RELIANCE LIFE INSURANCE METHOLODGY OF RECRUITMENT OF ADVISOR

A Minor Project Report Submitted in partial fulfillment of the requirements for BBA(B&I) Semester III Programme of G.G.S Indraprastha University, Delhi

Submitted by SUNNY REKHI BBA(B&I) IIIrd Sem 00512401811

DELHI INSTITUTE OF RURAL DEVELOPMENT Nangli Poona, Delhi-110036

Declaration
I hereby declare that the minor project report, entitled RELIANCE LIFE INSURANCE METHOLODGY OF RECRUITMENT OF ADVISOR , is based on my original study and has not been submitted earlier for any degree or diploma of any institution/university. The work of other author(s), wherever used, has been acknowledged at appropriate place(s)

Place: Date:

Candidates signature Name: Enrol. No. :

Countersigned Name: Supervisor Delhi Institute of Rural Development

PREFACE

First of fall I would like to thank the Management at Reliance Life Insurance co. for giving me the opportunity to do my two-month project training in their esteemed organization. I am highly obliged to Mr. VED PRAKASH (Branch Manager) for granting me to undertake my training at Dwarka branch. I express my thanks to all Sales Managers under whose able guidance and direction, I was able to give shape to my training. Their constant review and excellent suggestions throughout the project are highly commendable. My heartfelt thanks go to all the executives who helped me gain knowledge about the actual working and the processes involved in various departments. Thanking You SUNNY REKHI

CONTENTS

1. INTRODUCTION 2. RESEARCH STUDY

RESEARCH STUDY SCOPE OF THE STUDY

3. RESEARCH METHODOLOGY

TOOLS OF RESEARCH RESOURCE OF DATA

4. RECOMMENDATIONS , FINDINGS AND LIMATATIONS 5. CONCLUSION 6. BIBLIOGRAPHY

EXECUTIVE SUMMARY

In todays corporate and competitive world, I find that insurance sector has the maximum growth and potential as compared to the other sectors. Insurance has the maximum growth rate of 70-80% while as FMCG sector has maximum 12-15% of growth rate. This growth potential attracts me to enter in this sector and RELIANCE LIFE INSURANCE has given me the opportunity to work and get experience in highly competitive and enhancing sector. The success story of good market share of different market organizations depends upon the availability of the product and services near to the customer, which can be distributed through a distribution channel. In Insurance sector, distribution channel includes only agents or agency holders of the company. If a company like RELIANCE LIFE INSURANCE, TATA AIG, MAX etc have adequate agents in the market they can capture big market as compared to the other companies. Agents are the only way for a company of Insurance sector through which policies and benefits of the company can be explained to the customer .

INTRODUCTION
The story of insurance is probably as old as the story of mankind.

The same instinct that prompts modern businessmen today to secure themselves against loss and disaster existed in primitive men also. They too sought to avert the evil consequences of fire and flood and loss of life and were willing to make some sort of sacrifice in order to achieve security. Though the concept of insurance is largely a development of the recent past, particularly after the industrial era past few centuries yet its beginnings date back almost 6000 years. Life Insurance in its modern form came to India from England in the year 1818. Oriental Life Insurance Company started by Europeans in Calcutta was the first life insurance company on Indian Soil. All the insurance companies established during that period were brought up with the purpose of looking after the needs of European community and Indian natives were not being insured by these companies. However, later with the efforts of eminent people like Babu Muttylal Seal, the foreign life insurance companies started insuring Indian lives. But Indian lives were being treated as sub-standard lives and heavy extra premiums were being charged on them. Bombay Mutual Life Assurance Society heralded the birth of first Indian life insurance company in the year 1870, and covered Indian lives at normal rates. Starting as Indian enterprise with highly patriotic motives, insurance companies came into existence to carry the message of insurance and

social security through insurance to various sectors of society. Bharat Insurance Company (1896) was also one of such companies inspired by nationalism. The Swadeshi movement of 1905-1907 gave rise to more insurance companies. The United India in Madras, National Indian and National Insurance in Calcutta and the Co-operative Assurance at Lahore were established in 1906. In 1907, Hindustan Co-operative Insurance Company took its birth in one of the rooms of the Jorasanko, house of the great poet Rabindranath Tagore, in Calcutta. The Indian Mercantile, General Assurance and Swadeshi Life (later Bombay Life) were some of the companies established during the same period. Prior to 1912 India had no legislation to regulate insurance business. In the year 1912, the Life Insurance Companies Act, and the Provident Fund Act were passed. The Life Insurance Companies Act 1912 made it necessary that the premium rate tables and periodical valuations of companies should be certified by an actuary. But the Act discriminated between foreign and Indian companies on many accounts, putting the Indian companies at a disadvantage. The first two decades of the twentieth century saw lot of growth in insurance business. From 44 companies with total business-in-force as Rs.22.44 crore, it rose to 176 companies with total business-in-force as Rs.298 crore in 1938. During the mushrooming of insurance companies many financially unsound concerns were also floated which failed miserably. The Insurance Act 1938 was the first legislation governing not only life insurance but also non-life

insurance to provide strict state control over insurance business. The demand for nationalization of life insurance industry was made repeatedly in the past but it gathered momentum in 1944 when a bill to amend the Life Insurance Act 1938 was introduced in the Legislative Assembly. However, it was much later on the 19th of January 1956 that life insurance in India was nationalized. About 154 Indian insurance companies, 16 non-Indian companies and 75 provident were operating in India at the time of nationalization. Nationalization was accomplished in two stages; initially the management of the companies was taken over by means of an Ordinance, and later, the ownership too by means of a comprehensive bill. The Parliament of India passed the Life Insurance Corporation Act on the 19th of June 1956, and the Life Insurance Corporation of India was created on 1st September, 1956, with the objective of spreading life insurance much more widely and in particular to the rural areas with a view to reach all insurable persons in the country, providing them adequate financial cover at a reasonable cost.

ABOUT INSURANCE INDUSTRY

Insurance industry records a booming growth

The insurance industry recorded a booming growth of 35% in premium income during 2005-06 with the 13 private sector players walking away with an impressive 129% while the Life Insurance Corporation of India recorded a 21% growth. Thus the market share of state behemoths dropped to 78% in 2004-05 from 87% a year ago. According to ASSOCHAM Eco Pulse (AEP) Study, the industry premium increased to Rs253.42bn in 2005-06 from Rs187.1bn in 2004-05. The LIC total premium for the year 2005-06 amounted to Rs197.85bn as against the Rs162.84bn during previous year. The figures for the first two months of the fiscal 2006-0 also speak of the growing share of the private insurers. The share of LIC for this period has further come down to 75%, while the private players have grabbed over 24% share. With the huge potential the market has, the Government should, more seriously look into increasing the FDI cap in the sector said Mahendra K. Sanghi, ASSOCHAM President. During April-June 2005, the largest private company ICICI Prudential has increased its share from 6.25% in 2004-05 to 7.68% in current fiscal.

The opening up of the sector has given some of the most innovative products like the customized insurance policies and now the unit linked policies that have gained much of customer attention. The sector has huge potential and certain other new and innovative areas can also be looked into for enhancing market share and premium income, said Sanghi. HDFC is next in the row with 2.91% market share which has increased from 1.92% last fiscal followed by TATA AIG which now shares 2% of the market from 1.18% last fiscal. Birla Sun lifes share has dropped from 2.45% during FY05 to 1.76% in first two months of FY06. SBI life comes next with 1.72% share and has infact dropped a few percent points from last year.Max New York life and Aviva Life Insurance have captured more than 1% share each from less than 1% share during FY05. Others like ING, AMP Sanmar, Met Life and Sahara India have less than 1% share. The details of the market share of life insurance companies are attached. The market share of the private players has doubled every year from 5.6% in 2002-03 to 12% in 2003-04 and close to 22% in 2004-05. The state run insurance company has the biggest advantage of its huge network, which the company can use to penetrate into rural market that is still lying untapped. Another option with the life insurance companies to capture more and more market share could be product innovation and constantly developing an insurance product in order to

meet the ever-changing requirements of the customer. Quality customer service and education can be another area where a company can differentiate itself from other companies.

1.

What Is Life Insurance?

Life insurance is a contract that pledges payment of an amount to the person assured (or his nominee) on the happening of the event insured against. The contract is valid for payment of the insured amount during: The date of maturity, or Specified dates at periodic intervals, or Unfortunate death, if it occurs earlier. Among other things, the contract also provides for the payment of premium periodically to the Corporation by the policyholder. Life insurance is universally acknowledged to be an institution, which eliminates 'risk', substituting certainty for uncertainty and comes to the timely aid of the family in the unfortunate event of death of the breadwinner. By and large, life insurance is civilizations partial solution to the problems caused by death. Life insurance, in short, is concerned with two hazards that stand across the life-path of every person:

That of dying prematurely leaving a dependent family to fend for itself. That of living till old age without visible means of support.

LIFE INSURANCE V/S OTHER SAVINGS

Contract of Insurance: i) A contract of insurance is a contract of utmost good faith technically known as uberrima fides. The doctrine of disclosing all material facts is embodied in this important principle, which applies to all forms of insurance. ii) At the time of taking a policy, policyholder should ensure that all questions in the proposal form are correctly answered. Any misrepresentation, non-disclosure or fraud in any document leading to the acceptance of the risk would render the insurance contract null and void. Protection: i) Savings through life insurance guarantee full protection against risk of death of the saver. Also, in case of demise, life insurance assures payment of the entire amount assured (with bonuses wherever applicable) whereas in other savings schemes, only the amount saved (with interest) is payable.

Aid to thrift:

ii)

Life insurance encourages 'thrift'. It allows long-term savings since payments can be made effortlessly because of the 'easy installment' facility built into the scheme. (Premium payment for insurance is monthly, quarterly, half yearly or yearly).

iii)

For example: The Salary Saving Scheme popularly known as SSS, provides a convenient method of paying premium each month by deduction from one's salary.

iv)

In this case the employer directly pays the deducted premium to LIC. The Salary Saving Scheme is ideal for any institution or establishment subject to specified terms and conditions.

Liquidity: In case of insurance, it is easy to acquire loans on the sole security of any policy that has acquired loan value. Besides, a life insurance policy is also generally accepted as security, even for a commercial loan. Tax Relief: i) Life Insurance is the best way to enjoy tax deductions on income tax and wealth tax. This is available for amounts paid by way of premium for life insurance subject to income tax rates in force. ii) Assesses can also avail of provisions in the law for tax relief. In such cases the assured in effect pays a lower premium for insurance than otherwise.

Money When You Need It: i) A policy that has a suitable insurance plan or a combination of different plans can be effectively used to meet certain monetary needs that may arise from time-to-time. ii) Children's education, start-in-life or marriage provision or even periodical needs for cash over a stretch of time can be less stressful with the help of these policies.

iii)

Alternatively, policy money can be made available at the time of one's retirement from service and used for any specific purpose, such as, purchase of a house or for other investments. Also, loans are granted to policyholders for house building or for purchase of flats (subject to certain conditions).

Who Can Buy A Policy? i) Any person who has attained majority and is eligible to enter into a valid contract can insure himself/herself and those in whom he/she has insurable interest. ii) Policies can also be taken, subject to certain conditions, on the life of one's spouse or children. While underwriting proposals, certain factors such as the policyholders state of health, the proponent's income and other relevant factors are considered by the Corporation.

COMPANY PROFILE OF RELIANCE LIFE INSURANCE

Founder Few men in history have made as dramatic a contribution to their countrys economic fortunes as did the founder of Reliance, Sh. Dhirubhai H Ambani. Fewer still have left behind a legacy that is more enduring and timeless.

As with all great pioneers, there is more than one unique way of describing the

true genius of Dhirubhai: The corporate visionary, the unmatched strategist, the proud patriot, the leader of men, the architect of Indias capital markets, the champion of shareholder interest.

But the role Dhirubhai cherished most was perhaps that of Indias greatest wealth creator. In one lifetime, he built, starting from the proverbial scratch, Indias largest private sector enterprise. When Dhirubhai embarked on his first business venture, he had a seed capital of barely US$ 300 (around Rs14,000). Over the next three and a half decades, he converted this fledgling enterprise into a Rs60,000

crore colossusan achievement which earned Reliance a place on the global Fortune 500 list, the first ever Indian private company to do so.

Dhirubhai is widely regarded as the father of Indias capital markets. In 1977, when Reliance Textile Industries Limited first went public, the Indian stock market was a place patronised by a small club of elite investors which dabbled in a handful of stocks. Undaunted, Dhirubhai managed to convince a large number of firsttime retail investors to participate in the unfolding Reliance story and put their hard-earned money in the Reliance Textile IPO, promising them, in exchange for their trust, substantial return on their investments. It was to be the start of one of great stories of mutual respect and reciprocal gain in the Indian markets.

Under Dhirubhais extraordinary vision and leadership, Reliance scripted one of the greatest growth stories in corporate history anywhere in the world, and went on to become Indias largest private sector enterprise. Through out this amazing journey, Dhirubhai always kept the interests of the ordinary shareholder uppermost in mind, in the process making millionaires out of many of the initial investors in the Reliance stock, and creating one of the worlds largest shareholder families.

ABOUT RELIANCE

Reliance Life Insurance Company Limited is a part of Reliance Capital Ltd. of the Reliance - Anil Dhirubhai Ambani Group. Reliance Capital is one of Indias leading private sector financial services companies, and ranks among the top 3 private sector financial services and banking companies, in terms of net worth. Reliance Capital has interests in asset management and mutual funds, stock broking, life and general insurance, proprietary investments, private equity and other activities in financial services.

Reliance Capital Limited (RCL) is a Non-Banking Financial Company (NBFC) registered with the Reserve Bank of India under section 45-IA of the Reserve Bank of India Act, 1934. Reliance Capital sees immense potential in the rapidly growing financial services sector in India and aims to become a dominant player in this industry and offer fully integrated financial services. Reliance Life Insurance is another step forward for Reliance Capital Limited to offer need based Life Insurance solutions to individuals and Corporates.

OFFICE

Reliance Life Insurance Company Limited, Regd. Office: The Trapezium, First Floor, #39 Nelson Manickam Road, Chennai 600 029 Phone No: +91-44-30588200 Fax No: +91-44-30588220 Email : service@rcl.co.in

CORPORATE OBJECTIVE
At Reliance Life Insurance, we strongly believe that as life is different at every stage, life insurance must offer flexibility and choice to go with that stage. We are fully prepared and committed to guide you on insurance products and services through our well-trained advisors, backed by competent marketing and customer services, in the best possible way.

It is our aim to become one of the top private life insurance companies in India and to become a cornerstone of RLI integrated financial services business in India.

To study about the LIFE INSURANCE in India. To study how to recqruite advisors at reliance life insurance. To find out marketing position of the life insurance and makes the present and future strategy of the company.

BELOW ARE FEW OF THE PLANS THAT ARE OFFERED BY RELIANCE LIFE INSURANCE
INSURANCE PLANS AVAILABLE 1. Products (Individual Plans) Savings (Endowment)
2. Reliance Endowment Plan

(formerly Divya Shree)

3. Reliance Special Endowment Plan

(formerly Subha Shree)

4. Reliance Cash Flow Plan

(formerly Dhana Shree)

5. Reliance Child Pla

n (formerly Yuva Shree)

6. Reliance Whole Life Plan

(formerly Nithya Shree)

Pensions
7. Reliance Golden Years Plan

(formerly Bhagya Shree) Investments

8. Reliance Market Return Plan

(formerly Kanaka Shree) 9. Risk / Protection

10. Reliance Term Plan

(formerly Raksha Shree)

Products (Group / Corporate Plans 11.Risk (Protection) Reliance Group Term Assurance Policy (formerly Group Term Assurance Policy) Reliance EDLI Scheme (formerly EDLI Scheme) 12.Pensions
a. Reliance Group Gratuity Policy

(formerly Group Gratuity Policy)

b. Reliance Group Superannuation Policy

(formerly Group Superannuation Policy)

RESEARCH STUDY

RESEARCH STUDY o The objective of my research study is to understand and analyse various aspects related to the recruitment of the Advisor at Reliance Life Insurance company SCOPE OF THE STUDY o I have made my research study at Reliance Life Insurance company and hence my scope of study is limited to procedures and practices at Reliance .

RESEARCH METHODOLOGY

A Research Methodology defines the purpose of the research, how it proceeds, how to measure progress and what constitute success with respect to the objectives determined for carrying out the research study. The appropriate research design formulated is detailed below. Exploratory research: this kind of research has the primary objective of development of insights into the problem. It studies the main area where the problem lies and also tries to evaluate some appropriate courses of action. The research methodology for the present study has been adopted to reflect these realties and help reach the logical conclusion in an objective and scientific manner. The present study contemplated an exploratory research.

NATURE OF DATA

Secondary data: secondary data that is already available and published. It could be internal and external source of data. Internal source: which originates from the specific field or area where research is carried out e.g. publish broachers, official reports etc.

External source: This originates outside the field of study like books, periodicals, journals, newspapers and the Internet.

METHODOLOGY OF THE RECRUITMENT OF ADVISOR AT RELIANCE LIFE INSURANCE

INSURANCE ADVISOR Insurance Advisor means a person who gives advices to their client about the policies according to their need. Advisor gets anything between 15% to 40% commission on premium paid by the client. The commission rate varies from policy to policy.

ADVISOR ROLE

1. To provide on-going financial advice to his/her clients. 2. Identify future clients. 3. Making appointments. 4. Conduct financial review meeting with prospect/client. 5. Close sale. 6. Get referrals. 7. Provide service to clients. 8. Follow internal sales and reporting system.

ADVISOR RESPONSIBILITY

1. Meet people, renew old relationships and strike new friendships. 2. Solicit insurance business through contact and references.

ADVISOR REQUIREMENTS AT RELIANCE LIFE INSURANCE 1. Should have a conveyance of his own.
2.

Candidate must be at least 12th pass OR graduate in any field.

3. Candidate should have atleast 2 years of selling experience. 4. Candidate should be staying for atleast 5 years in that particular city.

RECRUITMENT

Recruitment is the process of finding and attracting capable applicants for employment. The process begins when new recruits are sought and ends when their applications are submitted. The result is a pool of candidates from which employees are selected new

PURPOSE AND IMPORTANCE OF RECRUITMENT: Increase the pool of job candidates at minimum cost. Meet the organizations legal and social obligations regarding the composition of its workforce. Determine the present and future requirements of the organization Evaluate the effectiveness of various recruiting techniques and in conjunction with its personnel planning and job-analysis activities. sources for all types of job applicants.

SOURCES OF RECRUITMENT

EXTERNAL SOURCES. ADVERTISEMENTS REFERRALS EMPLOYMENT EXCHANGE APPLICANTS CAMPUS RECRUITMENT WALK-INS, TALK-INS CONSULTANTS COMPETITORS

INTERNAL SOURCES. EMPLOYEE PREVIOUS

EXTERNAL SOURCES
1. ADVERTISEMENTS:

This constitutes a popular method of seeking recruits, as many recruiters prefer advertisements because of their wide reach. Following are the various types of ads:
a) Want ads: This type of ad describes the job and the benefits,

identify the employer. They are the most familiar type of employment advertisements.
b) Blind ads: Large organizations with national reputation will

seldom use blind ads to fill lower-level positions. However, when the organization does wish to publicize the fact that it is seeking to fill an internal position, or it when to seeks to recruit for the position in the place of a person likely to be displaced, a blind ad may be appropriate.
c) Self-ads: A variation to this source of recruitment is that that

the advertisements are released by the job seekers themselves. Such advertisements describe the qualifications, experience and the areas of interest of the advertisers.

2. EMPLOYMENT EXCHANGES: These have been setup all over the country in deference to the provisions of the employment exchange Act, 1959. The act applies to all industrial establishments having 25 workers or more. Thus employment exchange acts as a link between the employers and prospective employees.

4.WALK-INS, TALK-INS:

The most common and least expensive approach for candidates is direct applications; in which job seeker submit unsolicited application letter or resumes. Direct applications can also provide a pool of potential employees to meet future needs. From employees viewpoint walk-ins are preferable as they are free from the hassles associated with other methods of recruitment. While direct applications are particularly effective in filling entry-level and unskilled vacancies, some organizations compile pools of potential employees from direct applications for skilled positions.

5. CONSULTANTS: ABC Consultants, Human Resource Consultants are some among the numerous recruiting agencies. Consultants are useful inasmuch as they have nation-wide contacts and lend professionalism to the hiring process. 6.COMPETITORS: Rival firms can be a source of recruitment. Popularly called poaching or raiding this method involves identifying the right people in rival companies. Offering them better terms and luring them away. There are legal and ethical issues involved in raiding rival firms for potential candidates. From the legal point view, employee is expected to join a new organization only after obtaining a no objection certificate from his or her present employer. Violating this requirement shall bind the employee to pay a few months salary to his or her present employer as a punishment.

The ethical issue is more significant than the legal one. Should an employee desert the organization which has given training and offered him or her a job simply because someone else offers you a few hundred rupees more as compensation? Is money everything in life? Have loyalty and commitment lost their relevance?

MERITS OF EXTERNAL RECRUITMENT: 1. The organization will have benefit of new skills, new talent and new experiences, if people are hired from external sources. 2. The management will be able to fulfill reservation requirement in favor of the disadvantaged sections of the society. 3. Scope for resentment, heartburn and jealousy can be avoided by recruiting from outside DE -MERITS OF EXTERNAL RECRUITMENT: 1. Better motivation and increased morale associated with promoting own employees are lost to the organization. 2. External recruitment is costly
3. If recruitment and selection processes are not properly carried out.

Chances of right candidates being rejected (false positive error) and wrong applicant being selected (False Negative Error) occur.

INTERNAL SOURCES
1) EMPLOYEE REFERRALS:

This can be a good source of internal recruitment. Employees can develop good prospects for their families and friends by acquainting them with the advantages of a job with the company, furnishings cards of introduction, and even encouraging them to apply. This source is usually one of the most effective methods of recruiting because many qualified people are reached at a very low cost to the company.

2) PREVIOUS APPLICANTS:

Although not truly an internal source, those who have previously applied for job can be contacted by mail, a quick and inexpensive way to fill an unexpected opening. Although WALK-INS are likely to be more suitable for filling unskilled and semi-skilled jobs, some professional openings can be filled by applicants to previous jobs.

FOLLOWING SOURCES WERE EMPLOYED AT RELIANCE LIFE INSURANCE DURING THE PROJECT: 1) 2) 3) BLIND ADS. DATABASE FROM CONSULTANTS. PERSONAL REFERENCES.

SELECTION

Selection is the process of differentiating between applicants in order to identify (and hire) those with a greater likelihood of success in a job.

ROLE OF SELECTION: The role of selection in an organizations effectiveness is crucial for at least, two reasons. First, work performance depends upon individuals. The best way to improve performance is to hire people who have the willingness to work. Arguing from the employees viewpoint, poor or inappropriate choice can be demoralizing to the individual concerned and de-motivating to the rest of the workforce. Effective selection, therefore, assumes greater relevance. Second, cost incurred in recruiting and hiring personnel speaks volumes about the role of selection. FOR EG. To prove how expensive recruitment has become. Pepsi had gone on a crash recruitment drive. Six people from the company took over the entire Oberoi Business Center in Mumbai for six days, 3000 applicants in response to the advertisement issued earlier were scanned: applicants were asked to respond by fax within 100 hours: finally, the short listed persons were flown in an and interviewed. Quite an expensive affair by any standard.

SELECTION PROCESS

R E J E C T E

PRELIMENARY INTERVIEW

SELECTION TEST

EMPLOYMENT INTERVIEW

REFERENCE AND BACKGROUND ANALYSIS SELECTION DECISION

PHYSICAL EXAMINATION

JOB OFFER

EMPLYMENT CONTRACT

EVALUATION

1) PRELIMENARY INTERVIEW:

The to eliminate the unqualified job seekers based on the information supplied in their application forms. Preliminary interview on the other hand, helps reject misfits for reasons, which did not appear in the application forms.

2) SELECTION TESTS:

Job seekers who pass the screening and preliminary interview are called for tests. Different types of tests may be administered, depending upon the job and the company. Generally, tests are used to determine the applicants ability, aptitude and personality.

S.NO 1 2 3 4 5

TYPE OF TEST WAB BIB TAT SLC THOMAS PROFILING

DESCRITION Eliciting candidates response to specific questions. Assessing candidates response to the background. Gauging the need for achievement and power. Assessing attitude towards importance of safety. Identifying behavioral requirements for a job.

3) EMPLOYMENT INTERVIEW:

Interview is a formal, in-depth conversation conducted to evaluate the applicants acceptability. It is considered to be and excellent selection device. Its popularity stems from its flexibility.

Following are the various types of interview: TYPE STRUCTURED TYPE OF QUESTIONS A checklist usually UNSTRUCTURED USUAL

APPLICATION predetermined Useful for valid results, of asked questions, especially when dealing of all with large number of the to applicants. planned Useful when tries

applicants. Few, if any, made up

questions. Questions are interviewer during interview.

the probe personal details of the candidate to analyze why they are

MIXED

not right for the job. A combination of both A realistic approach structured unstructured and that yields comparable questions, answers plus in-depth

which resembles what is insights. BEHAVIOURAL usually done in practice Questions limited to Useful to understand

hypothetical

situations. applicants

reasoning

Evaluation is based on the and analytical abilities solution and approach of under modest stress. STRESS the applicant. A series of harsh, rapid- Useful for stressful

fire questions intended to jobs, such as handling upset the applicant. complaints. purpose of preliminary interview is more or less the same as scrutiny of applications, that is, elimination of unqualified applications. Scrutiny enables the HR specialists

4) REFERENCE AND BACKGROUND ANALYSIS:

Many employers request names, addresses and telephone numbers or references for the purpose of verifying information and perhaps gaining additional background information on an applicant. Although listed on applicants form, references are not usually checked until an applicant has successfully reached the fourth stage of a sequential selection process. When the labor market is very tight, organizations sometimes hire applicants before checking references.

5) SELECTION DECISION:

The views of the line managers would be considered in the final selection because it is he/she who is responsible for the performance of the new employee.

6) PHYSICAL EXAMINATION:

After the selection decision and before the job offer the candidate is required to undergo a physical fitness test. Obviously one reason for physical examination is to detect if the individual carries any infectious disease. Secondly, Such an examination will protect the employer from workers compensation claims that are not valid because the injuries or illness were present when the employee was hired.

7) JOB OFFER:

Job offer is made through a letter of appointment. Such a letter generally contains a date by which the appointee must report on duty. The appointee must be given reasonable time for reporting. This is particularly necessary when he or she is

already in employment, in which case the appointee is required to obtain a relieving certificate from the previous employer. Again, a new job may require movement to another city which means considerable preparation and movement of property. 8) CONTRACTS OF EMPLOYMENT:

Alternatively called employment agreements or simply bonds, contracts of employment serve many useful purposes. Such contracts seek to restrain jobhoppers, to protect knowledge and information that might be vital ta a companys healthy bottomline, and to prevent competitors from poaching highly valued employees.

9) EVALUATION OF THE SELECTION PROGRAMME: The broad test of the effectiveness of the selection process is the quality of the personnel hired. An organization must have competent and committed personnel. The selection process if properly done will ensure availability of such employees.

RECOMMENDATIONS , FINDINGS AND LIMITATIONS

RECOMMENDATIONS 1) CONCLUSION 2) SUGGESTIONS

1) CONCLUSION: A) During our training session our work was to recruit Insurance advisors so that the network of RELIANCE LIFE INSURANCE spread over a large area. B) This was the first step of the, in the Insurance sector that they use a RELIANCE LIFE INSURANCE and convert Insurance agent concept in Insurance advisor. C) In actual life people do not have full knowledge of the insurance sector but RELIANCE LIFE knowledge to them. INSURANCE by imparting training and by making insurance advisors provide

D)

In the concept of Insurance advisors there are married persons, students and ladies running beauty parlors, advocates, government employees etc.

SUGGESTIONS

1) The procedure of becoming RELIANCE LIFE training hours should be made.

INSURANCE

Insurance Advisor Is very long so efforts to reduce number of

2) Various companies are paying OR sharing the cost of getting a license, (which attracts majority of people who wants to become advisors) therefore should give a consideration to the same. 3) Various companies are paying fixed salary when an advisor reaches its targets, which attracts the potential advisors to opt for those companies, Therefore RELIANCE LIFE considerably increase the response. 4) Behavior towards trainees should improve in terms of amount of time spent with them as well as clearing various aspects of project in the very beginning. INSURANCE should consider paying some amount as fixed salary which will

BIBLIOGRAPHY

1. K.ASWATHAPPA, Human Resource and Personnel Management, Tata McGraw Hill, 2009.

2. Dheeraj Pahuja, Advisor-The Search For ICICI Prudential, Project Year, 2009.

3. V.S.P.Rao, Human Resource Management, 2009.

WEBLIOGRAPHY

1. www.ingvysyalife.com

Google: 1. www.reliancelifeinsurance.com 1. History of life insurance. 2. Facts of life insurance. 3. What is life insurance?