A

SUMMER TRAINING REPORT

ON
“RECRUITMENT OF FINANCIAL CONSULTANT
AND INSURANCE AGENT “

SUBMITTED TO: MAHARISHI DAYANAND UNIVERSITY, ROHTAK

IN THE FULFILMENT OF DEGREE OF “MBA”
(SESSION 2008-2010)

UNDER THE GUIDENCE OF:

MRS. RITU ARORA
(COLLEGE FACULTY)

SUBMITTED TO: SUBMITTED BY:

THE CANTROLLER OF EXAM BAJRANG
M.D.U., ROHTAK MBA (FINAL)
REG.NO. 04-VB-746
D.A.V. INSTITUTE OF MANAGEMENT, FARIDABAD (HARYANA)
ACKNOWLEDGEMENT

I take great pleasure to thank and acknowledgement the permission and allowance by
Mr. GIRISH M. N., AREA MANAGER, IDBI FORTIS LIFE INSURANCE CO. LTD., BANGALORE
REGION and his help and inspiration provided. I extend a whole hearted thanks to
Mr. PRAVEEN CHARLES H., DEPUTY AGENCY MANAGER under whom I worked and learned a
lot and for enlightening me with their knowledge and experience to grow with the
corporate working.
Their guidance at every stage of the Project enabled me to successfully complete
this project which otherwise would not have been possible without their constant
encouragement and motivation, without the support it was not possible for me to
complete the report with fullest endeavor.
I would also like to extend my thanks to my College Faculty Member Mrs. Ritu Arora
I would like to extend my thanks to my college director Mr. N.K. Sharma and all my
colleagues in the company who supported me in carry out my operation successfully
and generously and provided me vital information/ training regarding the my
project objective.

THANK YOU

BAJRANG KAUSHIK
MBA –III

DECLARATION

I undersigned Bajrang Kaushik The student of MBA 3rd Sem. hereby declare
that the project work in my own work and has been carried out under the guidance
of Mrs. Ritu Arora Faculty Member of DAV Institute of Management of Studies in
Faridabad(Haryana). This Report has been submitted to M.D. University for
Evaluation.

Date:
 Place:

Bajrang Kaushik

PREFACE

I had undergone a practical training under IDBI FORTIS LIFE INSURANCE CO. LTD.,
BANGALORE REGION. It was a good exposure for me to undergo training in such a
company to get the knowledge and experience regarding life insurance and
recruitment of capable of insurance advisors.
Summer training is one of the major experiencing components of the knowledge, gain
of relevant of information with respect to marketing and dealing with situations
in a professional course like M.B.A. where a professional person faces a problem
in a field. I was able to get familiarized with the customer relationship and got
to know how a company measures to resolve their grievances and service them to the
maximum for future prospect and success. Field component like survey, generation
of questionnaire with respect to marketing helped me a lot and would be a great
support in future.
“It is good to have enthusiasm but it is essential to have training. Training can
be in all way of life.” Thus I would say that this training was beneficial
educative & good exposure to me, which will certainly help in my near future. This
project was designed with respect to this company. The project made me to get the
enhanced knowledge regarding life insurance concept and the process of recruiting
of financial consultant.

OBJECTIVE OF THE STUDY

Management as a profession can’t be taught merely in the four walls of classrooms.

Only theoretical knowledge is not sufficient to build competitive managers.
Practical knowledge of the business environment is equally important.
In today business world, insurance sector is running towards its booming stage.
This industry still has many things to come up to, so many changes and
opportunities will be given by insurance industry. So I choose insurance industry
for my training session in M.B.A.
I choose IDBI Fortis Life Insurance Co. Ltd. is one of those private insurance
players who entered the market before one year and made its own place among all
its competitors.
This report is shows insurance sector & how insurance is most important part of
life. And understand insurance definitions. It also shows IDBI Fortis Life
Insurance Co. Ltd.’s Products. As you all know Financial Consultant is the
backbone for Insurance Co. This report show that how to recruit the Insurance
Agent and Financial Consultant.
As a Trainee IDBI Fortis Life Insurance Co. Ltd. give me very practical knowledge
about insurance and how to working in organization, How manage work, how to
maintain relations with top level management as well as colleges and bottom level
management. So, this experience will helpful in future. I am pleased by taken
training at India’s one of the best insurance company.
Table of contents
S. No. Particulars Pages
1. INTRODUCTION 7-14
2. LIFE INSURANCE 15-17
3. LIFE INSURANCE INDUSTRY 18-20
4. HISTORY OF LIFE INSURANCE IN INDIA 21-23
5. ABOUT THE COMPANY :
- IDBI FORTIS LIFE INSURANCE CO. LTD. 24-27
6. PRODUCTS 28-37
7. LIFE INSURANCE AGENT AND FINANCIAL CONSULTANT RECRUITMENT 38-45
8. RESEARCH METHODOLOGY 46-51
9. MARKET SURVEY 52-62
10. SWOT ANALYSIS 63-64
11. CONCLUSION 65
12. RECOMMENDATIONS 66
13. BIBLIOGRAPHY 67
14. QUESTIONNAIRE 68-70

INTRODUCTION - INSURANCE
The insurance sector was opened up in the year 1999 facilitating the entry of
private players into the industry. With an annual growth rate of 24.31 percent and
the largest number of life insurance policies in force, the potential of the
Indian insurance industry is huge. The year 1999 saw a revolution in the Indian
insurance sector, as major structural changes took place with the ending of
Government monopoly and the passage of the Insurance Regulatory and Development
Authority (IRDA) Bill, lifting entry restrictions for private players and allowing
foreign players to enter the market with some limits on direct foreign ownership.
According to the CSO, the insurance and banking services’ contribution to the
country’s GDP is 7.1 percent out of which the gross premium collection forms a
significant part. Life insurance penetration in India was less than 1 percent till
1990-91. During the ‘90s, it was between 1 and 2 percent and from 2001 it was over
2 percent. In 2003-04 it was 2.4 percent.
The impetus for increase is due to the active role played by IRDA in licensing
private players and taking positive steps in increasing the insurance awareness
among the people. Besides, the insurance companies in general and private
insurance companies in particular, are reaching out to untapped potential in rural
areas with aggressive campaigns.

Innovative products, smart marketing, and aggressive distribution have enabled

fledgling private insurance companies to sign up Indian customers faster than
anyone expected. Life insurance is viewed as a tax saving device. People are now
turning to the private sector for providing them with new products and greater
variety for their choice.
The improvement in FDI flows reflected the impact of recent initiatives aimed at
creating an enabling environment for FDI and for encouraging infusion of new
technologies and management practices. The Government’s proposal to increase the
FDI cap in the insurance sector from the present 26 percent to 49 percent has
raised expectations among the international insurance companies.
Insurance – Defined:
Insurance is a contract in which sum of money is paid to the assured in
consideration of insurer’s incurring risk of paying a large sum upon a given
contingency.
-- Justice Tindall
“Insurance is a contract by which one party for a compensation called in the
premium assumes particular risks of the other party and promises to pay to him or
his nominee a certain sum of money on a specified contingency.”
-- E.W.Fitterson

Insurance may be described as social device whereby a large group of individuals,

through a system of equitable contribution, may reduce certain measurable risk of
economic loss common to all members of the group.”
--Encyclopedia Britannica
The above definitions clearly shows that insurance is a cooperative device to
spread the loss caused by a particular risk over a member of persons who are
exposed to it and who agree to insure themselves against risk. Insurance does not
eliminate risk but only reduces the financial burden, which may be very heavy.

CHARACTERISTICS OF INSURANCE
Sharing of Risks
Insurance is a co-operative device to share the burden of risk, which may fall on
happening of some unforeseen events, such as the death of head of the family, or
on happening of marine perils or loss of by fire.
Co-operative Device
Insurance is a co-operative form of distributing a certain risk over a group of
persons who are exposed to it (Ghosh & Agarwal). A large number of persons share
the losses arising from a particular risk.
Evaluation of Risk
For the purpose of ascertaining the insurance premium, the volume of risk is
evaluated, which forms the basis of insurance contract.

Payment of happening of specified event

On happening of specified event, the insurance company is bound to make payment to
the insured. Happening of the specified event is certain in life insurance, but
in the case of fire, marine or accidental insurance, it is not necessary. In such
cases, the insurer is not liable for payment of indemnity.
Amount of payment
The amount of payment in indemnity insurance depends on the nature of losses
occurred, subject to a maximum of the sum insured. In life insurance, however, a
fixed amount is paid on the happening of some uncertain event or on the maturity
of the policy.
Large number of insured persons
The success of insurance business depends on the large number of persons insured
against similar risk. This will enable the insurer to spread the losses of risk
among large number of persons, thus keeping the premium rate at the minimum.
Insurance is not a gambling
Insurance is not a gambling. Gambling is illegal, which gives gain to one party &
loss to the other. Insurance is a valid contract to indemnity against losses.
Moreover, insurable interest is present in insurance contracts & it has the
element of investment also.
Insurance is not charity
Charity pays without consideration but in the case of insurance, premium is paid
by the insured to the insurer in consideration of future payment.

Protection against risks

Insurance provides protection against risks involved in life, materials &
property. It is a device to avoid or reduce risks.
Spreading of risk
Insurance is a plan, which spread the risks & losses of few people among a large
number of people. John Magee writes, “Insurance is a plan by which large number
of people associates themselves & transfer to the shoulders of all, risks attached
to individuals.”
Transfer of risk
Insurance is a plan in which the insured transfers his risk on the insurer. This
may be the reason that Myerson observes, that insurance is a device to transfer
some economic losses to the insurer, and otherwise such losses would have been
borne by the insured themselves.
Ascertaining of losses
By taking a life insurance policy, one can ascertain his future losses in terms of
money. This is done by the insurer to determining the rate of premium, which is
calculated on the basis of maximum risks.
A contract
Insurance is a legal contract between the insurer & insured under which the
insurer promises to compensate the insured financially within the scope of
insurance policy, & the insured promises to pay a fixed rate of premium to the
insurer.

Based upon certain principle

Insurance is a contract based upon certain fundamental principles of insurance,
which includes utmost good faith, insurable interest, contribution, indemnity,
cause proximat, subrogation, etc., which are the basis for successful operation of
insurance plan.
Utmost Good Faith
Insurance is a contract based on good faith between the parties. Therefore, both
the parties are bound to disclose the important facts affecting to the contract
before each other. Utmost good faith is one of the important principles of
insurance.
To conclude, insurance is a device for the transfer of risks from the insured to
the insurers, who agree to it for a consideration (known as premium), & promises
that the specified extent of loss suffered by the insured shall be compensated.
It is a legal contract of a technical nature.
To conclude, insurance is a device for the transfer of risks from the insured to
the insurers, who agree to it for a consideration (known as premium), & promises
that the specified extent of loss suffered by the insured shall be compensated.
It is a legal contract of a technical nature.

Functions of Insurance
A) Primary Functions
Insurance provides certainty: Insurance provide certainty of payments at the
uncertainty of losses. The element of uncertainty is reduced by better planning
and administration.
Insurance provides protection. The risk will occur or not, when will occur and how
much loss will be there. There are uncertainties of happening of time and amount
of losses. The main function of the insurance is to provide protection against the
losses.
Risk sharing: Risk is uncertain and therefore, the loss arising from the risk is
also uncertain. All business concern faces the problem of the risk and if the
concern is big enough the handling of risk becomes a specialized function.
Insurance, as a device is the outcome of the existence of various risks in our day
to day life. It spreads the whole losses over a large number of persons who are
exposed by a particular risk.

B) Secondary Functions
Prevention of loss: Prevention is always better than cure. Prevention is by far
the best solution to the problem of risk. It is more effective and cheapest method
to avoid the unfortunate consequence. But sometimes prevention is not always
possible and Effective.
It provides capital: It provides the capital to the society. For plan development
of country there is a great need for huge amount of capital. Now days, the
insurance companies are rendering positive help in the development of trade,
commerce and industry of the country.
It improves efficiency: Achievement of goals, it improves not only his efficiency
of the masses is also advanced. The insurance eliminates worries and miseries of
losses as death and destruction of property care free person can devote his
energies for better.

It ensures the welfare of society: “Insurance is a saga of service and security”

to thee society. Security of the life and property given by insurance bring peace
of mind to the insured. The investment in LIC in welfare schemes like electricity,
housing, water supply, agro industry estates are able to solve many problems in
India.
It helps in economic progress: Insurance provides an initiative to work hard for
the betterment of the masses. Life insurance involves the element of saving
investment through small savings. And which has been growing in recent yrs at an
annual rate of about Rs. 400 crs, life insurance is not a mere business
organization, it has nobler welfare responsibilities in the development of the
economy.

LIFE INSURANCE
Definition
The life insurance contract embodies an agreement in which broadly stated, the
insurer undertakes to pay a stipulated sum upon the death of the insurer to a
designated beneficiary.”
-- J.H.MAGEE
Life insurance contract may be defined whereby the insurer, in consideration of
premium paid either in lumpsum installments, undertakes to pay an annuity on the
death of the insured of a certain number of years.”
-- R.S.SHARMA
A contract of life assurance is that in which one party agrees to pay a given sum
on the happening of a particular event contingent upon the duration of human life
in consideration of immediate payment of a smaller sum by another. BUNYON’S LAW OF
LIFE INSURANCE
Some outstanding advantages of life insurance
1.) It is superior to an ordinary saving plan: this is so because unlike other
saving plans, it offers full protection against risk of death.
2.) Insurance encourages and enforces thrift : many people may not have the will
power to continue a long term saving plan which they may formulate regular
payments in face of money other uses to which their limited income could be put.
3.) Easy installments and protections against creditors: the proceeds of a life
insurance policy can be protected against the claims of the creditors of life
assured by affection a valid assignment of the policies.

4.) Tax relief: the income tax act exempts from tax that part of an individuals
income which is devoted to payment of life insurance premium.
5.) Estate duty: life insurance is the most practicable way to ensure definite
payment on one’s death without having resort to conversion of realizable asset at
a loss.
Why Life Insurance?
Life Insurance has come a long way from the earlier days when it was originally
conceived as a risk covering medium for short periods of time, covering temporary
risk situations, such as sea voyages. As life insurance became more established,
it was realized what a useful tool it was for a number of situations, including -
a) Temporary needs / threats: The original purpose of life insurance remains an
important element, namely providing for replacement of income on death etc.
b) Regular Savings: Providing for one's family and oneself, as a medium to long
term exercise (through a series of regular payment of premiums). This has become
more relevant in recent times as people seek financial independence for their
family.
c) Investment: Put simply, the building up of savings while safeguarding it from
the ravages of inflation. Unlike regular saving products, investment products are
traditionally lump sum investments, where the individual makes a one off payment.
d) Retirement: Provision for later years becomes increasingly necessary,
especially in a changing cultural and social environment. One can buy a suitable
insurance policy, which will provide periodical payments in one's old age.

Let us take an example to understand the need for insurance:

Mr. Pranay is 45 years of age and self-employed. His wife Nandini, who is a
housewife, looks after their two children aged 3 and 7 years.
They stay in a rented accommodation, where the rent is 15,000 rupees per month.
Mr. Atul has taken up a loan of Rs. 2 lakes. His monthly earnings on average are
40,000 rupees. Mr. Atul passes away in an unfortunate road accident. What are some
of the financial implications of his death on his family? There may be several
financial implications on his family. Some of these are:
a) The monthly income, previously provided by Mr. Atul would stop.
b) His wife and children may have to seek financial assistance from other
relatives.
c) His wife may not have enough money to pay back the loan of Rs. 2 lakhs.
d) The family may have to move into a cheaper accommodation.
e) His widow may have to take up work to earn money.
f) The education of his children may suffer.
This simple example illustrates the impact premature death can have on a family,
where the main earner has no life cover. Had Mr. Atul taken life cover, his family
would not have faced such hardships in the event of his unfortunate death. A
simple life insurance policy could have provided Mr. Atul's family with a lump sum
that could have been invested to provide an income equal to all or part of his
income.
In simple words, insurance protects against untimely losses. Insurance has been
found useful in the lives of persons both in the short term and long term. Short
term needs like sudden medical costs and long term needs like marriage expenses
etc can be met with using life insurance.
INSURANCE INDUSTRY
India Insurance Industry: -
With an annual growth rate of 15-20% and the largest number of life insurance
policies in force, the potential of the Indian insurance industry is huge. Total
value of the Indian insurance market (2004-05) is estimated at Rs.450 billion
(US$10 billion). According to government sources, the insurance and banking
services’ contribution to the country's gross domestic product (GDP) is 7% out of
which the gross premium collection forms a significant part.
The funds available with the state-owned Life Insurance Corporation (LIC) for
investments are 8% of GDP. Till date, only 20% of the total insurable population
of India is covered under various life insurance schemes, the penetration rates of
health and other non-life insurances in India is also well below the international
level. These facts indicate the of immense growth potential of the insurance
sector.
The year 1999 saw a revolution in the Indian insurance sector, as major structural
changes took place with the ending of government monopoly and the passage of the
Insurance Regulatory and Development Authority (IRDA) Bill, lifting all entry
restrictions for private players and allowing foreign players to enter the market
with some limits on direct foreign ownership.
Though, the existing rule says that a foreign partner can hold 26% equity in an
insurance company, a proposal to increase this limit to 49% is pending with the
government. Since opening up of the insurance sector in 1999, foreign investments
of Rs. 8.7 billion have poured into the Indian market and 21 private companies
have been granted licenses.

Innovative products, smart marketing, and aggressive distribution have enabled

fledgling private insurance companies to sign up Indian customers faster than
anyone expected. Indians, who had always seen life insurance as a tax saving
device, are now suddenly turning to the private sector and snapping up the new
innovative products on offer.
The life insurance industry in India grew by an impressive 36%, with premium
income from new business at Rs. 253.43 billion during the fiscal year 2004-2005,
braving stiff competition from private insurers. RNCOS’s report, “Indian Insurance
Industry: New Avenues for Growth 2012”, finds that the market share of the state
behemoth, LIC, has clocked 21.87% growth in business at Rs.197.86 billion by
selling 2.4 billion new policies in 2004-05. But this was still not enough to
arrest the fall in its market share, as private players grew by 129% to mop up Rs.
55.57 billion in 2004-05 from Rs. 24.29 billion in 2003-04.
Though the total volume of LIC's business increased in the last fiscal year (2004-
2005) compared to the previous one, its market share came down from 87.04 to
78.07%. The 14 private insurers increased their market share from about 13% to
about 22% in a year's time. The figures for the first two months of the fiscal
year 2005-06 also speak of the growing share of the private insurers. The share of
LIC for this period has further come down to 75 percent, while the private players
have grabbed over 24 percent. There are presently 12 general insurance companies
with four public sector companies and eight private insurers. According to
estimates, private insurance companies collectively have a 10% share of the non-
life insurance market.
Though the focus of this market research report is on the potential growth on the
Indian Insurance Sector, it also talks about the market size, market segmentation,
and key developments in the market after 1999. The report gives an instant
overview of the Indian non-life insurance market, and covers fire, marine, and
other non-life insurance. The data is supplied in both graphical and tabular
format for ease of interpretation and analysis. This report also provides company
profiles of the major private insurance companies.
Report Highlights:
1. Gains of Liberalization in Indian Insurance Sector
2. Indian Insurance Market Segmentation By Products
3. Size of the Market and Market Share Of Life Insurers, In INR (crore)
4. Market Share Of Non-Life Insurers
5. Forecast of Life Insurance Growth Up to 2012
6. Forecast of Non-Life Insurance Growth Up to 2012
7. Market Revenue of Both Public and Private Insurers
8. Policies and Measures Taken By IRDA To Develop The Insurance Market
9. Research and Development Activities
10. Regulation of insurance and reinsurance companies
11. Major Challenges That Indian Insurance Sector is Facing
12. Profiles of the Major Players

HISTORY OF LIFE INSURANCE IN INDIA

With such a large population and the untapped market area of this population
Insurance happens to be a very big opportunity in India. Today it stands as a
business growing at the rate of 15-20 per cent annually. Together with banking
services, it adds about 7 percent to the country’s GDP .In spite of all this
growth the statistics of the penetration of the insurance in the country is very
poor. Nearly 80% of Indian populations are without Life insurance cover and the
Health insurance.
This is an indicator that growth potential for the insurance sector is immense in
India. It was due to this immense growth that the regulations were introduced in
the insurance sector and in continuation “Malhotra Committee” was constituted by
the government in 1993 to examine the various aspects of the industry. The key
element of the reform process was Participation of overseas insurance companies
with 26% capital. Creating a more efficient and competitive financial system
suitable for the requirements of the economy was the main idea behind this reform.
Since then the insurance industry has gone through many sea changes .The
competition LIC started facing from these companies were threatening to the
existence of LIC. Since the liberalization of the industry the insurance industry
has never looked back and today stand as the one of the most competitive and
exploring industry in India. The entry of the private players and the increased
use of the new distribution are in the limelight today. The use of new
distribution techniques and the IT tools has increased the scope of the industry
in the longer run.

The origin of insurance is very old .The time when we were not even born; man has
sought some sort of protection from the unpredictable calamities of the nature.
The basic urge in man to secure himself against any form of risk and uncertainty
led to the origin of insurance. The insurance came to India from UK; with the
establishment of the Oriental Life insurance Corporation in 1818.
The Indian life insurance company act 1912 was the first statutory body that
started to regulate the life insurance business in India. By 1956 about 154
Indian, 16 foreign and 75 provident firms were been established in India. Then the
central government took over these companies and as a result the LIC was formed.
Since then LIC has worked towards spreading life insurance and building a wide
network across the length and the breath of the country. After the liberalization
the entrance of foreign players has added to the competition in the market.
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. In 1957 General Insurance Council, a
wing of the Insurance Association of India, frames a code of conduct for ensuring
fair conduct and sound business practices. In 1972 The General Insurance Business
(Nationalization) Act, 1972 nationalized the general insurance business in India
with effect from 1st January 1973.
It was after this that 107 insurers 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.
GIC incorporated as a company.
The government of India liberalized the insurance sector in march 2000 with the
passage of the Insurance Regulatory and Development Authority (IRDA) bill. Lifting
all entry restrictions for private players to enter the market with some limits on
direct foreign ownership premium rate of most general insurance. Policies come
under the purview of the government appointed Tariff

Agents Committee. The opening up of the sector is likely to lead to greater spread
and deepening of insurance in India and this may also restructuring and
revitalizing of the public sector companies. A host of private insurance companies
operating in both life and non life segments have started selling their insurance
policies since 2001.
Non life insurance market, In December 2000, the GIC subsidiaries were
restructured as independent insurance companies. At the same time, GIC was
converted into national re-insurer. In July2002, Parliament passed a bill,
delinking the four subsidiaries from GIC.
Presently there are 12 general insurance companies with 4 public sector companies
and 8 private insurers. Although the public sector companies still dominate the
general insurance business, the private insurance companies have a 10 percent
share of the market, up from 4 percent in 2001. In the first half of 2002, the
private companies booked premium worth 6.34 billion. Most of the new entrants
reported losses in first yr of their operation in 2001.
Insurance costs constitute roughly around 1.2 – 2 % of the total project costs.
Under the existing norms, insurance premium payments are treated as part of the
fixed costs. Consequently they are treated as pass through costs for tariff
calculations.
For projects costing up to Rs.1 billion, the tariff Agent committee sets the
premium rates, for projects between 1 billion and 15 billion, the rates are set in
keeping with committee’s guidelines; and projects above 15 billion are subjected
to reinsurance pricing. It is the last segment that has a number of additional
products and competitive pricing. Insurance, like project finance, is extended by
a consortium. Normally one insurer takes the lead, shouldering about 40-50% of the
risk and receiving proportionate percentage of the premium.

ABOUT THE COMPANY

IDBI FORTIS LIFE INSURANCE CO. LTD.

IDBI Fortis Life Insurance Co Ltd, is a joint venture between three leading
financial conglomerates –
 IDBI Bank
 Federal Bank
 Fortis Insurance Co.
India’s premier development and commercial bank, IDBI, India’s leading private
sector bank, Federal Bank and Europe’s premier Bank assurer, Fortis, each of which
enjoys a significant status in their respective business segments. In this
venture, IDBI owns 48% equity while Federal Bank and Fortis own 26% equity each.
IDBI Fortis launched its first set of products across India in March 2008, after
receiving the requisite approvals from the Insurance Regulatory Development
Authority (IRDA). Today, we offer our services through a vast nationwide network
across the branches of IDBI Bank and Federal Bank in addition to a sizeable
network of advisors and partners. At IDBI Fortis we endeavor to deliver products
that provide value and convenience to the customer. Through a continuous process
of innovation in product and service delivery we intend to deliver world-class
wealth management, protection and retirement solutions to Indian customers.

IDBI Fortis:
About our Heritage IDBI Bank Ltd. continues to be, since its inception, India’s
premier industrial development bank. Created in 1956 to support India’s industrial
backbone, IDBI Bank has since evolved into a powerhouse of industrial and retail
finance. Today, it is amongst India’s foremost commercial banks, with a wide range
of innovative products and services, serving retail and corporate customers in all
corners of the country from over 538 branches and more than 921 ATMs.
The Bank offers its customers an extensive range of diversified services including
project financing, term lending, working capital facilities, lease finance,
venture capital, loan syndication, corporate advisory services and legal and
technical advisory services to its corporate clients as well as mortgages and
personal loans to its retail clients. As part of its development activities, IDBI
Bank has been instrumental in sponsoring the development of key institutions
involved in India’s financial sector – such as the Securities and Exchange Board
of India (SEBI), National Stock Exchange of India Limited (NSE) and National
Securities Depository Ltd.
Federal Bank:
Federal Bank is one of India’s leading private sector banks, with a dominant
presence in the state of Kerala. It has a strong network of over 600 branches and
600 ATMs spread across India. The bank provides over four million retail customers
with a wide variety of financial products. Federal Bank is one of the first large
Indian banks to have an entirely automated and interconnected branch network. The
Bank operates on the core banking platform and is RTGS/ NEFT enabled through which
it offers state-of-the-art technology enabled products and services. In addition
to interconnected branches and ATMs, the Bank has a wide range of services like
Internet Banking, Mobile Banking, Tele Banking, Any Where Banking, debit cards,
online bill payment and call centre facilities to offer round the clock banking
convenience to its customers. The Bank has been a pioneer in providing innovative
technological solutions to its customers and the Bank has won several awards and
recommendations.

Understanding Federal Bank is all about understanding relationships.

Knowing how our relationships helped to make us the largest traditional private
sector bank in the country. Of how we nurtured our relationships for more than
seven decades, gaining us the reputation of being an agile, technology savvy and
customer friendly bank. Learning how we built our wide network of branches,
reaching out to cover all the major cities of the country, to be accepted as one
of the leading private sector banks in the country, and rejoicing on the fact that
we are a dominant presence in the state of Kerala.
Federal Bank continues to be the favorite choice for NRIs as is evidenced from the
fact that about 30% of our deposits come from the NRI segment. Our short term
deposit has been rated by CRISIL and awarded a high score of P1+ The Bank has
correspondent Bank arrangements with Banks in most of the major cities in the
world. SWIFT connectivity ensures speedy transfer of funds to accounts maintained
with the Bank. In addition, the Bank has an Express Remittance Facility (FEDFAST)
enabling Non Resident Indians in the Gulf to effect quick transfer of funds to
their accounts. FedFast when combined with the Mobile Alert facility enables the
customer to not only receive quick credit of his remittance in the account but
also to receive instant confirmation of the credit on their mobile phone anywhere
in the world, through SMS.
Fortis:
Fortis is an international insurance group composed of Insurance Belgium, a leader
in life and non-life insurance in Belgium distributing its insurance products
through the network of Fortis Bank and independent insurance brokers and Insurance
International with subsidiaries in the UK, France, Hong Kong, Luxembourg (Non-
life), Germany, Turkey, Russia and Ukraine, and joint ventures in Luxembourg
(Life), Portugal, China, Malaysia, Thailand and India.
The international financial crisis in 2008 resulted in fundamental changes at
Fortis. All the group’s banking and insurance activities in the Netherlands were
taken into the ownership of the Dutch state in October 2008. The remaining banking
operations were acquired by the Belgian state, which subsequently transferred 75%
of them to BNP Paribas in May 2009. At the same time, Fortis Bank purchased 25% of
the Belgian insurance activities.

Fortis holding
Fortis holding (Fortis SA/NV and Fortis N.V.) consists of:
 A 75% stake in AG Insurance;
 Fortis Insurance International;
 A 45% stake in Royal Park Investments – an entity holding a portfolio of
structured credits;
Vision of IDBI Fortis Life Insurance Co. Ltd.:
To be the leading provider of wealth management, protection and retirement
solutions that meets the needs of our customers and adds value to their lives.
Mission of IDBI Fortis Life Insurance Co. Ltd.:
To continually strive to enhance customer experience through innovative product
offerings, dedicated relationship management and superior service delivery while
striving to interact with our customers in the most convenient and cost effective
manner. To be transparent in the way we deal with our customers and to act with
integrity. To invest in and build quality human capital in order to achieve our
mission.
Values of IDBI Fortis Life Insurance Co. Ltd.:
 Transparency: Crystal Clear communication to our partners and stakeholders
 Value to Customers: A product and service offering in which customers
perceive value
 Rock Solid and Delivery on Promise: This translates into being financially
strong, operationally robust and having clarity in claims
 Customer-friendly: Advice and support in working with customers and partners
 Profit to Stakeholders: Balance the interests of customers, partners,
employees, shareholders and the community at large

ABOUT PRODUCT
WEALTHSURANCE

1. Wealthsurance is a comprehensive investment Solution:

Wealthsurance is designed to be an investment solution. It offers a full range of
investment choices similar in features to those you are already familiar with such
as bank deposits, bonds, post office schemes or mutual funds. The investment
options are designed to meet the needs of all types of investors, whether cautious
or risk taking. So whenever you are looking to make an investment, think about
investing in Wealthsurance.
2. Wealthsurance is a wealth-management account:
Wealthsurance is indeed a wealth-management solution. You can make a single
investment or regular contributions. You can even manage most of your financial
savings in it by choosing an appropriate mix of investment options. Think about
the convenience of managing your entire portfolio in a single account and watch
your wealth grow over time.

3. Wealthsurance is for those who will live:

Life insurance is sometimes thought of as for those who might die, but
Wealthsurance is for those who will live. While it provides benefits upon death,
Wealthsurance is also designed to offer a whole package of living benefits. You
can get benefits on terminal illness, major diseases, hospitalization and
disablement so you are well cared for in the event of a health crisis or accident.

4. Wealthsurance is a tax-free wealth-builder account:

In Wealthsurance, you can build wealth free of income tax. Not only do you get tax
benefits on your contributions, but all the returns you earn on your investments
and the benefits you receive are tax-free. You can also switch amongst investment
options without incidence of any tax. In essence, Wealthsurance is a tax-free
wealth management account.

5. Wealthsurance is a long-term plan with short term liquidity:

Wealthsurance allows you to build wealth over the long-term, but it also gives you
theability to withdraw your money when needed, after completion of three years
from the commencement of the plan. With Wealthsurance you can achieve medium as
well as long-term financial goals.

6. Wealthsurance meets your changing needs:

Wealthsurance is designed to meet your investment and insurance needs even as they
change over time. You may not need another plan because you will be able to
increase, decrease or manage the wealth-building and insurance benefits as you
desire.

7. Wealthsurance is different from traditional insurance:

Wealthsurance is not like traditional life insurance you might know. It is an
investment plan focused on wealth creation and living benefits. Sometimes people
think that they only need a limited amount of life insurance. But as long as you
have financial goals and you wish to build and manage wealth, or desire living
benefits in your own lifetime, you will find Wealthsurance useful.

8. Wealthsurance has as many options as you need:

Wealthsurance gives you multiple options because we want to meet your specific
needs. At the same time we have made it easy for you to choose by developing Ready
Plans to meet the typical needs of customers. Quite likely there is a Ready Plan
that meets your needs. But if you wish, you can build a Custom Plan to suit your
own circumstances

IDBI-FORTIS WEALTHSURANCE PLAN

IDBI Fortis launched its operations in March 2008 with an initial capital of Rs
200 crore leading with their innovative product, Wealthsurance TM, which has been
its flagship product Life insurance is sometimes thought of as for those who might
die, but Wealthsurance is for those who will live.

While it provides benefits upon death, Wealthsurance is also designed to offer a

whole package of living benefits. You can get benefits on terminal illness, major
diseases, hospitalization and disablement so you are well cared for in the event
of a health crisis or accident.
In Wealthsurance, you can build wealth free of income tax. Not only do you get tax
benefits on your contributions, but all the returns you earn on your investments
and the benefits you receive are tax-free. You can also switch amongst investment
options without incidence of any tax. In essence, Wealthsurance is a tax-free
wealth management account.
Wealthsurance allows you to build wealth over the long-term, but it also gives you
the ability to withdraw your money when needed, after completion of three years
from the commencement of the plan. With Wealthsurance you can achieve medium as
well as long-term financial goals.
Wealthsurance is designed to meet your investment and insurance needs even as they
change over time. You may not need another plan because you will be able to
increase, decrease or manage the wealth-building and insurance benefits as you
desire.
Wealthsurance is not like traditional life insurance you might know. It is an
investment plan focused on wealth creation and living benefits. Sometimes people
think that they only need a limited amount of life insurance. But as long as you
have financial goals and you wish to build and manage wealth, or desire living
benefits in your own lifetime, you will find Wealthsurance useful.
Wealthsurance gives you multiple options because we want to meet your specific
needs. At the same time we have made it easy for you to choose by developing Ready
Plans to meet the typical needs of customers. Quite likely there is a Ready Plan
that meets your needs. But if you wish, you can build a Custom Plan to suit your
own circumstances IDBI helping it race to over Rs. 2000 Cr of Sum Assured with
over Rs 250 Cr of First Year Annual Premiums and over 62,000 policies issued in
record time. The company is targeting a network expansion drive to set up 100
branches across the country. In addition, IDBI Fortis also sells its products
through the more than 1100 branches of its shareholder banks, IDBI and Federal
Bank.

IDBI Fortis Life Insurance Co Ltd is a joint-venture of IDBI Bank, India’s premier
development and commercial bank, Federal Bank, one of India’s leading private
sector banks and Fortis Insurance International, a multinational insurance giant
based out of Europe. IDBI Bank owns 48% equity while Federal Bank and Fortis own
26% equity each. Visit www.idbifortis.com to know more. IDBI Fortis has managed to
launch an array of innovative products from its stable
Its flagship product, Wealthsurance TM Foundation Plan is a unique combination
that is termed as an Insured Wealth Plan that aims to provide people a growing
wealth plan protected by the benefits of insurance. With comprehensive investment
choices, protected by powerful insurance options, all presented with a reasonable
charge structure, Wealthsurance is a one-stop solution to a customer’s wealth
building plans. The product is designed to ensure that the hard-earned money that
is invested is not susceptible to unforeseen circumstances. WealthsuranceTM offers
investment choices such as Guaranteed Return Fund, Capital Guaranteed Fund,
Monthly Interest Account, Equity Funds, Debt Funds, and Asset Allocator Funds etc.
ensuring that the customer would find all his investment requirements satisfied
with this one powerful product.
The powerful insurance benefits of Wealthsurance TM ensure that a customer’s
wealth plan is not affected by unforeseen events that may strike them. With the
recent popularity for guaranteed return products, the company launched a unique
product, Bondsurance TM that offers tax-free assured returns with life cover.
With the innovative Homesurance TM Protection Plan, customers can now cover the
changing liability that comes with a typical floating rate home loan, along with
an optional cover where they can pay off the home loan even in the unfortunate
event of any major disease or other unforeseen circumstances. “The branch
expansion drive is going on in full swing and we already have over 30 branches up
and running in various states,” said Mr. G.V. Nageswara Rao, MD and CEO, IDBI
Fortis Life Insurance. “IDBI Fortis is committed to providing comprehensive
investment and insurance solutions through innovative products, well-trained sales
force and high standards of service.” The fresh capital infusion will also help
IDBI Fortis in meeting the solvency requirements and expanding operations due to
increased sales besides launching new products and branches.

Wealth creation does not happen by chance. You need the right plan.
Wealth building needs systematic savings and right investments.
Planning to build wealth is one of the most important plans you will ever make. A
good plan will allow you to not only accumulate wealth with systematic savings but
also grow it steadily over time with the help of right investments. Build slowly
and steadily. You will surprise yourself with the results.
Investing regularly will help you put smaller amounts of money to build larger
wealth. If you do it with discipline, you can create your own pot of gold and meet
your cherished goals. Study the diagram below to understand the power of
compounding and growth over time.

Why Wealthsurance:

Everyone needs money to fulfill their dreams.

Everyone has unique dreams and aspirations. For themselves and their loved ones.
Whether it is to build a house, educate a child or gain financial security. The
list can be long, but most of them require money.
Make a promise to save adequately and build wealth. Dreams do not come true,
unless you make the effort to bring them true. To meet your cherished goals, you
have to make the promise to save enough money and build the wealth you need. But
once you have made that promise, you will need a plan which can ensure that your
goals will indeed be achieved.

HOMESURANCE
There is not a bigger gift you can buy your family that a new home. But just
imagine what would happen if due to an unfortunate event, you were not around. The
entire burden of your home loan will have to be borne by your family.

The powerful Homesurance Protection plan can help. It insures your home loan at a
reasonable cost. So your family inherits a home and a home loan.
1. Protection against loan liability:
Your home loan can be paid-off in the event of unfortunate death. Your outstanding
home loan amount normally reduces over time as you repay by way of monthly
installments. At the time you take the plan, you will receive a reduced a
calculated loan schedule called homesurance policy schedule based on the amount
and the term of your loan, which will show you the reducing cover amount over
time.
2. Construction period coverage:
If your property is under construction, though the loan is sanctioned it is
disbursed in stages depending upon the construction schedule. During the
construction period, homesurance covers the full sanctioned amount of your home
loan and just the outstanding loan amount.
3. Protection anainst interest retes hikes:
Your home loan may be at a fixed rate or a floating rate, or partly at a fix and
partly at a floating rate. Homesurance covers fixes rates as well as floating rate
home loan.
4. Small cost big protection:
Homesurance can cover your entire home loan for a small cost. The premium you pay
depend upon your age, gender, loan amount and loan term.
5. Joint lives cover:
you may have taken a home loan jointly with another person such as your spouse,
sibling or any other relative. Homesurance can cover joint lives. You can insure
both lives by opting for joint life cover. This cover also costs less than taking
individual cover for both lives.

6. Easy payment:
Homesurance offered flexible premium payment option for your convenience. You can
choose to pay your premium in 3, 5 or 10 annual installments. Option to pay in
5/10 installments is available only if your home loan term is 10/15 years or more.
7. Tax Benefits:
The premiums you pay are eligible for deduction under sec 80c of the income tax
act. Any benefit amount paid upon death is tax-free under sec 10(10d) of the
income tax act, so that it is fully available to pay off the loan liability
without any impact of tax.

Bondsurance
Bondsurance is a single premium plan which allows you to make a one-time
investment and get a guaranteed amount on maturity. You can choose a maturity
period of 5 or 10 years for your investment. At the end of the chosen period, you
will receive a guaranteed maturity amount. Besides the guaranteed maturity amount,
bondsurance also provides a life insurance cover. In case of death before the
maturity date, a death benefit which is also guaranteed will be paid. Thus you can
get life insurance cover, while earning an assured return on your investment.

Why Bondsurance:
Everyone has a dream to achieve and a timeframe to achieve it. To achieve your
dreams you also need sufficient funds. If you are looking for a safe and steady
approach to meet your dreams, you need a plan that will give you steady and
assured returns that are not dependant on the market conditions. Bondsurance is
the ideal plan to beat the ups and downs around you. It provides safety by giving
you a guaranteed return on your investment. It also provides a life insurance
cover to ensure the financial security of your loved ones. Not only these, it also
gives you two tax benefits at the same time.

Retiresurance
Idbi fortis retiresurance pension plan is your ideal investment partner that helps
you enjoy life post retirement. It is an extremely flexible plan that allows you
to conveniently save for the golden years by offering you a wide choice of
investment option to grow and multiply your wealth.

a. Options to suit your convenience:

Choose the amount, frequency of payment and payment term for your plan, with the
flexibility of reducing the premiums or adding additional top-up premiums.

b. Choice of investment option:

Choose from a range of investment opetions to match your investment style and grow
your retirement corpus with:
• Investment options for equity-linked returna.
• Investment options for stability and security.

c. Flexibility to modify your plan:

Take advantage of favourable market condition, modify your plan as per changing
need. You can:
• Switch among investment option/ change your future premium allocation.
• Get liquidity through partial withdrawals and surrender.
• Choose your vesting date.
• Propone or postpone your vesting date.
d. Guaranteed loyalty additions:
Boost your funds through guaranteed loyalty additions to grow your
wealth faster.

e. Tax benefits:
• Tax saving under sec 80ccc.
• One third of the retirement corpus can be commuted tax-free on vesting under
sec 10(10A).

f. Hassle-free sign-up:
Pure investment plan without the requirement of a medical test.

Why Retiresurance:
The earlier generations may not have had a formal retirement plan, but they had
relatively fewer consumption needs. It was rare to find people who had shifted
through several jobs in the course of an active career. As a result, pensions and
gratuities issued by their employers were deemed sufficient. Times have changed
now, and in most contemporary industries, few employers provide for a lifelong
pension. This is coupled with the high incidence of lifestyle diseases like
diabetes, blood pressure and heart problems. The improved medical technology has
increased longevity, but along with it the cost of healthcare has increased
manifold. Thus managing finances during retirement would be extremely tough, if
one hasn’t planned for retirement. The best way to enjoy the good times in your
golden years would be, to build your finances in advance for retirement.

IDBI Fortis Retiresurance™ Pension Plan is an effective instrument that will help
you achieve this objective. It not only allows you to conveniently save for the
golden years but also offers you a wide choice of investment options to grow and
multiply your wealth. The Plan is extremely flexible and offers several choices so
as to suit your savings habit and investment risk preferences.
The IDBI Fortis Retiresurance™ Pension Plan can thus be your ideal investment
partner in ensuring a happy retirement.

RECRUITMENT OF LIFE INSURANCE AGENT AND FINANCIAL CONSULTANT

Eligibility for an Insurance Agent
Every person who has cleared higher secondary examination can become an Agent
other than a minor or the person who is convicted in any court for crime or any
legal proceedings. Men and women both can work as an Consultant. A single person
can be associated with other life insurance companies.
A training program is there to train a person who wants to become an Agent. There
is 100 Hrs. training program which can be done either with the physical appearance
in the class room or the interest basis. In the classroom training the trainee has
to be physically present in the training session. There are difference sessions of
training program. A trainee can attend any session according to his comfort. The
training period is of 21 days approx. If the trainee does not have enough time to
devote in the classroom training, then there is another option left that is
training on Internet.
On the basis of Internet the trainee has provided a login number along with the
password through which he operated his login and completed his training hrs. as
convenient. Each and every hour pass on the net under his login head will be count
on his account. The test for the training program is also on line. This is only
procedure to be a Financial Consultant.

Scope of Financial Consultant

In the present scenario the living standard is becoming higher and higher
everyday. Every person who has a family to survive wants to provide his family
each and every possible comfortable thing. He wants his children to be a well
dressed, to be higher qualified in a well recognized school, colleges, institutes
and wants his children to go abroad for higher education. He wants to live a
luxury life full of pleasure.
To fulfill all of his needs he has to earn more and more. Any person can be on a
job at a time or can be on a business can’t fulfill his pleasure requirement.
There is a source through which he can make money in a legal way that is insurance
sector.
Becoming a Financial Consultant provides him the legal source by which he can earn
money with his current status. It is the business in which you deal with you
personal contacts and can gain extra income. This business needs low investment
and not of much effort. Its all depend on your social contacts and your skills to
convince people by helping them to suggest the product which suited them the most.
As due to critical diseases, growing percentage of accident and fear of financial
crisis every one wants to secure his or her future. Insurance sector plays a vital
role in assuring people about their future. As the scope of insurance enhancing,
the need of a Financial Consultant who can guide the potential customers is
growing.
Being a Financial Consultant of IDBI FORTIS LIFE INSURANCE CO. LTD. provides a
legal mean to earn money which protects a person from earning through a illegal
source which is harmful for society as well as himself. For the youngsters it
provides great platform to prove them.

Its recruitment procedure is very easy. A person with high educating and well
experience can be recruited after a personal interview. After the training program
is completed the Financial Consultant has to appear for the pre-examination
conducted by IRDA. As he clear the exam he provides a license, which is the proof
of a legalized Financial Consultant, which permits him to deal in his insurance
business.

RECRUITMENT PROCESS:
Steps in recruitment of Financial Consultant
 Approach to the likely person:
To recruit an advisor, it is necessary that he should get the information about
such a kind of opportunity. The information is conveyed to the potential client
according to their need. The client can be approached in different ways through
various medium. The most popular media are:
 Emails
 Flyers
 Messages
 Tele calling

 Appointment as per condition:

After the approaching is completed, in job comes to fix an appointment according
to the comfort of the client keeping time and place under consideration. At time
of fixing appointment, client should have cleared eligibility criteria, whichever
is set by organization. These criteria include:
 Age
 Educational qualification
 Work experience
 Document
 Family background
All the details of the client should be properly maintained till the point of
meeting.
 Discuss the topic:
After the meeting is fixed and client has reached at meeting, it is very necessary
to welcome him. After that he should be the entire concept very clearly. He needs
to be known to his job profile first, and how he or she will be getting benefit by
this job. This discussion also includes the entire clearance of concept and
profile of company. So that he can proceed firmly.
 Give the documents which includes:
 Prospectus of the company
 Brochure
 Company’s plan
 Questionnaire

 Collect the document after its completion:

Collection of certain documents is necessary, when the client is ready to join the
profession. So we need to collect the following document from the client:
 Age proof
 Address proof
 Education proof
 10 photograph
 Cancelled cheque
 Pan card
After collecting the above document, client needs to sign an application
from to become the advisor.
 Forward it to project manager:
After collecting all documents, we need to arrange these documents in a systematic
manner. After getting these documents, we need to verify whether the documents are
complete and fair or not. The accuracy of the documents is necessary and any kind
of fraud act should be prohibited so that it may not create any king of
complications or barriers an further procedures carried out by advisor.
 Feed it in the computer as the database:
After the submission of all the documents along with application, it is necessary
for us to keep a systematic and detailed record of the advisor. However this
record can be maintained in the form of hard copy also, but it can be maintained
more comfortably in computer.

Why to get more reliability, the database is stored in the computer in the form of
a database. This database used so as to contact the client at regular interval of
the time and for proper communication.
 Follow up as per conditions:
Clients are needed to be followed up necessarily as per required conditions. The
database which has been feed in to the computer is used to follow the clients. The
purpose of following up the clients is to:
 Invite them for training
 Write the online test
 Providing the license
 Getting policies from client
It makes the clients to have a good initiation.

Modes of Contact
 Personal Contacts
 References
 Phone Calls
 Guidance as per Deputy Distribution Manager

Become financial distributor:

Who are we?
IDBI Fortis Life Insurance Co Ltd is a joint venture between three leading
financial conglomerates – IDBI, Fortis and Federal Bank. With the impressive
pedigree of these three financial giants, IDBI Fortis aims to provide innovative
wealth management, protection and retirement solutions to customers all across
India. At IDBI Fortis, we strongly believe that our human capital will play a
vital role in the delivery of our products to our customers. The IDBI Fortis
vision is ’to build a customer-centric Agency Channel that sets industry
benchmarks for reach, quality and cost effectiveness.’ We believe that by
investing in and building human capital we can achieve our vision.
How will we make a difference in your life?
A wise man once said that there is no greater joy than making a difference in
another person’s life. By becoming a Wealthsurance Advisor with IDBI Fortis, you
too can experience that joy. We will provide you with the necessary tools in the
form of specialised training and support to help your customers build wealth and
achieve long-term financial security for their loved ones. Equally importantly,
while helping others, you will also help yourself. Last but not the least, by
becoming an IDBI Fortis Wealthsurance Advisor you can choose the time of your work
at your own convenience. Essentially, you can be your own boss.
What is Your Role?
As a Wealthsurance Advisor with us, your role is not to just sell insurance. It
is about making a difference in people’s lives, an insurance sale being a by-
product of that. Your role will allow you to meet people with special individual
needs. You will help them analyse their financial situation and provide them with
solutions which will help them achieve those goals and dreams.

Wouldn’t you like to be the person whom people thank when they have successfully
managed to fund their children’s higher education, retire comfortably or to build
personal wealth over the long term?
Partners in Progress:
We strongly believe that our success lies in your success. Hence, we will support
you with:
 Customer-centric and easy-to-sell Innovative Products
Investment Expertise
Customized Training Programmers Essentially,
We will equip you with all the processes and tools necessary to create multiple
sales which in turn will lead to your success in business.
Benefits
By joining the IDBI Fortis team, you get associated with one of the most respected
names in the financial industry. Additionally, you can:
1 Ensure a better lifestyle for you and your family
2 Augment your regular income
3 Gain membership to our prestigious clubs
4 Earn unlimited rewards and recognition

RESEARCH METHODOLOGY
Research:
Is a process of collecting, analyzing, interpreting and summarizing in a
significant manner for the purpose of framing out necessary conclusion and
findings of data perceived and formulated for deriving out the meaningful
information? To carry our research necessary telephonic calls needed to be done,
suitable appointments were to be fixed and therefore market survey is to be
followed. Research is a common language refers to a search of knowledge. Research
is scientific & systematic search for pertinent information on a specific topic,
infect research is an art of scientific investigation. Research Methodology is a
scientific way to solve research problem. It may be understood as a science of
studying how research is doing scientifically. In it we study various steps that
are generally adopted by researchers in studying their research problem. It is
necessary for researchers to know not only know research method techniques but
also technology.
The scope of Research Methodology is wider than that of research methods. The
research problem consists of series of closely related activities. At times, the
first step determines the native of the last step to be undertaken. Why a research
has been defined, what data has been collected and what a particular methods have
been adopted and a host of similar other questions are usually answered when we
talk of research methodology concerning a research problem or study.
A research design is defined, as the specification of methods and procedures for
acquiring the Information needed. It is a plant or organizing framework for doing
the study and collecting the data. Designing a research plan requires decisions
all the data sources, research approaches, Research instruments, sampling plan and
contact methods.

Research design is mainly of following types: -

1. Exploratory research.
2. Descriptive studies
3. Casual studies
Exploratory research:
The major purposes of exploratory studies are the identification of problems, the
more precise Formulation of problems and the formulations of new alternative
courses of action. The design of exploratory studies is characterized by a great
amount of flexibility and ad-hoc veracity.
Descriptive studies:
Descriptive research in contrast to exploratory research is marked by the prior
formulation of specific research Questions. The investigator already knows a
substantial amount about the research problem. Perhaps as a Result of an
exploratory study, before the project is initiated. Descriptive research is also
characterized by a Preplanned and structured design.
Casual studies:
A casual design investigates the cause and effect relationships between two or
more variables. The hypothesis is tested and the experiment is done.

Objective of training:
As you all know Financial Consultant is the backbone for Insurance Co. This report
show that how to recruit the Insurance Agent and Financial Consultant. To
understand insurance and recruitment of capable life insurance advisors for growth
prospects. To know what are the perception of the consumer about IDBI Fortis Life
Insurance Co. Ltd. To know the standing of the IDBI Fortis Life Insurance Co. Ltd.
in Bangalore City.

Process:
Methodology or process involving in the Research followed during the course of
summer training is as follows: -
A) Collection of data:
Data is collected from various customers through personal interaction. Specific
questionnaire is prepared for collecting data. Data is collected with mere
interaction and formal discussion with different respondents. This is an important
aspect in formulating the objective of research process where the data is
collected via two processes: - i) Primary Sources and ii) Secondary sources
i) Primary sources:
Where the data is collected primarily by interviewing and personal observation and
is original in nature and accurate to the considerable extent. These data are
collected first time as original data. The data is recorded as observed or
encountered. Essentially they are raw materials. They may be combined, totaled but
they have not extensively been statistically processed. For example, data obtained
by the peoples.
ii) Secondary sources:
Where the data is obtained from some published and printed sources such as
newspaper, magazines, websites and so on.
Sources of Secondary Data:
1. Official Publications:
Office Product Brochure and annual report of company

2. Journal/ Newspapers etc.:

Some newspapers/ Journals collect and publish their own data, e.g. Indian Journal
of economics, economist, Economic Times.
B) Analyzing of collected data:
The data collected through market survey and published sources is then processed
to obtained necessary inferences and findings for the purpose of achieving the
objective as well as to derive necessary conclusion. A considerable skill and
knowledge is involved in analyzing the data for the purpose of interpreting
thereof.
C) Interpreting of data:
It is the significant step where the data collected and analyzed is interpreted in
the forms of graphs and figures is depicted in the report called Project report.
D) Summarizing of data:
Thereby necessary summary is prepared which is essential in the project report of
the summer training being done under an organization.

Helpful Arms of Research Methodology: -

Questionnaire: - Questionnaire is a set or group of questions being framed for the
purpose of obtaining market perspective about a particular aspect or topic.
There are two types questionnaire being carried necessary for the market survey of
the summer training being undertaken and put for the by the trainee to the sample
people taken as a base for entire population:
A) Open ended Questionnaire: - where the people (also called respondents) are
required freedom to present their views and suggestions for the benefits and
success of the organization.

B) Close ended questionnaire: - where the respondents is limited to the choice

of answer being delivered by the interviewer itself so that quick and fast means
of responses be derived out without wasting much time. Here close ended
questionnaire being followed by me during the course of the summer training market
survey.

Sampling:
Sampling is a process of obtaining a number of individuals taken a base for the
entire population since entire population cannot be asked about the necessary
objective upon which a questionnaire is put forth needed for the responses to be
derived for the purpose of generation of facts and customer view point regarding
their perception of particular product or services.
There are two type of sampling – i) Random Sampling and ii) Systematic sampling.
Random sampling: -
Random sampling is a process of selecting the sample size randomly and no choice
or preference to be made about the selection of respondents for the market survey
and questionnaire to be put forth against him. Here, Random sampling being adopted
by me. A simple random sample gives each member of the population an equal chance
of being chosen. It is not a haphazard sample as some people think! One way of
achieving a simple random sample is to number each element in the sampling frame
(e.g. give everyone on the Electoral register a number) and then use random
numbers to select the required sample. Random numbers can be obtained using your
calculator, a spreadsheet, printed tables of random numbers, or by the more
traditional methods of drawing slips of paper from a hat, tossing coins or rolling
dice.

Systematic sampling: -
It is a sampling where the limited number of selected respondents is figured out
based on some criteria so that only those respondents can be asked for the purpose
of filing questionnaire. This is random sampling with a system! From the sampling
frame, a starting point is chosen at random, and thereafter at regular intervals

Period of Study:
This study has been carried out for a maximum period of 2 Months.

Sampling Area:
The sampling areas of this research are Bangalore City.

Sample Size: - 100 respondents.

MARKET SURVEY
Q.1. What do you mean by insurance?

From the survey it was drawn that life insurance is more a protection of human
asset value against uncertainty and a sum received after death both (conferred by
60 respondents) where it is a protection of human asset value against uncertainty
(being accepted by 23 respondents). Life insurance is a service involving in a sum
received after death these prerequisites as depicted by remaining 17 respondents.
The following depicted this:
Protection of human asset value against uncertainty 23
Tax benefit device 17
Both 60

Q.2. Do you think insurance is essential for every one?

It has been observed and applied as a Life insurance is an essential service and
should be applicable to everyone, as favored by considerable 74 respondents where
it is not essential to an extent by 26 respondents from the summer training
project survey by putting forth the set questionnaire.

Q.3. What is your qualification?

When further enquired about the qualification of respondents, it was found that
44% of the respondents were graduates, 46% were post graduates and remaining 10%
were of higher secondary out of total 100 respondents. Further depicted in the
following tabular representation:
Post graduate 46
Graduate 44
Senior secondary 10

Q.4. Do you come under:

Further, the age qualification for agency recruitment, it was found that 64%
respondents were belonging to 18 – 25 age group, 25% were belonging to 25 – 35 age
group where as 5% to 35 -45 age group and remaining 6% to above 45 age group. Also
depicted in the following tale mentioned below:
18-25 age group 64
25 – 35 age group 25
35 – 45 age group 5
Above 45 age group 6

Q.5. What dissatisfied you most in your occupation?

Respondents had different views about the dissatisfaction from the present status
of working or occupation. Dissatisfaction has been depicted in a table below and
graphically above:

Low employment 6 Low earning 44 Huge capital investment 27

Low status 10 All of the above 13

Q.6. Would you like to know about a career in insurance advisor ship where you can
fulfill every desire of your life?

When asked about whether they would like to know about a glorified career in life
insurance agency where they can fulfill any and every desire of their life, 68
respondents agreed while 32 respondents said No and will see later sometime in
future. It has been depicted that life insurance sector should be promoted at the
wide extent as it contribute to the economy as a useful source beneficial for both
nation as well as citizens.

Q.7. Do you perceive that insurance business is a noble service oriented business?

Indeed Life insurance is a noble business as it provides a needful financial

support in the situation of fatal calamity where the family is deprived by the
fact to live in future and sustains their living. When surveyed about life
insurance as a noble service. 81 respondents agreed and believe that insurance is
a bettering service to human life and society as a whole where as 19 respondents
show disagreement.

Q.8. Would you like to become or opt for insurance advisor under esteemed and
prospering organization IDBI Fortis Life Insurance Co. Ltd.?

14 Respondents agreed to join IDBI Fortis Life Insurance Co. Ltd. and come to the
company for more information. People are highly dissatisfied from the earning,
status and living standard they are sustaining at present and would definitely
like to make some additional source of earning and for this agency for life
insurance would prove a boon.

Q.9. Do you agree that the insurance business is a growing industry and will grow
and rapid pace in future?

From all 100 respondents, 84 agreed that life insurance sector is a growing
concern and will grow at a rapid pace in future where as 16 took as a mere
stagnant industry. Financial services are growing at a tremendous pace as people
are urging to make their investment in lucrative opportunities and therefore
insurance sector is playing a vital role in educating the people to make their
investment which could secure their future, needs and living despite some fatal
calamity that might or might not occur.

Q.10. Do you favor the privatization of insurance by the government where a

significant number of companies now in the market for insurance to the customer
with the alliance of multinationals?

Among 57 respondents from 100 respondents favored the privatization of the

insurance and perceive that the people of India will know be more aware and
knowledgeable with respect to life insurance than that in the past 50 years with
the working of LIC.
The myth of LIC since it is a Government concern is still continue to prevail even
though people have become more advanced and they can invest their hard earned
money after undertaking their pros nod cons and company position in the market.

Q.11. What do u feels about “IDBI Fortis Life Insurance Co. Ltd.?

No doubt, that the organization is having a very strong background as well as a

perfect front to fight. After getting the thorough response from various people, I
could get various kinds of views from various persons.
After the thorough survey I could conclude that a huge part of public is unknown
to this kind of venture. Well, they are very much aware of the name of IDBI and
Federal as well. But the basic thing is that they are unaware of the Fortis. It is
all because of the only that IDBI is late enterant in the market.
But again, when a person comes to know about the details regarding its ventures,
background and concerned profile, he is managed to have a good impression for it.
Again even after feeling a good impression about the company profile, a customer
or client is having very doubtful impression regarding its policies, terms and
conditions. Because the policies, terms and conditions are the only thing on the
basis of which, customer is going to rely upon.
Because transparency in the rules and regulations, they are having a good
impression regarding this. But when the question comes to surety of success in
future then there is a collective and mixed up response of people. Because on one
hand they do favor the goodwill of organization due to its strong profile, but in
other hand, they oppose its good future due to its late entrance in the market.

SWOT ANOLYSIS
• Strengths:
 IDBI Fortis Life Insurance Co. Ltd. offers a range of individual and group
insurance solutions
 Partners having experience in different markets of the world.
 Synergy with exiting operations
 Expertise in the field of insurance
 Professional management
 Good Customer service
 Create a brand name
 Life insurance industry is a rapid growing and a nobler service industry
 IDBI Fortis has the financial expertise required to manage your long-term
investments safely and efficiently

• Weakness:
 Low capital base
 Yet to build strong distribution network
 Cannot tap rural market
 Other co. is prevalent and sustains even today a major source of population
 Low number of offices and network and number of life insurance agents
 Lack of knowledge and expertise

• Opportunities:
 Untapped market
 Banks ready to tie up for as a readymade distribution network for a
small fee.
 Still the number of companies are few and company has every capabilities to
grow and forward its performance areas to the widest

• Threats:
 Large distribution network of other insurance company.
 Decades of experience and brand name of some company.
 People are hesitant to invest and put their hard earned money to the private
life insurance company with the fear of getting lost.
 Belief towards LIC as it is a government corporation phobia is continue to
surmount the people of India despite lots of flaws and development and
liberalization of life insurance.
 Illiteracy and unemployment also pose threat.
 Rising real estate industry also pose threat as people are investing a bulk
of their money over to that industry.

CONCLUSION
Summer training is a best example for a trainee to learn about the company
working, corporate culture under which he is operating the functions. IDBI Fortis
Life Insurance Co. Ltd. is a life insurance company under which I gained a
significant knowledge with respect to life insurance, its importance and
applicability as well as undertook the task to recruit Insurance Advisors which is
conductive for the company to grow with more prosperity. What I taught in the
management institute utilized them fruitfully leading to the best advantage to the
company and to the best experience for mine.
At far I can conclude that life insurance is a noble service which is very
important for every citizen to learn and realize its importance because this is
the only source which can remain the status where one is with the family bread
earner and ever when he is not.
With the growing financial sector I would like to choose this industry for my
future career advancement and as an opportunity to service this industry.

RECOMMENDATIONS
Following are suggestions made for the benefits and augmentation of the sound
working of the company – IDBI Fortis Life Insurance Co. Ltd.:
1. Need to train and develop life insurance agents with more comprehensive
knowledge and skills to counter every queries of the customer.
2. It is suggested that company should not left any stone unturned towards
sound advertisement and promotional measures on every section whether it is
printed, media or air via radio. Company needs more Advertisement for more growth.
3. It is also suggested that skilled management graduates need to be places on
sales and marketing of financial services who can render their best ideas for the
accomplishment of the company goals and objectives to the best extent.
4. Also, care need to be taken that every customer’s grievance should be met
with delight whether before purchase or after sales.
5. There should be an expansion measure for more offices and
6. Location of more centers for offices of the company be established sop that
company may grow its network.
7. There should more advanced measures are required to develop to capture the
needs of customer so that they can be inspire and motivated to invest in the life
insurance products being provided by the IDBI Fortis Life Insurance Co. Ltd.
Life insurance Products should be made flexible so as to suit every section of
society.

BIBLIOGRAPHY
Following are sources which helped me during my summer training:
COMPANY’S PRODUCT BROCHURE:

BOOKS:
KOTHARI C.R.: Research Methodology Management, 3rd Edition
KOTLER PHILIP: Marketing Management” 11th Revised edition ,2002
GUPTA S.P.: Statistical Methods “Thirteen revised edition, 2001

MAGAZINES:
India Today
Business World

REFERENCES
Websites: -
www.idbifortis.com
www.irdaindia.org
www.liccouncil.org
www.businessconnect.com
QUESTIONNAIRE
Name: - ……………………………………………………………
Age:- ……………………………………………………………
Location: - ……………………………………………………………
Occupation: -……………………………………………………………

Q.1. What do you mean by insurance?

a) Protection of human asset value against uncertainty •
b) A sum received after death •
c) Both •
Q.2. Do you think insurance is essential for every one?
a) Yes •
b) No •
Q.3. What is your qualification?
a) Post graduate •
b) Graduate •
c) Senior secondary •

Q.4. Do you come under:

a) 18-25 age group •
b) 25 – 35 age group •
c) 35 – 45 age group •
d) Above 45 age group •
Q.5. What dissatisfied you most in your occupation
a) Low employment •
b) Low earning / income •
c) Low status •
d) Huge capital investment •
e) All of the above •
Q.6. Would you like to know about a career in insurance advisor ship where you can
fulfill every desire of your life?
a) Yes • b) No •
Q.7 Do you perceive that insurance business is a noble service oriented business?
a) Yes • b) No •
Q.8. Would you like to become or opt for insurance advisor under esteemed and
prospering organization IDBI Fortis Life Insurance Co. Ltd.?
a) Yes • b) No •

Q.9. Do you agree that the insurance business is a growing industry and will grow
and rapid pace in future?
a) Yes •
b) No •
Q.10. Do you favor the privatization of insurance by the Government where a
significant number of companies now in the market for insurance to the customers
with the alliance of multinationals?
a) Yes •
b) No •
Suggestions: -
1. ……………………………………………………………
2. ……………………………………………………………
3. ……………………………………………………………

Q. 11 What do you feel about “IDBI Fortis Life Insurance Co. Ltd.?
__________________________________________________________________________________
_________________________________________________________________

BAJRANG KAUSHIK
Signature:
IDBI FORTIS LIFE INSURANCE CO. LTD.