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By: Kashish Srivastava1528
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The JK Group
JKOrganization
JK Tyres
JK Papers
JK Seeds
JK LaxmiCement
JK Sugar
JK Fenner
JK Dairy& Foods
JKRMIBL
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Competitors
IRDA has till now provided registration to 12 Private LifeInsurance companies and 9 General Insurance companies.
LIFE INSURERS GENERAL INSURERS
Public Sector Public Sector
Life Insurance Corporation of India National Insurance Company Limited
Private Sector New India Assurance Company Limited
Allianz Bajaj Life Insurance Company Limited Oriental Insurance Company Limited
Birla Sun-Life Insurance Company Limited United India Insurance Company Limited
HDFC Standard Life Insurance Co. Limited Private Sector
ICICI Prudential Life Insurance Co. Limited Bajaj Allianz General Insurance Co. Limited
ING Vysya Life Insurance Company Limited ICICI Lombard General Insurance Co. Ltd.
Max New York Life Insurance Co. Limited IFFCO-Tokio General Insurance Co. Ltd.
MetLife Insurance Company Limited Reliance General Insurance Co. Limited
Om Kotak Mahindra Life Insurance Co. Ltd. Royal Sundaram Alliance Insurance Co. Ltd.
SBI Life Insurance Company Limited TATA AIG General Insurance Co. Limited
TATA AIG Life Insurance Company Limited Cholamandalam General Insurance Co. Ltd.
AMP Sanmar Assurance Company Limited Export Credit Guarantee Corporation
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Products & Services
GeneralInsurance
LifeInsurance
ClaimManagement
RiskManagement
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Other Services
JK Risk is also doing CROP Insurance for the
past four years successfully.
And now from the present year, JK Risk has
got the opportunity to promote the Govt.
project i.e. Swavalamban with the help of
Saptrishi Consultancy Service Ltd.
Saptrishi Consultancy Service Ltd. creates
Distribution network for JK Risk Managers.
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About Swavalamban
Govt. of India has introduced a Pension solution for
the citizen of India which is under NPS.
It is designed to provide regular old age income from
age of 60 till death.
It is based on Defined Contribution system.
Services will be offered to individual subscriber
through Aggregators.
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Benefits under scheme
Under the scheme, govt. will contribute Rs.
1000 per year to each NPS account.
The benefit will be available only to person
who join the NPS with a minimum
contribution of Rs.1,000 & maximum
Rs.12,000 per annum.
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Statement of problem
In the Implication of PFRDA (Pension Fund
Regulatory Development Authority) we have
to give presentations to those eager
aggregators regarding the pension schemes so
that they can get people enrolled in that
pension policy availed by the govt. of India.
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Objectives
To spread the awareness of the special scheme
available for the citizen of India by the govt. of
India regarding the old age income.
Safe & reasonable market based returns over
the long term.
Extending old age security coverage to all
citizen.
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On the job training
My training was started on 7th of May and
ended on 21st of June.
In Six weeks training in JK Risk Managers,
1. First three weeks, we had to go to different
places to create Sub-Aggregators; the sub-
aggregators are subscriber interface.
2. And in the last three weeks, we had to sell the
policies by our own.
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1st Week
In the first week, I covered the local areas of
Kanpur City. My mentor told me that we need
to give full detailing of the plan to the willing
aggregator as he will be the front interface to
the subscribers.
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2nd Week
In second week, I covered the nearby areas of
Lucknow-Unnao.
After creating Sub-aggregators in Kanpur City,
my mentor told me to solve the queries
regarding the scheme and to tell them how
they can gain more benefits.
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3rd Week
After successfully creating aggregators inKanpur-Lucknow areas, I went to cover theEastern area of U.P.
The major cities and villages I covered wereAllahabad, Jaunpur & Sujanganj area.
The main difficulty I found there was that LIC
has already covered those area as JK Risk hasrecently got this project and LIC is workingthere for last 3 years.
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4th Week
After creating the Sub-aggregators for the
company in my past 3 weeks of training, we
were assigned to sell those policies by our
own.
In this task, we learnt how actually people
arent willing to invest their money even if it is
for the future.
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5th Week
Interacting with lower segment people in 4th
week and not getting proper responses, we
moved to middle class segment.
The most important problem was Ignorance.
Some were responding in proper manner, and
some were totally ignorant.
Moving to middle class segment shown much
better result than previous.
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6th Week
This was almost the end of my training, and in
this week we summarized all the Sub-
Aggregators created by us and the policy sold
by us.
We collected the KYC documents from the
policy holders and the signed Stamp Papers
with the agreement from the sub-Aggregators.
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Learning's
During the project with JK Risk Managers andInsurance Brokers Ltd. no. of things learnt byme:
Various aspects of the Insurance products.Most importantly I got the practical experience
of consumer behavior.
I learn how to motivate the customer towardsthe benefit gained by them in our pensionschemes.
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Recommendation
There is not any regional and local office in
different cities; this is the main drawback of
the company.
Because of no local and regional branches,
reaching would be more difficult in order to
compete with the rivals in coming future.
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Thank You For Your
Kind Attention!!