A

SUMMER TRAINING PROJECT REPORT

ON
Recruitment and Licensing of Life
Advisors
AT

Submitted in partial fulfillment of the

requirement FOR the award of degree
Of

MAHARANA INSTITUTE OF
PROFESSIONAL STUDIES

Session (2013-2015)
Submitted To:
By:-

Submitted

HEAD OF DEPARTMENT

SHILPI SEN

DR. MAMTA SHUKLA

MBA Final Year

BATCH (2013-15)
MAHARANA INSTITUTE OF PROFESSIONAL STUDIES, KANPUR

ACKNOWLEDGEMENT

It is my pleasure to be indebted to various

people, who directly or indirectly contributed in the
development of her work and who influenced my
thinking, behavior, and acts during the course of
study.
I am thankful to Dr. Mamta
Shukla for her support, cooperation, and motivation
provided to me during the training for constant
inspiration, presence and blessings.
I also extend my sincere gratitude to Dr.
Mamta Shukla who provided her valuable
suggestions and precious time in accomplishing my
project report.
Lastly, I would like to thank the almighty and
my parents for their moral support and my friends
with whom I shared my day-to-day experience and
received lots of suggestions that improved my
quality of work.

(RACHNA SHARMA)

DECLARATION

I, SHILPI SEN, student of MBA Final Year, studying at

Maharana Institute Of Professional Studies, Kanpur;
hereby declare that the summer training report
on
Hypotheses Recruitment & Selection submitted to in
partial fulfillment of MBA is the original work conducted by
me.

The information and data given in the report is authentic to

the best of my knowledge.

This summer training report is not being submitted to any

other university for award of any other Degree, Diploma and
Fellowship.

(SHILPI SEN)

TABLE OF CONTENT
Chapter. No

CONTENTS

Page
No.

EXECUTIVE SUMMARY

1.

INTRODUCTION

2.

INSURANCE INDUSTRY

19

3.

PROFILE OF BHARTI AXA LIFE INSURANCE CO.LTD.

33

4.

IMPLEMENTING HR PRACTICES AND POLICES IN BHARTI AXA 51

LIFE INSURANCE CO.LTD

5.

RESEARCH OBJECTIVES

65

6.

RESEARCH METHODOLOGY

66

7.

DATA ANALYSIS AND INTERPRETATION

68

8.

SUGGESTION

83

9.

CONCLUSION

92

10.

LIMITATIONS

93

11.

BIBLIOGRAPHY

12.

ANNEXTURE

EXECUTIVE SUMMARY

Bharti AXA Life is a life insurance player that was started in 2006. It brings together
strong financial expertise of the Paris-headquartered AXA Group, and Bharti Enterprises one of India's leading business groups with interests in telecom, agricultural business,
financial services, and retail. The joint venture has a 74% stake from Bharti and 26% stake
from AXA Asia Pacific Holdings Ltd. (APH) .The Company launched national operations in
December 2006. Today, Bharti AXA Life has a national footprint of distributors trained to
provide quality financial advice and insurance solutions to the large Indian customer base.
Bharti AXA Life offers a range of innovative products and services that cater to specific
insurance and wealth management needs of customers.
The Insurance sector, after the opening up, provides greater
opportunities. Several global players have emerged and the market has changed
significantly. In the changed scenario, the expectation is that the low Insurance
premium as a percentage of GDP prevailing in India will improve and will offer
better opportunities to the insurance players.
Life Insurance sector is one of the key areas where enormous business
potential exists. In India currently the life insurance premium as a percentage of
GDP is 1.3 per cent against 5.2 per cent in the US, but in the liberalized scenario,
the life insurance
premiums were projected to grow at around 18% to 20% from Rs 215 billion in
1998- 99 to Rs 592 billion in 2004-05 and to Rs 1450 billion by 2009-10.
Corporate non-life premium was projected to grow from Rs 84 billion in 1998-99
to Rs 386 billion in 2009-10 and personal line non-life from Rs 4 billion to Rs 51
billion.
In the life Insurance segment the Life Insurance Corporation of India (LIC)
is the major player. The LIC has 2050 branches. It is constituted in to seven
Zones. Currently there are 5, 60,000 LIC agents in India. General Insurance is
another segment, which has been growing at a faster pace.
Though it all can happen with good HR policies and practices that has
been a part of Bharti Axa Life Insurance.

1.

INTRODUCTION

The role of Human Resources is changing as fast as technology and the global
marketplace. Historically, the HR Department was viewed as administration, kept
personal files and other records, managed the hiring process, and provided other
administrative support to the business. Those times have changed.

The positive result of these changes is that HR professionals have the

opportunity to play a more strategic role in the business. The challenge for HR
managers is to keep up to date with the latest HR innovationstechnological,
legal, and otherwise.

This special report will discuss the best practices in HR management for 2013in
other words, how HR managers can anticipate and address some of the most
challenging HR issues this year. This report will give you the information you
need to know about these current HR challenges and how to most effectively
manage them in your workplace.
Human

resources

is

an

increasingly

broadening

term

with

which

an

organization, or other human system describes the combination of traditionally

administrative personnel functions with acquisition and application of skills,
knowledge and experience, Employee Relations and resource planning at various
levels. The field draws upon concepts developed in Industrial/Organizational
Psychology and System Theory. Human resources have at least two related
interpretations depending on context. The original usage derives from political
economy and economics, where it was traditionally called labor, one of four
factors of production although this perspective is changing as a function of new
and ongoing research into more strategic approaches at national levels. This first
usage is used more in terms of `human resources development', and can go
beyond just organizations to the level of nations. The more traditional usage
within corporations and businesses refers to the individuals within a firm or
agency, and to the portion of the organization that deals with hiring, firing,

training, and other personnel issues, typically referred to as `human resources

management'. This article addresses both definitions.

The objective of human resources' development (the `s' is important in human resource`s' in
that it underscores indiduality/variability) is to foster human resourcefulness through
enlightened and cohesive policies in education, training, health and employment at all levels,
from corporate to national (Lawrence 2000) Human resource management's objective, on the
other hand, is to maximize the return on investment from the organization's human capital
and minimize financial risk. It is the responsibility of human resource managers in a
corporate context to conduct these activities in an effective, legal, fair, and consistent manner.
Human resource management serves these key functions:
1. Recruitment & Selection
2. Training and Development
3. Performance Evaluation and Management
4. Promotions
5. Redundancy
6. Industrial and Employee Relations
7. Record keeping of all personal data.
8. Compensation, pensions, bonuses etc in liaison with Payroll
9. Confidential advice to internal 'customers' in relation to problems at work
10.Career development

Modern analysis emphasizes that human beings are not "commodities" or "resources", but are
creative and social beings in a productive enterprise. The 2000 revision of ISO 9001 in
contrast requires identifying the processes, their sequence and interaction, and to define and
communicate responsibilities and authorities. In general, heavily unionized nations such as
France and Germany have adopted and encouraged such job descriptions especially within
trade unions. The International Lab our Organization also in 2001 decided to revisit, and

revise its 1975 Recommendation 150 on Human Resources Development. One view of these
trends is that a strong social consensus on political economy and a good social welfare
system facilitates labor mobility and tends to make the entire economy more productive, as
labor can develop skills and experience in various ways, and move from one enterprise to
another with little controversy or difficulty in adapting. Another view is that governments
should become more aware of their national role in facilitating human resources development
across all sectors.
An important controversy regarding labor mobility illustrates the broader philosophical issue
with usage of the phrase "human resources": governments of developing nations often regard
developed nations that encourage immigration or "guest workers" as appropriating human
capital that is rightfully part of the developing nation and required to further its growth as a
civilization. They argue that this appropriation is similar to colonial commodity fiat wherein a
colonizing European power would define an arbitrary price for natural resources, extracting
which diminished national natural capital.
The debate regarding "human resources" versus human capital thus in many ways echoes the
debate regarding natural resources versus natural capital. Over time the United Nations have
come to more generally support the developing nations' point of view, and have requested
significant offsetting "foreign aid" contributions so that a developing nation losing human
capital does not lose the capacity to continue to train new people in trades, professions, and
the arts.
An extreme version of this view is that historical inequities such as African slavery must be
compensated by current developed nations, which benefited from stolen "human resources"
as they were developing. This is an extremely controversial view, but it echoes the general
theme of converting human capital to "human resources" and thus greatly diminishing its
value to the host society, i.e. "Africa", as it is put to narrow imitative use as "labor" in the
using society.
In a series of reports of the UN Secretary-General to the General Assembly, a broad intersectoral approach to developing human resourcefulness has been outlined as a priority for
socio-economic development and particularly anti-poverty strategies. This calls for strategic
and integrated public policies, for example in education, health, and employment sectors that

promote occupational skills, knowledge and performance enhancement (Lawrence, J.E.S.

2000).
In the very narrow context of corporate "human resources" management, there is a
contrasting pull to reflect and require workplace diversity that echoes the diversity of a global
customer base. Foreign language and culture skills, ingenuity, humor, and careful listening,
are examples of traits that such programs typically require. It would appear that these
evidence a general shift through the human capital point of view to an acknowledgment that
human beings do contribute much more to a productive enterprise than "work": they bring
their character, their ethics, their creativity, their social connections, and in some cases even
their pets and children, and alter the character of a workplace. The term corporate culture is
used to characterize such processes at the organizational level
The traditional but extremely narrow context of hiring, firing, and job description is
considered a 20th century anachronism. Most corporate organizations that compete in the
modern global economy have adopted a view of human capital that mirrors the modern
consensus as above. Some of these, in turn, deprecate the term "human resources" as useless.
Yet the term survives, and if related to `resourcefulness', has continued and emerging
relevance to public policy.
In general the abstractions of macro-economics treat it this way - as it characterizes no
mechanisms to represent choice or ingenuity. So one interpretation is that "firm-specific
human capital" as defined in macro-economics is the modern and correct definition of
"human resources" - and that this is inadequate to represent the contributions of "human
resources" in any modern theory of political economy.

1.1 HUMAN RESOURCES DEVELOPMENT

In organizations, in terms of sex and selection it is important to consider carrying out a
thorough job analysis to determine the level of skills/technical abilities, competencies,
flexibility of the employee required etc. At this point it is important to consider both the
internal and external factors that can have an effect on the recruitment of employees. The
external factors are that out-with the powers of the organization and include issues such as
current and future trends of the labor market e.g. skills, education level, government

investment into industries etc. On the other hand internal influences are easier to control,
predict and monitor, for example management styles or even the organizational culture.
In order to know the business environment in which any organization operates, three major
trends should be considered:

Demographics the characteristics of a population/workforce, for

example, age, gender or social class. This type of trend may have an
effect in relation to pension offerings, insurance packages etc.

Diversity the variation within the population/workplace. Changes in

society now mean that a larger proportion of organizations are made up of
"baby-boomers" or older employees in comparison to thirty years ago.
Traditional advocates of "workplace diversity" simply advocate an
employee base that is a mirror reflection of the make-up of society insofar
as race, gender, sexual orientation, etc.

Skills and qualifications as industries move from manual to a more

managerial profession so does the need for more highly skilled graduates.
If the market is "tight" (i.e. not enough staff for the jobs), employers will
have to compete for employees by offering financial rewards, community
investment, etc.

In regard to how individuals respond to the changes in a labor market the following should be
understood:

Geographical spread how far is the job from the individual? The
distance to travel to work should be in line with the pay offered by the
organization and the transportation and infrastructure of the area will also
be an influencing factor in deciding who will apply for a post.

Occupational structure the norms and values of the different careers

within an organization. Mahoney 1989 developed 3 different types of
occupational

structure

namely

craft

(loyalty

to

the

profession),

organization career (promotion through the firm) and unstructured

(lower/unskilled workers who work when needed).

Generational difference different age categories of employees have

certain characteristics, for example their behavior and their expectations
of the organization.

While recruitment methods are wide and varied, it is important that the job is described
correctly and that any personal specifications are stated. Job recruitment methods can be
through job centers, employment agencies/consultants, headhunting, and local/national
newspapers. It is important that the correct media is chosen to ensure an appropriate response
to the advertised post.
Human Resources Development is a framework for the expansion of human capital within an
organization or (in new approaches) a municipality, region, or nation. Human Resources
Development is a combination of Training and Education, in a broad context of adequate
health and employment policies that ensures the continual improvement and growth of the
individual, the organization, and the national human resourcefulness. Adam Smith states,
The capacities of individuals depended on their access to education. Kelly D, 2001Human
Resources Development is the medium that drives the process between training and learning
in a broadly fostering environment. Human Resources Development is not a defined object,
but a series of organized processes, with a specific learning objective (Nadler,1984) Within
a national context, it becomes a strategic approach to intersectional linkages between health,
education and employment Human Resources Development is the structure that allows for
individual development, potentially satisfying the organizations, or the nation's goals. The
development of the individual will benefit the individual, the organization, or the nation and
its citizens. In the corporate vision, the Human Resources Development framework views
employees, as an asset to the enterprise whose value will be enhanced by development, Its
primary focus is on growth and employee developmentit emphasizes developing individual
potential and skills (Elwood, Olton and Trot 1996) Human Resources Development in this
treatment can be in-room group training, tertiary or vocational courses or mentoring and
coaching by senior employees with the aim for a desired outcome that will develop the
individuals performance. At the level of a national strategy, it can be a broad intersectional
approach to fostering creative contributions to national productivity.
At the organizational level, a successful Human Resources Development program will
prepare the individual to undertake a higher level of work, organized learning over a given
period of time, to provide the possibility of performance change (Nadler 1984). In these

settings, Human Resources Development is the framework that focuses on the organizations
competencies at the first stage, training, and then developing the employee, through
education, to satisfy the organizations long-term needs and the individuals career goals and
employee value to their present and future employers. Human Resources Development can be
defined simply as developing the most important section of any business its human resource
by, attaining or upgrading the skills and attitudes of employees at all levels in order to
maximize the effectiveness of the enterprise (Kelly 2001). The people within an
organization are its human resource. Human Resources Development from a business
perspective is not entirely focused on the individuals growth and development,
development occurs to enhance the organization's value, not solely for individual
improvement. Individual education and development is a tool and a means to an end, not the
end goal itself. (Elwood F. Holton II, James W. Trot Jr). The broader concept of national and
more strategic attention to the development of human resources is beginning to emerge as
newly independent countries face strong competition for their skilled professionals and the
accompanying brain-drain they experience.

1.2 MODERN CONCEPT OF HUMAN RESOURCES

Though human resources have been part of business and organizations since the first days of
agriculture, the modern concept of human resources began in reaction to the efficiency focus
of Taylorism in the early 1900s. By 1920, psychologists and employment experts in the
United States started the human relations movement, which viewed workers in terms of their
psychology and fit with companies, rather than as interchangeable parts. This movement
grew throughout the middle of the 20th century, placing emphasis on how leadership,
cohesion, and loyalty played important roles in organizational success. Although this view
was increasingly challenged by more quantitatively rigorous and less "soft" management
techniques in the 1960s and beyond, human resources development had gained a permanent
role within organizations, agencies and nations, increasingly as not only an academic
discipline, but as a central theme in development policy.
Human resource policies are systems of codified decisions, established by an organization,
to support administrative personnel functions, performance management, employee relations
and resource planning.

Each company has a different set of circumstances, and so develops an individual set of
human resource policies.

Purposes
HR policies allow an organization to be clear with employees on:

The nature of the organization

What they should expect from the company

What the company expects of them

How policies and procedures work at your company

What is acceptable and unacceptable behavior

The consequences of unacceptable behavior

The establishment of policies can help an organization demonstrate, both internally and
externally, that it meets requirements for diversity, ethics and training as well as its
commitments in relation to regulation and corporate governance. For example, in order to
dismiss an employee in accordance with employment law requirements, amongst other
considerations, it will normally be necessary to meet provisions within employment contracts
and collective bargaining agreements. The establishment of an HR Policy which sets out
obligations, standards of behavior and document displinary procedures, is now the standard
approach to meeting these obligations.

Developing the HR Policies

HR policies provide an organization with a mechanism to manage risk by staying up to date
with current trends in employment standards and legislation.

1.3 HR POLICIES AND PROCEDURES

This factsheet gives introductory guidance. It:

highlights the main policies and procedures that organizations need to

consider

looks at formatting a policy and sources of information

Introducing HR policies and procedures gives organizations the opportunity to offer a fair and
consistent approach to managing their staff. For more on why HR policies are introduced, see
our factsheet HR policies and procedures: why introduce them?
11 policy or practice areas those are crucial to effective people management and
development:

recruitment and selection

training and learning/development

career opportunities

communication

employee involvement

team working

performance appraisal

pay satisfaction

job security

job challenge/job autonomy

Work-life balance.

Not all policies and procedures will be relevant to all organizations, and some policies are
required by law while others are to promote good practice.

The following paragraphs indicate the range of possible policies which apply during the
employment life cycle - more detailed information and the legal requirements on each of
these areas is included.
Beginning employment
Recruitment and selection

Successful recruitment depends on finding people with the necessary skills, expertise and
qualifications to deliver organizational objectives and who have the ability to make a positive
contribution to the values and aims of the organization. A diverse workforce that reflects
customer groups in the local community should be encouraged.
Elements to consider when forming a recruitment policy:

job profile/person specification

dealing with job applications - whether to use hard copy and/or online
forms; confidentiality

recruitment advertising - discrimination pitfalls

selection techniques - training and validation

interviews

references

medical examinations

asylum and immigration

documentation

job analysis

equal opportunities monitoring

Return on investment (ROI)/cost.

Induction

Designing an appropriate and cost-effective induction programmer is a complex task. The

program me has to find a balance between providing all the information new employees need
without overwhelming or diverting them from integrating into the team.
The length and nature of the induction process will depend on the complexity of the job and
the background of the new employee.
Elements of an induction policy:

organization information

- background and structure; departments;

products and services; physical layout

terms and conditions - hours of work; holidays, travel policy

financial - pay; bonuses; overtime; pensions

culture and values - communication

rules and procedures - data protection; email and Internet usage; equal
opportunities; use of mobile phones

health and safety - first aid; smoking; environmental aspects

training

trade unions

Welfare, benefits and facilities - alcohol and drugs; employee assistance

programmes.

Organizations may find it useful to have checklists that cover the pre-employment period, the
first day, the first week, the first month and the end of the probationary period (if applicable)
to make sure everything has been explained.
During employment
Employee relations look at the partnership between employee and employer, covering areas
such as communication, grievances and discipline. It is equally important in both union and

non-union situations. While employment law is closely linked with managing employee
relations, a successful organization won't just base its actions on compliance with the law exploring the concept of the psychological contract, based on trust between employee and
employer, may also be useful.
Policies and procedures that organizations may introduce include:

health and safety

disciplinary and grievance

maternity and paternity leave and pay

redundancy

absence

whistle blowing

performance management

recognition agreements (union and other)

time off and leave for trade union activities, holidays, secondment,
volunteering, eldercare, childcare, bereavement

communication and involvement, including employee voice

Harassment and bullying.

Managing diversity

Diversity runs through all aspects of an organizations policies. Managing and valuing
diversity is central to good people management and makes good business sense, so it also
makes sense for diversity to be integral within all policies. A diversity policy sets out the
organizations vision and values in relation to diversity. It will often include the remit of
polices, the processes for taking action, who is responsible and the training available.

The basic premise is that people should be valued as individuals and for reasons related to
business interests, as well as for moral and social reasons. A more diverse workforce is likely
to offer a wider range of skills and experiences and greater flexibility to meet business
challenges.

Elements of a diversity policy:

gender/sex equality

race equality

sexual orientation

religion

age

appearance/accent

Formats and accessibility of policies and procedures.

Learning, training and development

Roles and responsibilities are constantly changing, so employees will need to continually
renew and refresh their skills and competences through training. This can happen in the
course of normal working (on-the-job training) or away from the workplace (off-the-job
training).
Some training is mandatory to comply with legal requirements, such as health and safety or
finance.
Elements of a learning and development policy:

the organizations vision for learning and development

opportunities available, including secondment, career breaks, courses,

coaching, mentoring

who to ask to get authorization for training

support given for learning opportunities

development reviews and personal development plans

payment of professional fees

training available for 'peripheral' workers i.e. contractors, temporary staff

record-keeping and administration

continuing

professional

development

and

personal

development

allowances (if these are not part of the employee benefits statement)

Follow-up actions and transfer of learning to work.

Reward

Effective reward practices and procedures can underpin activities in recruitment, retention,
turnover and engagement. Effective implementation and communication are essential for
initiatives to succeed.
Reward policies should be clear and simple so that employees know what's expected of them
and what they can expect to receive in return.
Elements of a reward policy:

the organizations vision for reward, including market rates, extra

responsibility allowances

how jobs are graded or evaluated

pensions/additional voluntary contributions

permanent health insurance/critical illness cover

bonuses and incentive pay

benefits and non-cash recognition

company cars

sick pay

pay reviews

equal pay.

Complementary policies

Other policies that organizations may want to consider in relation to employment include:

a mission or values statement

parental leave

work-life balance/family-friendly work practices

disability

well-being and 'wellness'

green/sustainable development

the employment of relatives/friends

conflict of interest, including personal relationships

second jobs

confidentiality

bad weather/climate conditions

relocation

Suggestion schemes.

Ending employment
There are many reasons why employment ceases, from voluntary resignation to dismissal or
redundancy.
Areas to consider for ending employment include:

dismissal

redundancy

voluntary resignation

retirement - retirement age; pre-retirement courses; phased retirement

options

end of a short-term contract

end of a probationary period

Death in service.

Exit surveys can record information about why employees say they are leaving. But the data
is not always reliable. Another way to discover the reasons why is through opinion surveys
during employment.
Formatting a policy
Policies should be written in plain English, so that they are user-friendly and easily
understood by all employees.
The culture of the organization and the complexity of the policies will dictate the format.
Options include:

separate manager and employee manuals

all policies available on an intranet

Key policies on notice boards.

Policies should also indicate who to go to with queries about the content and who is
responsible for updating and reviewing them.

2. INSURANCE INDUSTRY

INSURANCE is basically a sharing device. The losses to assist resulting

from natural calamities like fire, flood, earthquake, accidents, etc. are not met
out of common pool contributed by large number of persons who are exposed to
similar risks. This contribution of many is used to pay the losses suffered by the
few. However the basic principle is that loss should occur as a result of natural
calamities or unexpected events, which are beyond the human control. Secondly
insured person should not make any gains out of insurance.
It is natural to think of insurance of physical assets such as motorcar insurance
or fire insurance but often we forget that creator of all these assets is human
being whose efforts have gone a long way in building up the assets. In that
sense, human life is a unique income-generating asset. Unlike the physical
assets, which decrease in value with the passage of time, the individual becomes
more experienced and more matured as he advances in age. This raises his
earning capacity and the purpose of life insurance is to protect the income of
individual and provide financial security to his family, which is dependent on his
income in the event of his premature death. The individual himself also needs
financial security for the old age or on his becoming permanently disabled when
his income will stop. Insurance also has an element of savings in certain cases.
Insurance is related to the protection of the economic value of the asset.
Every asset has a value .The asset would have been created through the effort of
the owner, in the expectation that, either through the income generated there
from or some other output, some of his needs would be met. In the case of the
factor or a cow, the production is sold and income generated. In the case of a
motorcar, it provides comfort and convenience in transportation. There is no
direct income. There is normally expected life time for the asset during which
time it is expected to perform. the owner, aware of this , can so manage his
affairs that by the end of that life time, a substitute is made available to ensure
that the value, or income is not lost, however , if the asset get lost earlier, being
destroyed or made non functional, through an accident or other unfortunate
event, the owner and those deriving benefits therefore suffer. Insurance is a
mechanism that helps to reduce such adverse consequences.

Objectives of life Insurance

There are many reasons for investing in life insurance policies, such as:
1. Protection for the Family
The most important objective of life insurance is to provide financial protection
for the family in case of an unexpected and premature death of its breadwinner.
The purpose is to protect the dependents against the loss of earning power of
the insured through death or disability. Those who have insured their lives for an
adequate sum can live in peace and comfort, free of the gnawing worry of what
would happen to their families in the event of their sudden and premature death.
Life insurance has long been recognized as a necessary and essential element in
a family's total financial program.

2. Regular Savings
Saving is not a physical need, unlike hunger or sleep. Many of us may not save
unless there is compulsion to do so. For such people, life insurance is a
compulsory, regular savings scheme, especially the monthly salary savings
schemes.
Even if you do not subscribe to the salary savings scheme, you can issue
standing instructions to your bankers to pay the premium regularly without
reference to you.
The element of savings in a life insurance contract should be understood in a
proper perspective. Typically, life insurance is made available on the basis of
equated periodical payments. In the initial years, you tend to pay more
compared to the risk factor. Strictly, speaking, the 'savings' aspect in a life
insurance policy should not be compared with other pure savings media.

3. Tax Benefits
There is a tax rebate under Section 88 on life insurance premium. Many
investors, especially those in higher tax brackets, used to buy life insurance
mainly to take advantage of these tax benefits. Additional tax benefits are
available under Section 80DD and Section 80CCC applicable to specific schemes.
Hence, attractiveness from the tax angle has come down.

4. Housing Finance
One of the easier ways of acquiring a house property is through a loan under the
various scheme of Bharti Axa life, under which a life insurance policy is accepted
as a collateral security. The proceeds of the policy can be adjusted towards the
housing loan. To enjoy this loan facility, many people even go in for additional life
insurance. However, with the advent of HDFC and various other housing finance
schemes, you have alternatives to choose from.

Advantages of Life Insurance

Protection against risk of untimely death.

Protection during old age

Forced savings

Educational requirements and charity

Nomination and assignment

Marketability and suitability for borrowing.

Loans from the Insurance Company

Tax benefits

Protection to wife and children

2.1 IMPORTANCE OF INSURANCE

A)

Beneficial to an individual:

1) Insurance provides security and safety. In case of life insurance payment is

made when death occurs or the term of insurance is expired.
2.) Insurance affords peace of mind. A sense of security removes all tensions and
fears. It stimulate to more and better work. By means of insurance much of the
uncertainty that centers round the modern life may be eliminated.
3) Insurance eliminates dependency. The insurance provides adequate amount to
the dependents at the early death of the property owner to pay off the unpaid
loan.
4.) Insurance eliminated dependency. In the event of death of the bread winner
of the family or destruction of property, the family suffers a lot. The insurance
assists the family and provides adequate amount at the time of need.
5) Life Insurance encourages saving. Systematic saving is possible because
regular premium are required to be compulsorily paid. Unlike bank deposits
the deposited insurance premiums can not be withdrawn. Life Insurance is the
best media of saving.
6) Life Insurance provides profitable investment. The elements of investment i.e.
regular saving capital formation and return of the capital are observed in life
insurance. In India in insurance policies carry the exemption from the income
tax and estate duty.
7.) Life Insurance fulfills the needs of a person. The need of a person may be
divided into (I) Family needs, (ii) old age needs, (iii) re-adjustment needs and(iv)
special needs including needs for education, marriage settlement of children etc.
(v) clean up funds for ritual ceremonies, payment of taxes etc. Insurance comes
to help for meeting requirements.

(B) Beneficial to Business:

Insurance has been useful of the business society in more than one way.
(i) It reduces uncertainty of business losses. As a huge number of
properties are employed in commerce and industry equally great risks are
involved in day to day functioning. The owner of the business might foresee
contingencies that would bring great loss. By purchasing a policy he can be
sured of his earnings.
(ii) Business efficiency is increased with insurance. A businessman gets
free from unnecessary botherations and can devote more care and energy to
maximize his profits.
(iii) Key man indemnification. Persons having expertise, experience, ability to
control the business are most important for the employers. Death of such
persons proves a more serious loss then that by fire. The compensation to the
dependents of such employers requires adequate provision which can be met by
purchasing life policies.
(iv) Addition in credit. The business can obtained loan by pledging the policy
as collateral security for the loan. As the assets are insured therefore, in the
event of loss the compensation can be paid.
(v) Business Continuation. The partnership business may be discontinued at
the death of a partner. The insurance policy provide adequate funds at the time
of death therefore, the legal representative can be paid easily.
(vi) Employee Welfare. Provision for welfare for employees can be made by the
life insurance in case of accident or sickness benefit and pensions.

(c) Beneficial to Society:

(i) Wealth of society is protected. Insurance provides loss of human wealth.

Loss of damage of property can also be indemnified by the insurance company.
(ii) Economic growth of the company. As insurance provides protection
against loss of property thus, if any such damage arise the assets can be

replaced without loss of production thus, Economic development of the

country is not effected.
(iii) Accelerate the production growth. Adequate capital from Insurance
company can accelerate production circle in the country. Economic growth
of the country is not only assured but the process of growth is accelerated
which is more essential in a country like India where the population is
increasing very fast.
(iv) Reduction in inflation. The insurance company in the form of premium
get lot of money supply from the public which insurance corporation put
into production thus the money which would have come into circulation
might have gone for productive purposes.

2.2 TYPES OF PLANS OR POLICIES

On the basis of insurance objective, basic plans offered by insurers can be
classified under three broad categories: Pure insurance products (term plan),
pure

investment

products

(pension

plan)

and

investment-cum-insurance

products (endowment, money-back, whole-life and unit-linked insurance plans).

Increasingly, insurers are launching hybrid variants of these plain-vanilla plans.
1. Term plan
Term plans are the purest from of insurance. These are no-frills policies
that cover only the risk of your dying. In the event of your death during
the policy term, your nominees receive the cover amountin insurance
parlance, the 'sum assured'; you get no benefits if you survive the policy
term. Since the entire premium paid by you ---the cost of buying insurance
cover---on term policies goes towards covering the risk of your life,
insurers offer you this cover at the least cost.

2. Endowment plans
While term plans covers just the risk of death, endowment plans also offer
some return on the premium is paid by you. So, if you die during the policy
term, your nominee gets the sum assured plus some returns; if you
survive the policy term, you still get back the sum assured and returns. As
much as this "money if you die, money if you live philosophy is an
enticing proposition, it comes at a price; high premiums, which drag down

the returns from endowment plans, to barely 4-6 per cent a year. In an
endowment plan, you pay premiums for a pre-defined tenure and sum
assured. The premium will depend upon your age, the sum assured, the
plans tenure and the nature of returns. A portion of the premium paid by
you is invested by the insurance on your behalf. Another portion goes
towards

your

cover

and

third

towards

meeting

the

insurer's

administrative expenses, which lowers the effective yield on your

investment in endowment plans.
3. Money back plans
Money back plans are variant of endowment plans, with one basic difference:
unlike endowment plans, where the survival benefits are distributed at the end of
the policy term, the pay back in money -back plans is staggered through the
policy term. Typically, a part of the sum assured is returned to you at periodic
intervals through the policy tenure.

4. Whole-life plan
The three categories of insurance plans mentioned above provide you life cover
for a defined period, up to a certain age (generally, 70 years), Whole-life plan, on
other hand, provide you cover through your lifetime---the only class of insurance
policies to do so. Typically, whole-life plan are structured such that the
policyholder has the option to pay premium up to a certain age (referred to as
the 'maturity age' which is generally 80-100 years) or for a specified period. On
reaching maturity age, the insurer gives you the option to either continue with
the cover through the lifetime (for which no further premiums will have to be
paid) or encase the maturity benefits (sum assured plus bonuses). Some insurers
do give the option to encase the bonus during the term per it self, which can
serve as a useful income stream during your later years, if you so desire.

5. Unit-linked insurance plans

In insurance-cum investment plans of the kind listed above, you have little say in
where your money is invested. Your insurer too is governed by certain
investment restrictions: it can invest just 10 per cent of the premium paid by you

in equities; the greater chunk of 90 percent has to be invested in debt paper.

While such restrictions are intended to insure safety of your investment, they
also lead to rigidity in investment are rein in your returns to low single digits.
Unit-linked insurance plans get around such restrictions, by giving you greater
control over where your premium is invested.
Think of them as insurance plans that double as mutual funds. The annual
premium you pay on unit-linked plans is linked to the sum assured and the policy
tenure. You can switch from one plan to another free of cost once a year (a
nominal amount is charged for additional switches). So, if you think stocks are
going cheap, you can move to the growth plan; or, if you think stocks are
overvalued, you can move your money to the income plan. You can switch from
one plan to another -free of cost once a year (a nominal amount is charged for
additional switches). So, if you think stocks are going cheap, you can move to
the growth plan; or, if you think stocks are overvalued, you can move your
money to the income plan.

6. Pension plan
Pension plan differ from the five types of the insurance plan mentioned above in
the fundamental way; not all of them of life over. So, why we are talking about
them here?
Because pension plan feature among the bevy of products offered by insurers
and are pitched as retirement planning a schemes, similar to other investmentbased insurance plans. Pension plans are investment options that let you set up
an income stream in your post-retirement years by routing your savings through
an insurer, who invests it on your behalf for a free. The precise returns you will
get depend upon several factors: your age begin when you investing, the
contribution you make, your investment preferences based on your risk profile,
the age at which you want the money to start coming back to you, and the
number of years for which you want the returns.

2.3 FUNCTIONS OF INSURANCE

(a) Primary Functions

(1)Certainty of Compensation of Loss: Insurance provides certainty

of payment at the uncertainty of loss. The element of uncertainty is
reduced

by

premium
without

better

for

providing

risks

encountered
civilization.
be

Minor
and

techniques
Insurance
certainty

and
risks

ignored

of

and

certainty.

administration.
Life

is

uncertainties

is

of

types

various

risks
their

can

be

avoidance

meeting

removes
of

planning

the

all

payment

risks

uncertainties
of

loss.

The

always
since
but

loss

insurer

the

has

Life

always

inception

major

One

charges

risks.

Man

of

prevention

and

of

the

the

desirable.

insurer

full

unthinkable.

ignored
is

The

risks
the

and

assured

charges

of

cannot

ways

or

insurance.
is

premium

given
for

providing the said certainty.

(2)Insurance provides protection: The risk will occur or not, when will
occur, how much loss will be there? There are uncertainties of happenings of
time and amount of loss. The main function of the insurance is to provide
protection against the probable chances of loss. The insurance cannot check the
happening of risk. The insurer gives certainty of payment of loss to the assured
by charging premium.
(3)Risk sharing: Risk is uncertain and therefore, the arising from the risk is also
uncertain. All business concerns face the problem of risk and if the concern is big
enough the handling of risk become a specialized function. Risk and insurance
are interwoven with each other. Insurance, as a device is the outcome of the
existence of various risks in our day to day life. It does not eliminate risks but it
reduces the financial loss caused by risks. Insurance speeds the whole loss over
the large number of persons who are exposed by a particular risk.
(b)

Secondary Function

(I) Prevention of loss: Prevention is always better than cure. Prevention of loss
is by far the best solution to the problem of risk. It is the most effective and
cheapest method to avoid the unfortunate consequences. By having the fire
resistant construction, observing safety instructions, installation of automatic
sparker system etc. fore can be prevented. Similarly better roads, better lights
and better traffic regulations automobile accidents can be prolonged. But some
times prevention of protection is not always possible and effective. When
prevention fails other methods must be adopted. The insurance joins hands with

those institutions which are actively engaged in preventing the losses of the
society. Reduction in loss causes lesser payment to the assured and so more
saving is possible which will assist in reducing the premium. Lesser premium
invites more business and more business in its turn results in lesser share to the
assured. Reduced premiums stimulate more business and more and better
protection to the insured
(ii) It provides capital: It provides capital to the society. For planned
development of a country there is great need for huge amount of capital. The
accumulated funds are invested in providing proper infrastructure and in
investing in productive channel. Now a day, the insurance companies are
rendering

positive

help

in

the

development

of

trade,

commerce

and

industries of a country through different scheme of investment. A country's

natural resources can be exploited with long term and huge amount of
investment by the insurance companies.
(iii) Adequate Financial cover: The need of insurance is largely felt to give
a cover to the rural areas and to the socially and economically backward
classes with a view to reach all insurable person in the country and provide
them adequate financial cover against death at a reasonable cost.
(iv) Mobilization of Savings: In insurance the savings of masses is collected
by insurance corporations.
(v)Investment: When funds are invested the interest of the community is kept
in mind.

2.4 CONTRACT OF INSURANCE

1. Life Insurance can be defined as a contract, where for stipulated
considerations called the premium the insurer agrees to pay the insured or a
beneficiary, a defined amount upon the occurrence of death or some other
specified event.
2. A contract of insurance is a contract of almost good faith, technically known as
'Ubermiea fides'. The doctrine of disclosing all material facts is embodied in this
important principle, which applies to all forms of insurance.
3. The Proposer, who is one of the parties of the contract, is presumed to have
means of knowledge, which are not accessible to the Company, who is the other

party to contract. Therefore, the Proposer is bound to tell the insurer everything,
which might affect the judgments of the insurer, no matter how unimportant it
may seem to him. In all the contracts of insurance, the Proposer is bound to
make full disclosure of all material facts and not merely those, which he thinks
material.
4. Misrepresentation, non-disclosure or fraud in any document leading to the
acceptance of the risk automatically discharges the Company from all liability
under the contract the client loses out.
Insurable Interest

An Insurable interest is one of the most basic of all requirements in

insurance & it must be met for an insurance contract to be valid.

The Principle of Indemnity cannot be applied & does not apply to a Life
Insurance contract because of the difficulty of putting a monetary value on
the human life. However, here also Insurable Interest must be present to
distinguish the contract from a mere gamble.

The Insurable Interest must:

Be definite

Be capable of valuation

Be legally valid & subsisting

Involve a loss of a legal righ

2.5 INSURANCE SECTOR REFORMS

In 1993, Malhotra Committee- headed by former Finance Secretary and RBI
Governor R.N. Malhotra- was formed to evaluate the Indian insurance industry
and recommend its future direction. The Malhotra committee was set up with the
objective of complementing the reforms initiated in the financial sector. The
reforms were aimed at creating a more efficient and competitive financial system
suitable for the requirements of the economy keeping in mind the structural
changes currently underway and recognizing that insurance is an important part
of the overall financial system where it was necessary to address the need for
similar reforms. In 1994, the committee submitted the report and some of the
key recommendations included:

I) STRUCTURE

Government stake in the insurance Companies to be brought down to 50%.

Government should take over the holdings of GIC and its subsidiaries so that
these subsidiaries can act as independent corporations.

All the insurance companies should be given greater freedom to operate.

II) COMPETITION

Private Companies with a minimum paid up capital of Rs.1bn should be

allowed to enter the sector.

No Company should deal in both Life and General Insurance through a single
entity.

Foreign companies may be allowed to enter the industry in collaboration with

the domestic companies.

Postal Life Insurance should be allowed to operate in the rural market.

Only one State Level Life Insurance Company should be allowed to operate in
each state.

III) REGULATORY BODY

The Insurance Act should be changed.

An Insurance Regulatory body should be set up.

Controller of Insurance- a part of the Finance Ministry- should be made

independent.

IV) INVESTMENTS

Mandatory Investments of LIC Life Fund in government securities to be

reduced from 75% to 50%.

GIC and its subsidiaries are not to hold more than 5% in any company (there
current holdings to be brought down to this level over a period of time)

V) CUSTOMER SERVICE

LIC should pay interest on delays in payments beyond 30 days.

Insurance companies must be encouraged to set up unit linked pension plans.

Computerization of operations and updating of technology to be carried out in

the insurance industry.

The committee emphasized that in order to improve the customer services and
increase the coverage of insurance policies, industry should be opened up to
competition. But at the same time, the committee felt the need to exercise
caution as any failure on the part of new players could ruin the public confidence
in the industry.
Hence, it was decided to allow competition in a limited way by stipulating the
minimum capital requirement of Rs.100 crores. The committee felt the need to
provide greater autonomy to insurance companies in order to improve their
performance and enable them to act as independent companies with economic
motives. For this purpose, it had proposed setting up an independent regulatory
body.

2.6

INSURANCE

REGULATORY

AND

DEVELOPMENT

AUTHORITY.
Reforms in the Insurance sector were initiated with the passage of the IRDA Bill
in Parliament in December 1999. The IRDA since its incorporation as a statutory
body in April 2000 has fastidiously stuck to its schedule of framing regulations
and registering the private sector insurance companies. Since being set up as an
independent statutory body the IRDA has put in a framework of globally
compatible regulations. The other decision taken simultaneously to provide the
supporting systems to the insurance sector and in particular the life insurance
companies was the launch of the IRDA online service for issue and renewal of
licenses to agents.
The approval of institutions for imparting training to agents has also ensured that
the insurance companies would have a trained workforce of insurance agents in
place to sell their products which are expected to be introduced by early next
year. Since being set up as an independent statutory body the IRDA has put in a
framework of globally compatible regulations. In the private sector 151ife
insurance and 15 non-life insurance companies have been registered.

2.7 ENTRY OF PRIVATE PLAYERS

The introduction of private players in the industry has added to the colors in the
dull industry. The initiatives taken by the private players are very competitive
and have given immense competition to the on time monopoly of the market LlC.
Since the advent of the private players in the market the industry has seen new
and innovative steps taken by the players in this sector. The new players have
improved the service quality of the insurance. The following companies are
present in the Life Insurance Industry in India.

Bajaj Allianz Life Insurance Company Limited.

Birla Sun Life Insurance Co. Ltd
HDFC Standard Life Insurance Co. Ltd
ICICI Prudential Life Insurance Life Insurance Co. Ltd
ING Vysya Life Insurance Company Pvt. Ltd.
Life Insurance Corporation. of India
Max New York Life Insurance Co. Ltd
Met Life India Insurance Company Pvt. Ltd.
Kotak Mahindra Old Mutual Life Insurance Limited
SBI Life Insurance Co. Ltd
Tata AIG Life Insurance Company Limited
Reliance Life Insurance Company Limited.
Aviva Life Insurance Co. India Pvt. Ltd.
Sahara India Life Insurance Co, Ltd.
Shriram Life Insurance Co, Ltd.
Bharti AXA Life Insurance Company Ltd.

COMPANY PROFILE

Axa is a French financial services company founded in 1816. The company

started a joint venture with bharti to form of Bharti Axa Life Insurance for offering
life insurance services in India. Bharti is a big business, and retail.

In Bharti Axa life Insurance Company, Bharti has 74 Percent stake while the
remaining share is held by Axa. The company has its operations in December
2006 with offices in over 12 states. The company has its headquarters in
Mumbai, India.
Bharti AXA Life Insurance Co. Ltd. Registration No: 130.
Registered Office: Unit 601 & 602, 6th Floor, Raheja Titanium,
Off Western Express Highway, Goregaon (East), Mumbai 400 063

Bharti AXA Life is a life Insurance player that was started in 2006. It brings together strong
financial expertise of the Paris-headquartered AXA Group, and Bharti Enterprises - one of
India's leading business groups with interests in telecom, agricultural business, financial
services, and retail. The joint venture has a 74% stake from Bharti and 26% stake from AXA
Asia Pacific Holdings Ltd. (APH). The company launched national operations in December
2006. Today, Bharti AXA Life has a national footprint of distributors trained to provide
quality financial advice and insurance solutions to the large Indian customer base.
Bharti AXA Life offers a range of innovative products and services that cater to specific
insurance and wealth management needs of customers.

Corporate Profile

Bharti AXA Life Insurance Company Ltd is a joint venture between Bharti Enterprises and
AXA, world leader in financial protection and wealth management. The joint venture
company has a 74% stake from Bharti Enterprises and 26% stake of AXA Asia Life.

Our Brand
We undertook an in-depth analysis wherein we identified the notion of preference was totally
related to the trust granted to various names in insurance and financial services. The level of
trust is very inadequate today, regardless of the brand considered. This is because the
perception of consumers is that we are all evolving only in "a world of promises." And this is
what we have to redefine.
Beyond promises... proof
We don't want to make promises any more. Instead, we want to demonstrate our ability to
respond to client needs with real and tangible proof and, in so doing, to establish an authentic
relationship of trust with our clients.

Core attitudes
These are the three attitudes that clients most expect from an insurance and financial services
company in exchange for their vote of confidence. These three attitudes stood out from the

others in the consumer research we conducted across markets, regardless of their level of
maturity.
They are at the heart of our actions and our commitments to clients.

Insurance Plans - Life Insurance, Term Insurance, Health

Insurance

Protection Plans

Bharti AXA Life protects

Bharti AXA Life Elite Secure

Bharti AXA Life Family Income Secure

Bharti AXA Life Protect Plus

Bharti AXA Life Premium Waiver Rider

Wealth Creation With Protection

Bharti AXA Life Child Plans

o

Bharti AXA Life Bright Stars EDGE

Bharti AXA Life Power Kid Insurance Plan

Bharti AXA Life Guaranteed Plans

o

Bharti AXA Life Monthly Income Plan

Bharti AXA Life AajeevanSD Sampatti

Bharti AXA Life Young India Plan

Bharti AXA Life Secure Savings Plan

Other Market Link Plans

o

Bharti AXA Life Future Invest

Health Plans

Bharti AXA Life Triple Health Insurance Plan

Bharti AXA Life Easy Health

Bharti AXA Life Hospi Cash Benefit Rider

Bharti AXA Life Insurance Company Ltd

Bharti AXA Life Insurance

Bharti Axa Life Insurance is a joint venture between Bharti, one of Indias
leading
business groups with interests in telecom, agri business and retail,
and AXA, world
Leader in financial protection and wealth management. The joint venture
company has a 74%stake from Bharti and 26% stake of AXA.

The company launched national operations in December 2006. Today, it has over
5200employees across over 12 states in the country. Our business philosophy is
built around the promise of making people "Life Confident".

As we expand our presence across the country to cater to your insurance and
wealth management needs with our product and service offerings, we continue
to bring 'life confidence' to customers spread across India. Whatever your plans
in life, you can be confident that Bharti AXA Life will offer the right financial
solutions to help you achieve them.

The Joint Venture BHARTI and AXA

BHARTI

Bharti Enterprises is one of Indias leading business groups with interests in

telecom, agribusiness, insurance and retail. Bharti has been a pioneering force in
the telecom sector with many firsts and innovations to its credit. Bharti Airtel
Limited, a group company, is one of Indias leading private sector providers of
telecommunications services with an aggregate of 60million customers, spanning
mobile, fixed line, broadband and enterprise services.

Bharti Airtel was ranked amongst the best performing companies in the world in
the Business Week IT 100list 2007. Bharti Teletech is the countrys largest
manufacturer and exporter of telephone terminals. Bharti has a joint venture
with ELRO Holdings India Ltd., Field Fresh Foods Pvt .Ltd - for global distribution
of fresh fruits and vegetables.

Bharti AXA Life Insurance Management company called Bharti Retail Pvt. Ltd. It
also has a joint venture Bharti Wal-Mart Private Limited with Wal-Mart, for
wholesale cash-and-carry and back-end supply chain management operations.

AXA Group
AXA Group is a worldwide leader in Financial Protection. AXA' s operations are
diverse geographically, with major operations in Western Europe, North America
and the Asia/Pacific area. AXA had Euro 1,315 billion in assets under
management as of December 31, 2006. For full year 2006, IFRS revenues
amounted to Euro 79 billion, IFRS underlying earnings amounted to Euro 4,010
million and IFRS adjusted earnings to Euro 5,140 million. The AXA ordinary share
is listed and trades under the symbol AXA on the Paris Stock Exchange. The AXA
American Depository Share is also listed on the NYSE under the ticker symbol
AXA.

Bharti AXA Life Insurance

Vision
To be a leader and the preferred company for financial protection and wealth
management in India.

Values

Innovation
Team Spirit
Pragmatism
Integrity
Professionalism

Professionalism

A professional is a collegial discipline that regulates itself by means of

mandatory, systematic training. It has a base in a body of technical and
specialized knowledge that it both teaches and advances it sets and enforces its
own standards and it has a service rather than a profit orientation, enshrined in a
code of ethics.

Innovation:-

Innovation . . . is generally understood as the successful introduction of anew

thing or method . . . Innovation is the embodiment, combination, or synthesis of
knowledge in original, relevant, valued new products, processes, or services.

Team Spirit :-

Team spirit is the spirit of a group that makes the members wants the group to
succeed

Pragmatism:-

Pragmatism is the philosophy of considering practical consequences and real

effects to be vital components of meaning and truth.

Integrity: Integrity is consistency of actions, values, methods, measures, principles,

expectations and outcome. As a holistic concept, it judges the quality of a
system in terms of its ability to achieve its own goals.

BHARTI AXA LIFE INSURANCE COMPANY LTD

Bharti AXA Life is a life insurance player that was started in 2006. It brings together strong
financial expertise of the Paris-headquartered AXA Group, and Bharti Enterprises - one of
India's leading business groups with interests in telecom, agricultural business, financial
services, and retail. The joint venture has a 74% stake from Bharti and 26% stake from AXA
Asia Pacific Holdings Ltd. (APH) .The Company launched national operations in December
2006. Today, Bharti AXA Life has a national footprint of distributors trained to provide
quality financial advice and insurance solutions to the large Indian customer base.
Bharti AXA Life offers a range of innovative products and services that cater to specific
insurance and wealth management needs of customers

Our life insurance brand

We undertook an in-depth analysis wherein we identified the notion of preference was
totally related to the trust granted to various names in insurance and financial services. The
level of trust is very inadequate today, regardless of the brand considered. This is because the
perception of consumers is that we are all evolving only in "a world of promises." And this is
what we have to redefine.
Beyond promises... proof
We don't want to make promises any more. Instead, we want to demonstrate our ability to
respond to client needs with real and tangible proof and, in so doing, to establish an authentic
relationship of trust with our clients.

Our 3 core attitudes: Attentive, Reliable and Available

These are the three attitudes that clients most expect from an insurance and financial
services company in exchange for their vote of confidence. These three attitudes stood out
from the others in the consumer research we conducted across markets, regardless of their
level of maturity.
They are at the heart of our actions and our commitments to clients.

About Bharti AXA Life Insurance and CEO

Milind Chalisgaonkar -Chief Executive Officer

Milind Chalisgaonkar is the Chief Executive Officer for Bharti AXA Life Insurance Co.
Ltd. He has held CEO-level positions from 1993 to 2009 in industries like Insurance, BPO,
Call center, Software & Manufacturing. His experience has been in building winning teams in
start-up companies as well as existing organizations.
As the founding CEO, Milind was responsible for the formation and launch of Bharti AXA
General Insurance Co, a joint venture between Bharti Group & AXA Group. The company
was incorporated in 2007, and business was successfully launched in 2008. He was also
Member of the Regional Management Board of AXA Asia General Insurance, responsible for
IT, Processing & Claims across Asia.
From 2003 to 2006 he was the Managing Director of AXA Business Services, the BPO &
Analytics operation of AXA Group in India.
Prior to this he was the founding CEO of MphasiS BPO (Msource India), providing
outsourced remote services like call centers, Help desks & email response. The operations
started in 1999 and grew to 2500 staff by year 2003. He also managed the software
operations of MphasiS India from 1998 to 2000 as President (Indian Operation).
He also served as President, H&R Johnson (1993 to 1998) and led key software projects
during his tenure at Citibank (1989-1993). This included complete re-write of the banking
software platform including internet banking, phone banking and 24-hour access.

Milind holds B.Tech (Ceramics) from IT-BHU and has a Post Graduate Diploma in
Management (MBA) from XLRI, Jamshedpur.

Mark Gerard Meehan- Chief Marketing and operations Officer

Mark Meehan is currently the Chief Marketing and Operations Officer for Bharti AXA Life
Insurance Company Ltd.

Marks previous role in AXA was that of CEO of Tynan Mackenzie P/L, a professional
investment services company. His role in Bharti AXA Life as CMOO includes Marketing,
Product Development, Customer Service, Underwriting, Claims, Channel & Distribution
Operations, Information Technology and Systems, Six Sigma, Business Continuity and Client
Persistency Management.

Marks career path spans a range of markets and geographies. He is a graduate from Royal
Military College, Duntroon and has served as a commissioned Officer in the Australian Army.
Mark has also enjoyed a successful international military career covering high technology
and systems engineering.

In 1994, he transferred his skills to the private telecommunication market, basing himself in
the UK. On his return to Australia in 1997, Mark was a consultant to public and private sector
clients in systems engineering and outsourcing, after which he moved to Equant in Singapore
as their Asia Pacific Outsourcing Director. In 2000, Mark was appointed Equants General
Manager for Australasia. Mark joined AXA Australia in 2002 and handled major roles in
strategy execution, business turnaround, operations and general management. Mark held
directorships of several AXA subsidiaries. In September 2006, Mark was appointed CEO and
Director of Tynan Mackenzie P/L after leading the acquisition team to a successful
transaction conclusion.

V.Srinivasan- Chief Financial Officer

V Srinivasan is currently the Chief Financial Officer of Bharti AXA Life Insurance
Company. He started his career as a Chartered Accountant in 1989 and over the past two
decades has emerged as a stalwart in the financial sector. With over 8 years of rich experience
in the Life Insurance industry, today, he stands as a storehouse of financial knowledge and
expertise. His portfolio also boasts of extensive experience in diverse industrial segments like
manufacturing and oil & gas.
From April 1996 to February 2002, he has handled Corporate Finance and Tax at Cairn
Energy India Pvt Ltd. He has held responsibilities in Accounting and Project Reporting at
Kuntz, Kuwait, Reliance and SRF Ltd. He has also functioned as the Senior Vice President Corporate Affairs at ICICI Prudential Life Insurance Company and CFO of AMP Samar Life
Insurance Company from February 2002 to December 2005.

Sushanto Mukherjee-Chief Distributor Officer

Sushanto Mukherjee is the Chief Distribution Officer for Bharti AXA Life Insurance
Company Ltd. Prior to this; he was Director & Head Partnership Distribution & Group
Business at Max New York Life Insurance Co. Ltd.
He started his career with ITC-Welcome group hotels division in 1989. He has subsequently
worked in various reputed organizations such as Xerox; Reliance Noncom & Tata AIG in
senior positions managing sales at Zonal & National Levels. Sushanto has over 21 years of
experience across Insurance, Telecom, Hospitality and Office Automation.
He has a strong background in developing & managing partnership channels in Life
Insurance, managing large teams in Retail Distribution and effectively leading direct sales
teams in the Corporate Segment. He is an MBA from Cardiff Business School United
Kingdom.

STRATEGY

To achieve a top 5 market position in India through a multi-distribution,

multi-product platform.

To adapt AXA's best practice blueprints as a sound platform for profitable

growth.

To leverage Bharti's local knowledge, infrastructure and customer base.

To deliver high levels of shareholder return

To build long term value with our business partners by enhancing the
proposition
to their customers.

To be the employer of choice to attract and retain the best talent in India.

To be recognized as being close and qualified by our customers.

VALUE OF BHARTI AXA LIFE

Professionalism
Integrity

 Team Spirit
Pragmatism
Innovation
THE INSURANCE REGULATORY AND DEVELOPMENT
AUTHORITY
(IRDA)Reforms in the Insurance sector were initiated with the passage of
the IRDA Bill in Parliament in December 1999. The IRDA since its incorporation as
a statutory body in April 2000 has fastidiously stuck to its schedule of framing
regulations and registering the private sector insurance companies. The other
decisions taken simultaneously to provide the supporting systems to the
insurance sector and in particular the life insurance companies were the launch
of the IrDAs online service for issue and renewal of licenses to agents.
The approval of institutions for imparting training to agents has also
ensured that the insurance companies would have a trained workforce of
insurance agents in place to sell their products. Since being set up as an
independent statutory body the IRDA has put in a frame work of globally
compatible regulations. In the private sector 12 life insurance and 6 general
insurance companies have been registered.

Insurance Products of Bharti AXA

Individual Plans
Bharti AXA Life Guarantee Builder

A Unit Linked Guarantee Plan Guarantee Builder provides you with a comfort
factor on your investments and you can be sure that this comfort factor keeps
building year-on-year. It's a solid investment plan that lets you achieve your longterm goals by investing in a mix of debt and equities, while providing a
Guaranteed Maturity Value over 15 years. What's more, you need not worry
about your family's security as it has a strong life insurance protection
embedded.

Bharti AXA Life Bright Stars

A Unit Linked Child product Bharti AXA Life Bright Stars provides a launch pad for
your childs bright future. What else, you also have Jumpstart benefit which is
paid out at maturity along with Policy Fund Value, which enables your child to
explore more career options.

Bharti AXA Life Spot Suraksha

Spot Suraksha helps you create a pool of wealth to meet your long-term needs,
with an added advantage of simplified buying process.

Bharti AXA Dream Life Pension

A Unit Linked Pension Product Dream Life Pension, Bharti AXA Life Insurance's
unique pension product ensures that your retirement life is your Dream Life. Live
youre Dreams! Be Life Confident.

Bharti AXA Life Aspire Life

Unit Linked Endowment Product. Aspire Life helps you create a pool of wealth to
meet your long-term needs, while also providing you adequate protection in case
the need arises.

Bharti AXA Life Invest Confident

Unit Linked Single Premium Product. You have always strived hard to achieve the
best for you and your loved ones, so when it comes to making an investment
decision, we know that you would expect the best from it too.

Bharti AXA Life Wealth Confident

A unit-linked investment cum protection policy. Your wealth, your status ensures
that you get preferential status wherever you go. So why shouldn't your money
get the same?

Bharti AXA Life Future Confident

A unit-linked policy which offers comprehensive protection along with wealth

creation in the long term.

Bharti AXA Life Future Confident II

A unit-linked product which offers enhanced protection along with wealth

creation in the long term.

Bharti AXA Life Save Confident

Traditional money back insurance product for long term savings. Your changing
life stages decide your financial milestone planning. When you foresee
intermittent financial requirements in the years to come, like regular expenses
related to your childs education, liquidity becomes a key aspect of your
planning along with long term savings, and protection for your family.

Bharti AXA Life Secure Confident

A Long Term Life Insurance. All of us desire to maximize the happiness for our
family at all times, irrespective of the circumstances. The thought of unfortunate
events befalling us may cause us anxiety about providing a secured happiness to
our loved ones.

EVOLUTION OF INSURANCE

One of the earliest forms of life insurance existed during the Greek and Roman
times when following an individual's death, all surviving members made
contributions for the burial services. It was only much later, in the 17th century,
when a formal form of life insurance was introduced. This was under the Tontine
Annuity System wherein associations of individuals were formed and a fund was
created by equal contributions from each member.
This sum was invested, and at the end of each year, the dividend was distributed
among the surviving members. In all of this, the last remaining survivor received
the entire amount of the principal. With the passage of time, life insurance has
evolved into being an easy and affordable means of providing financial security
for the insured and his/her family, in the event of the death of the insured or
his/her inability to earn due to physical disabilities

why do you need Life Insurance?

To protect your family financially

You love your family and feel responsible towards them in every way. A life insurance plan
covers your life at nominal costs so that you can fulfill your responsibility with ease and your
family never has to face financial constraints.

Why do I need to secure my family when I'm there for them?

A life insurance plan will take care of your family in case you are not around for them.

You need to protect your family against unforeseen events. A life insurance plan helps you do
so very easily.

Isnt securing my family for the future expensive for me now?

Life insurance plans are of different types. Protection plans help you secure your families
tomorrow at very nominal costs and for a long time period.

To maximize your savings

Life insurance plans not only ensure your family's security but are also a healthy investment
option. These investments ensure your money works hard for you by giving you good returns
along with peace of mind, as your family is protected. So whether it is your own home, the
best education for your child or even a comfortable lifestyle, life insurance plans are the best
solutions.

How does a Life Insurance plan maximize my savings?

There are variants of Life Insurance plans available today that can maximize your savings.
The traditional plans give you definite amount as assured money back. ULIPs or marketlinked plans invest your money in the markets to help you reap high returns along with life
insurance benefits.
Fund managers are the experts that take care of your investment plans to ensure you
maximize your savings.

Do I need to worry about the safety of my investments?

There are different plans that you can invest in, depending on how much risk you are ready to
take. The plans can be summed up into - Traditional Plans, ULIPs and Guarantee Plans

Traditional Plans
Traditional Plans give you guaranteed returns on the invested money. The returns you earn
through these plans are pre-decided and communicated to you at the time of issuance of
policy.

ULIPs
Unlike Traditional Plans, Unit Linked Insurance Plans (ULIPs) invest a part of your premium
amount into the financial markets. The returns under these policies depend on market
performance. Market upswings can ensure you earn high returns. There are various fund
options available under these plans. Basis your risk appetite, you can opt for the appropriate
fund option.

Guarantee Plans
Guarantee Plans are Unit Linked Plans, with an in-built 'guarantee' feature. These plans
safeguard the money invested against any market downturns. When the market is up, you can
enjoy high returns and in case of market downswings, there is a minimum guaranteed amount
paid to you that ensures you do not lose your hard earned money.

Do these plans also provide protection to my family?

Yes. While these plans focus on maximizing your returns, they also include the feature of life
protection, which takes care of your family's future

How can a child plan help me?

To fulfill your child's dreams

As a responsible parent, you wouldnt like to make compromises when it comes to your
child. Child plans help you secure your child's future in a planned and systematic manner.
These plans can help you fulfill your responsibilities towards your child conveniently.
You can systematically plan for the finances required for your child's future with these plans.
You can select the term of the plan depending on your child's requirements at their key life
stages- his/her education, higher studies or even marriage. And through periodic withdrawals
from the policy, you can provide financial assistance for the key milestones of your child. By
investing in this plan, you can make your money grow over a period of time, thereby securing
your child's dreams.

Will my child get the benefit from this plan, in case I'm not
around?

The unique Waiver of Premium feature takes care of this concern. During the term of the
policy, should anything unfortunate happen to you, the protection cover is paid out and all
future premiums are waived off. This ensures that the policy continues till maturity and you
need not fear of policy lapse because you are not around to pay the future premiums. Child
plans in that sense will take care of your child and his future, even in your absence.

Why do I need a Retirement Plan when I am young?

Enjoy a golden retirement

Retirement plans are the best way to systematically plan for your golden years. By investing
in these long-term plans, you can earn a regular income even after you've stopped working.
Without worrying about rising costs, you can be self-reliant and lead a comfortable retired
life.
These are long-term plans since they aim to provide a regular income to you post your
retirement. The earlier you start, the better it is, so that when the term of the plan ends, you
can enjoy a good corpus as pension.
By investing in retirement plans today, you can ensure you lead a comfortable life, even after
you've stopped working.

Why should I opt for a Health Plan?

Health problems often hit us suddenly and they bring with them huge medical bills. To avoid
being financially strained, due to health contingencies, you can opt for a health insurance plan
and stay worry-free.
Health problems can arise anytime. With the help of a health plan, you can invest
systematically today, so that in case of any health crisis, your hefty medical bills are taken
care of.
Whats more, health insurance plans also take care of certain critical illnesses
and disabilities to ensure health problems do not impact your family's financial
security

BHARTI AXA LIFE ADVISOR

The vision of Bharti AXA Life insurance company limited is to become the preferred life
insurance company in India. This vision extends to our recruitment philosophy as well. Both
the Bharti Group in India and AXA globally enjoy the status of being a very employee
focused organization.
At Bharti AXA Life Insurance, we are determined to achieve our vision through talent who
are empowered, focused on customer service, and champions of strategic and operational
excellence.

The guiding HR principles at Bharti AXA are:

Clearly define scope of responsibilities and empower people to deliver.

Consider individual training and development a priority investment.

Build organizations that are conducive to teamwork and that involve

everyone.

Promote ongoing dialogue between managers and the people who report
to them.

Make cultural difference a key source of strength.

Definition of Agent

According to section 182 of Indian contracts Act, an agent is a person

employed to do any act for another or to represent another in dealing with a
third person. In the insurance industry, the term agent is ordinarily applied to a
person engaged by the insurer to procure new business. The insurance Act
definers and insurance agent as one who is licensed under Section 42 of that Act
and is paid by way of commission or otherwise, in consideration of his soliciting
of procuring insurance business, including business relating to the continuance,
renewal or revival of policies of insurance. He is, for all purposes, an authorized
salesman for insurance and needs a license.

An agent is one who acts on behalf of another. The another on whose behalf
the agent acts is called the principal in this case. The insurance company is the
principal in this case. The lawyer is the agent of the client, when he argues the
case in court. An ambassador is an agent of his country. The agent represents
the principal and acts on his behalf. Some insurers designate their agents as
advisers, consultants etc. as if they are independent advisor or consultant
would not be appointed by an insurance company. He would be knowledgeable
enough as a person to be approached for advice or consultation. Some insurance
agents may acquire that status. All insurance agents should strive to attain that
status.
Procedure for becoming an Agent

The insurance Act, 1938 lays down that an insurance agent must possess a
license under Section42 of that Act. The license is to be issued by the IRDA. The
IRDA has authorized designated persons, in each insurance company, to issue
the licenses on behalf of the IRDA. In terms of the Insurance Act, a license will
not be given if the person is:

(a)Minor

(b) Found to be of unsound mind

FUNCTION OF AN AGENT

Understanding the prospects needs and persuade him to buy a plan of life
insurance that suits his interests best.

Complete the formalities: - paper work, medical examination, which is

necessary to get the policy expeditiously.

Keep in touch to ensure that changing circumstances are reflected in the

arrangements relating to premium payments, nomination and other
necessary alterations

Facilitate quick settlement of claims.

Be totally honest with both the prospect and the insurer.

Not to induce prospects to submit wrong information.

Career with Bharti AXA

Opportunity to earn unlimited income.

Career Growth.

Be your own boss.

High quality training & Support to improve productivity.

Compensation amongst the best.

Club member benefits.

Payout structured to facilitate your cash flows better.

Best in class & competitive products.

Pension for life.

CLAIM PROCESS

A claim is the payment made by the insurer (Insurance Company) to the policyholder or
claimant on the occurrence of the event which is specified in the Policy Bond.

Types of claims

Claims are of three types:

Death Claim

Rider Claim

Maturity Claim

Claim-process:

In case a claim arises, you should:

Contact your nearest Bharti AXA Life Branch or

Contact your insurance advisor or

Call our Customer Helpline Toll Free 1800 102 4444

Write to us at service@bharti-axalife.com

Please attach a copy of Death Certificate issued by Municipal Authorities

along with Death Claim Intimation
On receipt of written claim intimation, Bharti AXA Life will send an acknowledgement letter
listing the claim requirements along with the claim forms to the Claimant.

Claimant Statement Form (Death)

Claimant Statement Form (Critical Illness)

Claimant Statement Form (Disability)

LIFE INSURANCE PROTECTION PLANS

Protect your loved ones against financial contingencies at nominal costs

You love your family and feel responsible towards them in every way. But life can be
uncertain and unforeseen contingencies can meet you anytime. At such times, life insurance
comes to your rescue. As someone who wants only the best for their family, we understand
your need to safeguard your family against any crisis. Our protection plans offer you high life
cover at nominal costs so that you can fulfill your responsibility with ease and your family
never has to face financial constraints.

Bharti AXA Life Elite Secure

Bharti AXA Life Secure Confident

Bharti AXA Life Family Income Secure

Bharti AXA Life Protect Plus

Bharti AXA Life Premium Waiver Rider

Elite Secure

Life Insurance cover at very competitive premiums

Option to cover your life till 75 years

Secure Confident

A simple Life Insurance product

comprehensive protection for your loved ones

WEALTH CREATION WITH PROTECTION PLAN

Ensure your family's security as you maximize your savings

You can make your money work harder with our Wealth Creation with Protection plans.
These plans come with the double advantage of:

Complete peace of mind as your family is financially protected and

Good investment option that ensures long-term financial goals are met

Whether it is a bigger home, a dream vacation or even a comfortable future, these life
insurance plans are the best solutions along with the surety of financial protection. Our life
insurance coverage plans include 'traditional' plans that give guaranteed money on maturity.
While, we also offer market-linked plans that give you the benefit of good market
performance to maximize your savings.

Bharti AXA Life Child Plans

Bharti AXA Life Guaranteed Plans

BUYING LIFE INSURANCE POLICY HOLDER CORNER

Policyholder Corner

Recommend Bharti AXA Life

POLICYHOLDER CORNER

PREMIUM PAYMENT OPTIONS

CLAIMS PROCESS

MANAGE YOUR POLICY

FEEDBACK FORM

Recommend Bharti AXA Life

Grievance Redressal Procedure

Customer Newsletter

RETIREMENT PLANS

Make the golden years of your life truly comfortable.

Retirement plans are the best way to systematically plan for your golden years. Our flexible
retirement plans ensure you live your dream retirement. By investing in these long-term plans
by paying life insurance premium, you can earn a regular income even after you've stopped
working. Without having to depend on anyone else or worry about rising costs, you can go
ahead and lead a comfortable retirement.

Bharti AXA Life Wonder Years Retirement Plan

Dream Life Pension PLUS

Flexibility to change your retirement age any time

Regular and single pay options

Future Secure Pension

Limited payment term of 5 years

12 free switches every policy year

Future Advantage Pension

 Premium payment for just 3 years

No surrender charges throughout the policy term

TERMINOLOGIES

1. DB: Death benefit: Benefit paid in a life insurance policy or an annuity plan with live
cover in the event of the life assured passing away during the term
2. LA: Life assured: Person who is insured under the plan.
3. SA: Sum Assured: Amount of money for which the insurance is taken.
4. VB: Vested Bonus: Bonuses that have accrued over the term of the plan in with profits
plans.
5. PP: Purchase Price: The accumulation of the money in a deferred annuity plan.
6. GA: Guaranteed Additions: Guaranteed return that the insurer adds to the sum
assured.
7. Prospect: Individual that has the potential to purchase a life insurance policy i.e. age,
health and money.
8. Prosper: The person who buys the policy-prosper and life assured can be the same
person or different-but should fulfill the principle of insurable interest.
9. Annuitant: The policyholder who has pensioned / annuity plan.
10. Nominee: The custodian to the claim-may or may not be the rightful owner to the
claim money.
11. Claimant: The person who makes the claim.
12. Beneficiary: The rightful successor to the claim.

4. HUMAN RESOURCE MANAGEMENT OF BHARTI

AXA LIFE INSURANCE

1. MODE OF APPOINTMENT:
The appointment to various points shall be made in the following manner:-

BY DIRECT RECRUITMENT:a. The qualifications for direct recruitment shall be such as specified in the
Staffing pattern.

b. The appointment shall be made according to the merit list drawn at the
Time of selection.

c. All appointments except to class-IV services shall be made on the

Recommendations of the selection Committee.

BY PROMOTION
Appointment by promotion to the next higher post in the respective
discipline
In any category shall be made on the basis of Seniority-cum-Merit from
Amongst the employees working in the lower category having at least five
Years service on the said post in the Life Insurance.

BY TRANSFER:
a. By transfer of a person on deputation from any Department. Of
Government/ Bharti Axa Life Insurance or any sister Life Insurance.

b. By permanent transfer of services of surplus staff of Bharti Axa Life Insurance

on the terms & conditions as Prescribed by the Bharti Axa Life Insurance and
adopted by the Board from time to time subject to the approval of Register.
c. By permanent transfer of an employee of other /Bharti Axa Life Insurance on
his own request and upon the terms & inditions as prescribed by the Bharti Axa
Life Insurance and adopted by the board from time to time subject to the
approval of Registrar.

The quota of appointment by direct recruitment and by promotion shall be in

The ratio of 40:60 respectively wherever applicable. The appointment under
Rule 1.3 shall be treated against the quota of direct recruitment.

a). The reservation for the members of Scheduled Castes, Scheduled Tribes
And Background classes in recruitments shall be in accordance with the
Policy of the Govt. as adopted by the BOD.

b). The Life Insurance may fix Quato for promotion of class IV employees to
class III post up to 10% of the promotion quota.

2. COMMENCEMENT OF SERVICE:

Services shall be deemed to have commenced from the working day on which
The employee reports for duty. If he reports for the duty in the afternoon the
Services shall be deemed to have commenced from the following day.

3. ATTENDANCE AND LATE COMING:-

No employee shall enter or leave the premises of the Establishment accept by

the gate or gates meant for this purpose.

An employee who is off his duty or has resigned or has been discharged or
Declared by the competent Medical Authority to be suffering from any
Contagious or infectious disease, shall immediately leave the premises of the
Established and shall not enter any part of it, except with the express
Permission of the cope tent authority.

All employees shall be liable to be searched both at the time of entry and exit
at the main entrance of the Establishment by an authorized person of the same
Sex with due dignity.
If more than one shift is working, the employee shall be liable to be transferred
From one shift to another.

4. SENIORITY:

a). The seniority of an employee under these rules shall be determined in a

Particular category of post on the basis of the length of service on that post
Provided that in the case of employees appointment by the direct recruitment
Which join within the period specified in the order of appointment or within?
Such period specified by direct recruitment who join with in the period
Specified in the order of appointment or within such period as May from time
to
Time be extended by the appointing authority, subject to a maximum of one
Month from the data of order of appointment, the order of merit determined,
Shall not be disturbed. Provided further that in the case a candidate is
permitted
To join the service after the expiry of the said period of one month, his
seniority
Shall be determined from the data he joins the service.

b). A person recruited by promotion from the service of the Life Insurance shall
be
Senior to the person recruited otherwise if they join on the same data.
Provided
That in case of promotion of two or more persons with effect from the same
Data their inter-se-seniority shall be determined according to their seniority
in

The cadre or postal from which they have been promoted.

c) Seniority of the employees of PDDC/BHARTI AXA LIFE INSURANCE upon the

permanent transfer of their services to the Life Insurance vis--vis other
employees of Life Insurance, shall be determined in the following manner:(1) An employee who was working in the higher pay scale at the time of
Permanent transfer shall rank senior to the employee working in the
Lower pay scale on that date.

(2) In case where the pay scale of the post held by an employee in the
PDDC or Bharti Axa Life Insurance and of the post against which he
has been

transferred in Life Insurance identical, their seniority shall be

determined on the basis

of length of services in the same pay scale.

5. POSTING AND TRANSFERES:

Managing Director shall be competent to post/ transfer any employee
within the establishment. He shall also be competent to transfer an
employee against any equivalent post or along with post.
As and when considered necessary in the internet of work and upon
request from Bharti Axa Life Insurance/Sister Life Insurance the
services of an employee of Life Insurance may be placed on national
deputation without payment of deputation allowance to any other Life
Insurance/ Bharti Axa Life Insurance for Period up to one year in the
first instance, which can be extended further.

6. DEPUTATION

Any employee of Life Insurance may be sent on deputation to any State

level coOperative Apex. Institution or Government Undertaking with his consent and
On receipt of writtenrequisation from the concerned Institution/Government
undertaking and with the concurrence of the Bharti Axa Life Insurance on
the terms
Conditions mutually agreed upon by the leading and borrowing organizations
Subject to prior approval of the Registration.

7. JOINING TIME:
Upon transfer of an employee from one station to another the joining time,
exclusive of journey day(s), shall be admissible as under:(i) up to distance of 4 kms

(ii) For distance between 41kms :

No joining time.
one day

to 100 kms
(iii) Above 100kms

Two day

8. Security
An employee of the Life Insurance shall furnish such security, Fidelity
guarantee,
Agreement bond in favor of the Life Insurance as may be decided by board
from
Time to time.

9. PROVIDENT FUNDS:

Employees of the Life Insurance shall be entitled to the membership of the

Employees Provident Fund and other schemes under the employees Provident
Fund and Misc. Provisions Act 1952 irrespective of the pay drawn b him reEmployed persons shall be governed by the terms of their appointment.

10. BONUS:
Employees of the Life Insurance shall b entitled to payment of the Bonus under
The payment of Bonus Act, 1965 as amended or re-enacted from time to time.

11. MEDICAL BENEFITS:

An employee, as and when covered under the PSI Act/Scheme, shall get
Medical benefits as provided there in. An employee not covered under the PSI
Act/Scheme shall be entitled to medical benefits as may be decided by the
Board from time to time with the concurrence of the Bharti Axa Life Insurance.

12. ALLOWANCE:
Dearness Allowance, Additional Dearness Allowance, House Rent Allowance, City
Compensatory Allowance, Rural Allowance and Other Compensatory Allowance
Shall be Admissible to the Employees of the Life Insurance as per the Decision of
the Board with the concurrence of Bharti Axa Life Insurance and approval of the
Registrar.

13. BENEFITS ADMISSIBLE IN THE EVENT OF DEATH OF AN

EMPLOYEE DURING SERVICE:

In case of death of an employee while in the service of his family members shall
be entitled to the following benefits/ facilities at the rates/scales and on the
terms & conditions as approved by the board from time to time with the
concurrence of Bharti Axa Life Insurance.
a. Ex-gratia grant.
b. House Rent Allowance.
c. Encashment of P.leave.
d. Priority for employment of window/dependent of deceased
employee.
e. Special Ex-gratia grant to the family members of an employee of
the Life Insurance Killed by terrorist action.
14. TRAINING:
Managing Director may wit the concurrence of Life Insurance employee to attend
a seminar/ workshop/training within the country or abroad in accordance with the
instructions of the Registrar, as may be issued from time to time.

15. LEAVE:
All the employees of Life Insurance shall be entitled to the following
Kinds of leave:(i) PRVILEGE LEAVE (LEAVE WITH WAGES:
One day for every 18 days of service (for the purpose of calculation
of days of services, the period of Privilege Leave availed and leave
Without wages/ absence shall not be counted).
(ii) CASUAL LEAVE:
12 days per annum.

(iii) SICK LEAVE:

14 days per annum to those employees ho are not covered by the ESI
ct/Schemes.

7 days per annum to these employees who are covered by the ESI
Act/Scheme.

16. RESIGNATION:
If a regular/permanent employee intends to leave the service of the
Life Insurance by tendering resignation, he shall have to give one
Months notice in writing, otherwise, he shall have to deposit one
Months notice in writing, otherwise, he shall have to deposit one
Months salary or salary for the period by which the notice falls short
of one month (for this purpose salary will include basic pay +all other
Allowance admissible thereon, experts House Rent/Rural allowance,
Conveyance Allowance and Medical Allowance.)
24 hours notice shall be required for tendering resignation during
Probation period. The resignation tendered by the employee may be
Accepted by the appointing authority.

17. SUPERANNUATION / RETIREMENT

Every employee of Life Insurance shall be superannuated on the afternoon of the
last day of the month in which he attains the age of 58 years.

Not with standing anything contained in Rule 17.1 above, an employee may be
permitted at his own request to retire room the service of the Life Insurance on
attaining the age of 50 years or after 20 years of service at any time by the
appointing authority provided three months notice.
Anything contained in rule 17.1 and 17.2 above, the appointing authority shall, if
it is of the opinion after reviewing the entire service record of an employee that

he is not fit to be retained in the service and that it is in the interest of the Life
Insurance.

18. Major misconducts:

Without prejudice to the generality of the term, misconduct, the following
Acts of communion or omission shall, interlaid, constitute specific acts of
Major Misconduct on the part of the employee:

1. Breach or habitual breach of any standing instructions or rules

regulations, conditions of the appointment letter or orders issued by
the establishment from time to time.
2. Acting in any manner prejudicial to the inertest or reputation of the
establishment, disregard of any operation & maintenance.
3. Negligence or habitual negligence of duty or laziness or in efficiency or
incompetence or malingering or neglect of work or carelessness in
work, poor or unsatisfactory performance intentionally.
4. Bring narcotic, liquor or other intoxicating things in premises or
reporting.
5. Doing private or personal work during working hours, engaging in any
other trade, business profession, service of the Establishment without
while in the competent authority.

19. PUNISHMENTS FOR MAJOR MISCONDUCTS:

One or more of the following punishments may be imposed on an employee
Who is found guilty of a major misconduct, namely:1. Stoppage of one or more annual grade increments of pay with or
without cumulative effect
2. Recovery of damages or the amount of loss suffered by the
Establishment on account of misconduct of the employee.
3. Demotion to the Lower post.

4. Termination of service.
5. Dismissal from service.
20. PUNISHMENTS FOR MINOR MISCONDUCTS:One or more of the following punishments may be imposed on an employee
Who is found guilty or minor misconduct, namely:1. Warning or Censure.
2. Making an adverse entry in his service record.
3. Stoppage of one annual grade increment of pay with or without
cumulative effect for a period of six months.
4. Recovery of loss of goods expressly entrusted to the employee or more
for which he is accountable.
5. Recovery from his pay of the he is accountable, pecuniary loss caused
by him to the establishment by negligence or breach of orders.
6. Suspension without pay or subsistence for a period not exceeding 15
days.

21. PROCEDURE FOR AWRDING PUNISHMENT FOR ACTS OF

MINOR MISCONDUTS:
Where an allegation of minor misconduct is alleged against an employee, he
shall be called upon to explain his position.

22. PROCEDURE OF ENQUIRY AND PUNISHMENT FOR MAJOR

MISCONDUCTS.

An employee against whom a major misconduct is alleged shall be served with a

charge heat by the competent authority clearly setting forth the imputation of
mis conduct and calling upon the employee to submit his explanation within a
period of 7 days, provided that such time may be extended for a maximum
period of 7 days , after the expiry of initial period of 7 days if sufficient reasons
are advised by the employee for seeking an extension, for which purpose a
written request will have to be made him. In case the employee be pastedown
the notice board of the office establishment and it shall be deemed to have been
served upon the employee for the purpose of these rules.
In case where the employee admits in writing the charge(s) leveled
against him, it shall be open to the competent authority to award one or more of
the punishments provided in these rules without holding any enquiry.

In the case of the explanation submitted by the employee is found to be

satisfactory, the matter will be dropped.

In case the employee fails to submit his explanation within the prescribed
time or extended time allowed to him or where the extended time allowed to him
or where the explanation submitted by him is not found satisfactory, the
competent authority shall appoint a person to hold an enquiry and issue ordered
in this regards specifying there in the names of the Enquiry officers and the
Presenting officers.
The accused employee shall be entitled to the reimbursement of
actual

rail/bus fare only besides conveys undertaken by him for inspection

of relevant records and attending the enquiry proceedings at a station other than
his HQs.
The enquiry officer shall on the conclusion of the enquiry, submit his
report in writing giving his findings with the reasons therefore to the authority.

APPEAL AGAINST PUNISHMENT:

i) An appeal against the orders of the competent authority imposing

punishment, under rules 29 and 30 of these riles shall lie to the
board of directors of the Life Insurance. The board shall constitute a
Committee consisting of chairman , nominee of Bharti Axa Insurance, nomine
Of RCs and nominee of NDDB to examine the appeal on the basis
Of records.

ii) An appeal shall be filled within a period of 30 days from the data
On which the appellant receives a copy of the order appealed
Against or is deemed to have received.

iii) The appellate authority may after consideration of the case and
On recording sufficient reasons yet aside, reduce, confirm or
Enhance the punishment and its decides to enhance the
Punishment, the accused employee shall be given an opportunity
to show cause against such enhancement.

23. SUSPENSION:
In a case where it is considered that the employee be suspended pending
enquiry, the competent authority may suspend the employee pending issues
of
A charge sheet or subsequent domestic enquiry or till the final orders are
Passed on the enquiry case. Where criminal proceeding against an employee
in
respect of any offence involving moral turpitude are pending and the

competent authority is satisfied that it is necessary/desirable to place the

Employee under suspension, the competent.

SUBSISTENCE ALLOWANCE DURING SUSPENSION:

1. An employee shall be paid during the period of suspension
Subsistence Allowance @ 50 % of the wages to which the
employee was entitled to immediately proceeding the date of
such
Suspension for the first 90 days of suspension and 75% of such
Wages for the remaining period of suspension.
2. The payment of subsistence Allowance to the suspended
Employee shall be subject to his processing a certificate every
Month about his having not taken up any other employment and
His having remained at the head quarters.

24. SERVICE RECORDS:

The following service records shall be maintained in respect of an employee
of
Life Insurance:i)

personal File

ii)

service book

iii)

A.C.R file.

RESIDENTIAL ADDRESS OF EMPLOYE

An employee shall notify to the Life Insurance immediately on
Engagement, like details of his residential addresses and thereafter

Promptly communicate to the Life Insurance any change in his

residential
Address.

ANNUAL CONFIDENTIAL REPORTS:

ACRS of employees shall be written on yearly basis (April to march)
in the prescribed format. The entries in the A.C.R of an employee
shalll
Be taken into account while deciding the case of promotion,
Proficiency step up, pre-mature increment(s) etc. The adverse
Remarks in the ACR of an employee, if any, hall be communicated to
him in writing. The employee to whom adverse remarks are
conveyed may make a representation for review of the adverse
remarks. In this regards the following time schedule shall be
followed:
1

Period

of

communication

of

Within 30 days of the

adverse remarks to the official

receipt from the final

concerned

accepting authority.

Period

for

receipt

of

Within thirty days from

representation against adverse

the date of receipt of

remark.

adverse remarks.

Final

decision

representation
comments

of

on

on

the

receipt

of

reporting

reviewing/ accepting authority

Within

30

days

of

the

receipt of comments on
the

representation

from

the reporting/ reviewing/

accepting authority.

NOTE I No further representation shall lie against the final decision.

NOTE-II The representation against adverse remarks received after the expiry of
the stipulated period shall be rejected straight way.

25. GRIEVANCE /REDRESSAL PROCEDURE:

Any employee having a cause for complaint about his work or working
conditions shall have a right to present a cause for investigation and
Consideration within two days of rising of the cause. The procedure for the
Redress shall be as follows:-

Stage I
The employee having a cause for complaint shall in the first place, discuss it with
his immediate supervisor.

Stage II
If a satisfactory solution of his problem is not bound with six days his discussion
of the complaint, he shall approach his sectional head/ departmental head
through his immediate supervisor.
Stage-III
If the problem is not yet resolved, the aggrieved employee may request for the
consideration of his cause by the Grievance community constituted as under
with intimation to the Labor-cum conciliation officers of the areas.

5. RESEARCH OBJECTIVES
The current research will be aimed at determining the HR Practices and
Policies at Bharti Axa LIFE INSURANCE. The research will be focused on the
following major issues.

a) To study the significance of HR policies.

b) To

study

the

system

development

at

Bharti

Axa

Life Insurance to measure the factors related to HR Practices and

Policies.
c) To study the employee relation and executive response for Practices
and

Policies

in

Bharti

Axa

Life Insurance.

6. RESEARCH METHODOLOGY
In order to cope up with the emerging challenges due to tough global
competitions, the way out for this is to produce quality products at reasonable
prices. This is possible only through an organization culture of quality
consciousness and enhanced productivity. Optimal utilization of resources
especially the human resources are one sure way of meeting this objective.
Thats why proper induction of an employee is very important.

RESEARCH DESIGN
Research design means a specified framework for controlling the data collection.
The research is of descriptive in nature, which could provide an accurate picture
of induction procedure conducted in the organization. Descriptive research
includes surveys and fact-finding inquiries of different kinds. The research is of
Ex post facto nature in which researcher has no control over the variables.
Statistical method lay stress on objectivity rather than rely on intuition and
judgment and average & percentages can easily be calculated.

The following methodology was adopted in project

Comprises of understanding the theoretical concepts in general.

Questionnaire study

Analysis of the primary data

Analysis of the secondary data

The statically method needs the collection of data in two forms

1. Primary data
2. Secondary data

1. PRIMARY DATA
The primary data are those, which are collected afresh and for the first time, and
thus happen to be original in character. The data on the required information is
collected from actual persons using the product/ services. This data is more
suited for the objectives of the project.

2.

SECONDARY DATA
The data which have already been collected by someone else or taken from
published or unpublished sources and which have been already been passed
through the statistical process.

MODE OF DATA COLLECTION

The study is based on Secondary data which includes

Secondary Data
Secondary Data will be gathered from books and journals on HR Practices and
Policies in BhartiAxaLife Insurance

Sample Plan
Unit:
100 Employees

Universe:
The

universe

of

the

study

was

be,

Bharti

Axa

Life Insurance .

Contact Method:
The respondents sampling personally will be prepared to interview 100
employees.

7. FINDINGS OF THE STUDY

INDUCTION PROGRAM
Does the company provide induction for new employees?

INDUCTION PRACTICES
no; 7%

yes; 93%

GRAPH
The graph shows the %age of companies, which undergo some standard methods of
induction.

The graph shows that almost all the companies are following induction
practices.

Near about 93% of the companies follow induction practices while 7 % of

them dont follow it.

Induction is although inseparable part for HR practices. Yet there are

companies, which dont follow a standard procedure of induction but make
it just through personal explanation of working strategy of the dept.

Induction could be done through Diaries, Manuals or through Company

CDs, or even by standard power point presentations given to the
employees to make them familiar to the policies of the company

Who participates in delivering Induction ?

INVOLVEMENT IN INDUCTION
12

Related Dept

10
HR Dept
8
%age

All Dept

6
4
2
0
Departments involved

GRAPH 2

The graph shows the involvement of different departments in delivering

induction.

Most of the companies follow delivery of induction by related departments.

According to the survey approximately 40% of the companies follow

induction practice through related dept., which explains the working of
respective dept. to the employees.

Compared to 40% of induction done by related dept. 35% is been done by

HR dept. and only 25% is performed by all dept.

Is induction same for all levels or different?

LEVEL OF INDUCTION

same; 40%

different; 60%

GRAPH 3

The chart depicts that what level of induction is applied to various levels of
employees.

Most of the companies say that induction process is different for different
level of employees while some says that the induction procedure they
follow is same for all level of employees.

The company may prepare a common induction procedure to explain the

policies, work culture of the company, the benefits the company provides,
the basis to be adopted for transfers and separations, basis for
promotions, and a brief history of the organization, yet the process to be
followed for individual working environment must be different.

How does the company recognize the need for training?

TRAINING NEED

80
70
through questionnaire
60
50
40
%age of companies
30
20
20
reference from
10 supervisor
0

67
performance monitoring
54

1
1
Methods

GRAPH 4

The graph shows the methods through which the companies identify the
need to provide behavioral training to their employees.

There may be several methods for training among which most commonly
adopted method is reference through supervisor.

According to the survey conducted 67% of the companies take a feed back
from their employees and thus determine need for training.

Although 54% of superiors depends on performance monitoring approach

to decide for providing training to their employees.

And only 20% rely on questionnaire method.

What type of training is conducted ?

TYPE OF TRAINING

outdoor training

13

appre ntice training

online training

6
5

Methods
class-room training
on the job training

2
1

9
15

0 2 4 6 8 10 12 14 16 18
No. of companies

GRAPH 5

The graph shows the type of training provided by various organizations.

Though various types of training methods are adopted which comprises of

on the online training, apprentice training, classroom training, job training,
and outdoor training? But the most commonly adopted method is on the
job training, which is practiced in almost all companies.

Then do the companies prefer the outdoor training, which is, again most
adopted one whereas online training is least.

What is the Annual budget for training?

TRAINING BUDGET
35
30
25
20

%age

15
10
5
0
1-2 lac

2-3 lac

3-4 lac

4-5 lac

5-6 lac

6-7 lac

7-8 lac

8-9 lac 9-10 lac

Amount(Rs)

GRAPH 6

The graph shows training budget, which is decided by the companies to be

spend on training of their employees. The companies even send their
employees to outstations.

The budget is decided depending upon the need of the employee and the
degree of skills and knowledge already possessed by the employees and
also depending the need of the organization.

Most of the companies i.e. almost 30-35% of companies keep their budget
around 2.5 to 3lac.

Although some organizations have as high as Rs.9 lac assigned as budget

for training.

What is the module duration for training programme?

TRAINING M ODULE
60

50

40

30
Module

20

10

0
< 1 week

1 week

2 week

3 week

4 week

> 4 week

%age

GRAPH 7

The graph depicts the module duration specified for training programs by
various companies.

Most of the companies prefer to go for training for less than 1 week it is
mostly ranging from a minimum of 2 hrs to 2 days and maximum to 6 to 7
days.

Some of the companies even go for a training for 4 weeks, which makes
their employees completely trained about the skills they are lacking in.

The companies even go for job rotation, which help them go for all round
development.

Does the company provide any profit sharing policy?

PROFIT SHARING

Shares; 13%

Bonus; 88%

GRAPH 8

The graph shows the profit sharing policies of the organization.

Although there may be various profit sharing methods which may work as
motivational aspect for the employees. It could be through ESOPs,
exgratia etc, yet the most preferred one could be providing bonus to the
employees who fall in to this category as per government rule.

According to the survey 13% of the organizations declare shares for their
employees and 87% prefer to declare bonus time to time.

Does the organization provide any recreational activities?

RECREATIONAL ACTIVITIES
20
15
10
5
No. of companies

Activities

GRAPH 9

The

graph

shows

the

recreational

activities

performed

by

the

manufacturing organizations.

Recreational activities are quite important for maintaining interpersonal

relations among the staff and to develop enthusiasm among the
employees. Moreover its a part of welfare activity, which even work as
motivational aspect.

The company could conduct many activities, which could gather the
company staff together at a common platform. These activities could be
picnics, tours, outings, parties, functions, get together.

These activities not only enhance the interpersonal relations but also help
the families of the employees interact.

According to the survey the most preferred activity is get together which
approaches up to appx 100% of the organizations and the least preferred
one is company tours.

Does the company provide any retirement benefit?

RETIREMENT BENEFITS
2

Age relaxation

Pension

Schemes

11

PF

10

gratuity

10

12

No. of companies

GRAPH 10

The graph shows retirement benefits been received by the employees .

As per government rule providing provident funds (PF) and gratuity is the
rule thus it is provided by all the organizations.

Apart from these, organizations provide other benefits too. 15% of the
organizations provide age relaxation so that the employees could serve a
little more to the organization and appx 40% provide pensions to retired
employees.

What are the welfare activities taken up by the organizations?

WELFARE ACTIVITIES

Activities

firs t aid

100

cafeteria

100
98

uniforms

94

trans portation facility

90

92

94

96

98

100 102

% age

GRAPH 11

The graph shows the welfare activities taking place in the manufacturing
organizations.

Most of the organizations provide all the major welfare activities to their
employees.

Almost 100% of the companies provide first aid facilities and cafeteria.

Almost 98% of them the organizations provide uniforms to their

employees. Although the maintenance of these uniforms may be taken by
either the HR dept. or the employees by themselves.

Almost 94% of the organizations provide the transportation facility. It may

be company bus, or the company vehicles; in some cases the company
provides traveling allowance.

Does the organization adopt any on job safety measures?

SAFETY MEASURES

% age

100
90
80
70
60
50
40
30
20
10
0
OH & S facility

Fire Safety

Electric safetyMachinery safety

Methods

GRAPH 12

The graph shows safety measures adopted by various organizations as a

part of their welfare scheme.

Various safety measures, which could be adopted by the organizations,

could be from fire, shock and electricity, safety while handling machinery,
and operational health and safety measures(OH&S facility).

According to the survey almost all the organizations adopt all these safety
measures.

The result is 100% implementation of these practices.

What appreciation scheme is followed by the organization?

APPRECIATION SCHEME
Incentives 4

94

Increaments 3

Methods

100

Promotion 2
Appreciate publicly 1

94
67

50

100

150

% age

GRAPH 13

The graph shows the appreciation schemes adopted by organizations to

reward the employees.

The organization may provide perks, promotions, monetary rewards,

increments, incentives or even an appreciation in public matters a lot.

According to the survey the most common, adopted and preferred one is
increments for better work performance, and then comes the promotions
& monetary incentives.

Almost 100% of the organizations prefer to go for increments and 94%

provide promotions & monetary incentives.

Least preferred one is public appreciation count to 67%.

What are various reward & recognition schemes of the organization?

REWARD BASIS
67

70
60
50
40
% age 30
20
10
0

54

47

47

34

Paid vacations
Additional pay OvertimeMonetary rewards Perks

Methods

GRAPH 14

The graph shows the basis to give rewards.

There are various methods to reward an employee for his outstanding

performance. The organization may provide them with paid vacations,
additional pay for additional work, overtime, monetary rewards, perks etc.

According to the survey perks are the most preferred means of rewarding
the employees, then is paying overtime and least preferred is paid
vacations.

Perks counts to 67% of the choice, and paid vacations the least to 34%.

How the organization recognize outstanding performer?

BASIS OF JUDGEMENT
93

100
80

67

60

67
54

60
%age

40
20

0
Punctuality

Regularity

Initiative

Productivity

Extra w ork

m ethods

GRAPH 15

The graph show the basis on which the organizations decide which
employee is to be rewarded .

Although almost all the organizations go for all

o

Punctuality

Regularity

Initiative

Productivity

Extra work

But according to the survey the most preferred basis is punctuality

followed by initiative and productivity.

Punctuality comprises 93% preference in deciding the right candidate for

reward and initiative and productivity aspect counts equal to 67%.

8. SUGGESTIONS
As in the competitive world where the need for every organization to prove itself
the best and make an outstanding and remarkable progress is the need, no fact
could be left ignored. Every organization must know the shortcomings and must
try to go for building up the shortcomings. An ethical practice in any organization
could only be achieved if the organization works for the well being of its
employees. Every organization must possess a basic structure and the
organization must be capable enough to reward its outstanding performers and
must appreciate the initiative works.

According to the survey been conducted with various HR heads of various

organizations here are few suggestions from their side:

INDUCTION PRACTICES

Induction is must in every organization for all level of employees to make them
well known of the industry they are working in.

The best ways to perform induction may be through

o

Lectures

Power point presentations prepared explaining companys policies.

Through SOPs (Standard operating procedures)

Manuals

Diaries

But the most adopted one is through personal induction.

The induction program must follow a proper feed back from employees
been put into the program which is again an ethical practice and is
achieved by
o

induction scheduling

opinions from supervisors

Feed back forms.

BEHAVIORAL TRAINING
Behavioral training is boon for any organization.

The organization could provide on the job training, which is quite common
and most adopted. The organization may also go for outdoor training

Job rotation could be preferred which could make the employee skilled in
overall working of an organization.

The organization may provide a basic training for FIRST AID & SAFETY OR
FIRE SAFETY TRAINING.

The organization may have tie ups with the training organizations which
could organize courses and the organization may take up the best course
as per requirements of their staff.

A proper feedback must be taken to grasp the extent the employees have
versed themselves with knowledge.

Proper Feed-back could be taken through

o

evaluation

questionnaire

feed back forms

submission of report through trainee

feed back through trainers

MOTIVATIONAL TOOLS
Motivating for work is inseparable to continue productivity. But work when itself
serves as motivation then progress is inevitable. The organization must take
great care to motivate its employees through various methods.
Promotion may be one of the best motivational factors. Promotional basis
could be
o

work performance

qualification

performance evaluation

skill enhancements

Initiative steps taken .

organization may also provide fringe benefits such as

o

leave traveling allowance

medical

free transportation

ESI (Employee State Insurance)

Furnishing scheme

House lease

hospitalization

WELFARE ACTIVITIES
The organization may adopt welfare policies such as

Transportation facility

Canteen facility with breakfast, lunch and dinner facility along with
refreshments.

Canteen could be free, subsidized, paid. But the most preferred one
is through subsidized mode.

The organization must also possess first aid facilities for its staff. A
well-versed rehabilitation of injured staff and an on duty doctor or
an ambulance should be always provided.

The organization must also possess a grievance handling committee

despite a union to take an action for their problems. It could be a
three tier of four-tier grievance committee.

REWARD AND RECOGNITION SCHEME

Rewarding the best work not only provide the candidate with appreciation but
also provide enthusiasm to do better. A competitive spirit is also developed to
perform the best.

Some

of

the

practices

of

rewarding

the

employees

organizations are

Award after completion of 10 years of service

Companys well furnished housing & hotels for officers

Paid vacations to foreign countries

Yearly reward scheme

Overall equipment efficiency reward

Quality man of the year award

Best man of the year

Best kaizen award

Increments

Promotions

Incentives

Monetary rewards

Public appreciation.

RECOMMENDATIONS

practiced

in

For all the programs the organization must follow feed back method to
understand the effectiveness of any practice in a better way.

Holistic views of induction should out show both positive and negative
aspects of the organization. Which ultimately let the employee know about
both the phases of the policies adopted by the organization?

Practice of providing a brief presentation of the company and a booklet for

rules and regulations of company must be maintained so that the employee
could go through it when ever required.

Individual should concentrate more while training. When an organization

invests on training of an employee, the purpose of training serves the mutual
benefit of both organization and the employee. Thus, the employee should be
more oriented towards drawing as much benefits as he can. Employees are
supposed to understand their role for particular training program.

Company must maintain training manuals or training charts and training

report submitted by the trainee. This, practice not only keeps a maintained
record of the programs been conducted but also keep the employee known of
the knowledge gained by him which could later be utilized.

A pre- evaluation and post evaluation practice should be followed to

understand the success of training and the training could be then effectively
used to fill gaps later.

Continuous training module should be conducted, personality development

training should be provided.

To motivate the employees

Performance awards could be given every year.

Incentives could be paid.

Salary saving schemes could be provided.

Extra activities such as games and sports, community meetings, recreational activities,
picnics, tours and outings should be planned to improve the interpersonal relationships.

External welfare activities could also be taken up by the organization such as

o

Blood donation camps

Safety week

Free eye camps

Free books for children

Poster and quotes competition could be organized.

Devotion, belongingness and good team member spirit should be rewarded.

Employees should be encouraged for group efforts and team work.

To avoid worker union for better employee welfare and give suitable welfare
activities from time to time to the employees in house work committee should
be developed to handle the grievance.

Employees participation is key issue. Thus, suggestions should always be

invited and maximum efforts should be put up to implement the suggestions.

INITIATIVE SUGGESTIONS

Employees familys involvement in motivating employee is the key

element. It creates a special pressure point.

Drawing competitions of children could be organized.

Special training for wives could be arranged to teach them what are
the dos and doesnt.

Special scholarships could be announced for the children of

employees securing good marks.

Management by objective should be adopted. The practice should be

objective to avoid biasness.

Kaizen award could be given to the implementer of best suggestion.

BENEFITS
The new environment in INDIA is an environment of change, a change brought
by an awakening among the people of INDIA who demand a fair deal for
themselves and for their children. This situation constitutes a great challenge for
managers. All managers, whether they are managing business or offices, farms
or factories, whether they are called business executives or civil servants, will
have to measure up to this challenge .
--Mrs. INDIRA GANDHI

For scientific and systematic execution of all human activities, two essential
watchwords are- administer well and manage well.

Thus focusing the benefits of ethical HR practices are:

INCREASED PRODUCTIVITY

HR practices deals with training process which teach the employees

proper handling of resources and the methods to put their resources to
optimum utilization with minimization of losses and minimum wastage.

EMPLOYEE SATISFACTION

HR goes for human resource development functioning. It looks after the

welfare activities of the employees. Take care of their problems. Thus, an
overall care of their health, transportation, meals and well being is taken.
Which ultimately results into employee satisfaction?

INDUSTRIAL PEACE

Ethical HR practices contain a well maintained grievance handling

machinery which deals with the internal problems and provide employees
with satisfactory solutions.

ORGANIZAED WORK PATTERN

With the ascent of HR practices the organization follows the process of
departmentation. Which further results to delegation of work and an
organized work pattern.

BETTER INTERACTION

Through

recreational

activities

been

organized by the organization (like parties, picnics, get-together, annual

days celebration). This inculcate team spirit among the employees.

BETTER ADMINISTRATION

Through following a fixed and scheduled work pattern like induction feedbacks, induction scheduling, training feed-backs, performance appraisal
forms etc.

KNOWLEDGE ENHANCEMENT

Through trainings ( on the job training, out-door training etc.)

PARTICIPATION IN MANAGEMENT

Through suggestions and kaizen practices.

MORALE ENHANCEMENT

Through motivational activities and reward and recognition schemes.

EMPLOYEE ADVANCEMENT

SYSTEMATIC SCHEDULE

EMPLOYEE CARE

GOOD INTERPERSONAL RELATION

CONCLUSION
At last I want to say that while recruitment and selection identify acceptable
candidate, the process still continue with induction program for the new
employee, we can further fine tune the fit between the candidates qualities and
the organizations desire. Then to make the employees more skilled behavioral
training may be provided.
It makes the positive impact of any organization, but it needs a lot of money,
time, attention and guidance. It is just like only taking, not giving or taking the
starting benefits and when the time comes for returning back you just quit the
job. So it is not always fruitful.
The employee motivation is needed to be built up through constant attempts of
the organization. The organization may adopt various methods for motivating the
employees. It may be by providing recreational activities such as tours, picnics,
family outings, annual days, sport days, functions, and parties. The organization
must consider its employees as its family members and must provide some profit
sharing policy such as ESOPs , bonus, and shares. the organization may provide
fringe benefits.

Welfare activities to be undertaken by the organization may include various facilities such as
uniform for the employees for whom HR department is responsible for its maintenance and
providing it.
Last but not the least rewards are the main motivational activity, which may be
monetary and non-monetary rewards.
At last to conclude, I would like to say that with enthusiasm that it was a great
experience working with many experienced people working at senior positions.
Interacting and spending time with the people rich in learning experience. The
people were very cooperative and helpful and encouraging. It is an experience to
be cherished for a long time.
It was great of learning so much about HR practices and implementing them. Im
really thankful for all the senior members who explain me the working strategies
and methodologies of organizations.

LIMITATIONS

VERY TIME CONSUMING

in the fast competitive market every body is busy in

performing his /her job. It is really hard for the managers to spare time. So it is time
consuming.

TIME CONSTRAINTS understanding the work culture of any organization in few

weeks is very hard task. For doing project few weeks are not enough. Managers were
very busy so managing time with them was quite difficult.

As the researcher was an outsider so co-ordination with the employees

took some time and it was formal.

HR managers were quite reserved in sharing their companys policies with

an outsider.

The sample size of study was small.

REFERENCES

PERSONNEL / HUMAN RESOURCE MANAGEMENT

o DECENZO & ROBBINS

HUMAN RESOURCE MANAGEMENT

o GARY DESSLER

PERSONNEL/ HUMAN RESOURCE MANAGEMENT

o ROBERT L MATHIS
o JOHN H. JACKSON

HUMAN RESOURCE MANAGEMENT

o DEEPAK
BHATTACHARYA

http://en.wikipedia.org/wiki/Human_resource_policies

ANNEXURE
Respected sir/Maam
This questionnaire is to study the HR POLICIES AND PRACTICES IN
BHARTI AXA LIFE INSURANCE. You are requested to please give few minutes
to fill the questionnaire and provide us with valuable information. All the
information provided by you will be treated as confidential. We will be glad to
share the summary of the survey with you .

Instructions
You may mark more then one options if relevant.
You are free to put your remarks in every blank provided.

1) Name of the company_______________________________________

2) Complete address__________________________________________
3) Name of HR head__________________________________________
4) E-mail address_____________________________________________
5) Telephone no.______________________________________________
6) Work force of the company____________________________________
7) Turnover rate_______________________________________________
8) does your organization have other manufacturing units in India
(Yes / No)
9) if Yes, how many permanent employees do u have in each
(1)_________________ (2)_________________(3)_____________

INDUCTION PROGRAM
1) Does the company provide induction for new employees
(yes/no)

2) What are ways of induction

o

Diaries

Manuals

Brochures

Company cds

Any other, please specify________________________________

3) Who participates in delivering the function?

o

HRdepartment

Related department

All departments

Any, other please specify_______________________________

4) Does induction is
o

Same for all

Different for different levels

5) Induction related to which areas are

provided____________________

6) What is the duration of induction program

`______________________

7) How does the company evaluates the effectiveness of induction

program being conducted
o

Feed back method

0pinion from supervisor

Employee satisfaction surveys

Performance evaluation

Any other, please specify__________________

8) Do the organization follow any induction scheduling______________

9) Any other best induction practices you would like to share

__________

__________________________________________________________

BEHAVIORAL TRAINING

1) HOW does the company recognize the need for training?

o

Through questionnaires

Performance monitoring

Reference from supervisor

Absence in pride

Defective quality product

Unsatisfactory promotions

Any others, please specify_______________________________

_________________________________________________________

2) What type of training is conducted?

On the job training

Class room sessions

Online training

Apprentice Training

Outdoor training

Anyotherpleasespecify____________________________________

3) Who gives the training?

o

Internal trainer

External trainer

Any other, please specify_______________________________

4) what is the percentage of employee involved in

training_________

5) what is the annual budget for training______________________

6) what is the module duration of training_________________________

7) How do you take feedback of training program__________________

____________________________________________________

8) Please provide us any other information to help us understand

the measurement of training
effectiveness_____________________________

9) Any best practice in training you would like to

share_______________________________________________________

MOTIVATIONAL TOOLS

1) Does the company provide any recreational activities( you can

mark more than one option in case applicable)

Picnics

Tours

Family outings

None

Any other, please specify _____________________

2) Does the company provide any profit sharing policy

ESOPS

Bonus

Shares

None

If any other, please specify___________________________

3) Does the company take up initiative for improving interpersonal

relationship

Parties

Functions

Get together

Community meetings

Any other, please specify

4) does the company provide any retirement benefits

Gratuity

VRS( voluntary retirement scheme)

PF (Provident fund)

Pension

Old age security

Any other, please specify_______________

5) What is the promotional basis adopted by the organization

__________________________________________________________

6) What are the fringe benefits provided by an

organization____________?
____________________________________________________________

7) any other motivational initiative you would like to share with

us__________________________________________________________

WELFARE ACTIVITIES

1) Does the company provide any transportation facilities (yes/no)

2) If yes, what type of facilities have been provided___________

____________________________________________________

3) Does the company provide uniform for its employees (yes/no)

4) If yes,
o

Who is responsible for providing these uniforms

Who take care of their maintenanence

5) Does the company has well establish cafeteria/canteen (yes/no)

If yes,

6) What facilities are provided?

o

Lunch

Breakfast

Dinner

Snacks

7) Payment Mode
o

Free

Subsidized

Paid

8) Does the company has any special aid facility (you can mark
more than

one option if

applicable)
o

On duty doctors

Any collaboration with hospitals

Ambulance for emergency

First aid kit

None

Any other please

specify_________________________________

9) Does the company adopt any on job safety measures?

o

Fire safety

Electric/ shock safety

Radiation safety (if any)

Any harm while handling the machinery

None

If any other please

specify_________________________________

10) What policy do the company has for rehabilitation of

injured

staff__________________________________________________

11) What are the grievance handling procedures of the organization ______
_____________________________________________________________

12) Any other welfare related initiative you would like to share______________

___________________________________________________________________

REWARDS AND RECOGNISATION

1) What appreciation schemes are being followed by your organization

o

Appreciate publicly

Incentives

Increments

Promotions

Any other please specify,

____________________________________________________________________
__________________________________

2) what are various rewards and recognition schemes for the organization
o

Additional pay for extra work

Paid vacations

Overtime

Monetary rewards

Perks

Any other please specify_____________________________

3) How do you recognize outstanding performer

o

Regularity

Punctuality

Initiative

Extra work

Productivity

Any other, please specify____________________________________

___________________________________________________________

4) Any other medical benefits provided____________________________

__________________________________________________________

5) Any other recognisational schemes you would like to share_________

THANKS FOR YOUR VALUEABLE HELP!