Professional Documents
Culture Documents
I have study in the first paragraph about life insurance & development of life
advisor & the benefits of life insurance & Awareness of Customer about Life
Insurance Plans in AEGON RELIGARE LIFE INSURANCE
The second section of my report deals with a Introduction about Aegon religare
Life insurance About its activities and operations, Products & Services , etc.
this section attempts to give detailed information about the company and the
nature of it’s functioning.
The result which was found from this research clearly shows a company should
be more flexible to the training program they organized for the high profile
advisor. The project undertaken is the thorough study of the service & activities,
which the company is willing to give each advisor. From the survey it was
revealed that AEGON RELIGARE LIFE INSURANCE is doing quite well in
all the sections of its operation.
1
TABLE OF CONTENT
10 ANNEXURE 50
2
CHAPTER NO-01
INTRODUCTION
3
Development of Life Advisor
Simply put, life insurance is a medium of providing a financial backup for your
family even after you pass on. Life insurance is an important part of a sound
financial planning. Different types of life insurance plans will not only
financially protect you and your loved ones incase of unfortunate event but, also
help you save in a planned manner for important goals
Life insurance companies charge you a regular premium for the cover it
provides for chosen time period. Whereas, incase of ULIPs (Unit Linked
Insurance Plans) part of the premium post deductions of charges is invested to
earn returns.
4
An Endowment Policy: Under this, policyholder will get survival benefits (if
he/she survives the policy) or his/her nominees, will get sum assured plus
addition bonus, if applicable (in the event of policyholder’s death).
Money back Policy: Under this policy holder will get a portion of his/her sum
assured at regular intervals during their lifetime; in the event of policy holder’s
death, nominee of the policy will get the sum assured, with additions and bonus,
where applicable.
A whole Life Plan: Under this policyholder pay premium virtually through
his/her life time, and not be eligible for any of the benefits, which will go only
to the policy nominee.
A tem Plan: Under this policyholder will get insurance cover for a specified
term, typically 5, 10, 15 years. Benefits accrue to nominee only in the event of
policyholder’s death during the period.
The advisors study the prospects needs and persuade them to buy a policy.
5
Complete all formalities for proposal of new insurance, including filling up
forms. collecting premium. arranging medical examination, collecting
proofs (of age/income), reports and information required by the underwriter.
After having sold a new insurance policy, the advisor has to ensure that
the policy continues. Without a lapse till it becomes a claim. For that
reason an advisor has to do the following:
1. Keep in touch with the policy holder to make sure that renewal
premiums are paid in time.
2. Ensure that nominations are made or changed, if
necessary
3. Assist in collecting claim amounts.
As an advisor you contribute in bringing in new business for the company
offer world class pre and post sales service to the clients with the support of
the organization.But an advisor to us means much more than a salesman or a,
saleswoman.
That is why; we take a lot of care in recruiting and developing our advisor
force, so that we can maintain our standards of quality in service and
salesmanship.
The competition and the customer awareness have forced the times to be a
knowledge oriented marketplace. Appreciating the same we strive to get
people with reasonably good graduation background as our advisors. We also
acknowledge and recognize prior 11 sales experience of the persons, at the time
of recruitment.
6
ROLE OF AN ADVISOR:
1. Identify future clients/prospect
2. Making appointment.
2. Conduct financial review meeting with prospect.
4. Close sale.
5. Get referral
6. Provide service to clients/prospect.
7. Follow internal sales and reporting system.
After analyzing the quality(which the company is looking for), back office
service (which the company is giving to that person). functions to be performed,
role to be played . I used to describe the benefits which the advisor can
get out of his/her joining as an advisor in Aegon religare Life Insurance
Company.
OPPORTUNITIES
7
advisors go through both generic and specific, professional programs that help
them remain well informed and knowledgeable about the company’s products in
the market. There is a further focus on soft skills such as communication,
managing long-term relationships and selling skills, which are very relevant in a
service-driven industry like life insurance.
COMMISSION STRUCTURE
Year 1 Year 2 Year 3
8
Number of policies sold 100 150 200
Average Premium Rs. 20000 20000 20000
Total Premium earned Rs. 2000000 4000000 4000000
Average Commission including 450000 675000 900000
bonuses estimate @ 22.5%*
Earning from New Business Rs. 450000 675000 900000
Commission on Renewal 120000 180000
Premium @ 6% for year 2, 3 and 120000
3 % after that
Earning from Renewal business 120000 300000
Rs.
Total Earning Rs. 45000 795000 1200000
* Depending on the product mix Commission can go upto 35% in the 1st
year, 7.5 % in the 2nd and 3rd year and 5% 4th year onwards.
9
Considering that insurance is a profession that is identified with accidents and
untoward incident and those insurance officials have a poor image of over
promising and under-delivering on the insuring public, is insurance an
honorable and worthwhile profession?
.
Insurance Regulatory Authority:
In this economic reform process the Insurance Companies will boost the socio-
economic development process. The huge amount of funds that will be at the
disposal of Insurance Companies will be directed as desired avenues like
housing, safe drinking water, electricity, primary education and infrastructure.
The growth of the debt market will also get a boost. Above all the policyholders
will get better pricing of products from competitive insurance companies.
Tax Profit: Tax relief in income tax and wealth tax can be availed on the
premium paid for Life Insurance.
10
11
CHAPTER NO-01
COMPANY
PROFILE
12
AEGON Religare Life Insurance Company
ARLI has launched a suite of products that are focused on providing the
customer with the means to meeting their long-term financial goals. At the same
time product development has been founded on the tenet of providing the
customer with great value. ARLI products such as AEGON Religare iTerm Plan
and AEGON Religare Invest Maximiser Plan have been ranked among the best
in terms of value and have attracted many external accolades.
About AEGON
13
globe. The company’s common shares are listed on three stock exchanges:
Amsterdam, New York and London. AEGON has more than 160 years of
experience with its roots going back to 1844. AEGON holds 26% equity in
ARLI.About Religare Enterprises Limited
Bennett, Coleman & Company Limited (BCCL), part of the mammoth Times
Group, is India’s largest media house. It reaches out to 2468 cities and towns all
over India. The group owns and manages powerful media brands like The
Times of India, The Economic Times, Maharashtra Times, Navbharat Times,
Femina, Filmfare, Grazia, Top Gear, Radio Mirchi, Zoom, Times Now, Times
Music, Times OOH, Private Treaties and indiatimes.com. All of its brands are
multinational in outlook, traditional at heart and national in spirit. From the very
first edition on November 3, 1838 the mammoth BCCL Group has come a long
way. By way of the innovative venture of Times Private Treaties
(http://www.timesprivatetreaties.com), the BCCL Group holds 30% equity in
ARLI
14
Products
Life Insurance
Life Insurance is a commonly used term, yet it is seldom understood and not
many are confident about choosing the best life insurance policy for themselves
and their families. There are many life insurance companies and innumerable
plans available, but before you opt for the perfect life insurance policy, you
need to evaluate the pros and cons. Evaluate life insurance as an investment
option and think about whether you really need it. And if you do, should you
choose a cheap life insurance policy or opt for the best life cover available.
Which insurance company should you select? And if you already have a policy,
should you buy another?
The questions that pop up are mind boggling; so to help you plan your life
better, we have provided answers to a few basic ones. This will equip you
choose the best life insurance company and plan for you and your family.
15
What is life insurance?
Simply put, life insurance is a medium of providing a financial backup for your
family even after you pass on. Life insurance is an important part of a sound
financial planning. Different types of life insurance plans will not only
financially protect you and your loved ones incase of unfortunate event but, also
help you save in a planned manner for important goals
Life insurance companies charge you a regular premium for the cover it
provides for chosen time period. Whereas, incase of ULIPs (Unit Linked
Insurance Plans) part of the premium post deductions of charges is invested to
earn returns.
Whether or not you need life insurance and how much, depends on whether or
not you have dependent family members. But practical wisdom suggests that
even if nobody relies on your income for daily living, you should still buy at
least one life insurance plan which serves as a means of personal investment
and tax savings instrument.On the other hand if your income is important to
your family members and your salary contributes to paying bills and loans, then
you must choose the best life insurance option that you can afford. Of all plans
available, Term Plan is the pure protection plan and will be cheap life insurance
as well. Be sure to compare life insurance companies and the plans they offer
well before settling for one.
If your employer provides you with a life insurance policy, that's a bonus. These
days large organizations do offer life insurance as one of the perks, but
16
remember that often these cheap life insurance plans may not cover enough. So
always ensure that you read the fine print and are aware of how much your
employer's life insurance company promises you. And if this insurance is not
adequate, it is advisable to invest in a new life insurance plan as well.
• If you have dependent family members, then life insurance plans like
Protection Plans which provide only life cover will help your family tide
over financial losses in tough times.
• If you are investing to save for your child’s future or planning for your
retirement, then special plans like Child Plans and Retirement Plans
would be better life insurance schemes.
• If you don’t have dependent family members, then your life insurance
plans can become your channel of investment. Earlier you start saving
better it is because your investments get that much more time to grow in
the long run.
• For people who don’t have any other major investments, life insurance
schemes are also ideal ways to save tax.
17
• monetary compensation that will be sufficient to honour your family’s
financial commitments is important and must be considered while buying
any life insurance schemes available.
• If the plan is to achieve certain future goals then it is important to
ascertain the future value to the goal and save for the same.
• After you know how much you need, assess how much you can save and
invest in life insurance plansplans on an ongoing basis.
• If you expect your income to grow in the near future, then you can opt for
an increasing premiumPlans where the premium increases gradually and
also helps increase the sum assured.
• After having assessed your life insurance requirements and the amount
you can save, it is time for you to evaluate different products. It is also
important to spend some time researching various plans available.
There are a lot of insurance companies offering numerous life insurance plans.
The names of plans may vary but what you need to look out for is the advantage
each plan offers you over the other.
Our Plans:
• Child Plans
Protection Plans
18
ULIPs
Unit Linked Insurance Policies or ULIPs as they are commonly called, are more
innovative forms of life insurance that also offer returns on your investments.
Every ULIP provides cover against death. In addition, these unit linked
insurance plans also serve as great means of long-term savings, structured to
give you miximum benefit. In simple words, investment in ulips is great
combination of protection and investment.Let us help you understand ULIPs
better.
Most unit linked policy holders opt for ULIPs because of the flexibility
they offer. There is an option of making lumpsum investment or paying
regular premiums using the systematic investment plans (SIP).
One of the other common reason for the success of unit linked insurance plans
is that all ULIP investments qualify for tax deductions under Section 80C of the
Income Tax Act. Irrespective of your plan and fund options you can enjoy these
tax redemption benefits.
However, once you have decided to invest in ULIPs, you will realise that it has
many unique benefits which a good investment plans should have.
Our Plans
Retirement
regular income sources. Once you gauge your expenses after your retirement,
appraise what sources of income you will have then. Also assess how you can
make your current assets work optimally for you and assist in retirement
planning. If you have invested in AEGON Religare Pension Plans, you can
19
count on at least one reliable source of income. Key to good retirement planning
is to have an early start and steady growth. After evaluating your expenses post
retirement, choose a plan which can help you achieve that amount by investing
reasonable premium over a period of time. For example AEGON Religare
Pension Plans offers the 'Increasing Premium' option which allows you to
increases the premium year on year to address the inflation cost. You can pay
regular premiums which increase by 5% or 8% of the first year's premium,
every year. Thus ensuring that you always maintain the current lifestyle, even
after retirement.
• Health Plan
20
CHAPTER NO-01
OBJECTIVE OF
STUDY
21
OBJECTIVE OF THE STUDY
PRIMARY OBJECTIVE
• To study the various way of Development of Life Advisor In AEGON
RELIGARE LIFE INSURANCE.
• To study about the importance of Life Insurance provide by AEGON
RELIGARE LIFE INSURANCE.
SECONDARY OBJECTIVE
• To find out the Awareness of Customer about Life Insurance Plans in
AEGON RELIGARE LIFE INSURANCE .
22
CHAPTER NO-04
RESEARCH METHODOLOGY
RESEARCH
METHODOLOGY
23
Research methodology is a way to systematically solve the research problem.
Research methodology constitutes of research methods, selection criterion of
research methods, used in context of research study
This is an study on development of Life Advisor at Aegon Religare Life
Insurance & the level of customer satisfaction towards the policy provided by
aegon religare. I have study About the importance of LI in the project.
- Pie charts
- Tables
bar charts and pie charts are really useful tools for every research to show the
result in a well clear, ease and simple way. Because I used bar charts and pie
24
charts in project for showing data in a systematic way, so it need not necessary
for any observer to read all the theoretical detail, simple on seeing the charts
any body could know that what is being said.
Technological Tools
Ms-Word
Ms-excel
Internet
Above application software of Microsoft helped me a lot in making project
more interactive and productive.
Microsoft-Excel had a great role in my project, it created for me a situation of
“you sit and get”. I provided it simply all the detail of data and in return it given
me all the relevant information..
Microsoft-Access did the performance of my personal assistant who organizes
my all the details of document without disturbing them even a single time in all
the project duration.
And in last Microsoft-Word did help me for the documentation of the project in
a presentable form.
PRIMARY DATA:
This consisted questionnaire and interaction from various people.
A focus group study have conducted to design the Customers survey
questionnaire with a sample size of 50 respondents. The survey was conducted
in Bhopal city..
SECONDARY DATA:
1 Internet ,
2 Books
3 Journals ,
4 Newspaper,
5 Annual report,
25
6 Database available in the library,
LIMITATION
1. Sample size of 50 is not enough to generalize result.
2. Response is depending upon psychology of respondent.
3. The survey is geographically limited to Bhopal.
4. Some of the respondent tries to hide information like sales volume.
6. Some secondary data which I expect to collect from the company is not
provided to me.
26
CHAPTER NO-05
DATA ANALYSIS
&
INTERPRETATION
27
LEADING Products
BRAND RESPONDENTS IN
FAVOUR
Pension Plan 21
Health Plan 19
ULIP 18
21.5
21
20.5
20
19.5
19
18.5
18
17.5
17
16.5
Pension Health ULIP
Plan Plan
LEADING COMPANY
28
COMPANY RESPONDENTS IN
FAVOUR
Aegon Religare Life 25
Insurance
Reliance Life 20
Insurance
Aviva Life Insurance 18
Tata AIG Life 09
Insurance
Future Genrali Life 28
Insurance
29
30
25
20
15
10
0
Aegon Reliance Aviva Life Tata AIG Future
Religare Life Insurance Life Genrali
Life Insurance Insurance Life
Insurance Insurance
Agree 30
30
Neither agree nor disagree 05
Disagree 15
Strongly disagree 10
strongly agree
agree
10 % 40 %
15 % neither agree
nor disagree
disagree
5%
strongly
disagree
30 %
INTERPRETATION-
Out of 50 respondent 40% respondent were strongly agree while 30% were
agree and only 05% were neither agree nor disagree and 15% respondent were
disagree and 10% were strongly disagree with the statement that Life insurance
services of Aegon Religare is well.
2). Do you think that Recruitment & Development of Life Advisor in Aegon
Religare is well?
31
Agree 25
Disagree 10
Strongly disagree 05
strongly
agree
agree
10 % 5% neither agree
nor50 %
disagree
10 % disagree
strongly
disagree
25 %
INTERPRETATION-
• Out of 50 respondent 50% were strongly agree while 25% were agree and
only 10% were neither agree nor disagree and 10% respondent were
disagree and 05% were strongly disagree with the statement that
Recruitment & Development of Life Advisor in Aegon Religare is well .
32
Agree 27
Disagree 10
Strongly disagree 15
strongly
agree
agree
neither agree
10 % 15 % nor disagree
35 %
disagree
13 %
strongly
disagree
27 %
INTERPRETATION-
Out of 50 respondent 35% were strongly agree while 27% were agree and only
13% were neither agree nor disagree and 10% respondent were disagree and
15% were strongly disagree with the statement That training Programme of
IRDA is provided by Aegon Religare is well.
4).Do you think that Life Advisor of Aegon religare provide full
information of Insurance Policy to Customers ?
33
Agree 38
Disagree 17
Strongly disagree 20
strongly
agree
agree
20 % 22 %
17 % neither agree
nor disagree
disagree
3%
strongly
disagree
38 %
INTERPRETATION-
Out of 50 respondent 22% were strongly agree while 38% were agree and only
3% were neither agree nor disagree and 17% respondent were disagree and 20%
were strongly disagree with the statement that Life Advisor of Aegon religare
provide full information of Insurance Policy to Customers .
5).Do you think that Aegon Religare provide good Incentives for
Development of Life Advisor?
34
Strongly agree 33
Agree 47
Disagree 10
Strongly disagree 05
strongly
agree
agree
05 % 33 %
10 % neither agree
nor disagree
disagree
05 %
strongly
disagree
47 %
INTERPRETATION-
Out of 50 respondent 33% were strongly agree while 47% were agree and only
05% were neither agree nor disagree and 10% respondent were disagree and
05% were strongly disagree with the statement that Aegon Religare provide
good Incentives for Development of Life Advisor .
Q. 6). Do you think Development Programme in Aegon Religare
Motivate to Life Advisor?
35
Agree 60
Disagree 05
Strongly disagree 05
s trongly
agre e
agre e
05 % 17 %
05 %
ne ithe r agre e
nor dis agre e
03 % dis agre e
s trongly
dis agre e
60 %
INTERPRETATION-
Out of 50 respondent 17% were strongly agree while 60% were agree and
only 03% were neither agree nor disagree and 05% respondent were disagree
and 05% were strongly disagree with the statement that Development
Programme in Aegon Religare Motivate to Life Advisor.
36
Agree 43
Disagree 05
Strongly disagree 05
s trongly
agre e
agre e
05 % 37 %
05 % ne ithe r agre e
nor dis agre e
10 % dis agre e
s trongly
dis agre e
43 %
INTERPRETATION-
Out of 50 respondent 37% were strongly agree while 43% were agree and only
10% were neither agree nor disagree and 05% respondent were disagree and
05% were strongly disagree with the statement that Development of Life
Advisor helps in Achive Target in Company .
Q. 8). Do you think that Aegon Religare Life Insurance company Provides
good return on Investment ?
37
Strongly agree 17
Agree 60
Disagree 05
Strongly disagree 05
s trongly
agre e
agre e
05 % 17 %
05 % ne ithe r agre e
nor dis agre e
03 % dis agre e
s trongly
dis agre e
60 %
INTERPRETATION-
Out of 50 respondent 17% were strongly agree while 60% were agree and only
03% were neither agree nor disagree and 05% respondent were disagree and
05% were strongly disagree with the statement that Aegon Religare Life
Insurance company Provides good return on Investment .
38
FINDINGS
CHAPTER NO-06
Finding
• 35% were strongly agree while 27% were agree and only 13% were
neither agree nor disagree and 10% respondent were disagree and 15%
39
were strongly disagree with the statement That training Programme of
IRDA is provided by Aegon Religare is well.
• 40% respondent were strongly agree while 30% were agree and only 05%
were neither agree nor disagree and 15% respondent were disagree and
10% were strongly disagree with the statement that Life insurance
services of Aegon Religare is well.
• 50% were strongly agree while 25% were agree and only 10% were
neither agree nor disagree and 10% respondent were disagree and 05%
were strongly disagree with the statement that Recruitment &
Development of Life Advisor in Aegon Religare is well .
• 22% were strongly agree while 38% were agree and only 3% were neither
agree nor disagree and 17% respondent were disagree and 20% were
strongly disagree with the statement that Life Advisor of Aegon religare
provide full information of Insurance Policy to Customers .
• 33% were strongly agree while 47% were agree and only 05% were
neither agree nor disagree and 10% respondent were disagree and 05%
were strongly disagree with the statement that Aegon Religare provide
good Incentives for Development of Life Advisor .
• 17% were strongly agree while 60% were agree and only 03% were
neither agree nor disagree and 05% respondent were disagree and 05%
were strongly disagree with the statement that Development Programme
in Aegon Religare Motivate to Life Advisor.
• 37% were strongly agree while 43% were agree and only 10% were
neither agree nor disagree and 05% respondent were disagree and 05%
were strongly disagree with the statement that Development of Life
Advisor helps in Achive Target in Company .
• 17% were strongly agree while 60% were agree and only 03% were
neither agree nor disagree and 05% respondent were disagree and 05%
40
were strongly disagree with the statement that Aegon Religare Life
Insurance company Provides good return on Investment
CONCLUSION
CHAPTER NO-08
41
CONCLUSION
During the data collected, it has been found that people have great awareness about various
companies but a lot more has to be done, especially by smaller companies like Aegon Religare
Life Insurance to establish their market presence.
People are beginning to look beyond LIC for their insurance needs and are
Willing to trust private players with their hard earned money
42
People in general have been influenced by the marketing activities of insurance companies. A
high penetration of print, radio and TV ad campaigns over the years is beginning to have its
impact now.
The general satisfaction levels among public with regards to policy and agents still requires
improvement. Here lies the opportunity for a relatively new comer like Aegon Religare
Insurance. LIC has never been known for prompt service or customer oriented methods but
Aegon Religare Insurance can build its reputation based on these factors.
SUGGESTION
CHAPTER NO-07
43
Suggestion
1. Try to know the reason for being not interested.
44
2. Try to make them aware as much as possible regarding product profile which
is best in the market like S&P, life time, life time pension and smart kids.
3. Convince them by saying that we also have evening classes or on line
training program so that; that person can easily afford this time.
4. If the person will make one policy he/she will be able to earn that much of
money by means of commission not only that during training period IRDA
charge Rs8500/ per trainee but Aegon Religare is taking only Rs1000/.
5. Try to fix minimum targets for new recruited as they are new in field.
6. Team leader should constantly motivate and suggest the beginners.
BIBLIOGRAPHY
CHAPTER NO-09
45
BIBLIOGRAPHY
BOOKS
46
Research Methodology: C.R.Kothari , 2nd edition.
S.N Murty and U Bhojanna
Website Address:
www. AEGON RELIGARE LIFE INSURANCE.com
www.googlesearch.com
ANNEXURE
CHAPTER NO-10
47
Questionnaire
I have study about the Life Insurance Advisor in Aegon religare. I have design
some questionnaire for customer & Advisor to know their Satisfaction Level &
Awareness about Life insurance.
• LIC
• AEGON RELIGARE LIFE INSURANCE
49
Q1) Educational Qualification
• Undergraduate
• Graduate
• Post Graduate
Q3)Occupation
• Business
• Profession
• Service
• Any Other
• < 2 lakhs
• 2 – 5 lakhs
• 5 – 10 lakhs
• > 10 lakhs
50