Introduction

Introduction:-

The purpose of the project is to know about the market for Birla
Sun Life Insurace Company. Today overall market for insurance
industry is consider as 100% than only 30% market has covered
by insurance companies so there is 70% market is remaining for
insurance companies. Birla Sun Life Insurace Company is growing
very fast. In March month Birla Sun Life Insurace Company has
maximum business from its competitors.

In future life insurance sector going to give thousands of

vacancies to the students so there is lots of opportunities for
MANAGEMENT students. Because capture to remaining 70%
market they require lots of men over. Students have to give their
full efforts or 100% target in their summer internship program for
getting good placements in life insurance sector.
Objectives
Objectives:-
The prime objective of the study was to understand the market
and analysis the competitors.

The survey was used to

• Understand the type of Life Insurance Policies desired by the

customer.

• To find out the degree of awareness of life Insurance.

• To study the consumer behavior.

• To find out the market potential for life Insurance Policies in

Kota.

• To learn professionalism in market of financial product and

services.

• To find prospects for the institution.

To conduct the survey to know how many persons have Life

Insurance Policies or how many don’t have.
Company Profile
Birla Sunlife Insurance:-

Established in 2000, Birla Sun Life Insurance Company Limited

(BSLI) is a joint venture between the Aditya Birla Group, a well
known and trusted name globally amongst Indian conglomerates
and Sun Life Financial Inc, leading international financial services
organization from Canada. The local knowledge of the Aditya Birla
Group combined with the domain expertise of Sun Life Financial
Inc., offers a formidable protection for its customers’ future.

With an experience of over 9 years, BSLI has contributed

significantly to the growth and development of the life insurance
industry in India and currently ranks amongst the top 5 private
life insurance companies in the country.

Known for its innovation and creating industry benchmarks, BSLI

has several firsts to its credit. It was the first Indian Insurance
Company to introduce “Free Look Period” and the same was
made mandatory by IRDA for all other life insurance companies.
Additionally, BSLI pioneered the launch of Unit Linked Life
Insurance plans amongst the private players in India. To establish
credibility and further transparency, BSLI also enjoys the prestige
to be the originator of practice to disclose portfolio on monthly
basis. These category development initiatives have helped BSLI
be closer to its policy holders’ expectations, which gets further
accentuated by the complete bouquet of insurance products (viz.
pure term plan, life stage products, health plan and retirement
plan) that the company offers.

Add to this, the extensive reach through its network of 600

branches and 1,75,000 empanelled advisors. This impressive
combination of domain expertise, product range, reach and ears
on ground, helped BSLI cover more than 2 million lives since it
commenced operations and establish a customer base spread
across more than 1500 towns and cities in India. To ensure that
our customers have an impeccable experience, BSLI has ensured
that it has lowest outstanding claims ratio of 0.00% for FY 2008-
09. Additionally, BSLI has the best Turn Around Time according
to LOMA on all claims Parameters. Such services are well
supported by sound financials that the Company has. The AUM of
BSLI stood at Rs. 8165 crs as on February 28, 2009, while as
on March 31, 2009, the company has a robust capital base of Rs.
2000 crs.

Vision:-
To be a leader and role model in a broad based and integrated
financial services business.

Mission:-
To help people mitigate risks of life, accident, health, and
money at all stages and under all circumstances
Enhance the financial future of our customers including
enterprises
Values:-
Integrity
Commitment
Passion
Seamlessness
Speed

A US $28 billion corporation, the Aditya Birla Group is in the

league of Fortune 500 worldwide. It is anchored by an
extraordinary force of 100,000 employees, belonging to 25
different nationalities. The group operates in 25 countries across
six continents – truly India's first multinational corporation.

Aditya Birla Group through Aditya Birla Financial Services

Group (ABFSG), has a strong presence across various financial
services verticals that include life insurance, fund management,
distribution & wealth management, security based lending,
insurance broking, private equity and retail broking. The seven
companies representing ABFSG are Birla Sun Life Insurance
Company, Birla Sun Life Asset Management Company, Birla Sun
Life Distribution Company, Birla Global Finance Company, Birla
Insurance Advisory & Broking Services, Aditya Birla Capital
Advisors and Apollo Sindhoori Capital Investment. In FY 2008-09,
the consolidated revenues of ABFSG from these businesses
crossed Rs. 4763 crores, registering a growth rate of 36%.

For more information please visit www.adityabirla.com

Sun Life Financial is a leading international financial services
organization providing a diverse range of protection and wealth
accumulation products and services to individuals and corporate
customers. Chartered in 1865, Sun Life Financial and its partners
today have operations in key markets worldwide, including
Canada, the United States, the United Kingdom, Ireland, Hong
Kong, the Philippines, Japan, Indonesia, India, China and
Bermuda. As of December 31, 2008, the Sun Life Financial group
of companies had total assets under management of $381 billion.

For more information please visit www.sunlife.com

About Aditya Birla Group:-

A US $29.2 billion corporation, the Aditya Birla Group is in the

league of Fortune 500. It is anchored by an extraordinary force of
130,000 employees, belonging to 30 different nationalities. In
India, the Group has been adjudged "The Best Employer in India
and among the top 20 in Asia" by the Hewitt-Economic Times and
Wall Street Journal Study 2007. Over 50 per cent of its revenues
flow from its overseas operations.

The Group operates in 25 countries — India, UK, Germany,

Hungary, Brazil, Italy, France, Luxembourg, Switzerland,
Australia, USA, Canada, Egypt, China, Thailand, Laos, Indonesia,
Philippines, Dubai, Singapore, Myanmar, Bangladesh, Vietnam,
Malaysia and Korea.

Globally the Aditya Birla Group is:-

:: A metals powerhouse, among the world's most cost-efficient

aluminum and copper producers. Hindalco-Novelis is the
largest aluminum rolling company. It is one of the three
biggest producers of primary aluminum in Asia, with the
largest single location copper smelter
:: No.1 in viscose staple fiber
:: The fourth largest producer of insulators
:: The fourth largest producer of carbon black
:: The 11th largest cement producer globally, the seventh
largest in Asia and the second largest in India
:: Among the world's top 15 BPO companies and among India's
top four
:: Among the best energy efficient fertilizer plants

In India:-

:: A premier branded garments player

:: The second largest player in viscose filament yarn
:: The second largest in the chloral-alkali sector
:: Among the top five mobile telephony companies
:: A leading player in life insurance and asset management
:: Among the top three supermarket chains in the retail business

Rock solid in fundamentals, the Aditya Birla Group nurtures a

culture where success does not come in the way of the need to
keep learning afresh, to keep experimenting.

Beyond business — the Aditya Birla Group is:-

:: Working in 3,700 villages

:: Reaching out to seven million people annually through
the Aditya Birla Centre for Community Initiatives and Rural
Development, spearheaded by Mrs.Rajshree Birla
:: Focusing on: health care, education, sustainable livelihood,
infrastructure and espousing social causes
:: Running 42 schools and 18 hospitals

Transcending the conventional barriers of business to send out a

message that "We care".

About Sun Life Financial:-

Sun Life Financial is a leading international financial services
organization providing a diverse range of protection and wealth
accumulation products and services to individuals and corporate
customers. Chartered in 1865, Sun Life Financial and its partners
today have operations in key markets worldwide, including
Canada, the United States, the United Kingdom, Ireland, Hong
Kong, the Philippines, Japan, Indonesia, India, China and
Bermuda. As of December 31, 2008, the Sun Life Financial group
of companies had total assets under management of $381 billion.

Management Team
Mr. Ajay Srinivasan
Managing Director

Mr. Srinivasan holds a Bachelor of Arts degree with Honors in

Economics from St. Stephens College, University of Delhi and an
MBA from the Indian Institute of Management, Ahmadabad. He
is the Chief Executive, Financial Services and Director, Corporate
Strategy and Business Development at the Aditya Birla Group
since July 2007.

In his role as Chief Executive, Financial Services, Aditya Birla

Group, he sets the strategic direction and vision and provides
operational leadership for the Group’s Financial Services
business. In his role as Director, Corporate Strategy and
Business Development, he directs and strategies on business
portfolio issues for the Aditya Birla Group focusing on the long-
term sustainability, profitability and value creation of the Group’s
businesses.

Prior to joining the Aditya Birla Group, Mr. Ajay Srinivasan was
associated with Prudential Corporation Asia, Thread needle Asset
Management, etc. at senior levels. With a proven track record
for building successful businesses, his experience in the financial
services industry spans almost two decades.

Mr. Mayank Bathwal

Chief Financial Officer

Mr. Amitabh Verma

Chief Operating Officer
Mr. Fabien Jeudy
Chief Actuarial Officer & Appointed Actuary

Mr. Vikram Kotak

Chief Investment Officer

Mr. Chander Chellani

Chief Distribution Officer

Mr. Rahul Sinha

Chief Marketing Officer

Ms. Vinni Soni

Head Group Business

Ms. Anjana Grewal

Senior Vice President Health Business

Mr. Saurov Ghosh

Vice President Human Resources

Mr. Lalit Vermani

Vice President Risk and Internal Audit functions

Mr. Bhalachandra Nayak

Vice President Strategy & Projects

Mr. Puneet Bansal

Legal & Company Secretary

Board of Directors:-
Mr. Kumar Mangalam Birla
Chairman, The Aditya Birla Group

Mr. Birla is a Chartered Accountant and has also earned an

MBA (Masters in Business Administration) from the London
Business School, London.
He is the Chairman of the Aditya Birla Group, which is among
India's largest business houses. Among its major companies in
India are Grasim, Hindalco, UltraTech Cement, Aditya Birla
Nuvo and Idea Cellular and globally — Novelis, Minacs, Aditya
Birla Minerals, Aditya Birla Chemicals. Its JV operations include
Birla Sun Life Asset Management Company, Birla Sun Life
Distribution Co. Ltd and Birla Sun Life Insurance Co. Ltd.
The media has showered various accolades on him. Between
1997 to-date, India Today has named him among the top 5 in
their "High and Mighty" Power List and The Economic Times
among the top 10 most influential Leaders. The NDTV, Star
Plus "India Business Week" designated him as "The
Businessman of the Year". Global Finance has cited him among
the 10 Super Stars of Corporate Finance. Business World
ranked him among the top 10 of India's most admired and
respected CEOs and the top CEO of the coming millennium,
and Hindustan Times named him as "The Businessman of the
Year" as well. He is also on the Board of various companies.

Mr. Ajay Srinivasan

Chief Executive – Financial Services Aditya Birla Group

Mr. Bishwanath Puranmalka

Director – Financial Services Aditya Birla Group
Mr. Donald Stewart
Chief Executive Officer Sun Life Financial

Mr. Venkatesh Mysore

Country Head – India Sun Life Financial, Asia

Mr. Gian Gupta

Mr. Stephan Rajotte

President –Sun Life Financial, Asia

Mr. Suresh Talwar

INTRODUCTION TO INSURANCE:-

“Life Insurance is about living happily with financial peace in

mind”

The business of insurance is related to the protection of the

economies of asset every asset has value & is expected to last
for a certain period of time during which it will perform after
that the benefit may not be available but sometime after may
get lost earlier, an accident or some other unfitness may
destroy it or make it non functional and deprive of the benefits.
Which may give to an adverse situation is a mechanism that
helps to reduce the effect of such adverse situation.
Insurance does not protect the asset. It does not prevent its
loss due to the peril. The petil can not be avoided through
insurances. The peril can sometime avoid. Through better
safety and damage control management. Insurances only tries
to reduce the impact of the risk on those who depends on that
asset it only compensates the losses and that too, not fully only
economic consequences insured. if the loss is not financial,
insurance may not be possible.

There are certain principles, which make it possible for

instanced to remain a fair arrangement. It is difficult for any
one individual to bear the consequences of the risk that he is
exposed to it will become bearable when the community shared
the burden. The second is that peril should occur in accidental
manner. Insurance is done
Against the contingency that may happen in the case of human
being, death is certain but the time of death is not uncertain in
the person who is terminally ill. The time of death is not
uncertain. Through not exactly known not be insured.
A human being is an income-generating asset. One’s manual
labour, professional skill and business acumen are the asset.
This asset also can be lost through unexpectedly early death or
through sickness and disabilities caused by accidents. So life
insurance is necessary to help those who depend on the income
which is lost due to accident.

Basics of insurance

Meaning of Insurance:-

Insurance provides financial protection against a loss arising

out of happening of an uncertain event. A person can avail this
protection by paying premium to an insurance company.

A pool is created through contributions made by persons

seeking to protect themselves from common risk. Premium is
collected by insurance companies which also act as trustee to
the pool. Any loss to the insured in case of happening of an
uncertain event is paid out of this pool.

Insurance works on the basic principle of risk-sharing. A great

advantage of insurance is that it spreads the risk of a few
people over a large group of people exposed to risk of similar
type.

Definition:-

Insurance is a contract between two parties whereby one party

agrees to undertake the risk of another in exchange for
consideration known as premium and promises to pay a fixed
sum of money to the other party on happening of an uncertain
event (death) or after the expiry of a certain period in case of
life insurance or to indemnify the other party on happening of
an uncertain event in case of general insurance.
The party bearing the risk is known as the 'insurer' or 'assurer'
and the party whose risk is covered is known as the 'insured' or
'assured'.

Concept of Insurance / How

Insurance Works:-
The concept behind insurance is that a group of people exposed
to similar risk come together and make contributions towards
formation of a pool of funds. In case a person actually suffers a
loss on account of such risk, he is compensated out of the same
pool of funds. Contribution to the pool is made by a group of
people sharing common risks and collected by the insurance
companies in the form of premiums.
Brief history of Life Insurance Sector:-

The insurance sector in India has come a full circle from being
an open competitive market to nationalization and back to a
liberalized market again. Tracing the developments in the
Indian insurance sector reveals the 360-degree turn witnessed
over a period of almost 190 years. The business of life
insurance in India in its existing form started in India in the
year 1818 with the establishment of the Oriental Life Insurance
Company in Calcutta.

Some of the important milestones in the life insurance business

in India are:
1912 - The Indian Life Assurance Companies Act enacted as
the first statute to regulate the life insurance business.

1928 - The Indian Insurance Companies Act enacted to enable

the government to collect statistical information about both life
and non-life insurance businesses.

1938 - Earlier legislation consolidated and amended to by the

Insurance Act with the objective of protecting the interests of
the insuring public.

1956 - 245 Indian and foreign insurers and provident societies

taken over by the central government and nationalized. LIC
formed by an Act of Parliament, viz. LIC Act, 1956, with a
capital contribution of Rs. 5 crore from Government of India.

The General insurance business in India, on the other hand,

can trace its roots to the Triton Insurance Company Ltd., the
first general insurance company established in the year 1850 in
Calcutta by the British.

Some of the important milestones in the general insurance

business in India are:

1907 - The Indian Mercantile Insurance Ltd. set up, the first
company to transact all classes of general insurance business.

1957 - General Insurance Council, a wing of the Insurance

Association of India, frames a code of conduct for ensuring fair
conduct and sound business practices.

1968 - The Insurance Act amended to regulate investments

and set minimum solvency margins and the Tariff Advisory
Committee set up.

1972 - The General Insurance Business (Nationalization) Act,

1972 nationalized the general insurance business in India with
effect from 1st January 1973.

107 insurers amalgamated and grouped into four companies’

viz. the National Insurance Company Ltd., the New India
Assurance Company Ltd., the Oriental Insurance Company Ltd.
and the United India Insurance Company Ltd. GIC incorporated
as a company.

Overview of Life Insurance:-

Insurance Overview will try to do a serious attempt of
describing the meaning of insurance and the terms associated
with it. Many people do have heard about the term “Insurance”
but don't have a clear idea about it. Again many might not be
conversant with the different entities of this huge market of
insurance.

Insurance Overview would try to give a bird's eye view on the

different sectors of the insurance industry such as insurance
company, insurance broker, etc. Insurance also has certain
concepts attached with it like insurance premium, insurance
rates, etc. before buying a insurance a customer must be
conversant with the benefits and risks associated with it. They
must be aware of the extent of the regular payment of the
premium to the insurance company.

Insurance Overview also tries to give the best insurances

available in the market. The selection of the best insurance is
based on certain parameters and becomes a bit difficult and
cumbersome for a particular individual to choose from the
whole array of available insurance offers. But now-a-days the
insurances are available online just like the credit cards and
mutual funds where one could select, compare and apply for
the same.

Terms and conditions of specific insurances are written in the

application forms where all the particulars including rules, fees
structure, etc are written with minute details. Hence a
insurance customer must go through all these before applying
for the same. Policies of insurance companies differ from each
other. Thats why reading the terms of the insurance companies
become so much important.

Insurance Overview thus has tried to point out the important

points which a insurance customer should know.
Tried to point out the important points which a insurance
customer should know.

Meaning Insurance

Insurance Company

Insurance Broker

Insurance Policy
Term Insurance

Insurance Claim

Mortgage Insurance

Insurance Coverage

On line Insurance

Affordable Insurance
Best Insurance

Insurance Premium

Insurance Risk

Insurance Information

Insurance Benefits

List of Life Insurance Companies in India:-

 Birla Sun life

 ICICI Prudential Life Insurance
 HDFC Standard Life
  Bajaj Allianz Life
 SBI Life Insurance
 Kotak Old Mutual Life Insurance
Aviva Life Insurance
 Reliance Life Insurance
 Bharti Axa Life
 Future generally life Insurance
 Tata AIG Life
 MetLife India Life Insurance
 ING Vysya Life Insurance
 Max Network Life Insurance
 Sahara Life Insurance
 Shriram Life Insurance
 Aegon religare life Insurance
 Life Insurance Corporation of India

 IDBI Fortis Life Insurance Company Ltd

 DLF Pramerica Life Insurance Co. Ltd.

 Star Union Dai-ichi Life Insurance Comp. Ltd.

Why We Take Life Insurance Policies?

As we all know that now day’s ‘life Insurance’ is not only to

secure the life. It is also an investment phase.

Now life insurance is not only……..

 To secure the life

 To investment
 To get the benefits in the future
 To get tax benefits

But also………

 Today you can get return on your invested money in the

plan With the risk cover.

 Now days life insurance is not only a risk cover

instrument, it is also a Investment instrument.

 The processing of current life insurance companies is like a

mutual fund.

The fund managers are here to take responsibility of your

money.
 Major Competitors:-

Major Competitors Of Life Insurance Companies

In Investment Instrument is

MUTUAL FUNDS

Mutual Funds:-
A security that gives small investors access to a well-diversified
portfolio of equities, bonds and other securities. Each shareholder
participates in the gain or loss of the fund. Shares are issued and
can be redeemed as needed.

The fund's net asset value (NAV) is determined each day. Each
mutual fund portfolio is invested to match the objective stated in
the prospectus.

It has been shown in study after study that a majority of mutual

funds fail to beat the market. Also, picking mutual funds purely
on the basis of past performance usually does not work.

As you probably know, mutual funds have become extremely

popular over the last 20 years. What was once just another
obscure financial instrument is now a part of our daily lives. More
than 80 million people, or one half of the households in America,
invest in mutual funds. That means that, in the United States
alone, trillions (yes, with a "T") of dollars are invested in mutual
funds.

In fact, too many people, investing means buying mutual funds.

After all, its common knowledge that investing in mutual funds is
(or at least should be) better than simply letting your cash waste
away in a saving account, but, for most people, that's where the
understanding of funds ends. It doesn't help that mutual fund
salespeople speak a strange language that, sounding sort of like
English, is interspersed with jargon like MER, NAVPS, load/no-
load, etc.

Originally mutual funds were heralded as a way for the little guy
to get a piece of the market. Instead of spending all your free
time buried in the financial pages of the Wall Street Journal, all
you have to do is buy a mutual fund and you'd be set on your
way to financial freedom. As you might have guessed, it's not
that easy. Mutual funds are an excellent idea in theory, but, in
reality, they haven't always delivered. Not all mutual funds are
created equal, and investing in mutual isn't as easy as throwing
your money at the first salesperson who solicits your business.

Certain Mutual Funds Terms:-

Net assets value (NAV).

Tactical assets allocations

Portfolio

Portfolio turnover

No- load fund

NAV per share

Non-taxable dividends

Open-end fund

Strategic assets allocation

Trust deed

Vulture fund

Weighted average credit rating

Recruitment
Recruitment:-

Introduction:-

After the required number and kind of human resources are

determined, the
Next step in the procurement function is to locate the sources
wherefrom the required human resources can be available and to
attract then towards the organization. This is known as
“recruitment’.

Meaning of Recruitment:-

According to Flippo, Recruitment is the process of searching for

prospective employees and stimulating and encouraging them to
apply for jobs in an organization. In the words of Yoder.
“Recruitment is a process to discover the sources of manpower to
meet the requirement of the staffing schedule and to employ
effective measures for attracting that manpower in adequate
number.”2 Recruitment needs are of there types – planned,
anticipated and unexpected, Planned needs arise from change in
organization. An analysis of these definitions reveals the following
features:
(1) Recruitment is a process or a series of activities rather than a
single act or event. (2) Recruitment is a linking activity as it
brings together those with jobs (employer) and those seeking
jobs. (Prospective employees)
(3) Recruitment is a positive function as it seeks to develop a pool
of eligible person from which most suitable ones can be selected.
(4) The basic purpose of recruitment is locate the sources of
people required persons to meet job requirement and attractive
such people to offer them selves for employment in the
organization.
(5) Recruitment is an important function as it makes it possible to
acquire the number and type of persons necessary for the
continued functioning of the organization. Careful recruitment of
employees is particularly important in India because the chances
of mismatching the job and the person are greater
(6) Recruitment is a pervasive function as all organization
engages recruiting activity.
(7) Recruitment is a two-way process.
(8) Recruitment is a complex job because too many factors affect
it. E.g. image of the organization, nature of jobs offered
organizational policies, working conditions and compensations
levels in the organization, rate of growth of the organization, past
recruitment record, employment conditions in the community.

STEPS IN RECRUITMENT PROCESS:-

The recruitment process consists of the following Steps:
  Recruitment process generally begins when the personnel
department receives requisitions for recruitment from any
department of the company. The personnel requisitions
contain details about the position to be filled, number of
persons to be recruited, the duties to be performed,
qualifications required from the candidate, terms and
conditions of employment and the time by which the person
should be available for appointment etc. locating and
developing the sources of required number and type of
employees.
 Identifying the prospective employees with required
characteristics.
 Communicating the information about the organization, the
job and the terms and conditions of service.
 Encouraging the identified candidates to apply for jobs in the
organization.
 Evaluating the effectiveness of recruitment process.

According the Famulrao, recruitment process consists of five

elements, namely a recruitment policy, a recruitment
organization, developing sources of recruitment, techniques used
to tap these sources and a method of assessing the recruitment
programmer. Fig. 2.9 depicts the elements of recruitment process
along with place of recruitment in the procurement function.
  Encouraging the identified candidates to apply for jobs in the
organization.
 Evaluating the effectiveness of recruitment process.

According the Famulrao, recruitment process consists of five

elements, namely a recruitment policy, a recruitment
organization, developing sources of recruitment, techniques used
to tap these sources and a method of assessing the recruitment
programmer. Fig. 2.9 depicts the elements of recruitment process
along with place of recruitment in the procurement function.

Recruitment Policy:-
Recruitment policy specifies the objectives of recruitment and
provides a framework for the implementation of the recruitment
programmer. It may involve commitment to principles such as
enriching the organization’s human resources by filling vacancies
with the best qualified people, attitudes towards recruiting
handicaps, minority groups, woman, friends and relatives of
present employees, promotion from within. It may also involve
the organizational system to be developed for implementing the
recruitment programmer and procedures to be employed.
Recruitment policy should be based on the recognition that it is
hard to find qualified executives.
A recruitment policy involves the employer’s commitment to such
general principles as –
(a) To find and employ the best qualified persons for each
job:
(b) To retain the most promising of those hired ;
(c) To offer promising opportunities for life time working
careers;
(d) To proved facilities and opportunities for personal growth
on the bob;
A properly planned and systematic recruitment policy is
necessary to minimize disruption of the work due to changes in
employment opportunities. A well-considered and per-planned
recruitment policy based on the goals, needs and environment of
the organization will help to avoid hasty or ill-conceived decisions
and help to man the organization with the right kind of personnel.
The factors affecting recruitment policy include organization
objectives, personnel policies of the organization and of its
competitors, government policies on reservation and sons of the
soil, preferred sources of recruitment, organization’s recruitment
need, recruitment costs and financial implications, selection
criteria and preferences, etc.
There are several per-requisites of a good recruitment policy.
It should:
 Abide by the relevant public and legislation on hiring and
employment relationship.
 Provide employees with job security needs and continuous
employee.
 Integrate organization need and employee needs;
 Provide each employee with freedom and opportunity to
utilize and develop knowledge and skill to the maximum
possible extent ;
 Treat a employees fairly and equitably relation ships.
 provide suitable jobs and protection to handicapped, women
and minority groups ;
 Encourage responsible trade unions
Be flexible enough to meet the changing need of the organization.

Recruitment Organization:-
Recruitment practices differ from one organization to another.
Some Organizations like public sector banks adopt centralized
recruitment whereas other organization resorts to decentralized
recruitment. Under centralized recruitment personal department
at the hade office performs all the functions of recruitment. Every
operating department sends requisitions or indents for
recruitment to there central office. On the other hand, each
department / unite carries out case of decentralized recruitment.

Centralized recruitment offers the following

advantages:-
1. It reduces the administrative cost by consolidation all
recruitment activities at one place.
2. It helps in better utilization of specialist.
3. It ensures uniformity in recruitment and selection of all
types of employees.
4. It facilitates interchangeability of staff between different
units / zones.
5. It relives the line executives of recruitment problem
thereby enabling them to concentrate on their operational
activities.
6. It tends to reduce favoritism in recruitment and make
the recruitment process mort scientific.
7. Centralized recruitment suffer from the following
disadvantages.
8. There is delay in recruitment as operating units cannot
recruit staff as and when required.
 9. The central office may not be fully familiar with job
requirements of different units and the most suitable
sources for the required staff.
10. Recruitment is not flexible because operating units lose
control over the recruitment process.
Both centralized recruitment and decentralized recruitment have
their own merits. The choice between the two will depend on the
management philosophy and need of the particular organization.
In some cases a combination of both the system is used. Lower
level staff is recruited centrally whereas middle and top level
executives are recruited in a decentralized manner.

Sources Of Recruitment:-

Various sources of recruitment may be classified in two broad

categories, namely internal sources and external sources.

Internal Sources:-
Internal sources consist of the following:-
 Present employee – Permanent, temporary and casual
employees already on the pay of the organization are a
good source. Vacancies my be filled up form such
employees through promotions transfers, upgrading and
even demotion. Transfer implies shifting on employee
from one job to another without any major change in the
status and responsibilities of the employee. On the other
hand, promotion refers to shifting of an employee to a
 higher position carrying higher status responsibilities and
pay.
 Retired and retrenched employee who wants to return to
the company may be rehired.
 Dependents and relatives of deceased and disabled
employees.

Internal sources have the following merits:-

 Morale and motivation of employees improve when they
are assured
 That they would be preferred in filling up vacancies at
higher levels. A sense of security is created among
employees.
 Suitability of existing employees can be judged batter as

record of their qualification and performance is already

available in the organization.
 Present employees are already familiar with the

organization and its Policies. Therefore, time and costs of

orientation and training are low.
 The time and expenditure of recruitment are reduced as
there is little Need for advertising vacancies or arranging
rigorous tests and interviews.
  Filling of higher level jobs through promotions within the

organization helps to retain talented and ambitious

employees. Labour turnover is reduced.

Internal sources however have some

demerits:-
 It may lead to inbreeding.
 It discourages flow of new blood in to the organization.
 If promotion is based on seniority really capable persons
may be left out.
 The choice in selection is restricted. More talented
outsiders may not be employed
 All vacancies cannot be filled up from within the
organization.
This source of recruitment is not available to a newly established
enterprise.
External Sources:-
External sources of recruitment lie outside the organization.
These are as follows: -

Education and Training Institutions

 Recruiting Agencies.
 Employment Exchanges
 Labour Contractors.
 Gate Recruitment
 Similar Organizations
  Recommendations
 Press advertisements

External Sources Of Recruitment Offer The

Following Advantage: -
 People having the requisite skill, education and training can
be obtained.
 As recruitment is done from a wider market, best selection
can be made irrespective of caste, sex or religion.
 Expertise and experience from other organizations can be
brought.
 It helps to bring new blood and new ideas into the
organization.
 This source of recruitment never ‘dries up’. It is available to
even new enterprises.
 External sources are best when suitable people from within
are not available and when the organization is diversifying or
merging with other organizations.

External sources, however, suffer from the

following disadvantages:-

 It is more expensive and time-consuming to recruit people

from outside. Detailed screening is necessary as very little is

known about the candidate.
  The employees being unfamiliar with the organization, their
orientation and training is necessary.
If higher level jobs are filled from external sources, motivation
and loyalty of existing staff are affected.

Methods Of Recruitment:-
Recruitment methods or techniques are the means by which an
organization establishes contact with potential candidates,
provides them necessary information and encourages them to
apply for jobs. These methods are different from the sources of
recruitment. Sources are the locations where prospective
employees are available. One the other hand, methods are ways
of establishing links with the prospective employees. Various
methods employed for recruiting employees may be classified into
the following categories:-

1. Direct Methods:-Under direct recruitment scouting, employee

contacts, manned exhibits and waiting lists are use. In scouting
representatives of the organization are sent to education and
training institution. These traveling recruiters exchange
information with the students clarify their doubts; stimulate them
to apply for jobs, conduct campus interviews and shirt list
candidates for further screening. They act in cooperation with the
placement office/head of the institution. Another direct method is
to ask employee of the organization to contact the public and tell
about the vacancies. Manned exhibits involve sending recruiters
to seminars and convention, setting up exhibits at fairs and using
mobile offices to go to the desired centers. Some organization use
waiting lists of candidates who have indicated their interest in
jobs in person, through mail or over telephone.

2. Indirect Methods:- Advertisements in newspapers, journals,

on the radio and television are used to publicize vacancies. A well
throughout and clear advertisement enables candidates to assess
their suitability so that only those possessing the requisite
qualifications will apply. This method is appropriate when the
organization wants to reach out to a large target group scattered
geographically. Whenever necessary a blind advertisement can be
given in which only box no is given without identifying the firm.
Considerable details about jobs to be filled and qualification
required can be given in the advertisement. But a large number
of applicants may be unsuitable.

3. Third Party Methods:- Various agencies can be used to

recruit personnel. Public employment exchanges, management
consulting firms, professional societies, temporary help societies,
trade unions, labour contractors are the main agencies. In
addition, friends and relations of existing staff and deputation
method can be used.
Procedure For Becoming An Advisor:-

The insurance act 1938 lies down that an insurance agent must
possess a license under section 42 of that Act. The licensed to be
issued by the IRDA. The IRDA has authorized designated persons,
in each insurance company to issue the licensed on behalf of the
IRDA. The free for the licenses of making an applicant etc. Have
describe in the IRDA regulations. A license issued by the IRDA will
be valid for three years. The license may act an agent for a life
insurer for a general or a “composite insurance agent” working for
a life insurer as well as general insurer. No agent is allowed to
work for more then one life insurance or more then one general
life insurance company. The qualification necessary before a
license can be given is that the person (individual or corporate
insurance executive) must.

 Be at least 18 years old

 Have passed at least the xii standard or equivalent
examination. If he is to be appointed in a place with a
population of 5000 or more or 10th std otherwise.
 Have under gone practical training for at least 100 hours in
life or general insurance business. As the case may be , from
an institution, approved and notified by IRDA in the case of
a person wanting to become a composite insurance agent,
the applicant should have completed 150 hours practical
 training in life and general insurance business, which may be
spread over six to eight weeks.
 Have passed the pre recruitment examination conducted by
the insurance institute of India or any other examination
body recognized by the IRDA
 A person with the following disqualification in debarred from
holding a license.

 He has been found to be unsound mind by a court of

competent jurisdiction.

 He has been found guilty of criminal of trust,

misappropriation, cheating, forgery or abetment or attempt
pt commits any such offence.

The license once issued can be cancelled whenever the person

acquires a disqualification. Application for renewal have to made
at least thirty day before the expiry of the license, along with the
renewal fee of Rs. 250. If the application is not made at least
thirty day before the expiry. But is made before the date of expiry
of license. An additional fee of Rs 100 is payable. If the
application made after date of expiry, it would be normal be
refunded. Prior to renewal of the license, the agent should have
completed at least 25 hrs practical, training in life or general
insurance business or at least 50 hrs practical in life and general
insurance business in the case of composite insurance agent. To
know the acceptability of private insurance sector we interviewed
the agent of various private insurance companies and they are
the person who is in contact with the consumers and best to tell
about accept ability.
Selection and Training of Agents:-
The NGO partner is enlisted on the basis of recommendations
from donor agencies and others in the Indian development
community. Once the NGO partner is selected, Birla Sunlife asks
then GO to draw a list of appropriate persons based on a Birla
Sunlife’s profile of ideal microagents.For example, the criteria for
the selection of a CRIG leader include:
1. Must be a resident of the community in which she will sell and
service policies.
2. Preferably having passed the 12th school year or at least the
10th—this is to insure that she is eligible to be licensed (an IRDA
requirement).
3. Married: Since MI is long-term commitment to policyholders,
an unmarried Ringleader may migrate to her (future) husband’s
village, leaving the CRIG and the policyholders in the lurch.
4. Ability to write English: Since the underwriting at the head
office is in English, it is imperative that the proposal forms are
filled in English.
5. Good track record of integrity: Money handling is integral part
of her duty as a leader.
6. Effective leadership qualities: She has to manage a group of 4
other women.
7. Public speaking ability: She will be required to address large
gatherings to promote Birla Sunlife’s products.
8. Training skills: Since she is the only one trained on insurance,
she has to train the other four.
9. Must have a positive influence among the target market. Each
leader, in her area, should preferably be a woman who is admired
for her integrity, forward looking, and progressive nature, and
must be able to use this influence to enable her CRIG members to
achieve their targets.
10. Preferably, she should have some previous work experience in
the social sector.
This profile is constantly updated to reflect new learning from
operations across the country. On reflection, the skills required to
become a CRIG leader are considerable and may restrict the
replication of the model in states with a scarcity of such skills
among the rural poor, especially women.
Once Birla Sunlife has a list of candidates, they take a written test
to assess whether they have the comprehension and analytical
skills required for the job. This examination is mandated by the
regulator and it’s conducted by an external examiner. The
successful candidates then go through three days of micro
insurance product training where they learn about administrative
processes.

After being licensed and forming their CRIGs, the agents start
selling. Three months into their insurance careers, most agents
qualify for a soft skills development programmed that
Birla Sunlife refers to as the retraining module. There are three
retraining modules held over a period of a year and each lasts
three days. These modules impart basic knowledge on retail
finance including insurance, analyzing company data, advice on
objection handling, teambuilding, communications development,
leadership practices, as well as general instruction on the
relevance of micro insurance to the poor. Training is also provided
on computer usage, particularly the Internet to facilitate the use
of the agent’s portal. The entire programmed is in vernacular and
based on activities and role plays.

Claim Settlement Process:-

Birla Sunlife’s micro insurance products were designed to require
almost no underwriting. The Birla Sunlife’s micro insurance
products were designed to require almost no underwriting. The
thought behind this was that underwriting all applicants is more
expensive then verifying a few claims extensively. While this
saves costs, claims rejections cause ill will. Such ill will could be
avoided through more underwriting. The claims requirements for
a policyholder are as follows: Good and Bad Practices in Micro
insurance Birla Sunlife.
 Completed claim form by beneficiary/policyholder, the
micro-agent, and the NGO
  Letter from a doctor as to the cause of death
 Death Certificate (or Certified Death Register Extract in lieu
of it)
 Original policy document
 Relevant hospitalization records and relevant government
records. Additional specified
 documents such as, in the case of an accidental death, a
first incident report from a local
 police station that indicates that the death was a result of an
accident.
 Verifiable identity documents of insured and beneficiary
 The policyholder’s beneficiary, through the Agent/NGO,
couriers these documents to the Icici Prudential Office.

The claim process is as follows:

 Birla Sunlife branch verifies claim documents (collected
monthly from the NGO)
 Birla Sunlife Branch sends documents to home office at
Mumbai
 Claims are be settled by cheque in the name of the
beneficiary.
 NGO ensures receipt of the claim by beneficiary and liaises
with a local bank to open account.
At present, claims processing has been brought down to 30 days
from receipt of a claims form to settlement. This is still longer
then it would take if the NGO settled the claim and then claimed
from the insurer. This lengthy process does not help the client
with immediate expenses that result from the death. In addition,
as many do not have bank accounts, there may be additional
delays and transaction costs for the client to cash the cheque.
The NGO partner typically assists the beneficiary with opening a
bank account. This is to comply with insurance law that requires
that the insurance company settles directly with the client, not
through an agent.
 Research

Methodology
Meaning Of Research:-
Research is common parlance reference to search of knowledge.
One can also define research as scientific and systematic search
for pertinent information on specific topic. In fact research is a art
of scientific investigation Research is an academic activity and as
such the term should be used in technical sense. According to
Clifford woody research comprises defining and redefining
problems, formulating hypothesis or suggested solution;
collecting, organizing and evaluating data; making deduction and
reaching conclusion; and at last carefully testing the conclusion to
determine whether the fit the formulating hypothesis.

Title Of Research:-

Title of research is under taken is acceptability and perception in

private insurance sector and recruitment of Insurance Advisor for
Birla Sunlife insurance who are an authorized salesmen for
insurance acts on behalf of company. Making business is the main
motto of every organization in today’s scenario insurance sector is
emerging with good business opportunities; so all companies are
penetrating in insurance sector to make more profit. Today
insurance is not govern by public organization but private
companies are also coming big way. The recruitment process is
rational it is difficult to search for an likely advisor who fulfill all
optional and mandatory parameters to be an Insurance Advisor.
Although we face various problem regarding seeking information
about target or to whom we had to and hoe to approach but the
co-operation from various friends, colleagues and specially the
staff we have completed our work with satisfaction.

Objectives Of Research:-
This Research focus on the acceptability and market perception of
the private insurances sector regarding the various insurance
policies and recruitment procedure adopted by Birla Sunlife
Insurance Co.

Objectives of the research are :-

 To Find out Advisors for Birla Sunlife Who well suited to the
criteria of likely advisor?
 To know the extent to which public rely on private insurance
sector.
 To find and analyze the effectiveness & pitfalls recruitment
procedures of Birla Sunlife Insurance Co.

It was a descriptive research as it covers both widespread

objectives based on both primary and secondary data. We
collected data through various seminar, clubs meeting and public
joints. To know acceptability above private insurance we
interviewed existing advisor and some customers.
Significance Of Research:-
Every one put his/her time money effort because of some
signification.
• TO Birla Sunlife Insurance Co - As bank got valuable data

regarding acceptability of private insurance sector and pitfall

of private insurance in the private insurance in the insurance
industry. Now the insurance company can take some
significant steps in the direction of increasing this market
share secondly Birla Sunlife life got appropriate advisor, in
their team who work dedicatedly for the company.
• To The Student:-It also has a lot of significance to me we got

the previous knowledge about various function of insurance

companies, their product and data regarding. The various
services, benefits provided by the companies. It helps us in
identifying, targeting and segmenting the potential area. It
will help us in my future for the practical application in real
life.

Research Design:-
A research design is the arrangement of condition for collection
and analysis of data in a manner that aims to combine relevance
to the research purpose with economy in procedure. In fact the
research design conceptual structure with in research is
conducted.
Swot Analysis
Strength:-
 Financial rating of companies
 Flexibility of plans
 Highly co-operative & skilled staff.
 Sales oriented organization.
 Aggressiveness of sales force in selling products.
 The company has expertise in managing big business.
 Effective and wider distribution network.
 Product designed for each age group & every area of
personal.
 Birla Sunlife provide unique training program for insurance
advisor called product training
 The company enjoys a very high brand loyalty & recall
value among its customer.
 The company has a presence in all metros as well as in
most of the major cities in country.

Weakness:-
 Less coverage in rural areas.
 Less staff
 Lack in making follow – up.
 Lack of corporate agent.
 Lack of customer services.
 Lack of promotional activities.
Opportunity:-

 There is continuous growth in insurance sector and rural

market is still untapped.

 People have started Turing towards private insurance

sector as they know that security and growth of money is

better then another insurance company.

 Government has also started investing in private

insurance sector.

 Market is fully to capture because the branch has recently

set up its business so there is growth chances in the Kota

market.

Threats:-

 Competition in insurance sector is increase sing with the

entry of private giants like HDFC Standard life , Tata - Aig ,

Bajaj Allanze, Sahara, Gic, LIC etc.

 Continuous follow up of the client and customers by the

other insurance companies.

 As LIC has strong market position so it is little bit difficult to

capture the market.

 Customer is still find risky to place its money in private

insurance sector.
Conclusion
Conclusion:-

Being a trainee at Birla Sunlife Insurance Co Kota, the project of

‘Analyzing the Segment of Recruiting Advisors’ concludes with the
following:
• Recruitment procedure of advisors is simple and effective.
• Recruitment of advisors is effective but there high employee
turnover due to target pressure. so recruitment are open
around the year.
• Most of Advisors are from commerce back ground.
• Charted accountant is the most effective person in the
insurance market.
• Students working at BSLI is more influenced with pinnacle
programs.
• The distribution network of BSLI is spreading like a fire in
jungle.
• In Kota district the awareness about the company & its
working is poor in Rajasthan.
• Advisors are getting motivated with the various programs
and new rewards given by the company for their
performance.
• Recruitments are sometimes based on the influence.
This sector has more opportunity to grow in Rajasthan, still big

part of rural Rajasthan is untapped.

Suggestions
Suggestions:-

 Advisor should be given more training time to time to have

better knowledge for change in market.
 Mass insurance policy should be launched
 Untapped areas should be cover.
 There are more than 75 crores population in villages. This
represents a vast potential.
 Advisor should be supervise regularly so that their work can
be improved and made effective and efficient.
 The advisor should be keeping in constant touch with his
policy holder to become aware of the change in his situation
including marriage. Death of relatives. Releases of
mortgages.
 Any one of them may necessitation some changes like title
to policy moneys or more insurance. The contact conveys a
message that agent and company cares for the policy holder
and the family mouth publicity it increase acceptability.
 Private insurance companies should highlight that they are
managed privately but completely governed by IRDA.
 To capture major chunk of business they need to open more
branches in sub urban so that they can fulfill all need of
customers.
 Perspective customers should make more aware about the
policies through advertising and promotional activities.
Bibliography
Bibliography:-

1. www.Birlasunlife.com

2. www.Google.com

3. IRDA Journal 2006

4. Business world may 2006

5. Company Quarterly report.

6. Product Broachers.

7. Hindustan times.