Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
“Training
Training & Development”
Development
Of
Submitted to : Submitted by
Mrs. Ritu Singh Mahendra Singh Sikarwar
(HOD) MBA MBA (FC) II sem
Roll No.
1
INDEX
Acknowledgement
Executive Summary
Chapter-1 Introduction
1.1. Introduction of Insurance
1.2. Definition
1.3. Classification of Insurance
1.4 History of insurance
1.5 Company profile
o About ING
o Mission, value and Personality
1.6 Brand Positioning
1.7 Product Portfolio
Bibliography
Questionnaire
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ACKNOWLEDGEMENT
I had sincerely expressed my ineptness & gratitude towards
Mr. Manish Sharma ING Vysya Life Insurance for giving me an
opportunity to join this esteem organization for 45 days of summer training.
In order to acquire myself to the task of the organization and to analyze them,
I met staff who helped by their kind co-operation and guidance. During the training
they have been giving the practical knowledge.
I would be special thank to our college faculty Mrs. Ritu Singh (HOD),
Mr. Nitin Saxena, Mr. Manoj Sir, Mr. Rakesh Rajput, Mr. Sudeep Shrivastava
and Ms. Jyoti Jain under supervision this topic. This Acknowledgement would be
incomplete if I fail to express my deep gratitude towards all the facility of NRI
College of Management who gave me a lot of support and guidance.
Last but not least I would be special gratitude to our all friends who heartening
me to complete this project.
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EXECUTIVE SUMMARY
This project is based on the annual reports of the ING Vysya Life Insurance. It is
done to find out whether the ING Vysya Life Insurance are improving our capital
structure or not.
Chapter 1 includes the introduction of the company wherein I told about the
Objectives of the study and profile of the ING Vysya Life Insurance.
Chapter 2 includes the Research Methodology wherein I have discussed the Research
Design and Various sources of the Data Collection.
Chapter 3 includes the Data analysis and Findings wherein I have analyze the data
collected from the departmental records, annual reports and web site records.
Chapter 4 represents the conclusion and the suggestions based on the departmental
records and annual report.
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Chapter 1
Introduction of ING
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INTRODUCTION
1.1 INTRODUCTION OF INSURANCE:
Insurance is commerce. Insurance product is a financial contract entered into by
parties with a define consensus of mind. Insurance, in its purest from, is a risk
management tool, a security blanket. It provides financial protection against
unexpected events. When we buy insurance, effectively a portion of risk is transferred
to the insurer. This protection comes at a price, but it’s a function of what we might
otherwise find ourselves burdened with. Whatever stage of life we are at, chances are,
and we need insurance.
1.2 DEFINITION:
Insurance can be define as” a contract by which insurance agrees to pay the insured a
compensation for specified damage loss or injury suffered in exchange for periodic
payment called premium”
Insurance cannot prevent the happening of the event; it can protect a person from the
financial losses he may suffer after the happening of the event. Therefore, insurance if
aimed at compensating the financial loss suffered an insured event.
1.3 CLASSIFICATION OF INSURANCE:
Insurance is basically classified into two categories.
(1) Life Insurance
(2) General Insurance
Life insurance:
This is provided for the payment of sum money on the death of the insured person due
to natural causes or on the expiry of a certain number of years if the insured person is
then alive. Death and life neither of them can be compensated. Life insurance aims to
compensate the ‘Income Earning Capacity’ of the person.
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Events covered in Life Insurance:
In Life Insurance, income –earning capacity of the person is covered. The loss of the
income earning capacity can be on the happening of the following events when the
life is assured.
1. Death.
2. Sickness (critical illness).
3. Accident (Death or permanent disability due to accident).
4. Retirement.
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Insurance began as a way of reducing the risk of traders, as early as
5000 BC and 4500 BC in. Life insurance dates only to ancient Rome; "burial
clubs" covered the cost of members' funeral expenses and helped survivors
monetarily. Modern life insurance started in late 17th century, originally as
insurance for traders: merchants, ship owners and underwriters met to discuss
deals at Lloyd's Coffee House, predecessor to the famous.
The first insurance company was formed in 1732, but it provided only fire
insurance. The sale of life insurance in the U.S. began in the late 1760s. The
Synods in and created the Corporation for Relief of Poor and Distressed
Widows and Children of Presbyterian Ministers in 1759; Episcopalian priests
organized a similar fund in 1769. Between 1787 and 1837 more than two dozen
life insurance companies were started, but fewer than half a dozen survived.
Prior to, many insurance companies in the United States for their owners, in
response to bills passed in 2001 and in 2003, the companies have been required
to search their records for such policies for example reported that Nautilus sold
485slaveholder life insurance policies during a two-year period in the 1840s;
they added that their trustees voted to end the sale of such policies 15 years
before the.
General information:
Human have always sought securities. This quest for security was an
important motivating force in the earliest formation of families, clans, tribes,
and other groups. Indeed, groups have been the primary source both emotional
and physical security since the beginning of humankind. They ensured a less
volatile source of life necessities then that which ensures isolated human &
families could provide and help their less fortunate members in the time of
crises.
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The principle kinds of insurance are as follows:
• Life-term, ordinary, endowment, limited payment, group industrial and
annuities, with a variety of combinations of the four basic forms.
• Fire & marine-fire, ocean marine, motor vehicle, inland navigation, and
transportation, tornado and windstorm, sprinkler leakage, earthquake,
riot and civil commotion, explosion rain, hale, flood, aircraft, etc.
• Causality and surety -automobile liability, liability other than
automobile workers, compensation, fidelity and surety, burglary and
theft, automobile property damage, accident in health, steam boiler,
machinery, plate glass, etc.
Four classes of insurance business:
• Life insurance
• Fire insurance
• Marine insurance
• Miscellaneous insurance.
Customer Protection:
Insurance industry has ombudsmen in 12 cities. Each ombudsman is
empowered to redress customer grievances in respect of insurance contracts on
personal lines where the insurance amount is less than 20 Lakhs, in accordance
with the ombudsmen scheme. Address can be obtained from the officers of LIC
and other insurers.
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1.5 COMPANY PROFILE
Introduction:
ING is a professionally managed organization with a board of directors
consisting of eminent persons who represent various fields including finance,
taxation, construction and urban policy & development. The board primarily
focuses on strategy formulation, policy and control, designed to increasing
value to shareholders.
ING is a global financial institution of Dutch origin offering banking,
insurance and asset management to over 85 million private, corporate and
institutional clients in over 40 countries. With a diverse workforce of
approximately 125,000 people, ING is dedicated to setting the standard in
helping our clients manage their financial future
About ING:
ING Vysya Life Insurance (ING Life), a part of the ING Group the world’s
largest financial services corporation entered the private life insurance industry
in India in September 2001. Headquartered at Bangalore, ING Life India is
staffed by over 6,000 employees and services more than 8 lakhs customers.
ING Life India is a joint venture between ING Group (ING Insurance
International B.V.), Exide Industries, Ambuja Cements Limited and Enam
Group.
ING Life has a pan India network, and distributes its products through
two channels, the Tied Agency Force and the Alternate Channel. The Tied
Agency force comprises of over 60,000 ING Life Advisors, spread across the
country. The channel has branches in 234 cities, and 366 sales teams across the
country. The Alternate Channels business within ING Life is one of the fastest
growing distribution channels. The company currently has tie ups with over
200 cooperative bank across the country. The Alternate Channels division has
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Bancassurance (ING Vysya Bank), Referral Banks, Corporate Agents, Brokers
and SMINCE.
ING operates through three businesses in India, ING Vysya Life Insurance,
ING Vysya Bank and ING Investment Management. ING Vysya Bank is a
premier private sector bank with over 76-year heritage and 1.5 million satisfied
customers. ING Investment Management believes in providing investors with
the knowledge & opportunity to manage their future easily.
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Mission Values and Personality:
Our mission
At ING Life, our mission is ‘To set the standard in helping our customers
manage their financial future.’
Our values are personified by our people through a set of ‘Personality aspects’.
These personality aspects are: Positive, Professional, Accountable and
Transparent.
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1.6 Brand Positioning
The Brand Essence of ING Life is, ‘Experience the joy of fulfilling your
responsibility’. This essence is captured in the unique brand positioning ‘Mera
Farz’, developed in 2007. This positioning means, ING Life helps its customers
fulfill their responsibilities as provider towards themselves and their families.
As part of the ING Group, the world’s largest financial services company, ING
Life provides its customers with the strength, reliability and the right balance
between long-term savings, security & reasonable returns.
This powerful positioning has helped ING Life create a distinct identity
for itself. The latest brand campaign in 2008 portrays how key life-stages in our
lives, such as marriage, birth of a child, children’s education, retirement, bring
unexpected financial worries along with happiness. However, we can overcome
these burdens with prudent financial planning and a helping hand from ING
Life, thus fulfilling our responsibilities towards our family.
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1.7 Product Portfolio
ING Life follows a "customer centric approach" while designing its
products. The Company's product portfolio offers products
that cater to every financial requirement, at all life stages.
ING Life has developed an exclusive tool - the
LifeMakerTMa simple tool which helps our customers
choose a plan most suitable to them, based on their needs,
requirements and current life stage. This tool helps build a
complete financial plan for life at every lifestage, whether the requirement is
Protection, Savings, Retirement or Investment.
ING Life Insurance aims to make customers look at life insurance afresh, not
just as a tax saving device but as a means to live life to the fullest. It believes in
enhancing the very quality of life, in addition to safeguarding an individual's
security.
Protection Savings
Secure your family’s Save for your aspirations and
financial future. life goals.
Investment Retirement
Invest now for a better Lead your retired life on
future. your own terms.
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Protection Plans
Our Protection Plans help you ensure that your family continues to enjoy a
comfortable lifestyle even in your absence. We make available a variety of
plans to provide you with the flexibility of choosing one that fits your and your
family’s needs the best. We recognize protection as the basic insurance need
and have therefore kept our products comprehensive yet economical for you.
So go ahead, get an ING Protection Plan and secure your family’s financial
future!
Saving Plans
Our Saving Plans help you achieve your life goals making them cherished
moments for you and your family. They provide you with the flexibility to save
for your future requirements while you continue to improve your current
lifestyle. Our plans help discipline your savings approach and point your efforts
towards defined goals so that whatever stage of life you are in, you are always
in control and self-reliant.
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Savings plan with a highly reliable safety net for your family in case
something happens to you.
• Creating Life Child Protection Plan
Ideal savings plan for new parents. Payment to child in case of death of
parent and at maturity. Future premiums waived in case of death of
parent.
• Creating Life Money Back Plan
Savings plan for new parents with money back. Double benefit of a life
cover along with periodic cash returns during the term of the policy.
• Safal Jeevan Endowment Plan
Comprehensive protection and savings plan with an in-built accident
cover. Option to choose from a pre-packaged range of fixed terms and
premiums.
• Safal Jeevan Money Back Plan
Ideal plan as a first life insurance policy. Choose a suitable policy term
from pre-packaged solutions. Payouts at regular intervals during policy
term.
• ING New Creating Star (Unit Linked Insurance Plan)
A perfect plan that helps to ensure that your child has financial support
when it is needed the most.
• ING Freedom Plan (Unit Linked Insurance Plan)
Saving cum protection plan with features like flexible investment
strategy, loyalty additions, option to avail survival benefits at regular
intervals and additional protection through riders
Investment Plans
Our Investment Plans are created keeping your needs in mind. We appreciate
the flexibility required to suit your risk appetite and the commitments you may
want to make. Our global expertise in managing wealth for individuals at all
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stages in their life ensures that we have products to suit your taste whatever
your objective of investing may be.
Retirement Plans
Our Retirement Plans ensure that you lead your life after retirement on your
own terms, doing things you have always dreamt of. We also believe it is
important to be in control of your retirement planning. Our innovative features
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help you choose your retirement age and also control the way your investments
are managed keeping in mind your retirement needs.
So go ahead, get an ING Retirement Plan and retire on your own terms!
• ING New Best Years
Retirement plan with capital guarantee and plenty of flexibility, to help
build a sizeable financial asset for you or your family, in case you’re not
around.
• ING Future Perfect (Unit Linked Insurance Plan)
A perfect solution for protection while you earn and regular income
after you retire.
• ING New Golden Life (Unit Linked Insurance Plan)
A unit linked pension plan that allows you to plan your retirement at
your own pace.
Group Plans
A variety of plans to provide a cost effective yet comprehensive cover in an
efficient manner to all your employees, helping you attract and retain the best
of talent.
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Chapter 2
Training & Development
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2.1 Introduction
!" #
Training is an educational process. People can learn new information, re-learn
and reinforce existing knowledge and skills, and most importantly have time to
think and consider what new options can help them improve their effectiveness
at work. Effective trainings convey relevant and useful information that inform
participants and develop skills and behaviors that can be transferred back to the
workplace.
The goal of training is to create an impact that lasts beyond the end time
of the training itself. The focus is on creating specific action steps and
commitments that focus people’s attention on incorporating their new skills and
ideas back at work.
Training can be offered as skill development for individuals and groups.
In general, trainings involve presentation and learning of content as a means for
enhancing skill development and improving workplace behaviors.
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and solutions that can effectively return the group to a state of high
performance.
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2.3 Objectives Of Training And Development
The principal objective of training and development division is to make sure
the availability of a skilled and willing workforce to an organization. In
addition to that, there are four other objectives: Individual, Organizational,
Functional, and Societal.
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2.4 Process of Training & Development
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2.5 Importance Of Training & Development
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• Quality – Training and Development helps in improving upon the quality
of work and work-life.
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2.6 Methods Of Training
Cognitive methods are more of giving theoretical training to the trainees. The
various methods under Cognitive approach provide the rules for how to do
something, written or verbal information, demonstrate relationships among
concepts, etc. These methods are associated with changes in knowledge and
attitude by stimulating learning.
The various methods that come under Cognitive approach are:
• LECTURES
• DEMONSTRATIONS
• DISCUSSIONS
• COMPUTER BASED TRAINING (CBT)
• INTELLEGENT TUTORIAL SYSTEM(ITS)
• PROGRAMMED INSTRUCTION (PI)
• VIRTUAL REALITY
Behavioral methods are more of giving practical training to the trainees. The
various methods under Behavioral approach allow the trainee to behavior in a
real fashion. These methods are best used for skill development.
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The various methods that come under Behavioral approach are
Both the methods can be used effectively to change attitudes, but through
different means.
MANAGEMENT DEVELOPMENT –
The more future oriented method and more concerned with education of the
employees. To become a better performer by education implies that
management development activities attempt to instill sound reasoning
processes.
The development of a manager's abilities can take place on the job. The four
techniques for on the job development are:
• COACHING
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• MENTORING
• JOB ROTATION
• JOB INSTRUCTION TECHNIQUE (JIT)
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2.7 Training & Evaluation
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Control: It helps in controlling the training program because if the training is
not effective, then it can be dealt with accordingly.
Before Training: The learner's skills and knowledge are assessed before the
training program. During the start of training, candidates generally perceive it
as a waste of resources because at most of the times candidates are unaware of
the objectives and learning outcomes of the program. Once aware, they are
asked to give their opinions on the methods used and whether those methods
confirm to the candidates preferences and learning style
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Chapter 3
Data Analysis and Findings
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3.1 Data Collection
• Primary data
• Secondary data
Primary data
It was collected through questionnaire prepared contains relevant questions that
are both close ended and opened. Individual and group interviews also under
taken with difference consumers,
I have collected mainly the Primary Data for my study by utilizing the
questionnaire and interview methods.
Secondary data
These data are collected from published sources such as Magazines, NEWS
papers, several books, and also from the help of web site www.inglife.co.in
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(B) FIELD WORK:
Survey was done in ING.
The data was collected over a period of six weeks, using well structured
questionnaire. The respondents were contacted at their respective retail outlets
in various parts of the city.
Plan of the data analysis:
Planning and analysis of data can be done through three steps. They are editing
coding tabulation. These three are very important in analyzing the data.
Editing:
Editing is the process of examining errors when there is some inconsistency in
the responses as entered in the questionnaire or where it contains partial or
vague answers.
Coding:
Coding is necessary to carryout the subsequent operations of tabulating and
analyzing data. If coding is not done, it will not be possible to reduce a large
number of heterogeneous responses into meaningful categories with the result
that the analysis of data would be weak and ineffective and without proper
focus.
Tabulation:
Tabulation comprises sorting of the data into different categories and counting
the number of cases that belong to category the simplest way to tabulate is to
count the number of responses to one question. This is called univeriate
tabulation. Where two or more variables are involved in tabulation, it is called
bivariate or multivariate tabulation. In marketing research projects and
generally both types of tabulation are used.
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3.2 Date Analysis and interpretation:
Fig-1
Inference:
The above graph shows 39% of respondents having training and development
program belong to 25 to 35 age respondents group, 31% of respondents
availing belong to below 25 age group and 25% are between 35 to 45age
group.
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Table 2: Which department are you working
Fig-2
35
30
25
20
15 no. of
10 respondents
5
0
Sales FinacnceMarketing IT Other
Inference:
The above figure reveals that most of the people 32% are working in Sales and
29% are Other sector
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Table3: Are you aware of the all types of training program
Yes 33 33%
No 14 14%
Inference:
This graph shows that only 33% of people are aware of the aware of training
and development program and 53% of people have some knowledge about it.
But 14% of people are not aware of the training and development option
available to the ING
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Table4: Do have participate any training program
Yes 53 53%
No 47 47%
Fig-4
54
52
50
48 no. of
respondents
46
44
Yes No
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Chapter 4
Conclusion and Suggestions
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4.1 Findings & Limitations Of Training & Development
6. lack of necessary knowledge and skills about new learning strategies at all
levels;
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4.2 Suggestions Of Training & Development
1. Necessary knowledge and skills about new learning strategies at all levels;
2. Accreditation of the current teacher training and staff development programs
offered by various providers;
3. A critical mass of local experts to spread the new knowledge and skills
throughout the teachers in the country;
4. Suitable alternative model for in-service training;
5. A plan for national implementation;
6. Indication of support and commitment by the government
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4.4 CONCLUSION
The employers should keep in mind these four rules of thumb when designing
the company’s strategy and solution:
People who believe technology will totally replace great teachers in front of
classrooms of highly motivated learners are as misguided as those who believe
the Internet is a passing fad. The blended learning solution, i.e., a mixture of
classroom and Web-based training is the most effective and comprehensive
learning strategy.
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Rule #3: Learning is a continuous, cultural process - not simply a series of
workshops.
Employees retain about 50% to 60% of what they learn in a formal training
workshop. Often, employees forget what they have learned within two months
of the workshop. Therefore, access and opportunities to learn should be
available to anyone, anywhere, and at any time within an organization.
Organizational learning is as much about what happens outside formal learning
programs as it is about the programs themselves.
Due to training there is greater stability, flexibility and capacity for growth in
an organization. Accidents, scrap and damage to machinery and equipment can
be avoided or minimized through training. Even dissatisfaction, complaints,
absenteeism, and turnover can be reduced if employees are trained well. Future
needs of employees will be met through training and development
programmes. Organizational take fresh diploma holders or graduates as
apprentices or management trainees. They are absorbed after course
completion. Training serves as an effective source of recruitment. Training is
an investment in HR with a promise of better returns in future. Though no
single training programme yields all the benefits the organization which
devotes itself to training and development enhances its HR capabilities and
strengthens its competitive edge. At the same time, the employee’s personal
goals are furthered, generally adding to his or her abilities and value to the
employer. Ultimately, the objectives of the HR department and also of the
organization are also furthered.
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Bibliography
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BIBLIOGRAPHY
REFERENCES:
List of websites:
• www.irda.com
• www.inglife.co.in
• Business Line
• Economics Times
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Questionnaire
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QUESTIONNARE:
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