A

PROJECT REPORT
ON

BHARTI AXA LIFE INSURANCE

Submitted In Partial Fulfillment of The Requirement For

The Award
Of
BACHELOR OF BUSINESS ADMINISTRATION
(BATCH:2018-2021)
SUBMITTED BY:
DIVYANSH GAHLOT
BBA-VIth Sem
Roll No.1802675071055

UNDER THE GUIDANCE OF:

Ms.Shweta Sharma
(Asst. Professor)

DR.MPS MEMORIAL COLLEGE OF BUSINESS

STUDIES,AGRA
Affiliated to Dr.B.R.Ambedkar University,Agra

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 DR.MPS MEMORIAL COLLEGE OF BUSINESS
STUDIES,AGRA

AGRA-DELHI HIGHWAY,SIKANDRA, AGRA(U.P.)

(Affiliated To Dr.B.R.Ambedkar University,Agra)

CERTIFICATE
This is to certify that the project title, “BHARTI AXA LIFE INSURANCE”
submitted by Divyansh Gahlot, Roll No. 1802675071055 for the partial
fulfillment of the requirement of Bachelor of Business Administration Degree
(Batch 2018-2021) as per the requirement of the BBA curriculum from Dr
B.R.Ambedkar University, Agra, embodies the bonafide work done by him/her
under my supervision.

Ms.Shweta Sharma Ms.Jyoti Bhadauria

(Course Coordinator) (Head of Department)

Date:…………………..

Place:………………….

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 PREFACE

During the course of BBA, project puts theoretical knowledge into practical

form. It aims at lucid exposition of various concept and techniques to give a

shape and direction to theoretical knowledge. This is made possible through

―on the job training” at any company under the guidance of a competent

person.

The objective of the training module is to help the students to understand the

business environment well and equip us with the work culture of

companies in the present era.

During my training with BHARTI AXA LIFE INSURANCE, I was able to

enhance my knowledge to a large extent in the field of insurance.

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 ACKNOWLEDGEMENT

This is a great opportunity to acknowledge and to thanks all those persons without
whose support and help this project would have been impossible. We would like to
add a few heartful words for the people who were part of this project in numerous
ways.

I thanks my HOD (College of Business Studies, Agra) for his indispensible

support and encouragement though the project.

I would like to thanks to my project guide Ms. Shweta Sharma (Asst. Prof.) for
his indefatigable guidance, valuable suggestion, moral support, constant
encouragement and contribution of time for the successful completion of project
work. I am very grateful to him for providing all the facilities needed during the
project training development.

I thank my counselor for their indispensable support and encouragement though

the project. I would like to thank project guide & all those who helped me directly
or indirectly.

Divyansh Gahlot

BBA-VIth Sem

Roll No.1802675071055

DECLARATION
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I, Divyansh Gahlot Student of BBA (Bachelor of Business Administration)

VIth Sem from Dr.MPS College Of Business Studies affiliated to Dr.

B.R.Ambedkar University, Agra hereby declare that the project report “Bharti

Axa Life Insurance” is an original work, no part of this project is either copied of

partially or totally taken from some previous works.

Divyansh Gahlot
BBA-VIth Sem

Roll No.1802675071055

CONTENTS

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 INDUSTRY STUDY
 ORGANIZATION STRUCTURE
 Products&services
 Competitors
 INTRODUCTION OF PROJECT
 OBJECTIVES OF PROJECT
 Hypothesis
 RESEARCH METHODOLOGY
 DATA ANALYSIS
 Statistical Tool
 Calculation
 CONCLUSION
 RECOMMENDATIONS
 QUESTIONNAIRE

INDUSTRY STUDY

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NATURE OF THE INSURANCE INDUSTRY:-

Goods and services: The insurance industry provides protection against financial

losses resulting from a variety of perils. By purchasing insurance policies, individuals and

businesses can receive reimbursement for losses due to car accidents, theft of property,

and fire and storm damage; medical expenses; and loss of income due to disability or

death.

Industry organization: The insurance industry consists mainly of insurance carriers

(or insurers) and insurance agencies and brokerages. In general, insurance carriers are

large companies that provide insurance and assume the risks covered by the policy.

Insurance agencies and brokerages sell insurance policies for the carriers. While some of

these establishments are directly affiliated with a particular insurer and sell only that

carrier’s policies, many are independent and are thus free to market the policies of a

variety of insurance carriers. In addition to supporting these two primary components, the

insurance industry includes establishments that provide other insurance-related services,

such as claims adjustment or third-party administration of insurance and pension funds.

These other insurance industry establishments also include a number of independent

organizations that provide a wide array of insurance-related services to carriers and their

clients. One such service is the processing of claims forms for medical practitioners.

Other services include loss prevention and risk management. Also, insurance companies

sometimes hire independent claims adjusters to investigate accidents and claims for

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property damage and to assign a dollar estimate to the claim.

WORKING CONDITIONS:-

Hours: Many workers in the insurance industry—especially those in administrative

support positions—work a 5-day, 40- hour week. Those in executive and managerial

occupations often put in more than 40 hours. There are several occupations in the

insurance industry where workers may work irregular hours outside of office settings.

Those working in sales jobs need to be available for their clients at all times. This

accommodation may result in these individuals working 50 to 60 hours per week. Also,

call centers operate 24 hours a day, 7 days a week, so some of their employees

must work evening and weekend shifts. The irregular business hours in the insurance

industry provide some workers with the opportunity for part-time work. Part-time

employees make up 8 percent of the workforce.

Work environment: Insurance employees working in sales jobs often visit

prospective and existing customers’ homes and places of business to market new products

and provide services. Others working in the industry may need to frequently leave the

office to inspect damaged property, and at times can be away from home for days,

traveling to the scene of a disaster—such as a tornado, flood, or hurricane—to work with

affected policyholders and government officials.

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EMPLOYMENT:-The insurance industry had about 2.3 million wage and salary
jobs in 2007. Insurance carriers accounted for 62 percent of jobs, while insurance agencies,
brokerages, and providers of other insurance-related services accounted for 38 percent of
jobs.

RECENT DEVELOPMENTS :- Congressional legislation now allows insurance

carriers and other financial institutions, such as banks and securities firms, to sell one

another’s products. More insurance carriers now sell financial products such as securities,

mutual funds, and various retirement plans. This approach is most common in life

insurance companies that already sold annuities, but property and casualty companies also

are increasingly selling a wider range of financial products. In order to expand into one

another’s markets, insurance carriers, banks, and securities firms have engaged in

numerous mergers, allowing the merging companies access to each other's client base and

geographical markets.

Insurance carriers have discovered that the Internet can be a powerful tool

for reaching potential and existing customers. Most carriers use the Internet simply to post

company information, such as sales brochures and product information, financial

statements, and a list of local agents. However, an increasing number of carriers are

starting to expand their Web sites to enable customers to access online account and billing

information, and some carriers even allow claims to be submitted online. Many carriers

also provide insurance quotes online based on the information submitted by customers on

their Internet sites. In fact, some carriers will allow customers to purchase policies through

the Internet without ever speaking to a live agent.

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 LIFE INSURANCE:-

Life insurance is protection against financial loss resulting from death. It is an insurance

company's promise to pay your beneficiary a specific amount of money when you die in

exchange for timely payment of premiums.

LIST OF SOME LIFE INSURERS:-

1. Tata AIG Life

2. ICICI Prudential Life Insurance

3. HDFC Standard Life Insurance

4. Birla Sun life

5. SBI Life Insurance

6. Bharti AXA Life Insurance

7. Max Newyork Life Insurance

8. Reliance Life Insurance company Ltd.

9. MetLife India Life Insurance

WHY LIFE INSURANCE:-

There are many good reasons for buying life insurance, some of which include:

 Providing for the financial security of your family in the event of personal loss or
injury.
 Insuring against a particular need - for example home mortgage or college loan
 Providing funds to pay income taxes or other final obligations due on an estate.

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 Compensation to a company in the event of a loss of a key employee or to
provide funds to purchase the remaining share of a business from a partner.

ORGANIZATION STRUCTURE

COMPANY HISTROY:-

Bharti Airtel

Telecom giant Bharti Airtel is the flagship company of Bharti Enterprises. The Bharti

Group has a diverse business portfolio and has created global brands in the

telecommunication sector. Bharti has recently forayed into retail business as Bharti Retail

Pvt. Ltd. under a MoU with Wal-Mart for the cash & carry business. It has successfully

launched an international venture with EL Rothschild Group to export fresh agri products

exclusively to markets in Europe and USA and has launched Bharti AXA Life

Insurance Company Ltd under a joint venture with AXA, world leader in financial

protection and wealth management. Airtel comes to you from Bharti Airtel Limited,

India’s largest integrated and the first private telecom services provider with a footprint in

all the 23 telecom circles. Bharti Airtel since its inception has been at the forefront of

technology and has steered the course of the telecom sector in the country with its

world class products and services. The businesses at Bharti Airtel have been structured

into three individual strategic business units (SBU’s) - Mobile Services, Airtel Telemedia

Services & Enterprise Services. The mobile business provides mobile & fixed wireless

services using GSM technology across 23 telecom circles while the Airtel Telemedia

Services business offers broadband & telephone services in 94 cities. The Enterprise

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services provide end-to-end telecom solutions to corporate customers and national &

international long distance services to carriers. All these services are provided under the

Airtel brand.

AXA Group

AXA Group is a worldwide leader in financial protection and wealth management.

AXA's operations are diverse geographically, with major operations in Western Europe,

North America, and the Asia/Pacific area. AXA had Euro 1315 billion in assets under

management as of DEC. 30, 2008 and reported revenues of approximately Euro 79 billion

for 2007. IFRS underlying earnings amounted to Euro 4,010 million and IFRS adjusted

earnings to Euro 5,140 million. The AXA ordinary share is listed and trades on the Paris

Stock Exchange. The AXA American Depository Share is also listed on the NYSE.

Bharti AXA Life

Insurance

Bharti AXA Life Insurance is a joint venture between Bharti, one of India’s leading

business groups with interests in telecom, agri business and retail, and AXA, world leader

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 in financial protection and wealth management. The joint venture company has a 74%

stake from Bharti and 26% stake of AXA. The company launched national

operations in December 2007. Today, we have over 5200 employees across over 12 states

in the country. Our business philosophy is built around the promise of making people

"Life Confident‖. The CEO of Bharti AXA Life Insurance is Mr. Nitin Chopra.

Vision: -

To be a leader and the preferred company for financial protection and wealth

management in India.

Values:-

 Professionalism

 Innovation

 Team Spirit

 Pragmatism

 Integrity

Strategy:-

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

product platform

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

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

 To deliver high levels of shareholder return

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

 To be recognised as being close and qualified by our customers

PRODUCTS & SERVICES

Individual Plans:-

Bharti AXA Dream Life Pension:-

A Unit Linked Pension Product

Dream Life Pension, Bharti AXA Life Insurance’s unique pension product
ensures that your retirement life is your Dream Life.

Live your Dreams! Be Life Confident.

Key Benefits:
 Unmatched flexibility for retirement wealth creation

 Pay one time lump sum or regular premiums

 At the inception systematically increase your
premiums by 5 % or 8% each year with the
Accumulator Option
 Increase/decrease premiums any time after the 2nd
policy year
 Add top up premiums any number of times after the
1st policy year

 Dream Life Pension enhances your retirement kitty by providing special addition,

starting from the end of 10th policy year

 Change your planned retirement age any time during the policy term

 Obtain tax benefits as per the prevailing tax laws on the premiums paid and the

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 benefits received under the policy.

Bharti AXA Life Aspire Life:-

Unit Linked Endowment Product.

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

Key Benefits:

 Allocation rates as high as 100% i.e. no allocation charges for premiums

greater than or equal to Rs.50, 000 on your investment in the unit-linked

fund from year 2 - to maximize your investment returns.

 Up to 175% of the first year premium paid by you is returned as

Guaranteed Special Addition, at maturity of the policy or on unfortunate

event of death of the Life Insured.

 3 investment fund options as per your investment preferences.

 Flexibility of partial withdrawals after fifth Policy Year, premium holiday option

after seven policy years and facility to switch amongst the investment funds as per

your investment objectives.

 Protection benefit which provides high Sum Assured for longer policy terms.

 Tax benefits under section 80C and 10(10D) of Income Tax Act.

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Bharti AXA Life Invest Confident:-

Unit Linked Single Premium Product.

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

Key Benefits:

 Convenient single premium product with policy benefit period till the age of 70.

 Unique special additions starting from the end of 5th policy year and thereafter at

the end of every 5 years till the maturity date.

 3 investment fund options as per your investment preferences.

 Basic Sum Assured of five times the single premium.

 Unique option of investing additional amount at your convenience through Top

Up Premiums.

 Flexibility of partial withdrawals after the third Policy Year

 Additional benefit of Rs.5, 00,000 in the event of death due to an accident.

 Tax benefits under section 80C and 10(10D) of Income Tax Act.

Bharti AXA Life Wealth Confident:-

A unit-linked investment cum protection policy.

Your wealth, your status ensures that you get preferential status wherever you go. So
why shouldn't your money get the same?

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 WealthConfident, a unit-linked investment cum protection product, with its limited
period premium payment facility of 5 years, premium payment flexibility, higher
allocation of your premium for investment, unique special additions and life insurance
benefit, not only makes your money grow but also provides your investment the special
treatment that it deserves.
"Be confident of providing your investments the right mix of growth, flexibility and
loyalty benefits. Live confident with WealthConfident."

Key Benefits:

o Pay premium for five years, while your policy continues for ten years.
o Higher allocation of your premium up to 88% for investment.
o Special additions of units added every year from 6th Year for incremental
wealth creation.
o Choose from four different investment funds to meet your financial objectives.
o Five times the life cover of your annual premium.
o Tax benefit under 80C and 10(10D).

Bharti AXA Life Future Confident:-

A unit-linked policy which offers comprehensive protection along with wealth creation in
the long term.

Key Benefits:

o Life insurance benefit of up to 420 times the monthly premium.

o Comprehensive overall protection through "Protection Enhancers" in the form of
riders.
o Wealth creation for your long term financial needs.
o Special additions at regular intervals, starting from 7th year, to enhance your
wealth.

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 o Four different investment funds to meet your financial objectives.
o Tax benefit under 80C and 10(10D).

Bharti AXA Life Future Confident II:-

A unit-linked product which offers enhanced protection along with wealth creation in the
long term.

Key Benefits:

o Build Wealth for your long term financial needs with enhanced financial
protection.
o Sum assured up to 420 times the monthly premium.
o Life insurance benefit as Sum assured PLUS Policy fund value.
o Four different investment funds to meet your financial objectives.
o Comprehensive overall protection through "Protection Enhancers" in the form of
riders.
o Special additions at regular intervals, starting from the end of 7th year, to enhance your
wealth.
o Tax benefit under sections 80C and 10(10D) of Income Tax Act.

Bharti AXA Life Save Confident:-

Traditional money back insurance product for long term savings.

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

Key Benefits:

o Traditional money back product with payment term of 10 years.

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 o Get guaranteed amount back on specified intervals, starting from 6th policy year till
maturity.
o Amount equal to 110% of Sum Assured paid across 10 years.
o Secured growth on savings with Annual Reversionary Bonus, if declared, every year.
o Savings enhanced by Terminal Bonus, if any, payable at maturity.
o Total protection for your family with guaranteed sum assured plus accrued bonuses.
o Added protection in the event of death due to an accident with payment of additional
amount equal to the basic Sum Assured, subject to maximum of Rs 10 Lakh.
o Tax benefit under sections 80C and 10(10D) of Income Tax Act, 1961

Bharti AXA Life Secure Confident:-

A Long Term Life Insurance.

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

Key Benefits:

o Term Assurance for 5,10,15,20,25 years.

o Financial protection against unfortunate event of death at an affordable cost.
o Comprehensive overall protection with help of riders.
o Tax benefit under section 80C and 10(10D) of Income Tax Act.

Group Plans :-

Bharti AXA Life Mortgage Credit Shield:-

Mortgage Credit Shield is a Group Product that provides coverage to people who have
availed of a Mortgage\ Home loan\ Home equity loan from an Institution/Bank.

Bharti AXA Life Credit Shield:-

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 Credit Shield is a Group Product that provides coverage to people who have availed of a
loan for 1 to 5 years from Group Policyholder.

COMPETITORS

ICICI Prudential Life Insurance Company:-

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank - one of

India's foremost financial services companies-and Prudential plc - a leading international

financial services group headquartered in the United Kingdom.

LIC :-

Life Insurance Corporation (LIC) came into existence on 1st September 1956 through the

amalgamation of 154 Indian insurance companies, 16 non- Indian companies and 75

provident. The amalgamation was achieved with the help of Life Insurance Act passed by

the Parliament in the same year. The LIC was created with the goal of reaching all the

insurable people in the country and providing them financial coverage at a reasonable

price. In the year 1956, LIC had 5 zonal offices, 33 divisional offices and 212 branch

offices. With time there was a need for a branch office at every district headquarter and

many branches were opened, which raised the pace of the organization. Life Insurance in

its modern form came to India from England in the year 1818. Oriental Life Insurance

Company started by Europeans in Calcutta was the first life insurance company on Indian

Soil.

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HDFC Standard Life Insurance Company Ltd:-

HDFC Standard Life Insurance Company Ltd. is one of India's leading private insurance

companies, which offers a range of individual and group insurance solutions. It is a joint

venture between Housing Development Finance Corporation Limited (HDFC Ltd.),

India's leading housing finance institution and a Group Company of the Standard Life,

UK. HDFC as on December 31, 2008 holds 72.38 per cent of equity in the joint venture.

Standard Chartered:-

Standard Chartered offers you a wide range of Life Insurance Products from Bajaj Allianz Life

Insurance Company, one of India's leading Insurance companies. At Standard Chartered, you

can avail of the services of trained & certified professional consultants from Bajaj Allianz

Insurance company, who can guide you in ascertaining your insurance needs, and assist you in

making an insurance plan that is just right for you.

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 INTRODUCTION OF THE PROJECT

My project is on the awareness of life insurance among people. I researched on people’s

thinking towards life insurance. I did my research keeping some questions in my mind like.

These are my research questions.

o Why people insured their life?

o What are the basic reasons for doing life insurance?

o What is the percentage of those people who had insured their life?

o What are their incomes & they are between in what age?

o Are they living in joint family or not?

o What is their biggest concern for the future child education, retirement,

o child’s marriage or medical illness?

o How many insurance they have?

o Are they satisfied with the services of the company?

o Are they wanted to purchase another company’s product?

o Whether they know all the benefits of having life insurance or not?

o I tried to find all the answer during my

research.

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 STATEMENT OF THE PROBLEM

Project title:-

―THE AWARENESS OF LIFE INSURANCE AMONG CONSUMERS‖

OBJECTIVES
I made one questionnaire for research. I did my survey with the help of this questionnaire.

Through questionnaire I asked some basic questions to others & came to know that

whether they have life insurance or not, if they have so in which company & in which

product. If they don’t have so are they planning to have or not? What are their biggest

concerns for their future? Who are those, who preferred life insurance most, who lives in

joint family or in nuclear family. What is the reason if someone doesn’t have life

insurance, whether he/she is aware of its benefits or not. Are they satisfied with the

service of the company from which they purchase the products? My target was

individual’s house, all the malls, local markets, local shops, dealers, the whole department

of life insurance companies etc.

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 HYPOTHESIS

NUL HYPOTHESIS (h0):-

CONSUMERS ARE NOT AWARE OF LIFE INSURANCE.

ALTERNATIVE HYPOTHESIS (h1):-

CONSUMERS ARE AWARE OF LIFE INSURANCE.

METHODOLOGY

I used quantitative research. I filled out about 50 questionnaires, some were relevant, I

analyzed those questionnaires & made some graphs, through which I came to know about

the awareness of the life insurance among people. Which company has a great value

among people? Which products are popular among people? This was my questionnaire

through which I did my survey. During my summer internship I was in recruitment

process. I recruited life adviser for the BHARTI AXA LIFE INSURANCE Company.

This work also helped me a lot in my project because I did face to face meeting with

different kind of people. It was great experience. During my research I came to know

about the awareness of life insurance among people. My target was individual’s house, all

the malls, local markets, local shops, dealers, the whole department of life insurance

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companies etc.

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