ROLE OF LIFE ADVISORS IN BHARTI AXA LIFE INSURANCE AT SATISFACTION LEVEL

A training report submitted in partial fulfillment of the requirement for the degree of

MASTER OF BUSINESS ADMINISTRATION (2011-2013)

Submitted To:

Submitted By:

Acknowledgement
Can words express the heart feelings and gratitudes But words are too week to mould the expression of ones feelings. As the intensity of one sentiment depends, I find no words to express then better words than THANKS. With great pleasure and deep sense of unwavering gratitudes, I express my sincere appreciation to my Guide Mr. Kamal Sukheja whose initiative interest and creative suggestion and valuable guidance at every step provides me a constant source of energetic inspiration and encouragement for studies in the project. I am also sincerely thankful to Mr. Kamal Sukheja for guiding me to select the topic for my project and his kind help at every point of time. It also earnest endeavour to express our sincere thanks to all concerned who directly or indirectly provided their contribution and support all time during the course of completion of the stupendous task.

(Gurwinder Singh)

STUDENT DECLARATION
I hereby declare that study of LSE SUBSDIARIES has been exclusively done by us for the SUMMER TRAINING CERTIFICATE. This is our own study done under the guidance of staff of the company. I here declare that the contents of this report are true and best of my knowledge.

(Gurwinder Singh)

PREFACE
One should always work with an objective in its mind. To accomplish that objective efficient management of material, time and financial resources is very important. Above this coordination is must that determines the degree of success. Awareness of each level of life is necessary for a human being keeping all this is view in this report on To know the perception of investors towards mutual fund. The rounded encouraging support by Miss.Gaytri Aggarwal towards this report, and created confidence in regarding the approval of the subject matter. So would like to say that this report is a result of an assignment, to improve myself and gain confidence.

Literature Review
Bharti AXA Life Insurance is a joint venture between Bharti, one of Indias leading business group with interest in Telecom, Agri business and retail, and AXA, world leader in Financial Protection and Wealth Management. The joint venture company has a 74% stake from Bharti and 26% stake from AXA. The company has emerged as one of the most successful players, much ahead of its competitors on account of its superior and reliable product quality complemented with excellent marketing techniques. There are some employees who have been left because they do not do any policy. So then consider to conduct an research on Job satisfaction of left employees in Bharti AXA Life Insurance Co. Ltd.

Executive Summary
The study is all about the analysis of Job satisfaction level of left employees in Bharti AXA Life Insurance Co. Ltd. In Moga city. To carry out the study we have taken primary data as well as secondary data for that purpose. A convenience sampling of 100 respondents have been taken for that and secondary data from various websites, articles and books etc. To collect the primary data, Questionnaire method was used to study the objectives of the project. The survey was conducted by researcher himself and as per the study it clearly indicating that most of the left employees of Bharti AXA Life Insurance Co. Ltd are satisfied to do work again.

INSURANCE IN INDIA
Insurance is a federal subject in India. The insurance sector has gone through a number of phases and changes. Since 1999, when the government opened up the insurance sector by allowing private companies to solicit insurance and also allowing FDI up to 26%, the insurance sector has been a booming market. However, the largest life-insurance co. in India is still owned by Government. History Insurance in India has its history dated back until 1818, when Oriental Life Insurance Company was started by Anita Bhavsar in Kolkatta to cater to the needs of Europeon community. The preindependent era in India saw discrimination among the life of foreigners (English) and Indians with higher premiums being charged for the latter. In 1870, Bombay Mutual Life Insurance Society become the first Indian Insurance Company covering Indian lives at normal rates. At the dawn of the twentieth century, many insurance companies were founded. In the year 1912, the life insurance companies act and the Provident fund act were passed to regulate the insurance business. The life insurance companies Act, 1912 made it necessary that the premium-rate tables and periodical valuations of companies should be certified by an actuary. However, the disparage still existed as discrimination between Indian and foreign companies. The oldest existing insurance company in India is National Insurance Co. Ltd. Which was founded in 1906. It is in business, before that, the industry consisted of only two state insurers: Life Insurers (Life Insurance Company of India, LIC) and General Insurers (General Insurance corporation of India, GIC), GIC had four subsidiary companies.

With effect from December 2000, these subsidiaries have been delinked from the parent company and were set up as independent insurance companies, Oriental Insurance Company Limited, New India Insurance Company Limited, National Insurance Company Limited, and United India Insurance Company Limited. Currently in India, only two million people (0.2% of the total population of 1 billion) are covered under Mediclaim, whereas in developed nations like USA about 75% of the total population are covered under some insurance scheme. With more and more private companies in the sector, the situation may change soon.

BHARTI ENTERPRISES Bharti Enterprises is one of Indias leading business groups with operations in over 21 countries across the globe and interests in telecom, financial services, retail, fresh and processed foods, and real estate.

At Bharti, there is one underlying philosophy to create businesses that are transformational and have a deep impact on society. Profile Type Founded Public, Listed on BSE, BSE:532454 1985

Headquarters New Delhi, India Key People Industry Products Sunil Mittal (Chairman and CEO) Telecommunication, Retail, Insurance, Digital TV. Airtel operator, Mobile Bharti and AXA fixed Insurance, line, Telecommunication Mart retails

BhartiWal

and Airtel Digital TV DTH service Revenue $6 Billion

Group Overview

Founded in 1976, by Sunil Bharti Mittal, Bharti has grown from being a manufacturer of bicycle parts to one of the largest and most respected business groups in India. With its entrepreneurial spirit and passion to undertake business projects that are transformational in nature, Bharti has created world-class businesses in telecom, financial services, retail, and foods. Bharti started its telecom services business by launching mobile services in Delhi (India) in 1995. Since then there has been no looking back and BhartiAirtel, the groups flagship company, has emerged as one of top telecom companies in the world and is amongst the top five wireless operators in the world. Through its global telecom operations Bharti group operates under the Airtel brand in 20 countries across Asia and Africa India, Sri Lanka, Bangladesh, Seychelles, Burkina Faso, Chad, Congo Brazzaville, Democratic Republic of Congo, Gabon, Ghana, Kenya, Madagascar, Malawi, Niger, Nigeria, Sierra Leone, Tanzania, Uganda, and Zambia. In addition, the group also has mobile operations in Jersey, Guernsey. Over the past few years, the group has diversified into emerging business areas in the fast expanding Indian economy. With a vision to build Indias finest conglomerate by 2020 the group has forayed into the retail sector by opening retail stores in multiple formats small and medium as well establishing large scale cash & carry stores to serve institutional customers and other retailers. The group offers a complete portfolio of financial services life insurance, general insurance and asset management to customers across India. Bharti also serves customers through its fresh and processed foods business. The group has growing interests in other areas such as telecom software, real estate, training and capacity building, and distribution of telecom/IT products.

What sets Bharti apart from the rest is its ability to forge strong partnerships. Over the years some of biggest names in international business have partnered Bharti. Currently, Singtel, IBM, Ericsson, Nokia Siemens and Alcatel-Lucent are key partners in telecom. Walmart is Bhartis partner for its cash & carry venture. Axa Group is the partner for the financial service business and Del Monte Pacific for the processed foods division. Bharti strongly believes in giving back to the society and through its philanthropic arm the Bharti Foundation it is reaching out to over 30,000 underprivileged children and youth in India.

ACHIEVEMENTS
2001 Bharti crosses 1 million customer mark in mobile service & record top-line growth of 67%. 2002 Bharti gets international long distance services license and listed on BSE, NSE and DSE. 2003 Bharti Tele-ventures near break-even. Maintains market leadership with a market share of 26.5% of all india mobile customer base. 2004 Airtel crosses the 6 million customer mark nationally. Bhartitele-ventures crossesRs. 5000 crores revenues & earns net profit of over Rs. 600 crore for the year. 2005 Bharti Enterprises and AXA Asia Pacific Holdings Ltd. Announces partnership for a life insurance joint venture in India. 2006 Bharti and Wal-mart sign memorandum of understanding. 2007 Sunil B.Mittal chosen for Padma Bhushan Awards.

AXA
AXA group is a worldwide leader in Financial Protection. AXAs operations are diverse geographically, with major operations in Western Europe, North America and the Asia Pacific area. AXA had Euro 1,315 billion in assets under management as of December 31,2006. For full year 2006, IFRS revenues amounted to Euro 79 billion, IFRS underlying earnings amounted to Euro 4,010 million and IFRS adjusted earnings to Euro 5,140 million. The AXA ordinary share is listed and trades under the symbol AXA on the Paris stock exchange. The AXA American Depository share is also listed on NYSE under the ticker symbol AXA.

INTRODUCTION TO THE ORGANISATION Bharti AXA Life Insurance

Bharti AXA Life is a life Insurance player that was started in 2006. It brings together strong financial expertise of the Paris-headquartered AXA Group, and Bharti Enterprises - one of India's leading business groups with interests in telecom, agricultural business, financial services, and retail. The joint venture has a 74% stake from Bharti and 26% stake from AXA Asia Pacific Holdings Ltd.(APH). History The company launched national operations in December 2006. Today we have over 8000 employees across over 12 states in the country and a national footprint of distributors trained to provide quality financial advice an insurance solutions to the large Indian customer base.

As we further expand our presence across the country with a large network of distributors, we continue to provide innovative product and service offerings to cater to specific insurance and wealth management needs of customers. Whatever your plans in life, you can be confident that Bharti AXA life will offer the right financial solutions to help you achieve them.

Vision
To be a leader and the preferred company for financial protection and wealth management in India.

Values
Professionalism Innovation Team spirit Pragmatism Integrity

Strategy
To achieve a top 5 market position in India through a multi-distribution, multi product platform. To adapt AXAs best practice blueprints as a sound platform for profitable growth.

To leverage Bhartis local knowledge, infrastructure and customer base. To deliver high levels of shareholder return. To build long term value with our business partners by enhancing the proposition to their customers.

To be the employer of choice to attract and retain the best talent in India. To be recognised as being close and qualified by our customers.

Strategic differentiators
Strong partner Bharti provides access to customer base of more than 20 million. Multi channel execution capability. Current Asia product range which is a strong match to products sold to the mass and mass affluent. Global scale providing cost effective and speedy re-use of systems, products and business capability. Strong AXA and Bharti brands which can be leveraged to attract and retain a high quality management team.

PRODUCTS
Protection Plans Bharti AXA Life Protect
A life insurance plan best suited to your needs Keeping your loved ones safe and protected is of paramount importance to you. You spend most of your life building a happy and comfortable living for them today and into the future. Should something unfortunate were to happen to you, their future needs to be well protected and their lifestyle sustained. The Life Insurance sector in India offers a compelling proposition in the form of term insurance that helps you meet this objective. It protects your loved across various financial liabilities e.g. insurance against the home loan amount or any such liabilities. At Bharti AXA Life Insurance, we have decided to act. We bring to you, Bharti AXA Life eProtect- a simple, hassle free, online term insurance plan that offers protection for your family- at a nominal cost. So now you can apply for the Life Insurance cover suited to your needs at the click of a button.

Bharti AXA Life Elite Secure

Pure Life Insurance cover at very competitive premiums Option to cover your life till 75 years with a unique to age 75 years term You receive tax benefits under section 80C and 10(10D)

Bharti AXA Life Family Income Secure

Guaranteed Annual Income for your family in case of any eventuality 100% return of premium at maturity You receive tax benefits under section 80C and 10(10D)

Bharti AXA Life Protect Plus

Financial Protection for your family Guaranteed Cash Back on maturity You receive tax benefits under section 80C and 10(10D)

Bharti AXA Life Premium Waiver Rider

100% of all future premiums under the base policy are waived and paid by the Company on death of the life insured under the rider.

Wealth Creation With Protection Bharti AXA Life Child Plans

Plans that help your child realise his potential and let him achieve what he dreams of As a responsible parent you will never want to make any compromises when it comes to your child. Wouldnt it be nice if you have a trusted friend who takes care of all the finances for your child's growing dreams? Child plans, with a life insurance company like ours, have been created to help you provide the best for your child's key stages and help him secure a bright future.

Bharti AXA Life Bright Stars EDGE

Double Protection Benefits for your loved ones - Sum assured Plus Fund value is paid in case something unfortunate were to happen to you

Receive full fund value at the time of maturity of the policy Flexible options like partial withdrawal, premium redirection etc You receive tax benefits under section 80C and 10(10D)

Bharti AXA Life Power Kid Insurance Plan

Two policy terms- 15 & 20 years Provision of Emergency Allowance Additional Accidental Death Benefit Loyalty bonus and Settlement Option

You will receive tax benefits for premiums paid as well as benefits received under Section 80C and 10 (10D) as per prevailing tax laws under the Income Tax Act, 1961

Bharti AXA Life Guaranteed Plans

Maximise your gains from the market without the fear of loss of your money At Bharti AXA Life we care for you and your hard-earned money. Thats why we present the 'Guarantee Plans'- an innovative way of protecting your investment and maximising your gain from the market without losing any of your money. Our plans include an in-built guarantee feature that ensures the minimum value of your investments remain intact. You can therefore enjoy market ups but dont have to worry about market lows.

Bharti AXA Life Monthly Income Plan

Guaranteed monthly income that helps fulfil your loved ones desires while protecting them in case of an unfortunate event

You receive tax benefits under section 80C and 10(10D)

Bharti AXA Life Aajeevan Sampatti

Guaranteed regular payouts of 5.5% of Sum Assured every year, starting from the end of 10th year until you reach the age of 100 years

Life Insurance cover until the age of 100 years You receive tax benefits under section 80C and 10(10D)

Bharti AXA Life Young India Plan

The Product provides Triple Benefits which guarantee you Protection, benefit of Liquidity whenever you want it and Savings for your Retirement.

Protection Choose when you want to increase your Sum Assured. In case of any unfortunate event, get increased Sum Assured through our Flexi Cover options

Liquidity You get the benefits of Money Back twice during the Policy term through our Good Times Money Back feature. Avail it, when you want it (after 3rd policy year).

Savings Get a lump sum benefit at Maturity for your retirement needs or to offset any loan

Assured Protection Choose to activate Premium Waiver facility at any of your chosen milestones or at inception. In case of any unfortunate event, the nominee receives the Death Benefit, all the future premiums are waived off and Maturity Benefit (inclusive of bonus) is paid to the nominee.

Simple Reversionary Bonus Enhance your Maturity benefit with vested bonuses (if declared).

You receive tax benefits under section 80C and 10(10D) of the Income Tax Act, 1961.

Other Market Link Plans Bharti AXA Life Future Invest

Flexibility of partial withdrawals Option to stay invested for 5 years post maturity Option of switching and premium redirection to have complete control on your investments

You will receive tax benefits for premiums paid as well as benefits received under Section 80C and 10 (10D) as per prevailing tax laws under the Income Tax Act, 1961

Health Plans Bharti AXA Life Triple Health Insurance Plan

Cover for up to three unrelated critical illnesses with premium waiver after the first claim Lump sum payout of 100% of the Sum Assured for each claim Maturity Benefit and Death Benefits available with the return of Premium option You will receive tax benefits under Section 80D for all premiums paid towards health insurance benefits and under Section 80C for premiums paid towards life insurance benefits (as applicable) of the Income Tax Act, 1961.

Bharti AXA Life Easy Health

Extremely affordable protection with premiums starting as low as Rs 3 per day Easy health covers you with a single premium at one go for 3 years Daily Hospital Cash Benefit options of Rs 500, Rs 750, Rs 1000 and Rs. 1500 per day Cover your spouse, children and parents and avail of an attractive discount of 10% on premium for each family member added

Get additional protection in case of hospitalisation due to an accident and for hospitalisation in an ICU

Avail of Get Well Soon benefit for continuous hospitalisation of 7 days or more

Simple and easy to enroll. No need to fill up lengthy proposal forms or take any medical tests or medical reports

You receive tax benefits under section 80D and 10(10D)

Life Shield - Life Insurance

Life Shield, a single premium group term life insurance product, is a simple, affordable life insurance solution that financially secures the family of the group member by providing a life insurance cover.

Life Sanjeevani - Life Insurance

Sanjeevani, a single premium group term life insurance product provides financial security and protection to your loved ones. It is a simple, affordable plan to safeguard your family from life's uncertainties.

Objectives:

To know the role of life advisors in the company. To study the saving objective and satisfaction level of customer. To know the Product and Services of bhartiaxa insurance.

RESEARCH METHODOLOGY
The study is based on survey and fact finding enquiries with the yarns. It is aimed at collecting the relevant data and its optional usage keeping in view the objectives of research.

A. DATA USAGE
For the analysis and interpretation only primary data is used, however for the conclusion and recommendations the primary data along with verbal knowledge and information obtained from left employees.

Scope of the Study

The project was undertaken in Moga city so the scope of the project is related to Moga city. The primary data was collected from various employees which have been left of BhartiAxa Life Insurance Co. in the city.

Time Schedule
The project was completed in the proposed time period of six weeks between the month of July and August.

B. DATA COLLECTION Data Collection Method

This included the primary source.

Data collection technique

It was decide that primary data would be collected by the survey research method.

Data Collection Instruments

Data was collected through personal interviews with the help of questionnaires.

C. SAMPLING DESIGN Sampling Unit: In this left employees are taken up. Sample Size: 30 left employees, they all are investing in BHARTIAXA life insurance. Sampling Technique: Non Probability sampling technique was chosen in which convenience
sampling was taken up.

Limitations of the study

Through carrying out the research, study was learning and enriching experience but I also faced some constraints and limitations: 1. The study is applicable to Moga city only, so findings may not be applicable to other areas. 2. Sample size is very small.

ANALYSIS AND INTERPRETATION:

1. From how long you have been associated with BhartiAxa Life Insurance Co.? Time Period 0-1 Between 1 2 Above 2
Total

Percentage 7% 17% 76%

100%

No. Of respondents 2 5 23 30

Tim Period(in years) e

80% 60% 40% 20% 0% 0-1 Between 1-2 Above2

Interpretation: Above graph shows that most left employees are associated with BhartiAxa
Life Insurance Co. for more than 2 years.

2.Relationship shared with present MOA

Quality Very good Good Average Not Good Bad
Total

Percentage 60% 20% 20% 0% 0%

100

Total Respondent 18 6 6 0 0
30

Interpretation: The above chart shows that most of the left employees have very good relation
with their MOAs.

3. Have you got any product training?

Options Yes No Dont Know
Total

Percentage 60% 29% 11%

100

Total Respondents 18 9 3
30

Interpretation: In this case most of the employees have got training.

4. Was adequate support provided by MOA?

Option Yes No Total Percentage 80% 20% 100 Total Respondents 24 6 30

Interpretation: In this case most of left employees said that there was adequate support
provided by their MOAs.

5. Latest products known as follows:Product Spot Suraksha Bright Star Guarantee builder Merit Plus
Total

Percentage 26% 20% 35% 19%

100%

No. Of Respondents 8 6 10 6
30

Interpretation: In this case 35% left employees know about Guarantee builder product more than other products.

6. Any problem faced during sales pitch?

Option Yes No
Total

Percentage 41% 59%

100%

No. Of Respondents 12 18
30

Interpretation: The graph shows that 59% left employees have not faced problem during sales pitch and others 41% have problems.

7. for what reason your code is inactive?

Reason Not Good response Misguide Not good commission Total

%age 40% 20% 40% 100%

No. Of Respondents 12 6 12 30

Interpretation : The above chart shows that 40% left employees told they dont get good response, 20% says that they are misguided by their MOAs and 40% left employees did not get good commission.

8. If problem faced is resolved, are you willing to work with us again?

Option Yes Percentage 50% No. Of Respondents 15

No Total

50% 100%

15 30

Interpretation: In this case 50% left employees ready to work again and other 50% are not ready to do it again.

9. What is your Primary objective of saving ?

Option Wealth creation Tax saving Insurance Total

Percentage 33% 17% 50 100

No. of respondents 10 5 15 30

Interpretation: out of 30 respondents only the 15 are invest in insurance, from rest employees 5 save for the purpose of tax saving and remaining 10 for wealth creation.

10. Do you invest your saving in BHARTIAXA life insurance? Option

Yes No Total

Percentage
50% 50% 100%

No. of respondents
15 15 30

Interpretation: out 30 respondents 15 are investing in BHARIAXA and 15 are not investing in Bharti AXA.

11. How efficient and effective service of BHARTIAXA, life insurance as compared to others? Option
Excellent Good Average

Percentage
67% 33% 0

No. of respondents
20 10 0

Total

100

30

Interpretation: Out of 30 respondents 20 says that services provide by BHARTIAXA are excellent and remains 10 says services of BhartiAXA is good.

FINDINGS
1) Most of the left employees are associated with BhartiAxa Life Insurance Co. for long

times.
2) 90% left employees know about their MOA and others 10% do not know about it.

3) Most of the left employees have very good relation with their MOAs. 4) Most of left employees have got training. 5) Most of left employees said there was adequate support by their MOAs 6) 35% left employees know about Guarantee builder product more than other products. 7) There is 59% employees who have not faced problems during sale pitch and 41% faced problems. 8) There is 40% employees who dont get good response, 20% say they are misguided and 40% do not get good commission.

SUGGESTIONS
1) The following suggestions and recommendations can be derived on the basis of survey on

the analysis being done of questionnaires filled during the survey. These suggestions are just suggestive and conclusive and may vary from individuals survey. 2) Good commission package should be given to employees. 3) Employees should be properly guided by MOAs. 4) Employees should be provided good training about insurance plans.
5) All contests should be regularly updated to employees.

6) Employees should be given support for sales pitch.

CONCLUSION
As per my research it is clearly indicating that the employees of BhartiAxa Life Insurance are left because there are many reasons behind it like some employees can do policy itself, but other cannot do itself because mostly people do not believe in private companies and some people say that its time wasting because they do not get good response from agents. The study also shows that 50% are ready to work again and 50% are not.

BIBLIOGRAPHY Books
Research methodology by C.R. Kothari (P.P 18)

Websites
o o o o o

http://en.wikipedia.org/wiki/history_of_insurance. www.bharti-axalife.com http://en.wikipedia.org/wiki/Bharti_enterprises http://en.wikipedia.org/wiki/AXA www.moneycontrol.com

ANNEXURES
QUESTIONNAIRE Dear Respondent I am a student of MBA. I am working on the project ROLE OF LIFE ADVISORS IN BHARTIAXA LIFE INSURANCE CO. You are requested to fill in the questionnaire to enable, to undertake the study on the said project. NAME: OCCUPATION: ADDRESS: PHONE NO:

Q1. From how long you have been associated with BhartiAxa Life Insurance Co? 0-1 years 1-2 years More than 2 yeas

Q2. What was the name of your MOA (Manager of Agency)? Ans. _________________________ Q3. Relationship shared with your MOA Very Good Bad Q4. Have you got any product training? Yes No Dont Know Good Average Not Good

Q5. Was adequate support provided by MOA Yes No

Q6. Latest products know as follows:Spot Suraksha Guarantee Builder Q7. Any problem faced during sales pitch? Yes No Bright Stars Merit Plus

Q8. How much NBI and NOP you have done? Ans. _____________________________ Q9. For what reason your code is inactive? Not Good response Not Good Commission Q10. If the problem faced is resolved, are you willing to work with us again? Yes No Misguide

Q11. What is your Primary objective of saving ?

Wealth Creation

Tax Saving

Insurance

Any other, please specify.. Q12. Do you invest your saving in BHARTIAXA life insurance?

Yes

No

Q13. HOW efficient and effective service of BHARTIAXA, life insurance as compared to others? Excellent Good Average

Signature