By- Amit Bharti

OBJECTIVE

To gain knowledge about Insurance industry.

How to recruit agents for Bharti-AXA life insurance.

To understand the process of recruitment and selection of agent in life insurance.

OVERVIEWWhy Life InsuranceWho needs Life InsuranceHistory of Insurance in IndiaStrategy of Bharti-AxaFinancial AdvisorProcedure for becoming an AgentFunction of an AgentSome Requirements for an AgentRecruitment ProcessEarning PotentialProducts of Bharti-AxaCareer with Bharti-AxaResearch methodologyConclusion

Why Life Insurance Guarantees for the if in Life

• Your son’s Education .• Your Daughter’s Marriage.• Your Home loan.• Your Retirement planning.

Why Life InsuranceInsurance protects the economical value

of an asset.• Human life is an income generating asset.• Life Insurance is the guaranteed fulfillment

of your savings plan.• It provides tax benefits on premiums

paid(Section-80(C) of income tax act.).• Amount received through benefits & claim

is tax free (Section 10(10)D of income tax act.)

Who needs Life insurance?LIABILITIES

AGE

Unmarried, Young Professional

Married,With or without kids

PreRetirement

PostRetirement

HISTORY OF INSURANCE IN INDIA

1912 - The Indian Life Assurance Companies Act passed as the first law to regulate the life insurance business.

 1928 - The Indian Insurance Companies Act passed

to enable the government to collect statistical information about both life and non-life insurance businesses.

 1938 - The Insurance Act with the objective of

protecting the interests of the insuring public.

INTRODUCTION OF BHARTI - AXA

Bharti AXA Life is a life insurance that was started in 2006.

Bharti Enterprises - one of India's leading business groups.

Partnered with world’s biggest company ( Wal Mart).

It brings together strong financial expertise of the Paris-headquartered AXA Group.

The joint venture has a 74% stake from Bharti and 26% stake from AXA Asia Pacific Holdings Ltd.

INTRODUCTION OF BHARTI - AXA

Today, Bharti AXA Life has a national footprint of distributors trained to provide quality financial advice and insurance solutions to the large Indian customer base.

Bharti AXA Life offers a range of innovative products and services that cater to specific insurance and wealth management needs of customers.

The company launched national operations in December 2006. Today, company have over 8000 employees across over 12 states in the country .

STRATEGY OF BHARTI-AXATo 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 be the employer of choice to attract and retain the best talent in India.

STRATEGY OF BHARTI-AXATo build long term value with our business

partners by enhancing the plan to their customers.

To be recognized as being close and qualified by our customers.

Financial advisor  According to section 182 of Indian contracts Act,

an “agent” is a person employed to do any act for another or to represent another in dealing with a third person.

In the insurance industry, the term “agent” is usually applied to a person engaged by the insurer to procure new business.

The insurance agent one who is licensed under Section 42 is paid by way of commission or otherwise, in consideration of his soliciting of procuring insurance business, including business relating to the continuance, renewal or revival of policies of insurance. 

Procedure for becoming an AgentThe insurance Act, 1938 lays down that an insurance agent

must possess a license under Section 42 of that Act. The license is to be issued by the IRDA. The IRDA has authorized designated persons, in each insurance company, to issue the licenses on behalf of the IRDA.  

o In terms of the Insurance Act, a licenses will not be given if the person is minor,

o found to be of unsound mind,o found guilty of criminal misappropriation o Found violating the code of conduct as specified in the

regulationso The fee for a license is Rs.825 for individual. A license is

granted for 3 years. It may be renewed after 3 years and again valid for 3 years.

Procedure for becoming an AgentA license issued by the IRDA may be to act as an agent

for a life insurer, for a general insurer or as a composite insurance agent working for a life insurer as sell as a general insurer. No agent is allowed to work for more than one life insurer or more than one general insurer.  

 The Qualifications necessary before a license can be

given are that the person must be-Not a minor.Have passed at least the 12th standard or equivalent

examination. 

Procedure for becoming an Agent

Have undergone practical training for at least 50 hours in life or general insurance business, as the case may be, form an institution, approved and notified by the IRDA. the applicant should have completed at least 50 hours practical training in insurance business, which may be spread over six to eight weeks.

Have passed the pre-recruitment examination conducted by the insurance institute of India or any other examination body authorized by the IRDA.

 

FUNCTION OF AN AGENT Understanding the prospect’s needs and convince him to

buy a plan of life insurance that suits his interests best. Complete the formalities:- paper work, medical

examination, which are necessary to get the policy done. Keep in touch to ensure that changing circumstances

are reflected in the arrangements relating to premium payments, nomination and other necessary alterations.

 Facilitate quick settlement of claims. Be totally honest with both the prospect and the insurer. Not to induce prospects to submit wrong information. 

SOME REQUIREMENTS FOR AN AGENT

Mature and responsible family person.

Experience and current designation.

For how many years he is living in the city.

Family income.

Any experience in life insurance sector.

Leadership qualities.

Recruitment ProcessDEVELOP A PROFILE

DEVELOP SOURCES OF RECRUITMENT

APPROACHING THE TARGETED RECRUITS

INITIAL SCREENING AND

INTERVIEWS

REALITY CHECK

EARNING POTENTIAL PRODUCT NAME COMMISSIONS

BRIGHT STARS 27%

SECURE CONFIDENT 25%

SPOT SURAKSHA 24%

FUTURE CONFIDENT 22%

MERIT PLUS 20%

DREAM LIFE PENSION 7%

PRODUCTS OF BHARTI –AXA BRIGHT STARS

Parameter Eligibility

Minimum age at entry 18 years

Maximum age at entry 70 years

Maximum age at maturity 70 years

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

for monthly mode

Premium modes Annual, semi-annual and monthly

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

Minimum top-up premium Rs. 2,500

SPOT SURAKSHA

PARAMETER ELIGIBILITY

Minimum age at entry 5 years

Maximum age at entry 55 years

Maximum age at maturity 70 years

Minimum premium Rs. 12,000 p.a

Premium Modes Annual, Semi-annual and monthly

Policy term 15 years

Minimum top up premium Rs. 5,000

DREAM LIFE PENSIONPARAMETER ELIGIBILITY

Minimum age at entry 18 years

Maximum age at entry 70 years

Minimum age at vesting

Maximum age at vesting

45 years

80 years

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

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

Minimum policy term 10 years

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

top up allowed only after first policy year.

MERIT PLUSPARAMETER ELIGIBILITY

Minimum age at entry 0 year

Maximum age at entry 60 years

55 years

Maturity age 80 years

75 years

Policy benefit period 80 year less age at entry

75 years less age at entry

Premium payable period Yearly, Half-Yearly And Monthly

Minimum premium Rs.10,000

Minimum Top-up premium 500

FUTURE CONFIDENT PARAMETER ELIGIBILITY

Minimum age at entry 0 year

Maximum age at entry 60 years

Maturity age 70 years

Policy benefit period 70 year less age at entry

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

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

quarterly and Rs.834 for monthly premium

Minimum Top-up premium 500

SECURE CONFIDENCEParameter Eligibility

Minimum age at entry 18 years

Maximum age at entry 55 years

Minimum sum assured Rs.5 ,00,000

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

quarterly and Rs.135 for monthly premium

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

Maximum age at maturity. 60 years

Premium paying term Equal to the policy benefit period.

Career with Bharti AXAOpportunity to earn unlimited income.  Career Growth.Be your own boss.High quality training & Support to improve

productivity.Compensation amongst the best.Club member benefits.Payout structured to facilitate your cash flows

better.Best in class & competitive products.Pension for life.

Research methodology COLLECTION OF DATA :Types of Data:

There are two Types of data which makes relevance in the process of research and help in the process of analyzing them and get on proper conclusions.

1. PRIMARY DATA 2. SECONDATY DATA

PRIMARY DATA: Survey on different institute, DEALERS, SHOPS, INDIVIDUALS,

ETC.

SECONDARY DATA: Company Guide Internet Magazines

ConclusionEvery plan has certain tax benefits covered

under the Income Tax Act, 1961.In Bharti –Axa Life Insurance Co. Ltd., no

surrender charge is applicable after 6 years .The popular plans are Merit Plus, Bright

Stars, Wealth Confident, Dream Life Pension.All terms and conditions should be read in

the policy by the policyholder before hand.Laws, rules and regulations are subject to

change without notice.