A

SUMMER INTERNSHIP REPORT

on

RECRUITMENT & SELECTION

PROCESS IN RELIANCE NIPPON LIFE
INSURANCE
Submitted in the Partial Fulfillment of the Requirement for the Award of

MASTER OF BUSINESS ADMINISTRATION (MBA)

Submitted By

SHUBHI AGARWAL
Roll no. : 2303610700056

Under the Guidance of

DR. ALOKIK DIXIT
(HOD)
Department of Master of Business Administration (MBA)
RRIMT, Lucknow, UP, India

RR INSTITUTE OF MODERN TECHNOLOGY, LUCKNOW, UP, INDIA

(Recognized by AICTE, Govt. of India & Affiliated to Dr. A.P.J. Abdul Kalam Technical University, Lucknow, UP)
AKTU College Code –361
December (2024-25)
 College Code: 361

NH-24, Sitapur Road, Bakshi Ka Talab, Lucknow – 226201, UP

Website: www. https://rrimt.ac.in/

DEPARTMENT OF MASTER OF BUSINESS ADMINISTRATION (MBA)

VISION – INSTITUTE
To achieve excellence in scientific, technical education, and research to create a dynamic and
multidisciplinary system to make our students technically and professionally excellent with
incorporation of Indian values, morals, and ethics.

MISSION – INSTITUTE
 M1 – To provide state of the art facilities, resources, and academic environment
which creates competent professionals who can contribute to the development of
society, nation and world.

 M2 – To establish a perpetual institution-industry interaction to broaden student

horizons and strengthen the multidisciplinary approach.

 M3 – To inculcate skills leading to employability and entrepreneurship with a passion

for lifelong learning.

 M4 – To incorporate a healthy competitive zeal among the students with full of

confidence to make them dynamic professionals, full of Indian values, morals, and
ethics.
 College Code: 361

NH-24, Sitapur Road, Bakshi Ka Talab, Lucknow – 226201, UP

Website: www. https://rrimt.ac.in/

DEPARTMENT OF MASTER OF BUSINESS ADMINISTRATION (MBA)

VISION – DEPARTMENT
To be an efficient centre for imparting knowledge in management to shape future managers
and entrepreneurs with analytical skills, professional ethics and moral values.

MISSION – DEPARTMENT
 M1 – To create an environment which helps students to provide effective and
economic solutions to business management problems using practical approaches and
experiences.
 M2 – To inculcate skills to promote self-employment through entrepreneurship and
start-ups.
 M3 – T0 contribute excellence in multi-discipline work culture along with leadership
qualities and ethics.

PROGRAM EDUCATIONAL OBJECTIVES (PEO’s) –

DEPARTMENT
 PEO1 – To solve business and managerial problems efficiently through logical and
practical approaches.
 PEO2 – To be competent enough to efficiently adapt and perform in the changing
environment nationally and globally.
 PEO3 – To work in multicultural and multidisciplinary organizations with group
dynamics and teamwork.
 PEO4 – To inculcate the values and ethics required for self-employment along with a
passion for entrepreneurship.
 Internship Certificate Of Reliance Nippon Life Insurance Company

01-11-2024

Subject: Internship Certificate Letter

TO WHOMSOEVER IT MAY CONCERN

This is to certify that Ms. Shubhi Agarwal bearing Code: BWLTA004 has successfully
completed an internship with Reliance Nippon Life Insurance Company Ltd as a HR
Executive Intern in the Human Resource Department from 01-10-2024 to 31-10-2024 in
hybrid mode.

She has worked on the Venue Sales Project under the supervision and guidance of
Abhishek Pandey. During the course of the internship, she has gained several learnings
such as Financial Product Selling and developed multiple skills including
Communication Skills, Team Handling, Insurance Product Sales, Financial Product Sales,
Recruitment & Selection process of the company and various methods of them.

Besides showing high comprehension capacity, managing assignments with the

utmost expertise and exhibiting maximal efficiency, s he has also maintained an
outstanding professional demeanor and showcased excellent moral character throughout
the internship period.

I hereby certify her overall work Excellent to the best of my knowledge. Wishing her the best
of luck for her future endeavors.

For Reliance Nippon Life Insurance Company

Abhishek Pandey

Sap Code:-72160464

Place:- Lucknow
 College Code: 361

NH-24, Sitapur Road, Bakshi Ka Talab, Lucknow – 226201, UP

Website: www. https://rrimt.ac.in/

DEPARTMENT OF MASTER OF BUSINESS ADMINISTRATION (MBA)

CERTIFICATE FROM THE DEPARTMENT

This is to certify that the project entitled “Recruitment & Selection

Process in Reliance Nippon Life Insurance” is a bonafide record of
the semester work done by Shubhi Agarwal (2303610700056), under
my supervision and guidance, in partial fulfillment of the requirements
for the Outcome-based Education Paradigm in Department of Master
of Business Administration (MBA) from RR Institute of Modern
Technology, Lucknow, UP, India for the academic year 2024-2025.
The Content of this report, in full or in part, have not been submitted to
any other institute for the award of any degree.

(Guide-Signature) (Signature HOD with Seal)

Dr. Alokik Dixit Dr. Alokik Dixit

(HOD) (HOD)
Department of MBA Department of MBA
RRIMT, Lucknow, UP RRIMT, Lucknow, UP

Place: Lucknow
Date : ……………..

College Code: 361

 NH-24, Sitapur Road, Bakshi Ka Talab, Lucknow – 226201, UP
Website: www. https://rrimt.ac.in/

DEPARTMENT OF MASTER OF BUSINESS ADMINISTRATION (MBA)

EVALUTION CERTIFICATE

This is to certify that the project entitled “Recruitment & Selection

Process in Reliance Nippon Life Insurance” is Submitted by Shubhi
Agarwal (2303610700056), and is evaluated for the award of the
degree MBA from RR Institute of Modern Technology, Lucknow,
UP, India for the academic year 2024-2025.

(Guide-Signature) (Signature HOD with Seal)

Dr. Alokik Dixit Dr. Alokik Dixit

(HOD) (HOD)
Department of MBA Department of MBA
RRIMT, Lucknow, UP RRIMT, Lucknow, UP

Name & External Examiner

& Association

Place: Lucknow
Date: ……………..
 CANDIDATE’S DECLARATION

I SHUBHI AGARWAL student of MBA, R.R. Institute of Modern Technology, Lucknow

hereby declare that the work incorporated in the present report entitled “RECRUITMENT &
SELECTION PROCESS IN RELIANCE NIPPON LIFE INSURANCE” is my own work
and is original. The work has not been submitted to any other institution for the award of a
degree or a diploma. I have properly referenced the material collected from both primary and
secondary sources whenever required. I solely own the responsibility for the originality of the
entire content of this project.

SHUBHI AGARWAL
MBA – SEMESTER III
2303610700056
 ACKNOWLEDGEMENT

It is a great opportunity and pleasure for me to express my profound gratitude towards all the
individual who directly or indirectly has contributed towards the completion of this report.
Working on this report was a great fun, excitement, challenge and a new exposure in the field
of human resource. I am greatly in debated to whose guidance and concern I am able to bring
the report into its real shape.
I am thankful to ABHISHEK PANDEY and all the faculty members in providing me useful
guidance for completion of this report. I convey my gratitude to all those who helped me.
I would also like to thank my mentor DR. ALOKIK DIXIT for his consistent support and
guidance and spontaneous solution to any problem that popped up during my internship.

SHUBHI AGARWAL
 EXECUTIVE SUMMARY

The recruitment and selection process at Reliance Nippon Life Insurance is designed to ensure
the acquisition of top talent while aligning with the company's values, goals, and industry
standards. Leveraging a comprehensive approach, the process integrates cutting-edge
recruitment strategies, rigorous evaluation methodologies, and a commitment to diversity and
inclusion.
At Reliance Nippon Life Insurance, the recruitment journey begins with a thorough analysis of
the organization's staffing needs and strategic objectives. This initial phase enables the HR team
to craft tailored job descriptions and candidate profiles, ensuring clarity and alignment with the
company's vision.
The sourcing phase employs a multi-channel approach, leveraging online job portals, social
media platforms, networking events, and strategic partnerships with educational institutions and
industry associations. This diverse sourcing strategy ensures access to a wide pool of qualified
candidates, fostering inclusivity and diversity in the hiring process. Once candidates are
identified, a meticulous selection process ensues, comprising initial screenings, competency-
based assessments, and comprehensive interviews. This rigorous evaluation process allows us
to identify candidates who not only possess the requisite skills and qualifications but also
demonstrate alignment with our organizational culture and values.
Throughout the recruitment and selection journey, Reliance Nippon Life Insurance remains
committed to fostering a positive candidate experience. Clear communication, timely feedback,
and transparent processes are integral to ensuring that candidates feel valued and respected at
every stage of the process.
Moreover, our commitment to diversity and inclusion extends beyond recruitment,
encompassing initiatives to nurture talent, promote employee growth, and create an inclusive
work environment where every individual can thrive and contribute to our collective success.
 TABLE OF CONTENT

S.NO. CONTENT PAGE NO.

1 Introduction 1-9

2 Objectives & Scope of the study 10-11

3 Literature Review 12-15

4 Company Profile 16-22

5 Plans of Reliance Nippon Life Insurance 23-32

6 Intro to Recruitment & Selection process 33-44

7 Competitors Information 45-47

8 SWOT Analysis of the Company 48-50

9 Research Methodology 51-53

10 Data Analysis & Interpretation 54-70

11 Findings, Suggestions & Conclusion 71-73

12 Bibliography 74

13 Questionnaire 75-80
INTRODUCTION

1
The insurance sector has gone through a number of phases and changes. Since 1999, when

the government opened up the insurance sector by allowing private companies to solicit

insurance and also allowing FDI upto 26%, the insurance sector has been a booming market.

The insurance sector in India has come a full circle from being an open competitive market to

nationalization and back to a liberalized market again. The business of life insurance in India

in its existing form started in India in the year 1818 with the establishment of the Oriental

Life Insurance Company in Calcutta by Anita Bhavsar.

Despite the fact that general insurance business has been growing at a healthy rate of 16%

annually between 2004-05 and 2008-09, its penetration level is just 0.60% of India’s GDP

against world average of 2.14%. India ranks 136th on penetration levels and Life Advisors

behind China (106), ThaiLife Advisornd (87), Russia (86), Brazil (85), Japan (61), and the

US (9). The penetration of general insurance in India remains low on account of low

consumer preference, Life Advisorrgely untapped rural markets and constrained distribution

channels (Crisil & Assocham).

Recruitment and selection is the process of identifying the need of a job, defining the

requirements of the position and the job holder, advertising the osition and choosing the most

appropriate person for the job . Human Resource Management includes all activities used to

attract and retain employees and to ensure tthey perform at a high level in meeting

organizational goals. It means employing people, developing their resources, utilizing,

maintaining and compensating their services in tune with the job and organizational

requirements.

2
DEFINITION OF INSURANCE

According to Riegle and Miller, “Insurance is a social device whereby uncertained risks of

individuals may be combined in a group and thus made more certain: small periodic

contributions by the individuals providing fund out of which those who suffer losses may be

reimbursed.”

MEANING OF LIFE INSURANCE

 Life Insurance is a contract where the insurer in consideration of a premium undertakes to

pay certain sum of money either on the death or on the expiry of a fixed period.

 Insurance is a contract in which a person whose risk is shifted is called “insured” and to

whom it is shifted is called “insurer” and the price consideration paid by the insured to

insurer is called “premium” and the insurance contract in which terms and conditions are

mentioned is called the “insurance policy.”

BENEFITS OF LIFE INSURANCE

 Insured has to pay the premium accordingly.

 Premium has to be paid till the death of the insured or expiry of the period of policy,

whichever is earlier.

 It is not the contract of indemnity because the loss caused by the death of the insured

cannot be calculated in money terms nor money is a compensation for one’s life.

 Life insurance is the only policy which involves both the elements of protection and

investment.

 It covers the risk connected with human life such as in case of a total or permanent

disability and medical expenses thereafter have now come under a preview of life

insurance.

3
PRINCIPLES OF LIFE INSURANCE

1. Principle of Utmost Good Faith – It is the duty of both the parties to observe utmost

good faith. The parties to the contract should not conceal or hide any material facts

which may affect the decision.

2. Principle of Insurable Interest – For every insurance contract it is essential to have

some insurable interest in the subject matter. He must have some recognizes

relationship with the subject matter whereby he benefits by the safety of the property

and suffers loss if the subject matter is damaged.

3. Principle of Causa-Proxima – The principle is “causa proxima non remote

expectator” which means to see the immediate cause and not the remote cause. If the

immediate cause is an insured peril, the insurer is liable to make the payment under

the policy otherwise not.

4. Principle of Cooperation – Insurance is a cooperative device to spread the loss

caused by a particular risk over a number of persons who are exposed to it and who

agree themselves against that risk.

5. Principle of Probability – It is a mathematical concept which expresses the

happening or non-happening of an event. It is the ratio of number of favourable cases

to the total number of equally likely cases.

4
HISTORY OF INSURANCE SECTOR IN INDIA

In India, insurance has a deep-rooted history. It finds mention in the writings of Manu (Manusmrithi ),

Yagnavalkya ( Dharmasastra ) and Kautilya ( Arthasastra ). The writings talk in terms of pooling of

resources that could be re-distributed in times of calamities such as fire, floods, epidemics and famine.

This was probably a pre-cursor to modern day insurance. Insurance in India has evolved over time

heavily drawing from other countries, England in particular.

1818 saw the advent of life insurance business in India with the establishment of the Oriental Life

Insurance Company in Calcutta. This Company however failed in 1834. In 1829, the Madras

Equitable had begun transacting life insurance business in the Madras Presidency. 1870 saw the

enactment of the British Insurance Act and in the last three decades of the nineteenth century, the

Bombay Mutual (1871), Oriental (1874) and Empire of India (1897) were started in the Bombay

Residency. This era, however, was dominated by foreign insurance offices which did good business in

India, namely Albert Life Assurance, Royal Insurance, Liverpool and London Globe Insurance and

the Indian offices were up for hard competition from the foreign companies.

In 1914, the Government of India started publishing returns of Insurance Companies in India.

The Indian Life Assurance Companies Act, 1912 was the first statutory measure to regulate

life business. In 1928, the Indian Insurance Companies Act was enacted to enable the

Government to collect statistical information about both life and non-life business transacted

in India by Indian and foreign insurers including provident insurance societies. In 1938, with

a view to protecting the interest of the Insurance public, the earlier legislation was amended

by the Insurance Act, 1938 with comprehensive provisions for effective control.

The Insurance Amendment Act of 1950 abolished Principal Agencies. However, there were a

large number of insurance companies and the level of competition was high. There were also

allegations of unfair trade practices. The Government of India, decided to nationalize

insurance business.

5
An Ordinance was issued on 19th January, 1956 nationalizing the Life Insurance sector and

Life Insurance Corporation came into existence in the same year. The LIC absorbed 154

Indian, 16 non-Indian insurers as also 75 provident societies—245 Indian and foreign insurers

in all.

The history of general insurance dates back to the Industrial Revolution in the west and the

consequent growth of sea-faring trade and commerce in the 17th century. It came to India as a

legacy of British occupation. General Insurance in India has its roots in the establishment of

Triton Insurance Company Ltd., in the year 1850 in Calcutta by the British. In 1907, the Indian

Mercantile Insurance Ltd, was set up. This was the first company to transact all classes of

general insurance business.

1957 saw the formation of the General Insurance Council, a wing of the Insurance Association

of India. The General Insurance Council framed a code of conduct for ensuring fair conduct

and sound business practices.

In 1968, the Insurance Act was amended to regulate investments and set minimum solvency

margins. The Tariff Advisory Committee was also set up then.

In 1972 with the passing of the General Insurance Business (Nationalization) Act, general

insurance business was nationalized with effect from 1st January, 1973. 107 insurers were

amalgamated and grouped into four companies, namely National Insurance Company Ltd.,

the New India Assurance Company Ltd., the Oriental Insurance Company Ltd and the United

India Insurance Company Ltd. The General Insurance Corporation of India was incorporated

as a company in 1971 and it commence business on January 1sst 1973.

This millennium has seen insurance come a full circle in a journey extending to nearly 200

years. The process of re-opening of the sector had begun in the early 1990s and the last decade

and more has seen it been opened up substantially. In 1993, the Government set up a

committee under the chairmanship of RN Malhotra, former Governor of RBI, to propose

6
recommendations for reforms in the insurance sector. The objective was to complement the

reforms initiated in the financial sector. The committee submitted its report in 1994 wherein ,

among other things, it recommended that the private sector be permitted to enter the insurance

industry. They stated that foreign companies be allowed to enter by floating Indian companies,

preferably a joint venture with Indian partners.

Following the recommendations of the Malhotra Committee report, in 1999, the Insurance

Regulatory and Development Authority (IRDA) was constituted as an autonomous body to

regulate and develop the insurance industry. The IRDA was incorporated as a statutory body

in April, 2000. The key objectives of the IRDA include promotion of competition so as to

enhance customer satisfaction through increased consumer choice and lower premiums, while

ensuring the financial security of the insurance market.

The IRDA opened up the market in August 2000 with the invitation for application for

registrations. Foreign companies were allowed ownership of up to 26%. The Authority has

the power to frame regulations under Section 114A of the Insurance Act, 1938 and has from

2000 onwards framed various regulations ranging from registration of companies for carrying

on insurance business to protection of policyholders’ interest.

In December, 2000, the subsidiaries of the General Insurance Corporation of India were

restructured as independent companies and at the same time GIC was converted into a national

re-insurer. Parliament passed a bill de-linking the four subsidiaries from GIC in July, 2002.

The insurance sector is a colossal one and is growing at a speedy rate of 15-20%. Together with

banking services, insurance services add about 7% to the country’s GDP. A well-developed

and evolved insurance sector is a boon for economic development as it provides long- term

funds for infrastructure development at the same time strengthening the risk taking ability of

the country.

7
Tracing the developments in the Indian insurance sector reveals the 360-degree turn witnessed

over a period of almost 190 years.

The business of life insurance in India in its existing form 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 ARE:

1912 - The Indian Life Assurance Companies Act enacted as the first statute to regulate the life

insurance business.

1928 - The Indian Insurance Companies Act enacted to enable the government to collect

statistical information about both life and non-life insurance businesses.

1938 - Earlier legislation consolidated and amended to by the Insurance Act with the objective

of protecting the interests of the insuring public.

1956 - 245 Indian and foreign insurers and provident societies 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.

8
INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY

(IRDA)

The Insurance Regulatory and Development Authority (IRDA) is a national agency of the

Government of India, based in Hyderabad. It was formed by an act of Indian Parliament

known as IRDA Act 1999, which was amended in 2002 to incorporate some emerging

requirements. Mission of IRDA as stated in the act is "to protect the interests of the

policyholders, to regulate, promote and ensure orderly growth of the insurance industry and

for matters connected therewith or incidental thereto."

9
OBJECTIVES &
SCOPE OF THE
STUDY

10
OBJECTIVES OF THE STUDY

 To study and understand the process of recruitment and selection of Life Advisor at

Reliance Life Insurance

 To find out the different sources of recruitment

 To study the effectiveness of recruitment and selection process

 To suggest the various profiles for getting capable Life Advisor in Reliance Life

Insurance

FOCUS OF THE STUDY

The insurance industry is expanding very fast and there is big scope in this sector in future,

insurance companies recruit Life Advisors and take work from them on commission basis.

The whole growth of company depends upon the capability of Life Advisor. So, the main

problem is to recruit and select the capable candidates for Life Advisors.

11
LITERATURE
REVIEW

12
REVIEW OF LITERATURE

A literature review is a “critical analysis of a segment of a published body of knowledge

through summary, classification and comparison of prior research studies, and theoretical

articles.” To get proper prospective of the subject literature review help us to know the

individuals or the research in each sector as it removes the probability or the repetition of work

or replication of work helps to get acquaint with the work done and provides valuable

information. Some research work done by some people are as follow –

1. Philip G. Swaroff, Lizabeth A. Barclay, Alan R. Bass (2006)

He has written in his article relations between recruiting source, employee tenure and

productivity were examined for a sample of 618 technical salespersons over a 2-year

period. Unlike earlier research, a relation between recruitment source and job tenure

was not found, nor was recruiting source found to be related to employee

productivity. Explanations for differences between the present findings and earlier

research include: characteristics of this particular job; the fact that multiple jobs and

levels were not always considered; and the turnover rate of the sample job. Additional

findings lent some support to Schwab's (1982) suggestion that recruiting sources may

be differentially effective to the extent that they reach different populations. A

comparison of research results with text book presentations and practitioner articles

is also provided, with a discussion of the gap between research & practices.

13
2. Charieoliver (2008)

He has said on her research paper that the key to successful recruitment is to ensure

that the criteria of suitability are overt and relevant to the job itself. Once these criteria

are agreed and shared it is possible to make more rational decisions about someone's

suitability for a job, based on evidence rather than ‘gut feeling’ or instinct.

Effective recruitment and selection should not be about the luck of the draw.

Systematic planning and preparation will increase the likelihood of taking on the

right person. The key to effective recruitment is preparation: knowing the job and

what is required of someone to perform it well. The costs of recruiting the wrong

person can be significant. The cost of employing someone may be at least twice

their salary when factors such as training, expenses and employer's contributions to

their pension are added.

3. Rakesh Sharma (2008)

He has written in his book that a company's success begins in the recruitment

process during which the screening and vetting procedures shape and convey the

company's demands to aspiring candidates. Therefore, it is essential for an

organization to construct an explicit and standardized mode by which skills,

qualifications and personal attributes are illuminated and used in the decision-

making process leading to employment. The author discusses a dual interview and

supplementary self-evaluation process to be used to fill a new position of print

media editor.

14
4. Robert P. Vecchio(2004)

Selection is the process of choosing from a group of applicants the individual best

suited for a particular position based on conventional and non- conventional

methods . Therefore, the effectiveness of recruitment has a significant impact on

the efficiency of the selection process. The selection process should provide as

much reliable and valid information as possible about applicants so that their

qualifications may be carefully matched with the job requirements.

5. BLife Advisorckman (2002)

He said in his book interviews are used widely for selection purposes at senior or

executive level (Campion, Palmer, & Campion, 1997; Garman, 2005). Research

shows that to increase their reliability, validity and feasibility, interviews should be

based on a thorough job analysis and selection criteria, they should be semi-

structured and scored according to a behaviourally anchored rating scale. Multiple

interviews are often favoured over panel interviews, the modality of the interview

should be standardized across all candidates, and assessors should be trained .

15
COMPANY
PROFILE

16
ABOUT THE INDUSTRY

The Reliance Group founded by Dhirubhai H. Ambani (1932-2002) is India's largest business

house with total revenues of over Rs 99,000 crore (US$ 22.6 billion).

The Group's activities span exploration and production (E&P) of oil and gas, refining and

marketing, petrochemicals (polyester, polymers, and intermediates), textiles, financial services

and insurance, power, telecom and infocom initiatives. The Group exports its products to more

than 100 countries the world over. Reliance emerged as India's Most Admired Business House,

for the third successive year in a TNS Mode survey for 2003.

Reliance Group revenue is equivalent to about 3.5% of India's GDP. The Group contributes

nearly 10% of the country's indirect tax revenues and over 6% of India's exports. Reliance is

trusted by an investor family of over 3.1 million - India's largest.

One out of every four investors in India is a Reliance shareholder. With

globally competitive capital and operating cost positions, Reliance Group dominates the

rapidly growing Indian market deriving over 80% of its revenues from the domestic market.

There was a split in Reliance group in 2005 and it was broken into two separate companies:

Reliance Industries Limited

1. Reliance Anil Dhirubhai

2. Ambani Group (ADA Group)

17
 VISION

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

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

VALUES

1. Shareholder’s Interest – We value the trust of shareholders, and keep their interest paramount
in every business decision we make, every choice we exercise.
2. People Care – We possess no greater asset than the quality of our human capital and to greater
priority than the retention, growth and well-being of our vast pool of human talent.
3. Consumer Focus – We rethink every business process, product and service from the standpoint
of the consumer so as to exceed expectations at every touch point.
4. Excellence in Execution – We believe in excellence of execution in large, complex projects as
well as everyday small tasks.
5. Team Work – The whole is greater than some of its part: in our rapidly changing knowledge
economy, organization can prosper only by mobilizing diverse competencies, skill sets and
expertise, by imbibing the spirit of “thinking together”, integration is the rule, escalation is an
exception.
6. Proactive Innovation – We nurture innovation by breaking silos, encouraging cross-
fertilization of ideas and flexibility of roles and functions. We can create an environment of
accountability, ownership and problem solving based on participative work ethic and leading-
edge research.
7. Leadership by Empowerment – We believe leadership in the new economy is about consensus
building, about giving up control; about enabling and empowering people down the line to
take decisions in their areas of operation and competence.
8. Social Responsibility – We believe that organization, like individuals, depend on the support
of the community for their survival and sustenance, and must repay it.
9. Respect for Competition – We respect competition because there’s more than one way of
doing the things right. We can learn as much from the success of others as from our own
failures.

18
ABOUT THE COMPANY
Reliance Nippon Life Insurance is a leading private insurance company in India. The

company is one of the largest non-bank supported private life insurers with over 10 million

policyholders, a strong distribution network of 713 branches and 42,604 advisors as on

March 31, 2024. Reliance Nippon is a part of Reliance Capital, a private sector financial

services company. Reliance Nippon Life Insurance is a joint venture between Reliance

Capital and Nippon Life Insurance.

Nippon Life Assurance Co. Ltd. Is an insurance company which was founded in 1889. It is a

Japanese based company. The company hold stake of 49%, and reliance capital 51%.

Reliance Nippon Life Insurance caters to 5 distinct segments – Protection, Child care,

Retirement, Savings & Investments and Health; for individuals as well as Group corporate

entities.

It also gets a best award for the workplace in insurance in India and also ranked in India’s top

50 companies to work in.

VISION

‘Do Good’ is our intent, our philosophy and belief that we aim to bring alive through every touch

MISSION

Create unmatched value for everyone through dependable, effective, transparent, and

profitable life insurance and pension plans.

GOALS

 To achieve good reputation and credentials through best business practices.

 Serve the best values to customers, shareholders and all stakeholders.

19
 ABOUT RELIANCE GROUP

RELIANCE ANIL DHIRUBHAI AMBANI GROUP WORKS IN-

 Reliance Communication

 Reliance Energy

 Reliance Capital

 Reliance Mutual Fund

 Reliance Life Insurance

 Reliance General Insurance

 Reliance Health

 Reliance Entertainment

 Reliance Infrastructure

RELIANCE ADA GROUP

20
1. Reliance Capital

Reliance Capital is one of India’s leading and fastest growing private sector financial services

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

in terms of net worth. The company has interests in asset management and mutual funds, life

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

activities in financial services.

2. Reliance Communications Limited

The flagship company of the Reliance – ADA Group, Reliance Communications Limited, is

the realization of our founder’s dream of bringing about a digital revolution that will provide

every Indian with affordable means of communication and a ready access to information. The

company began operations in 1999 and has over 20 million subscribers today. It offers a

complete range of integrated telecom services. These include mobile and fixed line telephony;

broadband, national and international long-distance services, data services and a wide range of

value-added services and applications aimed at enhancing the productivity of enterprises and

individuals.

3. Reliance Energy Limited

Reliance Energy Limited, incorporated in 1929, is a fully integrated utility engaged in the

generation, transmission and distribution of electricity. It ranks among India’s top listed private

companies on all major financial parameters, including assets, sales, profits and market

capitalization. It is India’s foremost private sector utility with aggregate estimated revenues of

Rs 9,500 crore (US$ 2.1 billion) and total assets of Rs 10,700 crore (US$ 2.4 billion).Reliance

Energy Limited distributes more than 21 billion units of electricity to over 25 million

consumers in Mumbai, Delhi, Orissa and Goa, across an area that spans 1,24,300 sq. kms. It

21
 generates 941 MW of electricity, through its power stations located in Maharashtra, Andhra

Pradesh, Kerala, Karnataka and Goa. The company is currently pursuing several gas, coal, wind

and hydro-based power generation projects in Maharashtra, Uttar Pradesh, Arunachal Pradesh

and Uttaranchal with aggregate capacity of over 12,500 MW

4. Reliance Health

In a country where healthcare is fast becoming a booming industry, Reliance Health is a

focused healthcare services company enabling the provision of solution to Indians, at

affordable prices. The company aims at providing integrated health services that will compete

with the best in the world. It also plans to venture into diversified fields like Insurance

Administration, Health care Delivery and Integrated Health, Health Informatics and

Information Management and Consumer Health. Reliance Health aims at revolutionizing

healthcare in India by enabling a healthcare environment that is both affordable and accessible

through partnerships with government and private businesses.

5. Reliance Media & Entertainment

As part of the Reliance - ADA Group, Reliance Entertainment is spearheading the Group’s

foray into the media and entertainment space. Reliance Entertainment’s core focus is to

build significant presence for Reliance in the Entertainment eco-system: across content and

distribution platforms. The key content initiative are across Movies, Music, Sports, Gaming,

Internet & mobile portals, leading to direct opportunities in delivery across the emerging digital

distribution platforms: digital cinema, IPTV, DTH and Mobile TV. Reliance ADA Group

acquired Adlabs Films Limited in 2005, one of the largest entertainment companies in India,

which has interests in film processing, production, exhibition & digital cinema.

22
 PLANS OF
RELIANCE NIPPON
LIFE INSURANCE

23
 PRODUCT POLICIES OF RELIANCE NIPPON

Reliance Nippon Life Insurance has a wide array of insurance plans that have been designed
with the philosophy that different individuals are bound to have different insurance needs. The
ideal insurance plan is one that addresses the exact insurance needs of the individual that will
depend on the age and life stage of the individual apart of the host of other factors.

LIFE INSURANCE PLANS

Under Life Insurance Plans, Reliance Nippon Life Insurance offers plans under the following
categories
 Education Insurance Plans
 Wealth Creation Plans
 Premium Guarantee Plans
 Protection Plans
 Saving & Investment Plans

24
In life, you have always given your family whatever they have wanted. Yet, there are some

promises you have to fulfil, such as taking your family for a vacation, or buying the dream

house.

Set aside some money to achieve these specific goals with the help of Reliance Savings &

Investment Plans. The plan allows you to experience the joy of life and provide for your

family’s needs.

Enjoy life without worrying about the promises you have made – we are here to fulfil them.

 Reliance Nippon Life Insurance Smart Maturity Benefit Plan

 Reliance Nippon Life Insurance Super Endowment Plan

 Reliance Nippon Life Insurance Guaranteed Money Back Plan

 Reliance Nippon Life Insurance Money Multiplier Plan

 Reliance Nippon Cash Flow Plan

 Reliance Nippon Endowment Plan

 Reliance Nippon Super Five Plus Plan

 Reliance Nippon Whole Life Plan

 Reliance Nippon Connect 2 Life Plan

25
RETIREMENT SOLUTIONS

The primary objective of retirement plan is to help you provide for your financial needs in your

post-retirement years.

 Forever Life

 Life Time Super Pension

 Life Link Super Pension

HEALTH PRODUCT SUIT

Under Health Product Suit, Reliance Nippon Life Insurance offers plans under the following

major categories –

 Health Assure

 Health Assure Plus

 Hospital Care

 Cancer Care

 Cancer Care Plus

 Diabetes Care

 Diabetes Care Plus

26
 PRODUCT PORTFOLIO

1. Insurance Solutions for Individuals

a) Reliance Nippon Life Insurance offers a range of innovative , customer centric

products that meet the needs of customers at every life stage. Its product can be

enhanced with up to 4 riders, to create a customized solution for each

policyholder.

2. Savings & Wealth Creation Solutions

a) Save n Protect – It is a traditional endowment savings plan that offers life

protection along with adequate returns.

b) CashBak – It is an anticipated endowment policy ideal for meeting milestone

expenses like a child’s marriage, expenses for a child’s higher education or

purchase of an asset. It is available for terms of 15 to 20 years.

c) LifeTime Gold – It is a unit-linked plan that offers customers the flexibility and

control to customize the policy to meet the changing needs at different life

stages.

d) LifeStage RP – It is unit-linked plan that provides you with an option of

lifecycle-based portfolio strategy that continuously re-distributes the money

across various asset classes based on the life stge.

e) LifeLink Super – It is a single premium unit linked insurance plan which

combines life insurance cover with the opportunity to stay invested in the stock

market.

f) Premier Life Gold – It is a limited premium paying plan specially structured

for long-term wealth creation.

27
 g) Invest Shield Life New – It is a unit-linked plan that provides premium

guarantee on the invested premiums and ensures that the customer receives only

the benefit of fund appreciation without any risk of depreciation.

h) Invest Shield CashBak – It is a unit-linked plan that provides premium

guarantee on the invested premiums along with flexible liquidity options.

3. Protection Solutions

a) Life Guard – It is a protection plan, which offers life cover at low cost. It is

available in 3 options – level term assurance, level term assurance with return of

premium and single premium.

b) Home Assure – It is a mortgage reducing term assurance plan designed

specifically to help customers cover their home loans in simple and cost-

effective manner.

4. Education Solutions

a) Smart Kid New ULRP – It provides guaranteed educational benefits to a child

along with life insurance cover for the parent who purchases the policy. The

policy is designed to provide money at important milestones in the child’s life.

5. Retirement Solutions

a) Forever Life – It is a traditional retirement product that offers guaranteed

returns for the first 4 years and then declares bonus annually.

b) Life Time Super Pension – It is a regular premium unit-linked pension plan

that helps one accumulate over the long term and offers 5 annuity options at the

time of retirement.

28
 c) Life Stage Pension – It is a regular premium unit-linked pension plan that

provides with a unique lifecycle-based strategy that continuously re-distributes

the money across various asset classes based on life stage, eventually providing

with a customized retirement solution.

d) Life Link Super Pension – It is a single premium unit-linked pension plan.

e) Immediate Annuity – It is a single premium annuity product that guarantees

income for life at the time of retirement.

f) Premier Life Pension – It is unique and convenient retirement solution with a

limited premium paying term of 3 or 5 years, to suit professionals and

businessmen, especially those who require more flexibility and customization

while planning their finances.

6. Health Solutions

a) Health Assure Plus – It is a regular premium plan which provides long term

cover against 6 critical illnesses by providing policyholder with financial

assistance.

b) Cancer Care – It is a wellness plan that includes all the benefits of cancer care

and also provides additional benefit of free periodical cancer screenings.

c) Diabetes Care – It is a unique critical illness product specially developed for

individuals with diabetes. It offers life cover also.

d) Hospital Care – It is a fixed benefit plan covering various stages of treatment

such as hospitalization, ICU, procedures & recuperating allowances. It covers a

range of medical conditions and has a long term guaranteed cover upto 20 years.

29
 GROUP INSURANCE SOLUTIONS

Reliance Nippon Life Insurance offers the Group Insurance for companies seeking to enhance

benefits to their employees.

Some of the plans are –

1. Group Gratuity Plan – This plan helps employers fund their statutory gratuity obligation

in a scientific manner and also avail tax benefits as applicable to approved gratuity funds.

2. Group Superannuation Plan – It offers a flexible market linked scheme that provides

substantial benefits to both employers and employees. Members have the option of

choosing from various annuity options or opting for a partial commutation of the annuity

at the time of retirement.

3. Group Immediate Annuities – Reliance Nippon Life Insurance realizes the importance of

prudent retirement planning. With this in mind, one has to develop a suite of annuity

products that not only give an income for life but also provide options to match the needs.

4. Group Term Plan – It is a flexible group term solution helps provide an affordable cover

to members of a group. The cover should be uniform or based on designation or a multiple

of salary. The benefit under the policy is paid to the beneficiary nominated by the member

on his/her death.

30
 FLEXIBLE RIDER OPTIONS

Reliance Nippon Life Insurance offers flexible riders, which can be added to the basic policy

at a marginal cost, depending on the specific needs of the customer.

1. Accident & Disability Benefits – If death occurs as the result of an accident during the

term of the policy, the beneficiary receives an additional amount equal to the rider sum

assured under the policy. If an accident results in total and permanent disability, 10% of

rider sum assured will be paid each year, from the end of the 1st year after the disability

date for the remainder of the base policy term or 10 years, whichever is lesser. If the

death occurs while traveling in an authorized mass transport vehicle, the beneficiary

will be entitled to twice the sum assured as additional benefit.

2. Critical Illness Benefit – It protects the insured against the financial loss in the event

of 9 specified critical illness. The benefits are payable to the insured for medical

expenses prior to death.

3. Waiver of Premium – In case of total and permanent disability due to an accident, the

future premiums continue to be paid by the company till the time of maturity. The rider

is available with SmartKid, LifeTime Plus, LifeTIme Super and LifeTime Super

Pension.

4. Income Benefit Rider – In case of death of the life assured during the term of the

policy, 10% of the sum assured is paid annually to the nominee on each policy

anniversary till the maturity of the rider.

31
SOME OTHER PLANS OF RELIANCE NIPPON LIFE INSURANCE

1. Increasing Income Insurance Plan – It is a traditional insurance plan in which the

minimum age limit of the insurer is 18 and maximus no limit. The maturity period of the

plan is 20 years in which the policyholder have to pay only for 10 years and from the 11 th

year the policyholder will start getting money back in the increasing manner. At the end of

the 20th year the policyholder will get the maturity benefit and the revisionary bonuses. The

minimum premium for the plan is 40000.

2. Super Endowment Plan – This is a saving insurance plan in which policyholders have to

pay premium yearly which is 50000. The minimum age limit is 8 years and maximum is

55 years. The maturity period of the policy is 14 years and the premium paying term is 7

years. This means that the policyholder have to pay premium only for 7 years and the next

7 years is cooling period and at the end of 14th year policyholder will get lump sum amount

which include maturity benefits.

3. Guaranteed Money Back Plan – This insurance plan is also a saving plan and it is the

subscribed plan of reliance nippon life insurance company in which a policy holder will get

the huge benefits. The maturity term of the plan is 15 years and the premium paying term

is 10 years. It means that the policyholder have to pay only for 10 years and from the 11th

year the policyholder will start getting the money back till 15th year and will also get the

maturity benefits. Customer who is 18-55 years old van avail this policy. Therefore, the

minimum amount to be invested in is 40000.

4. Milestone Insurance Plan – This plan is for 15 years i.e. maturity period. The policyholder
have to invest a minimum amount of 50000 for the 10 years and the next 5 years the
policyholder have to wait and at the end of the 15th year the policyholder will get the
maturity benefits and revisionary bonuses. The minimum age of the policyholder should be
8 years and the maximum age should be 65 years.

32
INTRODUCTION
TO RECRUITMENT
& SELECTION
PROCESS

33
 RECRUITMENT

Recruitment is defined as, “the process to discover the sources of manpower to meet the

requirements of the staffing schedule and to employ effective measures for attracting that

manpower in adequate numbers to facilitate effective selection of an efficient workforce.”

According to Edwin B. Flippo recruitment is defined as, “the process of searching for

prospective employees and stimulate them to apply for jobs in the organization.” It is a

‘joining process’ in that it tries to bring together job seekers and employer with a view to

encourage the former to apply for a job with the Life Advisor.

In order to attract people for the jobs, the organization must communicate the position in such

a way that job seekers respond. To be cost effective, the recruitment process should attract

qualified applicants and provide enough information for unqualified persons to self-select

themselves out.

Recruitment is distinct from Employment and Selection. Once the required number and kind

of human resources are determined, the management has to find the potential Life Advisors

where the required human resources are/will be available and also find the means of

attracting them towards the organization before selecting suitable candidates for jobs. All this

process is generally known as recruitment. Some people use the term “Recruitment” for

employment. These two are not one and same. Recruitment is only one of the steps in the

entire employment process. Some others use the term recruitment for selection. Technically

speaking, the function of recruitment precedes the selection function and it includes only

finding, developing the sources of prospective employees and attracting them to apply for

jobs in an organization, whereas the selection is the process of finding out the most suitable

candidate to the job out of the candidates attracted (i.e. recruited). Formal definition of

recruitment would give clear cut idea about the function of recruitment.

34
PURPOSES AND IMPORTANCE OF RECRUITMENT

The general purposes of recruitment is to provide a pool of potentially qualified job

candidates.

Specifically, the purposes are to-

1. Increase the pool of job candidates at minimum cost.

2. Help increase the success rate of the selection process by reducing the number of

visibly, under qualified or overqualified job applicants.

3. Help reduce the probability that job applicants, once recruited and selected, will leave

the organization only after a short period of time.

4. Begin identifying and preparing potential job applicants who will be appropriate

candidates.

5. Induct outsiders with a new perspective to lead the company.

6. Infuse fresh blood at all levels of the organization.

7. Develop an organizational culture that attracts competent people to the company.

8. Devise methodologies for assessing psychological traits.

9. Search for talent globally and not just within the company.

10. Anticipate and find people for positions that do not exist yet.

11. Increase organizational and individual effectiveness in the short term and long term.

12. Evaluate the effectiveness of various recruiting techniques and sources for all types of

job applicants.

35
SOURCES OF RECRUITMENT

Every organization has the option of choosing the candidates for its recruitment processes

from 2 kinds of resources –

1. Internal sources

2. External sources

SOURCES OF RECRUITMENT

36
INTERNAL SOURCES

These refer to persons already employed in the organization or recruitment from within.

Vacancies at higher levels may be filled up by promoting persons from lower levels.

1. Promotion – Promotion means shifting an employee to a higher post carrying greater

salary, status and responsibility.

2. Transfer – Transfer means shifting an employee to a similar job with no change in

salary, status and responsibility.

EXTERNAL SOURCES

These refer to the recruitment of candidates from outside the organization.

Various external sources of recruitment are –

1. Advertisements – Advertising in newspapers and journals and on television is a

common method of encouraging people to apply for jobs. Whenever an organization

wants to inform the public about job vacancies, it can issue an advertisement.

2. Employment Exchanges – Employment exchanges register the names of job seekers

and maintain records of their qualifications, experience, etc. Employers inform these

exchanges about the vacancies. These exchanges refer names of people having the

required qualities to the employers.

3. Educational Institutions – Jobs in industries have become technical and complex.

Therefore, many organizations approach colleges, technical institutes and

management schools to fill up positions. They conduct interviews in these institutions

and shortlist candidates.

4. Placement Agencies – For recruiting senior executives and technicians, a placement

agency may be hired. These agencies are specialists and they serve as intermediaries

between the organization and the applicants.

37
5. Casual Callers – Persons in need of jobs visit offices of well-known companies to

find out if jobs are available. Therefore, a waiting list of such applicants may be

prepared for use in future, their applications are taken and kept pending in a file and

whenever a job vacancy arises, suitable persons from the waiting list may be

recruited.

6. Direct Recruitment – Sometimes, a notice is put up on the factory gate or office

notice board. People read it and assemble on the gate at the specified date and time.

This source is used to fill up casual vacancies at the lower level.

7. Labour Contractors & Jobbers – Unskilled and semi-skilled labour may be

recruited through job contractors. This source is often used for recruiting construction

labour. Contractors and jobbers maintain close links with villages and small towns

which offer an adequate and ready supply of unskilled workers.

8. Internet – Certain websites provide information about both job openings and job

seekers, www.naukri.com and www.jobstreet.com are examples of such websites.

Internet is becoming a popular source of recruitment.

38
 FACTORS AFFECTING RECRUITMENT

 INTERNAL

 Worker morale and motivation is enhanced.

 Organization has a better opportunity to assess knowledge & skills of the candidate.

 Candidate has existing knowledge about the organization.

 Less orientation may be needed.

 May generate unhealthy competitiveness for promotions.

 Additional training may be required.

 Pool of candidates may be restricted.

 Those not selected may feel rejected and discontented.

 EXTERNAL

 New ideas and insights.

 New knowledge and experience.

 Larger pool of talent to recruit from.

 Recruiting and selecting may be more time-consuming.

 Longer adjustment period may be needed.

 Induction costs may be higher.

 Less opportunity to assess knowledge & skills.

39
RECRUITMENT PROCESS OF RELIANCE NIPPON LIFE

INSURANCE

Primary Sources  Through Agency Manager

 References Cold Calling

 Through Interns

Kind Of Recruitment Process Basically, it is a 4 rounds procedure:

 Initially Candidate has to fill 750/-Rs. NAAF

(New Agent Application Form) then Screening

is done by Agency Managers.

 Business Opportunity Presentation (BOP) is

done by ADM (Agency Development

Manager).

 Then, Branch Manager will Interview the

candidate. After this Training will be provided

to the Candidate.

 And then Candidate has to undergo IRDA

Exam.

Strategies Followed No Strategies are followed as such.

40
Criteria for becoming Financial Basic criteria is:

Advisor(Life Advisor)  Graduate

 Age > 25

 Married person preferred

 Female

 Minimum of 5 years of residence in Gurgaon.

No. of days allocated for training 18-20 days are allocated for Training.

In a month, no. of candidates 40-50 candidates are recruited as Life Advisors.

Recruited as Financial Advisors

Training No Training Reimbursement is given to Life Advisors.

Reimbursement/Commission

In a year, no. of times Training Once in a month.

provided

Career Path Life Advisors get a good Career Path so they can

become Agency Manager as well as Training

Manager.

41
 SELECTION

MEANING OF SELECTION

Selection is the process of carefully screening the candidates so as to identify and choose the

most suitable persons for the job vacancies to be filled. It is the process of dividing the

candidates into 2 categories –

a) Those who are to be employed

b) Those who are to be rejected

It is called a negative process because unsuitable candidates are eliminated or rejected in

order to identify the suitable candidates. The number of candidates rejected are much more

than those actually selected.

PROCEDURE OF SELECTION

42
1. Preliminary Screening – The purpose of a preliminary interview is to see whether the

candidate is apparently suitable physically and me tally for the job. This is essentially to

see whether the candidate fulfils the minimum qualifications. The preliminary screening

aims to eliminate the unsuitable candidates. Candidates processing the minimum

qualifications and having some chance of being selected are given the prescribed

application form known as application blank.

2. Application Blank – The candidates are required to give full information about their

age, qualifications, family background, aptitudes and interests etc. in the application

blank. The application blank provides a detailed written record about the candidate. The

details given in the application form serve as a basis for interviewing the candidate.

3. Selection Tests – Candidates are asked to appear for written or other tests. These tests

are based on the assumption that human traits and work behaviour can be predicted by

sampling. The aim of tests is to measure such skills and aptitudes which are necessary

for performing the job efficiently. Tests are more useful in identifying and eliminating

unsuitable candidates. The main types of employment tests are –

a) PROFICIENCY TESTS – These tests are designed to measure the skills and

knowledge which a candidate already possesses. They are helpful in verifying

a candidate’s claim about his knowledge and skills.

b) SKILL TEST – It seeks to measure how quickly and efficiently a candidate

performs the job in question.

c) APTITUDE TEST – These tests are designed to measure the potential for

acquiring necessary knowledge and skills for doing a job well in future.

d) PERSONALITY TEST – It seeks to measure temperament and emotional

make up of a person. It includes clues to a person’s emotions, maturity level

and va lue system.

43
4. Selection Interview – It involves a formal and face-to-face conversation between the

employer and the candidate. The selector asks job related and general questions.

Interviews should be conducted in a proper physical environment. The interviewer

should pay full attention to what the candidate says.

5. Medical or Physical Examination – Candidates who are found suitable after interview

are called for a physical examination. A medical check-up of such candidates is done by

a panel of doctors to ensure that they are healthy and physically fit for the job.

6. Checking References – Every candidate is required t state in the application form the

names and addresses of at least 2 responsible persons who know him. These persons are

contacted in writing or over telephone to collect information about the background,

abilities, and character of the candidate.

7. Final Approval – The candidates who are found suitable after the medical check-up and

background investigation are formally appointed by issuing appointment letters to them.

Once the candidate accepts the job offer, a written contract of employment is made

between the employer and the candidate.

44
COMPETITORS
INFORMATION

45
 Life Insurance Corporation

LIC is an autonomous body authorized to run the life insurance business in India with its

head office in Mumbai. It has been established by an act of the Parliament and started

functioning from 01.09.1956. LIC is the biggest insurance player in the country.

 Bajaj Allianz Life Insurance

Bajaj Allianz Life Insurance is a union between Allianz SE, one of the largest insurance

company and Bajaj Finserv. Allianz SE is a building insurance conglomerate globally and

one of the largest asset manager in the world, managing assets worth over a Trillion.

 ING Vysya Life Insurance

It is a part of the ING Group the world’s largest financial services corporation entered the

private life insurance industry in India in September 2001. Headquartered at Bangalore.

 Max New York Life Insurance

Max New York Life Insurance Company Limited is a joint venture between Max India

Limited, a multi-business corporate, and New York Life International, a global expert in life

insurance. Max New York Life Insurance started its operations in India in 2000. It is the

first life insurance company in India to be awarded the ISO 9001-2000 certifications.

 SBI Life Insurance

With SBI Life, we can take care of such happy and unhappy surprises of life: it makes this a

bit easier, so that there is no worry about your children’s education, or your family’s future.

As the tagline says for SBI “With SBI Life, you’re sure”.

46
 Tata AIG Life Insurance

Tata AIG Life Insurance Company Limited is a joint venture company, formed by the Tata

Group and American International Group Inc. Tata AIG Life combines the Tata Group’s

pre-eminent position in India and AIG’s global presence as the world’s leading international

insurance and financial services organization. Tata AIG Life provides insurance solutions to

individuals and corporates.

47
SWOT ANALYSIS
OF THE COMPANY

48
 MEANING OF SWOT ANALYSIS

A SWOT analysis is a planning process that helps the company overcome challenges. “SWOT”

stands for strengths, weaknesses, opportunities and threats.

The key purpose of SWOT is to identify the strategies that will create a firm specific business

model that will best align an organization’s resources and capabilities to the requirements of

the environment in which the firm operates.

 STRENGTHS

 Diversified product portfolio which provides various option to the customer to opt

different plans for every age or income groups.

 It is one of the India’s largest insurance companies which is ranked in top 3 private

segment companies.

 Strong capital base and brand backing of reliance and nippon life insurance company.

 The company provides service globally.

 Innovation under Nippon Life X program, the company is modernizing its business.

 In recent years, the company strengthen its business by combined a number of

technology businesses to streamline its operation and develop stable supply chain.

 WEAKNESSES

 Make less advertisement expenditure as compared to other insurance companies due to

which the reach of their product to the customer is less.

 The controversies in the reliance capital leads to negative impact on the customer.

 Weak customer base due to lack of trust.

 Weak financial performance and the company is providing huge bonuses to its

49
 employees due to which there is lack of liquidity and reserve.

 The company’s product line has sone holes in it. This scarcity of options may allow its

competitor to foothold in the market.

 The organization structure is only consistent with the current business strategy, thus

expansion of the neighbouring products is limited.

 The company needs to invest in technology to integrate the process, which will increase

the scope of company to expand its business.

 OPPORTUNITIES

 In the fast-rising country, like India, there is a huge scope to serve the untapped market.

 The government’s green initiative also provides an option state and federal government

contractors to purchase their products.

 The company can invest significant amount of money in online platform and take

advantage by knowing their customer better and employing big data analytics to serve

their needs.

 THREATS

 Business is being affected by lower interest rates and gloomy economy.

 A shortage of experienced workers poses risk to Reliance Nippon Life Insurance

Company.

 Competitors threat to the company, because many of the insurance company set a strong

strategies to acquire the strong customer base.

 The growing strength of the local distributor poses a challenge as the competitors pay

local distributors bigger profit.

50
 RESEARCH
METHODOLOGY

51
INTRODUCTION OF RESEARCH METHODOLOGY

Research is a logical and systematic search for new and useful information on a particular topic.

Research methodology is a systematic way to solve a problem. It is a science of studying how

research is to be carried out. Essentially, the procedures by which researchers go about their

work of describing, explaining, and preceding phenomenon are called research methodology.

RESEARCH DESIGN

A good research design has characteristics, problem definition, time required for research

project and estimate of expenses to be incurred. The function of research design is to ensure

that the required data is collected accurately and economically. A research design is purely and

simply the framework for the study that guide the collection and analysis data. In this project

descriptive research design is used.

 EXPLORATORY RESEARCH

Exploratory research is the research in which we don’t know about the problem, we

have to find the problem and then work on solving it.

 DESCRIPTIVE RESEARCH

In descriptive research we know the problem, we just have to find the solution to the

problem.

RESEARCH TOOL

A researcher requires many data gathering tools and techniques. Tools may vary in complexity,

interpretation, design and administration. Each tool is suitable for the collection of certain type

of information.

52
DATA COLLECTION

The data has been collected from both the primary and secondary data.

 PRIMARY DATA – The data which is collected by the researcher himself and is

directly collected from the source. It can be collected through surveys, observations,

questionnaire, personal interviews, etc.

 SECONDARY DATA – The data which is already published and available to the

researcher. It can be collected through newspaper, magazines, journals, internet, etc.

LIMITATIONS OF THE STUDY

 Time was the biggest limitation. The project requires a thorough study which requires

a considerable amount of time

 The study is based on both primary as well as secondary data and has the limitations

pertaining to the usage of both kinds of data

 Respondents may be biased while filling the questionnaire.

53
DATA ANALYSIS
AND
INTERPRETATION

54
RESPONDENTS PROFILE FOR AGENCY MANAGERS

Table – 01

The table showing from which segment do people come and are ready to do the job of Life
Advisor :

Segments No. of respondents Percentage of respondents (%)

Students (Freshers) 12 60%

Businessman 2 10%
Government Employees 2 10%
Housewives 1 5%
Retired Person 3 15%
Total 20 100%

Graph – 01

The graph showing from which segment do people come and are ready to do the job of Life
Advisor :

Percentage of respondents (%)

70

60

50

40

30

20

10

0
students businessman government housewives retired person
employees

Interpretation – From the graph, it can be depicted that majority of the respondents are
freshers and are ready to do the job of Life Advisor as Students (freshers).

55
Table – 02
The table showing the various sources of recruitment :

Sources of recruitment No. of respondents Percentage of respondents (%)

Employment Exchange 5 25%

Consultancy Firms 4 20%
Campus Interview 2 10%
Calling on random number 6 30%
References 3 15%
Total 20 100%

Graph – 02

The graph showing the various sources of recruitment :

Percentage of respondents (%)

35%

30%

25%

20%

15% 30%
25%
10% 20%
15%
5% 10%

0%
Employment Consultancy Firms Campus Interview Calling on random References
Exchange number

Interpretation – According to the graph, it can be depicted that the main source of
recruitment was calling on random numbers.

56
Table – 03

The table showing the various quality you want to see in your Life Advisor :

Qualities No. of respondents Percentage of respondents (%)

Communication Skills 6 30%
Commitment 4 20%
Confidence 6 30%
Social Circle 3 15%
Punctuality 1 5%
Total 20 100%

Graph – 03

The graph showing the various quality you want to see in your Life Advisor :

Percentage of respondents (%)

5%
15% Communication Skills
30%
Commitment
Confidence
Social Circle
30% Punctuality
20%

Interpretation – From the graph, it is depicted that communication skills and confidence are
the main qualities which the agency managers want to see in the Life Advisor.

57
Table – 04

The table showing how many Life Advisor attend the regular training sessions organized by
company :

No. of people (in %) No. of respondents Percentage of respondents (%)

Below 20 % 1 5%
20-40 % 2 10%
40-60 % 8 40%
60-80 % 5 25%
Above 80 % 4 20%
Total 20 100%

Graph – 04

The graph showing how many Life Advisor attend the regular training sessions organized by
company :

Percentage of respondents (%)

5%
20% 10%

25%
40%

Below 20 20-40 40-60 60-80 Above 80

Interpretation – According to the graph, it is depicted that 40-60% Life Advisor attend the
training sessions organized by the company.

58
Table – 05

The table showing how much time the company can retain the active Life Advisor:

Time (in years) No. of respondents Percentage of respondents (%)

0-1 year 8 40%

1-2 year 8 40%
2-3 year 1 5%
3-4 year 2 10%
4-5 year 1 5%
Total 20 100%

Graph – 05

The graph showing how much time the company can retain the active Life Advisor:

Percentage of respondents (%)

4-5 year
3-4 year 5%
2-3 year10%
0-1 year
5%
40%

1-2 year
40%

0-1 year 1-2 year 2-3 year 3-4 year 4-5 year

Interpretation – From the graph, it is depicted that a company can retain Life Advisors only
for a period of 0-2 years and after that the employees change their company and join some other
life insurance company.

59
Table – 6

The table showing how much percentage of Life Advisor got promotion within the company :

Promotion No. of respondents Percentage of respondents (%)

10-20% 8 40%
21-30% 8 40%
31-40% 2 10%
41-50% 2 10%
51-60% 0 0%
Total 20 100%

Graph – 06

The graph showing how much percentage of Life Advisor got promotion within the company :

PERCENTAGE OF RESPONDE NT S (%)

10%

10%

40%

40%

0% 5% 10% 15% 20% 25% 30% 35% 40% 45%

Interpretation – From the graph, it is depicted that a very small probability of promotion
could happen within the company which is 10-30% only.

60
Table – 07

The table showing whether Life Advisor are doing good job or not :

Response No. of respondents Percentage of respondents (%)

Strongly Agree 5 25%
Agree 3 15%
Neutral 4 20%
Disagree 6 30%
Strongly Disagree 2 10%
Total 20 100%

Graph – 07

The graph showing whether Life Advisor are doing good job or not :

Percentage of respondents (%)

35%

30%
30%

25%
25%

20%
20%

15%
15%

10%
10%

5%

0%
Strongly Agree Agree Neutral Disagree Strongly Disagree

Interpretation – From the graph, it is depicted that most of the agency managers are not
satisfied with the performance of the Life Advisor.

61
Table – 08

The table showing in which segment do Life Advisors want to give more priority :

Segments No. of respondents Percentage of respondents (%)

Students (Freshers) 3 15%

Businessman 1 5%
Government Employees 8 40%
Housewives 0 0%
Retired Person 8 40%
Total 20 100%

Graph – 08

The graph showing in which segment do Life Advisors want to give more priority :

Percentage of respondents (%)

40%

30%

20%

10%

0%
STUDENTS BUSINESSMAN GOVERNMENT HOUSEWIVES RETIRED PERSON
(FRESHERS) EMPLOYEES

Percentage of respondents (%)

Interpretation – From the graph, it is depicted that managers want to recruit government
employee and retired person more as compare to others.

62
RESPONDENTS PROFILE FOR LIFE ADVISORS

Table – 01

The table showing the qualification of Life Advisors :

Qualification No. of respondents Percentage of respondents (%)

12th 2 10%
Graduation 12 60%
Post-graduation 4 20%
Professional Course 2 10%
Any Other Course 0 0%
Total 20 100%

Graph – 01

The graph showing the qualification of Life Advisors :

Percentage of respondents (%)

70%

60%

50%

40%

30%

20%

10%

0%
12th Graduation Post-graduation Professional Course Any Other Course

Percentage of respondents (%)

Interpretation – From the graph, it is depicted that most of the Life Advisors are graduates.

63
Table – 02

The table showing the marital status of Life Advisors :

Marital Status No. of respondents Percentage of respondents (%)

Married 8 40%
Unmarried 12 60%
Total 20 100%

Graph – 02

The graph showing the marital status of Life Advisors :

Percentage of respondents (%)

40%
Married
Unmarried
60%

Interpretation – From the graph, it is depicted that more than half of the employees are
unmarried.

64
Table – 03

The table showing the number of years lived in Gurgaon :

Living Status No. of respondents Percentage of respondents (%)

Below 5 years 4 20%
5-10 years 6 30%
10-15 years 3 15%
15-20 years 5 25%
Above 20 years 2 10%
Total 20 100%

Graph – 03

The graph showing the number of years lived in Gurgaon :

Percentage of respondents (%)

35%

30%

25%

20%

15%

10%

5%

0%
Below 5 years 5-10 years 10-15 years 15-20 years Above 20 years

Percentage of respondents (%)

Interpretation – From the graph, it is depicted that 30% of the respondents are living in
Gurgaon since 5-10 years.

65
Table – 04

The table showing your annual family income :

Family Income No. of respondents Percentage of respondents (%)

Below 50000 0 0%
50000-100000 2 10%
100000-200000 4 20%
200000-300000 6 30%
Above 300000 8 40%
Total 20 100%

Graph – 04

The graph showing your annual family income :

Percentage of respondents (%)

0% 10%
Below 50000

40% 20% 50000-100000

100000-200000
200000-300000
Above 300000
30%

Interpretation – From the graph, it is depicted that 40% of the respondents have annual
family income above Rs.300000.

66
Table – 05

The table showing whether you are satisfied with the training sessions provided by the
company:

Responses No. of respondents Percentage of respondents (%)

Strongly Agree 0 0%
Agree 12 60%
Neutral 2 20%
Disagree 6 30%
Strongly Disagree 0 0%
Total 20 100%

Graph – 05

The table showing whether you are satisfied with the training sessions provided by the
company:

Percentage of respondents (%)

0%
Strongly Agree
30%
Agree
Neutral
60% Disagree
10% Strongly Disagree

Interpretation – From the graph, it is depicted that 60% of the respondents are satisfied with
the training sessions provided by the company.

67
Table – 06

The table showing the satisfaction with commission of Life Advisor :

Responses No. of respondents Percentage of respondents (%)

Strongly Agree 0 0%
Agree 5 25%
Neutral 0 0%
Disagree 15 75%
Strongly Disagree 0 0%
Total 20 100%

Graph – 06

The graph showing the satisfaction with commission of Life Advisor :

Percentage of respondents (%)

0%

25%

0%

75%

Strongly Agree Agree Neutral Disagree Strongly Disagree

Interpretation – From the graph, it is depicted that most of the respondents are dissatisfied
with the commission of the Life Advisors.

68
Table – 07

The table showing the satisfaction with promotion policy of the company :

Responses No. of respondents Percentage of respondents (%)

Strongly Agree 1 5%
Agree 3 15%
Neutral 2 10%
Disagree 13 65%
Strongly Disagree 1 5%
Total 20 100%

Graph – 07

The graph showing the satisfaction with promotion policy of the company :

Percentage of respondents (%)

5% 5%
15%

10%

65%

Strongly Agree Agree Neutral Disagree Strongly Disagree

Interpretation – From the graph, it is depicted that 65% of the respondents are dissatisfied
with the promotion policy of the company.

69
Table – 08

The table showing whether the job is being done as part-time or a full-time job :

Type of job No. of respondents Percentage of respondents (%)

Part-time job 8 40%

Full-time job 12 60%
total 20 100%

Graph – 08

The graph showing whether the job is being done as part-time or a full-time job :

Percentage of respondents (%)

Part-time job
40%
Full-time job Part-time job
60%
Full-time job

Interpretation – From the graph, it is depicted that 60% of the people do it as a full-time
job.

70
 FINDINGS,
SUGGESTIONS &
CONCLUSION OF
THE STUDY

71
FINDINGS OF THE STUDY

 The agency managers cannot retain the Life Advisor in company.

 There are very less number of Life Advisor who got promotion within the company.

 About half number of Life Advisor are not attending the training sessions provided by

company.

 Most of the Agency Managers are not satisfied with the performance of Life Advisor.

 Most of the Life Advisor are not satisfied with their commission & promotion policy

of company.

 Agency managers mainly focus on students or freshers for life advisors.

SUGGESTIONS OF THE STUDY

 Company should focus more on profiles of Life Advisor while recruiting them, for

example, company should recruit people at the age of 28-32 years, company should

prefer married people who have a higher level of responsibility and company should

give preference to female life advisors such as female entrepreneurs, divorced women.

 Company should do some amendments in their promotion policy like they should do

internal promotion and stress on succession planning.

 Company tries to retain their active Life Advisors by giving some lucrative incentives

quarterly bonus, tours based on their performance.

 Company should do more interesting training sessions with the help of audio visuals

two-way communication, activities, practical training etc.

 Company should give more focus on advertisements so that they can lure more people.

72
CONCLUSION

As we know Recruitment is distinct from Selection. Once the required number and kind of

human resources are determined, the management has to find the places where the required

human resources are/will be available and also they have to find the means of attracting them

towards the organization before selecting suitable candidates for jobs. The present study has

been done to analyze the effectiveness of recruitment process at Reliance Life Insurance This

study reveals that the company is not able to recruit potential Life Advisors. Also the Life

Advisors are dissatisfied with their commission and promotion policy.

At the end of the study, we can conclude that though there is satisfactory recruitment process

but company have to do some amendments in their recruitment process to get potential Life

Advisors like company should choose suitable segment for Life Advisor.

73
 BIBLIOGRAPHY

Books :

a) Blackman(2002), Human Resource Management, Tata Mcgraw Hill Publications.

b) Kotler Philips(2009),Marketing Management, Dorling Kindersley(India) Pvt.Ltd.

c) Kothari, C. R.(2005), Quantitative Technique, Vikas Publishing House Pvt.

Limited, New Delhi

d) Vecchio P Robert (2008), HRM Review, The ICFAI University Press

Websites

a) www.cither.com

b) www.bhartiaxalife.com

c) www.irda.nic.in

d) www.paradize.com

74
 QUESTIONNAIRE

Hello sir/madam,

I am an MBA student and conducting a very prestigious marketing research project on

“ Recruitment and Selection of Life Advisor in Reliance Nippon Life Insurance”. You

are requested to cooperate me by filling this questionnaire.

FOR AGENCY MANAGERS

NAME

GENDER a) Male b) Female

AGE a) Less than 25 b) 25-35 d) more than 35

1. From which segment people mostly ready to do the job of life advisor?

a) Students (Freshers)

b) Businessman

c) Government employee

d) Housewife

e) Retired person

75
2. What are the sources of recruitment?

a) Through employment exchange

b) Through consultancy firm

c) Through campus interview

d) Calling on random numbers

e) Through references

3. Which one of the following quality you want to see in your Life Advisor?

a) Good communication skill

b) Commitment

c) Confidence

d) Social circle

e) Punctuality

4. How many Life Advisors are attending regular training sessions organized by

company? (in %)

a) 0-20

b) 20-40

c) 40-60

d) 60-80

e) 80-100

76
5. How much time you retain your active Life Advisor?(in yrs)

a) 0-1

b) 1-2

c) 2-3

d) 3-4

e) 4-5

6. How much percent Life Advisor got promotion within company?

a) 0-20

b) 20-40

c) 40-60

d) 60-80

e) 80-100

7. Do you agree agents are doing good job?

Strongly Agree Agree Neutral Disagree Strongly Disagree

1 2 3 4 5

77
 8. Which segment do you want to give more priority?

a) Businessman

b) Government employee

c) Retired person

d) House-wife

e) Fresher

FOR LIFE ADVISORS

NAME

GENDER a) Male b) Female

AGE a) Less than 25 b) 25-35 d) more than 35

1. What is your qualification?

a) 12th

b) Graduation

c) Postgraduation

d) Professional course

e) Any other

78
2. Are you married?

a) Yes b) No

3. How much time you are living in Gurgaon? (in years)

a) 0-5

b) 5-10

c) 10-15

d) 15-20

e) Above 20

4. What is your family income? (in Rs per annum)

a) Below 50,000

b) 50,000-1,00,000

c) 1,00,000-2,00,000

d) 2,00,000-3,00,000

e) Above 3,00,000

5. Are you satisfied with training sessions provided by company?

Strongly Agree Agree Neutral Disagree Strongly Disagree

1 2 3 4 5

79
6. Are you satisfied with commission of LA’s ?

Strongly Agree Agree Neutral Disagree Strongly Disagree

1 2 3 4 5

7. Are you satisfied with promotion policy of company?

Strongly Agree Agree Neutral Disagree Strongly Disagree

1 2 3 4 5

8. You are doing which type of job ?

a) Part-time job

b) Full-time job

80