IN COMPANY TRAINING REPORT

ON

“RECRUITMENT AND SELECTION PROCESS OF

KOTAK MAHINDRA LIFE INSURANCE”

COMPLETED IN

KOTAK MAHINDRA LIFE INSURANCE

SUBMITTED IN THE PARTIAL FULFILLMENT OF THE REQUIREMENT OF

BACHELOR OF BUSINESS ADMINISTRATION (BBA)

GURU NANAK DEV UNIVERSITY

TRAINING SUPERVISOR SUMBITTED BY

Jaswindra Bindra Roneet Kumar

(Branch Manager) Enrollment No. 10541202202

Batch:2012-2015

GURU NANAK DEV UNIVERSITY, AMRITSAR

DECLARATION

This Project Report is submitted at Guru Nanak Dev University, Amritsar towards “In-

Company Training & Project Report (BBA – 6th Semester) for the partial fulfillment of

Degree of Bachelor of Business Administration (BBA).

I, hereby declare that this is the original work done and the information provided in the

Project Report is authentic and not copied from anywhere and neither submitted in any

other degree / diploma programme.

Signature of Student

ACKNOWLEDGEMENT

I express my sincere thanks to all the faculties for guiding me right from the inception till

the successful completion of the project. I sincerely acknowledge them for extending her

valuable guidance, support for literature, critical reviews of the project. I thank her for the

much needed timely advice and suggestion that she has provided. She has also helped me

to understand the theories of Human Resource.

I consider it a pleasant duty and take the opportunity to express my heartfelt appreciation,

gratitude and indebtedness to Ms. Jaswinder Bindra for her keen interest, invaluable pains

taking & excellent guidance, patience, endurance, encouragement & thoughtful advice

for the project work. She has been instrumental in making me understand the procedures

and policies of Kotak Mahindra Life Insurance. Her kind support and guidance

throughout the course of this project has helped me to complete my work effectively and

efficiently.

I feel gratitude for my family members for their moral support and help which they

provided me during the course of project work. I am also thankful to my friends who

gave me continuous inspiration to complete this project successfully.

Roneet Kumar

EXECUTIVE SUMMARY

Someone has greatly said that practical knowledge is far better than classroom teaching.

During this project fully realized this and come to know about the present real world of

insurance. Since it include all the activities involved in selling insurance products directly

to financial customers. Pleased to know about the customer’s wants and various activities

in the real world of insurance product. The Subject of the study is “Recruitment and

Selection process in Kotak Mahindra life insurance .”

The objective of my project is “Recruitment and Selection process” in Kotak Mahindra

Life Insurance (a leading insurance organization) and determines the satisfaction level

of the training among the Agents in the company. This project report is a review based on

theory as well as research.

To accomplish the above, around 100 Agents of Kotak Mahindra Life Insurance were

surveyed and interviewed. The core purpose of the survey was to find out employee

perspective towards the training (mainly induction) that are given to t hem.

The report is made useful for readers by incorporating Suggestions and

Recommendations for all concerned on how to make a grand success of training process

followed by their organizations.

TABLE OF CONTENTS

Chapters Page No.

1. Introduction

1.1 Overview of Industry as a whole 1-7

2. Profile and Organisation structure of the company

o Origin 8-14

o Recent Achievements 14-16

o Mission & Vision 16-17

o Products 17-21

o Organisational Structure 22-29

2.2 Introduction to the topic 30-40

3. Objective 41

3.1 Objectives of the study

4. Research Methodology 42-44

o Research Design

o Sources of Data

o Sampling Techniques

o Sample Size

o Methods of Data Collection

o Tools and Techniques of Analysis

o Limitations of the Study

5. Data Analysis and Interpretation 45-54

6. Findings 55

7. Recommendations 56

ANNEXURES

BIBLIOGRAPHY

CHAPTER 1

INTRODUCTION

1.1 OVERVIEW OF INDUSTRY AS WHOLE

Industry profile The insurance industry in India can broadly classify in two parts. They are.

1) Life insurance.

2) Non-life (general) insurance.

1) Life insurance:-

Life insurance can be defined as “life insurance provides a sum of money if the

person who is insured dies while the policy is in effect”.

In 1818 British introduced to India, with the establishment of the oriental life

insurance company in Calcutta. The first Indian owned Life Insurance Company; the

Bombay mutual life assurance society was set up in 1870. The life insurance act, 1912

was the first statuary measure to regulate the life insurance business in India. In 1983, the

earlier legislation was consolidated and amended by the insurance act, 1938, with

comprehensive provisions for detailed effective control over insurance. The union

government had opened the insurance sector for private participation in 1999, also

allowing the private

Companies to have foreign equity up to 26%. Following the opening up of the

insurance sector, 12 private sector companies have entered the life insurance business.

Benefits of life insurance:

1. Life insurance encourages saving and forces thrift.

2. It is superior to a traditional savings vehicle.

3. It helps to achieve the purpose of life assured.

4. It can be enchased and facilitates quick borrowing.

5. It provides valuable tax relief.

Thus insurance is found to be very useful in the lives of the person both in short term and

long term.

Fundamental principles of life insurance contract:-

1) Principle of almost good faith:

“A positive duty to voluntary disclose, accurately and fully, all facts, material to

the risk being proposed whether requested or not”.

2) Principle of insurable interest:

“Relationships with the subject matter (a person) which is recognized in law and

gives legal right to insure that person”.

2) Non-life (general) Insurance:-

Triton insurance co. ltd was the first general insurance company to be established in

India in 1850, whose shares were mainly held by the British. The first general insurance

company to be set up by an Indian was Indian mercantile insurance co. Ltd., which was

stabilized in 1907. There emerged many a player on the Indian scene thereafter.

The general insurance business was nationalized after the promulgation of General

Insurance Corporation (GIC) OF India undertook the post-nationalization general

insurance business.

A Brief History of Insurance Sector:

Insurance in India can be traced back to the Vedas. For instance, yogakshema, the name

of Life Insurance Corporation of India's corporate headquarters, is derived from the Rig

Veda. The term suggests that a form of "community insurance" was prevalent around

1000 BC and practiced by the Aryans. Burial societies of the kind found in ancient

Rome were formed in the Buddhist period to help families build houses, protect

widows and children.

Bombay Mutual Assurance Society, the first Indian life assurance society, was formed

in 1870. Other companies like Oriental, Bharat and Empire of India were also set up in

the 1870-90s. It was during the swadeshi movement in the early 20th century that

insurance witnessed a big boom in India with several more companies being set up. The

Insurance Act was passed in 1912, followed by a detailed and amended Insurance Act

of 1938 that looked into investments, expenditure and management of these companies'

funds. The insurance sector in India has come a full circle from being an open

competitive market to nationalization and back to a liberalized market again.

Tracing the developments in the Indian insurance sector reveals the 360-degree turn

witnessed over a period of almost 190 years.

The business of life insurance in India in its existing form started in India in the year

1818 with the establishment of the Oriental Life Insurance Company in Calcutta.

Some of the important milestones in the life insurance business in India are shown

in the table below:

The General insurance business in India, on the other hand, can trace its roots to the

Triton Insurance Company Ltd., the first general insurance company established in the

year 1850 in Calcutta by the British.

For years thereafter, insurance remained a monopoly of the public sector. It was only

after seven years of deliberation and debate - after the RN Malhotra Committee report of

1994 became the first serious document calling for the re-opening up of the insurance

sector to private players -- that the sector was finally opened up to private players in

2001.

The Insurance Regulatory & Development Authority, an autonomous insurance regulator

set up in 2000, has extensive powers to oversee the insurance business and regulate in a

manner that will safeguard the interests of the insured. The history of life insurance in

India dates back to 1818 when it was conceived as a means to provide for English

Widows. Interestingly in those days a higher premium was charged for Indian lives than

the non-Indian lives as Indian lives were considered more risky for coverage.

The Bombay Mutual Life Insurance Society started its business in 1870. It was the first

company to charge same premium for both Indian and non-Indian lives. The Oriental

Assurance Company was established in 1880. The General insurance business in India,

on the other hand, can trace its roots to the Triton (Title) Insurance Company Limited, the

first general insurance company established in the year 1850 in Calcutta by the British.

Till the end of nineteenth century insurance business was almost entirely in the hands of

overseas companies.

Insurance regulation formally began in India with the passing of the Life Insurance

Companies Act of 1912 and the provident fund Act of 1912. Several frauds during 20's

and 30's sullied insurance business in India. By 1938 there were 176 insurance

companies. The first comprehensive legislation was introduced with the Insurance Act of

1938 that provided strict State Control over insurance business. The insurance business

grew at a faster pace after independence. Indian companies strengthened their hold on

this business but despite the growth that was witnessed, insurance remained an urban

phenomenon.

The Government of India in 1956, brought together over 240 private life insurers and

provident societies under one nationalized monopoly corporation and Life Insurance

Corporation (LIC) was born. Nationalization was justified on the grounds that it would

create much needed funds for rapid industrialization. This was in conformity with the

Government's chosen path of State lead planning and development.

The (non-life) insurance business continued to thrive with the private sector till 1972.

Their operations were restricted to organized trade and industry in large cities. The

general insurance industry was nationalized in 1972. With this, nearly 107 insurers were

amalgamated and grouped into four companies- National Insurance Company, New India

Assurance Company, Oriental Insurance Company and United India Insurance Company.

These were subsidiaries of the General Insurance Company (GIC).

Indian federal government considers insurance as one of major sources of funds for

infrastructure development. The government has identified the following as major thrust

areas:

* Timely and reliable statistical data and information about policies and markets to instill

a degree of credibility;

* A code of good practices based on international best practices to raise the standard of

Indian insurance sector;

* Strengthening of supervision and regulation;

* Market participation in decision-making;

* High solvency standard' and Developing alternative channels.

Till end of 1999-2000 fiscal years, two state-run insurance companies, namely, Life

Insurance Corporation (LIC) and General Insurance Corporation (GIC) were the

monopoly insurance (both life and non-life) providers in India. Under GIC there were

four subsidiaries-- National Insurance Company Ltd, Oriental Insurance Company Ltd,

New India Assurance Company Ltd, and United India Assurance Company Ltd. In fiscal

2000-01, the Indian federal government lifted all entry restrictions for private sector

investors. Foreign investment insurance market was also allowed with 26 percent cap.

GIC was converted into India's national reinsure from December, 2000 and all the

subsidiaries working under the GIC umbrella were restructured as independent insurance

companies.

Indian Parliament has cleared a Bill on July 30, 2002 de-linking the four subsidiaries

from GIC. A separate Bill has been approved by Parliament to allow brokers,

cooperatives and intermediaries in the sector. Currently insurance companies- both

private and public-- have to cede 20 percent of its reinsurance with GIC. GIC is planning

to increase re-insurance premium by 20 percent which works out at Rs 3000 cr. GIC is

actively considering entry into overseas markets including West Asia, South-east Asia

and SAARC region.

Insurance Sector Reforms:

In 1993, Malhotra Committee, headed by former Finance Secretary and RBI Governor R.

N. Malhotra, was formed to evaluate the Indian insurance industry and recommend its

future direction.

The Malhotra committee was set up with the objective of complementing the reforms

initiated in the financial sector.

The reforms were aimed at “creating a more efficient and competitive financial system

suitable for the requirements of the economy keeping in mind the structural changes

currently underway and recognizing that insurance is an important part of the overall

financial system where it was necessary to address the need for similar reforms…”

IRDA – INDUSTRIAL DEVELOPMENT AND REGULATION ACT,

Insurance Regulatory and Development Authority (IRDA) is an autonomous apex

statutory body which regulates and develops the insurance industry in India. It was

constituted by a Parliament of India act called Insurance Regulatory and Development

Authority Act, 1999 and duly passed by the Government of India.

The agency operates from its headquarters at Hyderabad, Telangana where it shifted

from Delhi in 2001.

IRDA batted for a hike in the foreign direct investment (FDI) limit to 49 per cent in the

insurance sector from the erstwhile 26 per cent. The FDI limit in insurance sector was

raised to 49% in July 2014.

HISTORY OF IRDA

The IRDA Act, 1999 was passed as per the major recommendation of the Malhotra

Committee report (7 jan,1994) which recommended establishment of an independent

regulatory authority for insurance sector in India. Later, It was incorporated as a statutory

body in April, 2000. The IRDA Act, 1999 also allows private players to enter the

insurance sector in India besides a maximum foreign equity of 26 per cent in a private

insurance company having operations in India. The Insurance Bill proposes to raise the

FDI limit in insurance sector to 49%. Proposed by UPA government in July 2013, it is

still pending discussion in Rajya Sabha. It serves as an Authority to protect the interests

of holders of insurance policies, to regulate, promote and ensure orderly growth of the

insurance industry and for matters connected therewith. IRDA role is to protect rights of

policy holders & they provide registration certification to life insurance companies &

responsible for renewal, modification, cancellation & suspension of this registered

certificate.

CHAPTER 2

PROFILE AND ORGANISATION STRUCTURE OF THE

COMPANY

Kotak Mahindra Life Insurance

Origin

Kotak Mahindra is one of India's leading financial organizations, offering a wide range of

financial services that encompass every sphere of life. From commercial banking, to

stock broking, to mutual funds, to life insurance, to investment banking, the group caters

to the diverse financial needs of individuals and corporate.

The group has a net worth of over Rs. 6,523 crores and has a distribution network of

branches, franchisees, representative offices and satellite offices across cities and towns

in India and offices in New York, London, San Francisco, Dubai, Mauritius and

Singapore. The Group services around 6.2 million customer accounts.

Brief history:

Kotak Mahindra group, established in 1985 by Uday Kotak, is one of India’s leading

financial services conglomerates. In February 2003, Kotak Mahindra Finance Ltd.

(KMFL), the Group’s flagship company, received a banking license from the Reserve

Bank of India (RBI). With this, KMFL became the first non-banking finance company in

India to be converted into a bank – Kotak Mahindra Bank Limited (KMBL).

In a study by Brand Finance Banking 500, published in February 2014 by the Banker

magazine (from The Financial Times Stable), KMBL was ranked 245th among the

world’s top 500 banks with brand valuation of around half a billion dollars ($481 million)

and brand rating of AA+.[2] [3] KMBL is also ranked among the top 5 Best Ranked

Companies for Corporate Governance in IR Global Ranking.

Year Milestone

1986 Kotak Mahindra Finance Limited commences bill discounting business

1987 Kotak Mahindra Finance Limited enters leasing and hire purchase business

1990 Starts the auto finance division for financing passenger cars

1991 Launches investment banking business

1992 Enters the funds syndication business

1995

Commenced joint venture with Goldman Sachs Group Inc.

Investment Banking division incorporated into a separate company - Kotak

Mahindra Capital Company

1996

The auto finance business is hived off into a separate company - Kotak Mahindra

Prime Limited (formerly known as Kotak Mahindra Primus Limited).

Kotak Mahindra takes a significant stake in Ford Credit Kotak Mahindra Limited,

for financing Ford vehicles.

1998 Launches mutual fund through Kotak Mahindra Asset Management Company

(KMAMC).

2000 Kotak Securities launches online broking business (now

www.kotaksecurities.com[5]).

2001 Launches insurance business, partners Old Mutual plc to form Kotak Mahindra Old

Mutual Life Insurance Ltd.

2003

Kotak Mahindra Finance Ltd. (KMFL), the group's flagship company, receives

banking license from the Reserve Bank of India (RBI). With this, KMFL becomes

the first non-banking finance company to be converted into a commercial bank -

Kotak Mahindra Bank Ltd.

2004 Enters alternate assets business with the launch of a private equity fund.

2005

Kotak Mahindra Group realigns joint venture in Ford Credit; takes 100%

ownership of Kotak Mahindra Prime (formerly known as Kotak Mahindra Primus

Limited) and sells its stake in Ford credit Mahindra to Ford.

2005 Launches a real estate fund

2006 Buys out Goldman Sachs ' equity stake in Kotak Mahindra Capital Company and

Kotak Securities Ltd.

2008 Launched a Pension Fund under India's National Pension System (NPS)

2009

Kotak Mahindra Bank Ltd. opens a representative office in Dubai

Kotak Mahindra Bank Ltd. becomes anchor investor in Ahmedabad Commodities

Exchange (ACE)

AWARDS AND RECOGNITION

Won ‘Gold Award for Best Innovation – World’s first socially powered bank

account’ and ‘Gold Award for Best App developed – World’s first banking

application using Twitter’ awards at the Indian Digital Media Awards 2014 for Kotak

Jifi

Recognised as Highest Fundraising Company in Corporate Challenge category in

Standard Chartered Mumbai Marathon 2014

Kotak Mahindra Bank was ranked 292nd among India's most trusted brands

according to the Brand Trust Report 2012, a study conducted by Trust Research

Advisory. In the Brand Trust Report 2013, Kotak Mahindra Bank was ranked 861st

among India's most trusted brands and subsequently, according to the Brand Trust

Report 2014, Kotak Mahindra Bank was ranked 114th among India's most trusted

brands.[6]

Adjudged Best Bank among Emerging Banks at Outlook Money Awards 2013

Adjudged Best Medium Sized Bank of the Year 2013 by BusinessWorld

Kotak Junior ad film adjudged Best Banking Ad Worldwide 2013, by Bank

Innovation – a leading global blog on banking

Won Asian Banker’s IT Award in Best Self Service category for Courtesy Call Back

feature

Won ‘Platinum for Innovation – World’s first Twitter Enabled Banking Product’,

‘Gold for Best Usage of Viral Marketing’, ‘Gold for Best Usage of Social Media’,

‘Gold for Best Usage of Digital Marketing’ and ‘Gold for Best Digital Strategy’ at

Campaign India Digital Crest Awards 2013 for Kotak Jifi

Won EMC Transformer Award 2013 for innovative implementation of storage

technologies in the Bank

Won National Securities Depository Ltd. (NSDL) award in the Best Performer in

account Growth Rate category 2013, for Demat Accounts.

Kotak’s Corporate Identity

Kotak Mahindra Old Mutual Life Insurance Ltd.

Kotak Mahindra Old Mutual Life Insurance is a 74:26 joint venture between Kotak

Mahindra Bank Ltd. and Old Mutual plc. Kotak Mahindra Old Mutual Life Insurance is

one of the fastest growing insurance companies in India and has shown remarkable

growth since its inception in 2001.

Old Mutual, a company with 160 years experience in life insurance, is an international

financial services group listed on the London Stock Exchange and included in the FTSE

100 list of companies, with assets under management worth $ 400 Billion as on 30th

June, 2006. For customers, this joint venture translates into a company that combines

international expertise with the understanding of the local market.

The Kotak Mahindra group

The Kotak Mahindra group is one of India’s leading banking and financial services

organizations, with offerings across personal financial services; commercial banking;

corporate and investment banking and markets; stock broking; asset management and life

insurance.

Kotak Mahindra believes in offering its customers a lifetime of value. A commitment that

has made it a leading financial services group with a net worth of over Rs. 3,200 crore,

employing around 10,800 people in its various businesses and has a distribution network

of branches, franchisees, representative offices and satellite offices across 300 cities

and towns in India and offices in New York, London, Dubai, Mauritius and Singapore.

The Group services around 2.6 million customer accounts. Old Mutual plc is an

international savings and wealth management company based in the UK. Originating in

South Africa in 1845, the group has a balanced portfolio of businesses offering asset

management, life assurance, banking and general insurance services in over 40 countries,

with a focus on South Africa, Europe and the United States, and a growing presence in

Asia Pacific. The group aims to provide consistent strong investment performance to

customers through diversified risk exposure and superior returns. By conducting its

business worldwide under its core values of integrity, respect and accountability, Old

Mutual aspires to push beyond boundaries to drive value for all its stakeholders. Old

Mutual is the 37th largest company in the FTSE100 with a market cap of approximately

£10 billion and is listed on the London, Johannesburg and Stockholm stock exchanges. It

has 53,000 employees worldwide. For the quarter ended 31st March 2007, the group

reported an increase in adjusted operating profit of 5% to £398 million (IFRS basis) and

had £249 billion of funds under management. For customers, this joint venture translates

into a company that combines international expertise with the

Understanding of the local market.

Old Mutual plc

Old Mutual, a company, is an international financial services group listed on the London

Stock Exchange and included in the FTSE 100 list of companies, with assets under

management worth $ 400 Billion as on 30th June, 2006. For customers, this joint venture

translates into a company that combines international expertise with the understanding of

the local market

Originating in South Africa in 1845, Old Mutual plc is a world-class international savings

and wealth management company based in the UK with 160 years experience in life

insurance. The group has a balanced portfolio of businesses offering Asset Management,

Life Assurance, Banking and General Insurance Services in over 40 countries, with a

focus on South Africa, Europe and the United States, and a growing presence in Asia

Pacific. Old Mutual plc employs approximately 54,000 employees worldwide with its

primary listing on the London, secondary listing on the Johannesburg stock exchanges

as well as in Namibia, Malawi and Zimbabwe. The Old Mutual Group has the ability to

cater for a variety of consumer segments and offers a comprehensive and innovative

range of products for all income groups

Kotak Mahindra Old Mutual Life Insurance Ltd

Kotak Mahindra Old Mutual Life Insurance Ltd is a joint venture between Kotak

Mahindra Bank Ltd., its affiliates and Old Mutual plc. A company that combines its

international strengths and local advantages to offer its customers a wide range of

innovative life insurance products, helping them in taking important financial decisions at

every stage in life and stay financially independent. The company is one of the fastest

growing insurance companies in India and has shown remarkable growth since its

inception in 2001. Kotak Life Insurance employs around 5,565 people in its various

businesses and has 197 branches across 141 cities.

Recent Achievements of Kotak Mahindra life insurance

Kotak Mahindra Old Mutual Life Insurance Limited was established in 2000 as a joint

venture between Kotak Mahindra Bank Ltd and affiliates (KMBL holds a share of 74% in

the JV) and Old Mutual plc, London (26%) Kotak Mahindra Old Mutual Life Insurance

Limited,, has announced a growth of 71 per cent in its first year premium income (YTD

August 2004). From a premium income of Rs21.14 crore in YTD August 2003, the

insurance company has posted an income of Rs36.30 crore in YTD August 2004.

Commenting on the performance, Shivaji Dam, managing director of Kotak Life

Insurance said, "We are maintaining a consistency in our performance to enable us to

achieve our target of 100 per cent growth this year. A 71 per cent growth over last year as

on August is a milestone in itself. With the Indian insurance market on an upward trend,

the company has now shifted to an aggressive growth path. The building blocks now well

in place are beginning to deliver; we have grown faster than the private sector average.

The key drivers for this growth have been the customer-oriented products, world-class

training modules for our life advisors, a renewed focus on upper and middle class target

segments, our geographical mapping-distribution channels and the fund performance."

With 1,000 people on its rolls backed by another 6,800 life advisors, Kotak Life

Insurance has established a strong presence in over 42 branches across 30 cities in India.

The company has adopted a segmented product development strategy to create unbundled

and standalone products.

Dam also added, "We are here not only to gain market share or a share of the customer's

pocket, but also to make a difference in consumers' lives by securing their future, be it

through car finance, stock broking, public issues, wealth management, and even banking.

We have a firm grip over the mind share that will eventually lead to a highly sustainable

market share in the long run."

1. Total assets managed by the Kotak Mahindra Group stand at around USD 7.6 billion.

It is amongst the few banks in India to have a non-profitable asset level of just 0.33%.

2. KMBL was the first non-banking financial company (NBFC) to receive a retail bank

license in 2003.

3. In the life insurance market, Kotak Life Insurance registered an adjusted premium

(single premium: 1/10) growth of over 87% from financial year 2006-07 to financial

year 2007-08 (period April 1, to March 31).

4. Kotak Life Insurance, with 188 branches in over 130 cities, and a work force of

around 6,000 employees, is a company with a high level of brand awareness in the

market.

5. Kotak Life Insurance aspires to a spiraling growth with a strong focus on the

customer, products, mapping of geographic distribution channels and fund

performance.

6. It is a Member of the Swiss Life Network since 2003.

7. Kotak Old Mutual Life Insurance Company reported a PAT of Rs. 143 mn for FY09

(FY08 loss of Rs.719 mn). Q4FY09 profits were Rs. 397 mn,(Q3FY09 - Rs 94 mn;

Q4 FY08 - Rs.17 mn).

8. Life Insurance premium income up to Rs. 23,432 mn in FY09 (Rs 16,911 mn in

FY08) and Rs. 9,059 mn in Q4FY09 (Q4 FY08 - Rs 8,056 mn)

9. During the quarter, the Group has taken possession of a property at Bandera Kurla

Complex, Mumbai for setting up its corporate office. This is consequent to resolution

of an account which was acquired from other Banks.

Total assets managed/ advised by the Group (including alternate assets) as on March 31,

2009 were Rs 339 bn (December 30, 2008 – Rs 320bn and March 31,2008 - Rs 365 bn).

Kotak Mahindra Group

Kotak Mahindra is one of India's leading financial organizations, offering a wide range of

financial services that encompass every sphere of life. From commercial banking, to

stock broking, to mutual funds, to life insurance, to investment banking, the group caters

to the diverse financial needs of individuals and corporate.

The group has a net worth of over Rs. 6,523 crore and has a distribution network of

branches, franchisees, representative offices and satellite offices across cities and towns

in India and offices in New York, London, San Francisco, Dubai, Mauritius and

Singapore. The Group services around 6.2 million customer accounts

Mission and Vision of the Kotak group

1) Mission

We focus on the needs of our customers and create confidence, trust and loyalty by

offering a wide range of innovative insurance solutions.

Strengthened by our commitment to professional management, we ensure the continued

growth and advancement of our employees

2) Vision

Kotak Life Insurance has a deep rooted commitment to improve the quality of life of its

customers, employees and stakeholders. We aim at improving the long term value in our

relationship by continuous innovation and improvements. We do this by our three-prong

effort which strives to make Kotak Life Insurance a corporate with values.

Products

Kotak Life Insurance offers a range of innovative, customer-centric products that meet

the needs of customers at every life stage. Its products can be enhanced with up to 4

riders, to create a customized solution for each policyholder.

1. Protection Plans:

Kotak Loan Protection Plan is a protection plan that helps share the

burden of your loan.

Child

Plan a good future for your

child.

Retirement

The road to retirement, Make it easy

Savings & Investments

Manage today for a better

tomorrow.

Protection

Helping you to grow and protect

your wealth.

Kotak Eternal Life Plans are participating whole life plans that provide

enhanced protection till the golden age of 99

The Kotak Term/Preferred Term Plan is a pure risk cover plan that

provides you with a high level of protection at nominal costs.

2. Retirement Plans:

Kotak secure retirement plan is an ideal retirement solution is one that gives you

complete flexibility and peace of mind, not only while you save for your retirement but

also after you retire.

The Kotak Retirement Income Plan is a savings plan designed to meet your

post-retirement needs. It is a plan that gives you "Jeene ki azaadi".

Kotak Retirement Income Plan is an ideal retirement solution that gives you

complete flexibility and peace of mind, not only while you save for your

retirement but also after you retire.

Kotak Long Life Wealth Plus is an intelligent investment plan that helps you

build your future net worth with power-packed features that actively monitor and

manage your investment growth

3. Savings & Investment Plans:

Kotak platinum advantage plus lets you live life on your own terms; always

doing what you've believed in. It is for those who are used to having the luxury of

choice and the power to control.

Kotak Safe Investment plan is the ideal investment plan for you with its unique

“Seal of Guarantee” offer that not just gives you the best of bull markets but also

eliminates any capital loss in falling markets.

Kotak Platinum Advantage Plan features capital protection, embedded

investment advice, life cover and aggressive market linked growth options.

The Kotak Capital Multiplier Plan is the only plan of its kind that allows you

to enjoy returns even beyond maturity.

Kotak Endowment Plan is a participating endowment plan that provides you an

avenue for long term regular investments to accumulate a lump sum on maturity.

Sukhi Jeevan is a long-term savings and protection plan that keeps pace with

your changing needs at every step of life.

Kotak Smart Advantage is an intelligent unit-linked plan that is based upon the

idea of regular savings and systematic accumulation of wealth in the long term.

Kotak flexi plan offers you an ideal market-linked investment plan that helps

you create your own financial future by offering you the flexibility and control

over your money.

Kotak Easy Growth plan is a single premium investment plan that generates

value for you for whole life as well as provides protection to your family in case

of unforeseen events.

Kotak Money plus :This plan offers the key benefit of cash lump sums at

periodic intervals of five years ensuring that you are able to meet any of your

financial obligations.

Kotak Premium Return Plan: This plan offers the key benefit of cash lump

sums at periodic intervals of five years ensuring that you are able to meet any of

your financial obligations.

4. Child Plans:

The Head start Child Plans are specially tailored, cost effective plans that aim

to give your children the financial means to pursue his or her dreams.

The Kotak Child Advantage Plan is an investment plan designed to meet your

child's future financial needs.

Key group companies and their businesses:

Kotak Mahindra Bank The Kotak Mahindra Group's flagship company, Kotak

Mahindra Finance Ltd which was established in 1985, was converted into a bank- Kotak

Mahindra Bank Ltd in March 2003 becoming the first Indian company to convert into a

Bank. Its banking operations offer a central platform for customer relationships across the

group's various businesses. The bank has presence in Commercial Vehicles, Retail

Finance, Corporate Banking, Treasury and Housing Finance.

Kotak Mahindra Capital Company Kotak Mahindra Capital Company Limited

(KMCC) is India's premier Investment Bank. KMCC's core business areas include Equity

Issuances, Mergers & Acquisitions, Structured Finance and Advisory Services.

Kotak Securities Kotak Securities Ltd. is one of India's largest brokerage and securities

distribution houses. Over the years, Kotak Securities has been one of the leading

investment broking houses catering to the needs of both institutional and non-institutional

investor categories with presence all over the country through franchisees and

coordinators. Kotak Securities Ltd. offers online (through www.kotaksecurities.com)

and offline services based on well-researched expertise and financial products to non-

institutional investors.

Kotak Mahindra Prime Kotak Mahindra Prime Limited (KMP) (formerly known as

Kotak Mahindra Primus Limited) has been formed with the objective of financing the

retail and wholesale trade of passenger and multi utility vehicles in India. KMP offers

customers retail finance for both new as well as used cars and wholesale finance to

dealers in the automobile trade. KMP continues to be among the leading car finance

companies in India.

Kotak Mahindra Asset Management Company Kotak Mahindra Asset Management

Company Kotak Mahindra Asset Management Company (KMAMC), a subsidiary of

Kotak Mahindra Bank, is the asset manager for Kotak Mahindra Mutual Fund (KMMF).

KMMF manages funds in excess of Rs 15,916 crore and offers schemes catering to

investors with varying risk-return profiles. It was the first fund house in the country to

launch a dedicated gilt scheme investing only in government securities.

Kotak Mahindra Old Mutual Life Insurance Limited Kotak Mahindra Old Mutual

Life Insurance Limited is a joint venture between Kotak Mahindra Bank Ltd. and Old

Mutual plc. Kotak Life Insurance helps customers to take important financial decisions at

every stage in life by offering them a wide range of innovative life insurance products, to

make them financially independent.

Kotak's International Business With a presence outside India since 1994, the

international subsidiaries of Kotak Mahindra Bank Ltd. operating through offices in

London, New York, Dubai, San Francisco, Singapore and Mauritius specialize in

providing asset management services to specialist overseas investors seeking to invest

into India. The offerings are differentiated India investment solutions that span all major

asset classes including listed equity, private equity and real estate. The subsidiaries also

lead manage and underwrite international issuances of securities. With its commendable

track record, large presence on the ground and a team of dedicated staff in India, Kotak’s

international arm is suitably positioned for managing assets in the Indian Capital markets.

Organisational structure (hierarchy structure)

SWOT ANALYSIS

Strengths

1. A strong backup by two giant organizations KOTAK MAHINDRA is India’s

premier financial institution. And Life Insurance, which is UK’s largest and

world’s second largest Life Insurance organization.

2. KOTAK MAHINDRA Life offers a wide range of insurance policies covering all

types of income groups.

3. The organization offers maximum number of riders / Add On benefits along with

the insurance policies

4. KOTAK MAHINDRA offers triple cover in case of accidental death in mass

surface public transport.

5. Only KOTAK MAHINDRA Life offers major surgical benefit rider.

Weaknesses

1. KOTAK MAHINDRA Life does not offer a critical illness rider, i.e. the policy

continues even after claim to the full face amount. This rider is only offered by

HDFC Standard Life Insurance Company.

2. Only Max New York Life offers COMA, Multiple Sclerosis in critical illness

rider.

3. LIC charges Re. 1 per thousand for accidental death, disability benefit and waiver

of premium rider, but KOTAK MAHINDRA Life charges Rs. 1.35 per thousand

for the same.

4. KOTAK MAHINDRA Life does not offer competitive group insurance policies.

Opportunities

Change in business cycles contributes as an opportunity for the company because

it offers various policies suitable in different economic scenarios.

Large size of untapped population is also an opportunity for KOTAK

MAHINDRA Life.

Change in life style and perception in favor of Life insurance is another

opportunity for KOTAK MAHINDRA Life.

Increased awareness among people regarding benefits of life insurance also

contributes to the opportunities of the company.

Continuous improvement in technology is an opportunity for the organization.

Threats

1. Reducing interest rates for government securities also poses a threat to the

organization.

2. Competition posed by the existing life insurers and new entrants is also a threat to

the company.

3. A fast technological obsolescence is another threat posed by the organization.

COMPETITORS INFORMATION

Life Insurance Corporation

LIC is an autonomous body authorized to run the life insurance business in India with its

head office in Mumbai. It has been established by an act of the Parliament and started

functioning from 01/09/1956. .

LIC is the biggest insurance player in the country. Out of the total premium of Rs 3966

crores generated by the insurance industry through groups.

Bajaj Allianz Life Insurance

Bajaj Allianz Life Insurance is a union between Allianz SE, one of the largest Insurance

Company and Bajaj Finserv.

Allianz SE is a leading insurance conglomerate globally and one of the largest asset

managers in the world, managing assets worth over a Trillion (Over INR. 55, 00,000

Crores). Allianz SE has over 115 years of financial experience and is present in over 70

countries around the world.

ING Vysya Life Insurance

ING Vysya Life Insurance (ING Life), a part of the ING Group the world’s largest

financial services corporation* entered the private life insurance industry in India in

September 2001. Headquartered at Bangalore, ING Life India is staffed by over 6,000

employees and services more than 8 lakhs customers.

Max New York Life Insurance

Max New York Life Insurance Company Limited is a joint venture between Max India

Limited, a multi-business corporate, and New York Life International, a global expert in

life insurance.

New York Life is a Fortune 100 company that has over 160 years of experience in the life

insurance business. Max India Limited is a multi-business corporate dealing in Clinical

Research, IT and Telecom Services, and Specialty Plastic Products businesses.

Max New York Life Insurance started its operations in India in 2000. It is the first life

insurance company in India to be awarded the IS0 9001:2000 certifications. Max New

York offers customized products tailored to suit individual's needs. With its various

Products and Riders, there are more than 400 product combinations to choose from.

Today, Max New York Life Insurance has a network of 57 offices spread over 37 cities all

over India.

MetLife India Insurance

MetLife India Insurance Co. Pvt Ltd is a joint venture between MetLife Group and its

Indian partners. The Indian partners include J&K Bank, Dhanalakshmi Bank, Karnataka

Bank, Karvy Consultants, Geojit Securities, Way2Wealth, and Mini Muthoothu.

Met Life Group has presence in America and Asia and has an experience of over 137

years in providing financial services. The MetLife companies are the number one life

insurer in the U.S. with approximately US $2.8 trillion of life insurance in force. MetLife

serves 88 of the top one hundred FORTUNE 500 companies. MetLife entered Indian

insurance sector in 2001.

SBI Life Insurance:

With SBI Life, we can take care of such happy and unhappy surprises of life; it makes

this a bit easier, so that there is no worry about your children's education, or your family's

future. Whether you are looking for a safe investment vehicle with good returns or life

cover with regular returns in the future, all it needs is one small action on your part.

As the tag line says for SBI “With SBI Life, you're sure”.

Tata AIG Life Insurance

Tata AIG Life Insurance Company Limited (Tata AIG Life) is a joint venture company,

formed by the Tata Group and

American International Group, Inc. (AIG). Tata AIG Life combines the Tata Group’s

pre-eminent leadership position in India and AIG’s global presence as the world’s leading

international insurance and financial services organization. The Tata Group holds 74 per

cent stake in the insurance venture with AIG holding the balance 26 percent. Tata AIG

Life provides insurance solutions to individuals and corporates.

Reliance Life Insurance

Reliance Life Insurance Company Limited is a part of Reliance Capital Ltd. of the

Reliance - Anil Dhirubhai Ambani Group. The company acquired 100 per cent

shareholding in AMP Sanmar Life Insurance Company in August 2005. Taking over AMP

Sanmar Life provided Reliance Life Insurance a readymade infrastructure and a portfolio.

AMP Sanmar Life Insurance was a joint venture between AMP, Australia and the Sanmar

Group. Headquartered in Chennai, AMP Sanmar had over 90 offices across the country,

9,000 agents, and more than 900 employees

Birla Sun Life Insurance

Birla Sun Life Insurance Company Limited is a joint venture between Aditya Birla Group

and Sun Life Financial of Canada. Aditya Birla Group is an Indian multinational

conglomerate with presence in India, Thailand, Indonesia, Malaysia, Philippines, Egypt,

Canada, Australia and China.

Sun Life Assurance, Sun Life Financials primary insurance business, is one of the leading

insurance companies of the world and ranks amongst the largest international financial

services organizations in the world. The Group has presence in several countries such as

Canada, United States, Philippines, Japan, Indonesia, India and Bermuda.

Bajaj Allianz General Insurance Company Limited

Bajaj Allianz General Insurance Company Limited is a joint venture between Bajaj Auto

Limited and Allianz AG of Germany. Both enjoy a reputation of expertise, stability and

strength.

Bajaj Allianz General Insurance received the Insurance Regulatory and Development

Authority (IRDA) certificate of Registration (R3) on May 2nd, 2001 to conduct General

Insurance business (including Health Insurance business) in India. The Company has an

authorized and paid up capital of Rs 110 crores. Bajaj Auto holds 74% and the remaining

26% is held by Allianz, AG, and Germany.

In its first year of operations, the company has acquired the No. 1 status among the

private non-life insurers. As on 31st March 2003, Bajaj Allianz General Insurance

maintained its leadership position by garnering a premium income of Rs.300 Crores.

Bajaj Allianz also became one of the few companies to make a profit in its first full year

of operations. Bajaj Allianz made a profit after tax of Rs.9.6 crores.

2.2 Introduction to the Topic :

RECRUITMENT AND SELECTION PROCESS

The recruitment and selection process is the major function of the human resource

department and recruitment process is the first step towards creating the competitive

strength and the recruitment strategic advantage for the organization.Recruitment process

involves a systematic procedure from sourcing the candidates to arranging and

conducting the interviews and requires many resources and time.A general recruitment

process is as follows:

Identifying the vacancy:

The recruitment process begins with the human resource department receiving requisition

for recruitment from any department of the company.these contain:

Post to be filled.

Number of persons.

Duties to be performed.

Qualification required.

Preparing the job description and person specification.

Locating and developing the sources of required number and type of

employees(adverising etc).

Short listing and identifying the prospective employees with the required

characterstics.

Arranging the interviews with the selected candidates.

Conducting the interview and decision making.

The purpose and importance of Recruitment given below:

Attract and encourage more candidates to apply in the organization

Create a talent pool of candidates to enable the selection of best candidates for the

organization.

Determine present and future requirement of the organization in conjunction with

its personally planning and job analysis activities.

Recruitment is the process which lines the employers with the employers

Increase the pool of job candidates at minimum cost.

Helps increase the success rate of selection process by decreasing number of visibly

under qualified or overqualified job applicants.

Help reduce the probability that job applicants once recruited and selected will leave the

organization only after a short period of time.

Meet the organization legal and socialobligantion regarding the composition of its

workforce.

Begin identifying and preparing potential job applicants who will be appropriate

candidates.

Increase organization and individual effectiveness of various recruiting techniques and

sources for all types of job applicants.

Every organisation has the option of choosing the candidates for its recruitment processes

from two kinds of sources:internal and external source.

The sources within the organisation itself(like transfer of employees from one department

to other,promotion)to fill a position are known as the internal sources of

recruitment.Recruitment candidates from all the other sources (like outsourcing agencies

etc.)are known as the external sources of the recruitment.

FACTORS AFFECTING RECRUITMENT

In today’s rapidly changing business environment, a well defined recruitment policy is

necessary for organization to respond to its human resource requirement in time.

Therefore, it is important to have a clean and concise recruitment policy in place, which

can be executed effectively to recruit the best talent pool for the selection of the right

candidate at the right place.

COMPONENET OF THE RECRUITMENT POLICY

The general recruitment policies and terms of the organization

Recruitment services of consultants

Recruitment of temporary employees

Unique recruitment situation

The selection process

The job description

EXTERNAL FACTORS

1) suppy and demand

2) labour market

3)image/goodwill

4)political social - legal enviroment

5) unempolyment rate

6) competitors

INTERNAL FACTORS

1)recruitment policy

2) human resource planning

3) cost of recruitment

4) size of the firm

5) growth and expansion

The terms and conditions of the employment:

A recruitment policy of an organization should be such that:

It should focus on recruiting the best potential people.

To ensure that every applicant and employee is treated equally with dignity and

respect.

Unbiased policy.

To aid encourage employees in realizing their full potential.

Transparent, task oriented selection given to factors hat suit organization needs.

Optimization of manpower at the time of selection process.

Defining the competent authority to approve each selection.

FACTORS AFFECTING RECRUITMENT POLICY

Organization objectives.

Personnel policies of the organization and its competitors.

Government policies on reservation.

Preferred sources of recruitment.

Needs of the organization.

SELECTION PROCESS

Employee Selection is the process of putting right men on right job. It is a procedure of

matching organizational requirements with the skills and qualifications of people. Effective

selection can be done only when there is effective matching. By selecting best candidate for

the required job, the organization will get quality performance of employees. Moreover,

organization will face less of absenteeism and employee turnover problems. By selecting

right candidate for the required job, organization will also save time and money. Proper

screening of candidates takes place during selection procedure. All the potential candidates

who apply for the given job are tested.

But selection must be differentiated from recruitment, though these are two phases of

employment process. Recruitment is considered to be a positive process as it motivates

more of candidates to apply for the job. It creates a pool of applicants. It is just sourcing of

data.

Once the candidates are selected for the required job, they have to be fitted as per the

qualifications. Placement is said to be the process of fitting the selected person at the right

job or place, i.e. fitting square pegs in square holes and round pegs in round holes. Once he

is fitted into the job, he is given the activities he has to perform and also told about his

duties. The freshly appointed candidates are then given orientation in order to familiarize

and introduce the company to him. Generally the information given during the orientation

programmed includes-

• Employee's layout

• Type of organizational structure

• Departmental goals

• Organizational layout

• General rules and regulations

• Standing Orders

• Grievance system or procedure

In short, during Orientation employees are made aware about the mission and vision of the

organization, the nature of operation of the organization, policies and programmers of the

organization.

The main aim of conducting Orientation is to build up confidence, morale and trust of the

employee in the new organization, so that he becomes a productive and an efficient

employee of the organization and contributes to the organizational success.

RECRUITMENT OF EMPLOYEES

STEP1: Identify vacancy

STEP2: Prepare job description and person specification

STEP3: Advertising the vacancy

STEP4: Managing the response

1

2

3

45

6

7

STEP5: Arrange interviews

STEP6: Conducting interview and decision making

SELECTION OF EMPLOYEES AT KOTAK MAHINDRA LIFE

INSURANCE

1. FINANCIAL ADVISORS

Qualifications for becoming an financial advisor:

The person must be

(a) Not a minor.

(b) Have passed at least the 12th standard or equivalent examination, if he is to be

appointed in a place with a population of 5,000 or more. (10th standard

otherwise.)

(c) Have undergone practical training for at least 100 hours in life or general

insurance business, as the case may be, form an institution, approved and

notified by the IRDA. IN the case of a person wanting to become a composite

insurance agent, the applicant should have completed at least 75 hours

practical training in life and general insurance business, which may be spread

over six to eight weeks.

(d) Have passed the pre-recruitment examination conducted by the insurance

institute of India or any other examination body authorized by the IRDA

Functions of an financial advisor

Understanding the prospect’s needs and persuade him to buy a plan of life

insurance that Complete the formalities:- paper work, medical examination,

which are necessary to get the policy expeditiously.

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.

2. REGIONAL SALES MANAGER:

Qualification: MBA and about 8-10years of experience, at least 4 years retail

sales management experience

Job profile Description:

Monitors and drives timely recruitment of agents and agency managers

Monitors and reviews sales performance parameters on a daily basis

Initiates and tracks activities for continuous lead generation

Provides inputs for development of operational plans and target setting for the

agency channel

Provides inputs for creation of annual DAP

3. UNIT MANAGER:

Qualification: Graduate preferably MBA with high communication skills. 2-4 years

experience in sales, FMCG, Consumer durables, Banking and Financial Products,

Concept Selling, Media and Advertisement, Service Industry, Direct Marketing,

Insurance Sector. The candidate should have zeal to strive hard to climb the ladder in the

organization. A hard worker can come up within 6 Months, by good performance

Job profile:

Candidate should need to handle the team of advisors.

Train these advisers for selling insurance policies,

Lead the Team of advisers to be active and productive.

And generating business for the company

4. AGENCY MANAGER:

Qualification: Minimum graduate of 2 yrs and above experience

Should be experienced in the sales field (FMCG, direct sales, insurance,; etc)

Should be a locality or living in city for more than 5 years.

Job Profile:

Recruiting the team of financial advisors

Training, motivating and monitoring the team

Setting the targets and timely review of the team performance

Responsible for the business increment

5. SALES MANAGER:

1) Qualification

Any graduate of 3+yrs sales experience.

Should be from the insurance currently.

Should have exp in handling the team.

(only insurance candidates are preferred)

Job profile:

Involving in Selling of insurance products.

Handling the team of 8-10 DST of the company.

Monitoring the team members.

Generating the business from them.

6. TERRITORY SALES MANAGER:

Qualification:

Education: Graduate/Postgraduate

Personal Characteristics & Behaviors:

1. Need to be good in Personal Relation.

2. Clarity in communication

Job profile:

Territory Sales Manager – Prepaid Sales (Level – Senior Executive / Asst Manager)

The candidate must be Graduate/ MBA with 2 – 3 years of experience in Channel Sales.

Candidate from Telecom, FMCG, Paints, Consumer Durables or other similar allied

would be preferred. Age of the candidate should not be more than 28 years. Good

Communication Skill in English and Gujarati.

Rural Territory Manager – Prepaid Sales (Level – Senior Lead / Executive)

The candidate must be Graduate/ MBA with 1 – 2 years of experience in Distribution.

Candidate from Telecom, FMCG, Paints, Consumer Durables or other similar allied

would be preferred. Age of the candidate should not be more than 25 years. Good

Communication Skill in English and Gujarati.

Keywords: Territory Sales Manager, Rural Territory Manager, Channel Sales,

Distribution, Postpaid Sales, Sales, Sale and Marketing, Sales & Marketing, Prepaid

Sales, Sales Representative, Sales Officer, Area sales Manager, Territory Manager, Sales

Executive.

CHAPTER -3

OBJECTIVE OF THE STUDY

OBJECTIVES OF THE STUDY

To study the process of selection and recruitment in Kotak Mahindra Life

Insurance.

To study the products offered by Kotak Mahindra life insurance

To study the Recruitment procedure at Kotak Mahindra Life insurance.

CHAPTER 4

RESEARCH METHODOLOGY

RESEARCH DESIGN

A research design is the arrangement of conditions for collections and analysis of data in

a manner that aims to combine relevance to the research problem with economies in a

procedure.

I have used descriptive research design for my research.

Descriptive Research

Descriptive research includes surveys and fact findings enquiries of different kinds. It

basically gives a description of the state of affairs as it exists at present. A researcher has

no control over the variables so they can only report what has happened or what is

happening. We can also use the survey method for this purpose.

SOURCES OF DATA

A research design is one, which simplifies the framework of plan for the study and adds

itself in the quick collection and analysis of the data. It is a blue print that has been filled

in completing the study. Data sources are:

Primary data

The primary data are those which are collected fresh for the first time and thus happen to

be original in character. In other words, it is obtained by design to fulfill the data are

original in character and are also generated in a large number of surveys conducted

mostly by government and also by institution and research bodies. A questionnaire was

prepared for the respondents, where there views were collected.

Secondary data

The secondary data are those which have already been collected for some purpose other

than the problem in hand and passed through the statistical process. In other words, data

that are not originally collected rather obtained from Published and Unpublished Sources.

The secondary data has been collected through various sources:

Internet

Books

Newspaper

Magazines

Brochure

Journals

Websites

SAMPLING TECHNIQUES

Sampling technique refers to the technique or procedure the researcher would adopt

in selecting items for the sample. We have used judgmental sampling for our research

because gathering information from every individual is not possible.

SAMPLE SIZE

Sample size refers to the number of respondents. To get a clear view we have

conducted our research on 100 people.

METHODS OF DATA COLLECTION

Instrument used to measure the system in Kotak Mahindra life insurance was of primary

and secondary kinds. The primary source of data was through questionnaire schedule.

The secondary source included brochures, annual reports, magazines, employee’s

handbook, magazines and journals

SELECTION OF SAMPLES:-

Sample size is 100.

STATISTICAL TOOLS:-

It is very difficult to have detailed knowledge of employees working in Kotak Mahindra

Life insurance. So the surveyor has taken 100 samples due to limited resources and time

factor. The management ranks are working in different categories of different

department. Thus it becomes equally justified to plan in such a way that it covers all

departments.

TOOLS & TECHNIQUES OF ANALYSIS

Pie chart

Bar diagram

Text and statements

LIMITATIONS OF THE RESEARCH:

The limitation in this survey was that I could not conduct a survey on a big scale,

due to the time constraint.

Most of the contents collected were difficult to understand because it was new for

me to work in this field.

It was tricky and time consuming to understand the mysteries of marketing.

Response of customers could be biased.

CHAPTER 5

DATA ANALYSIS AND INTERPRETATION

1. What type of job you are doing in Kotak Mahindra life insurance?

Part Time Job

Full Time Job

Options Number of Respondents (%)

Part Time Job 45

Full Time Job 55

INTERPRETATION:

From the above pie chart, 85%of respondent are doing part time job in Kotak Mahindra

life insurance whereas, 15% of respondent are doing full time job.

45%

55%

Part time job

Full time job

2. Will you tell others to join Kotak Mahindra Life insurance?

Yes

No

Options Number of Respondents(%)

Yes 88

No 12

INTERPRETATION:

From the above pie chart, 88% of respondent will suggest people to join Kotak Mahindra

Life Insurance whereas 12%of respondent do not suggest people to join Kotak Mahindra

life insurance.

88%

12%

Yes

No

3. Are you aware of having employee referral schemes?

Yes

No

Options Number of Respondents( %)

Yes 70

No 30

INTERPRETATION

From the above pie chart, 70% of respondents says yes of having employee referral

schemes whereas 30%of respondents do not have employee referral schemes.

70%

30%

Yes

No

4. Do you bear any expenses of the outstation candidate for the final interview?

Yes

No

Options Number of Respondents(%)

Yes 55

No 45

INTERPRETATION

From the above pie chart 55 % of respondent shows that the firm bears expenses of the

outstation candidate for the final interview whereas 45%of respondent shows that the

firm does not bears any expenses of the outstation candidate for the final interview.

55%

45%

yes

no

5. What is the duration of the probationary period for a new joiner of the

organization?

Below 6 months

6 months

1 year and above

INTERPRETATION

From the above pie chart, 75 % of the respondent shows that organization gives a joining

to newer comer within 6 months, whereas 25% of respondent shows that the organization

gives a joining to newer corner within 1 year.

35%

50%

15%

below 6 months

6 months

1 year and above

Options Number of Respondents(%)

Below 6 months 35

6 months 50

1 year and above 15

6. Do you conduct background checks?

Yes

No

Options Number of Respondents(%)

Yes 80

No 20

INTERPRETATION

From the pie chart, it is clear that 80 % shows that organization conduct background

checks whereas 20%of respondent do not shows any background checks, so as to

acknowledge about the experience, quality of a new comer

80%

20%

Yes

No

7. Do you have a mentor system to make the new joiner feel at ease?

YES

NO

Options Number of Respondents(%)

YES 60

NO 40

INTERPRETATION

From the above pie chart,60%of respondent shows that organization have the buddy

mentor system to make the new joiners feel at ease whereas 40%of respondent shows that

the organization do not have a buddy mentor system.

60%

40%

Yes

No

8. What is the induction programme of your organization ?

Structured and formal type

Informal type

Options Number of Respondents(%)

Structured and formal type 72

Informal type 28

INTERPRETATION

From the above pie chart, 72% of respondent shows organization conduct induction

programme in a structured and formal way whereas 28%of respondent shows

organization conduct induction programme in a informal way.

72%

28%

Structured and formal type

Informal type

9. What is the duration of induction programmed ?

Less than 1 week

One month

More than a month

Options Number of Respondents(%)

Less than 1 week 50

One month 34

More than a month 16

INTERPRETATION

From the above pie chart, it is clear that 58 % of respondents of induction programmed is

held in less than 1 week whereas 42%of respondents of induction programmed is held in

1month.

51%

33%

16%

Less than 1 week

one month

More than a month

10. What are the types of rewards usually given to the employees?

Monetary

Non-monetary

Options Number of Respondents(%)

Monetary 69

Non-monetary 31

INTERPRETATION

From the above pie chart, it is clear that 69 % of respondents of rewards usually given to

the employees whereas 31% of respondents of rewards usually not given to the

employees.

69%

31%

Monetary

Non-monetary

CHAPTER 6

FINDINGS

Findings

The insurance sector helps in increasing the employment opportunities in India

The KOTAK MAHINDRA Life Insurance is providing the products according the

needs of the customers.

Insurance sector is the most booming sector in India now-a-days.

KOTAK MAHINDRA Life offers a wide range of insurance policies covering all

types of income groups.

KOTAK MAHINDRA offers triple cover in case of accidental death in mass

surface public transport.

KOTAK MAHINDRA Life offers a wide range of insurance policies covering all

types of income groups.

Maximum number of employee referral schemes are their in the organization.

The insurance sector helps in increasing the employment opportunities in India

There are a lot of new companies entering in the insurance making it more

competitive.

Much of the people are satisfied with the pre-sale services and after-sales services

of the Kotak Mahindra life Insurance Company.

Most of the induction programme is held less than 1 week whereas, 36%of

induction programme is held in 1 Month.

According to most of the customers the advertising and marketing strategies of

the company is good enough to attract the customers.

The company uses this concept to gain its customers.

CHAPTER 7

RECOMMENDATION

RECOMMENDATIONS

The company should concentrate more on sales and marketing department so that

more and more products can be sold out.

Advertisements should be the best method to advertise the products and popular

among the public

Cheaper products should be introduced by the company so that it can reach the

middle class public.

The company should provide better services to the customers so as to capture

more and more market.

The company should also offer some more plans for the middle class of the

society.

The company should stress much on its plans and sell the products according to

the customer needs.

The company should make more and more plans according to the customer’s

needs.

ANNEXURE

QUESTIONNAIRE

Name…………………….

Designation……………………….

Department…………………..

1. What type of job are you doing in Kotak Mahindra life insurance?

Part time job

Full time job

2. Will you tell others to join Kotak Mahindra life insurance?

Yes

No

3. Do you employee referral schemes?

Yes

No

4. Do you bear any expenses of the outstation candidate for the final interview?

Yes

No

5. What is the duration of the probationary period for a new joiner in your

organization ?

Below 6 months

6 months

1 year

6. Do you conduct background checks?

Yes

No

7. Do you have a mentor system to make the new joiner feel at ease?

Yes

No

8. What is the induction programme of your organization ?

Structured and formal type

Informal type

9. What is the duration of induction programmes ?

Less than 1 week

One month

More than a month

10.What are the types of rewards usually given to the employees ?

Monetary

Non monetary

BIBLIOGRAPHY

BIBLIOGRAPHY

BOOKS:

1. Kothari, C. R., (2008) “Research Methodology: Methods and Techniques” ,Vishwa

Prakashan Publishers ,Delhi

2. Kotler, Philip and Keller, Lane Kevin., (2005), “Marketing Management” Twelfth

Edition, Prentice Hall, Delhi.

WEBSITES:

1. www.howstuffworks.com

2. www.altavista.com

3. www.kotakmahindra.co.in