CONTENTS

Chapter 1Introduction and objective Chapter 2Industry Profile Chapter 3Company Profile Chapter 4Subject matter Introduction of topic Research methodology Chapter 5Data analysis and interpretation Chapter 6 conclusion Cchapter7 Recommendation Chapter8Bibliography Annexure

Chapter 1

INTRODUCTION

INTRODUCTION
LIFE INSURANCE IN INDIA
Life insurance in India made its debut well over 100 years ago. In our country, which is one of the most populated in the world, the prominence of insurance is not as widely understood, as it ought to be. What follows is an attempt to acquaint readers with some of the concepts of life insurance, with special reference to LIC It should, however, be clearly understood that the following content is by no means an exhaustive description of the terms and conditions of an LIC policy or Its benefits or privileges. For more details, please contact our branch or divisional office. Any LIC Agent will be glad to help you choose the life insurance plan to meet your needs and render policy servicing.

What Is Life Insurance?

Life insurance is a contract that pledges payment of an amount to the person assured (or his nominee) on the happening of the event insured against. The contract is valid for payment of the insured amount during:

Among other things, the contract also provides for the payment of premium periodically to the Corporation by the policyholder. Life insurance is universally acknowledged to be an institution, which eliminates 'risk', substituting certainty for uncertainty and comes to the timely aid of the family in the unfortunate event of death of the breadwinner. By and large, life insurance is civilizations partial solution to the problems caused by death. Life insurance, in short, is concerned with two hazards that stand across the life-path of every person: 1. That of dying prematurely leaving a dependent family to fend for itself. 2. That of living till old age without visible means of support.

Customer satisfied with LIC service because the LIC totally concentrate customer relations and it makes customers attract towards the LIC

LIC moves towards better customer relations Plans to start a new portal for its policyholders Our Regional Bureau / Hyderabad September 07, 2005 Life Insurance Corporation of India (LIC) is embarking on a number of customer relationship management initiatives to retain its foothold in the market, in the wake of private players inching their way up in the life insurance sector.

The Insurance behemoth is planning to tie-up with a number of banks to enable a payment gateway wherein the policyholders can make their premium payments via credit cards.

LIC is planning to start a new portal for its policyholders where a customer can log in, get details on his/her policies, change the resident address when he/she shifts to a new place and even take a printout of the income tax certificate. The portal is likely to be ready in a months time.

Besides, it has already started work on allotment of customer folio number to know each customer's holding. The allotment of customer folio number for all our holders will still take a years time in this zone, H Nanda, regional manager, information technology, LIC (south-central zone), said. The electronic clearance system that we have launched at Hyderabad, Bangalore, Vijayawada and Visakhapatnam, has been doing very well. Here the customers premium is automatically debited from his account at the time of payment, he added. Shortly, the zone will also see the launch of this system in Mysore, Mangalore and Hubli. This month, we will also be setting up five satellite branches in the zone, with two being in

Hyderabad and three in Bangalore, A K Sahoo, regional manager (marketing), LIC (south central zone), said at a press conference organised on the occasion of the beginning of the golden jubilee year for LIC.

Regarding the recently launched Bima Gold policy, a money-back policy with premium payment options, the corporation plans to sell 15 lakh policies this year in the south central zone with the national figure being one crore.

LIC also plans to launch three-four products this year with one of these being unit-linked insurance plan in October. As on August 31, 2005, the zone has issued 12,47,795 policies under new business.

OBJECTIVES OF THE STUDY

The main objective of this study is to carry on brief study on Customer satisfaction survey on insurance products of LIC Other objectives of this project are as follows: The prime objective of the study is to find out the level of training & development. Comparative study of various insurance players in the market To study the varied reasons of availing life insurance plans To clearly understand the rationale behind the investment in policies of LIC and private sector insurance companies To test the awareness of customers on various aspects of life insurance policies offered by LIC and other private sector insurance companies and find whether there is any relation between them. To find out the procedure of claim policy holder or the beneficiary

CHAPTER 2 INDUSTRY PROFILE

Industry profile
ABOUT THE ORGANIZATION

Life Insurance in its modern form came to India from England in the year 1818. Oriental Life Insurance Company stated by Europeans in Calcutta was the first life insurance company on Indian Soil. All the insurance companies established during that period were brought up with the purpose of looking after the needs of European community and Indian natives were not being insured by these companies. However, later with the efforts of eminent people like Babu Muttylal Seal, the foreign life insurance companies started insuring Indian lives. But Indian lives were being treated as sub-standard lives and heavy extra premiums were being changed on them. Bombay Mutual Life Assurance Society heralded the birth of first Indian life insurance company in the year 1870, and covered Indian lives at normal rates. Starting as Indian enterprise with highly patriotic motives, insurance companies came tito existence to carry the message of insurance and social security through insurance to various sectors of society. Bharat Insurance Company (1896) was also one of such companies inspired by natioalism. the Swadeshi movement of 1905-1907 gavwe rise to more insurance companies. The United India in Madras, National Indian and National Insurance in Calcutta and the Hindustan Co-operative Insurance Company took its birth in one of the rooms of the Jorasanko, house of the great poet Rabindranath Tagore, in Calcutta. The Indian Mercantile, General Assurance and Swadeshi Life (later Bombay Life) were some of the companies established during the same period. Prior to 1912. India had no legislation to regulate insurance business. In the year 1912, the Life Insurance Companies Act, and the Provident Fund Act were passed. 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. But the act discriminated between foreign and Indian companies on many accounts, putting the Indian companies at a disadvantage. The first two decades of the twentieth century saw lot of growth in insurance business. From 44 companies with total business-in force as Rs. 22.44 crore, it rose to

176 companies with total business-in-force as Rs. 298 crore in 1938. During the mushrooming of insurance companies many financially unsound concerns were also floated which failed miserably. The Insurance Act 1938 was the first legislation governing not only life insurance but also non-life insurance to provide strict state control over insurance business. The demand for nationalization of life insurance industry was made repeatedly in the past but it gathered momentum in 1944 when a bill to amend the Life Insurance Act 1938 was introduced in the Legislative Assembly. However, it was much later on the 19th of January, 1956, that life insurance in India was nationalized. About 154 Indian insurance companies, 16 non-Indian companies and 75 provident were operating in India at the time of nationalization, nationalization was accomplished in two stages; initially the management of the companies was taken over by means of an Ordinance, and later, the ownership too by means of a comprehensive bill. The Parliament of India passed the Life Insurance Corporation Act on the 19th of June 1956, and the Life Insurance Corporation of India was created on 1st September, 1956, with the objective of spreading life insurance much more widely and in particular to the rural areas with a view to reach all insurable persons in the country, providing them adequate financial cover at a reasonable cost. LIC had 5 zonal offices, 33 divisional offices and 212 branch offices, apart from its corporate office in the year 1956. Since life insurance contracts are long term contracts and during the currency of the policy it requires a variety of services need was felt in the later years to expand the operations and place a branch office at each district headquarter, re-organization of LIC took place and large numbers of new branch offices were opened. As a result of re-organization servicing functions were transferred to the branches, and branches were made accounting units. It worked wonders with the performance of the corporation. It may be seen that from about 200.00 crores of New Business in 1957 the corporation crossed 1000.00 crores only in the year 1969-70, and it took another 10 years for LIC to cross 2000.00 crore mark of new business. But with re-organization happening in the early eighties, by 1985-86 LIC had already crossed 7000.00 crore Sum Assured on new policies. Today LIC functions with 2048 fully computerized branch offices, 100

divisional offices, 7 zonal offices and the corporate office. LICs Wide Area Network covers 100 divisional offices and connects all the branches through a Metro Area Network. LIC has tied up with some Banks and Service providers to offer on-lint premium collection facility in selected cities. LICs ECS and ATM premium payment facility is an addition to customer convenience. Apart from on-line Kiosks and IVRS, Info Centres have been commissioned at Mumbai, Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, New Delhi, Pune and many other cities. With a vision of providing easy access to its policyholders, LIC has launched its SATELLITE SAMPARK offices. The satellite offices are smaller, leaner and closer to the customer. The digitalized records of the satellite offices will facilitate anywhere servicing and many other conveniences in the future. LIC continues to be the dominant life insurer even in theliberalized scenario of Indian insurance and is moving fast on a new growth trajectory surpassing its own past records. LIC has issued over one crore policies during the current year. It has crossed the milestone of issuing 1,01,32,955 new policies by 15th Oct, 2005, posting a healthy growth rate of 16.67% over the corresponding period of the previous year. From then to now, LIC ha crossed many milestones and has set unprecedented performance records in various aspects of life insurance business. The same motives which inspired our forefathers to bring insurance into existence in this country inspire us at LIC to take this message of protection to light the lamps of security in as many homes as possible and to help the people in providing security to their families.

Some of the important milestones in the life insurance business in India are: 1818: Oriental Life Insurance Company, the first life insurance company on Indian soil started functioning. 1870: Bombay Mutual Life Assurance Society, the first Indian life insurance company started its business. 1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business. 1928: The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses.

1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public. 1956: 245 Indian and foreign insurers and provident societies are taken over by the central government and nationalized. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 crore from the Government of India. 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. Life insurance Corporation of India (LIC)

The Life insurance Corporation was established about 44 years ago with a view to provide an insurance cover against various risks in life. A monolith then, the corporation, enjoyed a monopoly status and become synonymous with life insurance. Its main asset is its staff strength of 1.24 lakhs employed and 2,048 branches and over six-lakhs agency force. LIC has hundred divisional offices and has established extensive training facility at all levels. At the apex, is the Management Development Institute, seven zonal Training Centre and 35 sales Training Centers. At the industry level, along with the Government and the GIC, it has helped establish the National Insurance Academy. It presently transacts individual Life Insurance business, group Insurance business, social security schemes and Pensions, grants housing loans through its subsidiary. And the markets savings and Investment products through its mutual fund. It pays off about Rs 6,000 crores annually to5.6 million policyholders

LIC OPERATES ALL OVER INDIA

OBJECTIVES OF LIC socially and economically backward classes with a view to reaching allinsurable persons in the country and providing them adequate financial cover against death at a reasonable cost. adequately attractive. policyholders, whose money it holds in trust, without losing sight of the interest of the community as a whole; the funds to be deployed to the best advantage of the investors as well as the community as a whole, keeping in view national priorities and obligations of attractive return. moneys belong to the policyholders. capacities. changing social and economic environment. their capability in furthering the interests of the insured public by providing efficient service with courtesy. participation, pride and job towards achievement of Corporate objective. of the insured public in their individual and collective -linked savings

MISSION/VISION

Mission Explore and enhance the quality of life of people through financial security by providing products and services of aspired attributes with competitive returns, and by rendering resources for economic development. Vision A trans-nationally competitive financial conglomerate of significance to societies and Pride of India. LIC of India is the one and only public sector life insurance Company in India. Some of the important milestones in the life insurance business in India are: 1818: Oriental Life Insurance Company, the first life insurance company on Indian soil started functioning. 1870: Bombay Mutual Life Assurance Society, the first Indian life insurance company started its business. 1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business. 1928: The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses. 1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public. 1956: 245 Indian and foreign insurers and provident societies are taken over by the central government and nationalised. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 crore from the Government of India. 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.

CHAPTER 3 COMPANY PROFILE

COMPANY PROFILE

Type: Public limited company or Government-owned corporation Founded: September 1, 1956 Headquarters: Headquarters in Mumbai, India (Various other locations in India and abroad) Key people: T. S. Vijayan (Chairman), D. K. Mehta and Thomas Mathew (Managing Directors) Industry: Life insurance Products: Insurance and Pension Plans Employees: Over 10,00,000 Parent: NIL Subsidiaries: LIC Housing Finance Limited, etc. Website: http://www.licindia.com

Products of LIC
LIC - Jeevan Anurag Benefits LICs Jeevan ANURAG is a with profits plan specifically designed to take care of the educational needs of children. The plan can be taken by a parent on his or her own life. Benefits under the plan are payable at prespecified durations irrespective of whether the Life Assured survives to the end of the policy term or dies during the term of the policy. In addition, this plan also provides for an immediate payment of Basic Sum Assured amount on death of the Life Assured during the term of the policy.

AssuredBenefit

Payment of 20% of the Basic Sum Assured at the start of every year during last 3 policy years before maturity. At maturity, 40% of the Basic Sum Assured along with reversionary bonuses declared from time to time on full Sum Assured for the full term and the Terminal bonus, if any shall be payable. For example, if term of the policy is 20 years, 20% of the Sum assured will be payable at the end of the 17th, 18th, 19th year and 40% of the Sum Assured along with the reversionary bonuses and the terminal bonus, if any, at the end of the 20th year.

Death Benefit Payment of an amount equal to Sum Assured under the basic plan immediately on the death of the life assured. LIC - Jeewan Kisore Product summary: This is an Endowment Assurance Plan available for children of less than 12 years of age. The policy may be purchased by any of the parent/grand parent. Commencement of risk cover:

The risk commences either after 2 years from the date of commencement of policy or from the policy anniversary immediately following the completion of 7 years of age of child, whichever is later. Premiums: Premiums are payable yearly, half-yearly, quarterly or monthly throughout the term of the policy or till earlier death of child. Bonuses: This is a with-profits plan and participates in the profits of the Corporations life insurance business. It gets a share of the profits in the form of bonuses. Simple Reversionary Bonuses are declared per thousand Sum Assured annually at the end of each financial year. Once declared, they form part of the guaranteed benefits of the plan. A Final (Additional) Bonus may also be payable provided policy has run for certain minimum period. LIC Childs Career Plan Introduction: This plan is specially designed to meet the increasing educational and other needs of growing children. It provides the risk cover on the life of child not only during the policy term but also during the extended term (i.e. 7 years after the expiry of policy term). A number of Survival benefits are payable on surviving by the life assured to the end of the specified durations. Options: You may choose Sum Assured (S.A.), Maturity Age, Policy Term, Mode of Premium payment and Premium Waiver Benefit. Payment of Premiums:

You may pay the premiums regularly at yearly, half-yearly, quarterly or through Salary deductions over the term of policy. Premiums may be paid either for 6 years or up to 5 years before the policy term.

LIC - Jeevan Chhaya Product summary: This is an Endowment Assurance plan that provides financial protection against death throughout the term of the plan. Besides payment of Sum Assured immediately on death, onefourth of Sum Assured is payable at the end of each of last four years of policy term whether the life assured dies or survives the term of the policy. Premiums: Premiums are payable yearly, half-yearly, quarterly, monthly or through salary deductions as opted by you throughout the term of the policy or till the earlier death.

LIC - Child Future Plan Introduction: This plan is specially designed to meet the increasing educational, marriage and other needs of growing children. It provides the risk cover on the life of child not only during the policy term but also during the extended term (i.e. 7 years after the expiry of policy term). A number of Survival benefits are payable on surviving by the life assured to the end of the specified durations. Options: You may choose Sum Assured (S.A.), Maturity Age, Policy Term, Mode of Premium payment and Premium Waiver Benefit. Payment of Premiums:

You may pay the premiums regularly at yearly, half-yearly, quarterly or through Salary deductions over the term of policy. Premiums may be paid either for 6 years or up to 5 years before the policy term.

LIC - Jeevan Shree

Product summary: This is an Endowment Assurance plan offering the choice of many convenient premium-paying terms. It provides financial protection against death throughout the term of plan with the payment of maturity amount on survival to the end of the policy term. Premiums: Premiums are payable yearly, half-yearly, quarterly, monthly or through Salary deductions, as opted by you, throughout the premium paying term or till earlier death. Alternatively premium may be paid in one Guaranteed lump sum.

Additions:

The policy provides for the Guaranteed Additions at the rate of Rs. 50/- per thousand Sum Assured for each completed year for first five years of the policy.

LIC - The Whole Life Policy This plan is mainly devised to create an estate for the heirs of the policyholder as the plan basically provides for payment of sum assured plus bonuses on the death of the policyholder. However, considering the increased longevity of the Indian population, the Corporation has amended the above provision, thereby providing for payment of sum assured plus bonuses in the form of maturity claim on completion of age 80 years or on expiry of term of 40 years from date of commencement of the policy whichever is later. The premiums under the policy are payable up to age 80 years of the policyholder or for a term of 35 years whichever is later. If the payment of premium ceases after 3 years, a paid-up policy for such reduced sum assured will be automatically secured provided the reduced sum assured exclusive of any attached bonus is not less than Rs.250/-. Such reduced paid-up policy is not entitled to participate in the bonus declared thereafter but the bonuses already declared on the policy will remain attach, provided the policy is converted in to a paid-up policy after the premiums are paid for 5 years.

LIC Amulya Jeevan : On Death during the Term of the Policy: Sum Assured On Maturity: RESTRICTIVE CONDITIONS Minimum age at entry Maximum age at entry Maximum age at maturity Minimum Policy Term Maximum Policy term Minimum Sum Assured Maximum Sum Assured (Policies will be issued in : 18 years (completed) : 60 years (nearest birthday) : 70 years (nearest birthday) : 5 years : 35 years : Rs.25,00,000/: No Upper Limit multiples of Rs.100,000/for Sums Assured Nil

more than the minimum Sum Assured) Mode of premium payment : Yearly, Half-yearly & Single Premium

ORGANISATION STRUCTURE OF LIC

Chairman

Managing Director

Executives Directors

Chiefs

Zonal Managers

Regional Managers

Divisional Managers

100 Seniors Divisional Managers

Marketing Managers

Sales Managers

Senior Branch Managers (Head of the Branch)

Assistant Branch Managers Sells

Development Officers

Different Agent

PUBLIC RELATION DEPARTMENT

The Public Relation Department in LIC is divided into three major categories. Namely:

1. Communication Department 2. Crisis Management Department 3. Publicity Department

Chief Public Relation Officer

PRO (Communication Dept.)

PRO (Crisis Management Dept.)

PRO (Publicity Dept.)

CHAIRMAN OF LIC

PUBLIC RELATIONS

COMMUNICATION DEPARMENT

PUBLICITY DEPARMENT

CRISIS MANAGEMENT DEPATMENT

CHIEF PUBLIC RELATION OFFICER The Chief Public Relation Officer of LIC is Mr. M. V. Kulkarni. He heads the PR department. The above three committees are under the PRO. The PRO is responsible for the overall functioning of the PR department. He has to monitor the smooth functioning of the three departments.

RESPONSIBILITIES OF CHIEF PUBLIC RELATION OFFICER :1. PR represents whole organization. 2. Should know how to behave in a certain situation. 3. He is not a person, he is representative. 4. Should know how to create enthusiasm. 5. In crisis he has to give feedback as soon as possible. OBJECTIVES AND FUNCTIONS OF CHIEF PUBLIC RELATION OFFICER:hairman Shri. T.S. Vijayan.

India. -seas PR departments of LIC. of the over-seas branches of LIC.

over-seas branches.

employees to motivate them to lift the spirit of the work culture.

communication department and ask them to public or air it through various mediums. is in the public sector, the PRO has to look after social responsibility as well as maintaining the image of the company.

COMMUNICATION DEPARTMENT The PRO of this Department is an external PR. He looks after:and is in constant contact with the media.

guests and their overall honors. The conversations with the guests are directly done by the Communication Department PRO.

latest happenings in the market. Any social issue at any area is a news to be worked out for him. the company.

PRO and the Communication Dept. PRO.

present for the Press conference. ated with the Public Sector, the Communication Dept. PRO has to also be in a close contact with the government officials.

progress in the strategies for communication.

In short, the communication Department PRO ensures that there is no communication gap between the company and the external concerned bodies. (recent press releases of LIC issued by Communication Department PRO enclosed).

CRISIS MANAGEMENT DEPARTMENT The PRO in this department is an internal one. From the overall history of LIC, it is seen that the company has never been into any major crisis. This itself is one of the best achievements. He is answerable to the Chief Public Relation Officer. The PRO from crisis management, though is here to handle crisis, he has been assigned many other internal responsibilities.

marketing employees.

White Collar.

these issues are solved before they create crisis. The strategy used by the PR here for crisis management is:Wash the utensil before having food in it. Thus all the employees right from the day of joining are kept in close contact with the Crisis Management Dept. And regular workshops help to restrict cases like Corruption. With a company so closely associated with the government, restricting such practices is very difficult task.

PUBLICITY DEPARTMENT The PRO of the publicity Department is an External PR. This department was formed due to the fall of sales in the 1999. This fall was due to the emergence of the foreign insurance companies and their advertising strategies. Initially, the ads shown by LIC always said no worry even after death. All the ads portrayed death. The other insurance companies came up with the idea that insurance is for happy life. Thus the sales of LIC went down as people liked the idea of Life more than Death. Hence a separate publicity department was formed which worked only for publicity strategies. Initially it was looked up by the Communication Department. Today the publicity department PRO has to see to it that all the ads running are creating effect. The PRO is the one who along with the Marketing department looks after the strategies for publicity. He is also to carry out various campaigns. The very recent campaign is known as Zindagi Express. The Zindagi Express is a term that has been associated to the life of LIC. Just as humans celebrate their 50 years of life, even LIC is celebrating its life. and when any person has done a lot in his life, he is capable of writing an Autobiography. Thus Zindagi Express is an Autobiography by LIC. They had started this unique campaign of auto biography from Delhi and will cover the entire nation and end up in Delhi again. During this journey they explain what all LIC has done for publics and what all it still intends to do

To satisfy the consumers in lic they make effective public relations and consumer relations S.W.O.T. ANALYSIS OF LIC A proper S.W.O.T. analysis of LIC has also been conducted to know better about the position, growth, and upcoming future and prospective of the company. STRENGTHS LIC is on 1st rank among the Insurance player. Long-term plans of LIC are the main strength. After sales services. Products cost are very low. Customer does not believe on private company.

WEEKNESS

Low interest rate

OPPORTUNITIES Good brand promotion. 1/2nd- % insurance has been covered.

THREATS

Competitors. Entry of Private Insurance banks.. TRAINING & DEVELOPMENT PROGRAM DONE BY LIFE INSURANCE CORPORATION AT VARIOUS LEVELS

Training and development: In organizational development, the related field of training and development (T & D) deals with the design and delivery of learning to improve performance, skills, or knowledge within organizations. In some organizations the term Learning and Development is used instead of Training and Development in order to emphasize the importance of learning for the individual and the organization. In other organizations, the term Human Resource Development is used.

Definition of Training:

The systematic development of the knowledge, skills and attitudes required by an individual to perform adequately a given task or job. Training refers to efforts that help enhance

employee skills for carrying out the present job. According to Edwin B Flippo, training is the act of increasing knowledge and skills of an employee for doing a particular job.

Needs for training:

To improve the current job performance of employees To familiarize employees with the policies and procedures of the organization. To enhance the creativity, adaptability and versatility of the employees and to facilitate learning at the work place To prepare employees for future job. To change the skills, knowledge and attitudes of the employees on a permanent basis. To help employees manage their careers. To maintain knowledgeable work force. To gain competitive advantage through a knowledgeable work force. To promote organizational growth through individual growth.

Areas of training: Company policies and procedures Human relations training Skill based training Problem solving training

Onsite Workshops for Leadership Team

Employees need more than bosses. They need mentors: Professionals skilled at assessing employee development needs and committed to guiding employees toward professional success.

Team Leadership Workshop provides managers with proven techniques for effective personnel management. By helping leaders understand and address their employees' requirements, this interactive seminar offers significant benefit to managers at all levels. New supervisors gain a solid grounding in the concept of ''leadership,'' while more experienced managers refresh their commitment to teaching and coaching their team members. This training program provides healthy perspectives for managers at all levels, making it an ideal morale-boosting leadership development experience for mixed groups of front-line supervisors and senior staff members. Leadership Training for Success All managers need methods. Leaders need to know the most effective techniques for guiding teams, mentoring individuals, and validating the results. Without solid methods, managers will revert use a one-size-fits-all approach to leadership that reflects the leader's personality, rather than the employees' needs. Committed, mentoring leadership is essential to employee morale, productivity, and retention. A Results-Oriented Training Program Team Leadership Workshop provides proven methods and procedures for successful people management. Participants receive a step-by-step plan for guiding each employee toward success. This workshop includes elements of Frank Whyte's nationally respected Team Building Workshops expanding upon that foundation to help leaders: Recognize each employee's personality preferences and supervisory needs, Align their leadership style with those of their bosses, colleagues, and subordinates, Develop competent and committed employees by mentoring and guiding their employees toward success, Schedule their management responsibilities to ensure that nothing is left to chance, and Use practiced real-world scenarios to resolve challenges and remove barriers.

Training Program done by LIFE INSURANCE CORPORATION

Training is must for every individual when he enters into the organization. Even though the candidate has experience he also should get training. Why because the organization culture, values and beliefs are different from one organization to other. Thats why the training program plays a key role in every organization. Training program following LIFE INSURANCE CORPORATION is different at various levels. Mainly in training program the company concentrates on sales managers, agents, operations executives and telecallers.

Training program for sales managers:

The training program duration is 15 20 days They get training on product knowledge. Motivating and encouraging Advisors

Training program for Advisors:

The training program duration is 15 20 days They get training on product knowledge How to convince the people. Objection Handling

Training program for operations executives:

They will get training on customer database files Taking care of the customer files Well trained in product information and documentation Renewals will be informed periodically.

Required skills for employees in LIFE INSURANCE CORPORATION:

Interpersonal skills Excellent communication skills Understanding nature Aggressiveness Convincing skills Ability to motivate others Interest to learn

TYPES OF TRAINING & DEVELOPMENT

1. 2. 3. 4. 5. 6. 7. 8.

Coaching Continuing Professional Development or CPD E-learning aka Online Learning, Distance Learning, Web-Based Learning Executive education Executive development Leadership development Instructional Animation Instructional Design

9. 10. 11. 12. 13. 14. 15. 16.

Instructional Strategies Knowledge Management Organizational Learning Organizational knowledge Mentoring Teaching Method Blended learning Outbound Management Development Programmes

TYPES OF TRAINING & DEVELOPMENT

1. Coaching 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17.

Continuing Professional Development or CPD E-learning aka Online Learning, Distance Learning, Web-Based Learning Executive education Executive development Leadership development Instructional Animation Instructional Design Instructional Strategies Knowledge Management Organizational Learning Organizational knowledge Mentoring Teaching Method Blended learning Outbound Management Development Programmes Performance Management

The various forms of Training and development are explained below:

1. Coaching is a method of directing, instructing and training a person or group of people, with

the aim to achieve some goal or develop specific skills. There are many ways to coach, types of coaching and methods to coaching. Direction may include motivational speaking. Training may include seminars, workshops, and supervised practice.

2. Continuing Professional Development (CPD) or Continuing Professional Education (CPE) is

the means by which members of professional associations maintain, improve and broaden their knowledge and skills and develop the personal qualities required in their professional lives.CPD is defined as the holistic commitment to structured skills enhancement and personal or professional competence.

3. Electronic learning (or e-Learning or eLearning) is a type of education where the medium of

instruction is computer technology. No in-person interaction may take place in some instances. E-learning is used interchangeably in a wide variety of contexts. In companies, it refers to the strategies that use the company network to deliver training courses to employees. In the USA, it is defined as a planned teaching/learning experience that uses a wide spectrum of technologies, mainly Internet or computer-based, to reach learners at a distance. Lately in most Universities, e-learning is used to define a specific mode to attend a course or programmes of study where the students rarely, if ever, attend face-to-face for oncampus access to educational facilities, because they study online.

4. Executive Education is the term used for programs at graduate-level business schools that

aim to give classes for Chief Executives and other top managers or entrepreneurs. These programs do not usually end in a degree, although there is an ever-growing number of an Executive MBA program that are very similar and offer a Masters of Business Administration upon completion of the coursework.

5. Executive development is the whole of activities aimed at developing the skills and

competencies of those that (will) have executive positions in organizations. While "executive" and "manager" and "leader" are often used interchangeably, "executive" is commonly used to signify the top 5% to 10% of the organization. Similarly, "development" and "training" and "education" are often used as synonyms, however "development" is generally seen as the more encompassing of the three in terms of activities that build skills and competencies.

6. Leadership development: Leadership development refers to any activity that enhances the

quality of leadership within an individual or organization. These activities have ranged from MBA style programs offered at university business schools to high-ropes courses and executive retreats.

7. Instructional Animations are animations that are used either to provide instructions for

immediate performance of a task or to support more permanent learning of subject matter. While both of these uses can be described as instructional animations, when the goal is to support learning, the term educational animation may be preferred.

8. Instructional Design is the practice of arranging media (communication technology) and

content to help learners and teachers transfer knowledge most effectively. The process consists broadly of determining the current state of learner understanding, defining the end goal of instruction, and creating some media-based "intervention" to assist in the transition. Ideally the process is informed by pedagogically tested theories of learning and may take place in student-only, teacher-led or community-based settings. The outcome of this instruction may be directly observable and scientifically measured or completely hidden and assumed.

9. Knowledge Management ('KM') comprises a range of practices used by organizations to

identify, create, represent, distribute and enable adoption of what it knows, and how it knows it. It has been an established discipline since 1995 with a body of university courses and both

professional and academic journals dedicated to it. Many large companies have resources dedicated to Knowledge Management, often as a part of 'Information Technology', 'Human Resource Management' or Business strategy departments. Knowledge Management is a multi-billion dollar world-wide market.
10. Organizational learning is an area of knowledge within organizational theory that studies

models and theories about the way an organization learns and adapts. In Organizational development (OD), learning is a characteristic of an adaptive organization, i.e., an organization that is able to sense changes in signals from its environment (both internal and external) and adapt accordingly. OD specialists endeavor to assist their clients to learn from experience and incorporate the learning as feedback into the planning process.
11. Organizational knowledge: What is the nature of knowledge created, traded and used in

organizations? Some of this knowledge can be termed technical knowing the meaning of technical words and phrases, being able to read and make sense of economic data and being able to act on the basis of law-like generalizations. Scientific knowledge is propositional; it takes the form of causal generalizations whenever A, then B. For example, whenever water reaches the temperature of 100 degrees, it boils; whenever it boils, it turns into steam; steam generates pressure when in an enclosed space; pressure drives engines. And so forth.

12. Mentorship refers to a developmental relationship between a more experienced mentor and a

less experienced partner referred to as a protg, mentoree, or (person) being mentoreda person guided and protected by a more prominent person.
13. Teaching methods are best articulated by answering the questions, "What is the purpose of

education?" and "What are the best ways of achieving these purposes?". For much of prehistory, educational methods were largely informal, and consisted of children imitating or modelling their behavior on that of their elders, learning through observation and play. In this sense the children are the students, and the elder is the teacher. A teacher creates the course materials to be taught and then enforces it.
1. Blended Learning is the combination of multiple approaches to learning. Blended learning

can be accomplished through the use of 'blended' virtual and physical resources. A typical example of this would be a combination of technology-based materials and face-to-face sessions used together to deliver instruction. In the strictest sense, blended learning is when

an instructor combines two methods of delivery of instruction. However, this term most often applies to the use of technology on instruction. A good example of blended learning would be to give a well-structured introductory lesson in the classroom, and then to provide followup materials online.

2. Outbound Management Development Programmes are a training method for enhancing

organizational performance through experiential learning. These programmes generally revolve around activities designed to improve leadership, communication skills, planning, change management, delegation, teamwork, and motivation. Participants are divided into teams and assigned tasks or activities for completion in a specified time. Achievement and performance during these activities is reviewed in group discussions to identify behaviors that enhance performance or lead to failure or decreased performance.

3. Performance measurement is the process of assessing progress toward achieving

predetermined goals. Performance management is building on that process, adding the relevant communication and action on the progress achieved against these predetermined goals.

In network performance management

(a) A set of functions that evaluate and report the behavior of telecommunications equipment and the effectiveness of the network or network element and (b) A set of various sub-functions, such as gathering statistical information, maintaining and examining historical logs, determining system performance under natural and artificial conditions, and altering system modes of operation. In organizational development (OD), performance can be thought of as Actual Results vs. Desired Results. Any discrepancy, where Actual is less than Desired, could constitute the performance improvement zone. Performance management and improvement can be thought of as a cycle:

1. Performance planning: where goals and objectives are established 2. Performance coaching: where a manager intervenes to give feedback and adjust

performance
3. Performance appraisal: where individual performance is formally documented and

feedback delivered A performance problem is any gap between Desired Results and Actual Results. Performance improvement is any effort targeted at closing the gap between Actual Results and Desired Results.

CHAPTER-4 ANALYSIS

1) What is your opinion on training?

OPINION Very Good Good Bad Time waste Process Total

%AGE 46% 28% 10% 16% 100%

OPINION OF EMPLOYEES
16% 10% 46% Very Good Good 28% Bad Time waste Process

From graph it can be seen that 46% respondents are in favour of very good training.

2) Do you feel that training will helpful for individual growth?

OPINION Yes No Total

%AGE 80% 20% 100%

OPINION OF EMPLOYEES
20%

YES 80% NO

From graph it can be seen that majority of the respondents are 80%. Only 20% feel that training will not helpful for individual growth.

3) Did you satisfy with training what company conducted here?

SATISFACTION LEVEL Satisfied Partially satisfied Fully satisfied Partially dissatisfied Fully dissatisfied Total

%AGE 42% 23% 5% 28% 2% 100%

Satisfaction Level
5% 2% 23% 28% Fully Dissatisfied Partially Dissatisfied Satisfied 42% Partially satisfied Fully satisfied

From graph it can be seen that majority of the respondents are satisfied with the Training Program. Only 2% were fully dissatisfied with the Training programs.

4) Is there any improvement in performance after getting the training?

OPINION Yes No Total

%AGE 60% 40% 100%

OPINION OF EMPLOYEES

40%

60%

YES NO

From graph it can be seen that majority of the respondents are satisfied with the appraisal system. Only a meager 30% were dissatisfied with the Performance Appraisal programs.

5) Who needs much knowledge regarding company and product?

OPINION Agents Tele Callers Operation Executives All Total

%AGE 50% 16% 14% 20% 100%

OPINION OF EMPLOYEES

20% 14% 16% 50% Agents Tele Callers Operation Executives All

From graph it can be seen that majority of the respondents are satisfied with the appraisal system. Only a meager 30% were dissatisfied with the Performance Appraisal programs.

6) In which areas employee needs training?

AREAS Company Policies And Procedures Skill Based Training Problem Solving Skills All of The Above Total

%AGE 16% 54% 8% 22% 100%

OPINION OF EMPLOYEES
16% Company Policies And Procedures Skill Based Training Problem Solving Skills All of The Above

22% 8%

54%

From graph it can be seen that majority of the respondents are satisfied with the appraisal system. Only a meager 30% were dissatisfied with the Performance Appraisal programs.

CHAPTER-5 FINDINGS

FINDINGS

Trained & Developed employees can work more efficiently.

Training & Development makes employees more loyal to an organization.

Training & Development makes an employee more useful to a firm.

Training enables employees to secure promotions easily. They can realize their career goals comfortably and development helps in increase their morale.

Employees can avoid mistakes on the job. They can handle jobs with confidence. They will be more satisfied on their jobs.

Training & Development can contribute to higher production and fewer mistakes, greater job satisfaction and lower employee turnover. Also, it can enable employees to cope up with organizational, social and technological change.

CHAPTER-6

RECOMMENDATIONS

RECOMMENDATIONS

Create awareness: The Company has to take care of awareness creation about the products and services among the Advisors/Agents

Charges: The Company has to reduce the mortality and administration charges.

The company has to give periodic training.

Product promotion strategies should be improved.

Company should consider the present competition and should act according to the customer needs.

It should be like long term training like Fundamental Carrier class, Basic Carrier class which helps the advisors in different stages.

CHAPTER-7 CONCLUSION

CONCLUSION

In this Knowledge-based economy, training helps people to learn how to do the things differently or to the different things and Development is that which helps in improving the performance of the employees by giving them opportunities for growth. Products are now increasingly knowledge-intensive; for this employer are responsible for providing opportunities for continued learning. To cope with the challenges and competitiveness in the world, every organization needs the services of trained persons for performing the activities in the systemic way. So, training program plays a key role in individual as well as organizational performance.

LEARNINGS

Learnings in the on the job training:1) Importance of the training program 2) How the training program will help for the individual as well as organizational growth. 3) The way to improve communication skills. 4) The way to behave people in corporate world.

QUESTIONNAIRE 1. Name: 2. Designation: 3. What is your opinion on training? Good Very good Bad Time waste process

4. Do you feel that training will helpful for individual growth? Yes NO

5. Did you satisfy with training what company conducted here? Yes No

6. Is there any improvement in performance after getting the training? Yes No

7. Who needs much knowledge regarding company and product? Agents Tele callers Operations executives All

8. In which areas employee needs training? Company policies and procedures Skill based training Problem solving skills All of the above

REFERENCES

1) Lynton, R.P. and Pareek, U. Training for development, 2nd Ed., New Delhi: Vistaar publication, 2002. 2) Bhatnagar, O.P. Evaluation methodology for training, New Delhi: Oxford and IBH publishing co.pvt.ltd. 3) Rae, L. The art of training and development, effective planning. Vol. 1, New Delhi. 4) Tannenbaum, S. A strategic view of organizational training and learning. 5) A hand book of human resource management practice, 8th ed., 2001. 6) Personnel management, Mc. Graw Hill, 6th ed., 1981. 7) Kothari, C.R. Research Methodology, 3rd edition, 1997, Vikas Publishing House Pvt. Ltd, New Delhi