Project title

Project report submitted in the partial fulfillment of the requirement

for the

Award of the degree of

MASTER OF BUSINESS ADMINISTRATION

Of

Sharda University

Greater noida

By

Aanchal Goyal

8447343131

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ACKNOWLEDGMENT

I am the student of Sharda university under the M.B.A is highly

thankful to our respected --------------(Project Guided). Because due to

these respected persons I am able to choose this Research Project. And

now I am presenting the project report. Actually I have no words to

explain my pleasure on the completion of this project. It was not an easy

matter for me to complete this project.

In addition to this, I would like to thank all my respondents, who has

spent their valuable time with me and help me in getting the requested

information for this project.

I would also offer my gratitude to my parents and friends for their help.

Last but not the least I am indebted to “Almighty” without whose

blessings and grace this project would not have reached where it is now.

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Declaration

I name of the student, herby declare that the research project entitled “recruitment and selection and insurance policy” has been prepared by me as part of the requirement of the master of business administration Program of Sharda university Greater Noida .this is my original work and up to the Best of my knowledge.

I further declare that this project has not been submitted earlier to any other university or institute for the award of any degree of diploma

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EXECUTIVE SUMMARY

SBI life insurance is India's premier insurance enabling company. sbi

Life insurance is the one-stop-shop for requirements of services in the

areas of insurance, optimum investment, financial coverage and losses,

mortality benefit, and health option etc. This is backed by sbi life

insurance service support infrastructure - the widest in the country

The objective of the project was to understand how financial consultant

play important role for insurance company like SBI LIFE. To

understand the process of Recruitment of finanical consult in sbi life

and about the mechanism of insurance policies.

The main objective of the project is to understand the recruitment and

selection of financial consultant more effectively and efficiently, because

financial consultant play most important role in business of insurance.

Market in Pune city was targeted. Various areas in city were selected.

The data gave knowledge about customer satisfaction, loyalty & their

feel about the sbi Life Insurance.

Recruitment was conducted using questionnaire. The information about

various attributes & factors was collected about the financial

consultant. All the data collected, primary data was filtered & analyzed,

represented in the form of graphs & charts. Secondary data was also

used in report such as company profile, on the basis of analysis of data,

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conclusions were drawn. On the basis of findings & conclusions,

suggestions were given.

RECRUITMENT AND SELE CTION: Recruitment is concerned with developing suitable techniques for

attracting more and more candidates. The aim of personnel planning is

to determine the needs for persons both in terms of number and type.

For deciding about the number both present and future requirements

should be taken into account. If there are expansion plans in near future

then these requirements should also be considered. Besides number, the

type of persons needed is also important. The educational and technical

requirements to manage various jobs should e properly analyzed so that

right type of persons are employed.

Recruitment is sometimes confused with employment. The two are not

one and the same. Recruitment is just one step in the process of

employment. Recruitment is a linkage activity bringing together those

with jobs and those seeking jobs. When more persons apply for jobs

then there will be scope for recruiting better persons.

DEFINITION :

“Recruitment is the process of searching for prospective employees and

stimulatingand encouraging them to apply for jobs in an organization.”

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

manpower to meet the requirements of the staffing schedule and to

employ effective measures for attracting that manpower in adequate

numbers to facilitate effective selection of an efficient workforce.”

Edwin B. Flippo defined recruitment as “the process of searching for

prospective employees and stimulating them to apply for jobs in the

organization.” Recruitment is a ‘linking function’-joining together those

with jobs to fill and those seeking jobs. It is a ‘joining process’ in that it

tries to bring together job seekers and employer with a view to

encourage the former to apply for a job with the latter

In order to attract people for the jobs, the organization must

communicate the position in such a way that job seekers respond. To be

cost effective, the recruitment process should attract qualified

applicants and provide enough information for unqualified persons to

self-select themselves out.

Thus, the recruitment process begins when new recruits are sought and

ends when their applications are submitted. The result is a pool of

applicants from which new employees are selected

PURPOSES AND IMPORTANCE

The general purpose of recruitment is to provide a pool of potentially

qualified job candidates. Specifically, the purposes are to:

• Determine the present and future requirements of the organization

in

conjunction with its personnel-planning and job-analysis activities.

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• Increase the pool of job candidates at minimum cost.

• Help increase the success rate of the selection process by reducing

the

number of visibly, under qualified or overqualified job applicants.

• Help reduce the probability that job applicants, once recruited and

selected, will leave the organization only after a short period of

time.

• Begin identifying and preparing potential job applicants who will be

appropriate candidates.

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

• Infuse fresh blood at all levels of the organization.

• Develop an organizational culture that attracts competent people to

the company.

• Search or head hunt/head pouch people whose skills fit the

company’s values.

• Devise methodologies for assessing psychological traits.

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

• Design entry pay that competes on quality but not on quantum.

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

• Increase organizational and individual effectiveness in the short

term

and long term.

• Evaluate the effectiveness of various recruiting techniques and

sources for all types of job applicants.

Recruitment represents the first contact that a company makes with

potential employees. It is through recruitment that many individuals

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will come to know a company, and eventually decide whether they wish

to work for it. A well-planned and well-managed recruiting effort will

result in high- quality applicants, whereas, a haphazard and piecemeal

effort will result in mediocre ones. High-quality employees cannot be

selected when better candidates do not know of job openings, are not

interested in working for the company and do not apply. The

recruitment process should inform qualified individuals about

employment opportunities, create a positive image of the company,

provide enough information about the jobs so that applicants can make

comparisons with their qualifications and interests, and generate

enthusiasm among the best candidates so that they will apply for the

vacant positions.

The negative consequences of a poor recruitment process speak volumes

about its role in an organization. The failure to generate an adequate

number of reasonably qualified applicants can prove costly in several

ways. It can greatly complicate the selection process and may result in

lowering of selection standards. The poor quality of selection means

extra cost on training and supervision. Furthermore, when recruitment

fails to meet the organizational needs for talent, a typical response is to

raise entry-level pay scales. This can distort traditional wage and salary

relationships in the organization, resulting in avoidable consequences.

Thus, the effectiveness of a recruitment process can play a major role in

determining the resources that must be expended on other HR activities

and their ultimate success

RECRUITMENT POLICY :

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It specifies the objective of recruitment and provides a framework for

the

implementation of the recruitment programme. A recruitment policy

may involve

1) It should provide employees with job security and continuous

employment.

2) It should integrate organizational needs and employee needs.

3) It should match the qualities of the employees with the requirements

of the work for which they are employed.

4) It should highlight the necessity of establishing job analysis.

FACTORS AFFECTING RECRUITMENT :

Every organization, big or small has to engage in recruitment of

persons, recruitment has two aspects-

1) To find out the number of vacancies to be notified and the type of

applicants needed to fill them.

2) To approach the potential applicants to apply for such vacancies.

No organization can recruit successfully without taking into

consideration the following factors –

1) The Economic Factors –

The economic conditions of a country influence the recruitment process

in all organization. The globalization and liberalization of Indian

economies since 1991 onwards has resulted in a boom in financial

services in India. As a result of the new economic policy, the demands of

well

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2) The Social Factors –

These also affect the recruitment policy of an organization. Social

changes in the past two decades in India, have forced organization to

commitment to broad principles such as filling vacancies with the best-

qualified individuals. It may also involve the organizational system to be

developed for implementing recruitment programme and procedure to

be employed.

ELEMENTS OF GOOD RECRUITMENT POLICY :

A good recruitment policy must contain the following elements:

1) Organizational objectives : Both short term and long term

organizational objectives must be taken into consideration into

consideration. Identification of recruitment needs :

2) Preferred sources of recruitment : The sources of recruitment should

be identified properly.

3) Monetary aspects : The cost of recruitment and financial implications

of the same have to be kept in mind also.

PRE-REQUISITES OF GOOD RECRUITMENT POLICY

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1) It should be in conformity with the general personnel policies.

2) It should be flexible enough to meet the changing needs of the

organization.

3) It should provide employees with job security and continuous

employment.

4) It should integrate organizational needs and employee needs.

5) It should match the qualities of the employees with the requirements

of the work for which they are employed.

6) It should highlight the necessity of establishing job analysis.

FACTORS AFFECTING RECRUITMENT :

Every organization, big or small has to engage in recruitment of

persons, recruitment

has two aspects-

1) To find out the number of vacancies to be notified and the type of

applicants needed to fill them.

2) To approach the potential applicants to apply for such vacancies.

No organization can recruit successfully without taking into

consideration the following factors –

1) The Economic Factors –

The economic conditions of a country influence the recruitment process

in all organization. The globalization and liberalization of Indian

economies since 1991 onwards has resulted in a boom in financial

services in India. As a result of the new economic policy, the demands of

well

2) The Social Factors – These also affect the recruitment policy of an

organization. Social changes in the past two decades in India, have

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forced organization to place increasedemphasis on recruitment. The

mentality of modern employees has changed from just any job to a

satisfying career.

3) The Technological Factors – New technology have created new jobs

and existing jobs have undergone rapid changes. Several old jobs have

disappeared from the scene.

4) The Legal Factors – The different legislative policies governing child

labour, night shifts, bonded labour etc. have brought legal environment

to a major factor.

PROCESS OF RECRUITMENT -

It passes through the following stages :

1) Recruitment process begins when personnel department receives

requisition for recruitment from any department of the company.

2) Locating and developing the sources of required number and type of

employees.

3) Identifying the prospective employees with required characteristics.

4) Developing the techniques to attract the desired candidates.

5) The next stage in the process is to stimulate as many candidates as

possible.

6) Evaluating the effectiveness of recruitment process.

PROCESS OF RECRUITMENT COMPANY ADOPTS : SOURCES

OF RECRUITMENT

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Personnel

Planning

Job

Analysis

Recruitment

Planning

Searching

Evaluation

and control

Strategy

Development

Selection

Screening

–

Before an organization actively begins to recruit applicants it should

consider the mostly likely source of the type of employee it needs. Some

companies try to develop new sources while most try to tackle the

existing sources they have. These sources accordingly may be termed as

internal and external.

Internal Sources –

This is one of the important sources of recruitment. The employees

already working in the organization may be more suitable for higher

jobs than those recruited outside. Internal sources consist of the

following :

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1) Present employee: Promotions and transfers among the

present employees can be a good source of internal recruitment.

2) Employee Referrals: In an organization with a large number of

employees referrals can

provide quite a large pool of potential organizational members.

3) Former Employee : These are another internal source of recruitment.

Some retired employees may be willing to come back to work.

4) Previous Employees : Those who have previously applied for jobs can

be contacted bymail.

External Sources :

These are as follows –

1. Advertisement

2ProfessionanOrganization

3.DataBank

4.Walkin

5.RecruitingAgencies

6.Competitors

7.DisplacedPersons

8. E-recruitment

12. Cold calling

RECRUITMENT PROCESS COMPANY ADOPTS–

1)Internalsource

2)Advertisement

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3)Consultants

4) Data banks

INDUCEMENTS

Organizational inducements are all the positive features and benefits

offered by an organization that serves to attract job applicants to the

organisation. Three inducements need specific mention here, they are:-

.Compensation: Starting salaries, frequency of pay increases, incentives

and fringe benefits can all serve as inducements to potential employees.

Career Opportunities: These help the present employees to grow

personally and professionally and also attract good people to the

organization. The feeling that the company takes care of employee

career aspirations serves as a powerful inducements to potential

employees.

Image or Reputation: Factors that affect an organisation’s reputation

include its general treatment of employees, the nature and quality of its

products and services and its participation in worthwhile social

endeavors.

CONSTRAINTS

If a firm has a poor image in the market, many of the prospective

candidates may not even apply for vacancies advertised by the firm. If

the job is not attractive, qualified people may not even apply. Any job

that is viewed as boring, hazardous, anxiety producing, low-paying, or

lacking in promotion potential seldom will attract a qualified pool of

applicants. Recruiting efforts require money. Sometimes because of

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limited resources, organizations may not like to carry on the recruiting

efforts for long periods of time, this can, ultimately, constrain a

recruiter’s effort to attract the best person for the job. Government

policies often come in the way of recruiting people as per the rules of the

company or on the basis of merit/seniority, etc. For example,

reservations to specific groups (such as scheduled castes, scheduled

tribes, backward castes, physically handicapped and disabled persons,

ex-servicemen, etc.) have to be observed as per constitutional provisions

while filling up vacancies in government corporations, departmental

undertakings, local bodies, quasi-government organizations, etc.

CORPORATE MISSION, OBJECTIVES, STRATEGIES AND

TACTICS (MOST)

Corporations have started linking their Mission, Objectives, Strategies

and Tactics (MOST) to the functions of recruitment and selection. The

economic liberalizations and consequent competition through quality

and services necessitated the companies to search for and attract

competent human resources. Corporations focusing on new business

development will have to seek entrepreneurial abilities, companies

planning to withdraw from diversifications must look for pragmatists

and companies chasing growth alliances should employ people

comfortable in different cultural backgrounds. Above all, companies

must hire for the future, anticipating jobs that may not be in existence

yet. Recruitment managers must focus for attitudes and approaches

that fit the corporate goals and culture

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CENTRALISED V/s DECENTRALISED RECRUITMENT

Recruitment practices vary from one organization to another. Some

organizations like commercial banks resort to centralized recruitment

while some organizations like the Indian Railway resort to decentralized

recruitment practices. Personnel department at the central office

performs all the functions of recruitment in case of centralised

recruitment and personnel

Departments at unit level/zonal level perform all the functions of

recruitment

Concerning to the jobs of the respective unit or zone.

MERITS OF CENTRALISED RECRUITMENT

• Average cost of recruitment per candidate/unit should be relatively

less due to economies of scale.

• It would have more expertise available to it.

• It can ensure broad uniformity among human resources of various

Units/zones in respect of education, skill, knowledge, talent, etc.

• It would generally be above malpractices, abuse of powers,

favoritism, bias, etc.

• It would facilitate interchangeability of staff among various

units/zones.

• It enables the organization to have centralized selection procedure,

promotional and transfer procedure, etc.

• It ensures the most effective and suitable placement to candidates.

• It enables centralized training programmed which further brings

Uniformity and minimizes average cost of staff.

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MERITS OF DECENTRALISED RECRUITMENT

1 The unit concerned concentrates only on those sources/places

wherein

Normally gets the suitable candidates. As such the cost of

recruitment

would be relatively less.

2 The unit gets most suitable candidates as it is well aware of the

requirements of the job regarding culture, traditional, family

background aspects, local factors, social factors, etc.

• Units can recruit candidates as and when they are required without

any delay.

• The units would enjoy freedom in finding out, developing the

sources, in selecting and employing the techniques to stimulate the

candidates.

• The unit would relatively enjoy advantage about the availability of

information, control and feedback and various functions/processes of

recruitment.

• The unit would enjoy better familiarity and control over the

employees it recruits rather than on employees selected by the central

recruitment agency.

Both the systems of recruitment would suffer from their own demerits.

Hence, the management has to weigh both the merits and demerits of

each system before making a final decision about centralizing or

decentralizing the recruitment. Alternatively management may

decentralize the recruitment of certain categories of employees

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preferably middle and top level managerial personnel and centralize the

recruitment of other categories of employee’s preferably lower level

positions in view of the nature of the jobs and suitability of those

systems for those categories of positions. The management has to find

out and develop the sources of recruitment after deciding upon

centralizing or decentralizing the recruitment function

INTRODUCTION SELECTION

The size of the labour market, the image of the company, the place of

posting, the nature of job, the compensation package and a host of other

factors influence the manner of aspirants are likely to respond to the

recruiting efforts of the company. Through the process of recruitment

the company tries to locate prospective employees and encourages them

to apply for vacancies at various levels. Recruiting, thus, provides a pool

of applicants for selection.

Definition

To select mean to choose. Selection is the process of picking individuals

who have relevant qualifications to fill jobs in an organisation. The

basic purpose is to choose the individual who can most successfully

perform the job from the pool of qualified candidates.

Purpose

The purpose of selection is to pick up the most suitable candidate who

would meet the requirements of the job in an organisation best, to find

out which job applicant will be successful, if hired. To meet this goal,

the company obtains and assesses information about the applicants in

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terms of age, qualifications, skills, experience, etc. the needs of the job

are matched with the profile of candidates. The most suitable person is

then picked up after eliminating the unsuitable applicants through

successive stages of selection process. How well an employee is matched

to a job is very important because it is directly affects the amount and

quality of employee’s work. Any mismatched in this regard can cost an

organisation a great deal of money, time and trouble, especially, in

terms of training and operating costs. In course of time, the employee

may find the job distasteful and leave in frustration. He may even

circulate ‘hot news’ and juicy bits of negative information about the

company, causing incalculable harm to the company in the long run.

Effective election, therefore, demands constant monitoring of the ‘fit’

between people the job.

The Process

Selection is usually a series of hurdles or steps. Each one must be

successfully cleared before the applicant proceeds to the next one. The

time and emphasis place on each step will definitely vary from one

organisation to another and indeed, from job to job within the same

organisation. The sequence of steps may also vary from job to job and

organisation to organisation. For example some organisations may give

more importance to testing while others give more emphasis to

interviews and reference checks. Similarly a single brief selection

interview might be enough for applicants for lower level positions, while

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applicants for managerial jobs might be interviewed by a number of

people.

Reception

A company is known by the people it employs. In order to attract people

with talents, skills and experience a company has to create a favourable

impression on the applicants’ right from the stage of reception.

Whoever meets the applicant initially should be tactful and able to

extend help in a friendly and courteous way. Employment possibilities

must be presented honestly and clearly. If no jobs are available at that

point of time, the applicant may be asked to call back the personnel

department after some time.

SELECTION OF FINANCIAL CONSULTANT UNDERSTANDING

SELECTION PROCESS

Recruitment function helps the organization to develop a pool of

prospective human resources. It is difficult for the HR manager to

employ the suitable people out of the pool. Infact, many organizations

face critical problems in choosing the people. Selection techniques and

methods reduce the complexities in choosing the right candidates for the

job. After identifying the sources of human resources, searching for

prospective employees and stimulating them to apply for jobs in an

organization,

the management has to perform the function of selecting the right

employees at the right time. The obvious guiding policy in selection is

the intention to choose the best person who have good social contact.

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The objective of the selection decision is to choose the individual who

can most successfully perform the job from the pool of qualified

candidates. The selection procedure is the system of functions and

devices adopted in a given company to ascertain whether the candidate

specifications are matched with the job specifications and requirements

or not.

The selection process can be successful if the following requirements are

satisfied:

Someone should have the authority to select. This authority comes

from the employment requisition, as developed by an analysis to the

workload and work force.

There must be some standard of personnel with which a prospective

employee may be compared, i.e. a comprehensive job description and

job specification should be available before hand.

There must be a sufficient number of applicants from whom the

required number of employees may be selected.

The ability of an organization to attain its goal effectively and to develop

in a dynamic environment largely depends upon the effectiveness of its

selection programme. If the right person is selected, he is valuable asset

to the organization

SELECTION PROCEDURE:

Selection procedure employs several methods of collecting information

about the candidates qualifications, experience, physical and mental

ability, nature and behavior, knowledge and aptitude for judging

whether a given applicant is suitable or not for the job. Therefore the

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selection procedure is not a single act but is essentially a series of

methods or stages by which different types of information can be

secured through various selection techniques. At each step facts may

come to light, which are useful for comparison with the job requirement

and employee specifications

IN DETAIL EXPLANATION:

(A) JOB ANALYSIS:

Job analysis is the basis for selecting the right candidates. Every

organization should finalize the job analysis, job description, job

specification and employee specifications before proceeding to the next

step of selection

essentially a series of methods or stages by which different types of

information can be secured through various selection techniques. At

each step facts may come to light, which are useful for comparison with

the job requirement and employee specifications.

(B) HUMAN RESOURCE PLAN:

Every company plans for the required number of and kind of

employees for a future date. This is the basis for recruitment function.

(c) RECRUITMENT:

Recruitment refers to the process of searching for prospective

employees and stimulating them to apply for jobs in an organization. It

is the basis for the remaining technologies of the screening the

candidates in order to select the appropriate candidates for the jobs

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.

(D) DEVELOPMENT OF BASES FOR SELECTION:

The company has to select the appropriate candidates from the pool of

applicants. The company develops or borrows the appropriate

bases/techniques for screening the candidates in order to select the

appropriate candidates for the jobs.

(E) APPLICATION FORM:

Application form is also known as application blank. The techniques of

application blank are traditional and widely accepted for securing

information from the prospective candidates. It can also be used as a

device to screen the candidates at the preliminary level. Many

companies formulate their own style of application forms depending

upon the requirement of

information based on the size of the company, nature of business

activities, type and level of the job etc. Information is generally required

on the following items in the application forms:

Personal background

Educational qualifications

Work experience

Salary (drawing and expecting)

Personal attainments including likes and dislikes

References

F) WRITTEN EXAMINATION:

Organizations have to conduct written examination for the qualified

candidates after they are screened on the basis of the application blanks

so as to measure the candidate s ability in arithmetical calculations, to

know the candidate s attitude towards the job, to measure the candidate

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s aptitude, reasoning, knowledge in various disciplines, general

knowledge and English language.

(G) PRELIMINARY INTERVIEW:

The preliminary interview is to solicit necessary information from the

prospective applications and to assess the applicant s suitability to the

job. An assistant in the personnel department may conduct this

preliminary interview. The information thus provided by the candidate

may be related to the job or personal specifications regarding education,

experience, salary expectations, attitude towards job, age, physical

appearance and other requirements etc. Thus, preliminary interview is

useful as a process of eliminating the undesirable and unsuitable

candidates. If a candidate satisfies the job requirements regarding most

of the areas, he may be selected for further process. Preliminary

interviews are short and known as stand up interviews or sizing up of

the applicants or screening interviews. However, certain required

amount of care is to be taken to ensure that the desirable workers are

not eliminated. This interview is also useful to provide the basic

information about the company to the candidate.

(H) BUSINESS GAMES:

Business games are widely used as a selection technique for selecting

management trainees, executive trainees and managerial personnel at

junior, middle and top management positions. Business games help to

evaluate the applicants in the areas of decision-making, identifying the

potentialities, handling the situations, problem- solving skills, human

relations skills etc. participants are placed in a hypothetical work

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situation and are required to play the role situations in the game. The

hypothesis is that the most successful candidate in the game will be most

successful one on the job

.

GROUP DISCUSSION is used in order to secure further information

regarding the suitability of the candidate for the job. Group discussion

is a method where groups of the successful applicants are brought

around a conference table and are asked to discuss either a case study

or subject

matter. The candidates in the group are required to analyze, discuss,

find alternative solutions and select the sound solution. A selection panel

then observes the candidates in the areas of initiating the discussion,

explaining the problem, soliciting unrevealing information based

on the given information and using common sense, keenly observing the

discussion of others, clarifying controversial issues, influencing others,

speaking effectively, concealing and mediating arguments among the

participants and summarizing or concluding aptly.

The selection panel, based on its observation, judges the candidate s skill and ability and ranks them according to their merit. In some cases, the selection panel may also ask the candidates to write the summary of the group discussion in order to know the candidate s writing ability as well.

Types of test:

Tests are classified into six classes, each class is again divided into

different types of tests. They are:

APTITUDE TESTS:

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These tests measure whether an individual has the capacity or latent

ability to learn a given job if given adequate training. Aptitudes can be

divided into general and mental ability or intelligence and specific

aptitudes such as mechanical, clerical, manipulative capacity etc.

General aptitude test is of two types namely intelligence quotient (IQ)

and emotional quotient (EQ).

(1) Skill tests:

These tests measure the candidate s ability to do a job perfectly and

intelligently. These tests are useful to select the candidates to perform

artistic jobs, product design, design of tools, machinery etc. The

candidates can be selected for assembly work, testing and inspection

also.

(2) Mechanical aptitude tests:

These tests measure the capabilities of spatial visualization, perceptual

speed and knowledge of mechanical matter. These tests are useful for

selecting apprentices, skilled, mechanical employees, technicians etc.

(3) Psychomotor tests:

These tests measure abilities like manual dexterity, motor ability and

eyehand coordination of candidates. These tests are useful to select

semi-skilled workers and workers for repetitive operations like packing

and watch assembly.

(4) Clerical aptitude tests:

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These types of tests measure specific capacities involved in office work.

Items of this tests include spelling, computation, comprehension,

copying, word measuring etc.

ACHIEVEMENT TESTS:

These tests are conducted when applicants claim to know something as

these tests are concerned with what one has accomplished. These tests

are more useful to measure the value of a specific achievement when an

organization wishes to employ experienced candidates. These tests are

classified into (a) job knowledge test and (b) work sample test. Thus, the

candidate s achievement in his career is tested regarding his knowledge

about the job and actual work experience.

SITUATIONAL TESTS:

This test evaluates a candidate s in a similar real life situation. In this

test the candidate is asked either to cope with the situation or solve

critical situations of the job.

(1) Group discussion:

This test is administered through the group discussion approach to solve

a problem under which candidates are observed in the areas of

initiating, leading, proposing valuable ideas, conciliating skills, oral

communicating skills, coordinating and concluding skills.

(2) In basket:

Situational test is administered through in basket method. The

candidate in this test is supplied with actual letters, telephone and

telegraphic message,reports and requirements by various officers of the

organization, adequate information about the job and organization. The

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candidate is asked to take decisions on various items based on the in

basket information regarding requirements in the memoranda.

INTEREST TESTS:

These tests are inventories of the likes and dislikes of candidates in

relation to work, job, occupations, hobbies and recreational activities.

The purpose of this test is to find out whether a candidate is interested

or disinterested in the job for which he is a candidate and to find out in

which area of the job range/occupation the candidate is interested. The

assumption of this test is that there is a high correlation between the

interest of a candidate in a job and job success. Interest inventories are

less faked and they may not fluctuate after the age of 30

. PERSONALITY TESTS:

These tests prove deeply to discover clues to an individual s value

system, his emotional reactions and maturity and characteristic mood.

They areexpressed in such traits like self-confidence, tact, distrust,

initiative, emotional control, optimism, decisiveness, sociability,

conformity,objectivity, patience, fear, judgment dominance or

submission, impulsiveness, sympathy, integrity, stability and self-

confidence. (1) Objective tests: Most personality tests are objective tests as they are suitable for group testing and can be scored objectively.

(2) Projective tests:

Candidates are asked to project their own interpretation of certain

standard stimulus basing on ambiguous pictures, figures etc. under

these tests. Personality tests have disadvantages in the sense that

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sophisticated candidates can fake them and most candidates give

socially acceptable

answers. Further, personality inventories may not successfully predict

job success. A number of corrective measures tried as personality

inventories are widely subject to faking. They are:

Forced choice of Edward s personnel preference schedule.

Gordon personal profile.

The Minnesota Multi-phasic Inventory offers different methods

forIdentifying faking. The faking can be countered by repeating the

same question in different parts to measure consistency.

MULTI-DIMENSIONAL TESTING:

However, the need for multi-skills is being felt be most of the companies

consequent upon globalization, competitiveness and the consequent

customer-centered strategies. Organization have to develop

multidimensional testing in order to find out whether the candidates

possess a variety of skills or not, candidate s ability to integrate the

multi-skills and potentiality to apply them based on situational and

functional requirement.

J) INTERVIEW:

Final interview follows after tests. This is the most essential step in the

process of selection. In this step the interviewer matches the information

obtained about the candidate through various means to the job

requirements and to the information obtained through his own

observation during the interview. The different types of interviews are:

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PRELIMINARY INTERVIEW: (1) Informal interview:

This is the interview, which can be conducted at any place by the person

to secure the basic and non-job related information. The interaction

between the candidate and the personnel manager when the former

meets the latter to enquire about the vacancies or additional particulars

in connection with the employment advertisement is an example of the

informal interview. 2) Unstructured interview:

In this interview, the candidate is given the freedom to tell about himself

by revealing his knowledge on various items/areas, his background,

expectations, interest etc. Similarly, the interviewer also provides

information on various items required by the candidate.

CORE INTERVIEW:

It is normally the interaction between the candidates and the line

executive or experts on various areas of job knowledge, skill, talent etc.

This interview may take various forms like:

(1)Background information interview This interview is intended to

collect the information which is not available in the application blank

and to check that information provided in the application blank

regarding education, place of domicile, family, health, interest, hobbies,

likes, dislikes and extra curricular activities of the applicant.

(2) Job and probing interview:

This interview aims at testing the candidate s job knowledge about

duties, activities, methods of doing the job, critical/problematic areas,

methods of handling those areas etc.

(3) Stress interview:

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This interview aims at testing the candidate s job behavior and level of

understanding during the period of stress and strain. The interviewer

tests candidate by putting him under stress and strain by interrupting

the applicant from answering, criticizing his opinions, asking questions

pertaining to unrelated areas, keeping silent for unduly long periods

after he has finished

speaking etc. Stress during the middle portion of the interview gives

effective results. Stress interview must be handled with utmost care and

skills. This type of interview is often invalid, as the interviewer s need

for a job and his previous experience in such type of interviews may

inhibit his actual behavior under such situations.

(4) Group discussion interview: There are 2 methods of conducting

group discussion interviews, viz. group interview method and discussion

interview method. All the candidates are

brought into one room and are interviewed one by one under group

interview. This method helps a busy executive to save valuable time and

gives a fair account of the objectivity of the interview to the candidates.

Under the discussion interview method, one topic is given for discussion

to the candidates who assemblein one room and they are asked to

discuss the topic in detail. This type of interview helps the interviewer in

appraising certain skills of the candidates like initiative, inter-personal

skills, dynamism, presentation, leading, comprehension, collaboration

etc. Interviewers are at ease in this category of interview because of its

informality and flexibility. (5) Formal and structured interview:

In this type of interview, all the formalities, procedures like fixing the

value, time, panel of interviewers, opening and closing, intimating the

candidates officially etc. are strictly followed in arranging and

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conducting interview. The course of the interview is preplanned and

structured, in advance, depending on job requirements

(6) Panel interview:

A panel of experts interviews each candidate, judges his performance

individually and prepares consolidated judgment. This type of interview

is known as panel interview. Interviewers for middle level and senior

level mangers are normally conducted are the panel of experts. (7) Depth interview:

In this interview, the candidate would be examined extensively in core

areas of job skills and knowledge. Experts test the candidate s

knowledge in depth. Depth interviews are conducted for specialist jobs.

DECISION-MAKING INTERVIEW:

After the experts including the line managers of the organization in the

core areas of the job examine the candidates, the head of the

department/section concerned interviews the candidates once again,

mostly through informal discussion. The interviewer examines the

interest of the candidate in the job, organization

Reaction adaptability to the working complaining, promotional

opportunities, work adjustment and allotment etc. The personnel

manger also interviews the candidates with a view to find out his

reaction/acceptance regarding salary, allowances, benefits, promotions,

opportunities etc. The head of the department and the personnel

manager exchange the view and then they jointly inform their decision

to the chairman of the interview board, which finally makes the decision

about the candidate s performance and their ranks in the interview.

Most of the organizations have realized that employee s positive attitude

matters much rather than employee s skill and knowledge. Employees

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with positive attitude contribute much to the organization. Hence,

interviewers look for the candidates with the right attitude while

making final decision.

(K) MEDICAL EXAMINATION:

Certain jobs require certain physical qualities like clear vision, perfect

hearing unusual stamina, tolerance of hardworking conditions, clear

tone etc. Medical examination reveals whether or not a candidate

possesses these qualities. Medical examination can give the following

information: Whether the applicant is medically suited for the specific job Whether the applicant has health problems or psychological attitudes likely to interfere with work efficiency or future attendance. The offer. Whether the applicant suffers from bad health which should be corrected before he can work satisfactorily It reveals the applicant s physical measurements and It is used to check the special senses of the candidates.

(L) REFERENCE CHECKS:

dition,careerAfter completion of the final interview and medical

examination, the personnel department will engage in checking

references. Candidates are required to give the names of references in

their application forms. These references may be from the individuals

who are familiar with the candidates academic achievement or form the

applicant s previous employer, who is well versed with the applicant s

job performance, and sometimes from coworkers. Incase the reference

check is from the previous employer; information for the following

areas may be obtained. They are job title, job description, and period of

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employment, pay and allowances, gross emoluments, benefits provided,

rate of absence, willingness of the previous employer to employ the

candidate again and soonFurther, information regarding candidate s

regularity at work, character, progress etc. can be obtained.

Often a telephone call is much quicker. The method of mail provides

detailed information about the candidate s performance, character and

behavior. However, a personal visit is superior to the mail and

telephone methods and is used where it is highly essential to get the

detailed, actual

information, which can also be secured by observation. Reference

checks are taken as a matter of routine and treated casually or omitted

entirely in many organizations. But a good reference check used

sincerely will fetch useful and reliable information to the organization.

(M) FINAL DECISION BY THE LINE MANAGER:

The line manager concerned has to make the final decision whether to

select or reject a candidate after soliciting the required information

through techniques discussed earlier. The line manager has to take

much care in taking the final decision not only because of economic

implications but alsobecause of behavioral and social implications. A

careless decision of rejecting would impair the morale of the people and

they would suspect the selection procedure and the basis of selection of

this organization. A true understanding between line managers

andpersonnel managers should be established to take proper decisions.

(N) JOB OFFER:

Thus, after taking the final decision, the organization has to intimate

this decision to the successful as well as unsuccessful candidates. The

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organization offers the job to the successful candidates either

immediately or after some time depending upon its time schedule. The

candidate after receiving job offer communicates his acceptance to the

offer or requests the company to modify the terms and conditions of

employment or rejects the offer.

RECRUITMENT AND SELECTION AT SBI LIFE INSURANCE

Recruitment is the process of attracting prospective candidates who are

likely to get selected. Recruitment process starts with the drafting of

advertisement for the required post mentioning the name of the post,

qualifications required, place of posting etc. the advertisement is

released in all major and national newspaper across the country. Not

only print media, but other media like internet is also used for posting

the advertisement. Placement agencies and educational institutions are

considered if the requirements are for fresh graduates. Employee

references by are also encouraged. After receiving the applications, it is

initially screened by HR division based on minimum requirements and

qualifications prescribed for the post. Screened applications from HR

division are sent to respective divisional heads for their screening in

case of applications for higher posts. Selection is the process of selecting

right candidates from the list of prospective candidates. Selection

process involves tests, interviews, group discussions, psychometric tests

or a combination of these depending on the nature or sensitivity of the

level and the post. For technical posts, tests are used as elimination

means while for some other posts like management trainee, tests are not

used as elimination means. The shortlisted candidates are called for the

final interview. Regret letters are sent to those who are not shortlisted.

Background checking of the shortlisted candidates is done to ensure

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that they will fit with the culture of the organization. Job offers are

made to the selected candidates and they are asked to give their

confirmation that they accept the job offer. On receiving their

confirmation, appointment letter is prepared by personnel and

administration division and given to the candidate at the time of joining.

Salary offer is a part of Human resource division while personnel and

administration division handles salary administration. 57

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RESEARCH METHODOLOGY

The current chapter deals with the research methodology adopted In

present study indicates the selection of sample respondents, collection of

data. choice of statistical tools for analysis of data, in addition to

pointing out limitations’ of the study.

Methodology adopted:

The research is aimed at to evaluate employee engagement at SBI bank.

The city will cover under the research Moga.,Bagha purna

Research design:

The design for this study is descriptive.

Sampling unit:

Sampling is an effective step in collection of primary data that influence

the quality and correctness of the result.

Sampling size:

The sample size is selected to give the true picture. The size is

ANLAYSIS AND FINDINGS

From the analyzed data I could find that – The main source of the recruitment is through external sources i.e.

through

advertisement.

The other source of recruitment is through references , natural

market and

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consultants.

Maximum prospects fulfils all the criteria prescribed by the IRDA.

Research shows that the Financial Advisors generally belong to the

age of 30- 50 years

It is found that the company provides both types of training and

mainly prospects goes for the online training.

Every year company recruits as many as 50 Advisors in order to

increase

the sales force of the company.

Most of the recruited people are aware of the insurance sector and

the person who are not aware of the insurance sector are made aware

through the training before sitting for the test.

It has been found through the studies that most of the candidate

recruited

belongs the banking and insurance sector . It means that they are

having some knowledge about the insurance sector.

For most of the prospects attending 21 days training is a major

problem. As the timings for the training are full time 10:30 am to 5.00

p.m.

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For most of the prospects they join SBI LIFEINSURANCE for the

extra

income.

Most of the recruited people continue working as a Financial

Advisor.

LIMITATIONS

1) This Project Report is restricted only for the interviewed people.

2) Biased reply of the respondents like giving wrong information.

3) Non availability of the data or the relevant information of the

respondent.

4) Sometimes it happens that the respondent was busy so as to get the information it becomes difficult

5) The project is done in near by areas of the Aundh Branch of the company & therefore findings of it may not be applicable in other areas.

6) Time Constraints – The duration of the project is only 2 months. In

this duration we have to finish the project so the sample size considered

for this project is also limited which may give some misleading outputs.

7) Although ICICI Prudential is a well known brand, it invests heavily

in the advertisements, but somehow the concept of financial advisor was

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not known to the customers and it requires great amount of efforts to

convince the various benefits to them.

INSURANCE:

Insurance, in law and economics, is a form of risk management

primarily used to hedge against the risk of a contingent loss. Insurance

is defined as the equitable transfer of the risk of a loss, from one entity

to another, in exchange for a premium, and can be thought of as a

guaranteed small loss to prevent a large, possibly devastating loss. An

insurer is a company selling the insurance; an insured or policyholder is

the person or entity buying the insurance. The insurance rate is a factor

used to determine the amount to be charged for a certain amount of

insurance coverage, called the premium. Risk management, the practice

of appraising and controlling risk, has evolved as a discrete field of

study and practice.

It is one of those things that one would not like to think and talk about

but if you don’t you may leave your family unprotected. In simple terms

life insurance provides money for my family in the event that I die.

It is a financial resource for my family and loved ones in case of my

death. A “Contract” between me and the insurance company.

“Insurance is sharing the risk between company and individual”

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In insurance two type of benefits risk cover and saving. Risks cover

Consists of death, accidental recovery and health.

Insurance

Risk cover Saving

1. Death 2.Accidental recovery 3.Health

When age is increase, risk is also increase, so premium is increase.

Need of Insurance

Insurance is a basic need of a individual. Like every man eat food

forgiving so insurance is necessary for every human life. If a person not

has life insurance and he is died then his families face many financial

troubles. So insurance is necessary need.

Share of SBI GROUP & BNP PARIBAS:-SBI Life Insurance Company Limited is a joint venture between the

State Bank of India and BNP Paribas Assurance. SBI Life Insurance is

registered with an authorized capital of Rs 2000 crores and a Paid-up

capital of Rs 1000 Crores. SBI owns 74% of the total capital and BNP

Paribas Assurance the remaining 26%.

SBI GROUP + BNP PARIBAS = SBI LIFE INSURANCE CO. LTD.

74 % + 26 % = 100 %

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PRODUCT OF SBI LIFE:-

I. Traditional plan:-

A. Term Insurance: Shield Plan

Swadhan Plan

B. Endowment plan: SUDARSHAN PLAN

Money back plan

C. Children plan: Scholar II plan

D. Pension plan:

Lifelong pension

These all Plans are Traditional Plans.

SHIELD PLAN

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Introduction: Key man is the key member or staff of the organization who is a major

contributor to its growth and the profit and whose absence may affect

the continuity of the business.

A Keyman insurance policy is taken to protect the 44organization

against the reduction in profit resulting from the death of the Keyman.

As per IRDA circular only Pure Term Assurance Products may be used

as a Keyman Insurance. We offer “SBI Life – Shield” as a Keyman

Insurance Policy.

  Product features available of “SBI Life – Shield” used as Keyman:

Minimum / Maximum Age at Entry : 18 Years to 60 Years

Term : 5 Years to 25 Years or Retirement age, whichever is earlier

Choice of Increasing Sum Assured @ 5% p.a. or Level Cover

No Riders available

Mode of Payment : Single Premium or Regular Premium (no

monthly mode available)

Sum Assured

Minimum (Per Life Assured):

SBI Life – Shield Plan: Rs. 10, 00,000/- (in multiples of Rs. 10,000)

Maximum Sum Assured (Per Corporate):

The quantum of cover would be based on the following parameters,

underwriting requirements and subject to the maximum Sum Assured

permitted in the respective plan chosen

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Maximum Sum Assured should be LOWER of :

1. 5 times the average net profit of the Company for the past 3

years.

2. 3 times the average gross profit of the Company for the past 3

years.

A multiple of the individual remuneration/compensation package that

the

Key man receive may also be considered.

SUDARSHAN

Introduction:

SBI Life - Sudarshan is an Endowment Policy designed to provide

savings and protection to you and your family. You can save regularly

for the future. Thus at the end of the plan, you will receive a substantial

amount of savings along with the accumulated bonuses declared. At the

same time, your family will be protected for death risk for the full Sum

Assured.

  Key Features:

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It offers you the option of tailoring your policy according to your

requirement and needs, by opting for various extra covers (Riders) that

are offered.

This is a unique product that offers you an innovative cover (plan

B) which helps you to protect your savings against ’the financial

consequences of inflation’ with constant premium for the entire

duration of the plan.

It gives you protection against unfortunate terminal or dreaded

illness. It is an insurance plan which could also act as a hedging

instrument.

With this plan you can plan your children’s future education,

marriage expenses or even your own retirement - in a most flexible

manner.  

Product type:

It is a traditional endowment plan i.e. saving - cum protection product.  

How does it work?

SBI Life - Sudarshan has two basic plans.

Fixed Sum Assured Plan: Allows you to build a regular saving

plan that gives you a secure amount at the end of a fixed period plus a

bonus. In the unfortunate event of death before maturity, the nominee

would stand to receive the Sum assured and the bonus accrued till that

date.

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Increasing Sum Assured Plan - the COLA Option: The Cost

Of Living Adjustment (COLA) option is so called because it serves as an

automatic hedge against inflation. It allows you to increase the Sum

Assured automatically by paying an additional premium compared to

the Fixed Sum Assured Plan. Moreover, the life cover also automatically

increases during the period as added protection to the family.

  Benefits

Maturity Benefit: Depending upon the plan option chosen:   Fixed Sum Assured (Plan A) Basic Sum Assured along with

Vested Bonus* is payable

Increasing Sum Assured (Plan B) Increased Sum Assured @ 5%

p.a. along with Vested Bonus* is payable

Death Benefit:

In the unfortunate event of death of the Life Assured, depending upon

the plan option chosen:  

Fixed Sum Assured (Plan A) The Sum Assured along with Vested

Bonus * is payable to your nominee.

Increasing Sum Assured (Plan B) Increased Sum Assured @ 5%

p.a along with Vested Bonus* is payable to your nominee.

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Other Benefits:

If the extra cover (riders) have been opted for, the following additional

benefits are payable:  

Term Assurance Cover benefit

The Term Assurance cover is payable in addition to normal death

benefit.

Accidental Death and Accidental Total Permanent Disability

Cover Benefit:

In case death due to an accident: The rider Sum Assured is payable in

addition to normal Life cover.

In case of Total Permanent Disability due to an accident:

Two benefits are payable:     

Critical Illness cover:

On diagnosis of any of the 6 critical illnesses and you survive for more

than 30 days; the Critical Illness Cover Sum Assured is paid in a lump

sum. No more claims will be admitted under this cover.

SBI Life - Sudarshan policy remains in force for all the other

benefits

Tax Benefits SBI Life :

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Sudarshan enjoys Tax benefit u/s 80 C and 10 (10 D) of IT Act*

Premiums paid for Critical Illness Benefit qualify for tax exemption

under Sec 80D*  

What is the policy term?

 

Who can buy this product? 

 

What is the minimum & maximum sum assured?

 

Riders available

  Minimum

Years

Maximum Years

Regular Mode 8 years 30 years

Single Premium Mode5 years 30 years

  Minimum

Years

Maximum Years

Regular Mode 12 years 62 years

Single Premium Mode12 years 65 years

Minimum Maximum

Rs.25,000 Rs.1 Crore

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SBI Life - Critical Illness Rider

SBI Life - Term Assurance Rider

SBI Life - Accidental Death & Total Permanent Disability Rider

MONEY BACK PLAN

Introduction:

As an individual your life is fueled by dreams. You experience different

special moments in life like wedding, birth of a child, child’s education

or purchasing a new home. You have to be financially prepared for

these special moments. What you need is easy liquidity at regular

intervals with life insurance protection to take care of these special

moments.

  Key Features:

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The plan has a number of moneyback options specially suited to your

needs. The cover is available at competitive premium rates. It has

guaranteed cash inflows which can meet your various financial

obligations. In addition to normal death cover, the plan also provides

you 4 additional covers.   Product type: It is a Traditional Saving Plan

with added advantage of life cover and guaranteed cash inflow at

regular intervals.  

How does it work?

SBI Life Money Back is a saving plan with added advantage of life

cover and cash inflow at regular intervals. This plan is designed for

individuals who want to plan for various financial obligations at

specified times in life.

Term of the Plan Guaranteed Survival Benefit payable

Cumulative Guaranteed Survival Benefit

10 Years The last 3 years on the term 110% of Basic Sum Assured

15 Years After every 3 years on the term115% of Basic Sum Assured

20 Years After every 4 years on the term120% of Basic Sum Assured

25 Years After every 5 years on the term125% of Basic Sum Assured

Benefits

Death Benefit:  

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In the unfortunate event of death during the term of the plan, the

nominee will receive Sum Assured + Vested Bonuses, (accrued till the

date of death),No deductions are made from the claim amount for the

Survival Benefits already paid.

Exclusions applicable to the Basic Cover:

Suicide within the first year

Other Optional Benefits:

 

SBI Life - Term Assurance Rider:

The benefit under the Term Assurance Rider is payable in addition to

death benefit. 

SBI Life - Accidental Death and Accidental Total

Permanent Disability Rider

In case of death due to an accident, the nominee gets the additional

rider Sum Assured. If the policyholder is involved in an accident,

resulting in total permanent disability, he/she will get Sum    Assured

under this rider in 10 equal annual installments; He/she will exit from

all the rider covers    thereafter, but continue to be covered for basic

cover on receipt of further premium due, if any.

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SBI Life - Premium Waiver Benefit Rider:

Under this rider the policy holder need not pay future premiums for the

base product, if he/she suffers    from total and permanent disability due

to an accident after the rider is opted for.

SBI Life - Critical Illness Rider:

On diagnosis of any of the 6 critical illnesses (depending on the C.I.

cover you have opted for) and you    survive for more than 30 days from

diagnosis; the Critical Illness Cover Amount is paid in a lumpsum. No

more claims will be admitted under this cover. The Basic policy remains

in force for all the other    benefits.

Tax Benefit:  

SBI Life Money Back Plan enjoys Tax benefit u/s 80 C and 10 (10 D) of

IT Act*.

Premiums paid for Critical Illness Benefit qualify for tax exemption

under Sec 80D*.  

What is the policy term?

Minimum YearsMaximum Years

10 years 25 years

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Who can buy this product? 

Eligibility Criteria Term

Option 1: Term 10

Years

Option 2: Term 15

Years

Option 3: Term 20

Years

Option 4: Term 25

YearsMinimum age at entry 15 15 15 15

Maximum age at entry 60 55 50 45

What is the min. & max. sum assured?

Riders Available

SBI Life - Term Assurance Rider

SBI Life - Accidental Death & TPD Rider

SBI Life - Critical Illness Rider

SBI Life - Premium Waiver Benefit Rider

Minimum Maximum

Rs. 50,000 (and multiples of Rs.

10,000 thereafter)

Rs.5 Crore.

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II. Unit Link Plan:

Unit Plus-II

Smart Ulip

Horizon II

Unit Plus Children Plan

Horizon II Pension

Unit Plus II Pension

UNIT PLUS II PLAN

IN THIS POLICY, THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS BORN BY THE POLICYHOLDER

INTRODUCTION:

It may be difficult to understand all your needs but as your preferred

life insurance company, SBI Life definitely understands all your

financial & insurance needs. SBIBI Life - Unit Plus II Plans are an

attempt to meet all your financial & insurance needs through a single

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non participating product. You can use it the way you like. What’s more

you get market linked returns which in the long term has always proved

to give better returns than traditional savings products.

Key Features:

Unmatched Flexibility to match your changing

requirement.

Choice of 5 investment funds: you can change the allocation

percentage when you want, 4 switches free per annum. 

Choice of term : Limited term or whole life.

Attractive riders available.

Product type:

This is a non-participating individual unit linked product.

How does it work?

SBI Life - Unit Plus II Plans: II plans depending on your premium

mode.

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Single Premium Mode : SBI Life - Unit Plus II Single       

UIN No: 111L029V01)

Regular Premium Mode : SBI Life - Unit Plus II Regular

UIN No: 111L028V01)

Decide Your Investment Amount :

Frequency Minimum Premium Maximum Premium

Single Rs. 40, 000 No Limit

Regular Rs. 24, 000 p.a. No Limit

Choose Your Life Cover:

It depends upon the total amount you have decided to invest.

Single Premium

Minimum Sum Assured

Maximum Sum Assured

Term 5 to 9 years

125 % of single premium amount

625 % of single premium amount

Term 10 years and above

110 % of single premium amount

625 % of single premium amount

Regular Premium

Minimum Sum Assured

Maximum Sum Assured

Regular Premium

5 times annual premium amount

Depends on the age*

Whole Life

5 times annual premium amount

No Limit(Subject to underwriting)

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Benefits : Maturity Benefit:

At maturity, the Fund Value as on that date is paid in full. Death Benefit: In the unfortunate event of the death.

Before or the age 7 years: Fund Value is payable to the nominee.

After attaining age 7 and before 65th birthday, the beneficiary will receive

higher of Fund Value or Sum Assured less Partial Withdrawals within the last 12

calendar months.

If death occurs after age 65, the beneficiary will receive the higher of the Fund

Value or Sum Assured less all the Partial Withdrawals made in the last 12 calendar

months before attaining the age of 65+ all withdrawals made after attaining the age of

65 will be set off against the Sum Assured excluding partial withdrawals from Top Up

Amount.

Tax Benefits :

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

What is the policy term?

 

Guaranteed Additions(Only for SBI Life - Unit Plus II Regular):

Percentage Of Average Annualised Regular

Age at

entry

Sum Assured

18-35 5 or 10 times first annualised premium subject to

maximum SA of Rs. 10 Lacs

36-45 5 or 10 times first annualised premium subject to

maximum SA of Rs. 5 Lacs

46-60 1.2 lacs

Term = Vesting Age - Age at Entry

Minimum Years Maximum Years

5 Years 52 Years

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Equity Optimizer Fund:

Assets

Min

Max

Risk

Equity & Equity related instruments

60% 100%

HighDebt and Money market instruments

Nil 40%

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