afreen project final1.doc

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A

PROJECT REPORT

ONRECRUITMENT AND SELECTION PROCESS AT

RELIANCE LIFE INSURANCE

SUBMITTED IN PARTIAL FULFILMENT FOR THE

REQUIREMENT OF THE DEGREE OF MASTER OF

BUSINESS ADMINISTRATION

TO

SIKKIM MANIPAL UNIVERSITY

SIKKIM

SUBMITTED BY:

AFREEN HUSSAIN

Roll No-1!"!!#$

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BONAFIDE CERTIFICATE

Certifed that this project report titled %&S'l'()*o+ ,

R'(.*)/'+) 0) R'l*0+(' L*' I+2.0+(' is the

bonafde work o AFREEN HUSSAIN who carried out the

project work under my supervision.

SIGNATURESIGNATUREABHISHEK SHUKLA M3 M0+*

S04'+05D*'()o65M0+07'/'+) 0(.l)86

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DECLARATION

I, A''+, Roll No.1!"!!#$9 M3B3A );

S'/'2)'< oSikkim anipal !niversity, Sikkim hereby declare that "roject

Report entitled, R'(.*)/'+) 0+= S'l'()*o+ Po('22 0)

R'l*0+(' L*' I+2.0+(' 9 is an ori#inal work and the same

has not been submitted to any other institute or the award

o any other de#ree.

A''+ H.220*+

$%&'&&%()%

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y overridin# debts continue to be to the mana#ement and

all employees o R'l*0+(' L*' I+2.0+(' o their co

operation and #uidance, which made my summer trainin#

project possible.

/inally I would like to #ive special thanks to my amily and

my riends who make it all happen and make it worthwhile.

A''+ H.220*+

EECUTIVE SUMMARY

*he insurance sector has #one throu#h a number o phases

and chan#es. Since $000, when the #overnment opened upthe insurance sector by allowin# private companies to solicit

insurance and also allowin# /1I up to '23, the insurance

sector has been a boomin# market. *he insurance sector in

India has come a ull circle rom bein# an open competitive

market to nationali4ation and back to a liberali4ed market

a#ain. +ie Insurance sector is one o the key areas whereenormous business potential e5ists.

Reliance +ie Insurance has a wide array o insurance plans

that have been desi#ned with the philosophy that di6erent

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individuals are bound to have di6erin# insurance needs.

Recruitment and Selection procedure7practices o Reliance

+ie insurance or#ani4ational e8ciency depends upon the

kind o people workin# or the or#ani4ation.

Recruitment means, accordin# to /+I""9, :;Recruitment is

the process o searchin# or prospective employees and

stimulatin# and encoura#in# them to apply or jobs in an

or#ani4ation


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9n the basis o collected data conclusion was done at certain

points have been recommended which is present in the

conclusion and recommendation part is respectively. >s a

part o the curriculum o our

?> ourth semester, I under#o our fnal project in Reliance.

9ur topic is concerned with the policy o recruitment in an

or#ani4ation.

*his project work provides me an opportunity to understandthe company;s recruitment policy or +ie >dvisor and its

necessary reuirements etc. I analy4e various detriments

a6ectin# recruitment process adopted by the company

discover sources o manpower to meet the reuirement o

the sta8n# schedule and to employ them attractin# that

manpower in adeuate numbers acilities e6ective selection

or ri#ht kind o jobs.

TABLE OF CONTENTS

CertifcateDeclarationAcknowledgementExecutive Summary

Chapter I

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Introduction$$

Si#nifcance o the study$'

Conceptuali4ation$) /ocus o the study

)% 9bjectives o the study

)@

Chapter II Industry "rofle

)A Company "rofle

%&

Chapter III Review o B5istin# +iterature

22 Research ethodolo#y

2A

Chapter IV >nalysis and Interpretation

20

Chapter V /indin#s

(0 +imitations0&

Recommendations0$

Conclusion0'

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BibliographyAnnexure

rgani!ation"# Structure

RB+I>NCB +I/B INS!R>NCBRBI9N>+ 9//ICB

RBI9N>+ >N>BR?R>NC->N>BR

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?R>NC- 9"BR>*I9N

?R>NC- 9"BR>*I9N

?R>NC- 9"BR>*I9N

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INTRODUCTION

*he insurance sector has #one throu#h a number o phases

and chan#es. Since $000, when the #overnment opened up

the insurance sector by allowin# private companies to solicit

insurance and also allowin# /1I up to '23, the insurance

sector has been a boomin# market.

*he insurance sector in India has come a ull circle rom

bein# an open competitive market to nationali4ation and

back to a liberali4ed market a#ain. T;' .2*+'22 o l*'

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*+2.0+(' *+ I+=*0 *+ *)2 '4*2)*+7 o/ 2)0)'= *+ I+=*0

*+ );' 8'0 1#1# *); );' '2)0l*2;/'+) o );'

O*'+)0l L*' I+2.0+('Co/@0+8

1espite the act that #eneral insurance business has been

#rowin# at a healthy rate o $2 per cent annually between

'&&%&@ and '&&(&0, its penetration level is just &.2& per

cent o India;s 1" a#ainst world avera#e o '.$% per cent.

India ranks $)2th on penetration levels and +ie >dvisors

behind ChinaD$&2E, *hai+ie >dvisornd D(AE, RussiaD(2E,?ra4ilD(@E, FapanD2$E, and the !SD0E. *he penetration o

#eneral insurance in India remains low on account o low

consumer preerence, +ie >dvisorr#ely untapped rural

markets and constrained distribution channels DCrisil G

>ssochamE.

Recruitment and selection is the process o identiyin# the

need or a job, defnin# the reuirements o the position and

the job holder, advertisin# the position and choosin# the

most appropriate person or the job. -uman Resourceana#ement includes all activities used to attract G retain

employees and to ensure they perorm at a hi#h level in

meetin# or#ani4ational #oals. It means employin# people,

developin# their resources, utili4in#, maintainin# and

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CONCEPTUALIATION

R'(.*)/'+)

Recruitment is defned as, $a proce## to di#cover the

#ource# o% manpower to meet the re&uirement# o% the

#ta'ng #chedule and to employ e(ective mea#ure#

%or attracting that manpower in ade&uate number# to

%acilitate e(ective #election o% an e'cient

work%orce)* Bdwin ?. /lippo defned recruitment as Hthe

process o searchin# or prospective employees andstimulate them to apply or jobs in the or#ani4ation.dvisor.

In order to attract people or the jobs, the or#ani4ation must

communicate the position in such a way that job seekers

respond. *o be cost e6ective, the recruitment process should

attract ualifed applicants and provide enou#h inormation

or unualifed persons to selselect themselves out.

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Recruitment is distinct rom Bmployment and Selection.

9nce the reuired number and kind o human resources are

determined, the mana#ement has to fnd the potential +ie

>dvisors where the reuired human resources are7will be

available and also fnd the means o attractin# them towards

the or#ani4ation beore selectin# suitable candidates or

jobs.

>ll this process is #enerally known as recruitment. Some

people use the term HRecruitment< or employment. *hese

two are not one and the same.

Recruitment is only one o the steps in the entire

employment process. Some others use the term recruitment

or selection. *hese are not the same either. *echnically

speakin#, the unction o recruitment precedes the selection

unction and it includes only fndin#, developin# the sources

o prospective employees and attractin# them to apply or

jobs in an or#ani4ation, whereas the selection is the process

o fndin# out the most suitable candidate to the job out o

the candidates attracted Di.e., recruitedE. /ormal defnition o

recruitment would #ive clear cut idea about the unction o

recruitment.

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PURPOSES AND IMPORTANCE OF RECRUITMENT

+he general purpo#e o% recruitment i# to provide a

pool o% potentially &ualifed ,ob candidate#)

Specifcally- the purpo#e# are to.

Increase the pool o job candidates at minimum cost.

-elp increase the success rate o the selection process

by reducin# the number o visibly, under ualifed or

overualifed job applicants.

-elp reduce the probability that job applicants, once

recruited and selected, will leave the or#ani4ation only

ater a short period o time.

?e#in identiyin# and preparin# potential job applicants

who will be appropriate candidates.

Induct outsiders with a new perspective to lead the

company.

Inuse resh blood at all levels o the or#ani4ation.

1evelop an or#ani4ational culture that attracts

competent people to the company.

Search or head hunt7head pouch people whose skills ft

the company;s values.

1evise methodolo#ies or assessin# psycholo#ical

traits.

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Search or talent #lobally and not just within the

company.

1esi#n entry pay that competes on uality but not on

uantum.

>nticipate and fnd people or positions that do not e5ist

yet.

Increase or#ani4ational and individual e6ectiveness in

the short term and lon# term.

Bvaluate the e6ectiveness o various recruitin#

techniues and sources or all types o job applicants.

T;' +'70)*' (o+2'.'+('2o a poor recruitment process

speak volumes about its role in an or#ani4ation. *he ailure

to #enerate an adeuate number o reasonably ualifed

applicants can prove costly in several ways. It can #reatly

complicate the selection process and may result in lowerin#

o selection standards. *he poor uality o selection means

e5tra cost on trainin# and supervision. /urthermore, when

recruitment ails to meet the

or#ani4ational needs or talent, a typical response is to raise

entrylevel pay scales. *his can distort traditional wa#e and

salary relationships in the or#ani4ation, resultin# in

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avoidable conseuences. *hus, the e6ectiveness o a

recruitment process can play a major role in determinin# the

resources that must be e5pended on other -R activities and

their ultimate success

SOURCES OF RECRUITMENT

Bvery or#anisation has the option o choosin# the candidates

or its recruitment processes rom two kinds o sources

internal and e5ternal sources. *he sources within theor#anisation itsel Dlike transer o employees rom one

department to other, promotionsE to fll a position are

known as the internal sources o recruitment. Recruitment

candidates rom all the other sources Dlike outsourcin#

a#encies etc.E are known as the e5ternal sources o

recruitment.

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SOURCES OF RECRUITMENT

FACTORS AFFECTING RECRUITMENT

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Po)'+)*0l 0=0+)07'2

Internal

Jorker morale and motivation is enhanced

9r#ani4ation has a better opportunity to assess

knowled#e G skills o the candidate

Candidate has e5istin# knowled#e about the

or#ani4ation

+ess orientation may be needed

ay #enerate unhealthy competitiveness or

promotions

>dditional trainin# may be reuired

"ool o candidates may be restricted

*hose not selected may eel rejected and discontented

External

K New ideas and insi#ht

K New knowled#e and e5perience

K +ar#er pool o talent to recruit rom

K Recruitin# and selectin# may be more timeconsumin#K +on#er adjustment period may be needed

K Induction costs may be hi#her

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"lease note that these pros and cons may or may not apply

when recruitin# or all positions. Jei#h up possible pros and

cons or each recruitment situation beore makin# your

decision re#ardin# sources

U+='2*0l' (o+2'.'+('2 o @oo '(.*)/'+):

"oor recruitment choices Di.e., poor personjob ft tE can have

a ran#e o undesirable conseuences or the or#ani4ation

and the worker includin#

K -i#her rates o turnoverK Reduced perormance e6ectiveness

K +owered job satisaction

K Reduced work motivation.

.

C;0ll'+7'2 )o '(.*)/'+) o ''()*' 2)0 *+(l.=':

+ack o ualifed applicants

Inadeuate salary packa#es

+ack o resources Dincludin# undsE

+imited scope or advancement and promotion

+ack o job security

Remoteness o services

Sti#ma attached to workin# in the >91 feld.

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S)0)'7*'2 o 2.(('22.l '(.*)/'+)

Recruitment and selection is not only about choosin# the

most suitable candidate. *he recruitment and selection

e5perience can also impact on the likelihood that a

candidate will accept a job o6er and on their commitment to

remainin# with the or#ani4ation. Committin# time and

resources to develop a comprehensive recruitment strate#y

is a worthwhile investment. "oor recruitment choices Di.e.,

poor personjob ftE can have a ran#e o undesirableconseuences or the or#ani4ation and the worker includin#

-i#her rates o turnover

Reduced perormance e6ectiveness

+owered job satisaction

Reduced work motivation.

E'()*' '(.*)/'+) @o('22:

S)'@ 1:Bnsure an uptodate job description

S)'@ ":1evelop an e6ective recruitment strate#y

S)'@ $:Bvaluate the recruitment strate#y.

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S)'@ 1: En#ure an up/to/date ,ob de#cription

> clear, accurate and uptodate job description is crucial to

ensurin# a #ood personjob ft. It is worthwhile spendin#

some time makin# sure that the job description matches the

everyday reality o the job.

> job description contains two types o inormation

S@'(*( )02?2 0+= 0()**)*'2 '.*'= o 0

@0)*(.l0 oDe.#., conduct counselin# sessions, write

client reportsE

T;' ?+ol'=7'9 2?*ll2 0+= 0*l*)*'2 '.*'= o

''()*' @'o/0+(' 8 );' o *+(./'+) De.#.,

#ood communication skills, capacity to establish #ood

client rapportE.

S)'@ " Develop an e(ective recruitment #trategy

*wo important issues to consider when developin# a

recruitment strate#y are

K *he source o recruitment Di.e., advertisements, personal

reerrals, employment a#encies, direct applicationsE

K *he recruiter Di.e., the Hpersonal ace< o the or#ani4ationE.

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T;' 2o.(' o '(.*)/'+):

> ran#e o strate#ies De.#., newspaper advertisements,

personal networksE can be used to recruit new workers.

*here is evidence that hirin# new sta6 throu#h reerrals rom

e5istin# sta6 or direct DunsolicitedE applications is likely toresult in lower turnover rates and hi#her job satisaction

compared to more traditional avenues o recruitin# De.#.,

newspaper advertisements.E

MODERN TECHNIQUES:

>0l?-*+: >s per this techniue, the potential candidates

are reuired to attend or an interview directly and without a

prior application on a specifed date, time and at a specifed

place.

Co+2.l)-*+: -*he busy and dynamic companies encoura#e

the potential job seekers to approach them personally and

consult them re#ardin# the jobs.

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H'0=-;.+)*+7 *hese are also known as search

consultants. *he companies reuest the proessional

or#ani4ations to search or the best candidates particularly

or the senior e5ecutive positions.

Bo=8 S;o@@*+7 "roessional or#ani4ations and the hitechtrainin# institutes develop the pool o human resources or

the possible employment. *he prospective employers

contact these or#ani4ations to

recruit the candidates. *hese proessional and trainin#

institutions are called body shoppers and these activities are

known as body shoppin#.

B.2*+'22 All*0+('2 ?usiness alliances like acuisitions,

mer#ers and takeover help in #ettin# human resources. *he

company with surplus human resources o6ers the services o

their employees to other needy or#ani4ations.

T'l'-R'(.*)/'+) *his techniue involves the use o the

Internet, to advertise job vacancies and also or the

candidates to apply online.

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OVERVIE> OF SELECTION TECHNIQUES

Bvidencebased best practice or three o the most

commonly used selection techniues is outlined below.

01 Curriculum vita# 2 r3#um3# and written

application#.

A (.*(.l./ *)0' CV< 2./ @o*=' 0l.0l'

*+o/0)*o+ 'l0)*+7 )o 0 @'2o+&2 @o'22*o+0l

Q.0l*(0)*o+2 0+= '4@'*'+('. >ll inormation in the CL

should be verifed where appropriate De.#., askin# applicants

to e5plain #aps in employment historyE. Reuestin# job

applicants to address

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specifc selection criteria Di.e., essential and desirableE can

improve the e8ciency o reviewin# CLs.

41 Conducting interview#.

Structured interviews are recommended. > structured

interview involves askin# each candidate the same set o

uestions and assessin# their responses on the basis o pre

determined criteria. Q.'2)*o+2 0+= 022'22/'+) (*)'*0

2;o.l= ' 02'= o+ 0((.0)'9 .@=0)'= o='2(*@)*o+2. It is also helpul to develop criteria to

cate#ories responses De.#., as e5cellent, #ood, avera#e and

unsatisactoryE. >n interview panel

consistin# o a representative selection o people may also

be helpul. *wo common types o structured interview

uestions are

K Situational uestions which ask candidates about

hypothetical scenarios that may be encountered in the job

and how they would respond in that situation

K B5periencedbased uestions which ocus on specifc

e5amples o the candidate;s prior work e5periences and their

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responses to past situations that are relevant to the job in

uestion.

51 6e%erence check#.

Reerees are useul or identiyin# past employment

problems and clariyin# the accuracy o inormation

presented in an interview or CL. 9nly a small percenta#e o

all reerence checks are ne#ative, thereore, it is oten

di8cult to di6erentiate between candidates on the basis oreerence checks alone.

INDUCTION AND ORIENTATION OF NE> >ORKERS

A+ ''()*' *+=.()*o+ ;'l@2 +' o?'2 .+='2)0+=

);'* ol' 0+= ;'' );'8 ) *);*+ );'

o70+*0)*o+. It also euips them with the tools they need

to perorm their work role. *wo useul induction tools are

0) Induction manual 2 kit# which may contain

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K >n induction checklist

K 9r#ani4ational philosophy 7 ethics 7 history

K Strate#ic values o the or#ani4ation

K >n or#ani4ational chart 7 structure

K >n employment manual on policies and procedures

K >n orientation to the workplace Dincludin# parkin# and

saety issuesE

4) 7entoring 2 $buddy* #y#tem.

N' o?'2 (0+ ' @0*'= *); '4@'*'+('= o?'2

o/ 0 2*/*l0 0'0 )o 2;o );'/ );' o@'23

>lternatively, a more ormal 7 structured mentorin# system

can be a useul induction strate#y in which new workers are

paired with a mentor who can assist them with their on#oin#

proessional developmentM

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BEST PRACTICES IN SELECTION

TECHNIQUES

> wide selection o techniues are available which ran#e

rom intensive Dand e5pensiveE activities De.#., multiday

assessment centersE, to the more commonly used interviews

and reerence checks. ?ased on the evidence alone, '2)

@0()*(' *+ 2'l'()*o+ '.*'2 0 (o/@';'+2*'

@o70/ );0)9 I+(l.='2 '0l*2)*( )'2)2 o o? @0()*('

0+= );' .2' o 0l*=0)'= @28(;o/')*( *+2)./'+)23*his is clearly an unrealistic e5pectation or most >91

or#ani4ations.

*he ne5t section describes evidencebased best practice or

three o the most commonly used selection techniues

Curriculum vitae 2 r3#um3# and written

application#

Conducting interview#

Selection te#t#)

Curriculum vitae 2 r3#um3# and written application#.

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I+o/0)*o+ 0o.) 0 @'2o+&2 @o'22*o+0l

.0l*(0)*o+2 0+= '4@'*'+(' (0+ ' o)0*+'= o/

);'* (.*(.l./ *)0' CV< 2./ 0+= );'* *))'+

0@@l*(0)*o+2. *his inormation needs to be verifed as ar as

possible beore the person is hired. Jhen reviewin# the CL 7

rsum and written application, look or items that may need

urther clarifcation such as

!ne5plained #aps in employment history

>mbi#uous wordin# !nanswered or partly answered uestions

Inconsistent inormation

/reuent job chan#es.

Consider reuestin# job applicants to address specifc

selection criteria Di.e., essential and desirableE or the jobposition. *he onus is then on the applicant to summari4e

their work e5perience and ualifcations and present it in an

accessible manner. *his makes or a more e8cient and time

savin# process to fnd relevant inormation about each

applicant that matches the criteria or the job.

Conducting interview#.

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I+ o=' )o o)0*+ );' '2) @'2o+-o ) *3'39

/0)(;*+7 );' *7;) @'2o+ o );' *7;) o

structured interview involves askin# each candidate the

same set o uestions and assessin# their responses on the

basis o predetermined criteria. *he uestions and

assessment criteria are based on an accurate, updated job

description.

*he more common types o structured interview uestionsare situational

and e5periencebased.

S*).0)*o+0l .'2)*o+2

Situational uestions ask candidates about hypothetical

scenarios that may be encountered in the job and how they

would respond in that situation. T;' .'2)*o+2 =*'()l8

)0@ *+)o );' o? 'l0)'= '4@'*'+(' 0+= @ol'/-

2ol*+7 2)8l' o );' (0+=*=0)'.

/or e5ample, situational interview uestions may include

Oour case load has increased to the point o bein#

unmana#eable how would you address thisM

Jhat would you do i a client did not attend an

appointmentM

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Oou are the team leader and two team members have

had an ar#ument with one another about the way the

work tasks should be assi#ned. -ow would you handle

thisM

I you disa#reed with the work practices o a coworker

or team member, how would you deal with this

situationM

> client arrives to a session into5icated. -ow would youmana#e thisM

> client complains to you that another sta6 member

has acted inappropriately. Jhat would you doM

1urin# a counselin# session, it becomes apparent that

a client has problems to mana#e that are beyond your

skill level De.#., mental health issues or abuseE. -owwould you handle thisM

E4@'*'+('-02'= .'2)*o+2

B5periencebased uestions ocus on specifc c e5amples o

the candidate;s prior work e5periences and their responses

to past situations that are relevant to the job in uestion.

9ne advanta#e o e5periencebased uestions is the

opportunity to tap into actual behavior and eelin#s rather

than hypothetical ones.

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D''lo@*+7 (*)'*0 )o 022'22 (0+=*=0)'2& '2@o+2'2

*o e6ectively distin#uish between candidates, it is

'(o//'+='= );0) 2).().'= .'2)*o+2 0'

0((o/@0+*'= 8 0 @'-=')'/*+'= 2(o*+7 ?'8. *he

scorin# key should contain e5amples o e5cellent, #ood,

avera#e, and

unsatisactory answers a#ainst which candidates; answers

can be compared. >dvanta#es o predetermined scorin#criteria include

K Reduced reliance on interviewers; memory or written notes

K Consistency o assessment across candidates and between

interviewers Di a panel is usedE.

I+)'*' @0+'l2

It is recommended that an interview panel, rather than a

sin#le interviewer, is used. !sin# a panel o interviewers can

help to minimi4e potential biases, as well as provide the

opportunity to compare evaluations o the candidate beore

a fnal decision is made. Jhere appropriate, the panel should

be

representative o #ender and proessions. Representation on

an interview panel can provide rontline workers 7 team

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members with an opportunity to participate in the

recruitment and selection process.

SELECTION TESTS

P.@o2'

*o jud#e potential ability7job related problems

*o eliminate the possibility o biasness on the part o

interviewer

*o uncover talents not identifable by interviewer.

T8@'2

*here are mainly our kinds o tests

$.Achievement te#t 8profciency te#t1. )o )'2) );'

2?*ll2 o ?+ol'=7' 0(.*'= 8 );' (0+=*=0)'

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=.' )o ;*2 )0*+*+7 0+= 0(;*''/'+) or e5ample

typin# test, shorthand test, operatin# calculators etc.

'.Apitude te#t 89otential te#t1. )o .=7' l0)'+)

0*l*)8 )o l'0+ 0 +' o9 *+ o=' )o .=7'

/'/o89 '02o+*+7, speed o perception, Puency in

lan#ua#e, to jud#e the capacity to learn a particular

type o mechanical work etc

). 9#ychomoter or #kill te#t measure to ability to do a

specifc job.

%. 9er#onality te#t to jud#e individual value system,

emotional reaction, maturity, confdence, to jud#e the

dominance, selconfdence, sel su8ciency etc.

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OBJECTIVES OF THE STUDY

*o study and understand the process o recruitment and

selection o +ie >dvisor at Reliance +ie Insurance.

*o fnd out the di6erent sources o recruitment.

*o study the e6ectiveness o Recruitment and Selection

process. *o su##est the various profles or #ettin# capable +ie

>dvisor in Reliance +ie Insurance.

*o study modern techniues o recruitment.

*o study the various selection techniues.

*o study the e6ectiveness o Recruitment and Selection

process. *o su##est the various profles or #ettin# capable +ie

>dvisor in Reliance +ie Insurance.

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INDUSTRY PROFILE

H*2)o8 o *+2.0+(' 2'()o *+ I+=*0

In India, insurance has a deeprooted history. It fnds mention

in the writin#s o anu DanusmrithiE, Oa#navalkya

D1harmasastra)and Qautilya DArthasastra). *he writin#s talkin terms o poolin# o resources that could be redistributed

in times o calamities such as fre, Poods, epidemics and

amine. *his was probably a precursor to modern day

insurance. >ncient Indian history has preserved the earliest

traces o insurance in the orm o marine trade loans and

carriers; contracts. Insurance in India has evolved over time

heavily drawin# rom other countries, Bn#land in particular.

$($( saw the 0='+) o l*' *+2.0+(' .2*+'22 *+

I+=*0with the establishment o the 9riental +ie Insurance

41


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Company in Calcutta. *his Company however ailed in $()%.

In $('0, the adras Buitable had be#un

transactin# lie insurance business in the adras "residency.

In $0$%, the overnment o India started publishin# returns

o Insurance Companies in India. *he Indian +ie >ssurance

Companies >ct, $0$' was the frst statutory measure tore#ulate lie business

In $0)(, with a view to protectin# the interest o the

Insurance public, the earlier le#islation was consolidated and

amended by the Insurance >ct, $0)( with comprehensive

provisions or e6ective control over the activities o insurers.

*he Insurance >mendment >ct o $0@& abolished "rincipal

>#encies. -owever, there were a lar#e number o insurance

companies and the level

o competition was hi#h. *here were also alle#ations o

unair trade practices. *he overnment o India, thereore,

decided to nationali4e insurance business.

42


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*he ;*2)o8 o 7'+'0l *+2.0+(' =0)'2 0(? )o );'

I+=.2)*0l R'ol.)*o+ in the west and the conseuent

#rowth o seaarin# trade and commerce in the $Athcentury.

$0@A saw the ormation o the eneral Insurance Council, a

win# o the Insurance >ssociation o India. *he eneral

Insurance Council ramed a code o conduct or ensurin# air

conduct and sound business practices.

In $02(, the Insurance >ct was amended to re#ulateinvestments and set minimum solvency mar#ins. *he *ari6

>dvisory Committee was also set up then.

*his millennium has seen insurance come a ull circle in a

journey e5tendin# to nearly '&& years. *he process o '-

o@'+*+7 o );' 2'()o had '7.+ *+ );' '0l8 1!2

and the last decade and more has seen it been opened up

substantially. In $00), the overnment set up a committee

under the chairmanship o R.N. alhotra, ormer overnor o

R?I, to propose recommendations or reorms in the

insurance sector.

/ollowin# the recommendations o the alhotra Committee

report, in $000, the Insurance Re#ulatory and 1evelopment

>uthority DIR1>E was constituted as an autonomous body to

re#ulate and develop the insurance industry.

43


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*he IR1> was incorporated as a statutory body in >pril,

'&&&. *he key objectives o the IR1> include promotion o

competition so as to enhance customer satisaction throu#h

increased consumer choice and lower premiums, while

ensurin# the fnancial security o the insurance market.

In 1ecember, '&&&, the subsidiaries o the eneral

Insurance Corporation o India were restructured as

independent companies and at the same time

IC was converted into a national reinsurer. "arliament

passed a bill delinkin# the our subsidiaries rom IC in Fuly,'&&'.

COMPANY PROFILE

ABOUT RELIANCEGROUP

T;' R'l*0+(' Go.@ o.+='= 8 D;*.;0* H3 A/0+*

1$"-"!!"< *2 I+=*02 l07'2) .2*+'22 ;o.2' *);

)o)0l ''+.'2 o o' R2 9!!! (o' US ""3

*ll*o+


45/106

initiatives. *he roup e5ports its products to more than $&&

countries the world over. Reliance emer#ed as Indias ost

>dmired ?usiness -ouse, or the third successive year in a

*NS ode survey or '&&).

Reliance roup revenue is euivalent to about ).@3 o

Indias 1". *he roup contributes nearly $&3 o the

countrys indirect ta5 revenues and over 23 o Indias

e5ports. Reliance is trusted by an investor amily o over ).$

million Indias lar#est.

9ne out o every our investors in India is a Reliance

shareholder.

Jith #lobally competitive capital and operatin# cost

positions, Reliance

roup dominates the rapidly #rowin# Indian market derivin#

over (&3 o its revenues rom the domestic market.

*here was a split in Reliance #roup in '&&@ and it was broken

into two separate companies

R'l*0+(' I+=.2)*'2 L*/*)'=

R'l*0+(' A+*l D;*.;0*

45


46/106

A/0+* Go.@ ADA Go.@sset >llocation to meet your desired

fnancial #oals.

L*'L*+? S.@' is a sin#le premium unit linked

insurance plan which combines lie insurance cover

with the opportunity to stay invested in the stock

market.

P'/*' L*' Gol= is a limited premium payin# plan

specially structured or lon#term wealth creation. I+'2)S;*'l= L*' N' is a unit linked plan that

provides premium #uarantee on the invested premiums

and ensures that the customer receives only the

benefts o und appreciation without any o the risks o

depreciation.

I+'2)S;*'l= C02;0? is a unit linked plan that

provides premium #uarantee on the invested premiums

alon# with Pe5ible liuidity options.

9rotection Solution#.

60


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L*'G.0= is a protection plan, which o6ers lie cover

at low cost. It is available in ) options level term

assurance, level term assurance with return o premium

G sin#le premium.

Ho/'A22.' is a mort#a#e reducin# term assurance

plan desi#ned specifcally to help customers cover their

home loans in a simple and coste6ective manner.

Education Solution#.

S/0)K*= N' ULRP provides #uaranteed educational

benefts to a child alon# with lie insurance cover or

the parent who purchases the policy. *he policy is

desi#ned to provide money at important milestones in

the child;s lie. SmartQid plans are also available in

traditional orm.

6etirement Solution#.

Fo''L*' is a traditional retirement product that

o6ers #uaranteed returns or the frst % years and thendeclares bonuses annually.

L*'T*/' S.@' P'+2*o+ is a re#ular premium unit

linked pension plan that helps one accumulate over the

lon# term and o6ers @ annuity

61


62/106

L*'S)07' P'+2*o+ is a re#ular premium unit linked

pension plan that provides you with a uniue liecycle

based strate#y that continuously redistributes your

money across various asset classes based on your lie

sta#e, eventually providin# you with a customi4ed

retirement solution.

P'/*'L*' P'+2*o+ is a uniue and convenient

retirement solution with a limited premium payin# term

o three or fve years, to suit proessionals and

businessmen, especially those who reuire morePe5ibility and customi4ation while plannin# their

fnances.

>ealth Solution#. H'0l); A22.' Pl.2: -ealth >ssure is a re#ular

premium plan which provides lon# term cover a#ainst 2

critical illnesses by providin# policyholder with fnancial

assistance, irrespective o the actual medical e5penses.

-ealth >ssure "lus o6ers the added advanta#e o an

euivalent lie insurance cover

C0+(' C0': is a re#ular premium plan that pays cash

beneft on the dia#nosis as well as at di6erent sta#es in

the treatment o various cancer conditions.

62


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64/106

R'l*0+(' L*' I+2.0+(' also o6ers roup Insurance

Solutions or companies seekin# to enhance benefts to their

employees.

Go.@ G0).*)8 Pl0+:R'l*0+(' L*' I+2.0+('L*'2

#roup #ratuity plan helps employers und their

statutory #ratuity obli#ation in a scientifc manner and

also avail o ta5 benefts as applicable to approved

#ratuity unds.

Go.@ S.@'0++.0)*o+ Pl0+:Reliance +ie Insurance

+ie o6ers a Pe5ible market linked scheme that provides

substantial benefts to both employers and employees.

?oth defned contribution D1CE and defned beneft D1?E

schemes are o6ered to optimi4e returns or members o

the trust and rationali4e cost. embers have the option

o choosin# rom various annuity options or optin# or a

partial commutation o the annuity at the time o

retirement.

Go.@ I//'=*0)' A++.*)*'2: Reliance +ie Insurance

+ie reali4es the importance o prudent retirement

plannin#. Jith this in mind, we have developed a suite

o annuity products that not only #ive you an income

64


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or lie but also provide you options to match your

needs. In

addition to the annuities o6ered to e5istin#

superannuation customers, we o6er immediate

annuities to superannuation unds not mana#ed by us.

Go.@ T'/ Pl0+:Reliance +ie Insurance+ies Pe5ible

#roup term solution helps provide an a6ordable coverto members o a #roup. *he cover could be uniorm or

based on desi#nation7rank or a multiple o salary. *he

beneft under the policy is paid to the benefciary

nominated by the member on his7her death.

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Fl'4*l' R*=' O@)*o+2

R'l*0+(' L*' I+2.0+(' L*' o6ers Pe5ible riders, whichcan be added to the basic policy at a mar#inal cost,

dependin# on the specifc needs o the customer.

$. A((*='+) , =*20*l*)8 '+'): I death occurs as the

result o an accident durin# the term o the policy, the

benefciary receives an additional amount eual to therider sum assured under the policy. I an accident

results in total and permanent disability, $&3 o rider

sum assured will be paid each year, rom the end o the

$st year ater the disability date or the remainder o

the base policy term or $& years, whichever is lesser. I

the death occurs while travelin# in an authori4ed mass

transport vehicle, the benefciary will be entitled to

twice the sum assured as additional beneft.

'. C*)*(0l Ill+'22 B'+'): protects the insured a#ainst

fnancial loss in the event o 0 specifed critical

illnesses. ?enefts are payable to the insured or

medical e5penses prior to death.

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So/' @l0+2 *); =')0*l

CASH BAK

>;o (0+ 0@@l8

I you are $2 year old and not older than @@ years, the

minimum sum is Rs. A@,&&&. Oou have the option o payin#

yearly, halyearly and also monthly premium.

D'0); '+'):

Sum assured V #uaranteed additions D> W ).@3 compound

annually on S> or the % yearsE V vested bonus DL?E

M0).*)8 '+'):

@&3 o sum assured #uaranteed additions or our years V

L? ob entire sum assured.

67


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S.*0l '+'):

A) );' '+=

o );' 8'0

SBAS o

S3S3

E+= o );'

8'02

SBAS o

S3S3) $&3 % $&32 $@3 ( $@30 '&3 $' '&3$' '@3 $2 '@3

aturity @&3V>VL? aturity @&3V>VL?

G'+'0l '0).'2:

S.'+='- ater ) policy years, you #et certain amount on

surrender o the policy.

SMART KID

>;o (0+ 0@@l8

I you are a parent;s a#ed between '& G 2& years with

children in the a#e #roup o & to $@ years with minimum sum

assured Rs. $,&&,&&&.

D'0); '+'):

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Nominee #et $&&3 sum assured V proft accrued on the plan

till such date V Javier o premium.

S.*0l '+'):

*his policy pays out money at re#ular interval coincidin#

with important iles tones in child;s lie. It has two options

or payment.

O@)*o+ 1:

A) );' '+= o C;*l= A7' P08 o.)

*ermA @ years &3 o S.>.

*erm@ A years @3 o S.>.

*erm' & years @3 o S.>.

*erm ' years &3 o S.>.V>VL?

O@)*o+ ":

A) );' '+= o C;*l= A7' P08 o.)

*erm% ( years @3 o S.>.

69


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*erm) 0 years '&3 o S.>.

*erm' & years '&3 o S.>.

*errm$ $ years &3 o S.>.

*erm ' years &3 o S.>.

R*='2:

13 Income beneft riders

"3 >ccident G 1isability ?eneft riders

$3 >ccident beneft riders

G'+'0l '0).'2:

S.'+=': ater three policy years have been completed

T'4-'+'):Sec (&DcE on premium payment

Sec $&D$&E 1 beneft on death G maturity

claim.

70


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71


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REVIE> OF EISTING LITRETURE

P;*l*@ G3 S0o9 L*0'); A3 B0(l089 Al0+ R3 B022

"!!


73/106

RESEARCH METHODOLOGY

R'2'0(; @ol'/: *o #et the potential +ie >dvisors or

the sake o company;s beneft.

R'2'0(; D'2*7+: D'2(*@)*'and B5ploratory Research

1esi#n. Study is descriptive because it describes the process

o recruitment and selection and study is e5ploratory

because some more new profles or se#ments are discovered

or recruitment.

U+*'2' , S0/@l' 2*': Reliance +ie Insurance

ur#aon.

>#ency ana#ers'&

+ie >dvisors@&

S0/@l*+7 T'(;+*.': Convenient samplin#

D0)0 Coll'()*o+ 0+= So.('2: 1ata is collected throu#h

primary and secondary sources where primary data

collection was done by structured uestionnaire and

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secondary data was collected rom ma#a4ines, newspaper,

books, etc.

A+0l82*2 @0))'+: "ie chart and bar chart were used or

analysis.

74


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ANALYSIS AND

INTERPRETATION

RECRUITMENT PROCESS OF RELIANCE LIFE

INSURANCE :

P*/08 So.('2

*hrou#h >#ency ana#er

Reerences

Cold Callin#

*hrou#h Interns

K*+= O R'(.*)/'+)

Po('22

?asically, it is a % rounds

procedure

Initially Candidate has to fll

A@&7Rs. N>>/

DNew >#ent >pplication /ormE then

Screenin# is done by >#ency

ana#ers.

?usiness 9pportunity

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"resentation D?9"E is done by >1

D>#ency 1evelopment ana#erE. *hen, ?ranch ana#er will

Interview the candidate. >ter this *rainin# will be

provided to Candidate.

>nd then Candidate has to

under#o IR1> B5am.S)0)'7*'2 Follo'=

No Strate#ies are ollowed as such.

C*)'*0 o '(o/*+7

F*+0+(*0l

A=*2oL*' A=*2o#e X '@ arried "reerred. /emale "reerred in. o @years o Residence in

ur#aon.

No3 o =082 0llo(0)'=o )0*+*+7

$('& days are allocated or*rainin#.

I+ 0 /o+);9 +o3 o

(0+=*=0)'2 R'(.*)'=

02 F*+0+(*0l A=*2o2

%&@& candidates are recruited as

+ie >dvisors.

T0*+*+7

R'*/.2'/'+)Co/

/*22*o+

No *rainin# Reimbursement is

#iven to +ie >dvisors.

I+ 0 8'09 +o3 o

)*/'2 T0*+*+7

@o*='=

9nce in a month.

Reliance +ie Insurance strictly

76


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ollows the norms o IR1>

so= i anyone is not ulfllin# the

criteria then he cannot be awardedwith any position in the company.

C0'' P0); +ie >dvisors #et a #ood Career

"ath so they can become >#ency

ana#er as well as *rainin#

ana#er.

Ho *2 *) D*''+)

?asically, Reliance +ie Insuranceconcentrates on

"roessionalism

"ra#matism Inte#rity

>nd also they want to become

preerred company or fnancial

protection so, they take candidate

needs into consideration a lot as

they have multichannel e5ecution

capability.

77


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Fo 07'+(8 /0+07'2

1< Fo/ ;*(; 2'7/'+) @'o@l' (o/' 0+= '0=8 )o =o

);' o o LIFE ADVISOR

se#ments Responsestudents 2&3 $'?usinessman $&3 '#ovt.employees $&3 '-ousewives @3 $retired person $@3 )

$&&3

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I+)'@')0)*o+ : ost o the respondents said that the

people come and ready to do the job o +I/B >1LIS9R are

reshers.

"< >;0) 0' );' 2o.('2 o '(.*)/'+)

Sources

responses

employmente5chan#e )&3 2consultancy

frm '&3 %Campusinterview &3 &callin# on randomnos. )&3 2Reerences '&3 %

79


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81/106

I+)'@')0)*o+

Communication skill, confdence and social circle are the

main characteristics o +I/B >1LIS9R which a#ency mana#er

want to see in the +I/B >1LIS9R.

< Ho /0+8 L*' A=*2o2 0))'+= '7.l0 )0*+*+7

2'22*o+2 o70+*'= 8 (o/@0+8

L*' A=*2o*+ R'2@o+='+)2&'& &'&%& $&3%&2& %@32&(& '@3(&$&& '&3

81


82/106

I+)'@')0)*o+

>ccordin# to survey %&2&3 +ie >dvisor attends the trainin#

sessions or#ani4ed by company.

< Ho /.(; )*/' 8o. (0+ ')0*+ 8o. 0()*' LIFE

ADVISOR

*ime

Responde

nts&$year %&3 ($'year %&3 (')year $&3 '

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)%year $&3 '%@year &3 &

I+)'@')0)*o+

>ccordin# to survey a company can retain +I/B >1LIS9R only

&' years, ater that they chan#e their company and join

some other company o insurance.

< Ho /.(; LIFE ADVISOR 7o) @o/o)*o+ *);*+

(o/@0+8

promotion

Responses

$&'&3 %&3 ('$)&3 %&3 ()$%&3 $&3 '%$@&3 $&3 '

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@$2&3 &3 &

I+)'@')0)*o+

*here is very small probability o promotion within company,

this is only $&)&3.

< Do 8o. 07'' L*' A=*2o 0' =o*+7 7oo= o

respondents

Stron#ly>#ree &>#ree '@3Neutral '@3

84


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1isa#ree @&3Stron#ly1isa#ree &

I+)'@')0)*o+

ost o the a#ency mana#ers are not satisfed with the

perormance o +ie >dvisor.

#;*(; 2'7/'+) =o 8o. 0+) )o 7*' /o' @*o*)8

Se#mentsrespondents

?usinessman [email protected] )&3

85


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eretired person )&3housewie $&3/resher $@3

I+)'@')0)*o+

>ccordin# to survey mana#ers want to recruit more

businessman and retired persons as compared to other

options.

Fo L*' A=*2o2

1< >;0) *2 8o. .0l*(0)*o+

86


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Yualifcationrespondents

$'th $&3raduation 2&3

"ost#raduation '&3proessionalcourse $&3any other &3

I+)'@')0)*o+

>ccordin# to survey ualifcation o most o the +ie >dvisor

are #raduation.

"


88/106

searried %&3!nmarried 2&3

I+)'@')0)*o+ore than hal the number o employees out o sample is

unmarried.

$< Ho /.(; )*/' 8o. l**+7 *+ G.70o+

88


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+ivin# statusRespondents

below @yrs '&3

@$&yrs )&3$&$@yrs '&3$@'&yrs '&3above '&yrs $&3

I+)'@')0)*o+

a5imum )&3 respondents are livin# in ur#aon since @$&

years.

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< >;0) *2 8o. 0/*l8 0++.0l *+(o/'

/amily incomeDper

annumE?elow @&&&& &

@&&&&$&&&&&$&3

$&&&&&'&&&&&'&3

'&&&&&)&&&&&)&3

above )&&&&&%&3

I+)'@')0)*o+

ost o the respondents have more than three lacks annual

household income.

90


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< A' 8o. 20)*2'= *); )0*+*+7 2'22*o+2 @o*='= 8

(o/@0+8

stron#ly a#ree &>#ree 2&3Neutral $&3

1isa#ree )&3stron#lydisa#ree &3

I+)'@')0)*o+

91


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*here are hal respondents satisfed with the trainin#

sessions provided by company and one third is dissatisfed

with the trainin# sessions.

< A' 8o. 20)*2'= *); (o//*22*o+ o L*' A=*2o

stron#ly a#ree &>#ree '@3Neutral &1isa#ree A@3stron#lydisa#ree &

92


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I+)'@')0)*o+

ost o the respondents are dissatisfed with commission o

+ie >dvisor

< A' 8o. 20)*2'= *); @o/o)*o+ @ol*(8 o

(o/@0+8

stron#ly a#ree &>#ree '&3Neutral &1isa#ree A&3stron#lydisa#ree $&3

93


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I+)'@')0)*o+

ost o the respondents are dissatisfed with the promotion

policy o the company.

#< A' 8o. =o*+7 );*2 o 02 @0) )*/' o .ll )*/'

part time $&3ull time 0&3

94


95/106

I+)'@')0)*o+

ost o the respondents work in ull time basis.

95


96/106


97/106

ost o the +ie >dvisor are not satisfed with their

commission G promotion policy o company.

>#ency mana#ers mainly ocus on students or reshers

or lie advisors.

Reliance +ie Insurance is new in insurance sector so

people not know much abut the company.

LIMITATIONS OF THE STUDY

*ime was the bi##est limitation. *he project reuires a

thorou#h study which reuires a considerable amount

o time.

*he study is based on both primary as well as

secondary data and has the limitationspertainin# to

the usa#e o both kinds o data.

Respondents may be biased while fllin# the

uestionnaire.

97


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RECOMMENDATIONS

$. Co/@0+8 2;o.l= o(.2 /o' o+ @ol'2 o L*'

A=*2o ;*l' '(.*)*+7 );'/, or e5ample,

company should recruit people at the a#e o '()'

years, company should preer /0*'= people who

have a hi#her level o responsibility and company

98


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should #ive preerence to emale lie advisors such as

emale entrepreneurs, divorced women.

'. Company should do some amendments in their

promotion policy like they should do internal promotion

and stress on succession plannin#.

). Company try to retain their active +ie >dvisors by

#ivin# some lucrative incentives, uarterly bonus, tours

based on their perormance.

%. Company should do more interestin# trainin# sessions

with the help o audio visuals, two way communication,

activities, practical trainin#, etc.

@. Company should #ive more ocus on advertisements so

that they can lure more people.

CONCLUSION

>s we know Recruitment is distinct rom Selection. 9nce the

reuired number and kind o human resources are

determined, the mana#ement has to fnd the places where

the reuired human resources are7will be available and also

99


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they have to fnd the means o attractin# them towards the

or#ani4ation beore selectin# suitable candidates or jobs.

*he present study has been done to analy4e the

e6ectiveness o recruitment process at Reliance +ie

Insurance *his study reveals that the company is not able to

recruit potential +ie >dvisors. >lso the +ie >dvisors are

dissatisfed with their commission and promotion policy.

>t the end o the study, we can conclude that thou#h there is

satisactory recruitment process but company have to dosome amendments in their recruitment process to #et

potential +ie >dvisors like company should choose suitable

se#ment or +ie >dvisor.

BIBLIOGRAPHY

Boo?2 :

100


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a) Blackman (2002), -uman Resource ana#ement, *ata

c#raw -ill "ublications.b) Kotler Philips (2009),arketin# ana#ement, 1orlin#

Qindersley DIndiaE "vt.+td.c) Kothari, C. R.(2005), Yuantitative *echniue, Likas

"ublishin# -ouse "vt. +imited, New 1elhid) Vecchio P Robert (200), -R Review, *he Icai

!niversity "ress

>'2*)'2:

www.bhartia5alie.comDhttps77www.bhartia5alie.com7lieinsuranceplans7E

www.irda.nic.inDhttps77www.irda.#ov.in7>1INCS7cms7

Normal1ataZ+ayout.asp5Mpa#e["a#eNo%Gmid['E

www.paradi4e.comDhttp77investorsparadi4e.com7lie

insuranceE

www.citehr.com

Q.'2)*o++0*'

-ello Sir7adame,

101
http://www.bhartiaxalife.com/http://www.citehr.com/http://www.bhartiaxalife.com/http://www.citehr.com/


102/106

I am an ? > student and conductin# a very presti#ious

marketin# research project on HRecruitment and Selection o

+ie >dvisor in Reliance +ie Insurance.< Oou are reuested to

cooperate me by fllin# this uestionnaire.

Fo 07'+(8 /0+07'2

NAMEZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ

GENDER 0


103/106

). Jhich one o the ollowin# uality you want to see in your

+>MDrate $@E

aE ood communication skill

bE Commitment

cE Confdence

dE Social circle

eE "unctuality

%. -ow many +>;s attendin# re#ular trainin# sessions

or#ani4ed by companyM DIn 3E aE &'&

bE '&%&

cE %&2&

dE 2&(&

eE (&$&&

@. -ow much time you retain your active +>;sMDin yrsE

aE &$

bE $'

cE ')

dE )%

2. -ow much percent +> #ot promotion within companyM

aE &'&

bE '&%&

103


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105/106

AGE 0re you marriedM

aE Oes bE No

). -ow much time you livin# in ur#aonMDin yearsE

aE &@

bE @$&

cE $&$@

dE $@'&

eE >bove '&

%. Jhat is your amily incomeMDin Rs per annumE

aE ?elow @&,&&&

bE @&,&&&$,&&,&&&

cE $,&&,&&&',&&,&&&

dE ',&&,&&&),&&,&&&

105


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eE >bove ),&&,&&&

@. >re you satisfed with trainin# sessions provided by

companyM

Stron#ly >#ree Stron#ly

1isa#ree

$ ' ) % @

2. >re you satisfed with commission o +>;sM

Stron#ly >#ree Stron#ly1isa#ree

$ ' ) % @

A. >re you satisfed with promotion policy o companyM

Stron#ly >#ree Stron#ly

1isa#ree

$ ' ) % @

(. >re you doin# this job as part time or ull timeM

afreen project final1.doc

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