Recruitment & Selection

AT
BAJAJ ALLIANZ LIFE INSURANCE
COMPANY LTD.BAREILLY (U.P)

Submitted to: Submitted by:

Assistence professor Meraj Kamil
MBA , III Sem
ICL Group of College Roll No :
Sountli
 DECLARATION

I hereby declare that, the project entitled RECRUITMENT & SELECTION AT BAJAJ
ALLIANZ LIFE INSURANCE’’ assigned to me for the partial fulfillment of MBA degree
from Kurukshetra University, Kurukshetra. The work is originally completed by me and the
information provided in the study is authentic to the best of my knowledge.

This study has not been submitted to any other institution or university for the award of any other
degree.

Meraj Kamil
MBA 3rd SEM
ACKNOWLEDGEMENT
“Gratitude is the hardest of emotions to express and one often does not find
adequate words to convey what one feels and trying to express it”
The present project file is an amalgamated of various thoughts and experiences .The successful
completion of this project report would have not been possible without the help and guidance of
number of people and specially to my project guide in the company M. Ashman (Bajaj Allianz)
I take this opportunity to thank all those who have directly and indirectly inspired, directed and
helped me towards successful completion of this project report.
I am also immensely indebted to my project guide, Assistant Professor, ICL, for his illumining
observation, encouraging suggestions and constructive criticisms, which have helped me in
completing this research project successfully.
There are several other people who also deserve much more than a mere acknowledgement at
their exemplary help. I also acknowledge with deep sense of gratitude and wholehearted help and
cooperation intended to me by them.

\
Meraj Kamil
MBA 3rd. SEM
University Roll No
 PREFACE
Summer Training is the bridge for a student that takes him from his theoretical knowledge
world to practical industry world. The main purpose of industrial visit is to expose for
industrial and business environment, which cannot be possible in the classroom.
The advantages of this sort of integration, which promotes guided to corporate culture,
functional, social and norms along with formal teaching are numerous.

1) To bridge the gap between theory and practical.

2) To install the feeling of belongingness and acceptance.
3) To help the student to develop the better understanding of the concept and questions already
raised or to be raised subsequently during their research period.

The present report gives a detailed view of the “RECRUITMENT AND SELECTION OF
Bajaj Allianz)”. The research is definitely going to play an important role in developing an
aptitude for hard self-confidence.
 EXECUTIVE SUMMARY

As the title suggests, this is a project report about “RECRUITMENT AND SELECTION”.
Attention is focused upon the policies, procedures, expectations, problems, needs, and
recommendation on the HR strategies of Bajaj Allianz Life Insurance..
The thinking today is “Compete or Perish”. This means no growth is final. There is no unlimited
point of progress. It is an ongoing struggle. The urge is to attain something still highest.
Continuous effort should be made to explore the possibilities of new methods and new process
with continuous improvement in level of performance.
HR strategies are an area of utmost importance in the context of economic globalization. This
needs an organization approach on professional values, sounds principles and honest expertise.
This project describes the characteristics, needs and expectations of those who work and how
they climb a ladder through their performance. It views current trends and future expectations.
Within the philosophy of this project is the belief that we should talk about things not only as
they are but also how they should be. We must endeavor to do better, to explore new frontiers,
and must be complacent with things as they have been.
Challenges are opportunities as it opens the mouth of success, achievement, development, and
accomplishment “HR Strategy is a process of a shift from tradition to modernity, from
backwardness to advancement from historical past to prosperous future. It is the acceptance of
available opportunities” Minimization in cost and maximum utilization of manpower..
 Introduction

What is insurance?
All assets have economic value. The asset would have been created through the efforts 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 a motorcar, it provides comfort &
convenience in transportation. There is no direct income. There is a normally expected life time
for the asset during which time it is expected to perform. The owner, aware of this, can manage
his affairs that by the end of that lifetime, a substitute is made available to ensure that the value
or income is not lost.
However, if the asset gets lost earlier, being destroyed or made non-functional, through an
accident or other unfortunate event, the owner & those deriving benefits there from suffer .Hence
Insurance is a tool, which helps to reduce effects of such adverse events.
A human life is also an income-generating asset. This asset also can be lost through unexpectedly
early death or made non-functional through sickness & disabilities caused by accidents.
Accidents may or may not happen. Death will happen, but the timing is uncertain. If it happens
around the time of one's retirement, when it could be expected that the income will cease, the
person concerned could have made some other arrangements to meet the continuing needs. But if
it happens much earlier when the alternate arrangements are not in place, insurance is necessary
to help the dependents.
In case of a human being, he may have made arrangements for his needs after his retirement.
These would have been made on the basis of some expectations like he may live for another 15
years, or that his children will look after him.
Insurance takes care of it.
History of Insurance

Almost 4,500 years ago, in the ancient land of Babylonia, traders used to bear risk of the caravan
trade by giving loans that had to be later repaid with interest when the goods arrived safely. In
2100 BC, the Code of Hammurabi granted legal status to the practice. That, perhaps, was how
insurance made its beginning.

Life insurance had its origins in ancient Rome, where citizens formed burial clubs that would
meet the funeral expenses of its members as well as help survivors by making some payments.

As European civilization progressed, its social institutions and welfare practices also got more
and more refined. With the discovery of new lands, sea routes and the consequent growth in
trade, medieval guilds took it upon themselves to protect their member traders from loss on
account of fire, shipwrecks and the like.

Since most of the trade took place by sea, there was also the fear of pirates. So these guilds even
offered ransom for members held captive by pirates. Burial expenses and support in times of
sickness and poverty were other services offered. Essentially, all these revolved around the
concept of insurance or risk coverage.

In 1347, in Genoa, European maritime nations entered into the earliest known insurance contract
and decided to accept marine insurance as a practice.

The beginning...

Insurance as we know it today owes its existence to 17th century England. In fact, it began
taking shape in 1688 at a place called Lloyd's Coffee House in London, where merchants, ship-
owners and underwriters met to discuss and transact business. By the end of the 18th century,
Lloyd's had brewed enough business to become one of the first modern insurance companies.

In 1693, astronomer Edmond Halley constructed the first mortality table to provide a link
between the life insurance premium and the average life spans based on statistical laws of
mortality and compound interest. In 1756, Joseph Dodson reworked the table, linking premium
rate to age.

First companies...

The first stock companies to get into the business of insurance were chartered in England in
1720. The year 1735 saw the birth of the first insurance company in the American colonies in
Charleston, SC.

In 1759, the Presbyterian Synod of Philadelphia sponsored the first life insurance corporation in
America for the benefit of ministers and their dependents.

However, it was after 1840 that life insurance really took off in a big way. The trigger was;
reducing opposition from religious groups.

The growing years...

The 19th century saw huge developments in the field of insurance, with newer products being
devised to meet the growing needs of urbanization and industrialization.

In 1835, the infamous New York fire drew people's attention to the need to provide for sudden
and large losses. Two years later, Massachusetts became the first state to require companies by
law to maintain such reserves. The great Chicago fire of 1871 further emphasized how fires can
cause huge losses in densely populated modern cities. The practice of reinsurance, wherein the
risks are spread among several companies, was devised specifically for such situations.

There were more offshoots of the process of industrialization. In 1897, the British government
passed the Workmen's Compensation Act, which made it mandatory for a company to insure its
employees against industrial accidents.

With the advent of the automobile, public liability insurance, that first made its appearance in the
1880s, gained importance and acceptance.

In the 19th century, many societies were founded to insure the life and health of their members,
while fraternal orders provided low-cost, members-only insurance.

Even today, such fraternal orders continue to provide insurance coverage to members as do most
labour organizations. Many employers sponsor group insurance policies for their employees,
providing not just life insurance, but sickness and accident benefits and old-age pensions.
Employees contribute a certain percentage of the premium for these policies.

Insurance in India

Insurance in India can be traced back to the Vedas. For instance, yogakshema, the name of Life
Insurance Corporation of India's corporate headquarters, is derived from the Rig Veda. The term
suggests that a form of "community insurance" was prevalent around 1000 BC and practiced by
the Aryans. Burial societies of the kind found in ancient Rome were formed in the Buddhist
period to help families build houses, protect widows and children.

Life Insurance in its existing form came to India from the United Kingdom with the
establishment of a British firm Oriental Life Insurance Company in Calcutta in 1818 followed by
Bombay Life Assurance Company in 1823.

Bombay Mutual Assurance Society, the first Indian life assurance society, was formed in 1870.
Other companies like Oriental, Bharat and Empire of India were also set up in the 1870-90s.
It was during the Swadeshi movement in the early 20th century that insurance witnessed a big
boom in India with several more companies being set up.

As these companies grew, the government began to exercise control on them. The Insurance Act
was passed in 1912, followed by a detailed and amended Insurance Act of 1938 that looked into
investments, expenditure and management of these companies' funds.

The Indian Life Assurance Companies Act, 1912 was the first statutory measure to regulate life
insurance business. Later in 1928 the Indian Insurance Companies Act was enacted to enable the
Government to collect statistical information about both life and non-life insurance business
transacted in India by Indian and foreign insurers including provident insurance societies.

In 1938 with a view to protecting the interest of insuring public earlier legislation was
consolidated and amended by the Insurance Act 1938 with comprehensive provisions detailed
and effective control over the activities of insurers.

The Act was amended in 1950 resulting in far reaching changes in the insurance sector. These
included a statutory requirement of equity capital for companies carrying on life insurance
business, ceiling on share holdings in such companies, stricter control on investments,
submission of periodical returns relating to investments and such other information to the
controller. The controller could also call for appointment of administrators and put a ceiling on
expenses of management and agency commission for mismanaged companies.

By 1956, 154 Indian insurers, 16 foreign insurers and 75 provident societies were carrying on
life insurance business in India. Life insurance business was concentrated in urban areas and
confined to the higher strata of the society. However, in the absence of regulatory systems, scams
and irregularities were almost a way of life at most of these companies.

As a result, the government decided to nationalize the life assurance business in India. The Life
Insurance Corporation of India was set up in 1956 to take over around 250 life companies.

On January 19, 1956, the management of life insurance business of 245 Indian and foreign
insurers and provident societies then operating in India was taken over by the Central
Government. Life Insurance Corporation was formed in September 1956 by an Act of
Parliament, viz. LIC Act 1956 with a capital contribution of Rs.50 mn.

For years thereafter, insurance remained a monopoly of the public sector. It was only after seven
years of deliberation and debate - after the R N Malhotra Committee report of 1994 became the
first serious document calling for the re-opening up of the insurance sector to private players --
that the sector was finally opened up to private players in 2001.While the committee submitted
its report in 1994, it took another six years before the enabling legislation was passed in the year
2000, legislation amending the Insurance Act of 1938 and legislating the Insurance Regulatory
and Development Authority Act of 2000. The same year that the newly appointed insurance
regulator - Insurance Regulatory and Development Authority [www.irdaindia.org] -- started
issuing licenses to private life insurers.

On the recommendation of Malhotra Committee, an Insurance Regulatory Development Act

(IRDA) passed by Indian Parliament in 1993. Its main aim was to activate an insurance
regulatory apparatus essential for proper monitoring and control of the Insurance industry. Due
to this Act several Indian private companies have entered into the insurance market, and some
companies have joined with foreign partners. In economic reform process, the Insurance
Companies has given boost to the socio-economic development process. The huge amount of
funds that are at the disposal of Insurance Companies are directed as desired avenues like
housing, safe drinking water, electricity, primary education and infrastructure. Above all the
policyholders gets better pricing of products from competitive insurance companies.

The insurance sector in India has come a full circle from being an open competitive market to
nationalization and back to a liberalized market again. Tracing the developments in the Indian
insurance sector reveals the 360 degree turn witnessed over a period of almost two centuries.

A brief history of the Insurance sector in India

The business of life insurance in India in its existing form the year 1818 with the establishment
of the Oriental Life Insurance Company in Calcutta.
Some of the important milestones in the life insurance business in India
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 nationalized. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a
capital contribution of Rs. 50 million from the Government of India.

The General insurance business in India, on the other hand, can trace its roots to the Triton
Insurance Company Ltd., the first general insurance company established in the year 1850 in
Calcutta by the British.

The 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. 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 IRDA’s 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.

The Insurance Regulatory & Development Authority (IRDA), an autonomous insurance

regulator set up in 2000, has extensive powers to oversee the insurance business and regulate in a
manner that will safeguard the interests of the insured.

Need for life insurance

Risks and uncertainties are part of life’s great adventure – Accident, illness, theft and natural
disaster are all a part of life that may happen anytime. Insurance then is the man’s answer to the
vagaries of life. It prepares us to some extent for the man made and natural calamities and their
aftermath.

Insurance is a contract between two parties – the Insurer (the insurance company) and the
Insured (the person or entity seeking the cover) – wherein the Insurer agrees to pay the Insured
for financial losses arising out of any unforeseen events in return for a regular payment of
“premium”.

These unforeseen events are defined as “risks” and that’s why insurance is called “Risk cover”.
Hence, insurance is essentially the means to financially compensate for losses that life throws at
people.
Role of insurance

Role 1: Life insurance as "Risk cover"

First and foremost, insurance is about risk cover and protection - financial protection, to be more
precise - to help cover life's unpredictable losses. Designed to safeguard against losses suffered
on account of any unforeseen event, insurance provides the insured with that unique sense of
security that no other form of investment provides. By buying life insurance, one buys peace of
mind and is prepared to face any financial demand that would hit the family in case of an
untimely demise.

To provide such protection, insurance firms collect contributions from many people who face the
same risk. A loss claim is paid out of the total premium collected by the insurance companies,
who act as trustees to the monies.

Insurance also provides a safeguard in the case of accidents or a drop in income after retirement.
An accident or disability can be devastating, and an insurance policy can lend timely support to
the family in such times. It also comes as a great help when one retires, in case no untoward
incident happens during the term of the policy.

With the entry of private sector players in insurance, you have a wide range of products and
services to choose from. Further, many of these can be further customized to fit individual/group
specific needs.

Role 2: Life insurance as "Investment"

Insurance is an attractive option for investment. Insurance products yield more compared to
regular investment options, and this is besides the added incentives offered by insurers.
An insurance product cannot be compared with other investment schemes for the simple reason
that it offers financial protection from risks, something that is missing in non-insurance products.
In fact, the premium paid for an insurance policy is an investment against risk. Thus, before
comparing with other schemes, you must accept that a part of the total amount invested in life
insurance goes towards providing for the risk cover, while the rest is used for savings.
In life insurance, unlike non-life products, you get maturity benefits on survival at the end of the
term. In other words, if you take a life insurance policy for 20 years and survive the term, the
amount invested as premium in the policy will come back to you with added returns. In the
unfortunate event of death within the tenure of the policy, the family of the deceased will receive
the sum assured.

Now consider insurance as an investment option. If you invest Rs 10,000 in PPF, your money
grows to Rs 10,950 at 9.5 per cent interest over a year. But in this case, the access to your funds
will be limited. One can withdraw 50 per cent of the initial deposit only after 4 years.
The same amount of Rs 10,000 can give you an insurance cover of up to approximately Rs 5-12
lakh (depending upon the plan, age and medical condition of the life insured, etc) and this
amount can become immediately available to the nominee of the policyholder on death.

Thus insurance is a unique investment avenue that delivers sound returns in addition to
protection.

Role 3: Life insurance as "Tax planning"

Insurance serves as an excellent tax saving mechanism too. The Government of India has offered
tax incentives to life insurance products in order to facilitate the flow of funds into productive
assets. Under Section 88 of Income Tax Act 1961, an individual is entitled to a rebate of 20 per
cent on the annual premium payable on his/her life and life of his/her children or adult children.
The rebate is deductible from tax payable by the individual or a Hindu Undivided Family. This
rebate can be availed upto a maximum of Rs 12,000 on payment of yearly premium of Rs
60,000. By paying Rs 60,000 a year, you can buy anything upwards of Rs 10 lakh in sum
assured. (Depending upon the age of the insured and term of the policy) This means that you get
a Rs 12,000 tax benefit. The rebate is deductible from the tax payable by an individual or a
Hindu Undivided Family.
Role of Life Insurance in the Growth of the Economy

The Life Insurance Industry has an enviable track record among public sector units. It has a
Consistent profit and dividend paying record accompanied by a steady growth in its financial
resources. Through investments in the Government sector and socially- oriented sectors the
Industry has contributed immensely to the nation's development. The industry is recognized as
one of the largest financial Institutions in the country. The ventures initiated by the industry in
the areas of Mutual Fund, Housing Finance has done exceedingly well in recent years. To protect
the country's foreign exchange reserves, the reinsurance arrangement are so organized that
maximum retention is made possible within the country while at the same time protecting
interests of the policy holders.

The key features of life insurance industry

 Nomination
When one makes a nomination, as the policyholder you continue to be the owner of the
policy and the nominee does not have any right under the policy so long as you are alive.
The nominee has only the right to receive the policy monies in case of your death within
the term of the policy.

 Assignment
 If your intention is that your policy monies should go only to a particular
person, you need to assign the policy in favor of that person.

 Death Benefit

The primary feature of a life insurance policy is the death benefit it provides. Permanent
policies provide a death benefit that is guaranteed for the life of the insured, provided the
premiums have been paid and the policy has not been surrendered.

 Cash Value
The cash value of a permanent life insurance policy is accumulated throughout the
life of the policy. It equals the amount a policy owner would receive, after any applicable
surrender charges, if the policy were surrendered before the insured's death.

 Dividends

Many life insurance companies issue life insurance policies that entitle the policy owner
to share in the company's divisible surplus.

 Paid-Up Additions
Dividends paid to a policy owner of a participating policy can be used in numerous ways,
one of which is toward the purchase of additional coverage, called paid-up additions.

 Policy Loans

Some life insurance policies allow a policy owner to apply for a loan against the value of
their policy. Either a fixed or variable rate of interest is charged. This feature allows the
policy owner an easily accessible loan in times of need or opportunity.
  Conversion from Term to Permanent

When in need of temporary protection, individuals often purchase term life insurance. If
one owns a term policy, sometimes a provision is available that will allow her to convert
her policy to a permanent one without providing additional proof of insurability.

 Disability Waiver of Premium

Waiver of Premium is an option or benefit that can be attached to a life insurance policy
at an additional cost. It guarantees that coverage will stay in force and continue to grow.

The benefits of life insurance

 Risk cover

Life Insurance contracts allow an individual to have a risk cover against any unfortunate
event of the future.

 Tax Deduction

Under section 80C of the Income Tax Act of 1961 one can get tax deduction on
premiums up to one lac rupees. Life Insurance policies thus decrease the total taxable
income of an individual.

 Loans

An individual can easily access loans from different financial institutions by pledging his
insurance policies.
  Retirement Planning

What had provided protection against the financial consequences of premature death may
now be used to help them enjoy their retirement years. Moreover the cash value can be
used as an additional income in the old age.

 Educational Needs

Similar to retirement planning the cash values that flow from ones life insurance schemes
can be utilized for educational needs of the insurer or his children.

Foreign Direct Investment (FDI) Policy in Insurance Sector

As per the current (Mar 06) FDI norms, foreign participation in an Indian insurance company is
restricted to 26.0% of its equity / ordinary share capital. The Union Budget for fiscal 2005 had
recommended that the ceiling on foreign holding be increased to 49.0%. However, the matter is
still under discussions.

Future of Life Insurance schemes

The Indian Life insurance sector will register a high growth rate in the future years to come
says the report prepared by Fitch Ratings. This will be due to the innovative products, better
distribution network, better services coupled with other never-before changes that have taken
place in the insurance sector. The report laid stress on branding, customer service and tailor
made products that will assume importance besides information technology that will become
vital to bring down costs in the future. Also data warehousing, ensuring effective cross
selling will grown in importance to exploit the largely unexploited market.

In FY 2005-06, the Indian Life insurance industry saw a growth of 40.6 %. This rally is
expected to continue as people realize the importance of risk management. The private sector
players are expected to grow with their innovative and profitable life insurance schemes.
 COMPANY PROFILE

BAJAJ ALLIANZ LIFE INSURANCE CO.LTD.

Journey of The Group – started in the 19th century

Bajaj Auto came into existence on November 29, 1945 as M/s Bachraj Trading Corporation
Private Limited. It started off by selling imported two- and three-wheelers in India. In 1959, it
obtained license from the Government of India to manufacture two-and three-wheelers and it
went public in 1960. In 1970, it rolled out its 100,000th vehicle. In 1977, it managed to produce
and sell 100,000 vehicles in a single financial year. In 1985, it started producing at Waluj in
Aurangabad. In 1986, it managed to produce and sell 500,000 vehicles in a single financial
year. In 1995, it rolled out its ten millionth vehicle and produced and sold 1 million vehicles in a
year.
 Bajaj Auto is a major Indian automobile manufacturer. It is India's largest and the
world's 4th largest two- and three-wheeler maker
 It has been reported that Bajaj is headed for a de-merger into two separate companies:
Bajaj Auto and Bajaj Finance. It is expected that the sum of the parts created will be
worth more that the current whole, as was the case in the de-merger of Reliance
Industries.
 Most importantly, the group earned the respect of the people as one of India's finest
business houses, and the first corporate group to take India to the world.
 The Forbes Global 2000 list for the year 2005 ranked Bajaj Auto at 1946
 In November 2007, Bajaj Auto acquired 14.5% stake in KTM Power Sports AG
(holding company of KTM sport motorcycles AG). On the 8th of January 2008,
Managing Director Rajiv Bajaj confirmed the collaboration and announced Bajaj Auto's
intention to gradually increase their stake in KTM to 25%.
 Bajaj Auto says its $2,500 car, which it is building with Renault and Nissan Motor, will
aim at a fuel-efficiency of 30 km/litre, or twice an average small car, and carbon dioxide
emissions of 100 gm/km.

Bajaj Allianz Life Insurance Co.Ltd.

There are several joint venture companies in financial services under its umbrella brand. The
Bajaj Auto Ltd contributes with local insights; Allianz SE brings in its global expertise in the
areas of protection & wealth management. The joint venture companies are currently engaged in
the activities of Asset Management, Life Insurance and Retail Distribution, with the cornerstones
of the partnership being mutual respect, integrity and customer focus.

Bajaj Allianz life Insurance Co.Ltd.

LIFE INSURANCE

 It has completed 7 years of successful operations. Presently, it has a nationwide branch

network of 850 branches & more than 1 lakh advisors. Another branches will be added
during 2007-08. It has tie-ups with nearly 170 Corporate Agents & has close associations
with 7 key partner banks It has covered more than 1.2 million lives since inception, with
a customer base spread across more than 1500 towns & cities in India. The capital base
was Rs. 800 crores as on March 31, 2007. The Asset Under Management (AUM) had
crossed Rs. 7500 crores (31st March 2007)

PERFORMANCE OF THE LIFE INSURANCE INDUSTRY

 A 28.4 per cent increase in business by country's largest insurer LIC and strong
performance by most of the private players pushed the overall life insurance growth to
40.6 per cent in FY 2005-06. State-owned Life Insurance Corporation gave a tough fight
to private players, who were fast increasing their market share, to collect Rs. 256.45
billion in new premium by selling over 21.5 million policies.

 LIC saw a decline in its market share to 71.44 per cent in 2005-06 from 78.23 per cent
compared to FY2004-05 as three private players - ING Vysya, Birla Sun Life and
Kotak Mahindra OLD Mutual - saw a decline in their market share as well. As market
continues to grow and more new players enter the space, LIC has rolled out innovative
products and doing aggressive marketing to attract more business.

 The 14 private players led by ICICI Prudential and Bajaj Allianz Life are leaving no
stones unturned to expand business by netting more policyholders to increase their
 market share. Among private players, Bajaj Allianz Life dislodged ICICI Prudential
ranked at the top in the previous year by collecting about Rs 27.15 billion after logging a
whopping 216 per cent growth, followed by ICICI Prudential, which increased business
by 66.5 per cent to collect Rs 26.37 billion in premium. Bajaj Allianz had a market share
of 7.56 per cent while ICICI Prudential increased its market share to 7.35 per cent.

 HDFC Standard collected Rs 10.28 billion in premium income, followed by SBI Life (Rs
8.28 billion), Birla Sun Life (Rs 6.78 billion), Tata AIG (Rs 4.63 billion), Max New
York Life (Rs 4.43 billion) and Aviva (Rs 4.07 billion).

 In group insurance, LIC continued to dominate with a market share of about 78.77 per
cent by covering 11.46 million lives in FY 2005-06. Among the private insurers, SBI Life
was at the top with a market share of 7.79 per cent, followed by ICICI Prudential (5.70
per cent), HDFC Standard Life (2.70 per cent), Birla Sun Life (1.75 per cent), Tata-AIG
(1.54 per cent) and Bajaj Allianz (0.49 per cent).

MARKET SHARE OF DIFFERENT COMPANIES

Strengths of Bajaj Allianz Life Insurance

 Strong brand with PAN india presence.

 Strong Indian partner with great acceptability.
 Strong and supportive foreign partner.
 Same group for life and general insurance business.
 All types of business under I cover.
 1100 branches.
 A company that has posted profits for continuous 2 years and 3rd year going.
 World class IT support system.
 All branches are interconnected for all services.
 Better service level.
 Better claim settlement.
 Renewal support/post sales support.
 Highly customer sensitive team at all levels.

Why life agency Profession is good ?

 You can engage your self as a part time /full time professional. you have flexible timings.
 You are your own boss.
 This can be a source of additional income.
 Unlimited income.
 Only business that provides you, PENSION for you future in the form of renewal
commission.
 No capital is required for the business.
 No need of shop/office and so this business saves your time from managing
shops/offices.
 Helps in diversifying your business..
 No higher education required, anybody can excel.
 Opportunity of managing wealth of near and dear ones.
 Increase your social networks.
 You can works towards social welfare while earning.
 Ethical way to earn.
 This business can be passed on to next generation.

Benefits to BALIC Agents

 Better commission rates.
 Early bird benefits.
 PRF Benefits.
 Monthly competitions-every month.
 Better prizes in monthly competitions.
 International trip in monthly competitions.
 Club member ship in just one year.
 Better benefits to club members.
 Higher benefits on repeating the club.
 Early club benefits.
 Provides insurance cover to club members.
 Professional fees/office allowance paid every month for higher club members.
 Hassle free ZERO BALANCE ACCOUNT.
 Axis card for smoothing delivery of competition prizes.
 Commission paid twice a month.
 Various international/national conventions for achievers.
 High level of IT support through state of the art technology.
 All information available through your mobile phone-you stay connected with new
development always.
 Corporate email ID.
 E learning facility.
 Product development portal to equip you with adequate product knowledge.
 Career growth in the form of promotion as SM or as business associate.
 Better SM and office support.
 Develop personality and communication skills by various training programs.
 Renewal support through a dedicated renewal team.
Benefits to BALIC customers
 Compound reversionary bonus for our traditional policies.
 Transport BI & policy bonds.
 NAV on mobile.
 Customer portal for policy servicing &renewal payments.
 Hassle free medical tests at time of proposing for insurance.
 Wide product range.
 Innovative product.
 All types of riders. Unique riders like FIB.
 All types of funds available.
 High range of funds options
 Better fund growth.
 Largest equity index fund.
 Experienced fund managers.
 Very large equity portfolio.
 Bajaj Allianz Life Insurance Co.Ltd.

Vision

 To be a world class provider of financial security to individuals and corporates and to be

amongst the top three private sector life insurance companies in India
MISSION

 To be the first preference of our customers by providing innovative, need based life
insurance and retirement solutions to individuals as well as corporates. These solutions
will be made available by well-trained professionals through a multi channel distribution
network and superior technology.
 PRODUCTS PROFILE

Product Range

Term Insurance policy

Whole life policy

Endowment policy

Money back policy

Annuities and pension

Children’s policy

Life insurance is all about making sure your family has adequate financial resources to make
those plans and dreams come true. It provides financial protection to help your family or
business to manage after your death.

Most of the products offered by Indian life insurers are developed and structured around these
"basic" policies and are usually an extension or a combination of these policies.

Term Insurance policy

 A term insurance policy is a pure risk cover for a specified period of time. What this
means is that the sum assured is payable only if the policyholder dies within the policy
term. For instance, if a person buys Rs 2 lakh policy for 15-years, his family is entitled to
the money if he dies within that 15-year period.

 If he survives the 15-year period then he is not entitled to any payment; the insurance
company keeps the entire premium paid during the 15-year period.
 So, there is no element of savings or investment in such a policy. It is a 100 per cent risk
cover. It simply means that a person pays a certain premium to protect his family against
his sudden death. He forfeits the amount if he outlives the period of the policy. That’s
why the Term Insurance Policy comes at the lowest cost.

Whole life policy

 As the name suggests, a Whole Life Policy is an insurance cover against death,
irrespective of when it happens.
 Under this plan, the policyholder pays regular premiums until his death, following which
the money is handed over to his family.

This policy, however, fails to address the additional needs of the insured during his post-
retirement years. It doesn't take into account a person's increasing needs either. While the insured
buys the policy at a young age, his requirements increase over time. By the time he dies, the
value of the sum assured is too low to meet his family's needs. As a result of these drawbacks,
insurance firms now offer either a modified Whole Life Policy or combine in with another type
of policy.

Endowment policy

Combining risk cover with financial savings, endowment policies is the most popular policies in
the world of life insurance.

 In an Endowment Policy, the sum assured is payable even if the insured survives the
policy term.
 If the insured dies during the tenure of the policy, the insurance firm has to pay the sum
assured just as any other pure risk cover.
  A pure endowment policy is also a form of financial saving, whereby if the person
covered remains alive beyond the tenure of the policy; he gets back the sum assured with
some other investment benefits.

In addition to the basic policy, insurers offer various benefits such as double endowment and
marriage/ education endowment plans. The cost of such a policy is slightly higher but worth its
value.

Money Back policy

 These policies are structured to provide sums required as anticipated expenses (marriage,
education, etc) over a stipulated period of time. With inflation becoming a big issue,
companies have realized that sometimes the money value of the policy is eroded. That is
why with-profit policies are also being introduced to offset some of the losses incurred on
account of inflation.
 A portion of the sum assured is payable at regular intervals. On survival the remainder of
the sum assured is payable.
 In case of death, the full sum assured is payable to the insured.

 The premium is payable for a particular period of time.

Annuities and pension

These are policies that provide benefits to the insured only upon retirement. If the insured
dies during the term of the policy, his nominee would receive the benefits either as a lump
sum or as a pension every month. In an annuity, the insurer agrees to pay the insured a
stipulated sum of money periodically. The purpose of an annuity is to protect against risk as
well as provide money in the form of pension at regular intervals.

Children's policies - The nominee receives a guaranteed amount of money at a pre-

determined time and not immediately on death of the insured. On survival the insured
receives money at the same pre-determined time. These policies are best suited for
planning children's future education and marriage costs.

Unit-Linked Solutions

 Pioneered by Bajaj Allianz, Unit-Linked Solutions bring together the security of life
insurance & efficient returns from investment.
 They are simple, transparent & flexible. They put the customer in total control of his/her
money.
 The important benefits offered by Bajaj Allianz in its Unit Linked plans are:
 Fund options
 Life cover
 Guaranteed returns
 Top-ups
 Liquidity through withdrawals & surrender
ANALYSIS OF ULIPs OF MAJOR INSURANCE COMPANIES

Before starting the field work researcher make the comparative analysis with other competitors
like KOTAK MAHINDRA, AVIVA, BIRLA SUNLIFE etc. in area like product features,
benefit, premiums and service they offered through their modules another websites.

Companies
Areas Bajaj Allianz Kotak Aviva Birla sun life
Mahindra
Product 1.Fortune plus 1.Safe 1.Aviva little 1. Saral jeevan
2. Century plus investment plan master 2. Dream plan
3.Unit gain plus 2. Easy growth 2.Aviva sachin 3. Children
gold plan century Dream plan
4.New unit gain 3. Premium 3.Esy life plus
5.Max gain. return plan
Locking period 3 years 3 years 3 years 3 years
Allocation 7-10 % 20 % 10 % Nil
charge
Riders and 1. Accidental 1. 1.Accidental 1.Accidental
benefit death Accidental death death
2. Critical Death 2.Critical 2.Critical
illness Benefit illness illness
2.Permanent
Disability
Benefit
3.Critical
Illness
Benefit
 Project (Recruitment & Selection)

Manpower planning:
Manpower planning is the process by which an organization ensures that it has the
right number and right kind of people , at the right place , at the right time , capable
of effectively and efficiently completing those tasks that will help the organization
achieve its overall objectives. Manpower planning is a system of matching the
supply of people(existing employees and those to be hired or searched for) with
openings the organization expects over a given time frame. Improper human
resource planning may lead to over staffing, increased direct cost, cost of training,
amenities, apart from the cost of production. Under-staffing also affects
production, morale and productivity therefore, proper manpower planning is
essential.

Need and importace of Manpower planning

There is no denying the fact that the continual positive development of a business is owing to its
effective planning. Making preparations and arrangements on the basis of what is expected to
happen and performing tasks in an organized and capable way is one of the important roles of
management in that it involves effective planning process. It is through the process of planning
as well as designing the organizational structure by assigning an assortment of responsibilities to
the employees that business organizations may accomplish their set objectives. The concept that
the right person should be employed at the right place and at the right time is vitally important to
a business as it includes a wide and comprehensive range of activities in relation to “the
management of man” while it entails man power planning, at the same time, being focused on
the effective utilization of existing human element as well as fulfilling future needs of manpower
in the organizations whenever the situations necessitate. Man power planning is “the process of
determining manpower requirements and the means for meeting those requirements in order to
carry out the integrated plan of the organization.” Man power planning is indispensable for an
organization to perform the activities efficiently as well as in a way that produces desired results.

 Manpower Planning, also referred as Human Resource Planning, is a very important

concept today for the success of an organization. When we talk about manpower
planning, it implies the entire process of selecting and putting right number of people,
right kind of people at the right time, right place, doing the right things for which they are
selected which in turn help in achieving the goals of the organization. Today, this
concept has occupied an important place in the corporate world and industrialization.
 Manpower Consultants play a vital role in the recruitment process.
Manpower Planning, also referred as Human Resource Planning, is a very important
concept today for the success of an organization. When we talk about manpower
planning, it implies the entire process of selecting and putting right number of people,
Any shortage or surplus can easily be identified and the problem can be
rectified.

right kind of people at the right time, right place, doing the right things for which they are
selected which in turn help in achieving the goals of the organization. Today, this
concept has occupied an important place in the corporate world and industrialization.
Manpower Consultants play a vital role in the recruitment process.

 Forming a base to managerial functions: The four managerial functions like planning,
organizing, directing and controlling are based upon the manpower. It is the HR of an
organization that helps in the implementation of all these managerial activities.
 Efficient utilization of resources: With manpower planning, there is an efficient
management of personnel’s in the organization.

Manpower process and steps:

 Analyzing the present manpower inventory: Before recruiting new personnel, the current
manpower inventory should be carefully studied and analyzed, which include factors like
type of organization, total number of departments, number of employees in such
department etc.

 Planning and forecasting for future manpower: Once the present scenario is known, the
future manpower forecasts and planning can be done.

 Developing employment programs: Once the forecast program is made, the

employment programs can be developed accordingly, which include factors like
recruitment, selection procedures and placement plans.
 Design training programs: The training programs depend on the extent of advancement
in technology to take place, which include diversification, expansion plans, development
programs etc. Training needs to be imparted to improve upon the knowledge, skills,
capabilities of the employees.

Recruitment
Recruitment refers to the process of attracting, screening, selecting, and onboarding a qualified
person for a job. At the strategic level it may involve the development of an employer brand
which includes an 'employee offering'.

The stages of the recruitment process include: job analysis and developing a person
specification; the sourcing of candidates by networking, advertising, or other search methods;
matching candidates to job requirements and screening individuals using testing (skills or
personality assessment); assessment of candidates' motivations and their fit with organizational
requirements by interviewing and other assessment techniques. The recruitment process also
includes the making and finalizing of job offers and the induction and onboarding of new
employees.[1]

Depending on the size and culture of the organization recruitment may be undertaken in-house
by managers, human resource generalists and / or recruitment specialists. Alternatively parts of
all of the process might be undertaken by either public sector employment agencies, or
commercial recruitment agencies, or specialist search consultancies.

Recruitment process
Job analysis

In situations such as where one or more new jobs are to be created and recruited to for the first
time, a job analysis and/or in some cases a task analysis might be undertaken to document the
actual or intended requirements of the job. From these the relevant information is captured in
such documents as job descriptions and job specifications. Often a company will already have
job descriptions that represent a historical collection of tasks performed. Where already drawn
up, these documents need to be reviewed or updated to reflect present day requirements. Prior to
initiating the recruitment stages a person specification should be finalized to provide the
recruiters commissioned with the requirements and objectives of the project.[1]
Sourcing

Sourcing is the use of one or more strategies to attract or identify candidates to fill job
vacancies. It may involve internal and/or external advertising, using appropriate media, such as
local or national newspapers, specialist recruitment media, professional publications, window
advertisements, job centers, or in a variety of ways via the internet. Alternatively, employers may
use recruitment consultancies or agencies to find otherwise scarce candidates who may be
content in their current positions and are not actively looking to move companies may be
proactively identified. This initial research for so-called passive candidates, also called name
generation, results in a contact information of potential candidates who can then be contacted
discreetly to be screened and approached.[1]

Screening and selection

Suitability for a job is typically assessed by looking for relevant skills, knowledge, aptitude,
qualifications and educational or job related experience. These can be determined via:
screening résumés (also known as CVs); job applications; interviews. More proactive
identification methods include performance assessments, psychological, aptitude, numeracy,
physical and literacy testing. Many recruiters and agencies use applicant tracking systems to
perform the filtering process, along with software tools for psychometric testing and
performance based assessment. [2] Performance based assessment is a process to find out if job
applicants perform the responsibilities for which they are applying. [3] In many countries,
employers are legally mandated to ensure their screening and selection processes meet equal
opportunity and ethical standards.[1]

In addition to the above selection assessment criteria, employers are likely to recognize the value
of candidates who also have the so-called 'soft skills', such as interpersonal or team leadership
and have the ability to reinforce the company brand through their behavior in front of customers
and suppliers. Multinational organisations and those that recruit from a range of nationalities are
also concerned candidates will fit into the prevailing company 'culture'.[4]

Lateral hiring

"Lateral hiring" refers to a form of recruiting; the term is used with two different, almost
opposite meanings. In one meaning, the hiring organization targets employees of another, similar
organization, possibly luring them with a better salary and the promise of better career
opportunities. An example is the recruiting of a partner of a law firm by another law firm. The
new lateral hire then has specific applicable expertise and can make a running start in the new
job. In some professional branches such lateral hiring was traditionally frowned upon, but the
practice has become increasingly more common. An employee's contract may have a non-
compete clause preventing such lateral hiring.

In another meaning, a lateral hire is a newly hired employee who has no prior specific applicable
expertise for the new job, and for whom this job move is a radical change of career. An example
is the recruiting of a university professor to become chairman of the board of a company.

Onboarding

"Onboarding" is a term which describes the process of helping new employees become
productive members of an organization. A well-planned introduction helps new employees
become fully operational quickly and is often integrated with a new company and environment.
On-boarding is included in the recruitment process for retention purposes. Many companies have
onboarding campaigns in hopes to retain top talent that is new to the company; campaigns may
last anywhere from 1 week to 6 months.

In house recruitment

Many employers undertake at least some if not most of their own in-house recruitment, using
their human resources department, front-line hiring managers and recruitment personnel who
handle targeted functions and populations. In addition to coordinating with the agencies
mentioned above, in-house recruiters may advertise job vacancies on their own websites and
other job boards, coordinate internal employee referrals, target and headhunt external candidates
(much like an external agency or search firm), work with external associations, trade groups
and/or focus on campus graduate recruitment. Some large employers choose to outsource all or
some of their recruitment process (recruitment process outsourcing) however a much more
common approach is for employers to introduce referral schemes where employees are
encouraged to source new staff from within their own network.

Internal recruiters
An internal recruiter (alternatively in-house recruiter or corporate recruiter) is member of a
company or organization and typically works in the human resources (HR) department.
Internal recruiters may be multi-functional, serving in an HR generalist role or in a specific role
focusing all their time on recruiting. Activities vary from firm to firm but may include, screening
CVs or résumés, conducting aptitude or psychological testing, interviewing, undertaking
reference and background checks, hiring; administering contracts, advising candidates on
benefits, onboarding new recruits and conducting exit interviews w In some cases the
organization provides the employee referral bonus only if the referred employee stays with the
organization for stipulated time duration (most cases 3 – 6 months). Referral bonus depends on
the grade of the referred employee, higher the grade higher the bonus however the method is not
used for senior level hiring.
 employees leaving the organization. They can be permanent employees or hired as contractors
for this purpose. Contract recruiters tend to move around between multiple companies, working
at each one for a short stint as needed for specific hiring purposes. The responsibility is to filter
candidates as per the requirements of each client.

Employee referral

An employee referral program is a system where existing employees recommend prospective

candidates for the job offered, and if the suggested candidate is hired, the employee who referred
receives a cash bonus.[5] In some cases the organization provides the employee referral bonus
only if the referred employee stays with the organization for stipulated time duration (most cases
3 – 6 months). Referral bonus depends on the grade of the referred employee, higher the grade
higher the bonus however the method is not used for senior level hiring.

Outsourcing

An external recruitment provider may suit small organisations without the facilities to recruit. In
typically the largest organisations a formal contract for services has been negotiated with a
specialist recruitment consultancy. These are known in the industry as Recruitment Process
Outsourcing. Recruitment process outsourcing may involve strategic consulting for talent
acquisition, sourcing for select departments or skills, or total outsourcing of the recruiting
function.

On- campus recruiting

 Companies may not be realizing full value from their recruitment programs.
 Fewer than half of corporate recruiters receive training in the proper techniques for interviewing
job applicants.

Recruiters tend to form a positive or negative impression about an applicant's qualifications in

the first few minutes of an interview, hardly sufficient time to collect information on which to
base a recruiting decision. Recruiters also tend to spend more time talking with applicants they
consider to be qualified and less time with applicants they dismiss on the basis of a superficial
judgement. Often, recruiters do not follow the corporate script about:

Employment agencies

Employment agencies operate in both the public and private sectors. Publicly funded services
have a long history, often having been introduced to mitigate the impact on unemployment of
economic downturns, such as those which form part of the New Deal program in the US, and the
Job Centre Plus service in the UK.

The commercial recruitment industry is based on the goal of providing a candidate to a client for
a price. At one end of the spectrum there are agencies that are paid only if they deliver a
candidate that successfully stays with the client beyond the agreed probationary period. On the
other end of the spectrum there are agencies that are paid a retainer to focus on a client's needs
and achieve milestones in the search for the right candidate, and then again are paid a percentage
of the candidate's salary when a candidate is placed and stays with the organization beyond the
probationary period.

The agency recruitment industry is highly competitive, therefore agencies have sought out ways
to differentiate themselves and add value by focusing on some area of the recruitment life cycle.
Though most agencies provide a broader range of service offering, at the two extremes are the
traditional providers and the niche operators.

Selection
Human resources recruitment and selection processes refers to the sequential approach
performed within the human resources function of an organization when hiring new
employees. Within some organizations, the human resources department manages all
hiring processes. In other companies, HR directs hiring procedures but hiring managers
or committees perform recruitment and selection tasks.

The first step to any new recruitment and selection process is to define the position for
which you are hiring. This is a step that some organizations mistakenly overlook.
Without a thorough idea of what is required of the position it is hard to find the best
match in a candidate. According to The State of Texas "Recruitment and Selection:
Define the Position" overview, the four basic tasks in this stage of the process include
developing a job analysis, job description, job specifications and pay.

Recruit candidates

Once you have a good idea of what you need from an employee in a position, you need
to recruit candidates for screening. This can include both internal and external recruiting
efforts. External recruiting involves posting positions through media and on your website
to let the public know you are hiring. Details of job descriptions and requirements are
typically included in the posting. Internal recruiting means letting existing employees
within the company know that you are hiring for a position and giving them an indication
of requirements for promotion or a lateral move.

Screen candidates

The screening or selection process typically begins once your stated deadline for
accepting applications has arrived. This leg of the process begins with a screen of
candidate applications, resumes, cover letters and any other supporting materials. The
goal is to develop a list of candidates you want to interview and put through any other
selection tools such as knowledge or personality tests. Interview questions and
selection criteria are established to align with your stated requirements for the position.
Once candidates are interviewed, sometimes more than once, the interviewer or
committee must evaluate the results and identify the preferred candidate

Check reference and hire

Prior to extending a hiring offer, reference checks, and sometimes background checks,
are common final verification measures. Calling references is a way to confirm a
candidate's honesty about previous work experience and to make certain that previous
employers and other references support what the candidate has said about himself. The
University of Oregon's HR Department makes note of the importance of keeping
employer responses confidential from candidates. Assuming reference checks match
your expectations in a preferred candidate, you usually are ready to offer him the
position.
 Objective of study:

Objective of study:-
The object of my study is to understand and critically analyze the recruitment and selection
procedure at Bajaj Allianz..

1. To know the prospect or recruitment and selection procedure.

2. To identify the probable area of improvement to make recruitment and selection procedures
and more effective.

3. To know the managerial satisfaction level about recruitment and selection procedure.

Purpose of the study

 To combine the theoretical knowledge with practical knowledge.

 To know the corporate environment.

 To understand procedure of recruitment and selection.

Scope of the study:-

To benefits of the study for the researcher is that it helped to gain knowledge and experience and
also provided the opportunity to study and understand the prevent recruitment and selection
procedures.
The key points of my research study are:-

1. To study the facts about the Bajaj Allianz a group.

2. To understand and analyse various H.R factors including recruitment and selection procedure at
sany.
3. To suggest any measures/ recommendations for the improvement of the recruitment
procedure.
Research Design & Data collection:-

RESEARCH
Research is common language refers to a search for knowledge. Research is an art of scientific
and systematic search for pertinent information on a specific topic. Research simply means a
search for facts – answers to questions and solutions to problems. It is a purposive investigation.
It is an organized inquiry. It seeks to find explanations to unexplained phenomenon to clarify the
doubtful facts and to correct the misconceived facts.

RESEARCH METHODOLOGY
Methodology refers to the process of doing a work in a well defined and systematic manner. The
present report uses certain procedures to find out correct results which can be used to make
effective decisions.

RESEARCH DESIGN
Research design can be defined as the arrangement of condition for the collection of data in a
manner that provides relevance in research and economy in procedures. In this study descriptive
research design was used. It is generally concerned with narration of facts and character
concerning group of situation. It also describes the existing state of affairs. Researcher can only
report as to what has happened or what is happening and has no control over the variables.

It is a kind of Exploratory Research.

Exploratory Research:
This kind of research has the primary objective of development of
insights into the problem. It studies the main area where the problem
has and also tries to evaluate some appropriate courses of action a
complete interaction and enumeration of all the employees of sany was
not possible so a sample was chosen that consisted of 40 employees

Design decision happens:-

1. What is study about?
2. What is study being made?
3. Where will the study be carried out?
4. What type of data is required?
5. Where can the required data be found?
6. What will be the sample design?
7. Technique of data collection?
8. How will data be analysed?
9. How can the customer persuaded for product of sany?

10. How to increase the market share of sany?

11. How to increase the market share of sany?
12. Who is the competitor of sany?

Data collection
Both primary and secondary data are collected for the study, both vital roles at the time of
analysis. Primary data are major role, also secondary data is necessary to give proper support to
the primary data.
Primary data has been collected by interviewing the personnel employed in the plant at various
units and meeting with the customer of the company. A questionnaire has also been distributed
among responders to again an insight of the reality.
Secondary data has been collected by the previous and current records, magazines and
electronics sources.
Primary data has been collected by:
 Interview
 Questionnaire
 Observation

Interview: - Interview method of collecting data involves presentation of oral-verbal stimuli and
reply in terms of oral-verbal responses.

(1). Personal interviews: - Personal interview method requires a person known as the interviewer
asking questions generally in a face-to-face contacts to the other persons to persons.
(2). Telephone interviews: - This method of collecting information consists in contacting
respondents on telephone itself.

Data Tabulation: Collected data has been tabulated in a manner easy to graphs and is in
quantified terms wherever possible.
Data Analysis: Different statistical and non-statistical techniques like histograms and Pie charts
are employed to analyze the collected data.

SAMPLE DESIGN
Sampling Area: - Bajaj Allianz Life Insurance LTD (Bareilly, U. P)
Sampling size: - 50 (Employees and company officers)
Sample collection technique: - Telephonic Interview, Personal interview.
Sample collection Duration: -28 days
Data representation technique: - Pie Chart
Data analysis instrument: - All the data has been analyzed on the basis of percentage basis.
 Data analysis And Interpritation:-
1. Specify the time period(s) for which the estimate is made?

S.No Opinion No of Respondent percentage

1 o-2 years 20 40%
2 2-5 years 18 36%
3 5-8 years 12 24%

Opinion about estimation

5-8 years
0-2 years
2-5 years

40% people said that the company specifies 0 -2 years for making estimation
of forecasting.
36% people said that the company specifies 2 -5 years for making estimation
of forecasting.
24% people said that the company specifies 5 -8 years for making estimation
of forecasting.
2. Does your organization plan the recruitment policy?

S. No Opinion No of Respondent Percentage

1 Yes 50 100%
2 No 0 0%

Plan the recruitment policy

0%

yes
No

100%

100% People said that the company plans the recruitment policy.
0% People said that the company does not plan the recruitment policy.
3. Through which source your organization recruit employees?

S. No. Opinion No of Respondent Percentage

1 Internally 25 50%
2 Externally 15 30%
3 Both 10 20%

Both
20%

Internally
50%

Externally
30%

50% people said that the company recruits the employees from internal sources.
30%. people said that the company recruits the employees from external sources.

20% people said that the company recruits the employees from both sources.

4. Which of the following external sources you choose for the recruitment of
employees?
S. No Opinion No of Respondent Percentage
1 Employee 15 30%
exchange
consultant
2 Private employee 15 30%
agencies
3 Advertisement 8 16%
4 Internet 6 12%
5 Any other 6 12%

12.00%
Em. Exchang
12% 30.00%
p.em agen
Advertise
16% Internet
other
30%

30% People said that the company chooses the employee exchange consultant for
recruitment.

30% People said that the company choose the private employee agencies for
recruitment.
 16% People said that the company chooses the advertisement for recruitment.

12% People said that the company choose the internet for recruitment.

12% People said that the company choose the any other for recruitment.

5. Does your organization recruit employees through latest method of recruitment

through internet?

S. No Opinion No of Respondent Percentage

1 Yes 42 84%
2 No 8 16%
 No
16%

Yes
84%

84% People said that the company uses latest method of recruitment through
internet.
16% People said that the company uses latest method of recruitment through
internet.

6. Is company use own website for recruitment?

S. No Opinion No of Respondent Percentage

1 Yes 50 100%
2 No 0 0%
 0%

YES
NO

100%

100% people said that the company uses own web site for recruitment.
0% people said that the company uses own web site for recruitment.

7. How much number of employees you train in a year?

S. No Opinion No of Percentage
Respondent
1 5-10 employees 2 4%
2 10-15 35 70%%
employees
3 15-20 13 26%
employees
 4%

26.00% 5-10 emp

10-15 emp
15-20 emp
70.00%

4% People said that the company train 5-10 employees in a year.

70% People said that the company train 10-15 employees in a year.

26% People said that the company train 15-20 employees in a year.

8. Does right person at the right job?

S. No Opinion No of Respondent Percentage

1 Yes 45 90%
2 No 5 10%
 10%

Yes
No

90%

90% People said that the company uses the right person at the right job.

10% People said that the company uses the right person at the right job.

9. Is there any provision for recruitment of summer trainees?

S. No Opinion No of Respondent percentage

1 Yes 50 100%
2 No 0 0%
 0%

Yes
No

100%

100% people said that there is no provision to recruiting summer trainees.

0% people said that there is no provision to recruiting summer trainees.

 CONCLUSION

Summer internship has given lot of practical experiences from on the job culture
to theoretical implications at different levels. There is a great learning in HR to
corporate. Bajaj Allianz is spread all over India, which helps in collecting, orders
of various candidates easily and it can easily interact with its employee.
1. Recruitment has reduced compare to previous year.

2. Cost of recruitment is almost same as last year.

3. Level of manpower good sign in this year.
 Limitation of the study:-
The project has inherent limitations due to its potential scope.

1. 4 weeks is too short to give shape to a new idea in an old set up like
escorts.

2. Less importance to long term operational benefits.

3. Expenses for HR Departments are not investment.

 suggestion

 New product innovation, lower premium, better service is crucial for the company
to increase its market share.

 The company should focus on proper selection, remuneration, training and

motivation of the advisors so that they create more awareness to the customers.

 The creation of awareness about the need and importance of insurance is very
necessary.

 Most of the responded prefer endowment policies but now trend has changed to
unit link policy.

 Customer insured themselves for tax benefits. So the company should organize
the programs to show the benefits of life cover.

 Our country one of the lowest penetration in the life insurance and throws a big
opportunity to widen the insurance base.

 Creating special agency force to concentrate more on cities and metros and
satellite offices in cities.

 LIC which is not started the aggressive advertisement for ULIP’S, so Bajaj
Allianz should start good campaign’s to take the mind share of the customer in
this segment
 Questionnaire
1 .Question :- specific the time period (s) for which the estimate are made?
Ans:- (1) 0-2 years (2) 2-5 years (3) 5-8 years.

2.Question :- Does your organization plan the recruitment policy.?

Ans:- (1) Yes (2) No.
3.Question :-What do you suggest should be the basis of forecasting.?
Ans:- (1) Total cost of project (2) Past experience
(3) Different phases of the project (4) All of the above

4.Question :- Do you think the present recruitment policy is helpful in

Achieving the goals of the company?
Ans:- (1) Yes (2) No (3) To some extent.
5.Question :-Through which source your organisations recruit employees.?
Ans:-(1) Internally (2) Externally (3) Both
6.Question :-Which of the following external sources you choose for the recruitment of the
employees.?
Ans:-(1) Employees exchange consultant. (2) Private employees agen
(3) Advertisment (4) Internet (5) Any other

7. Question :-Does your organization recruit employees through

Latest method of recruitment through internet?
Ans:- (1) Yes (2) No
8.Question :-It company use own website for recruitment?
Ans:- (1) Yes (2) No
9.Question :-How much number of employees you train in a year?
Ans:- (1) 5-10 employees (2) 10-20 employees (3) 20-30 employees.
10.Question :- Is there any previous for recruitment of summer trainees?
Ans:- (1) Yes (2) No.
11. Question: - Does right person at the right job?
Ans:- (1) Yes (2) No
12. Question :- which type of technique is used for interview?
Ans:- (1) Structured (2) Unstructured (3) Both.
 BIBLIOGRAPHY

For completing this project I took help of some of the books and news papers -

Research methodology: Writer:- R.N. Kothari

Edition-second revised

Times of India

www.lifeinsurance.com

www.bajajallianzlife.co.in

www.irdaindia.org

www.marketingexpert.com
 Contents

S. NO Topic Page No.

1. Introduction 6
2. History 7-20
3. Company Profile 21-34
4. Project topic 35-42
5. Objective 43
6. Research design& 44-46
Data collection
7. Data analysis & 47-56
Interpritation
8. Conclusion 57
9. Limitation 58
1o. Suggestion 59
11. Questionnaire 60
12. Bibliography 61