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SUBMITTED BY:
ABHIJEET SINGH PARIHAR
ROLL NO.: A7754276
During my project I got insights into the insurance sector & an opportunity to
understand the mechanics of how the work is done in an insurance company. I
would like to thanks to -------------------------------------------- for their guidance &
support. They have been a constant guiding force & source of illumination for me.
It entirely goes to them credit that this project has attained its final shape. I would
like to thank them for their valuable advice & guidance.
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DECLARATION
Kamaraj University, Madurai, Tamil Nadu, hereby declare that all the information,
facts and figures in this report are based on my own findings and experience
I hereby also declare that the work done by me is not being copied, it is my
original work and does not lead to a award or any other degree, diploma,
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PREFACE
During the course of MBA, project puts theoretical knowledge into practical form.
It aims at lucid exposition of various concept and techniques to give a shape and
direction to theoretical knowledge. This is made possible through “on the job
The objective of the training module is to help the students to understand the
business environment well and equip us with the work culture of companies in
During my training with BHARTI AXA LIFE INSURANCE, I was able to enhance
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EXECUTIVE SUMMARY
The main objective of my project is to find out that how much awareness people
I used quantitative research. I made one questionnaire for research. There were
20 questions to ask.
THE COMPANY:-
joint venture between Bharti, one of India’s leading business groups with
interests in telecom, agri business and retail, and AXA, world leader in financial
protection and wealth management. The joint venture company has a 74% stake
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TABLE OF CONTENTS
• Industry Study 7 - 11
• Organization Structure 12 - 15
• Products & Services 16 - 22
• Competitors 22 - 24
• Introduction of project 25
• Statement of Problem 26
• Objectives 26
• Hypothesis 27
• Methodology 28
• Analysis 29 – 45
• Statistical tool 46 – 47
• Calculation 48
• Annova 49
• Conclusion 50
• Recommendations 51 - 52
• Appendix (Questionnaire) 53 - 56
• References 57
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INDUSTRY STUDY
reimbursement for losses due to car accidents, theft of property, and fire and
storm damage; medical expenses; and loss of income due to disability or death.
consists mainly of insurance carriers (or insurers) and insurance agencies and
insurance and assume the risks covered by the policy. Insurance agencies and
brokerages sell insurance policies for the carriers. While some of these
establishments are directly affiliated with a particular insurer and sell only that
carrier’s policies, many are independent and are thus free to market the policies
a wide array of insurance-related services to carriers and their clients. One such
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service is the processing of claims forms for medical practitioners. Other services
WORKING CONDITIONS:-
week. Those in executive and managerial occupations often put in more than 40
hours. There are several occupations in the insurance industry where workers
may work irregular hours outside of office settings. Those working in sales jobs
need to be available for their clients at all times. This accommodation may result
in these individuals working 50 to 60 hours per week. Also, call centers operate
24 hours a day, 7 days a week, so some of their employees must work evening
and weekend shifts. The irregular business hours in the insurance industry
provide some workers with the opportunity for part-time work. Part-time
working in sales jobs often visit prospective and existing customers’ homes and
places of business to market new products and provide services. Others working
in the industry may need to frequently leave the office to inspect damaged
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property, and at times can be away from home for days, traveling to the scene of
EMPLOYMENT:-
salary jobs in 2007. Insurance carriers accounted for 62 percent of jobs, while
RECENT DEVELOPMENTS:-
other financial institutions, such as banks and securities firms, to sell one
another’s products. More insurance carriers now sell financial products such as
securities, mutual funds, and various retirement plans. This approach is most
common in life insurance companies that already sold annuities, but property and
banks, and securities firms have engaged in numerous mergers, allowing the
markets.
Insurance carriers have discovered that the Internet can be a powerful tool
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for reaching potential and existing customers. Most carriers use the Internet
increasing number of carriers are starting to expand their Web sites to enable
customers to access online account and billing information, and some carriers
even allow claims to be submitted online. Many carriers also provide insurance
sites. In fact, some carriers will allow customers to purchase policies through the
LIFE INSURANCE:-
specific amount of money when you die in exchange for timely payment of
premiums.
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6. Bharti AXA Life Insurance
There are many good reasons for buying life insurance, some of which include:
• Providing for the financial security of your family in the event of personal
loss or injury.
• Providing funds to pay for the deceased person's funeral.
• Insuring against a particular need - for example home mortgage or
college loan
• Providing funds to pay income taxes or other final obligations due on an
estate.
• Compensation to a company in the event of a loss of a key employee or to
provide funds to purchase the remaining share of a business from a
partner.
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ORGANIZATION STRUCTURE
COMPANY HISTROY:-
Bharti Airtel
Telecom giant Bharti Airtel is the flagship company of Bharti Enterprises. The
Bharti Group has a diverse business portfolio and has created global brands in
the telecommunication sector. Bharti has recently forayed into retail business as
Bharti Retail Pvt. Ltd. under a MoU with Wal-Mart for the cash & carry business.
export fresh agri products exclusively to markets in Europe and USA and has
launched Bharti AXA Life Insurance Company Ltd under a joint venture with
Limited, India’s largest integrated and the first private telecom services provider
with a footprint in all the 23 telecom circles. Bharti Airtel since its inception has
been at the forefront of technology and has steered the course of the telecom
sector in the country with its world class products and services. The businesses
at Bharti Airtel have been structured into three individual strategic business units
(SBU’s) - Mobile Services, Airtel Telemedia Services & Enterprise Services. The
mobile business provides mobile & fixed wireless services using GSM technology
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across 23 telecom circles while the Airtel Telemedia Services business offers
long distance services to carriers. All these services are provided under the Airtel
brand.
AXA Group
Europe, North America, and the Asia/Pacific area. AXA had Euro 1315 billion in
Euro 4,010 million and IFRS adjusted earnings to Euro 5,140 million.
The AXA ordinary share is listed and trades on the Paris Stock Exchange. The
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Bharti AXA Life Insurance
Bharti AXA Life Insurance is a joint venture between Bharti, one of India’s leading
business groups with interests in telecom, agri business and retail, and AXA,
world leader in financial protection and wealth management. The joint venture
company has a 74% stake from Bharti and 26% stake of AXA.
over 5200 employees across over 12 states in the country. Our business
philosophy is built around the promise of making people "Life Confident”. The
Vision:-
Values:-
• Professionalism
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• Innovation
• Team Spirit
• Pragmatism
• Integrity
Strategy:-
multi-product platform
growth
• To build long term value with our business partners by enhancing the
• To be the employer of choice to attract and retain the best talent in India
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PRODUCTS & SERVICES
Individual Plans:-
Dream Life Pension, Bharti AXA Life Insurance’s unique pension product
ensures that your retirement life is your Dream Life.
Key Benefits:
o Add top up premiums any number of times after the 1st policy year
• Change your planned retirement age any time during the policy term
• Obtain tax benefits as per the prevailing tax laws on the premiums paid
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Bharti AXA Life Aspire Life:-
Aspire Life helps you create a pool of wealth to meet your long-term needs, while
also providing you adequate protection in case the need arises.
Key Benefits:
option after seven policy years and facility to switch amongst the
• Protection benefit which provides high Sum Assured for longer policy
terms.
• Tax benefits under section 80C and 10(10D) of Income Tax Act.
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Bharti AXA Life Invest Confident:-
You have always strived hard to achieve the best for you and your loved ones, so
when it comes to making an investment decision, we know that you would expect
the best from it too.
Key Benefits:
• Convenient single premium product with policy benefit period till the age of
70.
• Unique special additions starting from the end of 5th policy year and
Top Up Premiums.
• Tax benefits under section 80C and 10(10D) of Income Tax Act.
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Bharti AXA Life Wealth Confident:-
Your wealth, your status ensures that you get preferential status wherever you
go. So why shouldn't your money get the same?
"Be confident of providing your investments the right mix of growth, flexibility
and loyalty benefits. Live confident with WealthConfident."
Key Benefits:
• Pay premium for five years, while your policy continues for ten years.
• Higher allocation of your premium up to 88% for investment.
• Special additions of units added every year from 6th Year for incremental
wealth creation.
• Choose from four different investment funds to meet your financial
objectives.
• Five times the life cover of your annual premium.
• Tax benefit under 80C and 10(10D).
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Bharti AXA Life Future Confident:-
Key Benefits:
A unit-linked product which offers enhanced protection along with wealth creation
in the long term.
Key Benefits:
• Build Wealth for your long term financial needs with enhanced financial
protection.
• Sum assured up to 420 times the monthly premium.
• Life insurance benefit as Sum assured PLUS Policy fund value.
• Four different investment funds to meet your financial objectives.
• Comprehensive overall protection through "Protection Enhancers" in the
form of riders.
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• Special additions at regular intervals, starting from the end of 7th year, to
enhance your wealth.
• Tax benefit under sections 80C and 10(10D) of Income Tax Act.
Your changing lifestages decide your financial milestone planning. When you
foresee intermittent financial requirements in the years to come, like regular
expenses related to your child’s education, liquidity becomes a key aspect of
your planning along with long term savings, and protection for your family.
Key Benefits:
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Bharti AXA Life Secure Confident:-
All of us desire to maximise the happiness for our family at all times, irrespective
of the circumstances. The thought of unfortunate events befalling us may cause
us anxiety about providing a secured happiness to our loved ones.
Key Benefits:
Group Plans :-
Mortgage Credit Shield is a Group Product that provides coverage to people who
have availed of a Mortgage\ Home loan\ Home equity loan from an
Institution/Bank.
Credit Shield is a Group Product that provides coverage to people who have
availed of a loan for 1 to 5 years from Group Policyholder.
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COMPETITORS
LIC :-
Indian companies and 75 provident. The amalgamation was achieved with the
help of Life Insurance Act passed by the Parliament in the same year. The LIC
was created with the goal of reaching all the insurable people in the country and
providing them financial coverage at a reasonable price. In the year 1956, LIC
had 5 zonal offices, 33 divisional offices and 212 branch offices. With time there
was a need for a branch office at every district headquarter and many branches
were opened, which raised the pace of the organization. Life Insurance in its
modern form came to India from England in the year 1818. Oriental Life
Insurance Company started by Europeans in Calcutta was the first life insurance
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HDFC Standard Life Insurance Company Ltd:-
December 31, 2008 holds 72.38 per cent of equity in the joint venture.
Standard Chartered:-
Products from Bajaj Allianz Life Insurance Company, one of India's leading
company, who can guide you in ascertaining your insurance needs, and assist
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INTRODUCTION OF THE PROJECT
• What is the percentage of those people who had insured their life?
• What are their incomes & they are between in what age?
• What is their biggest concern for the future child education, retirement,
• Whether they know all the benefits of having life insurance or not?
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STATEMENT OF THE PROBLEM
Project title:-
OBJECTIVES
I made one questionnaire for research. I did my survey with the help of this
came to know that whether they have life insurance or not, if they have so in
which company & in which product. If they don’t have so are they planning to
have or not? What are their biggest concerns for their future? Who are those,
who preferred life insurance most, who lives in joint family or in nuclear family.
What is the reason if someone doesn’t have life insurance, whether he/she is
aware of its benefits or not. Are they satisfied with the service of the company
markets, local shops, dealers, the whole department of life insurance companies
etc.
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HYPOTHESIS
INSURANCE.
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METHODOLOGY
relevant, I analyzed those questionnaires & made some graphs, through which I
came to know about the awareness of the life insurance among people. Which
company has a great value among people? Which products are popular among
summer internship I was in recruitment process. I recruited life adviser for the
BHARTI AXA LIFE INSURANCE Company. This work also helped me a lot in
my project because I did face to face meeting with different kind of people. It was
great experience. During my research I came to know about the awareness of life
insurance among people. My target was individual’s house, all the malls, local
markets, local shops, dealers, the whole department of life insurance companies
etc.
I got one survey form from the company. My work was filled out
that survey form from those people whom I targeted for life adviser & with the
help of that survey form I had to understand that whether that person will be
interested to become an life adviser or not. In the same time I filled out my
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ANALYSIS
1. NAME:-___________________
2.AGE:-
29
3.GENDER:-
a) Male [ ] b) Female [ ]
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4.OCCUPATION:-
31
5.DO YOU LIVE IN JOINT FAMILY?
a) Yes [ ] b) No [ ]
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6. HOW MANY FAMILY MEMBERS ARE THERE IN YOUR FAMILY?
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7. IF MARRIED: DO YOU HAVE CHILDREN? HOW MANY?
a) 1 [ ] b) 2 [ ] c) More than 2 [ ]
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8. WHICH IS YOUR BIGGEST CONCERN FOR FUTURE?
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9. DO YOU HAVE ANY LIFE INSURANCE POLICY?
a) Yes [ ] b) No [ ]
36
12. ARE YOU SATISFIED WITH YOUR COMPANY?
a) Yes [ ] b) No [ ]
37
13. IF GIVEN A CHANCE WOULD YOU LIKE TO CHANGE YOUR
COMPANY OR PRODUCT?
a) Yes [ ] b) No [ ]
38
14. DO YOU LOOK AFTER COMPETITION WHEN YOU PURCHASE A
PRODUCT?
a) Yes [ ] b) No [ ]
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15. WHICH FACTOR OF THE FOLLOWING YOU WILL BE CONCERN
ABOUT WHILE YOU ARE PURCHACING A PRODUCT?
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16. DO YOU LOOK AFTER THE PARANTAGE OF THE COMPANY
WHEN YOU INVEST?
a) Yes [ ] b) No [ ]
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17. WHAT IS THE RANG OF ALLOCATION THAT YOU COME ACROSS
BY THE SALES MANAGER?
a) 5 – 15 % [ ] b) 15 – 30 % [ ] c) Above 30 % [ ]
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18..IF GIVEN A CHANCE TO INVEST WITH ICICI, BHARTI AXA LIFE
INSURANCE & LIC SO WHICH ONE YOU WILL CHOOSE?
___________________________________________________________
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19. ACCORDING TO YOU, WHAT IS BIGGEST BENEFIT OF
LIFE INSURANCE?
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20. WOULD YOU LIKE TO SUGGEST FOR DOING LIFE INSURANCE
TO OTHERS?
a) Yes [ ] b) No [ ]
20%
yes
no
80%
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STATISTICAL TOOL USED
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21. 1
22. 1
23. 1
24. 1
25. 1
26. 1
27. 2
28. 2
29. 2
30. 1
31. 1
32. 1
33. 1
34. 1
35. 1
36. 2
37. 1
38. 1
39. 1
40. 1
41. 2
42. 1
43. 2
44. 1
45. 1
46. 1
47. 2
48. 1
49. 1
50. 2
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CALCULATION
N = 50
N1 = 50
N2 = 50
K=2
SS WITH IN :- 16 + 8 = 24
SS TOTAL :- 4 + 24 = 28
MS (Mean square)BETWEEN :-
SS( sum of squares) BETWEEN
/ K-1 = 4
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ANNOVA (one way)-
Between 4 1(2-1) 4
samples
total 28 49 4.5
ANSWER:-
SO F CAL. = 8
& F TAB. = 4
8 > 4
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CONCLUSION
After doing my research I got the result that most of the persons are aware of the
benefits of life insurance. Some people who had not life insurance they were with
positive thinking about life insurance & were planning to have it.
not interested in life insurance but when I told them about different – different
plan so they were quite interested in it. I hope they will definitely change their
RECOMMENDATIONS
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Buy what you need. It's not a good idea to under-buy insurance, nor is it
to evaluate what your exact needs are and go from there. A good way of
Buy early. Instead of waiting until there is a real problem with your health,
buy life insurance early in life. As you age, the price of your life insurance
will increase, so the younger you start, the more you will save. To keep
your premium low, you may want to inquire about a "level premium" policy.
Which keeps your premium rates the same for a set amount of time.
issue policies, also know as "simplified" or "quick" policies, may sound too
good to be true, because they really are. They do not require a medical
exam, making them seemingly ideal, but ultimately much riskier for the
insurer. If you are healthy, you will get much better rates by buying a life
Check online. When shopping around for any kind of insurance, looking
online is a great way to compare prices and see what different companies
have to offer. The more information you give, the more accurate your
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Make a change for the better. If you are overweight, are a smoker, have
insurance may be difficult. This is because the better your health is, the
easier and more affordable it will be for you to buy life insurance.
good health standing. The less things that may give you a risk of dying
sooner, the more affordable your life insurance policy will be. Also, if you
overweight, and you are trying to better your health, be sure to document
it. By showing the insurance company your medical files and that you have
been trying to improve your health, you may save yourself some money in
Being responsible saves you money. This goes along with making a
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APPENDIX
`QUESTIONNAIRE
1. NAME:-___________________
2. AGE:-
a) 20 – 30 [ ]
b) 30 – 40 [ ]
c) 40 – 50 [ ]
d) Above 50 [ ]
3. GENDER:-
a) Male [ ]
b) b) Female [ ]
4. OCCUPATION:-
a) Student [ ]
b) b) Business [ ]
c) c) Service [ ]
d) d) Other [ ]
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5. DO YOU LIVE IN JOINT FAMILY?
a) Yes [ ]
b) b) No [ ]
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11. IN WHICH PRODUCT?
____________________________
12. ARE YOU SATISFIED WITH YOUR COMPANY?
a) Yes [ ]
b) No [ ]
16. DO YOU LOOK AFTER THE PARANTAGE OF THE COMPANY WHEN YOU
INVEST?
a) Yes [ ]
b) No [ ]
17. WHAT IS THE RANG OF ALLOCATION THAT YOU COME ACROSS BY THE
SALES MANAGER?
a) 5 – 15 % [ ]
b) 15 – 30 % [ ]
c) Above 30 % [ ]
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18..IF GIVEN A CHANCE TO INVEST WITH ICICI, BHARTI AXA LIFE
INSURANCE & LIC SO WHICH ONE YOU WILL CHOOSE?
_____________________________________________________________________
____________________________________________________________________
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REFERENCES
BOOKS
Kothari C.R. Research Methodology, Edition 2005 New Age International (p) ltd. New
Delhi.
PRINT MEDIA
Business Today
MINT
WEBSITES
www.bhartiaxalifeinsurance.com
www.hdfcslic.com
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