PROJECT REPORT ON

EMPLOYEE SATISFACTION AT IDBI FEDERAL LIFE INSURANCE

DEHRADUN SUBMITTED FOR THE PARTIAL FULFILLMENT OF BACHELOR OF BUSINESS ADMINISTRATION (HUMAN RESOURCE MANAGEMENT) (2010-2013) BY Mayank Gupta

INTERNAL GUIDE Prof. Shikha Rana Faculty Human Resource SGRRITS Patelnagar

EXTERNAL GUIDE Mr.Yashvinder Raghav Sales Development Manager IDBI FEDERAL Dehradun

SHRI GURU RAM RAI INSTITUE OF TECHNOLOGY AND SCIENCE PATEL NAGAR, DEHRADUN PHONE: (0135) 2721763, 2726435, 2726209 FAX: 2721762

Shri Guru Ram Rai Institute of Technology & Science

Patel Nagar, Dehradun 248 001. Ph 0135 272 1763, 2726435, 2721585, Fax 2721762.

To whom so ever it may concern:

This is to certify that MR Mayank Gupta Student of B.B.A Final Year Batch 2010-2013 of the institute Has successfully completed his Summer Training on the Topic EMPLOYEE SATISFACTION in association with IDBI FEDERAL LIFE INURANCE,DEHRADUN. as per the ordinances of H.N.B. Garhwal University, Srinagar under my guidance and supervision . While appraising his effort and conduct, I wish him all the best in his future endeavors.

Date: Rana) Place: Faculty (HR)

(Prof. Shikha

DECLARATION

I hereby declare that Project Report entitled, EMPLOYEE SATISFACTION AT IDBI Federal LIFE INSURANCE, written and submitted by me, under guidance of Prof. Shikha Rana in my original work.

The empirical finding in the report is based on the data collected by myself. While preparing the report, Ive not copied anything from any source or other projects submitted for similar purpose.

DATE: Mayank Gupta B.B.A 5th SEM

ACKNOWLEDGEMENT
I would like to seize the opportunity to extend my sincere thanks to all those who have played a significant role in completing my project. No task is a single mans effort various factors, situation and persons integrate to provide the background for the accomplishment of a task.

I take this opportunity to express my deep sense of gratitude and respect to Mr. Naveen Kapoor (Branch Manager) who allowed me to undergo summer training at IDBI Federal Life Insurance, Dehradun. I am grateful to Mr. Yashvinder Raghav, under whose valuable cooperation and guidance I conducted my study. He gave me the opportunity to get exposed to the organization. I am thankful for his patience and forbearance in updating my knowledge and preparation of this project and all the other executives and nonexecutives of IDBI Federal Insurance for their whole-hearted cooperation during my study.

I would like to express my sincere and special thanks to Prof. Shikha Rana of Shri Guru Ram Rai Institute of Technology & Sciences for her Valuable suggestions, cooperation, help and support at needy hour and boosting up the professional spirit during my endeavour.

At last, I owe my project success to my family who has been a source of inspiration, constant encouragement and moral support which was required in completion of this project.

DATE:

SIGNATURE:

PREFACE

Summer training is an important and integral part of management courses as it bridges the gap between the critical practical aspect of subject understudy and further to get a firsthand experience of industrial environment. To the same, I did my summer training from IDBI Federal Life Insurance, Dehradun. The study undertaken was EMPLOYEE SATISFACTION IN IDBI Federal Life Insurance The study reveals the criteria of appraisal followed by the organization for the people working in it. I choose this topic mainly because of the following reasons: The concept of EMPLOYEE SATISFACTION is the backbone that frames the growth and development of the workforce.

CONTENTS
PAGE NO INTRODUCTION OF IDBI EMPLOYEE SATISFACTION RESEARCH METHODOLOGY DATA ANALYSIS & INTERPRETATION CONCLUSION SUGGESTIONS BIBLIOGRAPHY ANNEXURE 1

INTRODUCTION OF IDBI

The Industrial Development Bank of India Limited, now more popularly known as IDBI Bank, was established as a wholly-owned subsidiary of Reserve Bank of India. The foundation of the bank was laid down under an Act of Parliament, in July1964. The main aim behind the setting up of IDBI was to provide credit and other facilities for the Indian industry, which was still in the initial stages of growth and d e v e l o p m e n t . After the transfer of its ownership, IDBI became the main institution, through which the institutes engaged in financing, promoting and developing industry were to be coordinated. In January 1992, IDBI accessed domestic retail debt market for the f i r s t t i m e , w i t h i n n o v a t i v e D e e p D i s c o u n t B o n d s , a n d r e g i s t e r e d p a t h - b r e a k i n g success. The following year, it set up the IDBI Capital Market Services Ltd., as its wholly-owned subsidiary, to offer a broad range of financial services, including Bond Trading, Equity Broking, Client Asset Management and Depository Services .In September 1994, in response to RBI's policy of opening up domestic banking sector to private participation, IDBI set up IDBI Bank Ltd., in association with S I D B I . I n July 1995, public issue of the bank was taken out, after which the Government's shareholding came down (though it still retains majority of the shareholding in the bank). In September 2003, IDBI took over Tata Home Finance Ltd, renamed IDBI Home finance Limited, thus diversifying its business domain and entering the arena of retail finance sector the year 2005 witnessed the merger of IDBI Bank with the Industrial Development Bank of India Ltd. The new entity continued to its development finance role, while providing an array of wholesale and retail banking products (and does so till date). The following year, IDBI Bank acquired United Western Bank (which, at that time, had 230 branches spread over 47 districts, in 9 states). In the financial year of 2 0 0 8 , I D B I B a n k h a d a n e t i n c o m e o f R s 9 4 1 5 . 9 c r o r e s a n d t o t a l a s s e t s o f R s 120, 601 crores.

The Present

Today, IDBI Bank is counted amongst the leading public sector banks of India, apart from claiming the distinction of being the 4th largest bank, in overall ratings. It Is presently regarded as the tenth largest development bank in the world, mainly in terms of reach. This is because of its wide network of 509 branches, 900 ATMs and3 1 9 c e n t e r s . A p a r t f r o m b e i n g i n v o l v e d i n b a n k i n g s e r v i c e s , I D B I h a s s e t u p institutions like The National Stock Exchange of India (NSE), The National Securities Depository Services Ltd. (NSDL) and the Stock Holding Corporation of India (SHCIL).

Objectives

The main objectives of IDBI are to serve as the apex institution for term finance for industry in India. Its objectives include

(1) Co-ordination, regulation and supervision of the working of other financial institutions such as IFCI , ICICI, UTI, LIC, Commercial Banks and SFCs.

(2) Supplementing the resources of other financial institutions and thereby widening the scope of their assistance.

(3) Planning, promotion and development of key industries and diversifications of industrial growth.

(4) Devising and enforcing a system of industrial growth that conforms to national priorities.

Function

The IDBI has been established to perform the following functions:-

(1) To grant loans and advances to IFCI, SFCs or any other financial institution by way of refinancing of loans granted by such institutions which are repayable within 25 year.

(2) To grant loans and advances to scheduled banks or state co-operative banks by way of refinancing of loans granted by such institutions which are repayable in 15 years.

(3) To grant loans and advances to IFCI, SFCs, other institutions, scheduled banks, state co-operative banks by way of refinancing of loans granted by such institution to industrial concerns for exports.

(4) To discount or rediscount bills of industrial concerns.

(5) To underwrite or to subscribe to shares or debentures of industrial concerns.

(6) To subscribe to or purchase stock, shares, bonds and debentures of other financial institutions.

(7) To grant line of credit or loans and advances to other financial institutions such as IFCI, SFCs, etc.

(8) To grant loans to any industrial concern.

(9) To guarantee deferred payment due from any industrial concern.

(10) To guarantee loans raised by industrial concerns in the market or from institutions.

(11) To provide consultancy and merchant banking services in or outside India.

(12) To provide technical, legal, marketing and administrative assistance to any industrial concern or person for promotion, management or expansion of any industry.

(13) Planning, promoting and developing industries to fill up gaps in the industrial structure in India.

(14) To act as trustee for the holders of debentures or other securities.

Subsidiaries

The following are the subsidiaries of IDBI

(1) Small Industries Development Bank of India (SIDBI)

(2) IDBI Bank Ltd. (3) IDBI Capital Market Services Ltd. (4) IDBI Investment Management Company

Capital Structure and Operations

As on September 30, 1996, the authorized Capital of IDBI wasRs.2000crores. Issued, subscribed and paid up share capital was Rs.828.76crores. Reserves were Rs.6309 crores. Loan funds were Rs.35450 crores. The total outstanding loans, investments and guarantee of IDBI stood at Rs.39, 221 crore as on 31st March 1996.

IDBI Federal Life Insurance

IDBI Federal Life Insurance Co. Ltd.,(formally IDBI Forties Life Insurance) is a joint venture between three financial companies development and commercial bank, IDBI Bank, Indias private sector bank, Federal Bank and European insurer Ageas (formerly Forties), which was formed on March 2008. In this venture, IDBI Bank owns 48% equity while Federal Bank and Areas own 26% equity each.

History

2006: IDBI Bank, Federal Bank and Belgian-Dutch insurance major Forties Insurance International NV signed a MoU to start a life insurance company 2008: IDBI Forties Life Insurance Co. Ltd., which started its operations in March 2008 2008: IDBI Forties opens its second branch in Andhra Pradesh in Vijay Wada 2008: IDBI Forties Life positive on assured return products 2008: IDBI Forties launches the Bondsurance Plan 2009: IDBI Forties announces Rs 250cr capital infusion 2009: Nimbus ropes in IDBI Forties as title sponsor of IndiaSri Lanka series 2009: 'IDBI Forties' Boss-Ka-Boss receives PRCI Award 2009: IDBI Forties launches Retiresurance Pension Plan 2009: IDBI Forties scores with Goalsurance 2009: IDBI Forties reaches the banks of Hoogly 2009: IDBI Forties launches Incomesurance Immediate Annuity 2009: IDBI Forties Life Insurance uses an interactive application to help users easily calculate their taxes 2009: IDBI Forties reaches the City of Eastern Light 2009: IDBI Forties receives bronze Dragon at 'PMAA 2009' 2009: IDBI Forties Life Insurance introduces financial inclusion plan in rural Orissa 2009: IDBI Forties launches Termsurance Protection Plan 2009: IDBI Forties redefines endowment & money back with Incomesurance 2009: IDBI Forties to open 65 more branches; raise headcount by 1,000 2010: IDBI Forties now renamed as IDBI Federal Life Insurance Company.

Technology

To monitor and manage its network equipment across 34 sites, IDBI Forties uses Tulip Proactive Managed CE solution. The solution includes device management, proactive troubleshooting and notification support. With the implementation of the solution, IDBI has reported improvement of network performance and availability, with a faster, more effective change and configuration management.

Products
IDBI Forties launched its first set of products across India in March 2008, after receiving the requisite approvals from the Insurance Regulatory and Development Authority (IRDA). IDBI Forties offers services through a nationwide network across the branches of IDBI Bank and Federal Bank in addition to a network of advisors and partners. IDBI Forties has 35 branches across the country.

Sponsorships, Awards

IDBI Forties Life Insurance Company was selected as the title sponsor for the India-Sri Lanka Cricket Series 2009, consisting of five One-Day Internationals and a Twenty 20 match. The ODI series will be called the IDBI Forties Wealthsurance Cup. This will be followed by the IDBI Forties Wealthsurance Twenty20.

Wealthsurance Made Easy (WME), a knowledge aid by IDBI Forties for its sales force, won The Bronze Dragon in the category for Best Dealer/Sales Force activity at the Promotion Marketing Awards of Asia (PMAA).

Federal Bank

Type Trade as

Public NSE:FEDERALBANK BSE: 500469

LSE: FEDS Industry Founded Banking and allied industries Kochi, 1945 Federal Headquarters Aluva, Kochi Kerala, India. Key people Products Website Shyam Srinivasan (CEO) Loans, Savings, etc. www.federalbank.co.in Towers, 683 101,

Federal Bank Limited (NSE: FEDERALBNK, BSE: 500469, LSE: FEDS) is a major Indian commercial bank in the private sector, headquartered at Aluva, Kochi, Kerala. As of March 13, 2012, it has 952 branches spread across 24 states in India and 1029 ATMs around the country (across 108 metro centres, 224 urban centres, 384 semi-urban locations and 87 rural areas). The bank is planning to expand its branch network to 1000 and hire 2000 professionals by June 2012.

History

In the year 1931, Travancore Federal Bank was inaugurated at Vengal Varuttisseril at Nedumpuram, near Tiruvalla, Kerala. The 14 founders included Sri Vengal Varuttisseril Oommen Varghese, his brothers Oommen Chacko, Oommen Kurian, Oommen George and also another person from Tiiruvalla, Kavumbhagam Mundapallil Lukose, and others. Oommen Varghese was the Chairman and Oommen Chacko the Manager. After it had functioned for nearly 10 years, the bank's day to day transaction had to be stopped due to the ill-health of the Manager.

Understanding this situation, a lawyer from Perumbavoor named Sri K.P.Hormis and his acquaintances joined together, bought the bank and took over the management. In 1945, they moved the bank's registered office to Aluva and Hormis became the Managing Director. In 1947, the bank's name was shortened from Travancore Federal Bank to Federal Bank.

In 1970, the bank became a Scheduled Commercial Bank. Recently, it opened a representative office in Dubai.

Acquisitions and Mergers

In 1964, the bank embarked on a series of acquisitions that would substantially increase its size. It acquired the Chalakudy Public Bank in Chalakudy, the Cochin Union Bank in Thrissur, and the Alleppey Bank in Alappuzha.

In 1965, it acquired the St.George Union Bank in Puthenpally. In 1968, it acquired the Marthandom Commercial Bank in Thiruvananthapuram. In 2006, Federal Bank acquired Ganesh Bank of Kurundwad after the Reserve Bank of India suspended the bank. Established in 1920, Ganesh Bank had its headquarters at Kurundwad, Maharashtra. The bank had a network of 32

branches and its operations were concentrated in Sangli and Kolhapur in Maharashatra and Belgaum in Karnataka. Prior to the merger, Federal Bank had 20 branches in Maharashtra.

In March 2008, Federal Bank entered into a joint venture with IDBI Bank and Fortis Insurance International to form IDBI Fortis Life Insurance, of which Federal Bank owns 26 percent. The company ended the year with over 300 Cr in premiums as on 31 March 2009.

On 24 August 2010, IDBI Fortis, rejuvenated as IDBI Federal Life Insurance with Aegas of Belgium.

Ageas

IDBI targets 1.5 lakh customers with pension plan For IDBI Federals newly introduced Retiresurance Guaranteed Pension Plan, it has set a target of about 1.5 lakh customers Pan India this year. G V Nageswara Rao, Managing Director and CEO of IDBI Federal Life Insurance stated that they...

IDBI Federal Life eyes 70% growth in total premium income IDBI Federal Life CEO G Nageshwara Rao stated that for 2010-11, it is anticipating a 70% growth in its total premium income while in 2009-10 also, their total premium income had risen by 70%. According to the Irda data.

IDBI Federal Life Insurance launches operations in Madurai IDBI Federal Life Insurance (IDBIFLI) has officially launched its commercial operations in Madurai due to this its presence spread across 53 cities. It had commenced its operations in March, 2008 and had issued more than 2.10 lakh policies offering a guaranteed sum of Rs 9...

IDBI Federal Life Insurance Company Profile

IDBI Federal Life Life Insurance Company Established in March 2008, IDBI Federal Life Life Insurance Company is a joint venture between three major companies- IDBI Bank- Indias premiere industrial bank, Federal bank private sector bank and Ageas - international insurance company operating out of Europe. IDBI Bank holds 48% equity whereas Federal and Ageas hold 26% of equity each.

Product Portfolio:

Being a new entrant, IDBI is slowly increasing its portfolio which includes: Retirement Plan: With rising inflation, its absolutely necessary to make provisions for the future which makes retirement plan an important financial decision. Better known as Pension plan, this plan takes care of financial needs after retirement by investing a part of your savings for limited period. Pension plan provides steady income after retirement and takes care of daily needs. The pension plan offered by IDBI Federal is Retiresurance. Term Plan: A risk plan which provides comprehensive cover for your family in the unfortunate event of untimely demise. A term life insurance plan provides good cover at relatively nominal cost and has no survival benefits. IDBI Federal Life term plan is Termsurance.

Investment Plan: Popularly known as ULIP, an investment plan invests part of your savings in equity or debt market as per your preference. The objective of investment plan is to give you returns which easily beat the rising costs since the usual returns in a bank are extremely low. ULIPs offered by IDBI Federal Life are Wealthsurance, Bondsurance and Incomesurance.

Health Plan: Slightly different from health insurance, health plan provides cover for surgery costs, critical illness. A lump sum is paid irrespective of actual hospital bill. Healthsurance is IDBI Federal Lifes health plan.

Distribution Network:

IDBI Federal Life Life Insurance Company leverages on the strong distribution network of its promoters and advisors.

Financial Information:

The total premium earned for the half year ended September 30, 2010 was Rs 3,427 million. The profit after tax for the same period is Rs 513 million. There have been 132 death claims reported during the period out of which 43 claims were settled and 19 claims were rejected.

Marketing Campaigns:

IDBI Federal Life recently launched television commercials focusing on its frontline products Wealthsurance and Incomesurance. The campaign taglines are Jisne bhi suna khareed liya and Guaranteed Income ki Bhavishavani Whereas the first advertisement reflects that the product is so great that whoever hears about it, buys it instantly, the second advertisement promises to be clear and transparent on the issue of returns in the investment product. IDBI Federal has also introduced two animation characters by the name of Happy and Lucky to promote the brand.

Management:

GV Nageswara Rao is the MD & CEO of IDBI Federal Life Insurance.

Aneesh Srivastava is the CIO of IDBI Federal Life Insurance. Michael J Wood is the appointed actuary of IDBI Federal Life Insurance.

IDBI Federal Life Insurance Product Table:

Retirement/Pension Plan Term Plan Savings & Investment Plan Savings & Investment Plan Savings & Investment Plan Health Plan

Retiresurance Termsurance Wealthsurance Bondsurance Incomesurance Healthsurance

Ageas
Ageas N.V./S.A. (Belgium) Ageas N.V. (Netherlands)

Type Traded as Industry Predecesso r(s) Founded

Naamloze vennootschap / Socit anonyme Euronext: AGS Financial services Fortis Holding 1990 (as Fortis); 2010 (as Ageas) Belgium

Headquarte Brussels, rs Key people Products Revenue Profit Total assets Total equity Utrecht, Netherlands

Jozef De Mey (Chairman), Bart de Smet (CEO) Insurance 13.65 billion (2010) 223.1 million (2010) 99.17 billion (end 2010)

9.869 billion (end 2010)

Employees 11,710 (end 2010) Website www.ageas.com

Ageas N.V. /S.A. is a Belgium-Dutch multinational insurance company co-headquartered in Brussels, Belgium and Utrecht, Netherlands. Ageas is Belgium's largest insurer and operates in 14 countries worldwide. The company was renamed from Fortis Holding in April 2010 and consists of those insurance activities remaining after the breakup and sale of the financial services group Fortis during the financial crisis of 2007-2010. It is listed on the Euronext Brussels, Euronext Amsterdam, and Luxembourg stock exchanges and forms part of the blue-chip BEL20 stock market index.

History
The company's roots reach back to the 1824 foundation of the Belgian life insurer Assurances Gnrales (now AG Insurance).[2] In 1990 AG merged with the Netherlands-based bancassurer AMEV/VSB to form Fortis. AMEV/VSB had itself been formed earlier that year by the combination of savings bank VSB (Verenigde Spaarbank) and insurer AMEV, which took advantage of the recent relaxation of Dutch legislation preventing mergers between banks and insurers. AMEV had originally been founded in Utrecht in 1920 as Algemeene Maatschappij tot Exploitatie van Verzekeringsmaatschappijen (English: General Society for Operation of Insurance).

After its creation in 1990, Fortis expanded its offerings to include private and investment banking and asset management, establishing subsidiaries around the world, and by 2007 it had become the 20th largest business in the world by revenue. That year Fortis agreed to jointly purchase ABN AMRO with Banco Santander and Royal Bank of Scotland Group, but the onset of the major financial crisis exacerbated problems with financing its part of the large acquisition and prompted fears of impending insolvency. Considered "too big to fail", Fortis received an 11.2 billion bailout from the Benelux governments and saw its retail banking operations in Belgium sold to BNP Paribas and its insurance and banking subsidiaries in the Netherlands nationalised.

The remaining assets of the company, consisting principally of insurance operations but also including some distressed assets, were rebranded Fortis Holding. In April 2010 its shareholders agreed a formal change of name to Ageas N.V. /S.A., with ownership of the Fortis brand passing to BNP Paribas.

Operations

The company is the largest provider of insurance in Belgium, owning 75% of AG Insurance the remainder is held by Fortis Bank N.V./S.A., which was sold to BNP Paribas in 2009). Products are sold through independent agents, brokers and financial planners, and through branches of BNP Paribas Fortis and its subsidiary Banque de La Poste/Bank van De Post.

Ageas also wholly owns the subsidiary Ageas Insurance International (formerly Fortis Insurance International), through which it is the United Kingdom's third-largest provider of private vehicle cover and fourth-largest provider of travel insurance through subsidiaries such as Kwik Fit Insurance. Fortis Insurance International also operates in France, Germany, Turkey, Ukraine and Hong Kong and holds partnerships or joint ventures in Luxembourg, Italy, Portugal, China, Malaysia, India and Thailand. In addition, Ageas holds 45% of Royal Park Investments, a special purpose vehicle which manages a portfolio of "toxic" structured credit assets previously held by Fortis Bank.

Mission:

To be the top new Life Insurance Company in the market. This does not just mean being the largest or the most productive company in the market, rather it is a combination of several things life;

Customer service of the highest order

Value for money for customers, Professionalism in carrying out business Innovative products to cater to different needs of different customers Use of technology to improve service standards Increasing market share

Values: SECURITY:
Providing long term financial security to our policy holders will be a endeavour, by offering life insurance and pension products. TRUST: constant

Appreciate the trust placed by policy holders. Hence, It aim to manage their investments very carefully and life up to this trust.

 INNOVATION:
Recognizing the different needs of customers, we will be offering a range of innovative products to meet these needs.

Mission is to be the best new life Insurance Company in India and these are the values that will guide us in this.

1995 March 1995 July 1996 October 1996

Commenced Equity Broking on NSE CM segment

Built agent Distribution Network across the country Commenced Debt Broking on NSE WDM segment

Started operations as a Depository Participant

December 1996 Started to act as Arranger to Privately Placed Bond issues 1998 April 1999 February 1999 November 2002 March 2000 June 2002 October 2004 June Commenced Merchant Banking & Corporate Advisory Services 2006 January 2006 Launched the online investing portal Achieved an outright secondary market turnover Started operations as a Primary Dealer Commenced operations as a Portfolio Manager Acquired membership of BSE, Mumbai

exceeding Rs.100000 crore in G-Secs Acquired Derivatives memberships of BSE and NSE Commenced trading in Interest Rate Swaps

www.idbipaisabuilder.in IDBI Capital bags CNBC TV18 'Best National Financial

September Advisor-Institutional' award. 2006 November 2007 March 2007 May 2008 IDBI Capital ties up with Karur Vysya Bank (KVB) IDBI Capital bags CNBC TV18's prestigious National IDBI Capital ties up with Punjab National Bank and Bank of Rajasthan Bank. IDBI Capital ties up with Oriental Bank of Commerce

January 2008 March

Financial Advisor Award IDBI Capital ties up with Union Bank of India

LIFE INSURANCE

Indian Promoter ICICI HDFC Aditya Birla Group Kotak Mahindra Finance Max India

Foreign Promoter Prudential Plc, UK Standard Life, UK Sun Life Financial, Canada Old Mutual Plc, South Africa New York Life

Tata Group Vyasya Bank Bajaj Auto Sanmar Group SBI J&K Bank, Pallonji & Co. Dabur India

American International Group, USA ING Group, Netherland Allianz AG AMP, Australia Cardiff, France Metropolitan Life Insurance Aviva Plc

GENERAL INSURANCE

Indian Promoter

Foreign Promoter

ICICI

Lombard Canada

Bajaj Auto

Allianz AG

Cholamandalarn

None

Investment Cooperative

Indian

Farmers

Fertilizers

Tokio Marine and Fire Insurance Company

Reliance Industries

None

Sundaram Finance

Royal and Sun Life

Tata Group

American International Group

HDFC

Chubb, USA

Each one of our lives is different and hence, our needs are different. Keeping this in mind, HDFC standard Life insurance gives the freedom to choose, from a range of plans, which best suits ones need at each stage in ones Life. The range of plans can be classified into four main categories called the PIPS policy:P I P S : : : : PROTECTION INVESTMENT PENSION SAVINGS

Before we discuss the plans in detail lets be accustomed to certain common terms like-

SA- SUM ASSURED: It is the amount for which a person is insured, so it becomes the minimum amount, which has to return to the insured as per the terms of the policy.

LA LIFE ASSURED: He/She is the person who has taken the insurance cover.

PREMIUM: These are the instalment payable by the LA as against the SA. He can either make monthly, half-yearly & yearly or even one time payment is allowed.

NEED BASED PLANS

Protection plan

Investment Plan

Pension plan

Saving Plan

Term Assurance Plan

Endowment Plan Personal Pension Plan

Single Premium Whole life plan

Childrens Plan

Loan Cover Term Assurance Plan Money Back Plan

PROTECTION PLAN

TERM LOAN COVER TERM ASSURANCE PLAN

ASSURANCE

PLAN

INVESTMENT PLAN

SINGLE PREMIUM WHOLE LIFE INSURANCE PLAN

PENSION PLAN

PERSONAL PENSION PLAN

SAVING PLAN

ENDOWMENT ASSURANCE PLAN MONEY BACK PLAN CHILDRENS PLAN

STRENGTHS

WEAKNESSES

Strong tie up Brand Equity Strong Network Huge customer Database

Low customer Awareness

Less Promotion

OPPORTUNITIES

THREATS

Uninsured Population Network Building

LIC Aggressive new Entrants

IDBI finest investment is in its Human Resources. It draws its personnel from many disciplines. They are the building blocks on which the company's performance & productivity is based". Mr. G V NAGESHWAR RAO Founder- Chairman, IDBI Ltd.

Who is Financial Consultants?

An agent is the representative of an insurance company who sells different policies or product to its clients. Another term used for insurance agents is financial consultant; this term was introduced by IDBI life insurance company Ltd.

Today in life insurance companies financial consultant are known to be the backbone of the whole system. Financial consultant does not work on monthly payroll basis; they receive a certain commission on the policies they sell to the clients.

The eligibility required to become an financial consultant is that he/she should be 12 th pass to operate in urban area and 10th pass for rural areas. Before a person becomes a financial consultant he/she has to undergo 100hrs training according to IRDA norms which is compulsory. 70-75% of profits gained in life insurance business are through financial consultants.

Who can become financial consultant?

Any person who is 12th pass and having a minimum age of 18 years can become financial consultant but an Insurance company wants such persons who are having a very high zeal to earn more and more and should have a very good communication skill which can satisfy the customer. Relationship skill is must in a financial consultant. IDBI life Insurance Company wants mainly five things in financial consultant: Confidence Self motivation Persuasion Urge to be financially independent Relationship skills

Role of financial consultant

To provide ongoing financial advice for his/her clients: Identify future clients Making appointments Conduct financial review meetings with prospects/clients Close sale Get referrals Provide service to clients

Companys support to the financial consultant

Field visits Training on product and selling skills Regular business reviews Be a coach and Mentor Recognize high performers Help you become financially independent

Companys expectations from their financial consultants

Achieve sales targets Participate in all meetings Attend all training programs Weekly reviews at the office Follow the sales process Follow weekly reporting process

EMPLOYEE SATISFACTION

What does the term Satisfaction imply to an employee? It implies nothing else than the feeling of either being contended or non-contended on using a product. Employee Satisfaction is a prerequisite for the customer satisfaction. Enhanced employee satisfaction leads to higher level of employee retention. A stable and committed workforce ensures successful knowledge transfer, sharing, and creation --a key to continuous improvement, innovation, and knowledge-based total customer satisfaction. When companies are committed with providing high quality products and services; when companies set high work standards for their employees; and when employees are empowered through training and development, provided with knowledge and information, permitted to make mistakes without punishment, and trusted; they will experience an increase in their level of satisfaction at work. This level of satisfaction can be enhanced further if teamwork and visionary leadership are introduced. Continuous improvement comes from the efforts of the empowered employees motivated by visionary leadership. This is supported by the findings that empowerment and visionary leadership both have significant correlation with employee satisfaction. Teamwork is also supported by the findings. In addition, the study found significant correlation between employee satisfaction and employees intention to leave. The success of a corporation depends very much on customer satisfaction. A high level of customer service leads to customer retention, thus offering growth and profit opportunities to the organization. There is a strong relationship between customer satisfaction and employee satisfaction. Satisfied employees are more likely to stay with company and become committed and have more likely to be motivated to provide high level of customer service, by doing so will also further enhance the employees satisfaction through feeling of achievement. Enhanced employee satisfaction leads to improved employee retention; and employee stability ensures the successful implementation of continuous improvement and customer satisfaction. Customer satisfaction will no doubt lead to corporate success and greater job security. These will further enhance employee satisfaction. Therefore, employee satisfaction is a prerequisite for customer satisfaction.

Measuring employee satisfaction

Employee satisfaction drives customer satisfaction, indirectly creating profit for an organisation. Research on the service-profit chain shows that satisfied employees are far better than unsatisfied ones at delivering excellent customer service and hence enhancing customer satisfaction with the organisation's products and services.

Employee satisfaction is also a prerequisite for staff retention. Organisations with higher staff retention rates are naturally better at retaining knowledge, which can lead to better performance and profit for the business.

Improved employee satisfaction reduces the cost of staff turnover, builds brand loyalty with staff and positions the company as an employer of choice that attracts talented people to the organisation.

PERSONAL BEST can:

Design an employee satisfaction survey customised to the company's strategy and performance needs.

Implement the survey and report on the results. Recommend specific actions designed to improve employee satisfaction and productivity.

Measuring employee satisfaction can yield far more than a measure of morale. The initiative provides a catalyst for change.

Methods of employee satisfaction 1. Job In General Scale (JIG)

job In General Scale is a method of employee satisfaction and developed as a global measure of job satisfaction. JIG is similar to JDI, it introduced 1969 by Smith, Kendall, & Hulin, was modified in 1985 by the JDI Research Group.

2. Job Descriptive Index (JDI)

Job Descriptive Index is a scale used to measure five major factors associated with job satisfaction: Work itself, Supervision, Pay, Promotion, Co-workers. The JDI was first introduced in 1969 and since then has been used by over 1,000 organizations in many sectors.

3. Satisfied / dissatisfied method

In this method, you just send a question form that include: What is good thing in our company?

 What is not good one in our company? This method is suitable for emergency events and you need result in a short time.

4. Interview method
This method is used for: Review all data collected from other method.. Review key person.

EMPLOYEE SATISFATION SSSSSSSSSSATISATI FACTION

EMPLOYEE MOTIATION METHODS EMPLOYEE MORALE METHODS

Motivating the Workforce

In order to understand the needs of the workforce, organisations need to understand what is driving behaviours and what the key motivating factors are for staff members. Most work motivation theories are based on the work of Maslow, though the motivational spectrum is wide and can vary over time for different individuals. Herzberg's theory is probably the most well known theoretical framework related to job satisfaction. His model identifies basic "hygiene" factors such as pay and conditions which serve to remove the dissatisfaction from work, rather than promote satisfaction. If these factors are not satisfied, it will impact on employee efficiency. The "satisfiers" are factors which motivate staff, give them an incentive to work and have a direct and positive impact on satisfaction, thereby increasing worker efficiency. The "satisfiers" tend to be related to achievement, recognition, responsibility, and the nature of the work that is done.

Motivational theories can be helpful in looking at groups of staff and understanding where their motivations lie, though satisfaction at work is achieved through a complex interplay of these variables. High pay will rarely compensate for very poor working conditions and swish, modern offices and good working conditions will rarely compensate for very low pay. Research by Theresa Welbourne at the University of Chicago, identified 4 segments of staff based on their motivations at work: Segment Survivalists Motivated By Need for income to survive Need for good pay coupled with personal satisfaction Need to "make a difference" and not motivated by money

Seekers

Contributors

"Fun"damentalists Need for work to be fun, enjoy what they do, helps others and part of the work social

scene

Whether or not Welbourne's segments are recognisable in your company is unimportant, because if you look, there will be segments of employees that can be found.

HOW TO BUILD EMPLOYEE MOTIVATION 1. Employee Motivation By Building Satisfaction

Employee motivation as it relates to employees satisfaction is vitally important. And, it goes way beyond just a "happier workforce." Why? Because there is an undeniable link between satisfied, motivated employees, and satisfied customers. In other words, focus on creating satisfied employees, focus on employee motivation, and those motivated, satisfied employees will take care of your customers.

2. Employee Motivation through Genuine Appreciation

At times, managers unknowingly sabotage employee motivation by failing to recognize the positive behaviors and achievements of their employees. As a result, employees don't know whether or not they are doing a good job. I recently had an employee of an organization tell me, "The only time we ever hear anything from management is when we do something wrong!" Fortunately, savvy managers can improve employee motivation by rewarding employees with personal attention. This can include a pat on the back, a hand-written note, or a quick comment in the hall.
When showing appreciation, be specific. Instead of just saying, "We really are grateful for the good job you do around here," the approach might be, "I really appreciate how you handled the Franklin Industries account last week when we had to get their rush order out late Friday afternoon. Your effort really made a difference." By being specific, the employer comes across as much more sincere, and the employee

realizes their actions are truly being watched. And, a highly level of employee motivation is the natural result.

3. Employee Motivation through Recognition

Many people will do for recognition what they will not do for money. And, this is the manager's secret weapon for employee motivation. Some people are motivated by the opportunity to get their name on the wall, receive a trophy at an annual banquet, or see their name in the company newsletter. It gives them an "emotional payoff" for their actions.

Look for ways to increase employee motivation by recognizing excellence in the workplace. Ring a bell every time an individual or team hits the production target. Put up posters with the photographs of team members who have had the most days without accidents. Give out awards for attendance records. Just do something. It is so inexpensive, yet highly effective in your efforts of employee motivation.

4. Employee Motivation through Inspiration

Inspiration comes from leadership. This form of employee motivation includes the company's mission, purpose and goals. People want to be part of an organization that is going somewhere, that stands for something, and that provides a meaningful service to the marketplace.

If you want to lead an inspired, mission-guided organization, follow these steps and watch employee motivation improve dramatically. 1. Have a clear mission - in other words, know where you are going. 2. Be excited and passionate about your mission. After all, if you don't get excited, they won't either. 3. Be able to communicate the mission, it's value to the marketplace. In other words, why it's worthwhile.

4. Make sure everyone in the organization understands and can communicate the mission. 5. Be sure employees understand how they fit into the process of fulfilling the organization's mission. 6. Make the connection between the mission and the individual values and goals of your employees.

5. Employee Motivation through Compensation

Some employees are motivated by money. In fact, most are motivated by money; at least for their basic needs. Employee motivation through compensation can come in the form of raises, performance bonuses, commissions, profit sharing, or any number of "extra benefits" like, automobiles, vacations, or other tangible items purchased and used as rewards.

WAY TO IMPROVE EMPLOYEE MORAL Surveys

An easy way to monitor your employee's morale is through an employee satisfaction survey. These surveys should be anonymous, and should ask very specific questions such as "Are you content and fulfilled in your position?" "Do you feel there is room to grow in your job?" "How likely are you to stay with the company?" The survey should also provide a space for the employee to provide suggestions, or to provide you with information that may not have been specifically asked in the survey.

Periodic Interviews
Performing periodic performance interviews with your employees can also help you gauge the overall employee satisfaction. These interviews provide you with a chance to tell your employee the things he is doing well and the things he needs to work on, as well as give the employee the

chance to have input on ways to improve the company to increase employee satisfaction and productivity.

Productivity
Measuring the overall productivity of your workforce on a monthly basis, and over an extended period of time, gives you a wide range of months to compare how well your employees are performing. Employees who are satisfied at work often perform better, increasing your company's overall productivity. If you begin to see a noticeable drop in your production numbers, this may be a sign that employee morale is low and you need to examine ways to increase overall satisfaction in the workplace.

Turnover Rate
Your employee turnover rate is another good gauge for how satisfied your employees are in the workplace. A relatively low turnover rate can signify that your employees are happy and that you are doing the right things to keep morale high. However, a high turnover rate can be a sign that employee satisfaction is low, forcing many to move on to better paying jobs, or jobs in a better work environment.

Absence Rate
How often your employees are absent from work can also be a sign of poor employee morale. When employees enjoy their job, absence rates go down. However, if an employee does not enjoy her job, she/he may be more apt to take extra time off or to call into work sick more often, even if she is not sick. Absent workers reduce your productivity, which can cost your business money.

Improve Employee Morale

Factors that can contribute to positive employee morale include, but are not limited, to these. Almost anything you do that contributes to a positive work environment for employees helps to build employee morale. When you take care of factors such as these, employee morale can remain high even in turbulent, uncertain times.

treating employees with respect, providing regular employee recognition, empowering employees, offering open and regular communication about factors important to providing feedback and coaching, offering above industry-average benefits and compensation, providing employee perks and company activities, and Positively managing employees within a success framework of goals,

employees,

measurements, and clear expectations.

FIVE WAYS TO IMPROVE EMPLOYEE SATISFACTION

Many employers often feel that they should master the art of happiness. Employee satisfaction is a key for business success as employees mirror the company to the world. The attitude of your employees tells the moral of your firm and only happy employees can reflect a good picture of your company to the public. Compensation plays a big role in job satisfaction; however, not everything depends on it. Certain small, inexpensive changes can bring in a long-term effect on the satisfaction levels of your employees. Hence it's highly important that employers work on areas to improve employee contentment and here are some tips you can apply.

1. Enforce Minimum Constraints on Your Employees

The more restrictions you put on the freedom of your employees, more the level of job satisfaction deteriorates. The sense of control over their daily activities will negatively affect the output. Employers can expect better performance when employees are given adequate freedom over their schedules and work habits. The modern corporate work scenario offers many flexible

methods and employees should be given enough opportunities to experiment and figure out the best working method to follow. Creating a method where work-life balance is well managed will help to improve the satisfaction level.

2. Make Your Employees Feel Valued

You can expect loyalty from your employees when you make them feel valued in your organization. Earn their trust by keeping your promises. Treat them with respect and be ready to listen to them. The best part of job satisfaction comes when you recognize and reward their valuable services. A good relationship naturally develops when you appreciate their inputs in the decision-making process. Treat all your employees fairly and impartially so that everyone feels they are valued in the organization.

3. Encourage Social Connections

Happiness is a byproduct of adequate positive socialization. Employers should encourage improved interaction among the employees of the organization. Social relations should be promoted by providing an office environment that fosters communication. You should look at the different options such as arranging workstations or team outings to provide enough platforms for employees to interact and get to know each other.

4. Promote Career Development

Employees would enjoy working in an atmosphere that offers career growth. Jobs are not merely a source of income but rather a venue for learning and growth. Employers should be open to spend on training and workshops for their employees. You can develop a sense of belonging in your employees when you provide them with adequate opportunities to expand their skills and responsibilities. Sans these steps, employees will get bored and lose their motivation.

5.

Develop Effective Employee Benefit Strategies

The benefits of effective employee benefit strategies are enormous. It involves competitive compensation and favorable benefits. There should be a proper evaluation policy to promote adequate appraisals. Employees are to be appreciated for their outstanding performances through adequate incentives or rewards. Further more, programs like promoting good health and reducing the commuting stress are really important. Poor health not only damages employees, but is detrimental to businesses as well. The severe stress from long and arduous travel makes employees feel frustrated and powerless. Adequate programs should be designed to address these problems.

RESEARCH METHODOLOGY:

RESEARCH PROBLEM:

Every project work is based on certain methodology, which is a way to systematically solve the problem or attain its objectives. It is a very important guideline and lead to completion of any project work through observation, data collection and data analysis.

PROBLEM FORMULATION:

To study the Employee Satisfaction of IDBI Life Insurance

RESEARCH OBJECTIVE:

The study is conducted with the following objectives: 1. 2. 3. To discover the various expectations that determines the satisfaction level of employee. To rank the factors according to the importance. To measure the level of satisfaction of employees with respect to the company.

DATA COLLECTION:

Data collection has been done through:

Primary Data, which includes: questionnaire interviews observations

Secondary Data, which includes:

Secondary data is collected from previous researches and literature to fill in the respective project. The secondary data was collected through:

Text Books Articles Journals Websites

RESEARCH DESIGN:

Descriptive research design has been used as it includes various types of fact-findings and inquiries which are done through survey which includes questionnaire, interviews.

SAMPLING DESIGN:

SAMPLING TECHNIQUE

Convenience Sampling has been used as it attempts to obtain a sample of convenient elements and respondents are selected because they happen to be in the right place at the right time.

SAMPLE SIZE:

Accordingly, 20 officers and 40 workers have been selected at

random from all the departments of the organization and feedback forms (questionnaire) have been obtained. The data has been analyzed in order to arrive at present training practices in the organization.

SAMPLE AREA:

DEHRADUN

DATA ANALYSIS AND INTERPRETATION

1) Overall, how satisfied are you with your current job at IDBI. Options
Highly satisfied Satisfied Cant Say Dissatisfied Highly Dissatisfied Total

No. Respondents
5 7 3 1 4 20

of % Responses
25% 35% 15% 5% 20% 100%

of

INTERPRETATION
35% of the respondents satisfied to their current job in IDBI, in addition to 25% who are very satisfied. But a small population dissatisfied as 20% very dissatisfied to this notion. the level of satisfaction of employees with respect to the company.

2) At work, do your opinions seem to count.

Options

No. Respondents

of % Responses
30% 40% 15% 10% 5% 100%

of

Highly satisfied Satisfied Cant Say Dissatisfied Highly Dissatisfied Total

6 8 3 2 1 20

INTERPRETATION
70% of the respondents feel that their opinion seems to count.15% respondents could not comment on the question and 15% think that company cannot count the opinion, so they are dissatisfied.

3) Does your supervisor, seem to care about you as a person.

Options
Highly satisfied Satisfied Cant Say Dissatisfied Highly Dissatisfied Total

No. Respondents
6 4 4 3 2 20

of % of Responses
31% 21% 21% 16% 11% 100%

INTERPRETATION

53% respondents feel that their supervisor seem to care as a person but 26% feel that it was just doing their responsibility. Also, 21% could not comment on the question.

4) Are your associates (fellow employees) committed to doing quality work.

Options
Highly satisfied Satisfied Cant Say Dissatisfied Highly Dissatisfied Total

No. Respondents
4 8 3 3 2 20

of % of Responses
20% 40% 15% 15% 10% 100%

INTERPRETATION

60% of the respondents believe that their fellow employees committed to doing quality work, 15% could not comment on the question yet 25% dissatisfied to this notion. Quality work drives customer satisfaction, indirectly creating profit for an organisation

5) In the last year, have you had opportunities at work to learn and grow.

Options

No. Respondents

of % of Responses

Highly satisfied Satisfied Cant Say Dissatisfied Highly Dissatisfied Total

5 8 2 3 2 20

25% 40% 10% 15% 10% 100%

INTERPRETATION
65% respondents feel that numbers of opportunity to learn & grow in HDFC SLIC. 10% respondents could not comment on this while 25% differ in opinion. They feel that they cannot utilize the all resources of the company which help to build employees morale &motivation level..

6) Is there someone development.

at work who encourages

your

Options
Highly satisfied Satisfied Cant Say Dissatisfied Highly Dissatisfied Total

No. Respondents
4 7 5 3 1 20

of % of Responses
20% 35% 25% 15% 5% 100%

INTERPRETATION
55% of the respondents believe that management & supervisor encourages for their development. yet 20% dissatisfied to this notion. 25% respondents did not comment on the issue. employee satisfaction is a factor in employee motivation, employee goal achievement, and positive employee morale in the workplace

7) Do you have the materials and equipment you need to do your work right. Options No. Respondents
Highly satisfied Satisfied Cant Say Dissatisfied Highly Dissatisfied Total 3 6 4 4 3 20 15% 30% 20% 20% 15% 100%

of % of Responses

INTERPRETATION 45% respondents believe that material& equipment they needed for work right is sufficient, but 35% dissatisfied to this notion.20% respondents did not comment on the issue. At times, managers unknowingly sabotage employee motivation by failing to recognize the positive behaviors and achievements of their employees. As a result, employees don't know whether or not they are doing a good job.

8) In the last six months, has someone at work talked to you about your progress. Options
Highly satisfied Satisfied Cant Say Dissatisfied Highly Dissatisfied Total

No. Respondents
2 8 2 5 3 20

of % of Responses
10% 40% 10% 25% 15% 100%

INTERPRETATION
50% respondents have the opinion that their associates, supervisor, &management analyzed the performance in last six months, but 50% of the respondents differ to this. , the employer comes across as much more sincere, and the employee realizes their actions are truly being watched. And, a highly level of employee motivation is the natural result.

9) Does the mission/purpose of your company make you feel your job is important.

Options
Highly satisfied Satisfied Cant Say Dissatisfied Highly Dissatisfied Total

No. Respondents
5 8 2 3 2 20

of % of Responses
25% 40% 10% 15% 10% 100%

INTERPRETATION
65% respondents feel that the job is important for company mission/purpose numbers.10% respondents could not comment on this while 25% differ in opinion. A

companys ambition to be a global specialist in manufacturing lighting electronics and energy efficient lighting solution.

CONCLUSION

Research shows that satisfied, motivated employees will create higher customer satisfaction and in turn positively influence organizational performance. Convenient work location, working with young people, opportunities for promotion and career prospects, fair salary, good policies, job security and dynamic working environment are few attributes which are critically important from the view point of most of the employees in IDBI.

Employees have an overall satisfaction for doing the job in IDBI which indicates that the employees are relatively satisfied with the various services being catered by the company as against their important. Some Employees dissatisfied in the section of material & equipment they think that company not fulfill their needs for providing proper tools regarding work right. Differences in employee perceptions, mainly due to development and grade levels, and to a lesser opportunities for learn& growth. In conclusion, there is greater satisfaction with teamwork and professionalism with employees.

SUGGESTIONS

Based on the data collected through the questionnaire and interactions with the Staff and Workers of IDBI the following recommendations are made for consideration:

1. Complaint and Suggestion System: Employee can freely deliver complaints and suggestions through facilities like suggestion box, personal meetings with seniors etc. 2. Lost Employee Analysis: The exit interviews are conducted or employee loss rate computed. 3. Employee Satisfaction Survey: Periodic surveys by use of questionnaire or telephone calls to random sample of recent buyer help to find out customer satisfaction and relate to repurchase intention and word of mouth score.
Employee satisfaction has been defined as a function of perceived performance and expectations. It is a persons feeling of pleasure or disappointment resulting from comparing a products outcome to his/her expectations

is

BIBLIOGRAPHY

BOOKS

o o o o o o

Aswathappa k, Human Resource & Personnel Management Craig L. Robert Training And Development Handbook Kothari C. R Research Methodology Mamoria C.B., Personnel Management Singh P.N Training For Management Development Personnel Manual of IDBI

WEBSITES

o o

www.idbilife.com/ cp.idbiinsurance.com/cpweb/

1) Overall, how satisfied you are and with your current job at IDBI?
Highly satisfied Satisfied Cant Say Dissatisfied Highly dissatisfied

2) At work, do your opinions seem to count?

Highly satisfied Satisfied Cant say Dissatisfied Highly dissatisfied

3) Does your supervisor, seem to care about you as a person?

Highly satisfied Satisfied Cant say Dissatisfied Highly dissatisfied

4) Are your association (fellow employees) committed to doing quality work.

Highly satisfied Satisfied Cant say Dissatisfied Highly dissatisfied

5) In the last year, have you had opportunities at

work to learn and grow.

Highly satisfied Satisfied Cant say Dissatisfied Highly dissatisfied

6) Is there someone development.

Highly satisfied Satisfied Cant say Dissatisfied Highly satisfied

at work who encourages

your

7) Do you have the materials and equipment you need to do your work right.
Highly satisfied Satisfied Cant say Dissatisfied Highly satisfied

8) In the last six months, has someone at work talked to you about your progress.
Highly satisfied Satisfied Cant say Dissatisfied Highly dissatisfied

9) Does the mission/purpose of your company make you feel your job is important.
Highly satisfied

Satisfied Cant say Dissatisfied Highly dissatisfied

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