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Summer Internship Project Report

“Recruitment strategy and Business Opportunity Presentation”

Submitted to

In partial fulfillment for the award of the degree

Of

Master of Business Administration (MBA)

From

SCHOOL OF BUSINESS MANAGEMENT

SHOOLINI UNIVERSITY

OF LIFE SCIENCES AND BUSINESS MANAGEMENTSCIENCE

BAJHOL, SOLAN, HP-173212

Under Corporate Guide Submitted by: Vivek Kumar


RohitKukretiReg.No . (1871401095)
Senior Branch Manager (Chandigarh Branch)
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DECLARATION
I, VIVEK KUMAR the undersigned, hereby declare that the Project Report entitled
“RECRUITMENT STRATEGY AND BUSINESS OPPORTUNITY PRESENTATIONS” submitted by me
to FUTURE GENERALI INDIA LIFE INSURANCE COMPANY LIMITED is a record of an original work
done by me under the guidance of Mr. RohitKukreti.
This project report has been submitted in partial fulfillment of the requirements for the award
of degree of Masters of Business Administration. This is my original work and the conclusions
drawn therein are based on the material collected by myself. This project report has not been
submitted to any other university or institute for the award for any degree or Diploma.

Name of Intern: Vivek Kumar Name of the Guide: Mr. RohitKukreti


Signature: Signature:

Place: Chandigarh
Date of Project Submission:
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ACKNOWLEDGEMENT
This project report is a fruit of my intense hard work and dedication during my training session
and project work.
It gives me a great pleasure to submit this project to Future Generali India Life Insurance
Company Limited. I take this opportunity with great pleasure to present this project on “HR
Strategy and Business Opportunity Presentations” which is a result of co-operation, hard work
and good wishes of many people.
Firstly, I would like to express my sincere gratitude to almighty God who granted me health
and long life, without which I could not have finished this project report.
I am deeply grateful to my project mentor Mr. RohitKukreti(Senior Branch Manager) of,
FUTURE GENERALI INDIA LIFE INSURANCE COMPANY LIMITED, CHANDIGARH for their
everlasting support or guidance on the ground of which I have acquired a new field of
knowledge.
I would also like to thanks Mr. Imran Ahmed who has been my further assigned sub mentor for
this project, it was only through her excellence assistance and good suggestions that I have
been able to complete this project.
I am thankful to all the members of Future Generali Company who always answer my queries
and who have given me all the valuable information related to the project.
Sincere thanks to my project mentor Prof. Divesh Kumar (Assigned from college) for his
guidance and advice that has been helpful throughout the period of my training and project
making.
I extent my sincere gratitude towards my parents who always encourage me. Their support has
always motivated me
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Table of Contents
Declaration  2
Acknowledgement  3
List of tables  
List of figures  
Executive Summary  5
Chapter No. Chapter Title Page No.
 Organisational Profile  6
1.1 History 7
1.2 IRDA 10
1 1.3 Future Group 12
1.4 Generali Group 13
1.5 Future Generali 13
1.6 Insurance Plan Offered by Future Generali 17
 Introduction to the Project  24
2 2.1 Recruitment strategy and BOP 25
2.2 Recruitment strategies 25
 Research Methodology  29
3.1 Research 30
3.2 Methodology of study 30
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3.3 Type of Research 30
3.4 Data Collection 30
3.5 Sample Data 30

4  Data analysis  31

5  Findings  35

6  Limitations  37

7  Conclusion  39

8  Recommendation  41

9  References  43
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EXECUTIVE SUMMARY

This Project report is about the Summer Internship Program with Future Generali
India Life Insurance
agency Ltd., Chandigarh.The project allocated to me center around Recruitment Strategyand
Business Opportunity Presentations. The organization needs to give more regard for the
changing situation and most recent patterns in recruitment system. Recruitment is the continuous
process which proper identification of organizational manpower requirement and furthermore
methods for hiring the effective and opportune individual at the ideal time. The scope of project
was to gather the data of prospects for the IM job profile, analyze the significance of the data and
the conclusion.
The project begins with the organizational profile which include introduction to the insurance
sector followed by introduction to the organization. At that point comes the general introduction
to what recruitment strategy and business opportunity is about trailed by the objectives of the
study.
The project gives me an incredible chance to associate my hypothetical information with the
ground base realities of the insuranceindustry and the market. To achieve the abovementioned,
around 600 prospects in Chandigarh city were reviewed about their discernment for the
insurance sector.
At last, the findings, conclusion and recommendations based on the research are given. And
while being close to the conclusion of the project, the inductions drawn from the analysis given
that the individuals in Chandigarh city have diverse observation about the protection division.
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CHAPTER – 1

ORGANIZATIONAL
PROFILE
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1.1 Organizational Profile


1.1.1 Brief History of Insurance
The story of insurance is probably as old as the story of mankind. The same instinct that prompts
modern businessmen today to secure themselves against loss and disaster existed in primitive
men also. They too sought to avert the evil consequences of fire and flood and loss of life and
were willing to make some sort of sacrifice in order to achieve security. Though the concept of
insurance is largely a development of the recent past, particularly after the industrial era – past
few centuries – yet its beginnings date back almost 6000 years.
Life Insurance in its modern form came to India from England in the year 1818. Oriental Life
Insurance Company started by Europeans in Calcutta was the first life insurance company on
Indian Soil. All the insurance companies established during that period were brought up with the
purpose of looking after the needs of European community and Indian natives were not being
insured by these companies. However, later with the efforts of eminent people like BabuMuttylal
Seal, the foreign life insurance companies started insuring Indian lives. But Indian lives were
being treated as sub-standard lives and heavy extra premiums were being charged on them.
Bombay Mutual Life Assurance Society heralded the birth of first Indian life insurance company
in the year 1870, and covered Indian lives at normal rates. Starting as Indian enterprise with
highly patriotic motives, insurance companies came into existence to carry the message of
insurance and social security through insurance to various sectors of society. Bharat Insurance
Company (1896) was also one of such companies inspired by nationalism. The Swadeshi
movement of 1905-1907 gave rise to more insurance companies. The United India in Madras,
National Indian and National Insurance in Calcutta and the Co-operative Assurance at Lahore
were established in 1906. In 1907, Hindustan Co-operative Insurance Company took its birth in
one of the rooms of the Jorasanko, house of the great poet Rabindranath Tagore, in Calcutta. The
Indian Mercantile, General Assurance and Swadeshi Life (later Bombay Life) were some of the
companies established during the same period. Prior to 1912 India had no legislation to regulate
insurance business. In the year 1912, the Life Insurance Companies Act, and the Provident Fund
Act were passed. The Life Insurance Companies Act, 1912 made it necessary that the premium
rate tables and periodical valuations of companies should be certified by an actuary. But the Act
discriminated between foreign and Indian companies on many accounts, putting the Indian
companies at a disadvantage.
The first two decades of the twentieth century saw lot of growth in insurance business. From 44
companies with total business-in-force as Rs.22.44 crore, it rose to 176 companies with total
business-in-force as Rs.298 crore in 1938. During the mushrooming of insurance companies
many financially unsound concerns were also floated which failed miserably. The Insurance Act
1938 was the first legislation governing not only life insurance but also non-life insurance to
provide strict state control over insurance business. The demand for nationalization of life
insurance industry was made repeatedly in the past but it gathered momentum in 1944 when a
bill to amend the Life Insurance Act 1938 was introduced in the Legislative Assembly. However,
it was much later on the 19th of January, 1956, that life insurance in India was nationalized.
About 154 Indian insurance companies, 16 non-Indian companies and 75 provident were
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operating in India at the time of nationalization. Nationalization was accomplished in two stages;
initially the management of the companies was taken over by means of an Ordinance, and later,
the ownership too by means of a comprehensive bill. The Parliament of India passed the Life
Insurance Corporation Act on the 19th of June 1956, and the Life Insurance Corporation of India
was created on 1st September, 1956, with the objective of spreading life insurance much more
widely and in particular to the rural areas with a view to reach all insurable persons in the
country, providing them adequate financial cover at a reasonable cost.
1.1.2 Some of the important milestones in the life insurance business in India are:

1818: Oriental Life Insurance Company, the first life insurance company on Indian soil started
functioning.
1870: Bombay Mutual Life Assurance Society, the first Indian life insurance company started its
business.
1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life
insurance business.
1928: The Indian Insurance Companies Act enacted to enable the government to collect
statistical information about both life and non-life insurance businesses.
1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of
protecting the interests of the insuring public.
1956: 245 Indian and foreign insurers and provident societies are taken over by the central
government and nationalised. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a
capital contribution of Rs. 5 crore from the Government of India.
1.1.3 Current Scenario of Insurance Sector in India
The insurance industry of India consists of 57 insurance companies of which 24 are in life
insurance business and 33 are non-life insurers. Among the life insurers, Life Insurance
Corporation (LIC) is the sole public sector company. Apart from that, among the non-life
insurers there are six public sector insurers. In addition to these, there is sole national re-insurer,
namely, General Insurance Corporation of India (GIC Re). Other stakeholders in Indian
Insurance market include agents (individual and corporate), brokers, surveyors and third party
administrators servicing health insurance claims.
1.1.4 Market Size
Government's policy of insuring the uninsured has gradually pushed insurance penetration in the
country and proliferation of insurance schemes.
Gross premiums written in India reached Rs 5.53 trillion (US$ 94.48 billion) in FY18, with Rs
4.58 trillion (US$ 71.1 billion) from life insurance and Rs 1.51 trillion (US$ 23.38 billion) from
non-life insurance. Overall insurance penetration (premiums as % of GDP) in India reached 3.69
per cent in 2017 from 2.71 per cent in 2001.
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In FY19 (up to October 2018), premium from new life insurance business increased 3.66 per
cent year-on-year to Rs 1.09 trillion (US$ 15.46 billion).   In FY19 (up to October 2018), gross
direct premiums of non-life insurers reached Rs 962.05 billion (US$ 13.71 billion), showing a
year-on-year growth rate of 12.40 per cent.
1.1.5 Investments and Recent Developments
The following are some of the major investments and developments in the Indian insurance
sector.
 As of November 2018, HDFC Ergo is in advanced talks to acquire Apollo Munich Health
Insurance at a valuation of around Rs 2,600 crore (US$ 370.05 million).
 In October 2018, Indian e-commerce major Flipkart entered the insurance space in
partnership with Bajaj Allianz to offer mobile insurance.
 In August 2018, a consortium of WestBridge Capital, billionaire investor Mr
RakeshJhunjunwala announced that it would acquire India’s largest health insurer Star
Health and Allied Insurance in a deal estimated at around US$ 1 billion.
 In September 2018, HDFC Ergo launched ‘E@Secure’ a cyber insurance policy for
individuals.
 Insurance sector companies in India raised around Rs 434.3 billion (US$ 6.7 billion)
through public issues in 2017.
 In 2017, insurance sector in India saw 10 merger and acquisition (M&A) deals worth
US$ 903 million.
 India's leading bourse Bombay Stock Exchange (BSE) will set up a joint venture with
EbixInc to build a robust insurance distribution network in the country through a new
distribution exchange platform.
1.1.6 Government Initiatives
The Government of India has taken a number of initiatives to boost the insurance industry. Some
of them are as follows:
 In September 2018, National Health Protection Scheme was launched under Ayushman
Bharat to provide coverage of up to Rs 500,000 (US$ 7,723) to more than 100 million
vulnerable families. The scheme is expected to increase penetration of health insurance in
India from 34 per cent to 50 per cent.
 Over 47.9 million famers were benefitted under PradhanMantriFasalBimaYojana
(PMFBY) in 2017-18.
 The Insurance Regulatory and Development Authority of India (IRDAI) plans to issue
redesigned initial public offering (IPO) guidelines for insurance companies in India,
which are to looking to divest equity through the IPO route.
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 IRDAI has allowed insurers to invest up to 10 per cent in additional tier 1 (AT1) bonds
that are issued by banks to augment their tier 1 capital, in order to expand the pool of
eligible investors for the banks.
1.1.7 Road Ahead
The future looks promising for the life insurance industry with several changes in regulatory
framework which will lead to further change in the way the industry conducts its business and
engages with its customers.
The overall insurance industry is expected to reach US$ 280 billion by 2020. Life insurance
industry in the country is expected grow by 12-15 per cent annually for the next three to five
years.
Demographic factors such as growing middle class, young insurable population and growing
awareness of the need for protection and retirement planning will support the growth of Indian
life insurance.
Exchange Rate Used: INR 1 = US$ 0.0159 as on March 31, 2019

1.2 Insurance Regulatory and Development Authority of India (IRDAI)

Insurance Regulatory and Development Authority of India(IRDAI) is a statutory body set up for
protecting the interests of the policyholders and regulating, promoting and ensuring orderly
growth of the insurance industry in India.
1.2.1 Brief History of IRDAI
 1991: Government of India begins the economic reforms program and financial sector
reforms
 1993: Committee on Reforms in the Insurance Sector, headed by Shri R. N. Malhotra
(Retired Governor, Reserve Bank of India) set up to recommend reforms in insurance
sector.
 1994: Malhotra Committee recommends reforms after studying the insurance sector and
taking inputs from all the stakeholders. Key recommendations of Malhotra Committee
are:
o Private sector companies should be allowed to promote insurance companies
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o Foreign promoters should also be allowed

o Government to vest its regulatory powers on an independent regulatory body


answerable to Parliament
 1996: Setting up of an interim body called the Insurance Regulatory Authority
 1999: Enactment of the Insurance Regulatory and Development Authority of
India(IRDAI) Act, 1999
 2000: Formation of the Insurance Regulatory and Development Authority of India as an
autonomous regulatory body on 19.4.2000
Since 2000, IRDAI has been serving as an independent regulatory authority for the insurance
industry and to instill confidence among the policyholders in the financial viability of the
insurance companies. IRDAI has been playing a pivotal role in the insurance sector with a
fundamental commitment to discharge its mandate for orderly growth of insurance sector.

IRDAI has played a very important role in the growth and development of the sector by
protecting policyholders' interests; registering and regulating insurance companies; licensing and
establishing norms for insurance intermediaries, regulating and overseeing premium rates and
terms of non-life insurance covers; specifying financial reporting norms, regulating investment
of policyholders' funds and ensuring the maintenance of solvency margin by insurance
companies; ensuring insurance coverage in rural areas and of vulnerable sections of society;
promoting professional organisations connected with insurance and all other allied and
development functions. 

Insurance Regulatory and Development Authority of India (IRDAI) consists a Chairman, Five
Whole time Members and Four Part time members in the administration. However, the
regulations are enacted under the guidance of a statutory advisory committee.
1.2.2 IRDAI’s Mission
Insurance Regulatory and Development Authority (IRDA) Act, 1999 spells out the Mission of
IRDAI as:
“... to protect the interests of the policyholders, to regulate, promote and ensure orderly growth of
the insurance industry and for matters connected therewith or incidental thereto......”
1.2.3 Functions and Duties of IRDAI
Section 14 of the IRDA Act, 1999 lays down the duties, powers and functions of IRDA. 
 Registering and regulating insurance companies
 Protecting policyholders’ interests
 Licensing and establishing norms for insurance intermediaries
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 Promoting professional organisations in insurance


 Regulating and overseeing premium rates and terms of non-life insurance covers
 Specifying financial reporting norms of insurance companies
 Regulating investment of policyholders’ funds by insurance companies
 Ensuring the maintenance of solvency margin by insurance companies
 Ensuring insurance coverage in rural areas and of vulnerable sections of society

1.3 About Future Group

Future Group is an Indian conglomerate headquartered in Mumbai, Maharashtra, India. The


company is known for having a significant prominence in Indian retail and fashion sectors, with
popular supermarket chains like Big Bazaar and Food Bazaar, lifestyle stores like Brand Factory,
Central etc. The group also has a notable presence in integrated foods and FMCG manufacturing
sectors. Future Retail Limited and Future Lifestyle Fashions Limited, two operating companies
of Future Group, are among the top retail companies listed in BSE with respect to assets, and
in NSE with respect to market capitalization.
Future Group operates some of India’s most popular retail chains including Central, Big Bazaar,
Food Bazaar, Home Town and eZone. Apart from its allied businesses in Life and General
insurance, the Group is also present in the domain of logistics infrastructure and supply chain
and brand development. The group operates over 17 million square feet of retail space in over 90
cities and towns and 60 rural locations across India. The group’s retail formats connect over 300
million customers to over 30,000 small, medium and large enterprises that supply products and
services to its retail chains. Future Group believes in developing strong insights on Indian
consumers and building businesses based on Indian ideas, as espoused in the group’s core value
of ‘Indianness.’ The group’s corporate credo is, ‘Rewrite rules, Retain values’.
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1.4 About Generali

The Generali Group is one of the largest global insurance providers with 2014 total premium
income exceeding €70 billion. With 78,000 employees worldwide serving 72 million insured
persons in more than 60 countries, the Group occupies a leadership position on West European
markets and an increasingly important place on markets in Central Eastern Europe and Asia. In
Asia, the Group operates in 10 markets: China, Hong Kong, India, Indonesia, Japan, Malaysia,
Philippines, Singapore, Thailand and Vietnam. Generali ranked among the world’s 50 smartest
companies in 2015 according to the MIT Technology Review. Generali is the only insurer to be
listed.
Under the name of Imperial RegiaPrivilegiataCompagnia di AssicurazioniGenerali Austro-
Italiche, Tee company was founded on December 26, 1831. At the time, Trieste was the most
important sea port of the Austrian Empire. The company grew in importance, becoming one of
the largest insurance operators both in Italy and in Central Europe. As of 2017, the company
ranks 57th on the Fortune Global 500 list of companies and 43rd on MITs worldwide "Smartest
Companies" ranking in 2015.

1.5 About Future Generali

Future Generali India Life Insurance is a joint venture between Future Group - a leading retailer
of India, Generali Group - a global insurance group and one of the world’s 50 largest companies
and Industrial Investment Trust Ltd (IITL), a leading NBFC. It provides a complete range of life
insurance solutions to customers and enterprises.
The Company was incorporated in September 2006 with the objective of catering to an under-
insured country and provide financial security to people. The company offers a comprehensive
range of products across savings, protection, unit linked policies, retirement plans as well as
group products. The Company reaches out to customers through more than 17,000 advisors and
FG Direct channels across the country.
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In a span of 9 years, the Company has presence in over 80 locations across the country. The
Company has sourced over 11 lakh policies since inception, and today insures over 450 marquee
corporates in India and internationally such as Cadbury, Coca-Cola, Intel, Philips, DuPont,
Reebok, Jet Airways, Morgan Stanley to name a few.
The Company is managed under the principles of good corporate governance with overall
superintendence of the board of directors. The Company’s investment team received the ISO
9001:2008 certification for its investment processes in January 2014, which validates our
compliance with global best standards and its commitment towards providing best-in-class
services to its valued customers.
1.5.1 KEY MESSAGES
FutureGenerali Life Insurance believes in the philosophy of being Simpler, Smarter and Faster
and this is validated through its simple yet unique products, simplified communication across all
channels, and a seamless customer engagement across different touchpoints. The company aims
to be an insurer of choice and has taken several steps to reach out to its customers through
various touch points and to enhance customer experience. Initiated new lines of business through
online products and credit life; and has launched two new lines of distribution – Insurance
Marketing Firms and Corporate to Retail. Forayed into its first bancassurance partnership with
Saraswat Bank and Bajaj Finserv. It has also tied-up with India Nivesh and Andromeda. For the
credit life business, the company has entered into a partnership with GIC Housing Finance and
Religare; and for Retail Assurance with Big Bazaar.

Headquarters Mumbai
Business Line Life Insurance
Employees Over 1800
Locations Over 80 locations across the country
Agency , Direct & Online, Partnership Distribution and Corporate
Business Channels Sales
Number of Policies since
inception Over 11 lakhs
Capital Infused till date Over INR 1400 crore
Claim Settlement Ratio 90.16%

1.5.2 Our vision is to actively protect and enhance people's lives.


 Actively
we play a proactive and leading role in improving people's lives through insurance.
 Protect
we are dedicated towards managing and mitigating risks of individuals and institutions.
 Enhance
Future Generali is also committed to creating value.
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 People
we deeply care about our customer and our employee lives and their future.
 Lives
Ultimately, we have an impact on the quality of people's lives - wealth, safety, advice and
service are instrumental in improving a person's chosen way of life in the long term.
Mission
1.5.3 Our mission is to be the first choice by delivering relevant and accessible insurance
solutions.
 First choice
Logical and natural action that acknowledges the best offer in the market, based on clear
advantages and benefits.
 Delivering
We ensure achievement striving towards better performance.
 Relevant
Anticipating or fulfilling a real-life need or opportunity, tailored to local and personal
needs and habits, perceived as valuable.
 Accessible
Simple and easy to find, understand and use; always available, at a competitive value for
money.
 Insurance solutions
We aim to offer and tailor a combination of protection, advice and service.
1.5.4 Values
 Deliver on the promise
We tie a long-term contract of mutual trust with our people, customers and stakeholders;
all of our work is about improving the lives of our customers.
We commit with discipline and integrity to bringing this promise to life and making an
impact within a long-lasting relationship.
 Value our people
We value our people, encourage diversity and invest in continuous learning and growth
by creating a transparent, cohesive and accessible working environment. Developing our
people will ensure our Company's long-term future.
 Live the community
We are proud to belong to a global Group with strong, sustainable and long-lasting
relationships in every market in which we operate. Our markets are our homes.
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 Be open
We are curious, approachable and empowered people with open and diverse mindsets
who want to look at things from a different perspective.
1.5.5 FUTURE GENERALI - KEY MANAGEMENT
1) Managing Director & CEO – MunishSharda
2) Chief Financial Officer – Miranjit Mukherjee
3) Executive Vice President & Head Agency – SubhasishAcharya
4) Chief Investment Officer – JyotiVaswani
5) Appointed Actuary & Chief Risk Officer – BikashChoudhary
6) Chief Marketing Officer – RakeshWadhwa
7) Chief Human Resources Officer – RuchiraBhardwaja
BOARD OF DIRECTORS
1) Chairman – G.N. Bajpai
2) Director – Kishore Biyani, Krishan Kant Rathi, Roberto Leonardi, Jennifer Sparks And Dr.
BidhubusanSamal.
3) Additional Non-Executive Director – Sanjay Jain
4) Independent Director – Dr. Devi Singh, BhavnaDoshi and Abhinandan Jain.
5) Managing Director and CEO – MunishSharda
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Savings Plan   Participating   Non-Participating


  1. Triple Advantage Plan   1. Assured Wealth Plan
  2. New SaralAnand   2. Big Income Multiplier
3. Assured Money Back
  3. New assure Plus   Plan
4. Assured Education
  plan
   
ULIP's Funds   1. Income Fund
  2.Future Balance Fund
  3. Maximizing Fund
  4. Apex Fund
  5. Opportunity Fund
  6. Secure Fund
 
Health   1. Future Generali Cancer Protection
Insurance Plan
  2. Heart & Health Insurance plan
 
Retirement  
Plan 1. Immediate Annuity Plan
  2. Guaranty Pension Plan
 
Rural Plan   1. Jan Suraksha Plus
  2. Jan Suraksha
   
Child Plan Assured Education Plan
1.6 Insurance Plans Offered by Future Generali

1.6.1 Participating Plan:


New Assure Plus: It is a traditional or participating endowment plan which will secure your
family’s financial future and fulfil, the set objectives. This plan will combat ever increasing cost,
increasing risks of the future. The plan offers savings for future along with the life insurance
coverage.
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Features:
 Comprehensive saving plan with life insurance coverage
 Limited premium payment term
 Rebate on choosing higher sum assured
 Choice to opt the premium payment term and policy term
 Guaranteed maturity benefit
 Avail Tax Benefit under IT Act
Benefits of Plan
1. Death Benefit: The death benefit payable to the nominee In the event of death of the life
insured is higher :
Death Sum Assured plus vested bonus + Terminal Bonus(if any) where Death Sum Assured is
higher of Sum Assured, or 10 times the annualized premium if age of the Life Assured is (less
than 45 years or 7 times) the annualized premium if age of the Life Assured is greater than or
equal to 45 years,105% of total premiums paid (excluding service tax, extra premiums, if any)
and the policy terminates thereafter.
2. Maturity Benefit
Maturity benefit is payable on the survival of the Life Assured till the end of the policy term.
Maturity benefit is payable to the Policyholder which is the base Sum Assured + accrued bonus
and Terminal Bonus, (if any) and the policy terminates.
3. Bonus:
Compounded Reversionary Bonus will be declared from the first policy year for an active policy.
The bonus will be applied on the Sum Assured along with the bonuses already accrued under the
policy and are guaranteed during the policy term in the event of death and maturity. Terminal
Bonus, if any, will be payable on death or on maturity. The interim bonuses will also be declared
at the end of each Financial Year.Reversionary Bonus and Terminal Bonus are not guaranteed
and will depend on the actual experience of the Company.

4. Loan Benefit:
Loan will be provided under this Policy subject to the following conditions:-
• If the policy has acquired Surrender Value, loan is available under the policy to the extent of
85% of the Surrender Value
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• The minimum amount of Policy loan that can be taken is Rs 10,000 /-


• Interest shall accrue on policy loan at a rate which shall be determined by the company from
time to time. The current interest rate applicable for the financial year 2017-18 applicable on
loans is 9% per annum compounded half yearly
5. Surrender Value:If premiums under this policy have been paid at least for the:
First two policy years by the policyholder (for the premium payment term which is less than 10
years),
First three policy years by the policyholder (for the premium payment term which is greater than
10 years)
Then only the policy acquires surrender value. Higher of Guaranteed Surrender Value (GSV) and
Special surrender value will be payable  as surrender value.
6. Tax Benefit:
The plan helps in getting tax benefits under section 80C and section 10 (10D) of the Income Tax
Act, 1961.
Plan Basics:
Option Option 1 - Lump sum Death Benefit Payout
Option 2 - Lump sum Death Benefit with maturity payout
Entry Age 3 to 55 years (For Option 2, minimum entry age is 18 years)

Policy Term 10 - 30 years


Maturity age Minimum - 18 years
Maximum - 70 years
Pay term
Premium Payment Policy Term
Term
Option Option-1 Option -2
5 to 9 10 years to 30 years Premium paying term + 5 years to
30 years
10 to 25 Premium paying term to 30 Premium paying term + 5 years to
years 30 years
26 to 30 Premium paying term to 30 Not Applicable
years
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Sum Assured: Minimum : 1,00,000


Maximum: No limit
Large Sum Assured Rebate:
Discount on premium
per Rs.1000 Sum
Assured
Sum Assured/Premium 5 6-10 11-15 16-20 21-30
Payment Term
1.00,000-1,99,999 Nil
2,00,000-4,99,999 6 4 1 0 0
5,00,000 and above 11 8 5 3 2

1.6.2 Non-Participating:
1. Assured Wealth Plan: Future Generali Assured Wealth Plan, a Life Insurance Plan that
guarantees a Maturity Benefit while giving you the freedom to decide the Premium Payment
Term and the Policy Term. The Plan also offers Guaranteed Additions every year to ensure your
family gets the benefit of higher financial safety and security.
Benefit of Future Generaliof Assured Wealth Plan:
1. Choose from 2 Product Options: The Plan provides 2 flexible options to ensure that you
have an ideal cover which is best suited to your savings goals. Your Premium will vary
depending upon the option you choose. The option has to be chosen at inception and cannot be
changed during the term of the Policy.
2.Guaranteed Additions throughout the Policy Term and Increasing Death Benefit :Enjoy
the added benefit of Guaranteed Additions which get accumulated every year at a simple rate as
a percentage of the Sum Assured. The Death Benefit increases each year with the accrual of the
Guaranteed Additions.
3. Choose your Policy Term and Premium Payment Term: Get the flexibility to select your
Policy Term and Premium Payment Term as per the available options and depending on your
needs, and fulfil your savings goals.
4. You can buy this plan up to the age of 60 years under Option 1
5.Tax benefits :You may be eligible for tax benefits on the Premium(s) you pay and benefit
proceeds, according to the provisions of Section 80C and 10(10D) whichever is applicable,
21

subject to fulfilment of conditions as specified in the respective sections. These benefits are
subject to change as per the current tax laws. Please consult your tax advisor for more details.
This Plan is divided into two options:
Option1: Policy ends at the completion of the Policy Term or upon death of the Life Assured
with all benefits paid in case of death.
Option2: Policy continues even after death of the Life Assured till end of Policy Term with no
further premiums to be paid after the death of the Life Assured.
Entry Age Option1 Option2
Minimum 0Years 18Years
Maximum 60Years 55Years
Maturity Age Minimum 18Years 28Years
Maximum 75years 70 Years
Policy Term Option 1: 10 to 25 years b. Option 2: 10 to 25 years
(the difference between
Policy Term and Premium
Paying Term should be at
least 5 years )
Premium Payment Term Policy Term
5 years 10 years to 25 years 10years to 25years
6 years 10 years to 25 years 11 years to 25 years
7 years 10 years to 25 years 12 years to 25 years
8 years 10 years to 25 years 13 years to 25 years
9 years 10 years to 25 years 14 years to 25 years
10 years 10 years to 25 years 15 years to 25 years
11 years 11 years to 25 years 16 years to 25 years
12 years 12 years to 25 years 17 years to 25 years
13 years 13 years to 25 years 18 years to 25 years
14 years 14 years to 25 years 19 years to 25 years
15 years 15 years to 25 years 20 years to 25 years
Premium Payment Type Regular Limit
22

Sum Assured 50,000 No limit

Premium Amount Minimum:


For entry age 0 years to 50years
1,325 for monthly mode
3,975 for quarterly mode
7,800 for half-yearly mode
15,000 for annual mode

For entry age greater than 50 years


• `4,415 for monthly mode
• `13,250 for quarterly mode
• `26,000 for half-yearly mode
50,000 for annual mode

Premium Payment Frequency Yearly, half-yearly, quarterly, monthly

2. Assured Income Plan: Future Generali Assured Income Plan is a life insurance plan that
provides life cover and ensures that you get guaranteed returns on your premiums.
Features:
 The policy offer guarantee income for premium payment term 11/15 years, the policy
holder receives the income for the following 11/15 years.
 The policy holder can receive up to 4.5 time annualized premium as an additional benefit
as the time of last payout.
 The policy holder assure the finical security of his/her loved ones ,even in the unfortunate
event of their demise as their nominee receive amount 17.5 to 34.5 times the annualized
premium ,as the death benefit.

Benefits:
Tax gains – Policyholders are eligible for tax exemptions under Section 80C of the Income Tax
Act.
23

Assured income – Policyholders are entitled to an assured payout after premiums have been
paid.
Maturity benefit – A maturity benefit will be paid after the policy matures. This benefit will be
paid in annual instalments, for a period equivalent to the policy term.
Death benefit – The nominee will receive a death benefit in the event of demise of policyholder.
This benefit will consist of annual payouts for a period equivalent to the policy term.
Auto cover – Post the payment of 3 premiums, policyholders will be eligible for auto cover,
wherein they get an automatic cover of 1 year if they are unable to pay the premium within the
grace period.
Loan – Policyholders can avail a loan against their policy.
Parameter Criterion
Entry Age 7 to 50 years for a 11-year term,
5 to 50 years for a 15-year term (Age means your age
as on your last birthday).
For a minor Life Assured, the risk will commence
immediately on the policy commencement date.
Maturity Age 18to65years
Policy Term 11to15years
Premium Payment Term 11 years for Policy Term of 11 years, 15 years for
Policy Term of 15 years
Annual Premium(minimum) For 11-year term : 35,000 for age 7 to 50 years
For 15-year term : 35,000 for age 5 to 44 years 75,000
for age 45 to 50 years
Sum Assured Multiple of Annualised Premium (Excluding taxes and
extra premium, if any)
Entry age PT 11yesrs PT15years
5to6 NA 34.5
7to17 21.0 34.5
18to30 20.5 34.0
31to35 20.0 33.5
36to40 19.5 33.0
41to45 19.0 32.5
46to50 17.5 31.0
Premium Payment Frequency Annual only
Payout Term For a 11-year Policy Term : Payout term is 11 years
For a 15-year Policy Term : Payout term is 15 years
24

CHAPTER – 2

INTRODUCTION TO THE
PROJECT
25

2.1 Recruitment strategy and Business opportunity presentation


Our project title is Recruitment strategy and Business opportunity presentation, under this project
we have to made strategies and present it to people so that they join our organisation as an IM
(Insurance Manager). IM is a part time business opportunity provided by Future Generali.
In IM model a person can get 50 to 60% pay-outs without investing anything. IM is anPart Time
employee of Future Generali
During our Internship our work was to get appointment with high profile people like Business
man, C.A’s, Doctors and Etc. After that our manager meets that person and explains the IM
profile to him. And if the person is ready to join our organisation then he/she have to give certain
documents
2.2 RECRUITMENT STRATEGIES
Recruitment strategy is formal plan of action involving an organization’s attempt to successfully
identify, recruit, and hire high-quality candidates for the purpose of filling its vacant positions.

Recruitment Strategies for finding prospects


 Cold calling
 Email marketing
 Referrals
 Social media
 Job posting websites

2.3 RECRUITMENT STRATEGIES AT FUTURE GENERALI FOR HIRING IM’s


The objectives of recruitment strategy in the company is to make distributors who are certified
insurance managers or insurance advisors (through IC-38 certification by IRDAI) to approach
the customers.

Business Opportunities for IM’S


Business opportunity is a packaged business investment that allows the buyer to begin a
business. The company offers the business opportunity if he/she will be willing to work Future
Direct Customer interaction through Insurance Agents Approach to customer at retail outlets
through Generali India Life Inc. Co. Ltd. Agency FG Direct Partnership Distribution Corporate
Sales Certified Financial Planning Consultants Tied up with Financial Brokers/Banks Tied up
with Corporates Direct Customers Online Customer s Direct Customers Customer Approaching
Financial Institutions Employees as an insurance manager or insurance advisor. The company
also offers the selected candidates to start its business from zero investment.
26

Recruitment Strategies for IM’S at Future Generali

Data Calling In-Field


Collection Briefing Office Visit

Interested Candidate to fill


P30 (Prospects 50) Approachin Business Opportunity
g Queries Presentation (BOP)

Documentation

i. Data Collection:
The data collection is through contact number gathering of the prospects for the position of
the insurance manager.
The contact number should be gathered from various sources like
 Retired employees from different government offices, from banks etc.
Just dial.
 Through direct interaction with the individuals
 Yellow pages
Megamart

ii. Calling:
The prospects should be approached through calling and requesting them for an appointment.
iii. In-field Briefings:
To provide some basic outline knowledge about the company and job profile.
iv. Office Visit:
Inviting prospects to visit the office for more information regarding the job profile and business
opportunities. (either he/she is interested or not)
v. Business opportunity Presentations (BOP)
To deliver the information about starting the new business with zero investment through
presentations. And also to discuss the IM model which generally includes attractive pay-outs if
he/she is interested to be the part of the company as an insurance manager.
The different pay-outs for the insurance manager depending upon new policy and its premium are: 
Commission per policy premium.
Salary per policy premium.
Monthly bonus on commission.
Yearly bonus per policy premium.
 Leap attendance.
Policy renewal.
Rewards & Recognitions.
Context.
27

vi. Approaching Queries: To answer the queries related to business opportunity, IM model or any
other.
vii. Interested Candidates: The candidates who are interested to join the organization as an insurance
manager will have to fill the P30 form (prospects 30).
It includes general details about:
To be filled in by the Branch Manager/Branch Learning Manager
 Candidate name
 ARF number
 Candidate contact number
 SM employee code
 BM name and employee code
 BLM name and employee code (if any)
 Branch name

To be filled in by the candidate/SM


 Name of the prospects to which you think you further approach for insurance policy. (at least 30
prospects)
 Their address and contact number.
 How do you know the prospect?
 Will the prospect be interested in buying the life insurance? (not likely, likely, extremely likely)
viii. Documentation: The verification of the documents like educational qualifications, PAN card, adhaar
card, income proof, bank statement or ITR statement will be carried out.

Documents Required for IM


1. KYC Document: - PAN,Adhaar card
2. Photograph
3. Education Qualification Proof. (For Metro location- minimum graduate and for Non-Metro
Location- minimum 12th passed)
4. Income Proof (Bank Statement of ITR Statement)
5. Cancelled check

The IM (Insurance Manager) Model

Total IM Pay-
= Semi- variable Pay-outs + Variable Pay-outs
outs
1. Fixed Salary 1. Production Incentive
2. Productivity Bonus 2. High Flyer Rewards
3. Annual Bonus
4. 13th Month Persistency Bonus

The total Pay-outs of an IM depends on a multitude of conditions which includes achievements of


SOB (Sign on Business), IC38 Certification Status, Active & Productive Status, 13 th Month Persistency
etc. All these things will be discussed in coming communication at length.
28
29

CHAPTER – 3

RESEARCH
METHODOLOGY
30

3.1 Research
Research is a “careful investigation or inquiry especially through search for new facts in any
branch of knowledge”
3.2 Methodology of Study:
The project is a systematic presentation consisting of the collected facts of data, analysed facts
and proposed conclusions in form of recommendations.
3.3 Type of Research:
Descriptive Research a research design is the specifications of methods and procedures for
acquiring the information needed to structure or solve the problem. It is the overall operational
pattern or framework of the project that stimulates what information is to be collected from
which source and by what procedure. On the basis of major purpose for my investigation, the
DESCRIPTIVE RESEARCH was found to be most suitable as the data is collected from the
wide range of prospects that are located in different locations of the city. This type of research
has the primary objective to describe a situation, subject and behavior.
3.4 Data Collection:
Primary Data: Primary data was collected through meeting random people in the field.
Secondary Data: Secondary data was collected from websites like just dial, Yellow Pages,
Insurance agents and going through the records of the organization etc. It is the data which has
been collected by individual or someone else for the purpose of other than those of our particular
research study. Or in other words, we can say that secondary data is the data used previously for
the analysis and the results are undertaken for the next process.

3.5 Sample Design:


Samples Size: 600 People
Sample Area: Chandigarh
Technique of Sampling: Random
31

CHAPTER - 4

DATA ANALYSIS
32

4.1 Data Analysis


Table 4.1 How many people became IM?
Respondents out of
 
600
No. of Respondents Listen to us 250
No. of Respondents Gives Time for Meeting 50
No. of Respondents Meet with our Managers 10
No. of Respondents Joins as an IM 1

Respondents out of 600


Respondents out of 600

250

50
10 1
No. of Respondents No. of Respondents No. of Respondents No. of Respondents
Listen to us Gives Time for Meet with our Joins as an IM
Meeting Managers

FIG 4.1:- Respondents Ready to became an IM


INTERPRETATIONS:So from the given chant we can clearly see that the respondents does not
respond to us
Table 4.2:- People want to join in which section?
Out of 600
  Respondents
Respondents Interested in Life Insurance 50
Respondents Interested in General Insurance 150
33

Out of 600 Respondents


Out of 600 Respondents
150

50

Respondents Interested in Life Insurance Respondents Interested in General


Insurance

FIG: - 4.2 shows respondents were likely to join general insurance


Table: - 4.3 Growth in Life Insurance (2005-2016)
 In ($ Bn) Private Public
2005 2 17
2006 3 21
2007 6 28
2008 13 37
2009 14 34
2010 17 39
2011 19 45
2012 18 42
2013 14 38
2014 13 39
2015 15 44
2016 20 46
34

Groeth In Life Insurance Premiums ($ Bn)


private Public

45 46
39 42 44
37 34 38 39

28
21
17 17 19 18 20
13 14 14 13 15
2 3 6
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Fig:-4.3 shows the growth in Insurance Sector


Table: - 4.4 Claim Settlement Rate of Future Generali
  FutureGenerali Life's CSR Trend in(%)
2012-13 70.53
2013-14 74.88
2014-15 83.7
2015-16 90.26
2016-17 89.53

Futufre Generali Life's CSR Trend in(%)


Futufre Generali Life's CSR Trend in(%)
90.26 89.53
83.7
74.88
70.53

2012-13 2013-14 2014-15 2015-16 2016-17

FIG: - 4.4 shows the CSR of Future Generali


35

Chapter-5

Findings
36

5.1FINDINGS
I have collected the data of 600 prospects for Insurance Manager Job profile from Internet and by direct
interaction, out of which 250 people would prefer to listen about business opportunity provided by our
organization. Out of these 250, only 50 give time for meeting and from that 50 meetings only 10 people
meet our manager. From them only one agreed to join our organization as insurance manager

5.1.1 My findings during my two months’ internship period are:


1) Lack of awareness among the people regarding insurance sector.
2) People make perception in their mind that the insurance manager or insurance advisor is the low-level
job profile due to some company.

3) Only few People shows there interest in life Insurance


4) Most of the people said that they were ready to join but under General Insurance
5)People think it is difficult to sell life insurance
6) They also think that selling general insurance is much easier than selling life insurance
37

Chapter-6

Limitations
38

Limitations
The main limitations were as follows:
1) People don’t listen to us
2) The behaviour of the respondents is unpredictable
4)Due to shortage of time, the sample size is limited
5) People in India have negative opinion about life insurance
39

Chapter-7

Conclusion
40

Conclusion
From the project we can conclude that most of the people were interested in a part time business
opportunity but they did not wanted that opportunity in Insurance sector. Even some of the
people were interested in insurance but they were not interested in life insurance. There is a
negative image of life insurance because of lack of knowledge and awareness among people.
They feel that selling life insurance is difficult as compared to general insurance.
Whenever we used to call people regarding the business opportunity they felt that we are going
to sell them any insurance policy due to which most of the people don’t even listen to what we
are saying.
Even some factors like: - age, gender, and education, annual income impact the hiring. As we
call many retired person the response I got from them is “ We are 60 or 65 we have done our
jobs now we have to rest “ so they were not interested in IM profile
41

Chapter- 8

Recommendation
42

Recommendation

1) Our organisation should expand their distribution network rural market


2) We can also conduct seminars in offices collages to attract a large no of people at the same
time
43

Chapter-9

References
44

References: 
https://www.ibef.org/industry/insurance-sector-india.aspx
http://www.policyholder.gov.in/What_We_Do.aspx
https://en.wikipedia.org/wiki/Future_Group
https://www.generali.com/who-we-are/at-a-glance
https://life.futuregenerali.in/about-us
https://general.futuregenerali.in/board-of-directors
https://life.futuregenerali.in/insurance-plans

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