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between the Aditya Birla Group and Sun Life Financial Inc., a leading
international financial services organisation. The local knowledge of the
Aditya Birla Group combined with the expertise of Sun Life Financial Inc.,
offers a formidable value proposition to customers.
Sun Life Financial and its partners today have operations in key markets
worldwide, including India, Canada, the United States, the United Kingdom,
Hong Kong, Philippines, Japan, Indonesia, China and Bermuda. Sun Life
Financial Inc. had assets under management of over US$ 386.82 billion, as
on 31 March 2007. Sun Life Financial Inc. is a leading performer in the life
insurance market in Canada.
BSLI in its five successful years of operations has contributed significantly
to the growth and development of the life insurance industry in India. It
pioneered the launch of Unit Linked Life Insurance plans amongst the
private players in India. It was the first player in the industry to sell its
policies through the Bank assurance route and through the internet. It was
also the first private sector player to introduce a pure term plan in the Indian
market. This was supported by sales practices, which brought a degree of
transparency that was entirely new to the market. The process of getting
sales illustrations signed by customers, offering a free look period on all
policies, which are now industry standards were introduced by BSLI.
Being a customer centric company, BSLI has invested heavily in technology
to build world class processing capabilities. BSLI has covered more than
one and a half million lives since inception and its customer base is spread
across 100 cities in India. All this has assisted the company in cementing its
place amongst the leaders in the industry in terms of new business premium
income. Birla Sun Life Insurance (BSLI), one of the leading private life
DETAILD STUDY OF INSURANCE POLICY & REQUIRMENT OF ADVISOR
In a study conducted by BSLI, Kapil Dev connected extremely well with the
life insurance category and had high acceptance by the masses. Our survey
suggests that he is seen as a very good fit for the BSLI brand. He is very
much loved and respected by a vast majority of the population.
On 26 November 2006, Birla Sun Life was host the annual golf tournament
at the Chembur Golf Club in Mumbai where Kapil Dev was participate.
About Birla Sun Life Insurance
Birla Sun Life Insurance Company Limited is a joint venture between the
Aditya Birla Group, one of the largest business houses in India and Sun Life
Financial Inc., a leading international financial services organisation. The
local knowledge of the Aditya Birla Group combined with the expertise of
Sun Life Financial Inc., offers a formidable protection for your future.
Birla Sun Life Insurance (BSLI), in its five successful years of operations,
has contributed significantly to the growth and development of the life
insurance industry in India. It pioneered the launch of unit linked life
insurance plans amongst the private players in India. It was the first player
in the industry to sell its policies through the banc assurance route and
through the internet. It was the first private sector player to introduce a pure
term plan in the Indian market. This was supported by sales practices which
brought a degree of transparency that was entirely new to the market. The
process of getting sales illustrations signed by customers and offering a free
look period on all policies, which are now industry standards, were
introduced by BSLI. Being a customer-centric company, BSLI has invested
heavily in technology to build world class processing capabilities. BSLI has
covered more than a million lives since inception and its customer base is
spread across more than 1000 towns and cities in India. All this has assisted
DETAILD STUDY OF INSURANCE POLICY & REQUIRMENT OF ADVISOR
the company in cementing its place amongst the leaders in the industry in
terms of new business premium income. The company's current capital base
is Rs.520 crore.
About the Aditya Birla Group
The Aditya Birla Group has a turnover close to Rs.38,000 crore (as on 31
March 2008) and is one of the largest business houses in India. It enjoys a
leadership position in all the sectors in which it operates. With over 75
business units spanning the South East Asian belt, Africa, Canada and the
UK among others, it is reckoned as India's first multinational corporation.
The group is anchored by 72,000 employees and has seven lakh
shareholders,
with
market
capitalization
of
Rs.53,400
crore.
VISION
VISION
MISSION
MISSION
To be the first preference of our customers by providing innovative, need
based life insurance and retirement solutions to individuals as well as
corporates. These solutions will be made available by well-trained
professionals through a multi channel distribution network and superior
technology.
Our endeavour will be to provide constant value addition to customers
throughout their relationship with us, within the regulatory framework. We
will provide career development opportunities to our employees and the
highest possible returns to our shareholders
SWOT ANALYSIS
STRENGTH :
Multi-channel
distribution
and
one
of
the
largest
WEAKNESS:
COMPANY does not penetrate on the rural market at a
time.
There is no plan for the low income group.
Fees for the advisor is high than the other company.
OPPORTUNITY:
Insurance market is very big, where company can expand
its horizon in insurance industry .
Though good investment and insurance it is easy to top
Indian customers.
The huge insurance market (77%) is left so company has
opportunity to expand our products.
To associate with the more number of HNI.
THREATS:
OLD HABITS DIE HARD: Its still difficult task to win the
confidence of public towards private company.
The company is facing major threats from LIC -which is an
only government company.
Plans for all income groups is not available which can create
adverse effect later on the market share of the company.
BOARD OF DIRECTORS
Mr. Kumar M Birla
Mr. Donald A Stewart,
Mr. Bishwanath N Puranmalka
Mr. Ajay Srinivasan
Mr. Gary M Comerford
Mr. Suresh N Talwar
Mr. Gian P Gupta
His Highness Maharaja G Singh
Mr. Stephan Rajotte
Dr. Bharat K Singh
INVESTMENT COMMITTEE
Mr. B. N. Puranmalka
Management
Team
Mr. Vikram Mehmi
President & Chief
Executive Officer
Mr. K.H.
Venkatachalam
Vice President - Human
Resource
Mr. Bhalachandra
Nayak
Vice President - Strategy
DETAILS
OF
PRODUCTS
Individual Life
Protection
Saving
Birla Sun Life Insurance Gold-Plus
Supreme Life
Dream Plan
Classic Life Premier
Simply Life
Prime Life Premier
Prime Life
Life Companion
Flexi Cash Flow
Flexi Save Plus
Flexi Life Line
Single Premium Bond
Retirement
Children
Children's Dream Plan
Rural
Bima Kavach Yojana
Riders
Accidental Death and Dismemberment Rider
Term Rider
Critical Illness Rider
Waiver of Premium
Critical Illness Plus Rider
Critical Illness - Woman Rider
Retirement
Our Retirement Plans allow you to meet your expenses and build a nest
egg, which gives you the freedom to live life to the fullest even after
retirement.
The post retirement years can be the best years of your life. Time to do
things you couldn't have done while you were working. A right financial
planning makes your post retirement years truly golden . Our Sun Life
secure Life II assures you just that.
PRODUCTS
Insurance Plans
Life is unpredictable. But in face of adversity, our
responsibilities towards our parents, children and loved ones
need not be compromised. Insurance planning equips you to
smooth out the uncertainties and adversities that life might send
your way, so that the best that life has to offer, secure in the
knowledge that your beloved ones are well provided for.
BSLI offers a complete range of insurance products
1. Protection Plans
2. Savings Plans
3. Child Plans
4. Investment Plans
5. Retirement Plans
6. Group Plans
7. Rural Plans
8. Plans for NRIs
9. Keyman Plans
10. Riders
Protection Plans
You can also enhance the above two policies by adding Accident
& Disability Benefit Rider and Waiver of Premium Rider (WOP) .
Level Term Assurance - Single premium:
Savings Plans
Presenting Life Time unit linked plans that meets your changing needs
over a lifetime. These solutions have been developed to meet your savings, protection
and
investment
needs
at
every
stage
in
life.
Protection
Savings
Investment:
Choose from among four funds, based on your investment
objective and risk appetite.
Choice to switch between investments options (4 free switches
every policy year).
You can also enhance your policy by adding Critical Illness
Rider, Major Surgical Assistance Rider, Accident & Disability
Benefit Rider, Accident Benefit Rider (available only with Life
Time) and Waiver of Premium Rider
Child Plans
event
of
the
death
of
the
parent.
Investment Plans
Retirement Plans
Life Expectancy has been rising rapidly and today you can
expect to live longer than your earlier generations. For you, this
increase will mean a longer retirement life, stretching into a
couple of decades. BSLI Retirement Solutions that combine the
best of insurance and investment. These solutions are developed
to ensure your peace of mind for the years to come.
1.
2.
3.
4.
5.
About Annuities
much
risk
are
you
willing
to
take
investments?
on
your
Group Solutions
Highlights include:
Greater convenience for the employees with relaxed
underwriting and medical requirements.
"Free
Cover
Limits"
with
simplified
underwriting
guarantee
plan)
where
investments
will
be
made
in
BSLI Rural Products are designed to meet the needs of the rural
consumers. These products offer the following features:
1. Low and Affordable Premiums
2. Life Cover
3. Savings Option
4. Hassle free procedure
BSLI offers 2 specially designed rural plans.
a)
b)
18 - 45 Yrs
Premium Mode
Term
5,10,15 Yrs
Sum Assured
Rs.5,000 -20,000
Premium / Year
Maturity/Death benefit
Sum Assured
Individual policy
Age at entry
18 - 45 Yrs
Sum Assured
Single
Premium / Year
Rs 50 200
Maturity/Death benefit
Death Benefit
Rs.5,000 - 20,000
Sum Assured
NRI Plans:
Being away from India doesn't mean you have to compromise the
safety and security of your loved ones. In fact, your savings
from your time overseas can be easily canalized to meet your
family's needs - now and in the future. So, whether its your
dream to retire in your hometown; to secure funds for your
children's education; or to build assets, BSLI has a range of
solutions that can be customized to meet your needs.
IRDA
(INDIAN REGULATORY DEVLOPMENT
AUTHORITY)
IRDA:
The insurance sector has been opened up in India, as there was an
urgent need. The international experience indicates those country with a
liberalized insurance sector have witnessed a rapid growth in premium
volumes enhancing the domestic saving rate. This happened in China,
Malaysia and Singapore where a competitive market has led to
improvement in Services and quicker settlement of claims. It is also
important to note that competition will bring about advancement in
information, communication and technology. And rightly therefore a
decision was taken by the Government of India to open up Insurance sector.
The establishment of IRDA in the month of April 2000 has been important
development in this direction, making the end of monopoly in the insurance
sector.
WHY INSURANCE IN INDIA:
Only 22% of the insurance population has been extended cover.
Market penetration is low and the potential to exploit is high.
Insurance premium per capita is very low.
Lack of comprehensive social system benefit and welfare means that
demand for pension products is high.
Huge middle class of approximately 300 Million.
Existing insurance company score low on customer service front.
The insurance market registered growth in the Asian region even though
Indias share in global insurance is less than 0.5% (1988) as compared to
USA (24.2%) and Japan (21%). Studies have reveled that in an emerging
DETAILD STUDY OF INSURANCE POLICY & REQUIRMENT OF ADVISOR
CHANNEL DEVELOPMENT
WHY TO RECRUIT
WHO TO RECRUIT
HOW TO RECRUIT
RECRUITMENT ACTIVITIES
WHAT TO CHECK WHILE WE ARE RECRUITING
ROLE OF ADVISOR
WORKING ENVIRONMENT
DO YOU POSSESS
SUPPORT PACKAGE FOR SCUCCESSFUL ADVISOR
EXTENSIVE TRAINING FOR SUCCESSFUL ADVISOR
EXTENSIVE INVESTMENT IN ADVISOR TRAINING
PAYMENT & BENEFIT COMMISSION STRUCTURE
RECOGNITION PROGRAMS
CAREER PROGRESSION & FUTURE OPPORTUNITIES
WHY TO RECRUIT
There are two aspects of employment in the insurance sector
today. One is Permanent Employment, for sales, operation, IT
support, back office services and So on. We are also offering the
other kind of employment for people to sell Life Insurance
they are called Life Advisors. Or Financial Advisors. This
is a
WHO TO RECRUIT
Quality Deptt. has given some indicators in terms of what are the
common traits(Q-SCORE) of our successful advisorsThe commonalities were
Age
: between 30 -45
Education
: graduate
Family Income
Who to recruit?
Average Profile
Women
Students
VRS / retired Personnel
Avoidable Profiles
Recruitment Activities
Each of us should have a mix of
Mass Media Activities - Spray &
Lead Generation activities
Pray
mailers,
mass
Over
need
to
develop
lead
has
gone
Joggers Park
Summer Trainees
Mass BOPs
Database Calling
Activities
Tambola
or
children
painting
lead.
questions
about
his
past,
find
instances
of
accomplishments
Keep checking on the pointers & do a mental check list of the
acceptable points
Be convinced about the profile and then only go ahead
Advisor Role
Working environment:
Flexible career.
Your opportunity:
State-of-the-art training on :
Selling skills.
Product knowledge.
Relationship skills.
YEAR 1
50
16000
YEAR 2
75
16000
1200000
YEAR 3
100
16000
1600000
270000
360000
270000
360000
48000
72000
800000
Average commission
including bonuses estimates
180000
@ 22.5%*
Earnings from new business
180000
Rs
Commission on renewal
premium @ 6%
For year 2,3 & 3% after
48000
that
Earnings from renewal
business Rs
Total earnings Rs.
180000
48000
120000
318000
480000
Recognition programs :
MDRT Membership.
Career progression & future opportunities:
Recognition as Tiger
Criteria.
-Age 25 40 years
-At least 1 year in system
-Case count 2 per month
Agency champion:
Criteria
-At least 1 year in system
-Minimum 36 policies and 3.6lacs premium
-Selection process( assessment center)
Next steps
Selection interview
payable in mumbai
Field visits
Training on products
Expectations of team
Standards:
4.1- The Insurance Advisor shall at all times fulfill the Minimum
Performance
DETAILD STUDY OF INSURANCE POLICY & REQUIRMENT OF ADVISOR
the Code of Conduct) as though the said Code of Conduct has been
explicitly set out in and forms part of this Agreement.
5.2- The Insurance Advisor shall not allow or offer to allow, either directly
or indirectly, as an inducement, to a prospect or a policyholder, to take out
or renew or continue a policy, any rebate of the premium payable under the
Policy or of the commission payable to him; nor shall he offer any other
rates, advantages, terms or conditions than those offered by BSLI. The
Insurance Advisor specifically confirms his awareness of and continued
adherence to the provisions of Section 41 of the Insurance Act, 1938.
Breach of this clause will entitle BSLI to terminate this Agreement forth
with and without any notice.
5.3- The Insurance Advisor agrees and undertakes to abide by the following
conditions:
5.3 a- The Insurance Advisors shall not to obtain / seek / provide / give
undue favors or graft from / to any employee of BSLI or any co-advisor or
any person, customer or policyholder of BSLI.
5.3 b- The Insurance Advisors shall not accept / give gift of substantial
value (greater than Rs 1,000 or such amounts as BSLI may specify ) from /
to any employee of BSLI or any co-advisor or any person, customer or
policyholder of BSLI in connection with any matter or dealing concerning
BSLI 5.3 c- The Insurance Advisor shall operate with values and standards
befitting the standing of BSLI.
5.4- In the event of violation of Code of Conduct or any of the guidelines /
operating instructions of the Company or on happening of any act of
commission or omission which constitutes a malpractice, BSLI shall be
entitled, without prejudice to its right of termination of this Agreement, to
warn the Insurance Advisor or require it to take any steps or do any act in
rectification of any such act, and Insurance Advisor agrees to act in
accordance with any such communication.
DETAILD STUDY OF INSURANCE POLICY & REQUIRMENT OF ADVISOR
such agent till he continues to hold any cash accepted from such customer /
policyholder.
5.8- The Insurance Advisor shall attend all meetings, workshops, trainings
and briefings conducted by or on behalf of BSLI to create / enhance
awareness as to the Insurance Products, business plans and policies of BSLI
and any other matter of relevance to them of which reasonable notice has
been given to the insurance advisor. In particular the Insurance Advisor shall
attend all training and refresher sessions for Insurance Advisors unless
prevented by a cause, which in the opinion of BSLI is reasonable.
5.9- Where the Insurance Advisor intends to bring out or publish any
material in any form through any medium, concerning BSLI, its business or
its Insurance Products, the Insurance Advisor shall obtain prior written
approval of BSLI. Further, he shall observe, follow and comply with the
provisions of the Insurance Regulatory and Development Authority
(Insurance Advertisements and Disclosure) Regulations, 2000 of the same.
5.10- The Insurance Advisor shall solicit and procure life insurance business
for BSLI and discharge his obligations under this Agreement in accordance
with BSLIs corporate objectives and with particular regard to BSLIs image
and standing in the industry and in the community.
5.11- The Insurance Advisor shall observe, follow and comply with all the
communication, directions and instructions given by BSLI from to time,
either generally or with particular reference to the Insurance Advisor. Such
communications, directions and instructions may be sent by courier, email,
post, and fax or may be posted on the Restricted Website Area.
5.12- The Insurance Advisor shall familiarize himself with the Application
Law as in force time to time and which has a bearing on the discharge of
his obligations as an insurance agent; provided that in the event of any
change in the Applicable Law resulting in a dilution or abrogation of his
obligations under this Agreement, to the extent not provided otherwise, the
DETAILD STUDY OF INSURANCE POLICY & REQUIRMENT OF ADVISOR
amount within 15 days after the receipt of any communication from BSLI
in that regard.
6.7- The payment of commission to the Insurance Advisor after the
termination or cessation of this Agreement or payment of commission to the
legal heirs of a deceased Insurance Adviser shall be as provided in the
Applicable Law and in accordance with such other communications or
guidelines of BSLI as may be specified in this behalf.
6.8- Notwithstanding the above, BSLI shall not be obliged to pay any
commission or remuneration to the Insurance Advisor if the termination is
on account of fraud or any criminal conduct or serious violation of
Applicable Law.
7. Miscellaneous provisions:
7.1- All forms, applications, documents, properties or securities received by
the Insurance Advisor for or on behalf of BSLI shall be held by him in trust
for BSLI, and shall be promptly handed over to BSLI. Upon termination or
cessation of this Agreement the Insurance Advisor shall promptly deliver /
return, to
under this
Agreement failing which BSLI may, without prejudice to any other right or
remedy available to it under law, recover such debt, claim, loss, damage or
expenses from any money due and payable to the Insurance Advisor.
7.3- The Insurance Advisor shall allow officers of BSLI (including its
auditors and advisors), authorized in writing by BSLI , to inspect and make
copies of all / any records maintained by the Insurance Advisor in relation to
any subject matter under this Agreement.
8. Confidentiality:
8.1- All records, information and documents pertaining to BSLI or any of
its customers / prospect / policyholder, including any personal data obtained
from or for on behalf of or provided for BSLI and the contents of this
Agreement will constitute Confidential Information. For the purpose of this
clauses, any data, information or knowledge will also constitute
Confidential information which is not in public knowledge and whether or
not marked or identified as confidential and which is disclosed by BSLI to
the Insurance Advisor and whether written, oral or in any other form
(including without limitation, computer storage, tape or other electronic
media forum).
8.2- The Insurance Advisor undertakes and aggresses not to disclose,
directly or indirectly, and in any manner what so ever, whether during the
currency of this Agreement or any time thereafter Confidential Information.
However, such obligation of confidentiality will not apply in one or more of
the following:
8.2 a- if and to the extent the disclosure is required by any law or any court,
government agency or regulatory authority;
transfer the Marks or any of them. The Insurance Advisor agrees and
undertakes no to alter or modify any Marks or add any content to the Marks.
He further agrees not to remove, conceal or obliterate any copyright, creditline, date-line or other proprietary notice included in any document,
material, or other of BSLI . Any goodwill generated through the Insurance
Advisors use of the Marks shall inure solely to the benefit of BSLI.
10. Usage of Restricted Website Area:
10.1- The Insurance Advisor understands that BSLI provides certain
information specific to insurance advisors on the Restricted Website Area.
BSLI will provide, but without any obligation, such login ID to the
Insurance Advisor to access contents specific to the Insurance Advisor. The
Insurance Advisor agrees that they shall be fully responsible for any action
taken through the Restricted Website Area by using his login ID and
password. In the event there is any unauthorized usage or access noticed by
the Insurance Advisor, he shall immediately bring the same to the notice of
BSLI . It is clarified that BSLI will not be obliged to provide or pay for the
cost of any internet connectivity, hardware and software that the Insurance
Advisor may require for access to the Website or Restricted Website Area.
The Insurance Advisor further agrees, confirms and undertakes not to use
the Website for any purpose other than the permitted purpose, and not
permit any other person to access the Restricted Website Area through his
login ID and password.
11. Term and Termination:
11.1- This Agreement shall come into effect from the Effective Date and
shall continue to be effective unless terminated in accordance with the
provisions provided herein.
11.2- This Agreement shall terminate:
11.2.a- immediately and without any notice on the death of the Insurance
Advisor:
DETAILD STUDY OF INSURANCE POLICY & REQUIRMENT OF ADVISOR
11.3.d-
The Insurance Advisor shall not be entitled to assign his rights and
Research Methodology
While making a study we very often look for what type of research
methodology is to be used in this type of study. For implementation of a
proper research methodology we have to first understand the meaning of
research.
Research is a process with the help of which new concepts arises. It is the
increase in the actual knowledge stock. It can be called as movement from
known to unknown and vice-versa. It is also a continuous process. It is a
scientific as well as systematic process, which includes defining and
redefining the problem to develop hypothesis, to collect and define the
information/data, to analysis the information and bring out the mother of
Discovery. An individual makes the effort in research and society or public
takes its benefits because the results are usually generalized.
Data collection
The word data means any raw information, which is either quantitative
or qualitative in nature, which is of practical or theoretical use. The task of
data collection begins after a research problem has been defined and
research design chalked out. While deciding about the method of data
collection, the researcher should keep in mind that there are two types of
data primary and secondary.
Primary data: This is those, which are collected afresh and for the first Time, and thus
happen to be original in character. There are many ways of data collection
of primary data like observation method, interview method, through
schedules, pantry Reports, distributors audit, consumer panel etc. The Team
Managers and employees of both the Department were consulted to get
information about procedure of both the online and off line share trading.
But the method used by us for the primary data collection was through
questionnaires.
Questionnaire method
For the collection of primary data I used questionnaire method. A formal list
of questions, which are to be asked, is prepared in a questionnaire and
questions are asked on those bases. There are some merits and demerits of
this method. These as under: Merits: 1. Low cost even when universe is large.
2. It is free from bias of interviewer.
3. Respondents have proper time to answer.
4. Respondents who are not easily approachable can also be reachable.
5. Large samples can be made.
2. Secondary data: These are those data, which are not collected afresh and are used earlier also
and thus they cannot be considered as original in character. There are many
ways of data collection of secondary data like publications of the state and
central govt., reports prepared by researchers, reports of various associations
connected with business, Industries, banks etc. And the method, which was
used by us, was with the help of reports of the company.
Sample Size
We have meet 250 peoples during requirement Advisor and policy selling
after that I have taken 25 Peoples they have fill up the questionnaire and
given response .
Inference
On the basis of above analysis it has been concluded that around 68% of the policy
holders are having life plan, 22% of them are having Retirement plan and rest of them
are having the health plan.
Question. Are you satisfied with the Insurance plan you have?
Inference
On the basis of the analysis it has been concluded that around 72%of the people are
satisfied with plan they and rest if them are not satisfied.
Ques. Are you satisfied with the services provided by the company
regarding new plans and schemes?
Inference
On the basis of the above analysis it has been concluded that around 82% of the policy
holders are satisfied with the services provided by the company and rest of them are
not satisfied.
Inference
On the basis of the above analysis it has been concluded that around 67% of the
policyholders are interested to make more investments in BSLI and rest of them are
not interested.
Ques. Have you any other Insurance Plan apart from BSLI?
Inference
From the above analysis it has been concluded that around 89% of policy holders are
having other insurance plans apart from BSLI , in which around 60 % are having
LIC insurance plans, 11% are having Bajaj Allianz, 9% are having Birla Sunlife, 8%
are having ICICI Pru. and 12% are having other company insurance plans.
Ques. If you get any attractive plan than are you ready to switch over?
Inference
On the basis of the above analysis it has been concluded that around 82% of the policy
holders are ready to switch over if they get good attractive insurance plan and rest of
them dont.
Findings # 1
Findings # 2
Marital Status of Respondent
39%
61%
Married Unmarried
Findings # 3
Age of
Respondent
18%
2%
53%
27%
Less 25
25-35
35-45
Above 55
Findings # 4
Qualification Of Respondent
27%
16%
57%
12th Graduation Post Graduation
Findings # 5
Findings # 8
Findings # 10
ANALYSIS
Finding-1 shows the difference between the male & female
respondent who are selected as a new advisor the male dominant
over female. There is a big difference between the male &
female advisor.
Finding 2 shows the martial status of new advisors. Out of 100
advisors selected 61 are one married which is a good sign
because they are much more aware insurance and 39 unmarried.
Finding-3 shows the age group of selected advisors are quiet
encouraging. 53 % are over age of 55 years which is quite good
for company because they much more trusted by the prospect
than the other age group.
Finding-4 shows most of the selected advisors have a good
qualification. Most of them are graduate and post graduate.
Finding-5 shows, because 61% advisors are married so the
dependent person on them are same.
Finding-6 shows most of the new advisors are engaged in
different fields. Some are govt. employee, some are engaged in
private service and some have their own business.
Finding-7 All most 50% of the new advisors give full time to
their profession. This shows how new advisors are dedicated
towards their new profession.
CONCLUSION
The market potential for private insurance companies is found to
be greater in the long run as most of the Indians are of the
opinion that, private insurance companies would be able to
perform well in the future. The private and foreign insurance
companies have to take immediate steps in appointing more
number of agents and/or advisors in addition to the employees as
it has been found out that agents are the best channel to reach
the general public regarding selling of insurance products. The
private and foreign insurance companies have to concentrate on
the factors like 'Prevention of Loss', 'Assured Returns' and 'Long
term Investment'. They can also focus on an insurance amount of
Rs. 1 2 lakhs with 'money back policies'. Hence, the market
has potential. The private and foreign insurance companies that
are taking immediate steps can tap it easily & rapidly.
SUGGESTIONS
1)
2)
The company should find out the no. of people who are not
having any of the insurance plans through an intensive market research
and motivate them to get insured.
3)
4)
5)
6)
LIMITATIONS
Some of the respondents were not cooperative.
Some respondents were hesitating to give business details.
Biasness is another limitation that the scope of the survey.
The reliability and scope of survey greatly relies on the cooperation
of the respondents.
BIBIOLIOGRAPHY
www.BirlaSunlife.com
www. irda. gov. in
Birlasunlife New Advisor Book
www.google.com
Questionnaire
Name:...............................
Age:..
Occupation:..
(b) Retirement
(c) Health
Ques.2 Are you satisfied with the Insurance plan you have?
(a) Yes
(b) No
(b) No
Ques.5 Are you interested to make more investments inBirla Sun Life ?
(a) Yes
(b) No
Ques.6 Have you any other Insurance Plan apart from Birla Sun Life?
(a) Yes
(b) No
(a) LIC
(c) Birla Sunlife
(e) Others
Ques.8 If you get any attractive plan than are you ready to switch over?
(a) Yes
(b) No
Suggestions:
FORM IRDA-AGENTS-VA
(See Regulation 3)
Insurance Regulatory and Development Authority (Licensing of Insurance Agents) Regulations, 2000.
APPLICATION FOR A LICENCE / RENEWAL OF LICENCE TO ACT AS AN INSURANCE
AGENT
TO
THE INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY,
DEPARTMENT OF LICENSING,
NEW DELHI.
DEAR SIRS,
I request that --(a) a license to act as an insurance agent* / a composite insurance agent* may be granted to me.
(b) *my license bearing number ____________________ and expiry date_____________ may be
renewed for a further period of three years.
2. I hereby declare that particulars given below are true and that the license for which I apply will be used
only by myself for soliciting or procuring insurance business for one life insurer* / one general insurer* /
both*.
(1) Name:
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(6) If you ever held a Licence, state No. and date of expiry, otherwise say "Nil".
(a) Licence Number:
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(10) Give particulars of pass in pre-recruitment test conducted by the Insurance Institute of India or any
examination body:
(a) Name of Examination Body:
(b) Candidate's Number:
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(Day- Month-Year)
3. I further declare that---(a) I have not been found to be of unsound mind by a court of competent jurisdiction;
(b) I have not been found guilty of criminal misappropriation or criminal breach of trust or cheating or
forgery or an abetment of or attempt to commit any such offence by a court of competent jurisdiction;
(c) I have not been found guilty of or to have knowingly participated in or connived at any fraud,
dishonestly or mis-representation against an insurer or an insured in the course of any judicial
proceeding relating to any policy of insurance or the winding up of an insurance company or in the
course of an investigation of the affairs of an insurer; and
(d) #I have not violated the code of conduct specified under Regulation 8 of Insurance Regulatory and
Development Authority (Licensing of Insurance Agents) Regulations, 2000.
4. I have made the payment of licence fee of rupees two hundred and fifty and for which I enclose the
documentary evidence.
5. I enclose the following documents in support of the educational qualification, pre-recruitment test, and
the practical training.
(a) ______________________ (b)_________________________
Place
Yours faithfully,
Date:
Signature of applicant
(* Strike out portion not required.)
(# Not applicable to the applicants seeking license for the first time.)
An individual can apply for only one licence which will entitle him to solicit or procure insurance
business of any class and to act as an insurance agent for one life insurer, one general insurer, or both.
2.
The application should be filled in, as far as possible, in Hindi language or English language.
3.
Any correction or alteration made in any answer to the questions in the application should be initialled
by the applicant.
4.
An applicant must be at least 18 years of age on the date of the application. If required the applicant
shall furnish proof of age.
5.
An applicant shall furnish the proof of educational qualification, pass in the pre-recruitment test
conducted by the Insurance Institute of India, Mumbai or an examination body approved by the
Insurance Regulatory and Development Authority, and completion of practical training from a training
institution approved by the Insurance Regulatory and Development Authority, along with the
application. This is not applicable where the applicant is an absorbed agent.
6.
7.
The name and the licence No. given in the application are identical with those shown in the last
licence held. If there is any subsequent change in the name, the reasons for the same should be stated
furnishing documentary evidence for the same.
8.
The application should reach the designated person before the expiry of licence held by the applicant
but not more than three months before such expiry. If the application does not reach the designated
person at least 30 days before the date on which the last licence ceases to be in force, an additional fee
of one hundred rupees should be payable. In this connection please also refer to the provisions of subsections (3) and (3A) of section 42 of the Insurance Act, 1938.
9.
If the applicant desires to work for a life insurer or a general insurer or both, as the case may be, he
should enclose the documentary evidence of the relevant pass in the pre-recruitment test and the
completion of the relevant practical training.