project report arli - yogesh
TRANSCRIPT
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A
SUMMER TRAINING REPORT
ON
SALES PLAN FOR SELLING THE PRODUCT
Submitted to
MAHARSHI DAYANAND UNIVERSITY, ROHTAK
In partial fulfillment of the requirementFor the award of the degree of
BACHELOR OF BUSINESS ADMINISTRATION(INDUSTRY INTEGRATED)
(IV Semester)
Submitted by
Name: Yogesh ChokenRegn. No.: 1130320034 Roll No. : 1190111228
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CERTIFICATE
This is to certify that Yogesh Choken, a student of the Maharishi Dayanand University,
Rohtak, has prepared his Training Report entitled SALES PLAN FOR SELLING THE
PRODUCT at AEGON Religare Life Insurance Company limited Company under my
guidance . He has fulfilled all his requirements leading to award of the degree of BBA (Industry
Integrated). This report is the record of bonafide training undertaken by his and no part of it has
been submitted to any other University or Educational Institution for award of any other
degree/diploma/fellowship or similar titles or prizes.
I wish his all success in life.
Signature of Faculty Guide:
Name of Faculty Guide:
Designation:
Qualifications:
Seal of the ELC:
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STUDENTS DECLARATION
I hereby declare that the Training Report conducted at
AEGON Religare Life Insurance Company Limited
Nehru Place
Under the guidance of
Mr. Lokesh Sharma
submitted in Partial fulfillment of the requirements for the Degree of
BACHELOR OF BUSINESS ADMINISTRATRION
(Industry Integrated)
TO
MAHARSHI DAYANAND UNIVERSITY,ROHTAK
Is my original and the same has not been submitted
for the award of any other Degree/Diploma/Fellowship
Or other similar titles or prizes.
Place: New Delhi Yogesh Choken
Date: July, 2013 Regn No.: 1130320034
Roll No.: 1190111228
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ACKNOWLEDGEMENT
The beatitude, bliss and euphoria that accompany successful completion of any task would be
incomplete without the expression of gratitude to the people who made it possible with their
every bit of help. As success in any work is credited to hard work, but without a proper guidance
it may be out of ones reach, so with reverence and honor we acknowledge all those who helped
us in carrying out this project successfully.
We avail this opportunity to express our profound sense of sincere and deep gratitude to
Mr. LOKESH SHARMA who guided us with his valuable help in channelizing our effort in
the right direction during the course of the project.
We are also grateful people who filled in the questionnaire and provided us the inputs so that the
sampling data could the prepared.
Last but not the least, we are very much thankful to our friends and well-wishers and all others
who have been instrumental in completion of this work.
.
(Yogesh Choken)
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CONTENTS
Front Page
Certificate
Acknowledgement
Contents
Introduction
Organizational Profile
Product Portfolio
Research Objectives and Scope of Research Project
Research Methodology and Limitations
Data Analysis, Interpretation and Presentation
Conclusion and Suggestions
Limitations
Annexure
References
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CHAPTER 1: INTRODUCTION
1.1 THE TOPIC : SALES PLAN FOR SELLING THE PRODUCT AT AEGON
RELIGARE LIFE INSURANCE, NEW DELHI
At Aegon Religare Life Insurance, We were assigned with the topic as Sales plan for selling the
product for my project work. The selection of the topic was in order to take know how do these
companies generates business through them.
Financial Consultants are those sources of a company who have their own relations and personal
contacts among common public that they use to generate business through.
Company has certain criteria to recruit these Financial Consultants. The steps are as follows.
He should be at least 12 th passed. He should complete IRDA training. He should clear the IRDA exam. He should through successfully the exam and training.
Some other criteria:
He should have good personal contacts. He should have convincing power. He should be above 18 th year old.
Once he through all these steps of recruitment, he becomes the legal Financial Consultant of the
company and reserve the right to sale the policy to any prospect client also he is paid the
commission a certain percentage. There are some reward and tour package also.
1.2 REASON FOR SELECTION OF THIS TOPIC:
The financial sector is one of the booming and increasing leaps and bounce, some of the experts
say only 20% of Indian population is insured which means 80% Indian are not insured and
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therefore having a bright prospect of progress of this sector where I too would like to build my
career and be a part of success story.
The Financial consultants are another channel through which the company sales its policy. It is
really difficult to convince and sale a single policy but since these consultants have their contacts
which they can sale a single policy. Whereas I found my interest in dealing, interacting and
handling a team, because all this most of time park you in some critical zone which becomes
challenge for you and your responsibility becomes to solve the critical situation or problems.
1.3 IMPORTANCE TO THE COMPANY:
After interacting with companys marketing head I got to know that they have many Financial
Consultants but not getting the policies up to the expectations level of the company. Company is
really interested in knowing if there is any mistake or lacking somewhere in process of recruiting
and or the criteria they have fixed for the recruitment. The ultimate purpose of giving me this
topic was to revise its recruitment policy/process.
1.4 LEARNING FROM THE STUDY:
The process of recruitment of AEGON RELIGARE LIFE INSURANCE LTD. How is the training given? What are the criteria of selection? The culture of insurance company particularly of Aegon Religare. What are the problems faced by these financial consultants on daily basis? How to convince and convert the prospect client into real client?
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CHAPTER 2: ORGANIZATIONAL PROFILE
1.1 FORMATION OF COMPANY:
AEGON, an international life insurance, pension and investment company, Religare, a global
financial services group and Bennett, Coleman & company , Indias largest media house, have
come together to launch AEGON Religare Life Insurance Company Limited (ARLI). This
venture is dedicated to build a profitable customer-centric business with scale, providing a work
environment that fosters excellence and innovation. This joint venture will balance a
local approach with the power of an expanding global operation.
ARLI launched its pan-India operations in July, 2008 following a multi-channel distribution
strategy with a vision to help people plan their life better. The fulfillment of this vision is based
upon having a complete product suite, providing customised advice and enhancing the
overall customer experience through superior service.
ARLI has launched a suite of products that are focused on providing the customer with the
means to meeting their long-term financial goals. At the same time product development has
been founded on the tenet of providing the customer with great value. ARLI products such as
AEGON Religare iTerm Plan and AEGON Religare Future Protect Plan have been ranked
among the best in terms of value and have attracted many external accolades.
About AEGON
As an international life insurance, pension and investment company, AEGON has businesses in
over twenty markets in the Americas, Europe and Asia. With headquarters in The Hague, the
Netherlands, AEGON companies employ approximately 28,000 people and serve some 40
million customers across the globe. The companys common shares are listed on three stock
exchanges: Amsterdam, New York and London. AEGON has more than 160 years of experience
with its roots going back to 1844. AEGON holds 26% equity in ARLI.
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About Religare Enterprises Limited
Religare Enterprises Limited (REL) is a global financial services group with a presence across
Asia, Af rica, Middle East, Europe and the Americas. In India, Religares largest market, the
group offers a wide array of products and services ranging from insurance, asset management,
broking and lending solutions to investment banking and wealth management. The group has
also pioneered the concept of investments in alternative asset classes such as arts and films. With
over 10,000 employees across multiple geographies, Religare serves over a million clients,
including corporates and institutions, high net worth families and individuals, and retail
investors. REL hold 44% equity in ARLI.
About Bennett, Coleman & Company Limited
Bennett, Coleman & Company Limited (BCCL) , part of the mammoth Times Group, is Indias
largest media house. It reaches out to 2468 cities and towns all over India. The group owns and
manages powerful media brands like The Times of India, The Economic Times, Maharashtra
Times, Navbharat Times, Femina, Film fare, Grazia, Top Gear, Radio Mirchi, Zoom, Times
Now, Times Music, Times OOH, Private Treaties and indiatimes.com. All of its brands are
multinational in outlook, traditional at heart and national in spirit. From the very first edition on
November 3, 1838 the mammoth BCCL Group has come a long way. By way of the innovativeventure of Times Private Treaties , the BCCL Group holds 30% equity in ARLI.
Strong Parentage
AEGON
Life insurance pension investments
Presence in over 20 markets throughout the Americas, Europe and Asia. 5th largest life insurance company in the world based on revenue. Ranked 103 on the fortune 500 list. More than 5 crore customers worldwide. More than 31,500 employee worldwide
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Religare One of Indias leading integrated financial service group. Services in retail, wealth & industrial spectrums. Presence in more than 460 cities and town and more than 1550 locations across India. Population of india-103 crores(in 2008) 78% of households are aware of insurance products. Growth in no. of policies from 2006-2007 was 149%.
Insurance ownership is as low as 24% .
OUR PRESENCE
NORTH
Delhi-ZONE OFFICE
Amritsar, Chandigarh, Dehradun, Delhi- East of Kailsh, Delhi- Pitampura, Faridabad, Gurgaon,Jaipur, Jalandhar, Ludhiana, Noida, Panipat.
EAST
Kolkata-Zone office
Bhubaneswar, Guwahati, Kanpur, Lucknow,Raipur, Ranchi, Varanshi, Jamshedpur.
SOUTH
Banglore-Zone office
Banglore direct, Chennai, Cochin, Coimbatore, Hubli, Hyderabad, Manglore, Trissur,Trivandrum, Vizag, Salem.
WEST
Mumbai- office
Ahmedabad, Baroda, Bhopal, Indore, Belapur, Dadar, Nagpur etc.
52 offices in 42 cities across 16 states
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2.2 PRODUCT SCOPE:
AEGON RELIGARE LIFE INSURANCES offers a bouquet of insurance solutions to meet
every need. The company caters to both, individuals as well as to companies looking to provide
benefits to their employees.
For individuals, the company has a range of protection, investment, pension and savings plans
that assist and nurture dreams apart from providing protection. The customers can choose from a
range of products to suit their life-stage and needs.
For organizations they have a host of customized solutions that range from Group Term
Insurance, Gratuity, Leave Encashment and Superannuation Products. These affordable plans
apart from providing long term value to the employees help in enhancing goodwill of the
company.
The products of the company are categorized into various sections which are as follows:
A. INDIVIDUAL PRODUCTS
B. GROUP PRODUCTS
C. RURAL PRODUCTS
D. SOCIAL PRODUCTS
E. TAX BENEFITS
For Individuals, AEGON RELIGARE LIFE INSURANCES has a range of protection,
investment, pension and savings plans that assist and nurture dreams apart from providing
protection. Customer can choose from a range of products to suit his life-stage and needs.
For Organizations, AEGON RELIGARE LIFE INSURANCE has a host of customized
solutions that range from Group Term Insurance, Gratuity, Leave Encashment and
Superannuation Products. These affordable plans apart from providing long term value to the
employees help in enhancing goodwill of the company.
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Individual Products:
1. AEGON RELIGARE LIFE INSURANCE Children's Plan,
2. AEGON RELIGARE LIFE INSURANCE Endowment Assurance Plan,
3. AEGON RELIGARE LIFE INSURANCE Loan Cover Term Assurance Plan,
4. AEGON RELIGARE LIFE INSURANCE Money Back Plan,
5. AEGON RELIGARE LIFE INSURANCE Personal Pension Plan,
6. AEGON RELIGARE LIFE INSURANCE Single Premium Whole Of Life Plan,
7. AEGON RELIGARE LIFE INSURANCE Term Assurance Plan,
8. AEGON RELIGARE LIFE INSURANCE Unit Linked Endowment,
9. AEGON RELIGARE LIFE INSURANCE Unit Linked Endowment Plus,
10. AEGON RELIGARE LIFE INSURANCE Unit Linked Pension,11. AEGON RELIGARE LIFE INSURANCE Unit Linked Pension Plus,
12. AEGON RELIGARE LIFE INSURANCE Unit Linked Young Star,
13. AEGON RELIGARE LIFE INSURANCE Unit Linked Young Star Plus
At AEGON RELIGARE LIFE INSURANCES realize that not everyone has the same kind of
needs. Keeping this in mind, varied range of products that customer can choose from to suit all
needs. These will help secure customer future as well as the future of family.
Protection Plans:
Customer can protect his family against the loss of his income or the burden of a loan in the
event of his unfortunate demise, disability or sickness. These plans offer valuable peace of mind
at a small price.
AEGON RELIGARE LIFE INSURANCE Protection range includes Term Assurance Plan &
Loan Cover Term Assurance Plan.
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Investment Plans:
AEGON RELIGARE LIFE INSURANCE Single Premium Whole of Life plan is well suited to
meet long term investment needs. AEGON RELIGARE LIFE INSURANCE provides with
attractive long term returns through regular bonuses.
Pension Plans:
AEGON RELIGARE LIFE INSURANCES Life Pension Plans help secure financial
independence even after retirement. Pension range includes Personal Pension Plan, Unit Linked
Pension, and Unit Linked Pension plus Savings Plans.
Savings Plans:
AEGON RELIGARE LIFE INSURANCES Savings Plans offer flexible options to build savings
for future needs such as buying a dream home or fulfilling childrens immediate and future
needs.
Group Products:1. Group Term Insurance,
2. Group Variable Term Insurance,
3. Group Unit Linked Plan,
4. Gratuity Group Unit Linked Plan,
5. Superannuation Group Unit Linked Plan ,
6. Leave Encashment
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PRODUCT PORTFOLIO
AEGON RELIGARE LIFE INSURANCE offers products as per the life stages of the customersand their respective needs.
Your insurance need will change as your life does, from starting to work to enjoying your golden
years and all the stages in between. Each one of these stages may pose a different insurance
need/cover for you. In this section, we have drawn up the basic life stages and help you analyze
various insurance needs accordingly.
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LIFE STAGES & NEEDS IN HAT STAGES:
STAGE 1: YOUNG & SINGLE
An important stage where one lays down the foundation of a successful life
ahead. Take advantage of the time and power of compounding to ensure that you
build up your dreams. Start saving early.
NEEDS : Save for Home & Wedding Tax Planning Save for Golden Years
STAGE 2: JUST MARRIED
Marriage brings about a significant change. New dreams and new
opportunities also bring in additional responsibilities. While both of you look
forward to a happy and secure life, it is equally important to ensure that
eventualities dont come in the way of shaping your dreams.
NEEDS :
Planning for home / securing your home loan liability. Save for vacation. Save for your first child.
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STAGE 3: PROUD PARENTS
Once you have children, your need for life insurance is even more. You need
to protect your family from an untoward incident. Ensure your protection
umbrella takes into account the future cost of securing your childs dream.
You will want life to go on for your loved ones, and having enough life insurance is a way to
help ensure that.
NEEDS:
Provide for children's education
Safeguarding family against loan liabilities Savings for post-retirement
STAGE 4: PLANNING FOR RETIREMENT
While you are busy climbing the ladder of success today, it is important for
you to take time and plan for your life after retirement. Having an early start
for retirement planning can make a significant difference to your savings.
Think about your golden years even before you have reached them. The key
is to think ahead and plan well using your time and money.
NEEDS
Provide for regular income post retirement
Immediate Tax benefits Lead a secure, independent and comfortable life style in your retirement years.
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COMPARITIVE ADVANTAGE OVER COMPETITORS PRODUCT:
I compared two products, ICICI smart kid unit link and AEGON RELIGARE LIFE
INSURANCE young star, in both the policies parent is insured and child in nominee or
beneficiary,
Both the policies contains same features, only additional rider is available in smart kid is
income benefit rider (IBR), how this rider works? this rider comes in the picture when the
parent expires or becomes permanent disable at that time this rider pay 10% of sum
assurance to nominee,
AEGON RELIGARE LIFE INSURANCE Young star offers Insurance Cover up to 20
Times of Annual Premium. You may Pay Rs. 30000 per year & take Insurance Cover of
Rs. 6 Lacs.
You may take Critical Illness Rider in AEGON RELIGARE LIFE INSURANCE Young
star up to 65 years Age(as it Cheaper than other ULIPS ).
The returns from AEGON RELIGARE LIFE INSURANCE Tax saver, AEGONRELIGARE LIFE INSURANCE Advantage fund are better than the returns from
AEGON RELIGARE LIFE INSURANCE Standard Life Equity Fund.
AEGON RELIGARE LIFE INSURANCE Standard ULIP Returns are over 70% in last 1
year.
AEGON RELIGARE LIFE INSURANCE Young star with Maximum Insurance Cover
of Rs.3.6 Lacs
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2.3 MILESTONES IN THE HISTORY
AEGON RELIGARE LIFE INSURANCE is Indias leading housing finance institution
and has helped build more than 23, 00,000 houses since its incorporation in 1977.
In Financial Year 2003-04 its assets under management crossed Rs.36,000Cr. As at March 31, 2004, outstanding deposits stood at Rs. 7,840 crores. The depositor
base now stands at around 1 million depositors.
Rated AAA by CRISIL and ICRA for the 10th consecutive year Awarded The Economic Times Corporate Citizen of the year Award for its long-standing
commitment to community development.
Presented the Dream Home award for the best housing finance provider in 2004 at the
third Annual Outlook Money Awards Aegon Religare Life Insurance is the first private life insurance company to be granted a
license by IRDA
Rated as the "Best New Insurer - 2003" by Outlook Money magazine, Indias number 1
personal finance magazine
Rated by Business world as Indias Most Respected Private Life Insurance Company
in 2004.
Has the highest brand recall, close to 80% (Source: AC Neilson ORG MARG, April2005)
Has one of the widest branch networks with offices in over 100 cities servicing over 440
towns
2.4 COLLABORATIONS & AFFILIATIONS:
SUBSIDIARY AND ASSOCIATE COMPANIES:
AEGON RELIGARE LIFE INSURANCE Bank AEGON RELIGARE LIFE INSURANCE Mutual Fund
http://www.hdfcbank.com/http://www.hdfcfund.com/http://www.hdfcfund.com/http://www.hdfcbank.com/ -
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AEGON Religare Life Insurance Company HLSIL
AEGON RELIGARE LIFE INSURANCE Chubb General Insurance Company Ltd.
PARAMETERS PR-MAR 2007-
8 (Rs.Cr)
PR-MAR
008-09 (Rs.Cr)GROWTH (%)
Total received premium 668.40 1532.21 129.23
New business 486.15 1028.94 111.65
Renewal 182.25 503.27 103.47
Effective Premium Income 436.08 887.30 103.47
http://www.hdfcinsurance.com/http://pop%28%27/hlsil.htm')http://www.hdfcchubbindia.com/http://www.hdfcchubbindia.com/http://pop%28%27/hlsil.htm')http://www.hdfcinsurance.com/ -
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668.4
486.15
182.25
436.08
49.4
1532.21
1028.94
503.27
887.3
135.15129.23 111.65 103.47 103.47173.58
0
200
400
600
800
1000
1200
1400
1600
1800
Total receivedpremium
New business Renewal Effective PremiumIncome (Total)
Group BusinessPremium (EPI)
GRAPH OF FINANCIAL RESULT
APR-MAR 2004-05 (Rs.Cr) APR-MAR 2005-06 (Rs.Cr) GROWTH (%)
(Total)
Group Business Premium (EPI) 49.40 135.15 173.58
2.6 TABLE OF FINANCIAL FIGURES:
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2.8 ORGANIZATION CHART:
Chairman
MD
Retail Marketing Alternative Channel Operation Channel Human Resource
Regional Manager
Zonal Manager
Territory Manager
Branch Manager
Asst. B.M.
Business Dev. Mgr.
Sales Dev. Mgr.
Territory Manager
Branch Manager
Channel Executive
Team Manager
Operation Manager
HR Executive
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CHAPTER 3: RESEARCH OBJECTIVES & SCOPE OF RESEARCH
PROJECT
3.1 PROBLEM DEFINATION:
Recruit consultants were with good background human being and through rigorous process of
recruitment but still not able to perform up to the expectation level of company, HR is not able to
short out the problem why the performance is not coming even after giving the full marketing
support.
3.2 OBJECTIVES OF RESEARCH PROJECT:
PRIMARY OBJECTIVES:
To recruit more and more Financial Consultant and to promote the benefits those are
provided by AEGON RELIGARE LIFE INSURANCES to its Financial Consultants
To find the different way of recruiting and selecting the Financial Consultants who can
produce more and fruitful results.
To study awareness of the AEGON Religare Life Insurance
SECONDARY OBJECTIVES:
To determine the need and purpose of Financial Consultant. To understand the deciding criteria for people to become Financial Consultant. To collect and analysis the information of prospect candidates in order to make them
appear in front of management so that they can be selected as Financial consultant.
To offer suggestions based upon the findings.
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3.3 GEOGRAPHICAL SCOPE:
The same problem was with the all other branches of AEGON RELIGARE LIFE INSURANC
Even out of the Pune city. The management is conducting the same research on a big ground
while my contribution is tiny. Though my sample size and geographical area was defined and
confine to a particular territory but the application of out put from the research are going to be
wide.
3.4 PROJECT SCOPE:
Market segmentation to find the potential consultants for AEGON RELIGARE LIFE
INSURANCE.
To customize benefit package for consultants and help them to overcome their agency
problem arising out of their sedentary nature of work.
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CHAPTER 4: RESEARCH METHODOLOGY & LIMITATIONS
All the findings and conclusions obtained are based on the survey done in the working area
within the time limit. We tried to select the sample representative of the whole group during my job training. We have collected data from Chartered Accountants, Tax Consultants,
Businessman, Share Brokers, Lawyers, Working Professionals, House Wives and Retired
Persons in New Delhi.
RESEARCH PLAN:
1. Preliminary Investigation: In which data on the situation surrounding the problems shall be
gathered to arrive at
The correct definition of the problem. An understanding of its environment.
2. Exploratory Study: To determine the approximate area where the problem lies.
4.1 RESEARCH DESIGN:
Research was initiated by examining the secondary data to gain insight into the problem. By
analyzing the secondary data, the study aim is to explore the short comings of the present system
and primary data will help to validate the analysis of secondary data besides on unrevealing the
areas which calls for improvement.
DEVELOPING THE RESEARCH PLAN:
The data for this research project has been collected through Self Administration. Due to timelimitation and other constraints direct personal interview method is used. A structured
questionnaire was framed as it is less time consuming, generates specific and to the point
information, easier to tabulate and interpret. Moreover respondents prefer to give direct answers.
In questionnaires open ended and closed ended, both the types of questions has been used.
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COLLECTION OF DATA:
1: Secondary Data: It was collected from internal sources. The secondary data was collected on
the basis of organizational file, official records, news papers, magazines, management books,
preserved information in the companys database and website of the company.
2: Primary data: All the Chartered Accountants, Tax Consultants, Insurance Agents, Auto loan
providers were personally visited and interviewed. They were the main source of Primary data.
The method of collection of primary data was direct personal interview through a structured
questionnaire.
4.2 SAMPLING PLAN:
Since it is not possible to study whole universe, it becomes necessary to take sample from the
universe to know about its characteristics.
Sampling Units: Chartered Accountants, Tax Consultants, Lawyers, Business Man,
Professionals and House Wives of IIT Delhi
Sample Technique: Random Sampling.
Research Instrument: Structured Questionnaire. Contact Method: Personal Interview.
4.3 SAMPLE SIZE:
My sample size for this project was 200 respondents. Since it was not possible to cover the
whole universe in the available time period, it was necessary for me to take a sample size of 200
respondents.
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4.4 DATA COLLECTION INSTRUMENT DEVELOPMENT:
The mode of collection of data will be based on Survey Method and Field Activity. Primary data
collection is based on personal interview. I have prepared the questionnaire according to the
necessity of the data to be collected.
4.5 RESEARCH LIMITATIONS:
It was not possible to understand thoroughly about the different marketing aspects of the
Financial Consultant within 90 days.
As stipend, money was not given it was difficult to continue the project work.
All the work was limited in some limited areas of New Delhi so the findings should not
be generalized.
The area of research was New Delhi; It was too vast an area to cover within 90 days.
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CHAPTER 5: DATA ANALYSIS, INTERPRETATION AND PRESENTATION
1. Your Age?
TABLE
Sr. No. Category No. of Respondents Percentage
1 18-23 Years 40 20%
2 24-29 Years 70 35%
3 30-35 Years 60 30%
4 35 & above 30 15%
Total 200 100%
Base 200 respondents
GRAPH
InterpretationFrom the table and graph above it can be seen that
20% respondents age are 18 to 23 years. 35% respondents age are 27 to 29 years. 30% respondents age are 30 to 35 years. 15% respondents age are 35 to above years .
20%
35%
30%
15%
Age of Respondents
18-23 Years
24-29 Years
30-35 Years
35 & above
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2. Marital status?
TABLESr. No. Category No. of Respondents Percentage
1 Married 140 70%
2 Unmarried 60 30%
Total 200 100%
Base 200 respondents
GRAPH
Interpretation
From the table and graph above it can be seen that 70% respondents are married. 30% respondents are unmarried.
70%
30%
Marital Status
Married
Unmarried
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3. Educational Qualification?
TABLE
Sr. No. Category No. of Respondents Percentage
1 Under graduate 50 25%
2 Graduate 80 40%
3 Post graduate 70 35%
Total 200 100%
Base 200 respondents
GRAPH
Interpretation
From the table and graph above it can be seen that 25% respondent s are under graduate. 40% respondents are Graduate.
35% respondents are Post graduate.
25%
40%
35%
Educational Qualification of Respondents
Under graduate
Graduate
Post graduate
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5. Your Occupation?
TABLE
Sr. No. Category No. of Respondents Percentage
1 Business 40 20%
2 Profession 108 54%
3 Service 52 26%
Total 200 100%
Base 200 respondents
GRAPH
Interpretation
From the table and graph above it can be seen that
20% respondent s Occupation is Business. 26% respondents Occupation is Profession.
54% respondents Occupation is Service
20%
54%
26%
Occupation
Business
Profession
Service
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6. Your annual household income?
TABLE
Sr. No. Category No. of Respondents Percentage
1 Less than 2 lacs 98 49%
2 Between 2 to 5 lacs 62 31%
3 Between 5to 8lacs 30 15%
4 More than 8 lacs 10 5%
Total 200 100%
Base 200 respondents
GRAPH
Interpretation
From the table and graph above it can be seen that
49% respondent s annual household income is less than 2 lacs. 31% respondents annual household income is between 2 to 5 lacs. 15% respon dents annual household income is between 5 to 8 lacs.
5% respondents annual household income is more than 8 lacs .
49%
31%
15%5%
Annual Household Income
Less than 2 lacs
Between 2 to 5 lacs
Between 5to 8lacs
More than 8 lacs
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7. Are you a member of a club/gymkhana?
TABLE
Sr. No. Category No. of Respondents Percentage
1 Yes 84 42%
2 No 116 58%
Total 200 100%
Base 200 respondents
GRAPH
Interpretation
From the table and graph above it can be seen that
42% respondents are member of a club/gymkhana.
58% respondents are not member of a club/gymkhana.
42%
58%
Mebership of Club/Gymkhana
YesNo
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8. What is your perception about insurance sector?
TABLE
Sr. No. Category No. of Respondents Percentage
1 Hard and lucrative 60 30%
2 Hard but not rewarding 18 9%
3 Smooth and rewarding 82 41%
4 No idea 40 20%
Total 200 100%
Base 200 respondents
GRAPH
Interpretation
From the table and graph above it can be seen that
30% respondent s perception about insurance sector is Hard & lucrative. 9% respondents perception about insurance sector is hard but not rewarding. 41% respondent s perception about insurance sector is Smooth & rewarding.
20% respondent s perception about insurance sector that they have no idea.
30%
9%
41%
20%
Perception About Insurance
1 Hard and lucrative
2 Hard but not rewarding
3 Smooth and rewarding
4 No idea
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9. Do you know about AEGON Religare Life Insurance ?
TABLE
Sr. No. Category No. of Respondents Percentage
1 Yes 164 82%
2 No 36 18%
Total 200 100%
Base 200 respondents
Interpretation
From the table and graph above it can be seen that
85% respondents are known about Aegon Religare Life Insurance.
15% respondents are not known about Aegon Religare Life Insurance.
10. Do you have any Insurance Policy?
TABLE
Sr. No. Category No. of Respondents Percentage
1 Yes 160 80%
2 No 40 20%
Total 200 100%
Base 200 respondents
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GRAPH
Interpretation
From the table and graph above it can be seen that
80% respondents have insurance policy.
20% respondents do not have insurance policy.
11. Name of Insurance Company?
TABLE
Sr. No. Category No. of Respondents Percentage
1 LICI 104 65%
2 ICICI 16 10%
3 AEGON RELIGARE
LIFE INSURANCE
8 5%
4 OTHERS 32 20%
Total 160 100%
Base 160 respondents
80%
20%
No. of Insured
Yes
No
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GRAPH
Interpretation
From the table and graph above it can be seen that
65% respondents are insured by LICI. 10% respondents are insured by ICICI. 20% respondents insured by AEGON RELIGARE LIFE INSURANCE.
5 % respondents insured by OTHERS.
12. Do you hold any license of any insurance company?
TABLE
Sr. No. Category No. of Respondents Percentage
1 Yes 70 35%
2 No 130 65%
Total 200 100%
Base 200 respondents
65%10%
5%
20%
No. of Respondents
LICI
ICICI
HDFC SLIC
OTHERS
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GRAPH
Interpretation
From the table and graph above it can be seen that
35% respondents are holding license of any insurance company. 65% respondents are not holding license of any insurance company.
13. Are you satisfied with the company?
TABLE
Sr. No. Category No. of Respondents Percentage
1 Yes 42 60%
2 No 28 40%
Total 70 100%
Base 70 respondents
35%
65%
License Holder of Insurance Co.
Yes
No
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GRAPH
Interpretation
From the table and graph above it can be seen that
60% respondents are satisfied with their insurance company. 40% respondents are not satisfied with their insurance company.
14. Do you know about Aegon Religare Life Insurance recruitment policies related to
financial consultant?
TABLE
Sr. No. Category No. of Respondents Percentage
1 Yes 82 41%
2 No 118 59%
Total 200 100%
Base 200 respondents
60%
40%
Satisfied License Holder
Yes
No
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15. Will you be interested to become Financial Consultant?
TABLESr. No. Category No. of Respondents Percentage
1 Yes 60 30%
2 No 140 70%
Total 200 100%
Base 200 respondents
GRAPH
Interpretation
From the table and graph above it can be seen that
30% respondents are interested to become financial consultant. 70% respondents are not interested to become financial consultant.
30%
70%
Interested to Become Financial Consultant
Yes
No
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16. Would you like to earn an additional income through a business opportunity with
AEGON RELIGARE LIFE INSURANCE?
TABLE
Sr. No. Category No. of Respondents Percentage
1 Yes 54 90%
2 No 6 10%
Total 60 100%
Base 60 respondents
GRAPH
Interpretation
From the table and graph above it can be seen that
90% respondents are interested to earn additional income. 10% respondents are not interested to earn additional income
90%
10%
Willing To Earn Additional Income
Yes
No
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CHAPTER 6: CONCLUSIONS & SUGGESTIONS
6.1 CONCLUSIONS:
AEGON RELIGARE LIFE INSURANCE, the insurance arm of AEGON RELIGARE LIFE
INSURANCE is expected to go on stream. Promoted by AEGON RELIGARE LIFE
INSURANCE & , already has good number of employees on board and is recruiting Financial
Consultants heavily to take the headcount to many more. It is on the brim of increasing its client
through its attractive schemes and offer.
The project opportunities provided was market segmentation and identifying prospective clients
in potential geographical location and for recruiting them as financial consultant so to explore
new Business Opportunity. Through this project, it could be concluded that people are not much
aware about the various benefit of being Financial Consultant that are currently prevailing in the
insurance industry.
Insurance was considered as unsought good which require hard core selling, but in changing
trend in income and people becoming financially literate, the demand for insurance is increasing
day by day. So, it is the company that first approaches gets its share of reward. Proper after saleservice can help the advisors to generate more business. Gradually people are realizing the fact
that insurance is not a necessary evil but means to attain worry free life.
This activity much attracts unemployed people as for them a source of income is a great help for
developing their future. Company s promotional activities for recruiting Financial Consultant are
also very less.
So, at last the conclusion is that there is tough competition ahead for the company from its major
competitors in terms of number of Financial Consultants.
Last but not the least I would like to thank AEGON RELIGARE LIFE INSURANCE for giving
me an opportunity to work in the field of Financial Consultant. I hope the company finds my
analysis relevant.
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6.2 SUGGESTIONS:
Finally some recommendations for the company are as follows:-
To make people aware about the benefit of becoming AEGON RELIGARE LIFE
INSURANCE Financial Consultant, following activities of advertisement should be done
through
1. Print Media.
2. Hoarding & Banners.
3. Stalls in Trade Fares
4. Distribution of leaflets containing details information.
5. Company can recruit sales promoters so that maximum information can be provided to the potential client.
By showing additional and alternative income source along with various schemes for
Financial Consultant in the company so that more and more FC can be recruited.
Free life cover for every active Financial Consultant. Discounted rate premium for its family members. Make people understand about the meaning of the IRDA authorization and its validity. Company should organize the program in the society, so that people will be aware about
the company.
Separate time slot for Working Professionals, House Wives and Retired people. Agency of non-life products should also be provided along with life. Company should open more branches in different cities
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CHAPTER 7: LIMITATIONS
Every work has its own limitation. Limitations are extent to which the process should not
exceed. Limitations of this project are:-
The project was constrained by time limit of two months. Mindset of people may vary depending upon their age, gender, income etc. Getting appointment from the concern person was very difficult. People mind set about the survey was an obstacle in acquiring complete information
& positive interaction. Respondents were very busy in their schedule. So it was very time taken in every
Questionnaire response by them.
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QUESTIONNAIRE
.
1. Your Age: ____________________
2. Education Qualification.
Undergraduate
Graduate
Post graduate
3. Marital Status.
Married
Single No. of Children: __________
4. Number Of years in New Delhi
Less than five years
More than five years
5. Occupation.
Business
Profession
Service (Please mention below the type of business/profession you are in incase of service please
mention your organization name and designation)
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6. Your annual household income.
than 8 lack
7. Are you a member of a club/gymkhana?
Yes
No
If yes, Name of the club /gymkhana_______________________________________
8. What is your perception about insurance sector?
Hard &lucrative Hard but not rewarding
Smooth &rewarding
No idea
9. Do you know about AEGON RELIGARE LIFE INSURANCESLIC?
Yes
No
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10. Do you have any insurance policy?
Yes
No 11. Name insurance company?
LIC ICICI AEGON RELIGARE LIFE INSURANCES OTHERS \
If others, please specify___________________________________________________
12. Do you hold any license of any insurance company?
Yes
No If yes, please specify which company________________________________________
Reason______________________________________________________________
13. Are you satisfied with the company?
Yes
No Reason specify_________________________________________________________
14. Do you know about AEGON RELIGARE LIFE INSURANCE SLICs recruitment policies
related to financial consultant?
Yes
No
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15. Will you be interested to become financial consultant?
Yes
No
16. Would you like to earn an additional income through a business opportunity with AEGON
RELIGARE LIFE INSURANCESTANDARD LIFE ?
YES
NO
17. If yes, how many hours in a week can you commit for this business opportunity?
______________________________________________________________________
Date:
Place: Signature
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BIBLIOGRAPHY
1.BOOKS AUTHORS Marketing Management (10 t Edition) Philip Kotler Marketing Management (3 r Edition) V.S. Ramaswamy Research Methodology (2 n Edition) Research Methodology
C.R.Kothari
S.P. Kasande
2. NEWS PAPERS Times of India Financial Express
3. WEBSITES
www.aegonreligare.com www.irda.com www.google.com