUTE OF MANAGEMENT & SCIENCE Page 36

devices while taking the lecture like slides, overhead projectors, computers, markers, etc. may be encouraged. The training institute may ask the faculty to give hands out/written material on the proposed lecture to the participants in advance. The training institute will arrange to supply every agent an agents manual, services manual, list of all the products available in the market, a handbook containing specimen copies of proposal from, policy form, claim form, etc. from the insurance company who has nominated the agent for training course.

EXAMINATIONS FOR AGENTS:

All agents on completion of their will have to appear in written examination. The exam will consist of objective type questions only. The exam will be maximum 100 marks. The time for examination will be 2 hours. 10% of Questions will be numerical. This will be followed by an interview of 25 marks, conducted by the insurance company. Every agent will have to score at least 50% marks in the written exam and 60% in the interview for qualifying in the agents examination and for award of certificate.

PRACTICAL TRAINING:
Every person aspiring to take up agency as a career will have to undergo on the job practical training with the designated company where he will work under the supervision of sales functionary. The sales functionary will teach the trainee the nuances of creating the need in the mind of the customer, understanding the wants of clients, proposing 2 or 3 solutions for satisfying the wants and finally helping him decide the best option and closing the deal. In addition administrative matters, documentation, etc. will also be taught to trainee.

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3. EARNING:
Sales workers employed by various agencies may be paid salary only, salary plus commission, or salary plus bonus, while independent agents are most often paid by commission only. Commissions are a customary from of compensation given to agents, especially for those who are highly experienced. The type of insurance being sold as well as whether or not a transaction is a new policy or a renewal dictated the amount of commission an agent will be given. For agent who meet their sales goals or for those working for an agency which meets its goal for profit earnings, bonuses are often granted. Other agents, such as those working with financial planning may receive a payment for their services, instead of a commission. Oftentimes, companies provide a variety of paid benefits to the life advisors. These may include training for licensing, continuing education, office space, clerical support services, group insurance plans, and retirement plans. Automobile and transportation, promotion and marketing expenses, and attendance at conventions and meetings may even be paid by some companies. While independent agents working for insurance agencies may collect fewer of these benefits, their commission are commonly higher to help them compensate for marketing and other expenses. Many independent agents are paid by commission only, whereas who are employees of an agency or an insurance carrier may be paid in one of three ways- salary only, salary plus, commission, or salary plus bonus. In general, commissions are the most common form of compensation, especially agents. The amount of commission depends on the type and amount of insurance sold, and whether the transaction is a new policy or a renewal. Bonuses are usually awarded when agents meet their sales goal or when an agencys profit goals are met. Some agents involved with financial planning receive a fee for their services rather than a commission.

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4. LIFE ADVISOR EMPLOYEMENT OPPORTUNITY:

Despite the anticipated slower-than-average growth rate for jobs within this occupation field, qualified, capable agents are still expected to be able to find opportunities for work throughout the year 2012. Flexibility and self-motivation will be crucial to new agents looking for work. Agents must take pleasure in competitive sales work, have expectation interpersonal skills and have a vast array of knowledge concerning various insurance and financial services. It is possible for agents with foreign language skills to find more opportunities for work as demands for service increase among a wider assortment of customers. Also, due to the technical nature of the work, agents must enlighten themselves with a vocabulary and understanding reflective of the many technical and legal terms they will encounter. It can be difficult for many beginning agents to adequately establish a good clientele. Because of this, many job opening may come from a need to replace agents who leave to find other jobs, or who retire. The volume of sales dedicated to insurance and other financial products is expected to largely affect the future demand for life advisors. And, it is estimated that long-termcare insurance, and health insurance sales will increase drastically as the population continues to age. Along that same line, an older population will give rise to the demand for automobile and home insurance, as well as various coverage plans for other valuable purchase and equipment. It is also expected that commercial insurance sales will rise due to the expansion of coverage sought by both new and existing business firms. Such coverage may include expansion on workers compensation, population and other liability coverage, and employee benefits. It is important for agents to integrate new technology into their already present business in order to remain competitive. Innovative technology such as the internet can be used to reach an extensive client base, and to expand business opportunities. And because most clients appreciate their relationship with their agent and like discussing their policies directly with their agents, such uses of technology should not be seen as a threat to jobs. The expansion of automated policy and claims processing is also benefiting agents, making the opportunity to take on additional clients more available. T.JOHN INSTITUTE OF MANAGEMENT & SCIENCE Page 39

Supplying client with better customer service is another way agent can increase their competitiveness. To do this carriers and agents may implement call centers to take customer calls. Call centers provide greater access to information regarding the company policies and insuring timely services. As investments and insurance policies become more and more complicated many individuals as well as businesses are finding that they lack both the time and knowledge to purchase such policies without the help of an agent. And because most individuals and business consider insurance an important necessity, agents are not likely to face unemployment because of an economy recession.

5. MULTI-LAYERED REWARDS AND RECOGNITION PROGRAM:

PROGRAM GOVERNOR HALL OF FAME TOT COT MDRT MEGA STAR SUPER STAR STAR

51 CLUB

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STAR

SUPER

MEGA

ELITE

Program Governor / Hall of fame Unmatched recognition status in entire industry. Exclusive Shield / Citation by Chairman.

MDRT Benefits Membership entitles for participation in prestigious conference held every year in US. 51 Club International program on the lines of 51 club Mutual. High recognition for consistent performance. Invitation to be part of national bi-annual felicitation convention.

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6. LIFE ADVISOR CAREER PROGRESSION:

Head, Training

National Vice President

Chief Manager (Training)

Regional Vice President

Complete Financial Entrepreneur

Branch Manager

Trainer

Sales Manager

Life Advisor
7. PRODUCT TRAINING:
The product training is carried out for a period of 45 hours which is covered is a span of five and a half days. The company has got 12 products and both the LAs and SMs are educated on these products during the 45 hour training program. The practice followed in the company is making them educated of all these products at one go. But there are two arguments favoring this idea and opposing the idea. The advantages and disadvantages of the present system are pointed out below.

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Advantages: The whole training finished off in one go and hence time is saved. The LAs gets an overall idea about the concepts and products. The agents have all the products in their bag and not limited to few products.

Disadvantages: The agents will only have the knowledge and not the skills pertaining to sell each of these products. The agents might not get back to the company for another training session.

8. SALES MANAGER DEVELOPMENT PROGRAM (SMDP):

The SMDP is conducted for a team of newly included SMs in the southern region. It is held in Bangalore, Chennai or Hyderabad. Each one consists of 10-12 newly appointed SMs. It is as per the session 80(c) where it is stipulated for all the financial instruments like the insurance, mutual funds ect. This is conducted after the IRDA and PT, within a period of six months from the date of their appointment. The sales managers are trained across their various functions which can be summarized as. Selling of insurance policies. Recruitment and selection of LAs Effectively coordinating the team of LAs working under the SM.

The SMs are mainly trained in two dimensions known as the skill and knowledge. In skill it covers management closing a sales and tips for recruitment of LAs. in knowledge based training they are given hard knowledge and also imparted knowledge about other financial instruments. They also focus on the Quantility aspect while recruitment the LAs. Here they are also made knowledgeable about the

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6+3 rules for LAs. this includes time to invest, urge to earn and will to meet people other than 4/6 mantra the company follows.

9. ONLINE TRAINING:
For the IRDA training program the company gives the option of online training to those high net worth individuals taking into consideration their time constraint. In this method he candidate is given a password and id and he can access the materials till the period the password is valid. The company takes immense care in handling over this and prefers not to give this taking into consideration the huge investment on each candidate undergoing online training. The company has to pay an amount of 3000 rupees to the institute for each candidate and more over majority of the candidates also drop out from the course and company incurs heavy losses. It is highly recommended in case of outsourcing of the LAs. The time saving factor is the only advantage and the disadvantages are several as listed. 1. The training program is not at all motivating to the candidates. 2. The program does not make the LAs to get acquainted with the company and its policies and procedure. 3. The retention rate is very high while taking into consideration the LAs who undergoes online training. 4. The personal rapport with the company is not built and the LA views himself as a separate entity and not a part of the company and he starts working in isolation. 5. No contacts with the colleagues or sales managers which does not help to instill a sense of team spirit in his mind.

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FUNCTIONAL DEPARTMENT

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FUNCTIONAL DEPARTMENTS FINANCIAL DEPARTMENT:

Planning & MIS - Monitoring of Organization performance - Sales, Quality, Trends - on a continuous basis. With insights into MIS, socio economic factors & competitor behavioral patterns, they contribute to sales targets, strategic initiatives, projected branches, projected work force...the road ahead!!! Internal Audit - Risk Management, Business Continuity Plan, Best practices, policy manuals are not mere words on paper...adhere to them. They ensure 'Practice what you Preach'. Compliance -They ensures that every action is within the regulatory framework. CCU - They ensure that every rupee is spent economically, prudently, cost effectively. Distribution Payouts - They roll out commission payouts, referral, bonuses, contest spends & effectiveness... EPU - Cost discipline, expense processing, vendor payments, reimbursements, salary payouts...They handle E-TRACK!!! Investment Operations - They being the custodian of investments, benchmark our performance with the best in the industry. They manage the cash flow!!! Strive on the excellence & transparency of our systems and controls to keep the auditors, customers & shareholders assured that the financial story is said right!!!

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Particulars for the period ended March 31, 2011 Particular Premium Income Other Income Total Income Expenditure Net Profit/(Loss) Share Capital
Driven by sheer organizational values.

2011 4176.00 120.60 4424.00 8.63 (1471.82) 4250.00

professionalism. They strive

201o 1163.00 220.71 1193.71 11.07 (1050.98) 1900.00

relentlessly towards their

MARKETING DEPARTMENT:
Marketing at KOTAK MAHIDRA covers an array of activities - advertising, branding, market development, channel support, direct and alliance marketing and corporate communications. The people in each of these sub-functions perform a unique job, of which you can learn more through this section. The advertising and branding section has the schedules of advertising campaigns and a detailing on what KOTAK MAHIDRA's corporate identity stands for, why its important to be consistent and the guidelines that must be adhered to. This section also details the branding across training, advisor and advertising collaterals with references. Market development has lucid presentations about our products and how they compare to those of competition. You will also find an update on the recent happenings in the life and pensions sector. Channel marketing aims to streamline the design and development of collaterals across distribution channels. You will find examples of posters, flyers, banners, T.JOHN INSTITUTE OF MANAGEMENT & SCIENCE Page 47

danglers, sales tools, etc developed for tied agents, banc assurance and corporate agents, as well as for product launches and campaigns. Direct channels comprises direct marketing and alliance marketing. Direct marketing taps databases to generate high quality leads for profitable business. Under direct marketing you will find creatives of recent campaigns, as well as details such as database list, target audience. Alliance marketing seeks to tie up with channel partners that have synergies with KOTAK MAHIDRA and develop programs that benefit the customer, KOTAK MAHIDRA and the channel partner. Corporate communications handles media relations and is responsible for some of the news clips regarding KOTAK MAHIDRA that you see in the press. You can check out the most recent clips in the 'KOTAK MAHIDRA in the News' section.

Performance Management:
They are committed to creating a performance driven culture through effective management of performance of all staff members in a way that is mutually beneficial. They drive the same by linking individual performance objectives to business objectives and evaluating performance consistently and fairly. To know more about the Performance Management system, the philosophy, Goal setting, Appraisal Process, Job Descriptions etc. click on the Performance Management Link.

Training & Capability Development Programs:

The focus of our Training & Capability Development Programs is to develop key competencies & skills among staff members so as to facilitate attainment of full people potential. To know more about the glossary of Training Programs and the Training Calendar , click on the Training link. This site also gives you the various Capability Development programmes such as Fast Tracks, Advantage, Grand Slam specifically designed for UMs, FSCs and Executives respectively.

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HUMAN RESOURCE DEPARTMENT: HR Policies & Procedures:

The Policies and procedures laid down here promote the philosophy of the Company with regard to standards of excellence; terms of employment; employee development; and employee services. The objective of this section is to inform you of the Policies related to Travel, Compensation, Med claim, Transfers etc.. We recommend that you make yourself aware of the entitlements.

Training and Development:

This procedure basically deals with the training requirement of the employs so that they can work more effectively an efficiently. This creates a healthy competition environment in the organization and enhances the efficiency and quality of the employees Developing suitable strategies/systems for identification and assessment of training requirements of different categories of personnel for organization as a Whole. Draw action plan to meet the requirements, issue necessary instruction to Branches/Officers. Develop suitable systems for evaluation of training effectiveness. Evolving/Designing suitable HRD systems/OD interventions for the development of personnel which are conducive for growth and development of organization. Framing and issuing suitable guidelines for effective implementation, reviewing the existing systems on an ongoing basis and refine them for enhancing effectiveness.

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RESEARCH METHODOLOGY

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RESEARCH METHODOLOGY
Research methodology involves explicitly reveals the tools and techniques used during the whole process of the course and its implementation during the data collection, analysis and interpretation phase. The techniques applied are highly capable of determining the direction of the project and could lead to erroneous results if not properly applied. The tools and techniques used are explained. DATA COLLECTION: It is the process of seeking inputs required for the purpose of analyzing data. The study involves the use of first hand information collected by the student known as the primary data and data which is obtained or derived directly from other sources known as the secondary data. The techniques for each of these are mentioned below. 1) PRIMARY DATA: primary data was mainly collected in the form of Questionnaires and Direct interviews. Separate questionnaires were circulated among employees, which mainly involved questions to analyze their performance, find out their training needs and study the entire training program. It contained both close end open ended questions to compensate for each other with more emphasis on close ended questions. Questionnaires were distributed to a sample and the details of the sample are given below. a) SAMPLING: Method of sample random sampling with the mix of convenience sampling limiting the sample to city of Bangalore alone. b) SAMPLE SIZE: The sample size was 50 across the two branches of the company in Bangalore.

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c) DIRECT INTERVIEW: Conducted for data collection and get enhanced inputs, with the trainers in the company. The company has two trainers Mr. Anand who concentrated more on training for the sales managers and Mrs. Aarti singh who concentrated more on training for the life advisors. They were able to give further sights to the students regarding the training. 2) SECONDARY DATA: The derived data was mainly obtained from various sources which include websites, journals, magazines and other text books.

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SWOT ANALYSIS

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SWOT ANAYLSIS
SWOT Analysis is a strategic planning tool used to evaluate the Strengths, Weaknesses, Opportunities, and Threats involved in a project or in a business venture. It involves specifying the objective of the business venture or project and identifying the internal and external factors that are favorable and unfavorable to achieving that objective.

Strengths:
1. Brand image of company. 2. Comprehensive training programme 3. Hard working and co-operative environment. 4. Skilled and qualified work force.

Weakness:
1. Intense competition. 2. Lack of hold in rural market. 3. Clientage is not so loyal as compare to the clientage of other competing companies in the same industry.

Opportunities:
1. In India there is still a lot more market to tapped which is getting supported by increasing, spending and there by saving of people. 2. Carrier opportunities. 3. The entire workforce consist of youngster mostly, which means they can be encouraged and motivated to do good and hard work because they have a long way to go and most of them are eager to climb the ladder.

Threats:
1. Competitors growth. 2. Changing rules of SEBI. 3. New Commission rules. T.JOHN INSTITUTE OF MANAGEMENT & SCIENCE Page 54

FINDINGS AND SUGGESTION

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FINDINGS
The overall effectiveness of training in the company is good and unique. One of the chief reasons for the effectiveness of training is the capability of the trainers and the personal relation they have with the employees. Most of the youngsters less than 30 ages are in the post of sales manager because the sales manager position is very challenging. Organization is male dominated most of the employee especially sales managers are employee. Most of the fresher working in the organization they have the experience in the organization less than two years. Earning chart shows that Job is well paid most of the employees are satisfied with their earning. Product training needs many changes and improvements.

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SUGGESTIONS
The entire representative of the company can suggest the following recommendation to improve the recruitment process and training program of the company. The entire recruitment process takes a lot of time this should be taken care of. The company should cut down on attrition and look at retaining the present employees rather then recruiting the new people and making them go through training. Company should give the more value to the experience not previous company drawn. Those who are in call center or BPO if they come to KML they get very good package comparatively others from banking industry get comparatively less. Need based training should be done on an individual basis. The training program should be made more interactive and interesting. Product training should involve various aspect and not just the technical aspects. Product training should be held every three months to make the life advisor more equipped. Modules in project training should be split up rather than covering all the modules together. Wider usage of different tools like role plays, mock calling and other modern training modes. De centralized HR department is to be followed in the company.

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ANNEXURE QUESTIONNAIRE

Questionnaire for the employees of Kotak Mahindra Life for the study of Training, Development and Recruitment process in Kotak Mahindra Life 1. Address of Organization: 2. Respondents Name: 3. Respondents designation: 4. Respondents phone No: 5. How long you have been in the organization? Less than 2 years 2 years to 5 years More than 5 years 6. How did you come to know about company vacancy? Interview Reference Campus 7. Do your company run Training program for employee? Interview Reference Campus 8. How often Company run training program for you? Once in a Month One Month to Six Month Six Month to One Year T.JOHN INSTITUTE OF MANAGEMENT & SCIENCE Page 58

9. Do you feel that Training program would greatly benefit you? Yes No Partial 10. What is your satisfaction level in the KML? Excellent Good Satisfactory 11. In your Training program, do they guide according to new techniques? Yes No 12. Would you like to change your working stream? Yes No 13. Are you satisfied with your work in KML? Excellent Good Satisfactory 14. Are you satisfied with the working environment? Excellent Good Satisfactory 15. Are you aware about the employee referral fees? Yes No 16. Do you wish to give reference to your friends as a Sales manager? Yes No 17. How do you feel about recruitment process at KML?

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CONCLUSION

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CONCLUSION
My stay at Kotak Mahindra bank was very beneficial to me as it was more of learning then just working. I got a very good co-operation from all the employees of kotak Mahindra during my organizational study. I learned the overall activities of the company, which was indeed very useful to me. The organization study was successful in knowing the process of decision making and the system required for smooth functioning of organization. The organization study was mainly helpful in knowing the working methodology of some key function of HRM, FINANCE, MARKETING. This organization completeness is visible through the study, this study has ascertained that the organization is functioning successfully of the company management principles and practices. This study was helpful in knowing various management techniques that are visible in the organization and the study by which new principles can be derived from continues improvement, survival and growth to achieve the desired level of excellence in the competitive scenario of industrial management.

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ABBREVIATIONS BM: Branch Manager IRDA: Insurance Regulatory Development Authority KMOM: Kotak Mahindra Old Mutual Life Insurance LA: Life Advisor OJT: On The Job Training PT: Product Training SM: Sales Manager SMDP: Sales Manger Development program NA: Not applicable VL: Very long VS: Very short PA: Partially agree SA: Strongly agree SDA: Strongly disagree CSIT: Covers several irrelevant topics SIORT: Should include other relevant topics

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BIBLIOGRAPHY
1. www. Kotak mahendra.com 2. www.google.com 3. Business today 4. Philip kotler & keller 5. Advisors manual of KOTAK MAHIDRA 6. www.Kotaklifeinsurance.com

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