SUMMER TRAINING

IN

CHANNEL DEVELOPMENT
OF

Submitted in the partial fulfillment for the requirement for the award of the

Master of Business Administration

SUBMITTED TO: U.P. TECHNICAL UNIVERSITY, LUCKNOW

R.D.ENGINEERING COLLEGE
(Affiliated to U.P. Technical University, Lucknow)
NH-58, Delhi-Meerut Road, 8th K.M. Stone Duhai, Ghaziabad 201001, U.P. (INDIA)

ACKNOWLE

E ENT

Todays environment accomplished by any academic or professional pursuit requires contribution from various individuals. Firstly, I want to take the opportunity to express my deep sense of gratitude to our respected Sales Manager Mr.RITE INGH, who provided me an opportunity to do my summer project in the Baharaich branch Reliance Life Insurance Company Limited. I, sincerely acknowledge the help, encouragement and valuable suggestion to me by my project Supervisor- Mr.KUMAR SIDHARTHA, (H.O.D,MBA), .

Without his guidance and active support I would not have been able to do my summer project successfully. Finally I would like to thank to all the members who help me throughout this project and their steadfast encouragement through out the Progress of this work.

TABLE OF CONTENT
1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. Preface Acknowledgement Executive Summary Insurance Industry Company Profile Product Of Reliance Life Insurance Research Objective Research Methodology Profiles Of Financial Advisor Procedure Of Financial Advisor List Of Persons To Whom I Made Contact Findings Suggestions And Recommendations Conclusion Form Proforma Questionnaire Bibliography

PREFACE

PREFACE

The business of insurance is related to the protection of economic value of assets. The assets would have been created through the efforts of the owner, in the expectation that, either through the income generated there from the some other output, some of his needs would be met. If assets get lost earlier, being destroyed or made nonfunctional, through an accident or other unfortunate event, the owner and those deriving benefits there from suffer. Insurance is a mechanism that helps to reduce such adverse consequences. Insurance plays a major role in different perspective. For economic development investments are necessary. Investments are made out of savings. A life insurance company is a major investment for the mobilization of saving of people, particularly from the middle and lower income groups. These savings are channeled in to the investments for economic growth. In order to amenable to statistical predictions, insurance risks must be handled on a large scale. All organization face change in their environment with resultant change in their markets and in the ability to satisfy their markets. Each organization is faced with new marketing problems and opportunities in their existing and potential market. Marketing decision makers cope with these challenges in a variety of ways. The marketers is being required to forecast, forecast the risk and uncertainness in their own way, supported by market research. Man on earth can entirely eliminate knows no method but scientific method can minimize the element of uncertainties that canconsumers in a particular market. The main purpose of market research is the ability to continually foresee both in the long and short term.

ACKNOWLDGEMENT

ACKNOWLDGEMENT

There are many people in Reliance Life Insurance who had helped me during the course of the project. It is my duty to acknowledge and thank them for their help. As a matter of course thanks are due to the following persons in the given order: Sales Manager: Mr RITESH SINGH, Reliance Life Insurance, Baharaich who has seen that I get each and every facility that regular employees at Reliance Life Insurance get. Others: This part includes the day-to-day people whom I use to meet in the organization. They are the advisors working there; this include the staff working out there and even the people whom I met in the Baharaich, who were kind enough to spare a few minutes of their precious time and to take part in the survey. I am sincerely thankful to the above people who were very kind and co-operative with us when ever we needed them. JITENDRA CHAND SINGH ( MBA-III SEM.)

EXECUTIVE SUMMARY

EXECUTIVE SUMMARY:

In todays competitive world the topper is always doing something different from others or may be the same thing in a much more different way. The same logic goes for the business world too. With new competitors coming every now and then the field of business, the company positioning should be strong enough to retain its position in business. RELIANCE LIFE INSURANCE COMPANY LIMITED has positioned itself strongly with high-class advisors, unit manager, and technical persons. The study that is being made is that to find the CHANNEL DEVELOPMENT OF RELIANCE LIFE INSURANCE To make this research mostly Primary Data is being used, taking a sample size of 150 people. The Research Methodology that is being implemented in this study is Sampling Method. This result, which was found from this research, clearly shows a company should be more flexible to the training program they organized for the high profile advisor. The project undertaken is the through study of the services and activities, which the company is willing to give each advisor. From the survey it was revealed that RELIANCE LIFE INSURANCE is doing quite well in all the sections of its operations, but still it needs some perfection to attract more and more HIGH PROFILE ADVISOR so that they will give more policy for the company.

ABOUT INSURANCE INDUSTRY

ABOUT INSURANCE INDUSTRY

WHAT IS INSURANCE? The business of insurance is related to the protection of the economic values of assets. Every asset has a value; the assets would have been created through the efforts of the owner. The asset is valuable to the owner, because he expects to get some benefits from it. The benefit may be an income or something else. It is a factory or a cow, the product generated by is sold and income generated. In the case of a motorcar, it provides comfort and convenience in transportation. There is no direct income. Every asset is expected to last for a certain period of time during which it will perform. After that, the benefit may not be available. There is a lifetime for a machine in a factory or a cow or a motorcar. None of them will lose forever. The owner is aware of this and he can so manage his affairs that by the end of that period of lifetime, a substitute is made available. Thus, he makes sure that the value of income is not lost. However, the asset may get lost earlier. An accident or some other unfortunate event may destroy it or make it non financial. In that case, the owner and those deriving benefits there from, would be deprived of the benefit and the planned substitute would not have been ready. There is an adverse or unpleasant situation. Insurance is a mechanism that helps to reduce the effect of such adverse situation.

BRIEF HISTORY OF INSURANCE

The business of insurance started with marine business. Traders, who used to gather in the Lloyds coffee house in London, agreed to share the losses to their goods while being carried by ships. The losses used to occur because of pirates who robbed on the high seas or because of bad weather spoiling the goods or sinking the ship. The first insurance policy was issued in 1583 in England. In India, insurance began in 1876

with life insurance being transacted by an English company, the European and the Albert. The first Indian insurance company was the Bombay Mutual Assurance Society Ltd, formed in 1870. The Oriental Life Assurance Co. in 1874, the Bharat in 1896 and the Empire of India in 1897 followed this. Later, the Hindustan Cooperative was formed in Calcutta, the United India in Madras, the Bombay Life in Mumbai, the National in Calcutta, the New India in Mumbai, the Jupiter in Mumbai and the Lakshmi in CP Delhi. These were all Indian companies, started as a result of the swadeshi movement in the early 1900s. By the year 1956, when the life insurance was nationalized and the Life Insurance Corporation of India (LIC) was formed on 1st September 1956, there were 170 companies and 75 provident fund societies transacting life insurance business in India. After the amendment to the relevant laws in 1999, the L.I.C. did not have the exclusive privilege of doing life insurance business in India. By 31.3.2002, eleven new insurers had been registered and and had begun to transact life insurance business in India.

PURPOSE AND NEED OF INSURANCE

Assets are insured, because they are likely to be destroyed, through accidental occurrences. Such possible occurrences are called perils, Fire, floods, breakdown, lightning, earthquakes, etc, are perils. If such perils can cause damage to the asset, we say that the asset is exposed to that risk. Perils are the events. Risks are the consequential losses or damages. The risk to a owner of a building, because of the peril of an earthquake, may be a few lakhs or few crores of rupees, depending on the cost of the building and the contents in it.

The risk only means that there is a possibility of loss or damage. The damage may or may not happen. Insurance is relevant only if there are uncertainties. If there is no uncertainty about the occurrence of an event, it cannot be insured against. In the case of a human being, death is certain, but the time of death is uncertain, In the case of a person who is terminally ill, the time of death is not uncertain, though not exactly known. He cannot be insured. Insurance does not protect the asset. It does not prevent its loss due to the peril. The peril cannot be avoided through insurance. The peril can sometimes be avoided, through better safety and damage control management. Insurance only tries to reduce the impact of the risk and the owner of the assets and those who depend on that asset. It only compensates the losses and that too, not fully. Only economic consequences can be insured. If the loss is not financial, insurance may not be possible. Examples of non-economic losses are love and affection of parents, leadership of managers, sentimental attachments to family heirlooms, innovative and creative abilities, etc.

INDIAN INSURANCE SECTOR

The Insurance sector in India governed by Insurance Act, 1938, the Life Insurance Corporation Act, 1956 and General Insurance Business (Nationalization) Development Act, 1972, Insurance Act, Regulatory 1999 and and other related Acts.

Authority

(IRDA)

Life Insurance Corporation of India (LIC)

An Act of Parliament, viz., Life Insurance Corporation Act, formed Life Insurance Corporation of India (LIC) in September 1956, with capital contribution from the Government of India. The then Finance Minister, Shri C.D. Deshmukh, while piloting the bill, outlined the objectives of LIC thus: to conduct the business with the utmost economy, in a spirit of trusteeship; to charge premium no higher than warranted by strict actuarial considerations; to invest the funds for obtaining maximum yield for the policy holders consistent with safety of the capital; to render prompt and efficient service to policy holders, thereby making insurance widely popular.

Since nationalization, LIC has built up a vast network of 2,048 branches, 100 divisions and 7 zonal offices spread over the country. The Life Insurance Corporation of India also transacts business abroad and has offices in Fiji, Mauritius and United Kingdom. LIC is associated with joint ventures abroad in the field of insurance, namely, Ken-India Assurance Company Limited, Nairobi; United Oriental Assurance Company Limited, Kuala Lumpur and Life Insurance Corporation (International) E.C. Bahrain. The Corporation has registered a joint venture company in 26th December, 2000 in Kathmandu, Nepal by the name of Life Insurance Corporation (Nepal) Limited in collaboration with Vishal Group Limited, a local industrial Group. An

offshore company L.I.C. (Mauritius) Off-shore Limited has also been set up in 2001 to tap the African insurance market.

General Insurance:
General Insurance business in the country was nationalized with effect from 1st January 1973 by the General Insurance Business (Nationalization) Act, 1972. More than 100 non-life insurance companies including branches of foreign companies operating within the country were amalgamated and grouped into four companies, viz., the National Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company Ltd., and the United India Insurance Company Ltd. with head offices at Calcutta, Bombay, New CP Delhi and Madras, respectively. General Insurance Corporation (GIC) which was the holding company of the four public sector general insurance companies has since been delinked from the later and has been approved as the "Indian Reinsurer" since 3rd November 2000. The share capital of GIC and that of the four companies are held by the Government of India. All the five entities are Government companies registered under the Companies Act. The general insurance business has grown in spread and volume after nationalization. The four companies have 2699 branch offices, 1360 divisional offices and 92 regional offices spread all over the country. GIC and its subsidiaries have representation either directly through branches or agencies in 16 countries and through associate/ locally incorporated subsidiary companies in 14 other countries. A wholly- owned subsidiary company of GIC, i.e. Indian International Pvt. Ltd. is operating in Singapore and there is a joint venture company, viz. Kenindia Assurance Ltd. in Kenya. A new wholly owned subsidiary called New India International Ltd.UK has also been registered.

NEW INSURANCE SCHEMES

UNIVERSAL HEALTH INSURANCE SCHEME
The Universal Health Insurance policy is available to groups of 100 or more families. The policy provides for reimbursement of medical expenses up to Rs.30000/- towards hospitalization floated amongst the members of the family, death cover due to an accident for Rs.25000 to the earning head of the family and compensation due to loss of earning head of the family @ Rs.50/- per day up to a maximum of 15 days, after a waiting period of three days, when the earning head of the family is hospitalized. The premium under the policy is Rs.1/- per day (i.e. Rs.365/- per annum) for an individual, Rs.1.50 per day for a family of five limited to spouse and children (i.e. Rs.548 per annum), and Rs.2/- per day (i.e. Rs. 730 per annum) for covering dependent parents within the overall family size of seven. A subsidy of Rs. 100 per year towards annual premium for "Below Poverty Life" families is also provided under the Scheme.

For purpose of this policy HOSPITAL means:

Any Hospital/Nursing home registered with the local authorities and under the supervision of a registered and qualified Medical practitioner.

y y

Hospital/ Nursing home runs by Government. Enlisted hospitals run by NGOs/ Trusts/ selected private hospitals with fixed schedule of charges.

Hospitalisation should be for a minimum period of 24 hours. However, this time limit is not applied to some specific treatments and also where due to technological advancement hospitalisation for 24 hours may not be required.

Main Exclusions:
y y y y y

All pre-existing diseases. Corrective, cosmetic or aesthetic dental surgery or treatment. Cost of spectacles, contact lens and hearing aid. Primarily diagnostic expenses not related to sickness/injury. Treatment for Pregnancy, Childbirth, Miscarriage, abortions etc.

Age Limitations:
This policy covers people between the ages of 3 months to 65 years.

Floater Basis:
The benefit of family will operate on floater basis i.e. the total reimbursement of Rs. 30,000/- can be avalied of individually or collectively by members of the family.

For further details please refer the Prospectus or the Policy Document issued by the Insurance Company.

Varishtha Pension Bima Yojana

Scheme
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Indian citizens aged 55 years (last birthday) and above are eligible (no upper age ceiling).

Pension will be paid during the lifetime of the pensioner.

In the event of unfortunate death of the pensioner, purchase price will be paid to the nominee/ legal heir of the pensioner.

y y y y

Mode of payment of pension: Monthly, Quarterly, Half Yearly or Yearly. Minimum pension is Rs. 250/- per month Maximum pension is Rs. 2000/- per month. Only one person from a family can apply. The family for this purpose shall comprise of the pensioner, his/ her spouse and dependants.

Age proof will be required. Where age is to be admitted on declaration basis, declaration on a stamp paper, signed in front of a notary shall be required.

Premium
Only single premium (purchase price) is payable i.e. premium is to be paid in one lump sum. Further, premium shall be accepted by cheques/ drafts payable on the Branch of the bank which is the member of the local clearing house.

Exit Option
Exit option to be provided after 15 years.

Availability of Loan
Availability of loan to the extent of 75% of Purchase Price after 3 years. Interest rates on loan to be decided by LIC from time to time. At present, the rate of interest would be 10.5%.

MAJOR POLICY CHANGES

Reforms In Insurance Sector

Insurance sector has been opened up for competition from Indian private insurance companies with the enactment of Insurance Regulatory and Development Authority Act, 1999 (IRDA Act). As per the provisions of IRDA Act, 1999, Insurance Regulatory and Development Authority (IRDA) was established on 19th April 2000 to protect the interests of holder of insurance policy and to regulate, promote and ensure orderly growth of the insurance industry. IRDA Act 1999 paved the way for the entry of private players into the insurance market, which was hitherto the exclusive privilege of public sector insurance companies/ corporations. Under the new dispensation Indian insurance companies in private sector were permitted to operate in India with the following conditions:

y y

Company is formed and registered under the Companies Act, 1956; The aggregate holdings of equity shares by a foreign company, either by itself or through its subsidiary companies or its nominees, do not exceed 26%, paid up equity capital of such Indian insurance company;

The company's sole purpose is to carry on life insurance business or general insurance business or reinsurance business.

The minimum paid up equity capital for life or general insurance business is Rs.100 crores.

The minimum paid up equity capital for carrying on reinsurance business has been prescribed as Rs.200 crores.

The Authority has notified 27 Regulations on various issues which include Registration of Insurers, Regulation on insurance agents, Solvency Margin, Reinsurance, Obligation of Insurers to Rural and Social sector, Investment and Accounting Procedure, Protection of policy holders' interest etc. Applications were invited by the Authority with effect from 15th August, 2000 for issue of the Certificate of Registration to both life and non-life insurers. The Authority has its Head Quarter at Hyderabad.

INSURANCE COMPANIES
IRDA has so far granted registration to 12 private life insurance companies and 9 general insurance companies. If the existing public sector insurance companies are included, there are currently 13 insurance companies in the life side and 13 companies operating in general insurance business. General Insurance Corporation has been approved as the "Indian reinsurer" for underwriting only reinsurance business. Particulars of the life insurance companies and general insurance companies including their web address is given below:

LIFE INSURERS

Websites Public Sector

Life Insurance Corporation of www.licindia.com India Private Sector Reliance Life Insurance Life www.reliancelife.co.in

Insurance Co. Limited Allianz Bajaj Life Insurance www.allianzbajaj.co.in Company Limited Birla Sun-Life Insurance Company www.birlasunlife.com Limited

HDFC Standard Life Insurance www.hdfcinsurance.com Co. Limited

ING Vysya Life Insurance www.ingvysayalife.com Company Limited Max New York Life Insurance Co. www.maxnewyorklife.com Limited MetLife Insurance Company www.metlife.com Limited Om Kotak Mahindra Life www.omkotakmahnidra.com Insurance Co. Ltd. SBI Life Insurance Company www.sbilife.co.in Limited TATA AIG Life Insurance www.tata-aig.com Company Limited AMP Sanmar Assurance Company www.ampsanmar.com Limited

Dabur CGU Life Insurance Co. www.avivaindia.com Pvt. Limited GENERAL INSURERS Public Sector National Insurance Company www.nationalinsuranceindia.com Limited New India Assurance Company www.niacl.com Limited Oriental Insurance Company www.orientalinsurance.nic.in Limited United India Insurance Company www.uiic.co.in Limited Private Sector Bajaj Allianz General Insurance www.bajajallianz.co.in Co. Limited ICICI Lombard General Insurance www.icicilombard.com Co. Ltd. IFFCO-Tokyo General Insurance www.itgi.co.in Co. Ltd. Reliance General Insurance Co. Limi ww.ril.com w

Royal Sundaram Alliance www.royalsun.com Insurance Co. Ltd.

TATA AIG General Insurance Co. www.tata-aig.com Limited Cholamandalam General Insurance www.cholainsurance.com Co. Ltd. Export Credit Guarantee www.ecgcindia.com Corporation HDFC Chubb General Insurance Co. Ltd. REINSURER General Insurance Corporation of www.gicindia.com India

PROTECTION OF THE INTEREST OF POLICY HOLDERS:

IRDA has the responsibility of protecting the interest of insurance policyholders. Towards achieving this objective, the Authority has taken the following steps:

IRDA has notified Protection of Policyholders Interest Regulations 2001 to provide for: policy proposal documents in easily understandable language; claims procedure in both life and non-life; setting up of grievance redressal machinery; speedy settlement of claims; and policyholders' servicing. The

Regulation also provides for payment of interest by insurers for the delay in settlement of claim.
y

The insurers are required to maintain solvency margins so that they are in a position to meet their obligations towards policyholders with regard to payment of claims.

It is obligatory on the part of the insurance companies to disclose clearly the benefits, terms and conditions under the policy. The advertisements issued by the insurers should not mislead the insuring public.

All insurers are required to set up proper grievance redress machinery in their head office and at their other offices.

The Authority takes up with the insurers any complaint received from the policyholders in connection with services provided by them under the insurance contract.

Insurance Company LIC Reliance Life Insurance Bajaj Allianz HDFC Standard Life SBI Life Birla Sun Life Max New York Life` TATA AIG Aviva OM Kotak Mahindra ING Vyasa Reliance MetLife

Market Share (Fig. In %) 71.44 11.35 7.06 2.37 1.81 1.49 0.98 0.79 0.89 0.86 0.57 0.37 0.24

Market Share of Life Insurance Companies as of May 2006.

COMPANY PROFILE

COMPANY PROFILE
INTRODUCTION
Reliance Life Insurance Company Limited is a part of Reliance Capital Ltd Of the Reliance Anil Dhirubhai Ambani Group. Reliance capital is one of Indias leading private sector financial service companies, and ranks among the top 3 privet sector financial services and banking companies, in terms of net worth. Reliance capital has interests in asset management and mutual funds, stock broking, life and general insurance, proprietary investments, private equity and other activates in financial services. Reliance capital limited (RCL) is a Non- Banking Financial company (NBFC) registered with the reserve bank of India under section 45-IA of the reserve bank of India Act, 1934. Reliance Capital sees immense potential in the rapidly growing financial services sector in India and aims to become a dominant player in this industry and offer fully integrated financial services. Reliance life insurance is another step forward for reliance capital limited to offer need based life insurance solutions to individuals and corporates. The Insurance regulatory and development authority (IRDA) have approved the change in the name of AMP Sanmar Life Insurance Company Limited to Reliance Life Insurance Company Limited. The change was necessitated after the acquisition of the holdings of AMP Australia and Sanmar Group in AMP Sanmar by Reliance Capital for Anil Ambanis proposed life insurance venture, now called reliance life insurance for an undisclosed sum.

Subsequently, the Registrar of companies, Tamil Nadu, changing the name of the company on January 17, 2006, issued a fresh certificate of incorporation. After buying out the Chennai based life insurer, AMP Sanmar Life Insurance Company Limited, for an undisclosed sum, Anil Ambanis ADAE (Anil Dhirubhai Ambani Enterprises) is raring to go all out into the markets

INDIVIDUAL PLAN
Reliance Endowment Plan
Reliance endowment plan is a endowment plan where one can decide how much of amount can be assured based on his current financial position & which would be helpful for future expenses like daughters wedding, children higher studies and other related capital expenditure.

How the policy works

In this policy, one who as soon as pay his single premium or continue to pay his regular premium, he will participate in the profit of the company. The policyholder will get the advantage of getting the accumulated bonus over the years plus the basic sum assured when the policy falls due In the event of loss of life before the maturity of the policy, the family of policy holder will be entitled to get the full amount of sum assured plus the accumulated bonus of the company till that date. One can also get premium amount in case of accidental death, permanent disablement benefit and critical condition benefit. In this insurance plan one can also able to choose the different options of yearly, halfyearly, quartile or monthly plan for the payment of premiums.

Premium rebate provided in this plan are Sum Assured 100000-249000 250000-499000 500000-999000 1000000 & above Premium Rebate Re. 1 Rs. 2 Rs. 3 Rs. 4

Reliance endowment plan covers: Term life insurance benefit rider Accidental death and total and permanent disablement benefit Rider. The above-mentioned two schemes covered with some added advantage. One of the schemes o Reliance Endowment plan is critical condition. This scheme covers ten major critical conditions: 1) Cancer; 2) Coronary artery by pass graft surgery; 3) Heart attack; 4) Aorta surgery; 5) Heart valve replacement; 6) Kidney failure; 7) Stroke; 8) Major organ transplant 9) Coma; 10) Paralysis.

If the premium payment has been made for a period that is less than 3 years and one has not paid the premium amount within the grace period then the policy will be lapse.

RELIANCE SPECIAL ENDOWMENT PLAN

The unique feature of this policy is that life protection continues for five years after one has stopped the payment of premium. The special benefit of this policy is that it ensures a secure fund for the future when it is most needed and also provides financial security to the family.

This policy also participates in the profit of the company. The bonus amount is commanded annually and is payable at the due of the policy term. The minimum amount for this policy is taken as 25000 The minimum premium paying term is 10 years while the maximum term is 40 years. It death takes place during the term when the premium are still being paid, the full sum assured along with accrued bonus up to the date of death will be paid immediately. If death take place after all premium have been paid an amount equal to the sum assured plus accrued bonus up to the date of death will be paid immediately.

RELIANCE CASH FLOW PLAN:

 This insurance policy is designed for those who have a recurring need for reinvestment on business or look for short-term investment channels. The advantage of this policy is that the insurer will be entitled to a fixed sum in every three years simultaneously if provide substantial life cover. This policy is also helpful in financial crisis situation like daughters marriage, children education and renovation of a building.  The money is payable in installments. The first installment is paid at the end of the 4th year and thereafter at the end of every 3rd year.  This policy ensures liquidity through as periodical return of specified amount of money. This averts the necessity to look for anywhere for any loan facility.  This policy also participates in the profits and bonus of the company.  Any healthy person who completed 15 but not more than 63 can avail of this policy.  The minimum amount for this policy is Rs. 25000. the minimum period of paying premium is 7 years while the maximum term is 34 years.  If the insurers die during the policy tem the full-assured sum with accrued bonuses up to the date of death can be received. The installment already paid will be deducted from the claiming amount.

RELIANCE CHILD PLAN

 This insurance policy is designed for the people who wish to save money for a future period of time when there will be a recurring need for substantial amount of money. This is specially needed when the children of the insurer go for some professional courses like engineering, medical, MBA and other specialized fields.  The money is payable over the last 4 years of the policy term.  This policy also participates in the profits of the company along with sum assured.  The minimum amount for this policy is taken as 25000. The minimum term is 5 years while the maximum term is 20 years. U  Loan can be taken against the surrender value of the policy after 3 years premium has been paid.

Reliance Term plan;

 This policy is designed for those who only want life cover for the protection of their family and do not for themselves. It is useful in case of business firms, which provide financial security for the future against the death of partner or loss of manpower.  The advantage of this policy is that it is provided with a low premium.  Any people between the age group of 21-60 are eligible for this policy.  The minimum amount for this policy Rs.250000. The minimum term for the policy is 5 years and the maximum term is 30 years.  An amount equal to the sum for which you have taken the policy will be paid to the nominee.

 If one stops passing premium, the policy will immediately lapse since no grace period is available beyond 30 days.

 Reliance whole life plan :  This insurance policy is designed to protect their family by availing of insurance cover on their life at a very low cost.  The special benefit of this policy is that the longer the duration, the lower is the premium.  Any one who is in between the age of 20-60 can eligible for this policy? The life cover continues up to the age of 85 , however one can extend this later on.  The minimum amount for this policy is Rs.250000. the minimum premium passing term is 5 ye while the maximum premium paying term is 9 to 40 years.  In case of death the sum assured for the policy along with the bonus till date of death will be paid to your family immediately.

Our vision:
To make Reliance Life Insurance the dominant Life and Pensions player built on trust by world-class people and service.

This we hope to achieve by:

Understanding the needs of customers and offering them superior products and service

Leveraging technology to service customers quickly, efficiently and conveniently

Developing and implementing superior risk management and investment strategies to offer sustainable and stable returns to our policyholders

Providing an enabling environment to foster growth and learning for our employees

And above all, building transparency in all our dealings.

The success of the company will be founded in its unflinching commitment to 5 core values -- Integrity, Customer First, Boundary less, Ownership and Passion. Each of the values describes what the company stands for, the qualities of our people and the way we work. We do believe that we are on the threshold of an exciting new opportunity, where we can play a significant role in redefining and reshaping the sector. Given the quality of our parentage and the commitment of our team, there are no limits to our growth.

RESEARCH OBJECTIVE

RESEARCH OBJECTIVE

The Objective of the research done for the company was to search the financial advisors / agents for the company moreover the secondary aim was also to increase the companys database of prospects by getting the contacts of the respondents. However, if looked into the questionnaire the purpose of attracting the incumbents towards the company & its network of channel was on whole quire successful exercise.

CONCEPTUAL CONTEXT OF THE RESEARCH

As the objective of the research focuses on the search of potential Insurance Advisor with special emphasis of Reliance Life Insurance. It will help the company to increase its sales, which is prime objective of the company at this time. The research attempts to generate awareness among the people of NCR regarding the agency of Reliance Life Insurance.

RESEARCH METHODOLOGY

RESEARCH METHODOLOGY
Sample frame
 The area for the study was preferably Delhi, New Delhi, Gurgaon, Faridabad, and Ghaziabad but as per the requirement & the availability of the respondents some use to stay at very corners of the state.  The respondents were mostly in the age group of 20-60 years, as these were the people who are the target for the companys products as well as companys aim of increasing & developing its channel network.  The respondents were from all walks of life that included services, business & even housewives. The respondents were like MBAs businessmen, self employed, CAs Advocates & other professionals.  The sample size was very much limited to the area of study. About 300 people were contracted & roughly 50 were present for one to one interaction.

Methodology Adopted
As for the prospecting of the respondents is concerned, Area sampling & Telecalling was used extensively

The procedures of becoming an advisor

Reliance Life Insurance Company Limited believes in getting who can align with can align with the companys principle & beliefs well enough to grow on their own. In the words of the top management the company believes that one can become an advisor for the leader only & only if he/she has the following:  Confidence  Self motivation  Persuasion  Urge to be financially independent  Relationship skills The company provides for the all-round development of the individual & any previous experience or inexperience in the related field is not an obstacle. The professional approach of the company in the training module helps it to train the incumbents in the best possible manner. The company has got a professional in-house training staff that is one of the best in the practice. The company has laid down for a State-of-art training on:  Selling skills  Product knowledge  Relationship skills The training is delivering through several convenient option keeping in view the requirements of the individuals & the target of the company. The training is done at the timing & venue decided upon by the parties concerned. The incumbents have to complete hundred hours of training in any model that they choose from. The guidelines laid down for the training are as per the books IRDA. The training concept

can be classified according to very different aspects, which can be the delivery medium, & the time involved. On the basis of the delivery medium the process can be of:  Classroom training  Online training On the basis of the time involved the process can be of:  Full time involving 18 working days  Part time involving 34 days.  Online training involving 30 days. The classroom training centers are in these areas:  Lucknow  Barabanki  Baharaich  Faizabad  Gonda  Basti So if we summarize the steps & formalities involved in the whole process, the formalities for a candidate to become the advisor as per the IRDA are: Filling up the insurance advisor form

Documents required
 8 passport size photographs  Acceptable age proof  Acceptable Education proof  Acceptable Residence proof Pre Recruitment Examination for Financial Advisors

 Online test  Manual test

THE DIFFERENT PROFILES WHO WOULD BE FINANCIAL ADVISORS.

THE DIFFERENT PROFILES WHO WOULD BE FINANCIAL ADVISORS.

 Housewives  Businessman  Accountants  Investment consultants  Sales persons employed in private companies.  Office bearers of leading clubs/associations  Consistent LIC/MDRT/COT agents.  Early retired people from banks  Ex-serviceman  Teachers. The minimum qualification will be 10+ 2 in an field

SOME BASIC MANDATED WHICH A MANAGER ANSWERS BEFORE RECRUITING WHY TO RECRUIT?

j Because we are supposed to!! j Thats the way to do this business

More recruits, more active advisors, more BUSINESS!!

THE PROFILE OF AN ADVISOR

Qualification
 Age should be ideally between 25-60 years.  Minimum education qualification is 10+2  Good & convincing communication skills.  Capacity to build an impressive network.  Engaged in gainful business or corporation.  Willing to undergo extensive training & development programs  Pleasing personality.

Skills & Competencies

As quoted by Mr. Manu Kaushik, Reliance Life Insurance the company is always on a look out for people who have the following the skills & competencies that we require in business are:  Actuarial skills.  Investment management skills.  Core operation skills  Core underwriting skills.  Relationship management skills  Project management skills.

Leadership & Team skills

 A passion for achieving results.  High energy levels & infections enthusiasm  Open to ideas  Strong team players  High caliber & ability  And above all, unyielding integrity

IMPORTANCE OF ADVISORS IN AN INSURANE COMPANY

IMPORTANCE OF ADVISORS IN AN INSURANE COMPANY

In t insurance industry t e sales team following t e typical organi ation

structure:

Hi

i Insurance Company

SALES MANAGER

AREA SALES MANAGER

AREA SALES MANAGER

AREA SALES MANAGER

UNIT MANAGER

UNIT MANAGER

UNIT MANAGER

ADVISORS

ADVISORS

ADVISORS

The sales team comprises of the Sales Manager superior to Area Sales Manager, These ASM s (Area Sales Manager) have their own individual tea m of Unit Manager and in turn Unit Managers their own team of financial advisors. Each team of ASM s competing with each other in surge of achieving targets; each Unit Manager depends on their Advisors for their business. So what s the use of unit manager, why are they getting paid? There work is to manage

their team of Advisors, extend them support in whatever way possible including regular training of products, closing big calls, database

management. But it is the advisor that carries the flag of the company in the market; they bear the brunt in the field. They represent the company in the market to the customers, so nobody can deny the importance of Advisors in the whole system. They providing the company with the business and help their respective Unit Manager to achieve their targets. So a unit Manager has to be really car eful while recruiting their Advisors. The most important responsibility is to achieve the first P or Production growth its what staying in Business requires of a Reliance Life Insurance Manager. Part of this growth is accomplished by improving the product ivity of the existing agency member. However, bringing sufficient number of high quality new producers in to your sales organization each year is an absolut e must. During the year of appointment, new Advisor usually account for a relatively small proportion of the organizations total production. These points to a particularly significant fact, one that causes to have a natural tendency to neglect the recruiting responsibility. It is simply this the penalty for not recruiting, or for inadequate recruiting, is a differed penalty. Nonetheless, the penalty will be realized in due time. Again, the number one job is to achieve consistent production increases. The most promising means of successfully getting this job done is to induct a sufficient number of qual it y advisors each year.

The most promising means of achieving profitable production growth lies in your sales organizations capacity to give policy owners good counsel and prompt, courteous serves to give them value for premium paid. The best guarantee of having that capacity comes from retaining large number of productive advisor, In turn retention and productivity of advisor in your organization depends largely on the quality and quantity of your recruiting efforts. Consequently, the development needs of your sales organization call for successful recruiting. Its a necessity. The induction of a sufficient quantity of high potential advisor results in substantial, steady growth in production. This is why manager who move to the top of Reliance Life Insurance honor roll and stay there are always found to be manpower -focused. Before we move to the how to of recruiting, lets consider some important philosophies relative to recruiting.

FIVE PERSISTENT CONCERNS:

As an Reliance Life Insurance Manager, you are fully committed to building a high performing, growing agency. This being true, it follows those five concerns must be constant in your annual planning.  The SEARCH for talent  The EVALUTION of potential advisors  The ATTRACTION of advisors  The RETENTION of advisors  The PRODUCTIVITY of advisors

Any manager who attains satisfying results in these five areas will enjoy  Satisfying sales results  Outstanding persistency of business  Superior policy owner service capabilities  An enviable reputation as a Reliance Life Insurance agency builder  A momentum which comes from the synergistic benefit of success

OBVIOUSLY, THE FIRST THREE CONCERNS SEARCHING, EVALUATING AND ATTRACTING-ARE VITAL:

The other two concerns, the retention and productivity of adv isor, must e considered together. To attain success might be achieved in either area without total or real benefits to the agency, the company or the client. There is nothing short -term or temporary about the challenge connected with thes e recruiting concerns. They are constant. They are eternal.

CHART SHOWING HOW TO GET POTENTIAL ADVISOR:

Putting it simply in a flow
SEARCH Where to look for

ATTRACT How to attract to life Insurance

EVALUATE

How to evaluate

PRODUCTIVITY

THE BASICS

THE BASICS

The basic principal is involved in getting the recruiting job done successfully and consistently. It is, of course, the one job must not delegate.

 Philosophy of high standards

Philosophy of high standards and a success syndrome is the central point of maintaining high standards. The presence of successful, high -performing Advisors in your organization attracts more of the same. A recent study revealed that nearly one-half of these individuals choose an insurance career because a successful advisor influences them. Our experience at Reliance Life Insurance supports this conclusion.

 Atmosphere of Success

Ideally, as prospective Advisors enter your office, they should find themselves surrounded by an atmosphere of success. They should see evidence of a positive and dynamic environment. They should be aware of high quality men and women high standards of production high standards of the office neatness and arrangement high standards of income high standards of business management. They should be made to feel to, taste it and senses it. As a result, they will have a natural inclination to become a part of the winning sales organization you building.

There is no question about it its always easier to recruit successfully in an organization that is on the move. You must contribute to an environment where things are obviously happening one that has an atmosphere of success. This is the starting point if you are going to attract high potential advisors.

 Attraction Power

Second, Work at developing your Attraction Power. Strive to be the kind of person you want other to be. Be kind other want to emulate. Youll have taken a giant steno toward being an effective recruiter when you do. Be especially consociation about your ap pearance. You cant judge a book by its cover is a well-worn and accepted adage. However, most prospects and prospective advisors dont believe it. They judge you by your overall appearance. Also, work consistently at doing the thing, which will cause you to be known for what you know. An active Involvement in social and civic organization will assist you in letting your reputation precede you. Youll have taken another step toward being an effective recruiter when you do thes e things.

 Decide on the profile of the adviser

Next, decide on the profile of the adviser who will fit and grow best in your operation the kind of person you can develop best. Experience, age, market, contacts, income requirements, and a number of other factors should be considered in answering the big question what kind of an advisor is best suited for you and your organization.

 Constant need of advisors at Reliance Life Insurance

Remember the need of quality advisors never diminishes at Reliance Life Insurance. It continues in to the future as far as you can see.

 Thread of discount (TOD)

Fifth, be reminded that there is no large, ready supply of high potential candidates who are discontented with their present job. However, things do happen in individuals jobs, t heir lives or their family situation, which can cause them to become prospects for you some times, almost overnight. When the thread of discount surfaces, be sure they are thinking of you and the Reliance Life Insurance.

 Success determined by past performance

Sixth, most successful advisor are highly competitive and generally come into our business from jobs where there success is determined by their performance. Consistence search for prospective advisors among coaches, commission sales people and indi vidual who have been in business for them.

 Build a weekly recruiting success formula

Finally, build a weekly recruiting success formula. Our statistics show that t o recruit one person, youll probably need at least 30 initial contacts. This will gives you seven people who will pass the selection test. This is turn develops two advisor you will appoint. Understanding these ratio enable you, emotionally and physically, to plan and achieve the necessary activity to reach your recruiting goal each year.

RECRUITING SUCCESS FORMULA

Study Exhibit 2, recruiting success formula. Develop your numbers. This strategy will help keep you focused on your number one job recruiting enough of the right kind each year. Recruiting success formula 30 CONTACTS

8 FOR INTERVIEW

2 SELECTED

Before we move on to searching it is important to know the profile of the adviser.

The general profile would be:  Age 25-45 years  Smart appearance and should health  Intermediate passed  Good market  High IQ and common sense  Ability to work under pressure  Prior sales experience  Integrity and character  Money motivation  Drive and ambition

STRATEGIES INVOLVED IN SEARCHING POTENTIAL ADVISORS

STRATEGIES INVOLVED IN SEARCHING POTENTIAL ADVISORS

Searching for high potential prospective advisor

Your search for prospective advisors must be continuous and systematic just like prospective for sales, you must search among several sources on a regular basis sources are broadly classified as primary source and secondary source.

 Personal observation

This method of uniquely personal. It permits you to apply your own standards and exercise your own judgment. Always be on the alert for prospective adviser in your daily selling activities in instinctively apprises as prospective advisors those you see, meet or sell. Stay in circulation and meet a lot of people on a regular basis. Develop thes e individuals as friends and clients, and then determine whether or not to recruit them.

 Present advisor recommendation

No one knows more about the kind of person you seek and the kind of opportunities you have for the prospective advisor then the present members of your sales organization. Moreover, they have a selfish interest in wanting their associates to be type of person who will reflect favorably on their

organization. Many successful advisors have an ability to attract promising prospective advisors who can and do succeed.

 Client referrals

Clients are readily accessible source of prospective advisor and referrals. It is safe to assume that client who has relied upon your agency to handle their insurance are pleased with both you and your work. Since you have created a favorable impression, the can picture themselves or others as having the same success. Therefore, it is mostly a matter of helping them to help you by making enquires and asking questions designed to remind them of names of prospective advisors.

 College campuses

Many high-potential, high quality young people are being recruited directly from college. Todays college graduate seems to be more interested in a meaningful career than most opportunities offer. However, some caution should be used in recruited on campus. The person you seek from college must have exhibited define leade rship qualities and have a history a success. Also most people in the final year are looking for permanent jobs and might use this as a atop gap opportunity. While targeting colleges it might be better to target colleges, which has students coming from business communities. Also targeting colleges offering professional courses

might not work since most of these students would be interested in pursuing their respective profession.

 Seminars

Seminars recruiting are a resourceful strategy that breaks with tradition. It makes it possible for the prospective advisor, as part of a group, to obtain information opportunities in the insurance business, as part of a group, the prospective advisors feels comfortable and quickly develops open-mindedness to investigating the possibility of a career insurance. S seminars include seminars conducted by the association, doctors seminars, HR professional. These seminars are one way to reaching out to many people not by making a presentation to the participants but by also word of mouth since thes e participants would like to their families and friends, so also the chain would continue.

 Newspaper advertisement

Newspaper advertising created considerable activity. It is one of the fastest ways to get name and talk people se eking a change in employment. Consider as a Wholesale Method of widening your range of contacts with prospective advisors. Keep in mind that generally develops pop -up prospects that must be screened carefully. Realize that valuable time can be wasted interviewing or qualifying responds who really only job are hunting. - Or who are in need of a job right now.

Advanced planning with a definite interview procedure will keep u from falling into this trap. At Reliance Life Insurance newspaper advertisements are regular a mode.

Direct Mail

Mass mailing is a system if used can be a very successful tool. One system is to send letter with reply cards on a regular basis especially to centers of influence. Use list from club, church and alumni directories. The standards letter should briefly describe the rewards of a successful insurance sales career. In a letter of this nature, attempt to arouse the interest of the individual who receives it in the hope that he or she will be more receptive to your follow-up. You will want to investigate this innovation source for producing names of quality prospective advisors. A few examples of these COIs or centers of influence are:         Doctors Lawyers Pundits Priests Chartered Accountants Teachers NGO workers Bankers

The one thing common to all these people is the contacts that the have and the influence that the have over these contact.

To insure a continuous flow of nomination from COIs, practice these few basic rules for developing center of influences.  Keep contacting them on a planned basis. The center that gives you one name will give you more if you keep in touch and ask.  Report back to your centers. Keep them informed of your result.  Eliminate from your list of those centers that do not prove to be cooperative or productive or who continually give names of people needing jobs.  Maintain visibility. Keep your name in front of them.  Select your centers with an eye to developing as many markets as possible.  Show your appreciation. Let your centers know you appreciate their help.

Pre-Approach letters to Prospective Advisor

Sample one (mass mailer)

Dear.

. (Use the name)

We at Reliance Life Insurance have a business opportunity to offer. With a rapidly growing agency force and a business expanding by leaps and bounds. I am looking at addition in my team. This career offers potential for unlimited earnings and personal growth. If you are a person with high energy levels and is looking for business opportunities to be a successful entrepreneur, here is your chance!! I would like to talk to you personally about this fantastic offer for you. Pleas e call me on. . (Tele. No.)

Thanks and Regards,

Manager

Reliance Life Insurance life Insurance Company Ltd.

j Sample two (Employee)

Dear.

. (Use the name)

In view of the unusual progress made by Reliance Life Insurance life insurance Company, we are planning an expansion in our team of sales professionals.

Your name was referred to me as an ideal candidate for this role. I would their ore like to present to you an opportunity of additional income through a business with no capital investment.

I am looking for people who have the drive to achieve vertical financial growth and want to make their dreams come true.

Ill be calling you within the next few days to arrange a visit so we can discuss his important matter in greater details. You can then determine whether there would be a mutual advantage in furthering our talks. Thanks and Regards, Manager Reliance Life Insurance life Insurance Company Ltd.

j Sample three (COI Priest)

Dear.

.: (Use the name)

Many people call on you for counsel and advice. Im writing you because some of the problems of these people relate to employment or business opportunities.

We have an unusual opportunity for people in your community who can meet our standard and who have the desire to get ahead. The type of individual who can best fit into our organization has had a few year of business experience, but has the ability to make the ambition to make money.

At this time, we are able to offer the right persons an unusually attractive opportunity. We will give them best type of training for a profitable career. They will be earning while they are learning our unique method of clientele building. To help someone whom you know to take advantage of this opportunity will be a real service.

Please list on the enclosed card the names of the people whom you wish to recommend. Thank you. Respectfully, Manager Reliance Life Insurance life Insurance Company Ltd.

j Sample for (Businessmen)

Dear.

. (Use the name)

We at Reliance Life Insurance the no.1 private insurer are offering you an opportunity to diversify your business and enter in the field of life insurance. We have crossed 1,000 crores in term of our premium and have sold over 1,000,000 policies.

A client of yours, who was very happy with the service levels maintain by you, referred your name to me.

Here is an opportunity for you to earn more using your existent infrastructure and client base. This business requires no capital investment but can offer you high returns.

I would call on you to discuss this high return business personally.

Thanks and Regards,

Unit Manager

Reliance Life Insurance life Insurance Company Ltd.

WHATS IN STORE FOR AN ADVISOR AT RELIANCE LIFE INSURANCE

Being an Reliance Life Insurance advisor can be an enriching and existing career option. Its an opportunity to associate with an industry leader, be in touch with the latest and finest insurance practices from around the globe, and grow both personally and professionally. Here are some of the benefits of being an Reliance Life Insurance Life Insurance Advisor:  Unlimited earning potential  A clear career path  All round support through exclusive advertising, your own in house consultant, and World-class training.  A comprehensive benefit package

What does it take to be a Reliance Life Insurance advisor?

At Reliance Life Insurance, they believe their Advisors are their ambassadors to the customers. They are key source of business for the organization, and are the continuing link with their clients. That is why, they take a lot of care in recruiting and developing their advisor force, so that they continue to set higher standards of quality in service and salesmanship. To cater to the needs of the knowledge-oriented marketplace, they look for graduates who are service-oriented, good communicators and enjoy meeting new people. Prior sales experience is an added benefit.

Some of the qualities they seek are:  Self-motivation  A master communicator  A go-getter  A graduate

Training

At Reliance Life Insurance, they understand the importance of training in a dynamic business environment.Their advisors go through both generic and specific, professional programs that help them remain well-informed and knowledgeable about the companys product in the market. There is a further focus on soft skills such as communication, managing long-term relationships and selling skills, which are very relevant I a service-driven industry like life insurance. State of the art infrastructure training facilities coupled with an excellent faculty, guarantee an exceptional learning environment. For advisor who might be occupied with their daily business/professional routines, Reliance Life Insurance also offers convenient training option such as online and self-learning are also provided by the organization. A 18-day training schedule covers the mandatory IRDA training requirement and Reliance Life Insurance product training module. Revision session ensure that the candidates thoroughly understand the course contents and are well prepared for the licensing examination. Theoretical training is interspersed with practical appointment settings with potential customers, giving advisors a feel of how their business will work from the very first day. All through, the Unit Manager and the management

provide continuous support to the advisors in achieving independence towards garnering business.

Career: At Reliance Life Insurance, career development is emphasized upon from

the very day the advisor joins the system. Though individual meeting with his or her manager, the advisor can discuss various issues related to business development and career enhancement. Expectations from the organization in terms of chalking a career in the insurance industry are also discussed.

Tiger Team: Reliance Life Insurance offers the Tiger team programmer for
identified high potential advisors. Hand picked by the management, these advisors are placed on fast-track career path and recognized as Tiger Trainers. The advisors can participate in this program, subject to certain criteria being fulfilled.

Pinnacle Program : Absorption in to the management is another career

enhancement option provided at Reliance Life Insurance through the Pinnacle Program. This program helps advisors build a full time career as a unit manager in the organization, offering great potential for managing a team of advisors and personal development. Fast track Pinnacle program is also available to advisors who are able to meet the performance criteria within the stipulated time.

Rewards and Recognitions

Reliance Life Insurance advisors are constantly recognized and rewarded for their performance. Numerous contests all year round promote healthy competition amongst advisors and recognition for their efforts. Depending on the level of business the advisors achieve in a year, he or she can become a member of various clubs such as the Presidents club, Reliance Life Insurance Star International and Reliance Life Insurance Star India club. Each of these clubs have specific performance criteria for qualification and members of these clubs are entitled to attend seminars held at exotic

international and domestic locations each year. Advisors can also qualify for the renowned MDRT (Million Dollar Round Table), an exclusive international advisors club.

THE POWER OF RENEWAL COMMISSIONS

Always, always, always stress on the fact that renewal commissions areE the differentiator from every other sort of business

 

Spend lot of time on the Commissions structure given in the BOP. Try to do an example in front of them trying to portray the commissions payable for the same amount of business done every year.

The earning calculator will be of help here.

RECRUITMENT ACTIVITIES
SOME MORE WAYS ON HOW TO RECRUIT
 Data base attack  Cold Calling  RWA activities tambola or children painting competition give real time leads, cost effective per lead.

THINGS TO CHECK WHILE RECRUITING

 ENERGY, ENERGY. always check the persons energy levels, as this career is all about meeting new people, finding new prospects and more so handling rejection.   His past/present occupation gives tremendous insight into his energy levels. Show him the path in his current environment how insurance selling can fit in lowers the resistance of time availability.     Check his environment his family, locality Check whether he cam work on his own Find out if he is looking for money or career as he can has both here. Always try to meet the person at his residence check for locality, his household, standard of living, try to involve the spouse in the presentation so that they know what they are getting into.  ALWAYS check on need for money & a drive to do well in life if he has been doing well in life, he will make efforts to do well with us ask questions about his past, find instances of accomplishments.

Keep checking on the pointers & do mental checks list of the acceptable points.

Be convinced about the profile and then only go ahead.

PROFILE OF A MANAGEMENT TRAINEE UNDER THIS PROJECT

My stint with Reliance Life Insurance made me cover various aspects of insurance industry. One of those to recruit financial advisors for the respective unit manager. We were given the same profile as a Unit Manager; our number one task was to recruit. Various activities covered under this task:    Market skimming in search for the best-suited profile for the company. Managing the advisors after they join the company. Providing support to the advisors.

FINDINGS

FINDINGS
People are becoming more and more money conscious as I find ver y

less person, who doesnt want to earn extra money.

People are very much aware of Reliance Life Insurance among private

companies as they respond me first name of Reliance Life Insurance and then others.
The overall scenario is that still people trust on LIC more than any

other insurance company. Some time when I asked someone to become an advisor of Reliance Life Insurance they misunderstood with LIC. For them still life insurance means LIC.
Generally people are having leisure time of around 2-3 hours and still

want to utilize this time to earn extra money, if they can.

Contrary to the prior thinking most of the people dont hesitate in

doing field work a roaming in the market for money. They know that without hard work they cant earn money.
There were many respondents who were not interested in attending

seminar conducted by Reliance Life Insurance in their office, because of low awareness of private insurance company.

SUGGESTIONS AND RECOMMENDAT IONS

SUGGESTIONS AND RECOMMENDATION

y

Need to create and effectively deploy differentiated strategies in finding out more resources to recruit insurance advisors.

Right prospects identification and thus segmentation, which need to be appropriate.

Design and manage sales force, which yields high performance. More training of the employees can be done so that they produce best result.

Recruitment process needs to be slightly fast, so that prospects can retain some confidence as in starting.

Need to create better, differentiated detailed brochures for advisors recruitment.

Increase advisors sales force quality as well as quantity by employing some HR professional, who time to time take some action for the improvement of insurance advisors.

More advertising strategies should be taken to grasp the attention of those people who want to become insurance advisors.

Make use of Internet banking for increasing sales and also for promotion.

There should be more incentives to insurance advisors they are the backbone of the company in order to increase sales they have to do mare efforts than others.

Generate some innovative and alternative channels of distribution, using the sources that can straight play with the emotion of the person and influence so high that it forces the human being to go for insurance and that to willingly . Recruit those individuals that really want to take this job as a challenge.

CONCLUSION

CONCLUSION

For every insurance company life insurance advisors are the life line and a very huge asset so each company try to recruit and select a potential force of life insurance advisors because this is the advisors who generate maximum business for the insurance company. Insurance advisors provide a very strong support to the insurance company and do all possible effort to generate huge amount of profit to the company and for him. In Reliance Life Insurance recruitment and selection procedure is really very impressive. By the help of this process, company recruits a very good class of advisors. A detail study is done before starting the recruitment and selection procedure that help the company to select the best advisors. The recruitment, selection and training process of insurance advisors is a slight long process because of the training provided by the Insurance Regulatory and Development Authority (IRDA). Form the detailed study of recruitment and selection procedure of the insurance advisors I come on the conclusion that it is a very impressive process carried out by Reliance Life Insurance . This study helps us to understand all the possible aspects related to the Reliance Life Insurance s recruitment and selection procedure.

QUESTIONNAIRE

y y

Name: Occupation

Do you know about Insurance? Yes No Have you ever opted for Insurance from any company? Yes No Which company have you taken Insurance from? LIC SBI Insurance HDFC Standard Life Insurance Icici Pur Max New York Life Insurance LIC Reliance life Insurance

How did you come to know about Insurance? Advertisement Word of Mouth Referred by your company / Friend

What made you select a particular company for the Insurance? EMI Brand name Procedures Facilities Policies Advertisement

How do you like the Marketing strategy by different Insurance Company? Good Average Bad What motivates you for selecting any Company for Insurance? EMI Brand name Procedures Facilities Policies

Advantages or Comment about Insurances

Which Company would you prefer if you have never applied for Insurance? LIC SBI Insurance HDFC Standard Life Insurance HDFC Pur Max New York Life Insurance LIC Reliance life Insurance

BIBLIOGRAPHY

BIBLIOGRAPHY

BOOKS AND MAGAZINE

 IC 33 Life Insurance (Revised), Insurance Institute of India  4Ps Business & Marketing, Vol-1, Issue-4, 28 April-11 May, 2006  Research Methodology, C.R Kothari

WEB SITES
 www.icici.com  www.iciciprulife.com  www.prudential.com  www.domain-b.com  www.reliancelife.co.in