By:Preety Grover

Roll no. :GM18157

 OBJECTIVE
 To gain knowledge about Insurance industry.
 How to recruit agents for Bharti-AXA life insurance.
 To understand the process of recruitment and selectio
n of agent in life insurance.
 OVERVIEW
 Why Life Insurance
 Who needs Life Insurance
 History of Insurance in India
 Strategy of Bharti-Axa
 Financial Advisor
 Procedure for becoming an Agent
 Function of an Agent
 Some Requirements for an Agent
 Recruitment Process
 Earning Potential
 Products of Bharti-Axa
 Career with Bharti-Axa
 Research methodology
 Conclusion
 Why Life Insurance
 Guarantees for the if in Life

• Your son’s Education .

• Your Daughter’s Marriage.
• Your Home loan.
• Your Retirement planning.
 Why Life Insurance
Insurance protects the economical value of an as
set.
• Human life is an income generating asset.
• Life Insurance is the guaranteed fulfillment of your
savings plan.
• It provides tax benefits on premiums paid(Section-
80(C) of income tax act.).
• Amount received through benefits & claim is tax fr
ee (Section 10(10)D of income tax act.)
 Who needs Life insurance?

Married,
With or without kids
LIABILITIES

Pre
Retirement

Unmarried,
Young Professional

Post
Retirement

AGE
 HISTORY OF INSURANCE IN INDIA
 1912 - The Indian Life Assurance Companies Act passed as the
first law to regulate the life insurance business.

 1928 - The Indian Insurance Companies Act passed to enable t

he government to collect statistical information about both lif
e and non-life insurance businesses.

 1938 - The Insurance Act with the objective of protecting the i

nterests of the insuring public.
INTRODUCTION OF BHARTI - AXA
 Bharti AXA Life is a life insurance that was started in 2
006.
 Bharti Enterprises - one of India's leading business gro
ups.
 Partnered with world’s biggest company ( Wal Mart).
 It brings together strong financial expertise of the Pari
s-headquartered AXA Group.
 The joint venture has a 74% stake from Bharti and 26%
stake from AXA Asia Pacific Holdings Ltd.
INTRODUCTION OF BHARTI - AXA
 Today, Bharti AXA Life has a national footprint of distr
ibutors trained to provide quality financial advice and i
nsurance solutions to the large Indian customer base.
 Bharti AXA Life offers a range of innovative products a
nd services that cater to specific insurance and wealth
management needs of customers.
 The company launched national operations in Decem
ber 2006. Today, company have over 8000 employees a
cross over 12 states in the country .
STRATEGY OF BHARTI-AXA
 To achieve a top 5 market position in India through a
multi-distribution, multi-product platform.
 To adapt AXA's best practice blueprints as a sound plat
form for profitable growth.
 To be the employer of choice to attract and retain the b
est talent in India.
STRATEGY OF BHARTI-AXA
 To build long term value with our business partners by
enhancing the plan to their customers.
 To be recognized as being close and qualified by our cu
stomers.
 Financial advisor
 According to section 182 of Indian contracts Act, an “age
nt” is a person employed to do any act for another or to re
present another in dealing with a third person.
 In the insurance industry, the term “agent” is usually appl
ied to a person engaged by the insurer to procure new bu
siness.
 The insurance agent one who is licensed under Section 4
2 is paid by way of commission or otherwise, in consider
ation of his soliciting of procuring insurance business, in
cluding business relating to the continuance, renewal or
revival of policies of insurance.
Procedure for becoming an Agent
 The insurance Act, 1938 lays down that an insurance agent
must possess a license under Section 42 of that Act. The lic
ense is to be issued by the IRDA. The IRDA has authorized
designated persons, in each insurance company, to issue th
e licenses on behalf of the IRDA.
o In terms of the Insurance Act, a licenses will not be given if
the person is minor,
o found to be of unsound mind,
o found guilty of criminal misappropriation
o Found violating the code of conduct as specified in the reg
ulations
o The fee for a license is Rs.825 for individual. A license is gra
nted for 3 years. It may be renewed after 3 years and again v
alid for 3 years.
Procedure for becoming an Agent
 A license issued by the IRDA may be to act as an agent for a
life insurer, for a general insurer or as a composite insuranc
e agent working for a life insurer as sell as a general insurer.
No agent is allowed to work for more than one life insurer o
r more than one general insurer.

 The Qualifications necessary before a license can be given a

re that the person must be-
 Not a minor.
 Have passed at least the 12th standard or equivalent examin
ation.
Procedure for becoming an Agent

 Have undergone practical training for at least 50 hours in li

fe or general insurance business, as the case may be, form a
n institution, approved and notified by the IRDA. the appli
cant should have completed at least 50 hours practical trai
ning in insurance business, which may be spread over six t
o eight weeks.

 Have passed the pre-recruitment examination conducted

by the insurance institute of India or any other examinatio
n body authorized by the IRDA.
 FUNCTION OF AN AGENT
 Understanding the prospect’s needs and convince him to buy a p
lan of life insurance that suits his interests best.

 Complete the formalities:- paper work, medical examination, wh

ich are necessary to get the policy done.

 Keep in touch to ensure that changing circumstances are reflecte

d in the arrangements relating to premium payments, nominati
on and other necessary alterations.

 Facilitate quick settlement of claims.

 Be totally honest with both the prospect and the insurer.

 Not to induce prospects to submit wrong information.

 SOME REQUIREMENTS FOR
AN AGENT
 Mature and responsible family person.

 Experience and current designation.

 For how many years he is living in the city.

 Family income.

 Any experience in life insurance sector.

 Leadership qualities.
Recruitment Process
DEVELOP A PROFILE

DEVELOP SOURCES OF R
ECRUITMENT

APPROACHING THE T
ARGETED RECRUITS

INITIAL SCREENING A
ND INTERVIEWS

REALITY CHECK
 EARNING POTENTIAL
PRODUCT NAME COMMISSIONS

BRIGHT STARS 27%

SECURE CONFIDENT 25%

SPOT SURAKSHA 24%

FUTURE CONFIDENT 22%

MERIT PLUS 20%

DREAM LIFE PENSION 7%

 PRODUCTS OF BHARTI –AXA
BRIGHT STARS
Parameter Eligibility
Minimum age at entry 18 years

Maximum age at entry 70 years

Maximum age at maturity 70 years

Minimum premium Rs.15,000 p.a. for annual & semi-annual modes Rs18,000 p.a

for monthly mode

Premium modes Annual, semi-annual and monthly

Policy benefit periods available 7 years,10 years,15 years, 17 years and 20 years

Minimum top-up premium Rs. 2,500

 SPOT SURAKSHA
PARAMETER ELIGIBILITY
Minimum age at entry 5 years

Maximum age at entry 55 years

Maximum age at maturity 70 years

Minimum premium Rs. 12,000 p.a

Premium Modes Annual, Semi-annual and monthly

Policy term 15 years

Minimum top up premium Rs. 5,000

 DREAM LIFE PENSION
PARAMETER ELIGIBILITY
Minimum age at entry 18 years

Maximum age at entry 70 years

Minimum age at vesting 45 years

Maximum age at vesting 80 years

Premium modes Single pay, yearly, Half-yearly ,Quarterly and monthly

Minimum premium Annual Regular Premium: Rs.12, 000p.a.

Minimum policy term 10 years

Minimum top-up premium Rs.2, 500 and no maximum limit on top-up premium and to

p up allowed only after first policy year.

 MERIT PLUS
PARAMETER ELIGIBILITY
Minimum age at entry 0 year

Maximum age at entry 60 years

55 years
Maturity age 80 years
75 years
Policy benefit period 80 year less age at entry
75 years less age at entry
Premium payable period Yearly, Half-Yearly And Monthly

Minimum premium Rs.10,000

Minimum Top-up premium 500

 FUTURE CONFIDENT
PARAMETER ELIGIBILITY
Minimum age at entry 0 year

Maximum age at entry 60 years

Maturity age 70 years

Policy benefit period 70 year less age at entry

Premium payable period Yearly, Half-Yearly, quarterly and Monthly

Minimum premium Rs.10,000 for yearly, 5,000 for half-yearly 2,500 for qua

rterly and Rs.834 for monthly premium

Minimum Top-up premium 500

 SECURE CONFIDENCE
Parameter Eligibility
Minimum age at entry 18 years

Maximum age at entry 55 years

Minimum sum assured Rs.5 ,00,000

Minimum premium RS.1,500 for yearly,Rs.780 for half-yearly, Rs.405 for quar

terly and Rs.135 for monthly premium

Policy benefit period 5,10,15,20 and 25 years

Maximum age at maturity. 60 years

Premium paying term Equal to the policy benefit period.

 Career with Bharti AXA

 Opportunity to earn unlimited income.

 Career Growth.
 Be your own boss.
 High quality training & Support to improve productiv
ity.
 Compensation amongst the best.
 Club member benefits.
 Payout structured to facilitate your cash flows better.
 Best in class & competitive products.
 Pension for life.
 Research methodology
 COLLECTION OF DATA :
 Types of Data:

 There are two Types of data which makes relevance in the process
of research and help in the process of analyzing them and get on pro
per conclusions.
 1. PRIMARY DATA
 2. SECONDATY DATA

 PRIMARY DATA:
 Survey on different institute, DEALERS, SHOPS, INDIVIDUALS, ETC.

 SECONDARY DATA:
 Company Guide
 Internet
 Magazines
 Conclusion
 Every plan has certain tax benefits covered under the I
ncome Tax Act, 1961.
 In Bharti –Axa Life Insurance Co. Ltd., no surrender ch
arge is applicable after 6 years .
 The popular plans are Merit Plus, Bright Stars, Wealth
Confident, Dream Life Pension.
 All terms and conditions should be read in the policy b
y the policyholder before hand.
 Laws, rules and regulations are subject to change with
out notice.