Bharti Ava life reena kumari.docx

A SUMMER TRAINING PROJECT REPORT ON TRAINING & DEVELOPMENT PROGRAM DONE BY BHARTI AXA LIFE INSURANCE AT VARIOUS LEVEL A PROJECT REPORT SUBMITTED IN PARTIAL FULLFILMENT OF THE REQUIREMENT FOR THE AWARD OF THE DEGREE OF

MASTER OF BUSINESS ADMINISTRATION AFFILIATED TO UPTU LUCKNOW

BATCH 2012-14 Under the guidness: Mrs. Shilpa Sharma

Submitted By: REENA KUMARI M.B.A IVrd Sem Roll.No.1236670005

NIKHIL INSTITU TE OF ENGINEERING & MANAGEMENT FARAH MATHURA

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DECLARATION I, REENA KUMARI , STUDENT OF MBA IVth “N I K H I L

INSTITUTE

OF

SEMESTER, STUDYING AT

TECHNOLOGY

FARAH

M A T H U R A ” H E R E B Y DECLARE THAT THE PROJECT ENTITLED “TRAINING & DEVELOPMENT P R O G R A M D O N E

BY BHARTI AXA

LIFE

I N S U R A N C E A T V A R I O U S LEVELS”

IS ORIGINAL WORK DONE BY ME.THE INFORMATION AND DATA GIVEN IN THE REPORT IS AUTHENTIC TOTHE BEST OF MY KNOWLEDGE.

(REENA KUMARI) MBA IVth Sem Roll no.1236670005

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Acknowledgement My sincere thanks are due to the management of BHARTI AXA LIFE for having provided the summer internship opportunity.

I take this opportunity to express my sincere gratitude and profound regards to faculty guide, who has always given me motivational boost to go and perform. I would further like to thank him for his persistence to listen to my problems and to give apart solutions.

I would like to thank my company guide Mrs. SHILPA SHARMA. Who in spite of his busy schedule has cooperated with me continuously and indeed, his valuable contribution and guidance have been certainly indispensable for my project work.

I would also like to thank Mr. GURUCHARAN SINGH GANDHI (Training Head), Mr. VIKAS TIWARI (Deputy Manager), for their invaluable advice and enlightening my path at every stage of my project and all the senior executives and every associate of Bharti AXA Life Insurance. (INSURANCE DEPARTMENT), without their cooperation this project would have been impossible. Last but not the least, I feel indebted to all those person and organization who have provided help directly or indirectly in successful completion of this study. 3

EXECUTIVE SUMMARY This Report is an attempt to provide a detailed analysis of the process of training& development program done by Bharti Axa Life Insurance and benefits of the training. In my complete student internship program I met more than 50 employees. During this student internship program I came to know that, knowledge based economy, training helps people to learn how to do things differently or to do different things. However, my survey suggests that maximum number of employees, in the turbulent, fast changing world, effective training has never been more important. Products are now increasingly knowledge intensive; for this, employers are responsible for providing opportunities for continued learning. In my survey I found that 80% of employees are new to the job and they must undergo the training program. Finally, creating awareness of organization structure and its products to the employee is very important to have individual as well as organization growth. So it can be possible only when the employees go through the training program.

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TABLE OF CONTENT PART-1 CHAPTER-1 INTRODUCTION

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1.1Brief history of insurance sector in India

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      

Functions of insurance Functions of insurance Non life insurance market Re insurance business Life insurance market The insurance regulatory and development authority (IRDA) Insurance companies

1.2 Objective of the study 1.3 Research Methodology of the study

    

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Nature of resources Sample Size Determining sources of data Sample Design Questionnaire Limitations

CHAPTER-2

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 Profile of Organization PART-2 CHAPTER-3

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 Training & Development Program done by Bharti AXA Life Insurance at Various Levels CHAPTER-4

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 Analysis CHAPTER-6

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 Recommendation CHAPTER-7

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 Conclusion Bibliography

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CHEPTAR-1

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BRIEF HISTORY OF INSURANCE SECTOR IN INDIA The insurance sector in India has come a full circle form being an open competitive market to nationalization and back to a liberalized market again. Tracing the development in the Indian insurance sector reveals the 360- degree tum witnessed over a period of almost 190 years. The business of life insurance in the India in exiting from started in India in the year 1818 with the establishment of the oriental life insurance company in Calcutta. Some of the important milestones in the life insurance business in India in are: 1912- The India life assurance companies Act enacted as the first statute to regulate the life insurance business. 1928- The India insurance companies Act enacted to enable the government to collect statistical information about both life and non-life insurance business. 1938- Earlier legislation consolidated and amended to by the insurance Act with the objective of protecting the interest of the insuring public. 1956- 245 India and foreign insurers and provident societies taken over by the central government and nationalized. LIC formed by an Act of parliament, viz. LIC Act, 1956, with a capital contribution of Rs.5 crore from the Government of India. The general insurance business in India, on the other hand, can trace its roots to the Triton Insurance Company Ltd, the first general insurance Company established in the year 1850 in Calcutta by the British. Some of the important milestones in the general insurance business in india are: 1907- The Indian mercantile Insurance Ltd. Set up, the first company to transact all classes of general insurance business. 1957- General insurance council, a wing of the Insurance Association of India, frames acode of conduct for ensuring fair conduct and sound business practices. 1968- The Insurance Act amended to regulate investments and set minimum solvency margins and the Tariff Advisory Committee set up.

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1972- The General Insurance Business (Nationalization) Act, 1917 nationalized the general insurance business in India with effect from 1st January 1973. 107- Insurers amalgamated and grouped into four companies‘ viz. the National Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental Insurance CompanyLtd. And the United India Insurance Company Ltd. GIC incorporated as a company. Indian Insurance Industry:

Learn about Insurance may be described as a social device to reduce or eliminate risk of life and property. Under the plan of insurance a large number of people associate themselves by sharing risk, attached to individual. The risk, which can be insured against include fire, the peril of sea, death, incident, & burglary. Any risk contingent upon these may be insured against at a premium commensurate with the risk involved. Insurance is actually a contract between 2 parties where by one party called insurer undertakes in exchange for a fixed sum called premium to pay the other party happening of a certain event. Insurance is a contract whereby, in return for the payment of premium by the insured, the insurers pay the financial losses suffered by the insured as a result of the occurrence of unforeseen events. With the help of Insurance, large number of people exposed to a similar r i s k m a k e s contributions to a common fund out of which the losses suffered by the unfortunate few, due to accidental events, are made good. Functions of Insurance The functions of Insurance can be bifurcated into two parts:

•Primary Functions

•Secondary Functions •Other Functions The primary functions of insurance include the following: Provide Protection

- The primary function of insurance is to provide protection

against future risk, accidents and uncertainty. Insurance cannot check the happening of the risk, but can certainly provide for the losses of risk. Insurance is actually a protection against economic loss, by sharing the risk with others. Collective bearing of risk – Insurance

is a device to share the financial loss of few among many others. Insurance is a mean by which few losses are shared among larger number of people. All the insured contribute the premium toward a fund and out of which the persons exposed to a particular risk is paid. 8

- Insurance determines the probable volume of risk by evaluating various factors that give risk to risk is the basis for determining the premium rate also. Assessment of risk

Provide certainty –

Insurance is a device, which helps to change from uncertainty to certainty. Insurance is device whereby the certain risk may be made from certain. The secondary function of insurance includes the following Prevention of losses-

Insurance cautions individuals and businessman to adopt suitable device to prevent unfortunate consequences of risk by observing safety instructions; installation of automatic sparkler or alarm system, etc. prevention of losses cause lesser payment to the assured by the insurer and this will encourage for more saving by way of premium. Reduce rate of premiums stimulate for more business and better protection to the insured. Small capital to cover larger risks-

Insurance receives the businessman from security investment, by paying small of premium against larger risks and uncertainty. Contributes towards the development of larger industries- Insurance

provides development opportunity to those larger industries having more risks in their setting up. Even the financial institutions may be prepared to give credit to sick industrial units which have insured their assets including plant and machinery. The other functions of insurance include the following: Means of saving and investment-

Insurance serves as saving and investment, insurance is a compulsory way of saving and it restricts the unnecessary expenses by the insured‘s for the purpose of availing income-tax exemption, people invest in insurance. Sources of earning foreign exchange-

Insurance is an international business. The country can earn exchange by way of issue of marine insurance policies and various other ways. Risk free trade-

insurance promotes exports insurance, which makes the foreign trade risk free with the help of different types of policies under marine insurance cover. The end of the year 2000 makes a significant change and growth of ‗INDIA INSURANCE‘ industry scenario. Monopoly of public sector insurance company marks an end and private company‘s makes inroad. Foreign companies, both life and general flocked, collaborated and helped astronomical growth of ‗INSURANCE INDUSTRY IN INDIA.‘ ‗INDIA INSURANCE‘ growth was longer overdue. Within 1st 12 months of liberation of ‗India insurance industry‘ 10 licenses for selling life insurance products and 6 licenses for selling non-life products were issued to private companies. The public sector giant LIC started losing its market share at the cost of stupendous growth of private players. Now ‗India insurance‘ industry has more than a dozen private life insurance players and 9 private general 9

insurance companies. Aggressive and penetrative marketing strategy coupled with wide product bandwidth was an instant success among the ignorant masses. Most of the private companies registered more than 100% growth till then and are still continuing with such monstrous growth figures. Although, ‗INSURANCE IN INDIA‘ is not regarded as a basic need but it is getting popular among semi urban to rural masses. Top rank private companies like ICICI prudential life insurance, Tata AIG, Bajaj Allianz etc are aggressively and innovating products for huge untapped rural ‗INDIA INSURANCE‘ market. Collaboration with micro finance companies, Post office, rural banks and village management authorities for selling insurance is doing wonders. Life insurance products cover risk for the insurer against eventualities like death or disability. Non-life insurance products cover risks against natural calamities, burglary, etc. They are not as popular as life products in the ' Insurance India's' portfolio. Until very r e c e n t l y i t h a d o n l y corporate buyers, b u t w i t h n a t u r a l d i s a s t e r s l i k e , e a r t h q u a k e s , tsunamis, storms and floods becoming more frequent and damaging there has been sudden spurt in sales of general insurance amongst individuals. Consumerism of life style goods and modern amenities has also contributed to its growth. With more awareness and wide bandwidth of insurance product portfolio the growth for 'India Insurance' story will only get more competitive and more affordable to all sections of Indian society. Present Scenario

The Government of India liberalized the insurance sector in March 2000 with the passage of the

Insurance Regulatory and Development Authority (IRDA) Bill, lifting all entry restrictions for private players and allowing foreign players to enter the market with some limits on direct foreign ownership. Under the current guidelines, there is a 26 percent equity cap for foreign partners in an insurance company. There is a proposal to increase this limit to 49 percent. The opening up of the sector is likely to lead to greater spread and deepening of insurance i n India and this may also include restructuring and revitalizing of the p u b l i c s e c t o r companies. In the private sector 12 life insuranc e and 8 general insurance companies have been registered. A host of

private Insurance companies operating in both life and non-life segments have started selling their insurance policies since 2001.

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Non-Life Insurance Market

In December 2000, the GIC subsidiaries were restructured as independent insurance companies. At the same time, GIC was converted into a national re-insurer. In July 2002, Parliament passed a bill, delinking the four subsidiaries from GIC. Presently there are 12 general insurance companies with 4 p u b l i c s e c t o r companies and 8 private insurers. Although the public sector companies still dominate t h e g e n e r a l i n s u r a n c e b u s i n e s s , t h e p r i v a t e p l a ye r s are slowly gaining a foothold. According to estimates, private insurance c o m p a n i e s h a v e a 1 0 p e r c e n t s h a r e o f t h e market, up from 4 percent in 2001. In the first half of 2002, the private companies booked premiums worth Rs 6.34 billion. Most of the new entrants reported losses in the first year of their operation in 2001. With a large capital outlay and long gestation periods, infrastructure projects are fraught with a multitude of risks throughout the development, construction and operation stages. These include risks associated with project implementation, including geological risks, maintenance, commercial and political risks. Without coveri ng these risks the financial institutions are not willing to commit funds to the sector, especially because the financing of most private projects is on a limited or non- recourse basis. Insurance companies not only provide risk cover to infrastructure projects, they also contribute long-term funds. In fact, insurance companies are an ideal source of long-term debt and equity for infrastructure projects. With long term liability, they get a good asset- liability match by investing their funds in such projects. IRDA regulations require insurance companies to invest not less than 15 percent of their funds in infrastructure and social sectors. International Insurance companies also invest their funds in such projects. Insurance costs constitute roughly around 1.2- 2 percent of the total project costs. Under the existing norms, insurance premium payments are treated as part of the fixed costs. Consequently they are treated as pass-through costs for tariff calculations. Premium rates of most general insurance policies come under the purview of the government appointed Tar iff Advisory Committee. For Projects costing u p t o R s 1 Billion, the Tariff Advisory Committee sets the premium rates, for Projects between Rs 1 billion and Rs 15 billion, the rates are set in keeping with the committee's guidelines; and projects above Rs 15 billion are subjected to re insurance pricing. It is the last segment that has a number of additional products and competitive pricing. Insurance, like project finance, is extended by a consortium. Normally one insurer takes the lead, shouldering about 40-50 per cent of the risk and receiving a proportionate percentage of the premium. The other companies share the remaining risk and premium. The policies are renewed usually on an annual basis through the invitation of bids.

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Of late, with IPP projects fizzling out, the insurance companies are turning once again to old hands such as NTPC, NHPC and BSES for business. Re-insurance business

Insurance companies retain only a part of the risk (less than 10 per cent) assumed by them, which can be safely borne from their own funds. The balance risk is re insured with other insurers. In effect, therefore, re -insurance is insurer's insurance. It forms the b a c k b o n e o f t h e i n s u r a n c e b u s i n e s s . I t h e l p s t o p r o v i d e a b e t t e r s p r e a d o f r i s k i n t h e international market, allows primary insurers to accept risks beyond their capacity settle accumulated losses arising from catastrophic events and still maintain their financial stability. While GIC's subsidiaries look after general insurance, GIC itself has been the major reinsurer. Currently, all insurance companies have to give 20 per cent of their reinsurance business to GIC. The aim is to ensure that GIC's role as the national reinsurer r e m a i n s u n h i n d e r e d . H o w e v e r , G I C r e i n s u r e s t h e a m o u n t f u r t h e r with international companies such as Swiss (Switzerland), Manicure ( G e r m a n y) , a n d R o ya l e ( U K ) . Reinsurance premiums have seen an exorbitant increase in recent years, following the rise in threat perceptions globally. Life Insurance Market

The Life Insurance market in India is an underdeveloped market that was only tapped by the state owned LIC till the entry of private insurers. The penetration of life insurance products was 19 percent of the total 400 million of the insurable population. T h e s t a t e o w n e d L I C s o l d i n s u r a n c e a s a t a x i n s t r u m e n t , n o t a s a p r o d u c t g i v i n g protection. Most customers were under- insured with no flexibility or transparency in the products. With the entry of the private insurers the rules of the game have changed. The 12 private insurers in the life insurance market have already grabbed nearly 9 percent of the market in terms of premium income. The new business premiums of the 12 private players have tripled to Rs 1000 crore in 2002- 03 over last year. Meanwhile, state owned LIC's new premium business has fallen. Innovative products, smart marketing and aggressive distribution. That's the triple whammy combination that has enabled fledgling private insurance companies to sign up Indian customers faster than anyone ever expected. Indians, who have always seen life i n s u r a n c e a s a t a x s a v i n g d e v i c e , a r e n o w s u d d e n l y t u r n i n g t o t h e p r i v a t e s e c t o r a n d snapping up the new innovative products on offer.

The growing popularity of the private insurers shows in other ways. They are coining money in new niches that they have introduced. The state owned companies still 12

dominate segments like endowments and money back policies. But in the annuity or pension products business, the private insurers have already wrested over 33 percent of t h e m a r k e t . A n d i n t h e p o p u l a r u n i t - l i n k e d i n s u r a n c e s c h e m e s t h e y h a v e a v i r t u a l monopoly, with over 90 percent of the customers. The private insurers also seem to be scoring big in other wayst h e y a r e persuading people to take out bigger policies. For instance, the average size of a life insurance policy before privatization was around Rs 50,000. That has risen to about Rs8 0 , 0 0 0 . B u t t h e p r i v a t e i n s u r e r s a r e a h e a d i n t h i s g a m e a n d t h e a v e r a g e s i z e o f t h e i r policies is around Rs 1.1 lakh to Rs 1.2 lakh- way bigger than the industry average. B u o ye d b y t h e i r q u i c k e r t h a n e x p e c t e d s u c c e s s , n e a r l y a l l p r i v a t e i n s u r e r s a r e f a s t - forwarding the second phase of their expansion plans. No doubt the aggressive stance of private insurers is already paying rich dividends. But a rejuvenated LIC is also trying to fight back to woo new customers.

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THE INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY (IRDA) Reform in the insurance sector was initiated with the passage of the IRDA Bill in Parliament in December 1999. The IRDA since its incorporation as a statutory body in April 2000 has fastidiously stuck to its schedule of farming regulations and registering the private sector insurance companies. The other decisions taken simultaneously to provide the supporting system to the insurance sector and in particular the life insurance companies were the lunch of the IRDA‘s online service for issue and renewal of licenses to agents. The approval of institution for imparting training to agents has also ensured that the insurance companies would have a trained workforce of insurance agent in place to sell their product. Since being set up as an independent statutory body the IRDA has put in a framework of globally compatible regulations. In the private sector 12 life insurance and 6 general insurance companies have been registered.

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INSURANCE COMPANIES IRDA has so far granted registration to 12 private life insurance companies and 9 general insurance companies. If the existing public sector insurance companies are included, there are currently 13 insurance companies in the life side and 13 companies operating in general insurance business. General Insurance Corporation has been approved as the ―Indian reinsurer" for underwriting only reinsurance business. Particulars of the life insurance companies an d general insurance companies including their web address are given below:

LIFE INSURERS

Websites

Public Sector

Life Insurance Corporation of India

www.licindia.com

Private Sector

Allianz Bajaj Life Insurance Company Limited

www.allianzbajaj.co.in

Birla Sun-Life Insurance Company Limited

www.birlasunlife.com

HDFC Standard Life Insurance Co. Limited

www.hdfcinsurance.com

ICICI Prudential Life Insurance Co. Limited

www.iciciprulife.com

ING Vysya Life Insurance Company Limited

www.ingvysayalife.com

Max New York Life Insurance Co. Limited

www.maxnewyorklife.com

MetLife Insurance Company Limited

www.metlife.com

Om Kotak Mahindra Life Insurance Co. Ltd.

www.omkotakmahnidra.com

SBI Life Insurance Company Limited

www.sbilife.co.in

TATA AIG Life Insurance Company Limited

www.tata-aig.com

AMP Sanmar Assurance Company Limited

www.ampsanmar.com

Dabur CGU Life Insurance Co. Pvt. Limited

www.avivaindia.com

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GENERAL INSURERS Public Sector

National Insurance Company Limited

www.nationalinsuranceindia.com

New India Assurance Company Limited

www.niacl.com

Oriental Insurance Company Limited

www.orientalinsurance.nic.in

United India Insurance Company Limited

www.uiic.co.in

Private Sector

Bajaj Allianz General Insurance Co. Limited

www.bajajallianz.co.in

ICICI Lombard General Insurance Co. Ltd.

www.icicilombard.com

IFFCO-Tokio General Insurance Co. Ltd.

www.itgi.co.in

Reliance General Insurance Co. Limited

www.ril.com

Royal Sundaram Alliance Insurance Co. Ltd.

www.royalsun.com

TATA AIG General Insurance Co. Limited

www.tataig.com

Cholamandalam General Insurance Co. Ltd.

www.cholainsurance.com

Export Credit Guarantee Corporation

www.ecgcindia.com

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ADVANTAGES OF LIFE INSURANCE  Protection against risk of untimely death Life insurance is a product, which offers protection against the risk of death the full sum assured is made available under a life assurance policy, whereas under other savings schemes, the total accumulated savings alone will be available.  Protection during old age Life insurance can also be used as a means of saving for one‘s future. There are a number of life insurance policies, which in addition to life cover also provide the means of investing one‘s income. The sum as per the policy will be received only after a period of time. This amount thus provides for the old age. 

Forced savings Payment of life insurance premiums is compulsory and becomes a habit.

Savings in other scheme can be easily withdrawn and may be used for less worthy purpose. Termination of a life insurance policy by the policyholder usually results in substantial loss in benefits under the policy to the policyholder. One is thus encouraged to save and keep one‘s policy alive.  Educational requirements and charity The object of insurance may be to serve as a security to educational funds in respect of loans advanced for educational purpose or to provide donations to charitable institutions like hospital and school.  Nomination and assignment The life insured can name the person or persons to whom the policy money would be payable in the event of his death .the proceeds of a life insurance policy can be protected against the claims of the creditors of the life insured by effecting a valid assignment of the policy. The beneficiaries are fully protected from creditors expect to the extent of any interest in the policy retained by the insured.21Marketability and suitability for borrowing After 3 years, if the policyholder finds that he is unable to continue payment of premiums he can surrender a policy for a cash sum. A life insurance policy is accepted as a security for a commercial loan.  Loans from the insurance company A policy holder can take a loan from his insurance company against the Security of his life insurance policy provided the terms of the terms of his policy allow such a loan. This loan can be taken usually after a period of 3 years from commencement of the policy and is a percentage of its surrender value. 

Investment options The unit link products give comprehensive insurance to an

Individual‘s dual need of earning potentially high returns as well as stay for life. Thus there is an option to invest money in the products that combine the best of Insurance and investment. In a volatile market conditions it is possible to secure both as One can hedge the investment with saver investment vehicles that provide a diversified Portfolio.

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 Tax benefits The Indian income tax act provides tax concessions to the policyholder Both on payment of premium and on the maturity amount. Under sec 88 the tax benefits On premium paid by an individual for life insurance policies on his own life\on the life of Spouse \children minor or major, including married daughters. Under sec 6 of the married women‘s property act if a married man takes a Policy of life insurance on his own life and expenses on the face of it to be for the Benefit of his wife or of his wife and children or any of them, then it shall be deemed to be a trust for the benefit of his wife and children or any of them, According to the Interest so expressed and shall not so long as any object of trust remains be subject to the control of the husband or to his creditors or form part of his estate. An insurance Policy taken by a married man in the above manner is ideal way to protect the interest of his wife and children, even after his untimely death.

Types of insurance products Term assurance plan- In insurance language this is a ―pure risk cover‖ and can be

Described as an insurance or risk management product in its purest and simplest form. In case of your untimely death, your dependents will receive the risk-cover amount or the ‗sum assured‘. On the other hand, there is no survival benefits if you survive the policy term, and you also do not get back the premiums paid. Endowment assurance plans- It is a traditional investment-cum-insurance plan. In

other words, it provides both life cover (in the event of death of life insured) or Maturity benefits if he/she survives the policy term. Endowment plans are typically frontloaded. Therefore it makes sense for you to remain in the policy for at least 12-15 Years. Money-back policy- It is a variant of the endowment assurance policy-the Difference is

that you get the survival benefits intermittently over the life of the policy. Thus taking care of his lump-sum monetary requirements to enable him to meet his financial goals and major commitments. The maturity benefit is the sum assured value Less the survival benefits already paid under the policy, plus bonuses accrued, if any. In Case of untimely death the nominee will receive the entire sum assured without considering the payouts already made to you before the unfortunate death.

Whole life plan- This policy provides the life assurance cover for almost the entire Life.

Most of the insurance companies provide protection up to the age of 100 years. The Sum assured is paid to you once you reach this age, and the policy is terminated. In this Payment of premium is for whole life, and the sum assured is paid to your nominee in The event of your death. In other words, this is equivalent to a term plan over your Life time.

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Pension plan- A pension plan can be looked as more of an investment product Offered by

insurers to cater to the ―golden‖ retirement years of an individual. Also Referred to as retirement plans, these are designed to ensure that you are financially Independent during your retirement years. Most of the pension plans also provide an Optional life assurance covers in them. Child plan- It basically aims at ensuring the achievement of life goals of your child. The

goal can be higher education, financial help in establishing a business or Profession or even marriage. In a child plan, the life assured can be the parent or the Child. The beneficiary for the policy, however, is the child. As a child is a minor, the life Insurance contract is between the parent and the insurance company. In case of early Death of the parent, the premium payment is waived off by the insurance company and the policy continues as originally planned. Unit Linked Insurance Plan- ULIPs have been the darling of insurance companies,

intermediaries and the insured population alike over the last five years. The main reason for this popularity is the twin advantage of a pure life cover (insurance component) and a range of investment funds or options (savings component) to match your risk profile. While the pure life cover provides the much needed financial security to your dependents in the event of your untimely death, the savings component allows you to participate in the capital markets and build wealth over the long-term tenure of the policy.

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OBJECTIVE OF THE STUDY individual Objectives – help

employees in achieving their personal goals, which in turn, enhances the individual contribution to an organization. Organizational Objectives – assist

the organization with its primary objective by bringing

individual effectiveness. Functional Objectives – maintain

the department‘s contribution at a level suitable to the

organization‘s needs. Societal Objectives – ensure

that an organization is ethically and socially responsible to the needs and challenges of the society. Other objectives

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

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RESEARCH METHODOLOGY The Research and Methodology adopted for the present study has been systematic and was done in accordance to the objectives set which has been detailed as below. Research Definition

Research is a process in which the researcher wishers to find out the end result for a given problem and thus the solution helps in future course of action. According to Redman & Mory research is defined as a ―Systemized effort to gain new knowledge”. Research Design:

According to ―Claire Seltiz‖, a research design is the arrangement of condition and analysis of data in manner that aims to combine relevance to the research purpose with economy in procedure. NATURE OF RESEARCH Research is basically of two types:

1. Descriptive research

2. Explorative research Descriptive research- these studies are concerned with describing the characteristics of a

particular individual or a group. SAMPLE SIZE

Total sample size is 50. DETERMINING SOURCES OF DATA

There are two sources of data: 1. Primary data 2. Secondary data Primary data: It consists of original information collected for specific research. Primary

data for this research study was collected through a direct survey to obtain this primary data a well structured questionnaire was prepared by the researcher.

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Secondary data: It consists of information that already exists somewhere and has been

collected for some specific purpose in the study. The secondary data for this study is collected from various books. QUESTIONNAIR Questionnaire: A set of questions containing a few technical questions and more number of

opinionated questions are prepared for employees of both centralized and decentralized section of HR department. Questionnaire Development:

Questionnaire is the most common instrument in collecting primary data. In order to gather primary data from viewers. The present questionnaire consists of following type of questions.     

Open ended questions Closed ended questions Dichotomous questions Multiple choice questions Ranking question.

Open ended questions :

It has no fixed alternatives to which the answer must conform. Thus, respondent answer in his/her own words at any length they choose. Closed ended questions:

Closed ended questions have no other options other than the selecting the one that close matches the respondent‘s opinion or attitude. Dichotomous questions:

A dichotomous question refers to one, which offers the respondents a choice between only two alternatives. Multiple Questions:

A multiple choice question refers to one, which provides several sets of alternatives for the respondents‘ choice. Ranking questions: T h e s e

questions are given when there are many points t o b e considered and to be ranked in priority.

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LIMITATIONS

1. The survey was conducted within the company. 2. And in survey I have to interact with the employees. But the employees will be busy their works. 3. Getting the good response from the employee will be difficult because of their busy schedule. 4. Time to interact with employees inside the branch is not sufficient.

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CHAPTER-2

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COMPANY PROFILE OF BHARTI AXA 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. The company was incorporated on 13th July 2007. Headquartered in Bangalore, the company currently has 30 branches across India. With a vision to become the leader and preferred company for financial protection in India, Bharti AXA General Insurance offers its customers - individuals and businesses- a wide range of products and services that meet their insurance needs. The company launched national operations in December 2006. Today, we have over 5200 employees across over 12 states in the country. Our business philosophy is built around the promise of making people "Life Confident‖. The Company will leverage the Bharti Group‘s large customer pool and develop a strongmulti channel distribution network in both urban and rural markets. With a customer commitment to provide Fast, Fair & Friendly service in all aspects of business, the company offers transparency, structured customer support and trained manpower, backed by a robust IT platform. The company‘s claims philosophy is to offer prompt and hassle free claims service that deals with the claims process with empathy. The Management team at Bharti AXA General Insurance consists of experienced leaders who are passionate about their company‘s vision and goals and are committed to the development of Bharti AXA General Insurance as the preferred company for Financial Protection in India. As we expand our presence across the country to cater to your insurance and wealth management needs with our product and service offerings, we continue to bring 'life confidence' to customers spread across India. Whatever your plans in life, you can be confident that Bharti AXA Life will offer the right financial solutions to help you achieve them. The vision of Bharti AXA Life Insurance Company Limited is to become the preferred life insurance company in India. This vision extends to our recruitment philosophy as well. Both the Bharti Group in India and AXA globally enjoy the status of being a very employee focused organization. At Bharti AXA Life Insurance, we are determined to achieve our vision through talent who are empowered, focused on customer service, and champions of strategic and operational excellence.

25

THE JOINT VENTURE OF BHARTI AND AXA

BHARTI

Bharti Enterprises is one of India‘s leading business groups with interests in telecom, agri business, insurance and retail. Bharti has been a pioneering force in the telecom sector with many firsts and innovations to its credit. Bharti Airtel Limited, a group company, is one of India‘s leading private sector providers of telecommunications services with an aggregate of 60 million customers, spanning mobile, fixed line, broadband and enterprise services. Bharti Airtel was ranked amongst the best performing companies in the world in the Business Week IT 100 list 2007. Bharti Teletech is the country‘s largest manufacturer and exporter of telephone terminals. Bharti has a joint venture with ELRo Holdings India Ltd. – ‗Field Fresh Foods Pvt. Ltd‘ - for global distribution of fresh fruits and vegetables. Bharti also has a joint venture - ‗Bharti AXA Life Insurance Company Ltd.‘ - with AXA, world leader in financial protection and wealth management. Bharti has recently forayed into the retail business under a company called Bharti Retail Pvt. Ltd. It also has a joint venture- ‗Bharti Wal- Mart Limited‘-with Wal- Mart, for wholesale cash-and-carry and back-end supply chain management operation.

AXA Group AXA Group is a worldwide leader in financial protection. AXA‘S operations are diverse geographically, with major operation in Western Europe, North America and the Asia/Pacific area. AXA had euro 1,315 billion in assets under management as of December 31, 2006. For full year 2006, IFRS revenues amounted to Eura 79 billion, IFRS underlying earnings amounted to Euro 4,010 million and IFRS adjusted earnings to Euro 5,140 million. 26

AXA Asia Pacific Holdings AXA Asia Pacific Holdings Ltd (AXA APH) is listed on the Australian stock exchange and is 52.3% owned by AXA SA. AXA APH is responsible for AXA SA‘S life insurance and wealth management businesses in the Asia-Pacific region. It has operation in Australia, New Zealand, Hong Kong, Singapore, Indonesia, Philippines, Thailand, China, India and Malaysia. AXA APH had a$106.4 billion in total funds under management and administration at 30 june 2007 and reported a profit after tax before non-recurring tiems of A$74.0 million for the six months ended 30 june 2007.

27

28

GROUP SITES

29

Vision & Values of Bharti AXA Life

30

STRATEGY

 To achieve a market position among the top 5 in India through a multi-distribution, multi-product platform  To adapt AXA's best practice blueprints as a sound platform for efficient and profitable growth  To leverage Bharti's local knowledge, infrastructure and customer base  To deliver high levels of shareholder return  To build long term value with our business partners by enhancing the proposition to their customers  To be the employer of choice to attract and retain the best talent in India  To be recognized as being close and qualified by our customers.

STRATEGY DIFFERENTIATORS

 Strong partner Bharti - provides access to customer base of more than 130 million  Multi channel execution capability  Current Asia product range which is a strong match to products sold to the mass and mass affluent  Global scale providing cost effective and speedy re-use of systems, products and business capability  Strong AXA and Bharti brands which can be leveraged to attract and retain a high quality management team.

31

HR PRACTICE The guiding Human Resources principles at Bharti AXA are:

 Clearly define scope of responsibilities and empower people to deliver .

 Provide people with the means to develop their competencies.

 Consider individual training and development a priority investment.

 Build organizations that are conducive to teamwork and that involve everyone.

 Promote ongoing dialogue between managers and the people who report to them.

 Make cultural difference a key source of strength.

32

ORGANISATION STRUCTURE: CHIEF EXECUTIVE OFFICER (CEO)

DIRECTOR OF HUMAN RESOURCE

CFO & ACTUARIOL

CHIEF MARKETING OFFICER MANAGERS

MANAGERSSSSS

CHIEF OPERATING OFFICER

CHIEF DISTRIBUTI ON OFFICER MANAGERS

APPOINTED ACTUR

MANAGERS

MANAGERSSSS S

33

VP TELCASSURANCE

MANAGERS

MANAGERSSSS S

MANAGEMENT PROFILE Role

Name

Chairman

Mr. Rakesh Bharti Mittal

Chief Executive Officer

Mr. Sandeep Ghosh

Chief Distribution Officer

Mr. Sushanto Mukherjee

Chief Appointed Actuary

Mr. Venkatsubramanian. A

Chief Underwriter

Mr. A. S Rajesh

Chief Marketing Officer

Mr. Saujanya Srivastava

Chief Investment Officer

Mr. Sandeep Nanda

Chief Operation Officer

Ms. Jyoti Punja

Head of Training

Mr. Gurucharan Singh Gandhi

Chief Finance Officer

Mr. V Srinivasan

Chief Human (Interim) Head of Agency

Resource

Officer

Mr. Nilambar Bhatt

Mr. APS Bhalla

34

SWOT analysis of Bharti AXA Life insurance

Strength  Bharti AXA gives the special training to the agents  Joint venture between the good financial protection company AXA

Weakness  Less awareness about Bharti AXA life insurance Among people  Less distribution channel

Opportunities  A large amount of Indian people is under Insurance cover 

People having Insurance cover are not adequately covered 94% insured people are under insured.

Threats  A large competition in the market with 23 life insurance companies which they are giving the life insurance services.

35

INSURANCE PRODUCTS OF BHARTI AXA

At Bharti AXA Life, we want to take care of your responsibilities in the same way as you do for your loved ones, with a range of life insurance services. Through our life insurance products, you can trust us to take care of your family at all times. You can select the most s u i t a b l e p l a n f r o m o u r h o s t o f p l a n s a n d m a k e b u y i n g l i f e i n s u r a n c e s i m p l e a n d convenient. Each of the plans, right from traditional life insurance to unit linked life insurance, fall in specified segments and fulfill your specific objectives. You can learn more about the segment and specific plans within the segment by clicking on the type of plan.

36

Protect your loved ones against financial contingencies at nominal costs

You love your family and feel responsible towards them in every way. But life can be u n c e r t a i n a n d u n f o r e s e e n c o n t i n g e n c i e s c a n m e e t yo u a n yt i m e . A t s u c h t i m e s , l i f e insurance comes to your rescue. As someone who wants only the best for their family, we understand your need to safeguard your family against any crises. Our protection plans offer you high life cover at nominal costs so that you can fulfill your responsibility with ease and your family never has to face financial constraints. 

Bharti AXA Life Elite Secure



Bharti AXA Life Secure Confident

Ensure your family's security + maximise your savings

You can make your money work harder with our Wealth Creation with Protection plans. Whether it is a a comfortable future, bigger home, or even a dream vacation , these life insurance plans are the best solutions along with the surety of financial protection. Our life insurance coverage plans include 'traditional' plans that give guaranteed money on maturity. While, we also offer market -linked plans that give

37

you the benefit of good market performance to maximise your savings.  Bharti AXA Life Child Plans 

Bharti AXA Life Guaranteed Plans

38

Bharti AXA Life Aspire Life:-

Unit Linked Endowment Product. 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: 

Allocation rates as high as 100% i.e. no allocation charges for premiums greater than or equal to Rs.50,000 on your investment in the unit-linked fund from year 2 - to maximize your investment returns.



Up to 175% of the first year premium paid by you is returned as Guaranteed Special Addition, at maturity of the policy or on unfortunate event of death of the Life Insured.



3 investment fund options as per your investment preferences.



Flexibility of partial withdrawals after fifth Policy Year, premium holiday option after seven policy years and facility to switch amongst the investment funds as per your investment objectives.



Protection benefit which provides high Sum Assured for longer policy terms.



Tax benefits under section 80C and 10(10D) of Income Tax Act.

39

Bharti AXA Life Invest Confident:-

Unit Linked Single Premium Product. 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 thereafter at the end of every 5 years till the maturity date.



3 investment fund options as per your investment preferences.



Basic Sum Assured of five times the single premium.



Unique option of investing additional amount at your convenience through Top Up Premiums.



Flexibility of partial withdrawals after the third Policy Year



Additional benefit of Rs.5, 00,000 in the event of death due to an accident.



Tax benefits under section 80C and 10(10D) of Income Tax Act.

40

Bharti AXA Life Wealth Confident:-

A unit-linked investment cum protection policy. Your wealth, your status ensures that you get preferential status wherever you go. So why shouldn't your money get the same? Wealth Confident, a unit-linked investment cum protection product, with its limited period

premium payment facility of 5 years, premium payment flexibility, higher allocation of your premium for investment, unique special additions and life insurance benefit, not only makes your money grow but also provides your investment the special treatment that it deserves. "Be confident of providing your investments the right mix of growth, flexibility and loyalty

benefits. Live confident with Wealth Confident."

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).

41

Bharti AXA Life Future Confident:-

A unit-linked policy which offers comprehensive protection along with wealth creation in the long term. Key Benefits: 

Life insurance benefit of up to 420 times the monthly premium.



Comprehensive overall protection through "Protection Enhancers" in the form of riders.



Wealth creation for your long term financial needs.



Special additions at regular intervals, starting from 7th year, to enhance your wealth.



Four different investment funds to meet your financial objectives.



Tax benefit under 80C and 10(10D).

Bharti AXA Life Future Confident II:-

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.



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.

42

Bharti AXA Life Save Confident:-

Traditional money back insurance product for long term savings Your changing life stages 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: 

Traditional money back product with payment term of 10 years.



Get guaranteed amount back on specified intervals, starting from 6th policy year till maturity.



Amount equal to 110% of Sum Assured paid across 10 years.



Secured growth on savings with Annual Reversionary Bonus, if declared, every year.



Savings enhanced by Terminal Bonus, if any, payable at maturity.



Total protection for your family with guaranteed sum assured plus accrued bonuses.



Added protection in the event of death due to an accident with payment of additional amount equal to the basic Sum Assured, subject to maximum of Rs 10 Lakh.



Tax benefit under sections 80C and 10(10D) of Income Tax Act, 1961.

Bharti AXA Life Secure Confident:-

A Long Term Life Insurance 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.

43

Key Benefits: 

Term Assurance for 5, 10,15,20,25 years.



Financial protection against unfortunate event of death at an affordable cost.



Comprehensive overall protection with help of riders.



Tax benefit under section 80C and 10(10D) of Income Tax Act.

Group Plans:Bharti AXA Life Mortgage Credit Shield:-

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. Bharti AXA Life Credit Shield:-

Credit Shield is a Group Product that provides coverage to people who have availed of a loan for1 to 5 years from Group Policyholder.

44

CHEPTAT-3

45

Training and Development: In organizational development, the related field of training

and development (T & D) deal with the design and delivery of learning to improve performance, skills, or knowledge within organization. In some organizations the term LEARNING and DEVELOPMENT is used instead of training and development in order to emphasize the importance of learning for the individual and the organization. In other organization, the term HUMAN RESOURCE DEVELOPMENT is used. Definition of Training: The systematic development of knowledge, skills and attitudes required by an individual to perform adequately a given task or job. Training refers to efforts that help enhance employee skills for carrying out the present job. According to Edwin B Flippo, training is the act of increasing knowledge and skills of an employee for doing a particular job.

Need for training:

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

46

Areas of training:

 Company policies and procedures  Human relations training  Skill based training  Problem solving training

Onsite Workshops for Leadership Team

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

Team techniques

Leadership

Workshop

provides

managers

for effective

personnel

management.

By

with

proven

helping

leaders

u n d e r s t a n d a n d a d d r e s s t h e i r employees' requirements, this interactive seminar offers significant benefit to managers at all levels. New supervisors gain a solid grounding in the concept of ''leadership,'' while more experienced managers refresh their commitment to teaching and coaching their team members. This training program provides healthy perspectives for managers at all levels, making it an ideal morale-boosting leadership development experience for mixed groups of front-line supervisors and senior staff members.

47

Leadership Training for Success

All managers need methods. Leaders need to know the most effective techniques f o r guiding teams, mentoring individuals, and validating the results. Without s o l i d methods, managers will revert use a one-size-fits-all approach to leadership that reflects the leader's personality, rather than the employees' needs.

Committed, mentoring leadership is essential to employee morale, productivity, and retention. A Results-Oriented Training Program

Team Leadership Workshop provides proven methods and procedures f o r successful people management. Participants receive a step-by-step plan for guiding each employee toward success. This workshop includes elements of Frank Whyte's nationally respected Teambuilding Workshops expanding upon that foundation to help leaders:  Recognize each employee's personality preferences and supervisory needs,  Align their leadership style with those bosses, colleagues, and subordinate,  Develop competent and committed employees by mentoring and guiding their employees toward success,

 Schedule their management responsibilities to ensure that nothing is left to chance, and  Use practiced real-world scenarios to resolve challenges and remove barriers.

48

Training Program done by Bharti AXA Life

Training is must for every individual when he enters into the organization. Even though the candidate has experience he also should get training. Why b e c a u s e t h e organization culture, values and beliefs are different from one organization to other. That‘s why the training program plays a key role in every organization.

Training program following Bharti AXA Life Insurance is different at various levels.

Mainly in training program the company concentrates on sales m a n a g e r s , a g e n t s , operations executives and telecallers. Training program for sales managers:

 The training program duration is 15 – 20 days  They get training on product knowledge. 

Motivating and encouraging Advisors

Training program for Advisors:

 The training program duration is 15-20 days  They get training on product knowledge  How to convince the people  Objection handling

49

Training program for operations executives:

 They will get training on customer database files  Taking care of the customer files  Well trained in product information and documentation  Renewals will be informed periodically. Required skills for employees in Bharti AXA Life Insurance:

 Interpersonal skills  Excellent communication skills  Understanding nature  Aggressiveness  Convincing skills  Ability to motivate others  Interest to learn TYPES OF TRAINING & DEVELOPMENT

1. Coaching

2. Continuing Professional Development or CPD 3. E-learning aka Online Learning, Distance Learning, Web-Based training 4. Executive education 5. Executive development 6. Leadership development 7. Instructional Animation 8. Instructional Design 9. Instructional Strategies 50

10. Knowledge Management 11. Organizational Learning 12. Organizational knowledge 13. Mentoring 14. Teaching Method 15. Blended learning 16. Outbound Management Development Programmers 17. Performance management The various forms of Training and development are explained below:



Coaching i s a m e t h o d o f d i r e c t i n g , i n s t r u c t i n g a n d t r a i n i n g a p e r s o n o r

g r o u p o f people, with the aim to achieve some goal or develop specific skills. There are many ways to coach, types of coaching and methods to coaching. Direction may include motivational speaking. Training may include seminars, workshops, and supervised practice. 

Continuing

Professional

Development

(CPD)

or

Continuing

Professional

Education (CPE) is the means by which members of professional associations maintain,

improve and broaden their knowledge and skills and develop the personal qualities required in their professional lives. CPD is defined as the holistic commitment to structured skills enhancement and personal or professional competence. 

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

medium of instruction is computer is computer technology. No in person interaction may take place in some instance. E-learning is used interchangeably in a wide variety of contexts. In companies, it refers to the strategies that use the company network to delivery training courses to employees. In the USA, it is defined as a planned teaching/learning experience that uses a wide spectrum of technologies, mainly internet or computer- based, to reach learners at a distance. Lately in most universities, e-learning is used to define a 51

specific mode to attend a course or programmes of study where the student rarely, if ever attend face- to-face for on- campus access to educational facilities, because they study online. 

Executive Education is the term used for programs at graduate-level business school that

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

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

competencies of those that (will) have executive positions in organ izations. While ―executive" and "manager" and "leader" are often used interchangeably, "executive ― i s c o m m o n l y u s e d t o s i g n i f y t h e t o p 5 % t o 1 0 % o f t h e o r g a n i z a t i o n . S i m i l a r l y, ―development" and "training" and "education" are often used as synonyms, however "development" is generally seen as the more encompassing of the three in terms of activities that build skills and competencies. 

Leadership development Leadership development refers to any activity that enhances

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

Instructional Animation Are animation that are used either to provide instructions for

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

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

content to help learners and teachers transfer knowledge most effectively. The process consists broadly of determining the current state of learner 52

understanding, defining the end goal of instruction, and creating some media-based "intervention" to a s s i s t i n t h e t r a n s i t i o n . I d e a l l y t h e p r o c e s s i s i n f o r m e d b y p e d a g o g i c a l l y t e s t e d theories of learning and may take place in student only, teacher-led or community- b a s e d s e t t i n g s . T h e o u t c o m e o f t h i s instruction

may be

directly observable

a n d scientifically measured or

completely hidden and assumed. 

Knowledge Management (‘KM’) comprise a range of practices used by

organization to identify, create, represent, distribute and enable adoption of what it knows, and how it knows it. It has been an established discipline since 1995 with a body of university courses and both professional and academic journals dedicated to it. Many large companies have resources dedicated to Knowledge Management, often as a part of 'Information Technology', 'Human Resource Management' or Business strategy department knowledge management is a multi- billion dollar world-wide market. 

Organizational learning is an area of knowledge within organizational theory that

studies models and theories about the way an organization learns and adapts. In organizational development (OD), LEARNING is a characteristic of an adaptive organizational, I.e., an organization that is able to sense changes in signals from its environment (both internal and external) and adapt accordingly. OD specialists endeavor to assist their client to learn from experience and incorporate the learning as feedback into the planning process. 

Organizational knowledge what is the nature of knowledge created, traded and used in

organizational? Some of this knowledge can be termed technical-knowing the meaning of technical words and phrases, being able to read and make sense of economic data and being able to act on the basis of low-like generalizations. Scientific knowledge is ‗propositional‘; it takes the form of causal generalization- whenever A, then B. For Example whenever water reaches the temperature of 100 degree, it boils; whenever it boils;

53

it turns into steam; steam generates pressure when in an enclosed space; pressure drives engines. And so forth. 

Mentorship refers to a development relationship between a more experienced mentor and a less

experienced partner referred to as a protégé, mentoree, or (person) being mentored—a person guided and protected by a more prominent person. 

Teaching methods a r e b e s t a r t i c u l a t e d b y a n s w e r i n g t h e

questions,

" W h a t i s t h e purpose of education?" and "What are the best ways of achieving these purposes?".For much of prehistory, educational methods were largely informal, and consisted of children imitating or modeling their behavior on that of their elders, learning through observation and play. In this sense the children are the students and the elder is the teacher. A teacher creates the course materials to be taught and then enforces it. or modeling their behavior on that of their elders, learning through observation and play. In this sense the children are the students, and the elder is the teacher. A teacher creates the course materials to be taught and then enforces it. 

Blended Learning is the combination of multiple approaches to learning.

Blended l e a r n i n g c a n b e a c c o m p l i s h e d t h r o u g h t h e u s e o f ' b l e n d e d ' v i r t u a l a n d p h ys i c a l resources. A typical example of this would be a combination of technology-based materials and face-to-face sessions used together to deliver instruction. In the strictest sense, blended learning is when an instructor combines two methods of delivery of i n s t r u c t i o n . H o w e v e r , t h i s t e r m m o s t o f t e n a p p l i e s t o t h e u s e o f t e c h n o l o g y o n instruction. A good example of blended learning would be to give a well-structured introductory lesson in the classroom, and then to provide follow-up materials online. 

Performance measurement is the process of assessing progress toward

achieving predetermined goals. Performance management

54

i s b u i l d i n g o n t h a t process, adding the relevant communication and action on the progress achieved against these predetermined goals. In network performance management:

( a) A set of functions that evaluate and report the behavior of telecommunications

equipment and the effectiveness of the network or network element and (b)

A

set

of

various

sub-functions,

such

as

gathering

statistical

i n f o r m a t i o n , maintaining and examining historical logs, determining system performance under natural and artificial conditions, and altering system modes of operation. In organizational development

(OD), performance can be thought of as Actual Results

vs. Desired Results. Any discrepancy, where Actual is less than Desired, could constitute the performance improvement zone. Performance management and improvement can be thought of as a cycle:  Performance planning : where goals and objectives are established  Performance coaching : where a manager intervenes to give feedback and adjust performance  Performance

appraisal:

where

individual

performance

is

formally

documented and feedback delivered A performance problem

Results.

Performance

is any gap between Desired Results and Actual

improvement i s a n y e f f o r t t a r g e t e d a t c l o s i n g t h e g a p

b e t w e e n A c t u a l Results and Desired Results.

55

CHEPTAR-4

ANALYSIS

56

1) What is your opinion on training? OPINION

%AGE

Very good Good Bad Time waste process Total

46% 28% 10% 16% 100%

opinion of employees

16% 10%

46%

very good good bad

28%

time waste process

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

57

2) Do u feel that training will helpful for individual group? OPINION

%AGE

Yes No Total

80% 20% 100%

opinion of employees

20%

yes no 80%

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

58

3) Did u satisfy with training what company conducted here? SATISFACTION LEVEL

%AGE

Satisfied Partially satisfied Fully satisfied Partially dissatisfied Fully dissatisfied Total

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

satisfaction level 2% 5% 28%

28%

fully dissatisfied pratially dissatisfied satisfied pratially satisfied 42%

fully satisfied

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

59

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

Yes No Totel

%AGE

60% 40% 100%

opinion of employees

40%

60%

yes no

From graph it can be seen that majority of the respondents are satisfied with the appraisal system only a meager 30% were dissatisfied with the performance appraisal program.

60

5) Who needs much knowledge regarding company and product? OPINION

Agent Tele caller Operation executive All Total

% AGE

50% 16% 14% 20% 100%

opinion of employees 20%

50%

14%

agent tele caller executive all

16%

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

61

6) In which areas employees need training? AREAS

%AGE

Company policies and procedure Skill based training Problem solving skills All of the above Total

16% 54% 8% 22% 100%

opinion of employees 22%

16% company policies and procedure

8%

skill based training problem solving skills 54% all of the above

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

62

CHAPTER-5

FINDINGS

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FINDINGS  Trained & Developed employees can work more efficiently.  Training & Development makes employees more loyal to an organization.  Training & Development makes an employee more useful to a firm.  Training enables employees to secure promotions easily. They can realize their career goals comfortably and development helps in increase their morale.  Employees can avoid mistakes on the job. They can handle jobs with confidence. They will be more satisfied on their jobs.  Training & Development can contribute to higher production and fewer mistakes, greater job satisfaction and lower emplo yee turnover. Also, i t c a n e n a b l e employees to cope up with organizational, social and technological change.

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CHAPTER-6

RECOMENDATIONS

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RECOMENDATIONS  Create awareness: The Company has to take care of awareness creation about the products and services among the advisors/agent.  Charges: The Company has to reduce the mortality and administration charges.  The company has to give periodic training.  Product promotion strategies should be improved.  Company should consider the present competition and should act according to customer needs.



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

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CHAPTER-7

CONCLUSION

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

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LEARNING

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Learning’s in the on the job training:-

1. Important of the training program.

2. How the training program will help for the individual as well as organizational growth. 3. The way to improve communication skill. 4. The way to behave people in corporate world.

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QUESSTIONNAIRE

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1. Name: 2. Designation: 3. What is your opinion on training? (a)Good

(b) Very Good

(c) Bad

(d) Time Waste Process

4. Do u feel that training will helpful for individual group? (a) Yes

(b) No

5. Did you satisfy with training what company conducts here? (a) Yes

(b) No

6. Is there any improvement in performance after getting the training? (a) Yes

(b) No

7. Who need much knowledge regarding company and product? (a) Agent

(b) Tele caller

(c) Operation Executives

8. In which areas employee need training? (a) Company policies and procedures (b) Skill based training (c) Problem solving skills (d) All of the above

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(d) All

BIBILIOGRAPHY

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1 ) L yn t o n , R . P . a n d P a r e e k , U . ― T r a i n i n g f o r d e v e l o p m e n t ‖ , 2 nd

Ed., New Delhi: Vistaar publication, 2002. 2) Bhavnagar, O.P.―Evaluation methodology for training‖, New Delhi: Oxford And IBH publishing co.pvt. Ltd. 3) Rae, L. ―The art of training and development, effective planning‖. Vol.1,New Delhi. 4) Tannenbaum, S.―A strategic view of organizational training and learning.‖

5) A hand book of human resource management practice, 8 th .ed., 2001. 6 ) P e r s o n n e l m a n a g e m e n t , M c . G r a w H i l l , 6 th ed.,1981. 7 ) K o t h a r i , C . R . R e s e a r c h M e t h o d o l o g y, 3 rd edition, 1997, Vikas Publishing House Pvt. Ltd, New Delhi.

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