Selection and Recruitment of Life Advisors for Bharti-Axa Life Insurance Co Ltd.

Executive Summary: The CommInsure General Insurance (GI) business is a wholly owned subsidiary of the Commonwealth Bank of Australia (CBA) that has been offering Home and Motor Insurance products to Australian customers since 1975. In this time it has grown to become the sixth largest provider of personal insurance in Australia.

Life insurance is a form of insurance that pays monetary proceeds upon the death of the insured covered in the policy. Essentially, a life insurance policy is a contract between the named insured and the insurance company wherein the insurance company agrees to pay an agreed sum of money to the insured 's beneficiary. With a large population and the untapped market area insurance happens to be a very big opportunity in India. Today it stands as a business growing at the rate of 15-20% annually. Together with banking services, it adds about 7 percent to the country’s GDP. In spite of all this, the growth statistics of the penetration of the insurance in the country is very poor. Nearly 80% of Indian population is without life and health insurance cover. This is an indicator that growth potential for the insurance sector is immense in India. It was due to this immense growth that the regulations were introduced in the insurance sector and in continuation “Malhotra Committee” was constituted by the government in 1993 to examine the various aspects of the industry. The key element of the reform process was participation of overseas insurance companies with 26% capital. Creating a more competitive financial system suitable for the requirements of the economy was the main idea behind this reform.

21. Banerjee Amalesh and Singh S.K. (2002), Banking and Financial Sector Reforms in India, Deep and Deep Publications Pvt. Ltd., New Delhi-p.265 (Report of K. Madahav Rao Committee (1979)

Level playing field – The Indian insurance sector has both private and public sector players. However, the public sector players dominate the sector. If private players have to compete with the public sector firms on an equal footing, they need large infusions of capital in the form of

Actually it is not their fault, as they don’t get much exposure and not able to explore why insurance is important. This is good that Govt. is also encouraging the awareness of insurance by various schemes.

Starting from the year 2004 onward, the Bank realise that the amount keep increasing with the loan growth of 20% to 30% per annum. In early 2006 the Bank started to make it as a choice for the customer, weather to take insurance or not.

(b) A large number of government shareholdings in selected public sector enterprises is being offered to the public. Should a similar policy be adopted for insurance industry? If yes, how far should dis-investment go in order to make the insurance companies operationally autonomous, efficient and competitive?

The Malhotra Committee Report set the tone of change in the Indian insurance sector and deregulation followed subsequently. Indian cabinet approved the Insurance Regulatory Authority (IRA) Bill on 6 March 1999 which was aimed at liberalizing Indian life and general insurance industry. However, due to political instability the bill could not be ratified by the Indian parliament. The bill was subsequently termed as IRDA Act and passed in the Parliament on 7 December 1999. With the passing of the bill the monopoly position of LIC was removed and private companies were allowed to operate in the Indian insurance market. After the IRDA bill was passed in the Parliament, private insurance companies were given licenses to operate in the Indian market. Joint ventures between Indian and foreign companies were allowed but FDI was limited to 26 per cent of Rs 100 crore capitals of life companies and Rs 200 crore for non-life companies. Indian insurance market witnessed a silent revolution with the IRDA in place. IRDA, in the light of with its Mission Statement came out with several guidelines/circulars/orders in the interest of healthy growth of the Indian insurance industry, protection of consumers’ interest and orderly management of insurance companies. Mission Statement of IRDA.

In this article author Alka Sharma discuss about the economic reforms that took place in Indian financial sector. This type of reforms has gaining more importance as financial intermediaries and also help in opening new opportunity for growth and development of various financial services. As a result of this new reforms there is a shift in financial services from quantitative to qualitative services. Financial institution is highly

Motor insurance constitutes the largest segment of general insurance business in India with a share of around 46% in FY13, followed by Health and Personal Accident segment with 26% share and Fire & Engineering segment with 14% share.

The development of a country depends up on the consolidate development of all infrastructures like-agricultural sector, industrial sector, financial sector, technological sector etc. But developing all these structures is not easy. A lot of troubles and threats always hinder and make difficulties to success. The most difficult problem is financial risk. So if it is feasible to provide financial protection then most of the structural development will be achievable with minimal efforts. And the most well known practical method for handling financial risk is insurance. Delta Life Insurance Company Limited was incorporated in November 10, 1986 and is mainly engaged in Ordinary Life (OL), Group Insurance (GI), Health Insurance

It was the 10th Prime Minister of India, P. V. Narasimha Rao and his then Finance Minister Dr. Manmohan Singh, who set into motion, Phase 1 of the privatisation of the Indian Insurance Industry. The government was forced to act on the ‘globalization of India’ due to the country being economically weak and was suspected to be on the verge of bankruptcy. After the privatisation of the banking sector was looked into, the government setup a committee led by Chairman R. N. Malhotra in 1993 to propose change and reforms to be made in the Insurance Industry. The findings and recommendations of the committee in 1994 eventually led to the formation of the Indian Insurance regulator, the minor yet

In today’s dynamic environment, the insurance industry has witnessed many spectacular changes in terms of advancement in technology, strengthening of the existing customer base and acquiring new customers. In this age of information and uncertainty, more and more people have started recognising the importance of insurance. However, the present situation in the insurance industry is characterised by complexity and competitive situations. At present, insurance industry is one of the leading industry in India. There are about 30 players operating in both life and non-life segments and one is reinsurer. Today, the main

The minimum paid-up share capital of an insurer is RM 100 million while the supervisory Capital Adequacy Ratio (CAR) for an insurer must be higher than 130%. CAR can be obtained by dividing the total capital available by the total capital required and insurers must set their own CAR to reflect their own profile risks and have a CAR higher than the 130% required.

This is to certify that Mr.MUSHFIK HASNEN RIJVI, Enrollment No. 07/9176 has supervision his project report on RECURIMENT OF LIFE ADVISOR.