AN INTERIM REPORT

ON

“Recruitment and Selection of AIM India

Pvt Ltd”

By

APARNA VISWANATHAN
21BSPHH01C1585
Batch: 2021-23
IBS Hyderabad

Name of the Organization:

AIM India Pvt Ltd.

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 AN INTERIM REPORT
ON

“Recruitment and Selection of AIM India

Pvt Ltd”

By
APARNA VISWANATHAN
21BSPHH01C1585
At
AIM India Pvt Ltd.
A report submitted in partial fulfillment of the requirement of
MBA Program at IBS, Hyderabad.

Submitted To:

Faculty Guide: Company Guide:

Ms. Neha Chhabra

Prof. Sandeep Amanaganti (HR Manager)
(Associate Professor)

Date of Submission: April 13th, 2022

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 AUTHORIZATION

This is to authorize the project interim report titled – “Recruitment and selection of AIM
India Pvt Ltd.” is a submission of work done by Aparna Viswanathan. This is bonafide
project report submitted in fulfillment of the requirements of the MBA program of ICFAI
Business School, Hyderabad during his Summer Internship Program.

A copy of this report has also been sent to my company guide for approval. This work has not
been evaluated or submitted to any other university or organization.

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 ACKNOWLEDGEMENT

This project work requires a blend of discipline, uniqueness, and experience. Firstly, I would
want to express my gratitude to IBS Hyderabad for providing me with such a wonderful
opportunity. I would like to take this opportunity to thank all who helped me put together my
interim report. To begin with, I would like to thank AIM India Pvt Ltd for giving the
opportunity to work with them and gaining the professional and startup world.

I would want to express my profound gratitude and sincere appreciation to my company

guide and mentor Ms. Neha Chhabra, Human Resources Manager, AIM India Pvt Ltd. For
allowing me to work under her guidance and encourage the interns every day. Without her
guidance, help and support this project would not have been possible.

I extend a special thanks to Mr. Himalaya Sethi, Director of AIM India Pvt Ltd for giving
the valuable insights of sales and business development and also sharing his experience.

I also would like to express my extreme gratitude to my faculty guide Prof. Sandeep
Amanaganti for helping me all the ways by clearing doubts throughout the project.

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 TABLE OF CONTENTS

Sr. No Topic Pg. No.

1 Abstract 6
2 Introduction 7
3 About Insurance sector 8
4 Top 4 companies in the 10
industry
5 About AIM 13
5.1 About Product 15
6 Major Competitors 22
7 Work done till date 26
8 Database of clients 27
covered
9 References 27

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 1. ABSTRACT

As a part of the MBA academic curriculum, I am doing my summer internship program at

AIM India Pvt Ltd. This journey is sublime learning experience and gave me a piece of
information about the corporate world. The report here is about my errand in the organization
for about a month and a half (24th February to 13th April).

The Training sessions were conducted at the initial 15 days of the internship period. These
sessions include HR modules, financial concepts on Insurance sector, merits and demerits
features of 9 financial sectors in India. Few sessions were conducted regarding Life insurance
sector terms, categories, Investor’s expectations, and on Sale Pitching strategies for the
IndiaFirst Life Insurance product sales and distributions.

As part of marketing profile, this report covers the introduction of a wide range of financial
products available in the market which, later will focus only on Insurance Product and its
fluctuation to the market conditions.

This report also covers the competitive analysis the difference of India’s First life insurance
company in both government and private areas. In the competitive study on the companies
like HDFC life, ICICI Prudential, Bajaj Allianz, Tata AIG, Aditya Birla Sun Life and LIC.

As part of HR Profile, I will frame the questionnaire in order to find out the recruiting
strategy of AIM India Pvt Ltd with analytics tool and bring the best solution to the company

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 2. INTRODUCTION

In the preceding decade, the coverage enterprise has skilled huge growth, with the release of
a massive sort of progressive product. As a result, there was fierce opposition to an
advantageous and wholesome outcome. India's coverage corporations are critical to the
country's financial health. It extensively improves man or woman's financial savings
prospects, safeguards their future, and assists the coverage enterprise in forming a huge pool
of assets. The coverage area contributes appreciably to the capital markets with the assistance
of those funds, ensuing in extended huge-scale infrastructure improvement in India

Several Insurance products available in the market. When it comes to investing, the investor
get awareness of what type of funds suiting them the best for the person as per the person
preference he can opted for long term or short term investment requirements. Both Urban and
rural areas are the target audience of companies. Knowing the consumer behavior in the
insurance industry and marketing communication are fundamental to AIM India Pvt Ltd. The
assignment also entails identifying IndiaFirst Life Insurance Company's competitors in both
the public and private sectors. It also seeks to use secondary resources to identify the target
group.

Objectives:
➢ Being a part of the Marketing team, we should understand Marketing Communications
and their strategies, while considering the consumer behavior and market trend.
➢ To understand customer`s main preferences in the Financial sector in India.

➢ To understand the Importance of Insurance from a Consumer's perspective and the

significant factors affecting the same.

➢ To connect with the consumers knowing point of view of insurance products.

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 3. ABOUT INSURANCE SECTOR

Insurance enterprise in India has visible a primary increase withinside the final decade
at the side of a creation of a large wide variety of superior products. This has brought
about a difficult opposition with a tremendous and wholesome outcome. The
coverage quarter in India performs a dynamic function withinside the wellness of its
economy. It appreciably will increase the possibilities for financial savings among the
individuals, safeguards their future, and facilitates the coverage quarter shape a large
pool of funds. With the assist of those funds, the coverage quarter fairly contributes to
the capital markets, thereby growing massive infrastructure traits in India.

The Indian Insurance Sector is essentially divided into categories – Life Insurance and
Non-existence Insurance. The Non-existence Insurance zone is likewise termed
General Insurance. Both the Life Insurance and the Non-existence Insurance are ruled
by the IRDAI (Insurance Regulatory and Development Authority of India). The
position of IRDA is to very well reveal the complete coverage zone in India and
additionally act as a custodian of all of the coverage customer rights. This is the
purpose all insurers ought to abide by the regulations and rules of the IRDAI. The
Insurance zone in India includes a complete fifty-seven coverage groups. Out of
which 24 groups are the existing coverage vendors and the closing 33 are non-
existence insurers. Out of which there are seven public zone groups. Life coverage
groups provide insurance for the existence of individuals, while non-existence
coverage groups provide insurance for our everyday dwellings like travel, fitness
coverage, our vehicle and bikes, and domestic coverage. Not simplest this, however,
the non-existence coverage groups offer insurance for our business system as well.
Crop coverage for our farmers, system coverage for mobiles, puppy coverage, etc. are
a few extra coverage merchandises being made to be had through the overall coverage
groups in India. Life coverage groups have received a funding prospectus these days
with the concept of imparting coverage in conjunction with a boom in your savings.

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But, the overall coverage groups continue to be reluctant to provide natural threat
cowl to the individuals.
The protection business in India has likewise developed alongside the nation's
economy. A few insurance agencies in the nation are growing their activities, across
both people in general and private areas.

Life insurance:
• Life Insurance Corporation (LIC) of India

• HDFC Life Insurance

• SBI Life Insurance

• ICICI Prudential Life Insurance

Non-life insurance:
• New India Assurance

• United India Assurance

• National Insurance Company

• ICICI Lombard

• Oriental Insurance Company

• Bajaj Allianz

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 4. TOP 4 COMPANIES IN THE INDUSTRY

4.1.1. LIC Insurance Corporation of India:

LIFE INSURANCE CORPORATION (LIC) OF INDIA has emerged as established on

September 01st, 1956 to spread the message of life insurance withinside India and mobilize
people's monetary economic financial savings for nation-building activities. It offers a huge
type of insurance products to its customers, which incorporates insurance plans, pension
plans, unit-associated plans, unique plans, organization schemes, and online infant insurance
plans. It is an Indian statutory insurance and investment business enterprise installation
withinside the city of Mumbai, India. It is withinside the ownership of the Government of
India. It is one of the number one insurance companies in India for five decades. It is the most
relied-on business enterprise gambling extra than 60 years of trust, faith, and confidence. It is
referred to as the 'Pension Provider' of India.
The Life Insurance Corporation of India (LIC) is a state-owned insurance organization and
investment business enterprise. It is the maximum vital insurance business enterprise in India.
The LIC of India currently has a network of virtually 2,048 branches and 1,337,064 sellers
going for walks in fantastic cities and towns all around India. With an expected asset charge
of Rs 1,88,3018.80 crores, it is with the beneficial aid of using far India's largest insurance
firm. As consistent with IRDAI annual report 2020-2021, LIC had a declared settlement ratio
of 98.62% as of 31 March 2021. It is a 2% increase in setting ahead ratio on the identical time
as in evaluation to 31 March 2020 on the identical time because the ratio turns out to be
96.69%.

4.1.2. ICICI Prudential Life Insurance:

ICICI Prudential Life Insurance Company (ICICI Prudential Life) is a joint assignment
among ICICI Bank Ltd., India's biggest personal quarter bank, and prudential plc, a primary
global financial offerings business enterprise placed withinside the United Kingdom. ICICI
Prudential Life has ended up as one of the primary personal quarter-life coverage
organizations to start operations in December 2000 after receiving approval from the
Insurance Regulatory Development Authority of India (IRDAI). For over a decade, ICICI
Prudential Life has maintained its dominant position (on a brand-new commercial agency

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retail weighted basis) among personal life insurers withinside the country, with an array of
merchandise to form the first-rate life degree necessities of clients and permit them to
advantage of their long-time period financial goals. The organization agency has a
community of approximately 56000 advisors and 7banc assurance, and one hundred fifty
organization agency tie-ups. In 2020, ICICI Prudential Life had crossed the ₹2 trillion
(US$26 billion) mark in the property below management (AUM). The ordinary top price
profits have ended up at ₹32,000 crores (US$4.2 billion) of which ₹12,000 crores (US$1.6
billion) have to end up from the modern-day commercial agency top price on the identical
time as approx. ₹21,000 crores (US$2.eight billion) have ended up the renewal top price

4.1.3. SBI Life Insurance:

SBI Life Insurance is an Indian existence coverage organization that changed into began out
as a joint project among the State Bank of India (SBI) and the French economic organization
BNP Paribas Cardiff. SBI has a 55. 50% stake withinside the organization and BNP Paribas
Cardiff owns a 0.22% stake. Other buyers are Value Line Pte. Ltd. and MacRitchie
Investments Pte. Ltd., preserving a 1.95% stake every at the same time as the final 12% is
unfastened waft stake with public buyers. SBI Life has a certified capital of ₹20 billion
(US$260 million) and a paid-up capital of ₹10 billion (US$ one hundred thirty million). The
AUM is Rs. 2,441. eight billion. SBI Life is indexed on BSE and NSE (Stock Exchanges in
India) and is the main Life Insurance organization in India.

4.1.4. HDFC Life Insurance:

HDFC Life Insurance Company is certainly considered one of INDIA's main non-
public existence coverage companies, which gives a number of person and
organization coverage solutions. It is a long-time period existence coverage issuer
with its headquarters in Mumbai, providing person and organization coverage
offerings and integrated on 14 August 2000. The enterprise is a joint mission among
Housing Development Finance Corporation Ltd (HDFC), certainly considered one
among India's main housing finance institutions, and Abrdn, a

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worldwide funding enterprise. As of 31 March 2020, the promoters; HDFC Ltd. and
Standard Life (Mauritius Holdings) 2006 Ltd. keep a 51.69% and 34.75% stake in
HDFC Life respectively. The last fairness is held through public shareholders.

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 5. ABOUT THE AIM

AIM INDIA PVT LTD is the only forestall association provider for all of your financial
requirements. Our intention is to serve the customers with a high-quality solution for
coordinating their bills withinside the maximum effective direction. Our precept is to supply
excessive returns to our customers via our community of presidency area banks in India. Our
complete wealth control is an excessive-stage expert provider that mixes monetary and
funding recommendations in accounting, taxation offerings, and retirement planning. The
business enterprise can inspire exclusive portions of education and development packages
with pinnacle B-colleges and we've got successfully organized lots of understudies to date.
We have touched within extra of fifty schools in India with a base length of 800 or extra
grounds, remembering the maximum fundamental requirements withinside the gift set, we've
got arisen as a help associate of the exclusive banks giving one-prevent association
presenting more than a few administrations. Fortunes are misplaced every year through
ignorant direct speculations and helpless selections made through experts withinside the
lawful activities, bookkeeping, ventures, and safe spaces. It is fundamental in carrying out
one's objectives. Eventually, it isn't always approximately what you procure, it's miles the
issue which you maintain that topics maximum. TLS is one of the growing consulting
corporations in India. At TLS, we deliver huge management offerings to excessive and HNI
customers. We care approximately our customers and offer the high-quality alternatives for
what they surely need, now no longer what we've got. We aren't a salesman; we're the
provider issuer and a powerful provider issuer is the only one who satisfies his client’s wishes
and solves his trouble on an identical time ultimately basis.

Mission Of the company is they thrive to provide best wealth management advice through
honest financial solutions as well as inspire the candidates to explore job opportunities across
various industrial sectors.

Vision of the company is to become the most trusted financial advisor as well as most
valuable recruitment service provider.

Services offered by the organization are:

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• Portfolio Management

• Financial Analysis

• Recruitment

• Internship Program

• Professional Skill Development

• Destress your Tax

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 5.1. About Product:

5.1.1. IndiaFirst Life Maha Jeevan Plan:

This is a non-connected, democratic, alone, confined pay, coverage plan with an advantage
facility. It gives a lifestyle cowl plus financial savings and enables to beautify the wealth of
the policyholder with the bonuses to be had below this coverage. Protection is furnished to
the beneficiaries in case of the premature demise of the lifestyles insured, whilst the
policyholders themselves acquire a lump sum advantage in the event that they live on the
coverage term.

➢ This coverage is a non-connected coverage plan that has each Maturity and Death Benefit.

➢ The coverage enables the boom of the policyholder’s wealth through manner of the
Terminal Bonuses and Simple Reversionary Bonus.

➢ The nominee can also additionally acquire up to 10 instances of the annualized top class at
the untimely policyholder’s demise.

➢ The policyholder can also additionally choose a mortgage in opposition to his/her

coverage.

➢ Policyholders can also additionally select to beautify their lifestyles cowl with a rider this
is to be had below this coverage.

➢ The beneficiary of the coverage gets a demise advantage in case of the unlucky demise of
the insured person. The demise advantage paid is the assured sum confident plus the collected
reversionary bonus and terminal bonus.

➢ If the lifestyle insured outlives the coverage’s adulthood date, she or he gets an adulthood
advantage, which is the same as the assured sum confident plus the easy reversionary bonus
and terminal bonus.

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5.1.1.1. Policy Term:

This is a regular premium policy, with the option of choosing from 15 to 25 year policy term.

5.1.1.2. Life Assured:

The individual on whose life the plan is predicated is known as the life assured. On the Life
Assured’s death, the benefit is paid out and the policy ends. In case of minor life, the policy
will vest on the Life Assured on attainment of age 18 years. Any individual can be the life
assured, as long as he/she follows the below rules:

Minimum age at entry 5 years as on the last birthday

Maximum age at entry 55 years as on the last birthday
Minimum age at maturity 20 years as on the last birthday
Maximum age at maturity 70 years as on the last birthday

5.1.1.3. Premium paying modes:

You may pay your premium monthly, six monthly or yearly.

Premium Paying Mode Minimum Premium Under all options

Monthly 522
Six monthly 3,071
Yearly 6,000

The following premium frequency factors for monthly and six-monthly policies will apply on
the yearly premium to get instalment premium.

Premium Frequency Factor To Be Applied To Yearly Premium

Monthly 0.0870
Six-monthly 0.5119

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5.1.1.4. Life Cover:

You may choose the life cover based on your needs from the table mentioned below.
However, the death benefit shall not be lessthan105% of the total premiums paid, at any time
during the tenure of the policy.

Sum Assured Limit

Minimum 50,000
Maximum 20,00,00,000

You may choose to enhance your life cover by an amount equal to the Sum Assured under the plan by
opting for IndiaFirst Term Rider offered along with this plan.

5.1.1.5. In case Life assured’s demise:

A lump sum amount will be paid to the nominee(s) / appointee / legal heir in the untimely
event of the Life Assured’s demise. The lump sum amount payable will be as mentioned
below:
Higher of (Guaranteed Sum Assured on maturity
Death Benefit, provided or 10 times Annualized Premium) + Accrued
the policy is in force Bonus till death, if declared + Term Rider Sum
Assured, if opted

However, the death benefit payable at any point of time shall not be less than 105% of the
total premiums payable. In case you have opted for IndiaFirst Term Rider on inception an
additional sum assured, as mentioned above, will also be payable to the nominee(s) /
appointee / legal heir. However, the additional death sum assured cannot be more than the

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Sum assured under the Policy. In case you have opted for IndiaFirst Life Waiver of Premium
Rider, all your future due premiums of the base policy, will be waived off, subject to rider
and base policies being in force.

5.1.1.6. In case Policyholder’s demise:

In case of untimely event of the policyholder’s demise while the life assured is a minor, the
surviving parent or legal guardian who has insurable interest of the minor life will be the
policyholder. In case there is no surviving parent or legal guardian and the policy has not
acquired surrender value then the policy terminates, else the policy will be continued as paid-
up policy and proceeds will be paid as per terms and conditions.

5.1.1.7. Return at the end of the policy term:

The guaranteed sum assured on maturity along with the simple reversionary bonus, if
declared and terminal bonus, if declared is paid at the end of the policy term. The simple
reversionary bonus, if declared will be announced by us at the end of the financial year. The
rate of the simple reversionary bonus, if declared may vary from time to time.

5.1.1.8. Loan feature under this policy:

Yes, you may be eligible for a loan under this plan. The amount of the loan you can take out
at any given time is determined by the surrender value. You can get a loan for up to 90% of
the surrender value if you qualify. A $1,000 loan should be the minimum amount available.
The plan will be forced to be surrendered if the outstanding loan principle plus interest
reaches the surrender value.

The outstanding loan, plus interest, will be repaid with the surrender funds, and the plan will
be terminated. In the event of the life assured's untimely death, maturity, or surrender, any
unpaid loan principle and interest will be reclaimed before the payout is made.

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5.1.2. IndiaFirst Life Guaranteed Benefit Plan:

IndiaFirst Life Guaranteed Benefit Plan is a non-linked, non-participating, limited premium,

endowment life insurance policy which not only provides a shorter pay commitment of 5 / 6
or 7 years but also gives you savings and protection in a single policy. Not just this, the
policy will also ensure continuation of your life cover benefit even in case you miss to pay
one premium, thus protecting your family with a continued life cover for one year. This
policy will also take care of your liquidity needs through its Loan facility.

5.1.1.2. Basic eligibility criteria:

Lump sum Benefit Income Benefit

Criteria
Option Option
Minimum Age at Entry 8 years 4 years
Maximum Age at Entry 60 years 55 years
Minimum Age at Maturity 18years 23 years
Maximum Age at Maturity 76 years 76 years
Minimum Sum Assured on Death (Rs.) 5,00,000
As per Board Approved Underwriting
Maximum Sum Assured on Death (Rs.)
Policy
Minimum Policy Term 10 years 15 years
Maximum Policy Term 16 years 21 years

5.1.1.3. Premium paying modes:

You may pay your premium monthly, Quarterly, Half Yearly or yearly.

Premium Frequency Minimum Maximum

Yearly 50,000
Half Yearly 25,595 No limit as per Board
approved Underwriting
Quarterly 12,950 Policy
Monthly 4,350

The following premium frequency factors for Half Yearly, Quarterly or Monthly modes
policies will apply on the yearly premium to get instalment premium.

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 Premium Frequency Factor To Be Applied To Yearly Premium
Half-yearly 0.5119
Quarterly 0.2590
Monthly 0.0870

5.1.1.5. In case Life assured’s demise:

The Sum Assured on Death in the policy will be paid to nominee(s) in case of death of the
Life Assured. In case of Lump sum Benefit, the Sum Assured on Death is of 10 times of
annualized premium. In case of Income Benefit, Sum Assured on Death is of 11 times of
annualized premium.

Minimum Sum Assured on Death Maximum Sum Assured on Death

Rs. 5,00,000 As per board approved underwriting policy

5.1.1.6. Return at the end of the policy term:

You stand to receive the Guaranteed Sum Assured on maturity, at the end of the policy term
as the maturity benefit in the policy. In case of Lump sum Benefit, the Guaranteed Sum
Assured on Maturity will be calculated by multiplying age and term wise maturity benefit
factor with Annualized Premium. In case of Income Benefit, Guaranteed Sum Assured on
Maturity is X times of Monthly Income. X for different premium payment terms are as
follows:

Premium Payment Term (Years) Gap Period (Years) X

5 5 42

6 6 55

7 7 65

7 8 65

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5.1.1.7. Loan feature under this policy:

Yes, you may benefit from a loan facility under this policy. The amount of the loan that you
may avail at any point of time will depend on the surrender value. You may avail of a loan
amount up to 70% of the available surrender value. The minimum loan amount should be
Rs.1000. We will charge interest at a rate of 9% per annum which may be revised by us from
time to time subject to IRDAI approval. As and when the loan principal along with accrued
interest exceeds the surrender value for paid-up cases, the policy will be compulsorily
surrendered and outstanding loan along with accrued interest will be recovered from
surrender proceeds or paid-up value. This compulsory surrender will not apply for premium
paying policies. For policies during the premium payment term, if the premium is not paid
and policy become paid-up post taking loan, the policy will get compulsory surrendered, if
the loan plus interest is greater than the surrender value and policy is not revived. In case the
policy becomes due for any survival benefit or income benefit or maturity benefit or
surrender benefit or becomes a claim by death, insurer shall become entitled to deduct the
amount of the loan or any portion thereof which is outstanding, together with all interest from
the policy proceed.

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 6. Major Competitors

6.1. HDFC Life Insurance:

HDFC Life Insurance with a declared agreement ratio of 97.62% is one of the maxima relied
on coverage businesses in India and is thought to offer coverage merchandise including time
period coverage plans, ULIPs, ladies and kids plans, financial savings, and funding plans, etc.
HDFC Standard Life Insurance Company Limited, or HDFC Life as it's miles greater
generally called, is a merger between India’s biggest housing finance company – HDFC Ltd.,
and a globally famed long-time period funding financial savings firm – Standard Life. At the
moment, Standard Life holds 35% of the stake and HDFC Ltd. holds 61.63% of the stake in
HDFC Life, and the rest is held via way of means of different players.

HDFC Standard Life has established itself as one of the most trusted insurance firms in the
country. It offers a wide variety of products and services for individuals as well as group
entities. Whether you are looking for protection plans, women’s or children’s plans, pension
plans or savings and investment solutions, HDFC Life has it all.

6.2. ICICI Prudential Life Insurance:

ICICI Prudential Life Insurance Company Limited (ICICI Prudential Life) is promoted by
ICICI Bank Limited and Prudential Corporation Holdings Limited. ICICI Prudential Life
began its operations in the fiscal year 2001. On a retail weighted received premium basis
(RWRP), it has consistently been amongst the top companies in the Indian life insurance
sector. Their Assets under Management (AUM) at 31st December 2021 were 2,375.60
billion.

At ICICI Prudential Life, we operate on the core philosophy of customer-centricity. We offer

long-term savings and protection products to meet the different life stage requirements of
their customers. We have developed and implemented various initiatives to further provide
cost-effective products, superior quality services, consistent fund performance and a hassle-

free claim settlement experience to their customers. In FY 2015, ICICI Prudential Life
became the first private life insurer to attain assets under management of 1 trillion rupees.

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ICICI Prudential Life is also the first insurance company in India to be listed on National
Stock Exchange (NSE) and Bombay Stock Exchange (BSE).

6.3. Bajaj Allianz Life Insurance:

Bajaj Allianz Life is one of the leading private life insurance companies in India. The
Company is a partnership between two powerful and successful entities in their own right
– Bajaj Finserv Limited, one of India’s most diversified non-banking financial institution and
Allianz SE, one of world’s leading asset manager and insurer. Commencing its operations in
2001, Bajaj Allianz Life has in less than two decades expanded its presence across the
country. It serves millions of customers through its 509 branches, 96,000+ agents (as on 31
March 2022), and comprehensive set of trusted partners and via its online sales channel.

The Company’s brand promise of Life Goals Done drives it to launch innovative insurance
solutions, including the revolutionary RoMC (Return of Mortality Charges), a feature in some
of its new-age ULIPs, and thereby becoming the first company to do so. Bajaj Allianz Life
has constantly transformed to offer tech-enabled state-of-the-art services to enhance customer
delight. The Company continues to engage with customers through several unique platforms,
and has secured a place in the Guinness Book of World Records with the Bajaj Allianz Life
Plankathon 2020.

6.4. Tata AIG Life Insurance:

Tata AIA Life Insurance Company Limited (Tata AIA Life) is a joint venture company,
formed by Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA). Tata AIA Life combines Tata’s
pre-eminent leadership position in India and AIA’s presence as the largest, independent listed
pan-Asian life insurance group in the world spanning 18 markets in the Asia Pacific region.

For the financial year 2020-21, the total premium income of Tata AIA Life increased to Rs.
11,105.09 crore, a growth of 34%. For the same period, the Company registered retail new
business weighted premium of Rs. 3,416 crore. The 13th month persistency of the Company
was at 88.28%, and the Individual Death Claims Settlement ratio was at 98.02%. One of the

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fastest growing companies in the Life Insurance sector, Tata AIA Life maintained its rank 5,
based on individual weighted new business premium.

6.5 Aditya Birla Sun Life:

Aditya Birla Sun Life Insurance Company Limited (ABSLI) is a subsidiary of Aditya Birla
Capital Ltd (ABCL). It is one of the leading private sector life insurance companies in India.
ABSLI was incorporated on August 4th, 2000 and commenced operations on January 17th,
2001. ABSLI is 51:49 joint ventures between the Aditya Birla Group and Sun Life Financial
Inc., a leading international financial services organization in Canada. Formerly known as
Birla Sun Life Insurance Company Limited, ABSLI is one of India’s leading life insurance
companies offering a range of products across the customer’s life cycle, including children
future plans, wealth protection plans, retirement and pension solutions, health plans,
traditional term plans and Unit Linked Insurance Plans (ULIPs).

As of December 31st, 2018, total AUM of ABSLI stood at Rs. 389,548 million. ABSLI
recorded a gross premium income of Rs. 18,599 million in Q3 FY 2018-19. ABSLI has a
nation-wide distribution presence through 425 branches, 9 Bancassurance partners, 6
distribution channels, over 83,000 direct selling agents, other Corporate Agents and Brokers
and through its website. The company has over 10,000 employees and more than 16 lac
active customers.

6.6. Life Insurance Corporation (LIC) of India:

Life Insurance Corporation of India (LIC) is an Indian statutory insurance and investment
corporation headquartered in the city of Mumbai, India. It is under the ownership of
Government of India. The Life insurance Corporation of India was established on 1st
September 1956, when the Parliament of India passed the Life Insurance of India Act that
nationalized the insurance industry in India. Over 245 insurance companies and provident
societies were merged to create the state-owned Life Insurance Corporation of India. It
consolidated the business of 245 private life insurers and other entities offering life insurance

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services; this consisted of 154 life insurance companies, 16 foreign companies and 75
provident companies. The nationalization of the life insurance business in India was a result
of the Industrial Policy Resolution of 1956, which had created a policy framework for
extending state control over at least 17 sectors of the economy, including life insurance.

As of 2019, Life Insurance Corporation of India had total life fund of ₹28.3 trillion. The total
value of sold policies in the year 2018–19 is ₹21.4 million. Life Insurance Corporation of
India settled 26 million claims in 2018–19. It has 290 million policy holders. In year 2021,
government of India had proposed to significantly enhance the authorized capital of Life
Insurance Corporation of India (LIC), to ₹250 billion (US$3.3 billion) to facilitate its public
listing scheduled for the next fiscal year which will begin on 1st April.

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 7. WORK DONE TILL DATE

• My summer internship project is to work for both marketing and HR profiles. Sales
pitching for the IndiaFirst Life Insurance products mentioned above in the report are done
in the marketing profile; wherein in HR profile, I have to do research work on the project
title “Recruitment and selection of AIM India Pvt Ltd”.

• The Training sessions were conducted at the initial 15 days of the internship period.
These sessions include HR modules like Recruitment and Selection process, CTC
Analysis, Payslip generation. These also includes sessions on financial concepts like
Taxation terminologies, Income Tax Act-1961, Heads of Income, Important Sections of
Tax Exemptions (80c, 80D, 10 10D), Tax Slabs, Taxable Income, Tax Liability,
Surcharge, and Cess. We also had session on merits and demerits features of 9 financial
sectors in India such as Banking, Stock Market, Mutual Funds, Real Estate, Gold,
Provident Fund, Government Bonds, Post Office Savings, and Life Insurance. Few
sessions were more in-line with Life insurance sector terms, categories, Investor’s
expectations, and on Sale Pitching strategies for the IndiaFirst Life Insurance product
sales and distributions.

• The main focus of the marketing profile is on the sales and distribution of products that is
being offered by the organization, i.e. IndiaFirst Life Insurance products (IndiaFirst Life
Guaranteed Benefit Plan and IndiaFirst Life Maha Jeevan Plan). This helped to
understand the customer’s preferences in the financial sector in India. This profile helped
us in understanding how to build relationship with the customers, Competitive study,
Market knowledge, Product knowledge, and Industry knowledge for the product’s sales
pitching.

• HR profile is yet to start in few days. In this, I will do research on the project title
“Recruitment and selection of AIM India Pvt Ltd”.

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 8.DATABASE OF CILENTS COVERED

Excel sheet of Cold call attached with the interim report it shows that getting the feedback
that people already having LIC policy, some of them started working people are not ready.
But got leads from the cold call got sales Rs. 80,000 and then Rs.30,000 not confirmed but
tomorrow they will let me know about the discussion.

9. REFERENCES

• https://www.aimincorp.com/
• https://www.indiafirstlife.com/individual-life-insurance/savings-
plan/indiafirst-life-guaranteed-benefit-plan
• https://www.indiafirstlife.com/individual-life-insurance/savings-
plan/mahajeevan-plan
• https://en.wikipedia.org/wiki/SBI_Life_Insurance_Company
• https://www.adityabirla.com
• https://www.tataaia.com/about-us.html
• https://www.bajajallianzlife.com/about-us.html
• https://www.iciciprulife.com/about-us/company-overview.html
• https://www.bankbazaar.com/insurance/hdfc-life-insurance.html

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