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In partial fulfillment of MBA Fourth Semester Project


Guidance by: Submitted by:

Ms. Priyanka Jain Neha Tiwari




A Reliance Capital Company


To Whomsoever It may concern

This is to certify that Ms. Neha Tiwari D/O Mr.Ajay Tiwari has undergone
training at the insurance sector from 1st May to 15th June, 2010. His performance
during the training period was exceptional and we wish him good luck for his
bright future.

We find him hard working and sincere towards his job.



(Authorized Signatory)

Mr. Avinash Jain,

Reliance Life Insurance,
A Reliance capital company.


I hereby certify that the work which is being presented in the project entitled,
Human Resource Policies AND Recruitment Process in partial

Fulfillment of the requirements for the Training of Master of Business

Administration, SICT College Sagar (Affiliated to PUNJAB TECHNICAL
UNIVERSITY), is an authentic record of my own work carried out under the
supervision of Ms. Priyanka Jain.

The matter presented in this Project Report has not been submitted by me for the
award of any other degree of this or any other University.


Success of every project depends largely on the SELF & encouragement and
guidance of many others. I take this opportunity to express my gratitude to
the people who have been instrumental in the successful completion of this
study project.

First of fall I would like to thank the Management at Reliance Life

Insurance company for giving me the opportunity to do my two-month
project training in their esteemed organization.

Internal Guide) for providing me with valuable advice and endless supply of
new ideas and support for this project.

I would like to thank Mr.Amrit Anand (Assit. HR Manager) And Mr.

Aruneet M. Thacore (Sr. HR Officer) for providing practical exposure for
the project and his valuable guidance during the project work.

MBA IV Semester.
















MBA program is one of the most reputed professional courses in the field of Management.
There is a study project as an integral part of MBA in the Fourth Semester. As a complementary
to that every one has to submit a report on the work conducted in the industry.

This report is thus prepared for the study project done at Reliance life insurance. The topic of
The organization shall make all possible efforts to have a secure and safe domain. The
data/information is very important and most critical to the business requirements; therefore
proper measures should be adopted so that the information is well secured and protected.




Almost 4,500 years ago, in the ancient land of Babylonia, traders used to bear risk of the
caravan trade by giving loans that had to be later repaid with interest when the goods arrived
safely. In 2100 BC, the Code of Hammurabi granted legal status to the practice.
That, perhaps, was how insurance made its beginning.

Life insurance had its origins in ancient Rome, where citizens formed burial clubs that would
meet the funeral expenses of its members as well as help survivors by making some payments.

As European civilization progressed, its social institutions and welfare practices also got more
and more refined. With the discovery of new lands, sea routes and the consequent growth in
trade, Medieval guilds took it upon themselves to protect their member traders from loss on
account of fire, shipwrecks and the like.

Since most of the trade took place by sea, there was also the fear of pirates. So these guilds even
offered ransom for members held captive by pirates. Burial expenses and support in times of
sickness and poverty were other services offered. Essentially, all these revolved around the
concept of insurance or risk coverage. That's how old these concepts are, really.

In 1347, in Genoa, European maritime nations entered into the earliest known insurance contract
and decided to accept marine insurance as a practice.

The First Step

Insurance as we know it today owes its existence to 17th century England. In fact, it began
taking shape in 1688 at a rather interesting place called Lloyd's Coffee House in London, where
merchants, ship-owners and underwriters met to discuss and transact business. By the end of the
18th century, Lloyd's had brewed enough business to become one of the first modern insurance

Insurance and Myth...

Back to the 17th century. In 1693, astronomer Edmond Halley constructed the first mortality
table to provide a link between the life insurance premium and the average life spans based on
statistical laws of mortality and compound interest. In 1756, Joseph Dodson reworked the table,
linking premium rate to age.

Enter companies...
The first stock companies to get into the business of insurance were chartered in England in
1720. The year 1735 saw the birth of the first insurance company in the American colonies in
Charleston, SC.

In 1759, the Presbyterian Synod of Philadelphia sponsored the first life insurance corporation in
America for the benefit of ministers and their dependents.

However, it was after 1840 that life insurance really took off in a big way. The trigger: reducing
opposition from religious groups.

The growing years...

The 19th century saw huge developments in the field of insurance, with newer products being
devised to meet the growing needs of urbanization and industrialization.

In 1835, the infamous New York fire drew people's attention to the need to provide for sudden
and large losses. Two years later, Massachusetts became the first state to require companies by
law to maintain such reserves. The great Chicago fire of 1871 further emphasized how fires can
cause huge losses in densely populated modern cities. The practice of reinsurance, wherein the
risks are spread among several companies, was devised specifically for such situations.

There were more offshoots of the process of industrialization. In 1897, the British government
passed the Workmen's Compensation Act, which made it mandatory for a company to insure its
employees against industrial accidents.

With the advent of the automobile, public liability insurance, which first made its appearance in
the 1880s, gained importance and acceptance.

In the 19th century, many societies were founded to insure the life and health of their members,
while fraternal orders provided low-cost, members-only insurance.

Even today, such fraternal orders continue to provide insurance coverage to members as do most
labour organizations. Many employers sponsor group insurance policies for their employees,
providing not just life insurance, but sickness and accident benefits and old-age pensions.
Employees contribute a certain percentage of the premium for these policies.

In India...

Insurance in India can be traced back to the Vedas. For instance, yogakshema, the name of Life
Insurance Corporation of India's corporate headquarters, is derived from the Rig Veda. The term
suggests that a form of "community insurance" was prevalent around 1000 BC and practiced by
the Aryans.

Burial societies of the kind found in ancient Rome were formed in the Buddhist period to help
families build houses, protect widows and children.

Bombay Mutual Assurance Society, the first Indian life assurance society, was formed in 1870.
Other companies like Oriental, Bharat and Empire of India were also set up in the 1870-90s.

It was during the swadeshi movement in the early 20th century that insurance witnessed a big
boom in India with several more companies being set up.

As these companies grew, the government began to exercise control on them. The Insurance Act
was passed in 1912, followed by a detailed and amended Insurance Act of 1938 that looked into
investments, expenditure and management of these companies' funds.

By the mid-1950s, there were around 170 insurance companies and 80 provident fund societies
in the country's life insurance scene. However, in the absence of regulatory systems, scams and
irregularities were almost a way of life at most of these companies.

As a result, the government decided nationalize the life assurance business in India. The Life
Insurance Corporation of India was set up in 1956 to take over around 250 life companies.

For years thereafter, insurance remained a monopoly of the public sector. It was only after seven
years of deliberation and debate - after the RN Malhotra Committee report of 1994 became the
first serious document calling for the re-opening up of the insurance sector to private players --
that the sector was finally opened up to private players in 2001.

The Insurance Regulatory & Development Authority, an autonomous insurance regulator set up
in 2000, has extensive powers to oversee the insurance business and regulate in a manner that
will safeguard the interests of the insured.

Life insurance
life assurance is a contract between the policy owner and the insurer, where the insurer agrees to
pay a sum of money upon the occurrence of the insured individual's or individuals' death or other
event, such as terminal illness or critical illness. In return, the policy owner (or policy payer)
agrees to pay a stipulated amount called a premium at regular intervals or in lump sums. There
may be designs in some countries where bills and death expenses plus catering for after funeral
expenses should be included in Policy Premium. In the United States, the predominant form
simply specifies a lump sum to be paid on the insured's demise.

As with most insurance policies, life insurance is a contract between the insurer and the policy
owner (policyholder) whereby a benefit is paid to the designated Beneficiary (or Beneficiaries) if
an insured event occurs which is covered by the policy. To be a life policy the insured event must
be based upon life (or lives) of the people named in the policy.

Life policies are legal contracts and the terms of the contract describe the limitations of the
insured events. Specific exclusions are often written into the contract to limit the liability of the
insurer; for example claims relating to suicide, fraud, war, riot and civil commotion.

Life based contracts tend to fall into two major categories:

Protection policies - designed to provide a benefit in the event of specified event,

typically a lump sum payment. A common form of this design is term insurance.
Investment policies - where the main objective is to facilitate the growth of capital by
regular or single premiums. Common forms (in the US anyway) are whole life, universal life
and variable life policies.

Company profile

Few men in history have made as dramatic a contribution to their countrys economic fortunes as
did the founder of Reliance, Shri. Dhirubhai H Ambani. Fewer still have left behind a legacy that
is more enduring and timeless.

As with all great pioneers, there is more than one unique way of describing the true genius of
Dhirubhai: The corporate visionary, the unmatched strategist, the proud patriot, the leader of
men, the architect of Indias capital markets, the champion of shareholder interest.

But the role Dhirubhai cherished most was perhaps that of Indias greatest wealth creator. In one
lifetime, he built, starting from the proverbial scratch, Indias largest private sector enterprise.

When Dhirubhai embarked on his first business venture, he had a seed capital of barely US$ 300
(around Rs 14,000). Over the next three and a half decades, he converted this fledgling enterprise
into a Rs 60,000 crore colossusan achievement which earned Reliance a place on the global
Fortune 500 list, the first ever Indian private company to do so.

Dhirubhai is widely regarded as the father of Indias capital markets. In 1977, when Reliance
Textile Industries Limited first went public, the Indian stock market was a place patronised by a
small club of elite investors which dabbled in a handful of stocks.

Undaunted, Dhirubhai managed to convince a large number of first-time retail investors to

participate in the unfolding Reliance story and put their hard-earned money in the Reliance
Textile IPO, promising them, in exchange for their trust, substantial return on their investments.
It was to be the start of one of great stories of mutual respect and reciprocal gain in the Indian

Under Dhirubhais extraordinary vision and leadership, Reliance scripted one of the greatest
growth stories in corporate history anywhere in the world, and went on to become Indias largest
private sector enterprise.

Though the company's oil-related operations forms the core of its business, it has diversified its
operations in recent years. After severe differences between the founder's two sons, Mukesh and
Anil Ambani, the group was divided between them in 2006.

Reliance Capital (RCAP), a non banking financial company, is the financial service arm of the
Anil Dhirubhai Ambani Group (ADAG) which has varied interests in areas like telecom, energy,
entertainment. Reliance Capital is one of India's leading and fastest growing private sector
financial services companies and ranks among the top 3 private sector financial services and
banking companies, in terms of net worth. Through the companys subsidiaries, it offers products
and services like mutual fund, life insurance and general insurance. It has sizable private equity
and proprietary investments and is pursuing new ventures like stock broking, consumer financing
and the asset recovery business as well. Reliance Capital, initially focused on the asset
management business, has recently expanded its presence in life insurance, general insurance
space and ebroking business as well. Reliance Capital launched Reliance Money, a retail broking
and distributor of a range of financial service products. It has a network of over 2,200 outlets
(Indias largest retail network by a non banking financial services company). Reliance Capital
has 100% economic interest in all the business

We will create the next generation communication network and information technology
infrastructure that will bring immense value to every Indian, and leapfrog India into the
center stage of global Infocomm space

We will create the next generation communication network and information technology
infrastructure that will bring immense value to every Indian, and leapfrog India into the
center stage of global Infocomm space

We were small then - an infant in industry

We are small now - at the doorsteps of opportunity.
- Dhirubhai Ambani
Elected in India as
Businessman of the Millennium

Founded by Shri. Dhirubhai Ambani in the year 1966.

Reliance Group was started with a capital of Rs. 15000/-.
He converted this fledgling enterprise into a Rs. 95,000 crore colossus.
Over time, Reliance Group has diversified into a core specialization in petrochemicals
with additional interests in telecommunications, information technology, energy, power,
retail, textiles, infrastructure services, capital markets, & logistics.
Our Chairman

Shri. Anil D. Ambani was born to Dhirubhai Ambani and Kokilaben Ambani on June 04,
1959 at Mumbai

He did his schooling and graduation in Mumbai and thereafter pursued his Masters of
Business Administration from Wharton Business School, USA

Anil Dhirubhai Ambani is the Chairman of all listed Group companies, namely: Reliance
Communications, Reliance Capital, Reliance Energy, Reliance Health, Reliance
Entertainment and Reliance Natural Resources Limited.
Anil D Ambani joined Reliance in 1983 as Co-Chief Executive Officer
Under his leadership, Reliance pioneered India's first forays into overseas capital markets
with international public offerings of global depository receipts, convertibles and bond
Wharton Board of Overseers, The Wharton School, USA
Central Advisory Committee, Central Electricity Regulatory Commission
Board of Governors, Indian Institute of Management, Ahmedabad
Board of Governors Indian Institute of Technology, Kanpur
In June 2004, he was elected for a six-year term as an independent member of the Rajya
Sabha, Upper House of Indias Parliament a position he chose to resign voluntarily on
March 25, 2006.
Conferred the CEO of the Year 2004 in the Platts Global Energy Awards
Rated as one of Indias Most Admired CEOs for the sixth consecutive year in the
Business Barons TNS Mode opinion poll,2004
Conferred The Entrepreneur of the Decade Award by the Bombay Management
Association, October 2002
Awarded the First Wharton Indian Alumni Award by the Wharton India Economic Forum
(WIEF) in recognition of his contribution to the establishment of Reliance as a global
leader in many of its business areas, December 2001

Anil D Ambani joined Reliance in 1983 as Co-Chief Executive Officer, and was centrally
involved in every aspect of the company's management over the next 22 years.

He is credited with having pioneered a number of path-breaking financial innovations in the
Indian capital markets. He spearheaded the country's first forays into the overseas capital markets
with international public offerings of global depositary receipts, convertibles and bonds. Starting
in 1991, he directed Reliance Industries in its efforts to raise over US$ 2 billion. He also steered
the 100-year Yankee bond issue for the company in January 1997.

Awards & Achievements

Conferred the CEO of the Year 2004 in the Platts Global Energy Awards
Rated as one of Indias Most Admired CEOs for the sixth consecutive year in the
Business Barons TNS Mode opinion poll,2004
Conferred The Entrepreneur of the Decade Award by the Bombay Management
Association, October 2002
Awarded the First Wharton Indian Alumni Award by the Wharton India Economic Forum
(WIEF) in recognition of his contribution to the establishment of Reliance as a global
leader in many of its business areas, December 2001

Selected by Asia week magazine for its list of Leaders of the Millennium in Business
and Finance and was introduced as the only new hero in Business and Finance from
India, June 1999

Voted 'MTV Youth Icon of the Year', in September 2003

Voted as Indias Business Icon For The Youth in a poll conducted by India Today
magazine.- August 2006

Amitabh Jhunjhunwala,


Shri Amitabhabh Jhunjhunwala, 51, is a Fellow Chartered Accountant. He has vast experience in
the areas of financial services and capital markets. Shri Jhunjhunwala was appointed to the
Board on March 7, 2003 and was appointed Vice Chairman on March 20, 2006. He is a Director
on the Board of Harmony Art Foundation and Reliance Anil Dhirubhai Ambani Group Pvt. Ltd.

Rajendra Chitale, Independent Director

Shri Rajendra P. . Chitalale, 46, an eminent Chartered Accountant, is the Managing Partner of
M/s M. P. Chitale & Associates. He is a Director on boards of the National Securities Clearing
Corporation Limited, Asset Reconstruction Company (India) Ltd, Hinduja TMT Limited, HTMT
Global Solutions Ltd, Ambuja Cement Limited, SME Rating Agency of India Limited, Ishan
Real Estate PLC and Reliance General Insurance Company Ltd. He is also a member of the
advisory board of the Insurance and Regulatory Authority of India (IRDA). He has also served
on the boards of Life Insurance Corporation of India, Unit Trust of India, SBI Capital Markets
Ltd., National Stock Exchange of India Ltd. and Small Industries Development Bank of India.

Shri C. P. Jain

Shri C.P. Jain, 61, is the former Chairman and Managing Director of NTPC Ltd. (National
Thermal Power Corporation). Shri Jain has an illustrious career spanning over four decades of
contribution in the fields of financial management, general management, strategic management
and business leadership. He is a fellow member of the Institute of Chartered Accountants of India
with an advanced diploma in Management and is a law graduate. Shri C. P. Jain joined the Board
of NTPC in 1993 as Director (Finance), was elevated as Chairman & Managing Director in
September 2000 and superannuated in March 2006. He is Chairman of the Global Studies
Committee of World Energy Council (WEC), world's largest energy NGO with nearly hundred
member-nations. He has been on several important committees of the Government of India, latest
being the 'Adhoc Group of Experts on Empowerment of CPSEs'. He was Chairman of Standing
Conference of Public Enterprises (SCOPE) between April 2003 and March 2005. He is a
Director on the Board of IL & FS Infrastructure Development Corporation and, is also a member
of the Audit Advisory Board of the Comptroller and Audit General of India.

Reliance Capital Ltd is a part of the Reliance - Anil Dhirubhai Ambani Group, and is ranked
among the 25 most valuable private companies in India.

Reliance Capital is one of India's leading and fastest growing private sector financial services
companies, and ranks among the top 3 private sector financial services and banking groups, in
terms of net worth.

The Reliance Anil Dhirubhai Ambani Group is one of India's top 2 business houses, and has a
market capitalization of over Rs.2,90,000 crore (US$ 75 billion), net worth in excess of
Rs.55,000 crore (US$ 14 billion), cash flows of Rs. 11,000 crore (US$ 2.8 billion) and net profit
of Rs. 7,700 crore (US$ 1.9 billion

Reliance Capital has interests in asset management and mutual funds, life and general insurance,
private equity and proprietary investments, stock broking, depository services, distribution of
financial products, consumer finance and other activities in financial services.

Reliance Mutual Fund is India's no.1 Mutual Fund. Reliance Life Insurance is India's fastest
growing life insurance company and among the top 4 private sector insurers. Reliance General
Insurance is India's fastest growing general insurance company and the top 3 private sector
insurers. Reliance Money is the largest brokerage and distributor of financial products in India
with more than 2 million customers and the largest distribution network. Reliance Consumer
finance has disbursed loans of over Rs.7,000 crores at the end of March 2008.

Reliance Capital has a networth of Rs.6,086 crores (US$ 1.5 billion) and total assets of Rs.
16,371 crores (US$ 4.1 billion) as of March 31, 2008 and over 21,000 employees

To build a global enterprise for all our stakeholders, and a great future for our country,

To give millions of young Indians the power to shape their destiny,The means to realize their full


Our symbol, Reliance APEX conveys the spirit of excellence, the human urge for progress, the
desire to reach higher, the resolve to shape a better future.

The APEX is the highest point the pinnacle - an abiding symbol of hope and optimism,
achievement and success.

The blue in Reliance APEX represents the inner strength, the self belief, the quiet confidence,
the sense of purpose that go into the making of an epic journey.

The red in Reliance APEX represents the energy and dynamism that propels one to the pinnacle
of ones ambition.

Reliance Mutual Fund, a part of the Reliance - Anil Dhirubhai Ambani Group
(R- ADAG) is one of the fastest growing mutual funds in the country.

Reliance Mutual Fund offers investors a well rounded portfolio of products to meet
varying investor requirements.

Reliance Mutual Fund has a presence in over 115 cities across the country, an investor
base of over Rs. 40.28 Lacs with Assests Under Management (AUM) of Rs.77,765 crores

Reliance Mutual Fund schemes are managed by Reliance Capital Asset Management
Ltd., a wholly owned subsidiary of Reliance Capital Ltd.

Reliance Life Insurance is an associate company of Reliance Capital Ltd., which along
with its associates has acquired 100% shares in AMP Sanmar Life Insurance Co Ltd.

Reliance Life Insurance has a pan presence and a range of products catering to individual
as well as corporate needs

A total of 16 products covering savings, protection & investment requirements

Reliance General Insurance, a Subsidiary of Reliance Capital, is one of the first non-life
companies to get the license from the IRDA. RGICL offers an exhaustive range of
insurance products that covers most risks including Property, Marine, Casualty and


To be an insurer of World Standards and the most preferred choice for clientele at the
domestic and global level.

Launched in 2002, PAN India CDMA based telecom service provider, an integrated
telecom company having largest infrastructure

Indias No. 1 wireless service provider with more than 50 million customers.

Largest pan India coverage-over 11000 towns & 3 lakh villages.

Over 10 million subscribers carry a handset thats capable of getting high speed internet

More than 50% of the international calls coming to India, use Reliance network.

Reliance Life Insurance, a part of the Reliance - Anil Dhirubhai Ambani Group is India's fastest
growing life insurance company and among the top 5 private sector life insurers.

Reliance Life Insurance has a pan India presence and a range of products catering to individual
as well as corporate needs. Reliance Life Insurance has over 700 branches and 1,50,000 agents.

It offers 23 products covering savings, protection & investment requirements.

Reliance Life Insurance will endeavour to attain a leadership position in the market over the next
few years, by further expanding and strengthening its distribution network and offering a diverse
array of products to suit the varied and specific needs of individual customers.

After its successful launch of telecom business, Reliance is likely to revive its plans to foray into
the life insurance sector by March this year.

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

Anil Dhirubhai Ambani Group. Reliance Capital is one of Indias leading private sector financial

services companies, and ranks among the top 3 private sector financial services and banking

companies, in terms of net worth. Reliance Capital has interests in asset management and mutual

funds, stock broking, life and general insurance, proprietary investments, private equity and other

activities in financial services.

Reliance Capital Limited (RCL) is a Non-Banking Financial Company (NBFC) registered

with the Reserve Bank of India under section 45-IA of the Reserve Bank of India Act, 1934.

Reliance Capital sees immense potential in the rapidly growing financial services sector in

India and aims to become a dominant player in this industry and offer fully integrated

financial services.

Reliance Life Insurance is another step forward for Reliance Capital Limited to offer need

based Life Insurance solutions to individuals and Corporates.


At Reliance Life Insurance, we strongly believe that as life is different at every stage, life

insurance must offer flexibility and choice to go with that stage. We are fully prepared and

committed to guide you on insurance products and services through our well-trained advisors,

backed by competent marketing and customer services, in the best possible way.

It is our aim to become one of the top private life insurance companies in India and to

become a cornerstone of RLI integrated financial services business in India.


To set the standard in helping our customers manage their financial future

Currently around 80% of the countries population is without a life insurance policy. With the
economy booming, the disposable incomes are set to increase which will increase the number of
policy holders dramatically. Life insurance industry recorded a growth of 110 % in premium
collection FY07. Reliance life Insurance (RLI) is the fastest
growing insurance company in India with a market share of 4% amongst private insurers. The
AUM is Rs. 12 bn. It already has a reach of 217 branches and may scale up to 400 by FY08 .Its
agent force would increase to nearly 2, 00,000 agents in FY 2008 up from 1, 06,000 agents in FY
2007. Reliance Life grew by 381% in FY07. Reliance expects its growth from rural areas. The
total premium earned, 88 % is from ULIP plans and 12% from others. This trend is likely to be
seen in the future years as well. Currently banks are allowed to sell insurance policies of only
one Insurance Company. Banks have a tie up with the insurance company for a period of three
years. Since Reliance Capital is a late entrant in this business it does not have a tie up with any of
the banks to sell its insurance products. However, it has the opportunity to enter into contracts
with banks as and when they come up for renewal after a period of every three years.



Insurance Regulatory and Development

The Insurance Regulatory and Development Authority (IRDA) is a national agency of the
Government of India, based in Hyderabad. It was formed by an act of Indian Parliament known
as IRDA Act 1999, which was amended in 2002 to incorporate some emerging requirements.
Mission of IRDA as stated in the act is "to protect the interests of the policyholders, to regulate,
promote and ensure orderly growth of the insurance industry and for matters connected therewith
or incidental thereto."


To protect the interests of the policyholders, to regulate, promote and ensure

orderly growth of the insurance industry and for matters connected therewith or
incidental thereto.


As per the section 4 of IRDA Act' 1999, Insurance Regulatory and Development
Authority (IRDA, which was constituted by an act of parliament) specify the
composition of Authority

The Authority is a ten member team consisting of

(a) a Chairman;
(b) five whole-time members;
(c) four part-time members,

(all appointed by the Government of India)


Section 14 of IRDA Act, 1999 laysdown the duties,powers and functions of IRDA..
(1) Subject to the provisions of this Act and any other law for the time being in force, the
Authority shall have the duty to regulate, promote and ensure orderly growth of the insurance
business and re-insurance business.
(2) Without prejudice to the generality of the provisions contained in sub-section (1), the
powers and functions of the Authority shall include, -
(a) issue to the applicant a certificate of registration, renew, modify, withdraw, suspend or
cancel such registration;

(b) protection of the interests of the policy holders in matters concerning assigning of policy,
nomination by policy holders, insurable interest, settlement of insurance claim, surrender value
of policy and other terms and conditions of contracts of insurance;
(c) specifying requisite qualifications, code of conduct and practical training for intermediary
or insurance intermediaries and agents;
(d) specifying the code of conduct for surveyors and loss assessors;
(e) promoting efficiency in the conduct of insurance business;
(f) promoting and regulating professional organisations connected with the insurance and re-
insurance business;
(g) levying fees and other charges for carrying out the purposes of this Act;
(h) calling for information from, undertaking inspection of, conducting enquiries and
investigations including audit of the insurers, intermediaries, insurance intermediaries and other
organisations connected with the insurance business;
(i) control and regulation of the rates, advantages, terms and conditions that may be offered by
insurers in respect of general insurance business not so controlled and regulated by the Tariff
Advisory Committee under section 64U of the Insurance Act, 1938 (4 of 1938);
(j) specifying the form and manner in which books of account shall be maintained and
statement of accounts shall be rendered by insurers and other insurance intermediaries;
(k) regulating investment of funds by insurance companies;
(l) regulating maintenance of margin of solvency;
(m) adjudication of disputes between insurers and intermediaries or insurance intermediaries;
(n) supervising the functioning of the Tariff Advisory Committee;
(o) specifying the percentage of premium income of the insurer to finance schemes for
promoting and regulating professional organisations referred to in clause (f);
(p) specifying the percentage of life insurance business and general insurance business to be
undertaken by the insurer in the rural or social sector; and

A person who represents one or more insurance companies and who usually sells all types of
insurance on a commission basis is known as an agent. This person sells coverage to the
policyowners, is usually licensed by the State Insurance Department and appointed by the
insurance company. The agent, by contract and by law, is endowed with selected powers and


Identify potential Insurance Advisor's based on agreed profiles and ensure recruitment in
accordance with the business plan.
To also achieve expected sales target on a consistent basis through own team of advisor's.
To continuously review performance of own team of advisor's and to improve their
productivity on an on going basis.
Provide leadership and management to the team of Advisor's.
Provide training and monitor development needs of advisor's in the team; provide
feedback on advisors performance, particularly those with less experience.

After having sold a new insurance policy , the agent has to ensure that the policy continues,
without a lapse, till it becomes acclaim . the conservation of thje policy is in the interests of all
the three persons concerned , the insurer, the policyholder and the agent . for this purpose he has

Keep in touch with policy holder to make sure that renewal premiums are paid in time.
Ensure that nominations are made or changed according to changing circumstances.
Assist in settlement of the claim , helping the claimants to complete the necessary
formalities and requirements.
The benefits under the various plans of insurance offered by his insurer.
The office procedures for various matters including the forms and documents.


The agents main function is to solicit and procure life insurance business for the insurer,
which has appointed him for that purpose. At the same time, he is trusted by the prospect to
advice him suitably, keeping his circumstances and needs in mind. He is thus , in the unique role
of a person trusted by both parties to the transaction . his functions would require him to.

Under stand the prospects needs and persuade him to buy a plan of life insurance
That suits his interest best.

Complete the formalities (paper work , medical examination) necessary to get the policy
Keep in touch to ensure that changing circumstances are reflected in the arrangements
relating to premium payments , nomination and other necessary alterations.
Facilitate quick settlement of claims
Be totally honest with both the prospect and the insurer.

The regulation framed by the IRDA lays down a code of conduct which incorporate some of
these concepts. The code says INTERALIA that the agent shall

Identify himself and the insurance company of which he is an agent

Disclose the license to the prospect on demand
Explain all available options to the prospect
Recommend a suitable plan taking in to account the needs of the prospect
Disclose the scales of commission, if asked for the prospect
Explain the nature and importance of the information required in the proposal form
Impress up on the prospect the need to disclose all information
Make all enquiries about the prospect
Inform the insurer about any material facts, including habits, that could adversely
affect the underwriting decision
Convey the prospect about the acceptance or rejection of the proposal

Render necessary to policyholders or claimants or beneficiaries in complying with
requirements asked for by the insurer
Advice policyholder to effect nomination
Make every attempt to ensure remittance of premiums by the policyholders within the
stipulated time, by giving notice orally and in writing.
Not to induce prospects to submit wrong information.
Not to interfere with the proposals introduced by other insurance agents
Not demand or receive from beneficiary, share of proceeds under an insurance
Not cause the termination of an existing policy with a view to effect a new proposal


Education : Any Graduate.

At least 3-5 year(s) of working experience in the related field is required for this position.
Experience of sales in a financial services industry would be an added advantage.
A consistently good record in sales or sales management role with potential for leading
Past record of motivating others towards achievement of ambitious targets and attaining
higher levels of performance will be an added advantage.
Strong Leadership qualities and ability to coach and mentor others.
Knowledge of the market place.
Excellent verbal and written communication skills.
Aggressive with drive and high energy levels who shows potential to mentor/lead a team
of Insurance advisor's
Strong retail sales/distribution experience, preferably from the financial sectors.
Coming from Good reputed companys
Past experience of managing (Small) teams preferred.
Good communication skills. Fluency in English.
Preferably Junior Executives specializing in Human Resources or equivalent.


The Compensation structure of the company is based on the combination of Cost To Company
And Administrated benefits
There are to compensation Structure within reliance Life Insurance Company
1. Fixed Compensation Structure applicable to Sales Manager and Customer care
Executive . in the Fixed salary Structure the component and amount are predicted by
2. A la carte salary Structure Applicable To all employees who are not covered under the
Fixed Compensation Structure - In the A la carte salary Structure an employee is offered
a cost to company. which can then be assigned to various component as per the guidelines
given below:

Cost to company structure is split into two fields:
1. Mandatory: comprises of
Basic salary
Provident fund

2. Choice Pay: comprises of

House Rent Allowance
Conveyance Allowance
Medical reimbursement
Childrens education Allowance
Leave Travel Allowance
Fixed Bonus
Vehicle Running expense Reimbursement
Special Personal Allowance


Medical Insurance
Performance Linked Incentive
Salary Review


The objective of this policy is to regulate inter city travel for business purpose

This Policy Should be applicable to all employees of the company when they are undertaking
inter city tours for official purpose with prior approval of the appropriate authority.

The class of travel is detailed in the annexure. However employee may avail check/apex fare and
travel by air provided the air fare is almost equal to or at best 10% more than the train fare.

The limit are provided in the annexure. Living expense limit shall cover expense on meal /
refreshment and laundry.

The entitlement has been provided in the annexure. Whenever hotel accommodation is not
available as per the star facility the tariff indicators will be the reference point for arranging the
same . tariff indicators are exclusive of all taxes.

This is also permissible as a flat claim for ever 12 hours or part thereof of train journey and is
meant to cover all en transit expenses on food, refreshment, periodicals etc.

The mode of local conveyance and the car categories are provided in the annexure. Those
entitled to taxi travels can avail of hired car if no taxi facility is available subject to approval of
the sanctioning authority.


An office will follow 6 days working week (Monday To Saturday)and the timing will be as
follows :
9:30am to 5:30pm.
Half an hour lunch break starting not earlier than 1:00 pm.
Weekly off: Sunday

All office will observe 13 days of public holidays for each calendar year while the national
holiday will be observed by all office, the balance holidayss should be derived from the list of
bank holidays as applicable to each state. Within the state the list of holiday should be common
across all Businesses.

All employees shall be subjected to 6 months probation period to asses the suitability of the

Any employee intending to resign from the services of the company shall summit the letter of
resignation to his immediate superior and HR manger. The immediate superior and the concerned
functional head will decide on the further course of action and the date of relieving and convey
the same to the employee. Thereafter HR will initiate the relieving process and settlement of
The full and final settlements of the account will be done within a period of fifteen days from
the day relieving.


The objective of this policy is to describe the leave entitlements and the terms and conditions
governing the same to all employees of reliance capital.


Leave availment should be done in a planned manner.

It should be with prior approval of the sanctioning authority.
Leave calendar should run from 1st January to 31st December.
Absence from duty, except on account of leave or holiday, shall be dealt with the
management at its discretion and in the best interest of the organization.
Encashment of earned leave will be subject to tax as applicable.


Earned/ privileged leave

Casual Leave
Sick Leave
Maternity/ Miscarriage Leave
Paternity Leave
Joining Leave



The objective of this policy is to extend assistance to employee who have to relocate from their
place of residence on transfer or on joining of the company.

This policy is applicable to all employees who have been transferred from one location to
another and to such candidates who are in the process of relocating consequent upon acceptance
of employment offer with the company.
Following facilities benefits will be extended to the employees upon acceptance of employment
offer with be extended to the employee
Residential premises/school scouting trip
Temporary living expense
Re-settlement allowance
Moving expenses



This policy is framed specifically to assist employees in securing a company leased



Subject to approval of the CEO, this policy shall be applicable only to employees in grade E7
and above who are located in Mumbai.


The quantum of assistance towards towards security deposits will be upto following amounts
subject to the approval of the CEO
Grade E11 : 50 lacks
E10 : 40 lacks
E9 : 30 lacks
E8 : 20 lacks
E7 : 10 lacks

The company shall bear brokerage charges up to 1 months rent and registration charges, if
applicable on actuals . The Company shall not entertain requests for self-lease.


Recruitment is a linking function joining together those with job to fill and those seeking for
jobs. It is a joining process in that it tries to bring together job seekers and employer with a view
to encourages the former to apply for a job with the latter.

The basis purpose of recruitment is to develop a group of potentially qualified people. To this
end the organization must communicate the position in such a way that job seekers respond. To
be cost effective, the recruitment process should attract qualified applicants and provide enough
information for unqualified persons to self-select themselves out.

Relationship with other activities

This figure illustrates the relationship between job analysis, human resource planning, and the
selection process.

Human resource planning: Determines the specific number of jobs that are to be filled.

Job analysis Personnel planning

Nature and requirement of specific jobs Number of specific job to be filled


Constraints Inducement
Poor image Compensation
Unattractive job Pool of qualified Career
Government applicants opportunities
policies Image

C V Short listing

Call For Interview

First Interview

Second Interview

Third Interview

Selected Rejected

Offer Mail

Day of Joining

Base Data Form Joining Kit Joining Tracker

Employee Data Partial Kit With Photo Copy of Employee Data

Base Joining Kit Partial Kit Base

Head Office Regional Office

(Mumbai) (Lucknow)



Candidate having KSA To effectively perform the job

Criterias in RLIC
Candidate should be graduate
Work Experience 2 Years Sales(others) 1 years sales(insurance)
Age Maximum 35


Generally 3 interviews are to be taken for the selection of a candidate. First interview is taken by
a senior HR manager.
Second interview is being taken by senior most HR manager.
Finally Third interview is being taken by HR manager. A HR manager can reject any candidate
who has been selected in first 2 interviews on the basis of educational qualification, work
experience, past criminal records and reference check. Final salary package is being decided
during this interview.
There is an Interview assessment sheet .whatever the Interviewer observe about interviewee
Write in the IAS . The IAS Provides Following Entitlements:

Name of the candidates

Position Considered for

Interview Assessment
Technical Strengths
Behavioral Strengths
Area Of Improvement
Compensation Solution Suggested

Closing is done by a HR manager .In this HR Person mainly focus on salary negotiation.
Offer closing is based on the persons Qualification, Total no. of work experience, Last CTC
earned Last company brand. When the salary negotiated is accepted by the candidate then offer
mail is released.

An offer mail is being released to all the selected candidate .In this offer mail all the details
regarding joining are present. Generally an offer mail is floated before two days of joining.

The offer mail entitles the following details:

Date of joining
Day of joining
Designation Of The candidates
Package per annum

Along with this following document is asked to bring at the time of joining:
Resignation acceptance which should be signed and stamped by immediate boss
Last Company appointment letter
Last drawn Salary slip (if the candidates was an agent then he is required to bring IRDA
license ,commission statement ,Bank Statement , or form 16A
Pan Card If applied then Acknowledgement for the same.
Identity prove: Driving license/ ration card/voter ID card/Passport
10 Photographs with blue background.
Qualification certificates and mark sheet
NOC of the previous company.
Person should be aware of his blood group.
All the documents are mandatory to bring

Final Joining date is the date decided by the HR person .Jonnie has to fill two forms on the day
of joining. One form is online and one is Joining kit.


It is an on line form present on the official website of Reliance Life Insurance

( This form contain all the personal details of the employee which is
recorded in the employee data base .After completion of base data form a BD number is assign
to each employee. This BD number is being written on the Joining kit of employee.

: Base data form is used as a reference during validation of an employee joining kit. Without
validation a joining kit cannot be dispatched to HO.


Following information is to be filled in this form:

Fathers name
DOB, Place of Birth
Blood Group, Height, Weight
Identification Mark
Present & Permanent Address(Period of staying)
Contact Number
E mail ID
Place of posting
Submitted to Regional HR & in UP- Uttaranchal Region


Joining report
Personal Information Form
Information Released form
Data Reference Check Form
Salary Account Declaration
Medical Insurance data
I Card Form
Requisition Form For E Mail
Business Card Requisition
Hardware Requisition Form
Data Card Requisition Form
PF/EPS Declaration/ Nomination Form
PF Transfer Form
Gratuity Nomination Form
Superannuation Nomination Form
Term Insurance Nomination Form
CTC Allocation Plan
Investment Declaration Form
Data Ownership Undertaking
IT security Policy Declaration
Code Of Ethics Undertaking
Specimen Signature Form


While evaluating the joining kit it is required that joiner must submit Xerox of all the document
that were asked in the offer mail.
Signature of the joiner is mandatory in the company appointment letter.
It is also to be check that joining kit is been properly filled without any errors.


Before dispatching the joining kit to Mumbai head office following things are provided:

Compensation sheet.(CTC Comparables)
Reference check for E3 and above
BDF validation(validation of the salary , designation, grade, function, reporting authority, SAP

Preparing of Partial kit

Personal Information
Interview Assessment sheet
Curricular Vitae of the candidate
Resignation of previous company
Appointment Letter of RLIC
Background verification form
Salary Account Declaration
Medical Hospitalization insurance form

All these are further processed for Xerox And then original of Following:
Requisition Form For E Mail
Business Card Requisition
Hardware Requisition Form
Are kept regional office for record


Every activity has a purpose or an objective behind it. This project has helped us in gaining

experience and acquiring certain knowledge about the company. Recruitment & Selection in

management practices in an organization which is one of Leading Insurance Company in India

has given us a lot of information during the analysis of data.

During the research it was found that the most of employees, management and trade unions were

involved in the Recruitment & Selection procedure at Reliance Life Insurance, Lucknow. The

working environment in, Lucknow is very good. The participation of employees in management

and labor-management relationship is quiet satisfactory. They think that Recruitment & Selection

is an essential part and a matter of great concern for the company. Most of employees of,

Lucknow are in the favour of better way to conduct Recruitment & Selection to get the best

candidates which may prove vital for the growth of the company. So we can say that Recruitment

& Selection Process at Reliance Life Insurance , Lucknow is effective, yet it requires a better

implementation strategy to overcome any sort of misjudgment and the fear of losing an ideal



1. Reliance Life Insurance should give more attention on its Quality and method of
Recruitment & Selection because it helps the company in reducing attrition rate and
selecting the right candidate to serve the company for a long period.

2. Reliance Life Insurance should give more advertisement in Magazines & Newspapers
regarding the New Hire Process and New Recruitments.

3. Reliance Life Insurance should maintain the communication through feedback. They
should take time-to-time feedback regarding customer satisfaction to know about the
customer perception about their insurance products.

4. Budget required for Recruitment & Selection Process must be economical.

5. Reliance Life Insurance should find out the factors for which the customers are
purchasing their policies. This will help it in making appropriate message in advertisement
so that that advertisement will much focused and targeted and may attract excellent
candidates to serve the company.

6. Reliance Life Insurance which prefer remote areas also for selling its policies must hire
from there to due to localize expertise.

7. Reliance Life Insurance should make the provision for change in Recruitment &
Selection Methodology with the advent of time and newer technology.
8. Reliance Life Insurance should provide all details related to any promotions, company
schemes and Packages at the time of Final Selection.

9. The person conducting the Interview should make sure that candidate being interviewed
shows better ability to listen, understand and answer queries.

10. Reliance Life Insurance should ensure that the company is innovative and introduces
new products to meet new customers needs and keeps on check with the competitors too.


While conducting the project study at Reliance Life Insurance, a lot of problems were encountered.
Some of them are discussed below.

Unwillingness of executives to give a clear picture of the system.

Some executives were busy.
Unwillingness of respondents.
Incomplete questionnaire were difficult to access.
Perception of workers towards management is not excellent.
Difficult to study such a complex structure in such a small period.
Diversity in views of management and workers, between workers and between management