4th jan_arif project 3rd sem

8/14/2019 4th Jan_Arif Project 3rd Sem

http://slidepdf.com/reader/full/4th-janarif-project-3rd-sem 1/65

A PROJECT REPORT

Titled

“A comparative study on Birla Sun Life Insurance with

Max New York Life & HDFC Standard Life”

A Project Report submitted in partial fulfillment of the requirements for the award

of the degree of

MASTER OF BUSINESS ADMINISTRATION(Industry Integrated)

TO

RAI BUSINESS SCHOOL, BHOPAL

(MADURAI KAMARAJ UNIVERSITY, MADURAI )

Submitted by

ARIF IRFANReg No: A8750105

Under the guidance of

Mrs. SUMITA VYAS

RAI BUSINESS SCHOOL56/1, BHADBHADA ROAD ,

NEAR DEPOT SQUARE, BHOPAL [M.P.]

1



CERTIFICATE

This is to certify that the Project Report

Titled



Submitted in partial fulfillment of the requirements for the award of the degree of


TO


(MADURAI KAMARAJ UNIVERSITY, MADURAI)

Is a record of bonafide Training carried out by

ARIF IRFAN

Under my supervision and guidance and that no part of this report hasbeen submitted for the award of any other degree/diploma/

Fellowship or similar titles or prizes.

FACULTY GUIDE TRAINING GUIDE

Signature:

Name: Mrs. SUMITA VYAS Signature seal of the LearningCentre

Sr. Lecturer , RBS BHOPAL

2



STUDENT’S DECLARATION

I hereby declare that the Project Report conducted

Titled



Under the guidance of

Mrs. SUMITA VYAS

Submitted in partial fulfillment of the requirements for theDegree of


TO


MAURAI KAMARAJ UNIVERSITY, MADURAI

Is my original work and the same has not been submitted for the

Award of any other Degree/Diploma/Fellowship or other similar titlesOr prizes.

Place: Bhopal ARIF IRFAN

Date: 03/01/10 Reg. No: A8750105

3



TABLE OF CONTENTS

Particular Page no.• Acknowledgement 05• Preface 06• Executive Summary 07• Research Objectives 08• Research Methodology 08• Research Design 09•

Sampling Methodology 10• Sampling Size 10• Limitation 10• Introduction 11• Company Profile 17• Organization Members 22• Products 24• SWOT Analysis 44• Insurance Regulatory & Development Authority (IRDA) 46• Competitors 49• Data Analysis & Interpretation 54• Finding & Suggestions 60• Conclusion 61• Bibliography 62• Questionnaire (Annexure 1) 63

4



ACKNOWLEDGEMENT

At every stage of my project work, I have received encouragementand support from my parents and friends to whom I am very

thankful for their contributions.

I wish to place my record my deep sense of gratitude to my

project guide Mrs. SUMITA VYAS, Sr. Lecturer (HR) for her

constant motivation and valuable guidance throughout the project

work. I express my gratitude to Mr. Kartik Jain , Director of ‘ RAI

BUSINESS SCHOOL ’ for his valuable suggestions and advices

throughout the project course. The great efforts put in by H.O.D.

Mrs.Swati Tiwari cannot be quantified.

Finally I would like to thank my all friends for the

cooperation extended to complete this project. I also extend my

thanks to other faculty members for their cooperation during my

course.

Place: BhopalDate :03/01/10 ARIF IRFAN

5



PREFACE

Insurance is very important in today’s world as it provides themeasure for reducing the exposure to risk. There are different types

of insurance policies and the person can take them on the basis of

their need. Insurance covers you not only when you are alive but

also after your death in the terms of benefit which accrues to your

family members.

The concept of insurance is not the new one. The

insurance is prevalent all over the world from the very beginning

either in the form of traditional or the reciprocal insurance. Mainly

insurance have been categorized into two parts 1. Life Insurance,

2. General Insurance. Life insurance mainly covers the health

related issues and the general insurance covers the other aspects.Insurance helps in pooling the losses and also leads to the transfer

of losses. It makes the person on the same position as he was

before loss. The investment in insurance is also eligible for tax

deductions.

6



EXECUTIVE SUMMARY

This project has been a great learning experience for me, at the

same time it gave me enough scope to implement my analytical

ability.

The first part gives an insight about the Insurance. It is purely

based on whatever I learned at Birla Sun Life. One can have a brief

knowledge about Insurance and all its basics through the project.

Other than that the real servings come when one moves ahead.

At BIRLA SUN LIFE, initially the trainees were imparted process

and product knowledge. They were given sufficient time to know

about the products and also about sales and distribution channel.They had to work with sales representative of the distributor and

think of ways of improving the sales and distribution channel and

implementing them. The main aim was to increase sales and for

this different ways were tried and implemented.

7



RESEARCH OBJECTIVES :

To analyze Birla Sun Life Insurance strategy against its

competitors.

Understanding in detail about Birla Sun Life Insurance.

To study the customer servicing strategy of Birla Sun Life

Insurance.

RESEARCH METHODOLOGY

While making a study we very often look for what type of research

methodology is to be used in this type of study. For

implementation of a proper research methodology we have to first

understand the meaning of research.

Research is a process with the help of which new concepts arises.

It is the increase in the actual knowledge stock. It can be called as

movement from known to unknown and vice-versa. It is also a

continuous process. It is a scientific as well as systematic process,

which includes defining and redefining the problem to develop

8



hypothesis, to collect and define the information/data, to analysis

the information and bring out the mother of Discovery.

Source of data: Primary Data, Secondary Data

Nature of Research: Analytical

Universe: Market Representative, Common

Citizen, Market

Intermediataries, Investors.

Tools of Techniques: Quantitative as will as QualitativeObservation

Quantitative: Percentage Method

RESEARCH DESIGNTo Achieve our objective a survey is being conducted in public to

understand what does a customer think about the services of

BIRLA SUN LIFE and to comparison with MAX NEW YORK

LIFE & HDFC STANDARD LIFE product and service.

Analytical search with quantitative approach has been done inwhich the description of Birla Sun Life Insurance is presented

value here the sampling which is used to analyze random sampling

which are conducted in Bhopal city.

9



SAMPLING METHODOLOGY

Initially, a rough draft of questionnaire was prepared keeping in

mind the objective of the research. A pilot study was done in order

to know the accuracy of the Questionnaire. The final Questionnaire

was arrived only after certain important changes were done. Thus

my sampling comes out to be judgmental and convenient.

Sample Size

We have met 50 people for survey, out of which response was

received from 25 People who submitted us the duly filledquestionnaire.

LIMITATIONS

Time was the major constraint.

Some of the respondents were not cooperative.

Some respondents were hesitating to give business details.

10



INTRODUCTION

Life Insurance

Life insurance (Life Assurance in British English ) is a type of

insurance . As in all insurance, the insured transfers a risk to the

insurer. The insured pays a premium and receives a policy in

exchange. The risk assumed by the insurer is the risk of death of

the insured.

How life insurance works

There are three parties in a life insurance transaction; the insurer,

the insured, and the owner of the policy (policyholder), although

the owner and the insured are often the same person. For example,if John Smith buys a policy on his own life, he is both the owner

and the insured. But if Mary Smith, his wife, buys a policy on

John's life, she is the owner and he is the insured. The owner of the

policy is called the grantee (he or she will be the person who will

pay for the policy). Another important person involved is the

beneficiary . The beneficiary is the person or persons who will

receive the policy proceeds upon the death of the insured. The

beneficiary is not a party to the policy, but is designated by the

owner, who may change the beneficiary unless the policy has an

11

http://en.wikipedia.org/wiki/British_English

http://en.wikipedia.org/wiki/Insurance

http://en.wikipedia.org/wiki/Beneficiary

http://en.wikipedia.org/wiki/British_English

http://en.wikipedia.org/wiki/Insurance

http://en.wikipedia.org/wiki/Beneficiary



irrevocable beneficiary designation. With an irrevocable

beneficiary, that beneficiary must agree to changes in beneficiary,

policy assignment, or borrowing of cash value.

The policy, like all insurance policies, is a legal contract specifying

the terms and conditions of the risk assumed. Special provisions

apply, including a suicide clause wherein the policy becomes null

if the insured commits suicide within a specified time for the

policy date (usually two years). Any misrepresentation by the

owner or insured on the application is also grounds for

nullification. Most contracts have a contestability period, also

usually a two-year period; if the insured dies within this period, the

insurer has a legal right to contest the claim and request additional

information before deciding to pay or deny the claim.

The face amount of the policy is normally the amount paid when

the policy matures, although policies can provide for greater or

lesser amounts. The policy matures when the insured dies or

reaches a specified age. The most common reason to buy a life

insurance policy is to protect the financial interests of the owner of

the policy in the event of the insured's demise. The insurance proceeds would pay for funeral and other death costs or be

invested to provide income replacing the deceased's wages. Other

reasons include estate planning and retirement. The owner (if not

12



the insured) must have an insurable interest in the insured, i.e. a

legitimate reason for insuring another person’s life. The insurer

(the life insurance company) calculates the policy prices with an

intent to recover claims to be paid and administrative costs, and to

make a profit. The cost of insurance is determined using mortality

tables calculated by actuaries. Actuaries are professionals who use

actuarial science which is based in mathematics (primarily

probability and statistics). Mortality tables are statistically based

tables showing average life expectancies. The three main variablesin a mortality table are age, gender, and use of tobacco. The

mortality tables provide a baseline for the cost of insurance. In

practice, these mortality tables are used in conjunction with the

health and family history of the individual applying for a policy in

order to determine premiums and insurability. The current

mortality table being used by life insurance companies in the

United States and their regulators was calculated during the 1980s .

There is currently a measure being pushed to update the mortality

tables by 2008.

Many companies use four general health categories for those

evaluated for a life insurance policy. These categories are Preferred

Best, Preferred, Standard, and Tobacco . Preferred Best means that

the proposed insured has no adverse medical history, is not under

medication for any condition, and his family (immediate and

13

http://en.wikipedia.org/wiki/Actuary

http://en.wikipedia.org/wiki/United_States

http://en.wikipedia.org/wiki/1980s

http://en.wikipedia.org/wiki/Tobacco

http://en.wikipedia.org/wiki/Actuary

http://en.wikipedia.org/wiki/United_States

http://en.wikipedia.org/wiki/1980s

http://en.wikipedia.org/wiki/Tobacco



extended) have no history of early cancer, diabetes, or other

conditions. Preferred is like Preferred Best, but it allows that the

proposed insured is currently under medication for the condition

and may have some family history. Most people are in the

Standard category. Profession, travel, and lifestyle also factor into

not only which category the proposed insured falls, but also

whether the proposed insured will be denied a policy. For example,

a person who would otherwise be in the Preferred Best category

will be denied a policy if he or she travels to a high risk country.

Upon the death of the insured, the insurer will require acceptable

proof of death before paying the claim. The normal minimum

proof is a death certificate and the insurer's claim form completed,

signed, and often notarized . If the insured's death was suspicious

and the policy amount warrants it, the insurer may investigate thecircumstances surrounding the death, before deciding whether

there is a legal obligation to pay the claim. Proceeds from the

policy may be paid in a lump sum or as an annuity paid over time

in regular recurring payments for either for the life of a specified

person or a specified time period.

14

http://en.wikipedia.org/wiki/Notary

http://en.wikipedia.org/wiki/Annuity

http://en.wikipedia.org/wiki/Notary

http://en.wikipedia.org/wiki/Annuity



HOW TO CONNECT WITH INSURANCE

CUSTOMERS

While making cold calls, we need to have:

Good communication skills (voice quality is clear and

accurate).

Persistent and able to bounce back from rejection.

Good organizational skills.

Ability to project a telephone personality (Enthusiasm,

Friendliness).

Flexibility: can adapt to different types of clients and new

situation.

Using a good database is very essential:

“80% of our business comes from 20% of our customers” is a

frequent statement at any sales convention. There’s hardly a salesexecutive who is not aware of the 80/20 rule.

15



Insurance customer sales cycle

Service

Follow-Up

Close sale- Purchase

Proposal

Sales desire-Response

Information

Inquiry

Awareness

16



COMPANY PROFILE

Birla Sun Life Insurance Company Limited (BSLI) is a joint

venture between the Aditya Birla Group and Sun Life Financial

Inc., a leading international financial services organization. The

local knowledge of the Aditya Birla Group combined with the

expertise of Sun Life Financial Inc., offers a formidable value

proposition to customers.

Sun Life Financial and its partners today have operations in key

markets worldwide, including India, Canada, the United States, the

United Kingdom, Hong Kong, Philippines, Japan, Indonesia, China

and Bermuda. Sun Life Financial Inc. had assets under

management of over US$ 386.82 billion, as on 31 March 2007.

Sun Life Financial Inc. is a leading performer in the life insurance

market in Canada.

BSLI in its five successful years of operations has contributed

significantly to the growth and development of the life insurance

industry in India. It pioneered the launch of Unit Linked LifeInsurance plans amongst the private players in India. It was the

first player in the industry to sell its policies through the Bank

assurance route and through the internet. It was also the first

17



private sector player to introduce a pure term plan in the Indian

market. This was supported by sales practices, which brought a

degree of transparency that was entirely new to the market. The

process of getting sales illustrations signed by customers, offering

a free look period on all policies, which are now industry standards

were introduced by BSLI.

Being a customer centric company, BSLI has invested heavily in

technology to build world class processing capabilities. BSLI has

covered more than one and a half million lives since inception and

its customer base is spread across 100 cities in India. All this has

assisted the company in cementing its place amongst the leaders in

the industry in terms of new business premium income. Birla Sun

Life Insurance (BSLI), one of the leading private life insurers in

India today announced the inimitable achiever, cricketer Kapil Devas their corporate brand ambassador. The cricketing supremo will

be endorsing BSLI in all its marketing initiatives. Birla Sun Life

Insurance is a value-driven brand which has a national brand recall

of 70 per cent. The objective of appointing a brand ambassador is

to grow its brand recall as it goes national in its distribution reach

and fuel business growth. As a brand ambassador, Kapil Dev will

play a key role in the brand and product marketing and

promotional activities. BSLI has always used an integrated

marketing approach, which will be strengthened further.

18



Commenting on the association with Kapil Dev, Mr. S. K. Mitra,

Director, Financial Services, Aditya Birla Group and currently in

charge of BSLI expressed, "The Birla Sun Life Insurance business

distribution network is national in nature covering more than 1000

points across the country .We have made our entry in several tier I

and tier II towns. It is therefore very important for the brand to

connect at the grassroots level and create trust. We believe that our

association with Kapil Dev as our brand ambassador will help us

create this connect in a shorter period of time. We therefore nowhave two strong connects — our parent brand Birla and our brand

ambassador Kapil Dev".

Kapil Dev, also known as the Haryana Hurricane, was born on 6

January 1959 in Chandigarh. He played his first competitive game

of cricket at the age of 13 years and made his test debut on 16October 1978 at Faisalabad against Pakistan. Kapil Dev remained

India's top strike bowler for almost 15 years. His extraordinary test

match figures of more than 5000 runs and 434 wickets along with

64 catches show that he was a world class cricketer and an all-

rounder. He has raised the mantle of India to sporting glory by

winning us the World Cup.

In a study conducted by BSLI, Kapil Dev connected extremely

well with the life insurance category and had high acceptance by

19



the masses. Our survey suggests that he is seen as a very good fit

for the BSLI brand. He is very much loved and respected by a vast

majority of the population.

On 26 November 2006, Birla Sun Life was host the annual golf

tournament at the Chamber Golf Club in Mumbai where Kapil Dev

was participate.

About Birla Sun Life Insurance

Birla Sun Life Insurance Company Limited is a joint venture

between the Aditya Birla Group, one of the largest business houses

in India and Sun Life Financial Inc., a leading international

financial services organization. The local knowledge of the Aditya

Birla Group combined with the expertise of Sun Life Financial

Inc., offers a formidable protection for your future.

Birla Sun Life Insurance (BSLI), in its five successful years of

operations, has contributed significantly to the growth and

development of the life insurance industry in India. It pioneered

the launch of unit linked life insurance plans amongst the private

players in India. It was the first player in the industry to sell its policies through the banc assurance route and through the internet.

It was the first private sector player to introduce a pure term plan

in the Indian market. This was supported by sales practices which

20



brought a degree of transparency that was entirely new to the

market. The process of getting sales illustrations signed by

customers and offering a free look period on all policies, which are

now industry standards, were introduced by BSLI. Being a

customer-centric company, BSLI has invested heavily in

technology to build world class processing capabilities. BSLI has

covered more than a million lives since inception and its customer

base is spread across more than 1000 towns and cities in India. All

this has assisted the company in cementing its place amongst theleaders in the industry in terms of new business premium income.

The company's current capital base is Rs.520 crore.

About the Aditya Birla Group

The Aditya Birla Group has a turnover close to Rs.38,000 crore (as

on 31 March 2008) and is one of the largest business houses in

India. It enjoys a leadership position in all the sectors in which it

operates. With over 75 business units spanning the South East

Asian belt, Africa, Canada and the UK among others, it is

reckoned as India's first multinational corporation. The group is

anchored by 72,000 employees and has seven lakh shareholders,with a market capitalization of Rs.53,400 crore .

21



KEY PEOPLE OF ORGANIZATION

BOARD OF DIRECTORS

Mr. Kumar M BirlaMr. Donald A Stewart,Mr. Bishwanath N PuranmalkaMr. Ajay SrinivasanMr. Gary M ComerfordMr. Suresh N Talwar Mr. Gian P GuptaHis Highness Maharaja G SinghMr. Stephan RajotteDr. Bharat K Singh

INVESTMENT COMMITTEE

• Mr. B. N. Puranmalka• Mr. Eugene Lundrigan• Mr. Vikram Mehmi•

Mr. Fabien Jeudy• Mr. Vikram Kotak

22



PRODUCTS

DETAIL OF PRODUCTS

Individual Life

24



Protection

Birla Sun Life Term Pla n

Premium Back Term Pl an

Saving Birla Sun Life Insurance Gold-Plus

Supreme Life

Dream Plan

Classic Life Premier

Simply Life

Prime Life Premier Prime Life

Life Companion

Flexi Cash Flow

Flexi Save Plus

Flexi Life Line

Single Premium Bond

Retirement Flexi Secure Life Retirement Plan II

25

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Protection/insplans_indiv_protection.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Protection/bsl_termplan.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Protection/bsl_premiumterm.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/insplans_indiv_savings.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/bsl_goldplus.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/bsl_supremelife.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/bsl_dreamplan.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/bsl_classiclifepremier.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/bsl_simplylife.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/bsl_primelifepremier.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/bsl_primelife.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/bsl_lifecompanion.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/bsl_cashflow.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/bsl_endowment.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/bsl_lifeline.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/bsl_singlepremium.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Retirement/insplans_indiv_retirement.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Retirement/bsl_securelife2.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Protection/insplans_indiv_protection.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Protection/bsl_termplan.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Protection/bsl_premiumterm.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/insplans_indiv_savings.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/bsl_goldplus.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/bsl_supremelife.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/bsl_dreamplan.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/bsl_classiclifepremier.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/bsl_simplylife.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/bsl_primelifepremier.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/bsl_primelife.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/bsl_lifecompanion.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/bsl_cashflow.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/bsl_endowment.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/bsl_lifeline.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/bsl_singlepremium.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Retirement/insplans_indiv_retirement.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Retirement/bsl_securelife2.aspx



Life is unpredicta ble. But in face of adversity, our

responsibilities toward s our parents , c hildren and lovedones need not be compr omised. Insura nce planning equips

you to smooth out the uncertainties and adversities that

life might send your way, so that the best that life has to

offer, secure in the knowledge that your beloved ones are

well provided for.

BSLI offers a complete range of insurance products

1 . Protection Plans

2. Savings Plans

3. Child Plans

4. Investment Plans

5. Retirement Plans

6. Group Plans

7. Rural Plans

26

Insurance Plans

Children's Dream Plan

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Riders/rider_term.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Riders/rider_illness.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Riders/rider_waiver.aspx

http://www.iciciprulife.com/ipru/protection1.jsp

http://www.iciciprulife.com/ipru/savings1.jsp

http://www.iciciprulife.com/ipru/childplan1.jsp

http://www.iciciprulife.com/ipru/investment1.jsp

http://www.iciciprulife.com/ipru/retire1.jsp

http://www.iciciprulife.com/ipru/groupplan1.jsp

http://www.iciciprulife.com/ipru/ruralplan1.jsp

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Children/bsl_childrendream.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Children/bsl_childrendream.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Rural/insplans_indiv_rural.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Rural/bsl_bimakavach.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Riders/insplans_indiv_riders.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Riders/rider_accidental.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Riders/rider_term.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Riders/rider_illness.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Riders/rider_waiver.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Riders/rider_illnessplus.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Riders/rider_illnesswoman.aspx

http://www.iciciprulife.com/ipru/protection1.jsp

http://www.iciciprulife.com/ipru/savings1.jsp

http://www.iciciprulife.com/ipru/childplan1.jsp

http://www.iciciprulife.com/ipru/investment1.jsp

http://www.iciciprulife.com/ipru/retire1.jsp

http://www.iciciprulife.com/ipru/groupplan1.jsp




8. Plans for NRIs

9. Keyman Plans

10. Riders

BSLI offers LifeGuard - a set of pure protection plans.

Choose from amongst three different product structures toinsure your life and provide total security to your family,

at a very affordable cost.

Level Term Assurance with return of premium

• On death the entire sum assured will be paid.

• On maturity, all the premiums paid will be returned.

Level Term Assurance without return of premium

• On death the entire sum assured will be paid.

• No survival or maturity benefits.

You can also enhance the above two policies by adding

Accident & Disabili ty Benefit Rider and Waiver of

Premium Rider (WOP) .

27

Protection Plans

http://www.iciciprulife.com/ipru/nriplan1.jsp

http://www.iciciprulife.com/ipru/keymanplan1.jsp

http://www.iciciprulife.com/ipru/riders.jsp

http://www.iciciprulife.com/ipru/riders.jsp#c

http://www.iciciprulife.com/ipru/riders.jsp#f



http://www.iciciprulife.com/ipru/keymanplan1.jsp

http://www.iciciprulife.com/ipru/riders.jsp






BSLI offers a variety of policies that give you the benefits

of protection and the opportunity to save for important

assets or events, like a home, a car or a wedding.

A regular premium unit-l inked insurance plan with an

assurance of Capital Guarantee# with the added advantage

of flexible liquidity option. An ideal plan for long term

planning with the benefit of liquidity.

The key features of the plan are:

• Flexibility to choose a specific level of protection

(Sum Assured), based on a multiple of the annual

premium. You can also choose the term of the plan.

• At the end of the term, the higher of the value of

units or the guaranteed value* is paid. On death, Sum

28

Savings Plans



Assured along with the higher of value of units or the

guaranteed value is payable.

• Facility of Automatic Premium Payment- With this

facility you can take a temporary break from

premium payment. **

• Total transparency with the premium allocations, and

other charges declared upfront.

• The guaranteed value of the unit fund is the value of

all invested premiums (premiums net of all charges)along with the declared bonus interests.

With Automatic Premium Payment facil ity, you can

avail a temporary break from premium payment for a

maximum of 1 year. This facility is available once if

the premium paying term is less than 15 years and

twice, if it is 15 years or more.

A regular premium unit-l inked insurance plan with an

assurance of Capital Guarantee# An ideal plan for your

long-term savings and protection requirement.

29



The key features of the plan are :


(Sum Assured ) , based on a multiple of the annual

premium. You can also choose the term of the plan.

• Additional insurance for 10 years after the maturity,

for an amount of 50% of the Sum Assured.• Flexibility to make additional investment with the

help of the top-up facility.

• Flexibili ty to increase / decrease your annual

premium amount

• Facility of Automatic Premium Payment- With this

facili ty you can take a temporary break from

premium payment.

The guaranteed value of the unit fund is the value of all

invested premiums (premiums net of all charges) along

with the declared bonus interests.

With Automatic Premium Payment facil ity, you can

avail a temporary break from premium payment for a

maximum of 1 year. This facility is available once if

30



the premium paying term is less than 15 years and

twice, if it is 15 years or more.

The capital guarantee is applicable only on the invested premium and the declared bonus interests.

You can also enhance your policy by adding Accident &

Disability Benefit Rider, Waiver of Premium Rider and

Critical Illness Rider.

A unit-linked insurance plan with an assurance of Capital

Guarantee which offers you the benefi t of a limi ted

premium payment term. An ideal plan for protection with

wealth creation that offers the flexibil i ty of a l imited

premium paying term.

• Flexibility to choose a premium payment term of 5, 7

or 10 years for a maturity term of 10, 15 or 20 years

respectively.


(Sum Assured), based on a multiple of the annual

premium.

31



• At the end of the term (maturity), the higher of the

value of units or the guaranteed value* is paid. On

death, Sum Assured along with the higher of value of

units or the guaranteed value is payable.

• Additional credits payable as a percentage of the

initial annual premium are paid along with the death

or maturity benefit.

• Facility to make withdrawals from the 6th policy

year onwards till the end of the policy term. Everyyear withdraw up to 10% of the value of units

• Flexibility to make additional investment with the

help of the top-up facility.

• Flex ibility to increase / decrease your annual

premium amount

• Total transparency with the premium allocations, and

other charges declared upfront.

• The guaranteed value of the unit fund is the value of

all invested premiums (premiums net of all charges)

along with the declared bonus interests.

The capital guarantee is applicable only on the invested

premium and the declared bonus interests.

32



You can also enhance your policy by adding Accident &

Disability Benefit Rider and Critical Illness Rider.

As a responsible parent, you will always strive to ensure a hassle-

free, successful life for your child. However, life is full of Uncertainties and even the best-laid plans can go wrong. Here’s

how you can give your child a 100% safe and assured tomorrow,

whatever the uncertainties. Smart Kid is especially designed to

provide flexibility and safeguard your child’s future education and

lifestyle, taking all possibilities into account. Choose from amongst

a basket of 4 plans:

Smart Kid regular premium

Smart Kid unit-linked regular premium

Smart Kid unit-linked regular premium II

Smart Kid unit-linked single premium II

All these plans offer you:

33

Child Plans



Financial Benefits: Regular payments at cri tical

stages in your child’s life, like Board examinations,

Graduation and Post-graduation.

All future premiums are waived: Ensuring that

your fami ly i s not f inancial ly burdened in your

absence.

Policy benefits continue: The educational benefits

of the policy continue, ensuring that your child can

realize his or her dreams without any hassles.Development Allowance: Smart Kid guarantees

regular income to secure your child’s educational

career and also ensures his or her all-round

development, for a nominal additional amount. The

Income Benefit Rider takes care of this through an

annual payment of 10% of the sum assured, to your

child, till the maturity of the policy, in the

unfortunate event of the death of the parent.

All SmartKid plans can be enhanced with the

Accident & Disability Benefit Rider and Income

Benefit Rider . You can a lso an Accident Benefit Rider to a SmartKid Regular Premium policy, and a

Waiver of Premium Rider (WOP) t o SmartKid unit-

linked regular premium policy.

34


http://www.iciciprulife.com/ipru/riders.jsp#e


http://www.iciciprulife.com/ipru/riders.jsp#d











Flexibility: Choose from four fund options, based on your

investment objective and risk appetite. If at a later stage

your financial priorities change, you can switch between

the various fund options, absolutely free, 4 times a year.

Life Expectancy has been rising rapidly and today you can

expect to live longer than your earlier generations. For

you, this increase wil l mean a longer ret irement l ife,

stretching into a couple of decades. BSLI RetirementSolutions that combine the best of insurance and

investment. These solutions are developed to ensure your

peace of mind for the years to come.

1. Why plan for retirement?

2. How much should I set aside for retirement?

3. The impact of inflation on your retirement savings

4. Why plan early?

5. About Annuities

36

Retirement Plans

http://www.iciciprulife.com/ipru/retire2.jsp#a

http://www.iciciprulife.com/ipru/retire2.jsp#b

http://www.iciciprulife.com/ipru/retire2.jsp#c

http://www.iciciprulife.com/ipru/retire2.jsp#d

http://www.iciciprulife.com/ipru/retire4.jsp#topa

http://www.iciciprulife.com/ipru/retire2.jsp#a

http://www.iciciprulife.com/ipru/retire2.jsp#b

http://www.iciciprulife.com/ipru/retire2.jsp#c

http://www.iciciprulife.com/ipru/retire2.jsp#d

http://www.iciciprulife.com/ipru/retire4.jsp#topa



Why plan for retirement?

For too many people, the joy of retirement after years

of hard work is eclipsed by the financial uncertainties thati t brings. Despite all the planning and saving, you can

never sure whether your money wil l las t a l ife time.

Ret irement p lanning offers a way to ensure a more

enjoyable, s tress f ree tomorrow. A prudent plan wil l

ensure that increasing life expectancy, higher inflation

and increasing taxes do not ea t away into your hard

earned savings.

In an era of competitive parity, the only asset that makes

a decis ive difference between corporate success and

failure is the quality of human capital. Employee benefits

have proven to be an excel lent tool to opt imize the

retention of talent and improve an organization’s bottom-

line. The quality of an organization’s employee benefits

establishes and maintains a company's image as a caring

employer. Optimum care of employees is a long-term

37

Group Solutions



investmen t that resu lts in a sustained competi tive

advantage for an organization in the times to come.

BSLI Group Solutions Advantage:

• An integrated basket of employee benefits solutions

that offer incomparable flexible benefits.

• Sound inves tment management tha t focuses on

safety, stability and profitability of the portfolio.

• Personalized financial planning for your employee

that takes care of his/her changing financial needs at

every stage of life.

• Quality service initiatives and transparency across all

operations, p romising superlat ive operational

efficiency.

Group Term Assurance : Helps provide affordable cover

to members of a group.

Group Gratuity Plan :

Helps employers fund their statutory gratuity obligation in a flexible and hassle-free

manner.

38

http://www.iciciprulife.com/ipru/groupplan1.jsp#a

http://www.iciciprulife.com/ipru/groupplan1.jsp#b

http://www.iciciprulife.com/ipru/groupplan1.jsp#a

http://www.iciciprulife.com/ipru/groupplan1.jsp#b



Group Superannuat ion Plan : A f lexib le scheme

(defined benefit and defined contribution) to provide a

retirement kitty for each member of the group.

Group Term Assurance:

BSL I f lexible group term solut ion helps provide

affordable cover to members of a group. The cover could

be uniform or based on designation/rank or a multiple of

salary, and can be extended to all employees between the

ages of 18 and 65 years. The benefit under the policy is

paid on the event of the member’s death to the beneficiary

nominated by the member. I t is a one-year renewable

pol icy where one master pol icy covers a ll proposedemployees comprising the group, with a minimum group

size of 25 persons. New members can join the group and

outgoing members can leave the group at any point during

the policy term.

Group Gratuity Plan:

BSLI group gratuity plan helps employers fund their

gratuity obligation in a scientific manner. Employers can

avail of the tax benefits as applicable to approved gratuity

39

http://www.iciciprulife.com/ipru/groupplan1.jsp#c

http://www.iciciprulife.com/ipru/groupplan1.jsp#c



funds . The p lan can a lso be cus tomized to s truc ture

schemes that can provide benefits beyond the statutory

obligations.

Employee Benefits :

• The contr ibut ion made by the employer is not

included in the value of taxable perquisites in the

hands of the employee.

• Gratuity received up to Rs 350000 is exempt from

Income tax under Sec 10(10)

Employer Benefits:• Annual contribution up to 8.33% of salary bill in a

financial year is allowed a deduction for the purpose

of computation of profits and gains of business.• Contribution towards past service liability is allowed

as deduction as per the Income Tax rules .

Group Superannuation Plan:

40



BSLI Superannuation Scheme (for both Defined Benefit

and Defined Contribution funds) offers substant ia l

benefits to both employers and employees. The employer

and employee can avail of tax benefits applicable to an

approved superannuation trust. The scheme will provide

for a retirement fund for each participating employee. An

employee would be able to choose from various annuity

opt ions or opt for part ial commutat ion of corpus a t

retirement.

BSLI Rural Products are designed to meet the needs of

the rural consumers. These products offer the following

features :

1. Low and Affordable Premiums

2. Life Cover

3. Savings Option

4. Hassle free procedure

BSLI Endowment Plan:

BSLI offers the following features:

41

Rural Plans





Life Cover and Savings

Regular Premiums

Age at entry 18 - 45 Yrs

Premium Mode Half Yearly / Yearly

Term 5,10,15 Yrs

Sum Assured Rs.5,000 -20,000

Premium / Year Rs. 507 - 553 ( SA: Rs.10,000)

Maturity/Death benefit Sum Assured

BSLI - Regular Premium:

BSLI is a regular premium policy with the following features:

Individual policy

Only Life cover

Term - 3 & 5 Yrs

Age independent premium

Age at entry 18 - 45 Yrs

Sum Assured Single

Premium / Year Rs 50 – 200

Maturity/Death benefit Rs.5,000 - 20,000

Death Benefit Sum Assured

42

Plans for NRIs





NRI Plans:

Being away from India doesn't mean you have to

compromise the safety and security of your loved ones. Infact, your savings from your time overseas can be easily

canalized to meet your family's needs - now and in the

future.

STRENGTH :

• Multi-channel distribution and one of the largest

distribution networks in India.• Implementing Six-Sigma process.• Customer centric products and services.

• Superior investment and risk management framework

• 1 Million Policies sold within 3 and half years.

• Training process of the company is very strong.

•

Different plan for different peoples• According to the change in surrounding environment

like changes in customer requirement.

43



WEAKNESS:

• COMPANY does not penetrate on the rural market at

a time.• There is no plan for the low income group.

• Fees for the advisor is high than the other company.

OPPORTUNITY:

Insurance market is very big, where company can expand

its horizon in insurance industry .

• Though good investment and insurance it is easy to

top Indian customers.

• The huge insurance market (77%) is left so companyhas opportunity to expand our products.

THREATS:

‘OLD HABITS DIE HARD’: Its stil l difficu lt task to win theconfidence of public towards private company.

• The company is facing major threats from LIC

-which is an only government company.

44



IRDA(INSURANCE REGULATORY

DEVLOPMENT AUTHORITY)The insurance sector has been opened up in India, as there was an

urgent need. The international experience indicates those country

with a liberalized insurance sector have witnessed a rapid growth

in premium volumes enhancing the domestic saving rate. This

happened in China, Malaysia and Singapore where a competitivemarket has led to improvement in Services and quicker settlement

of claims. It is also important to note that competition will bring

about advancement in information, communication and

technology. And rightly therefore a decision was taken by the

Government of India to open up Insurance sector. The

establishment of IRDA in the month of April 2000 has been

important development in this direction, making the end of

monopoly in the insurance sector.

45



WHY INSURANCE IN INDIA:

• Only 22% of the insurance population has been extended

cover. Market penetration is low and the potential to exploit

is high.

• Insurance premium per capita is very low.

• Lack of comprehensive social system benefit and welfare

means that demand for pension products is high.

• Huge middle class of approximately 300 Million.

• Existing insurance company score low on customer service

front.

The insurance market registered growth in the Asian region even

though India’s share in global insurance is less than 0.5% (1988) as

compared to USA (24.2%) and Japan (21%). Studies have reveled

that in an emerging market, as disposable income rises, Insurance

premiums as a ratio of GDP shoots up. The confederation of Indian

Industry projected a growth of Life Insurance premiums from Rs.

350 Billion at present to Rs.140 Billion. The growth of non-lifeinsurance premium is expected to increase from 75 billion to 375

billion. Out of which, only 10% is tapped by the existing insurer.

46



How many Indians are aware that LIC has more than

60Products and GIC has more than 180Products? Not only there is

a reduction in the premiums of Life Insurance products have long

overdue since Indian morality rate has decreased three folds in the

last 50years. There is also scope to increase the yield on life

insurance policies (presently 6%) with proper risk management in

place.

It is been debated that insurance business does not produce

profit in the first five years cross subsidization is a feature of

Indian market. Even the first portfolio vote that is considered

profitable, cross subsidizes other departments. Tariffs reduction is

likely to reduce profits; further insurers have to institute proper

claims management progress in order to extract efficiencies. At

present life insurance business in the country is taxed at 12.5% of the profit in financial year. The government is soon to present a

new model of taxing life insurance companies at international

rates.

New entrants should be well advised to look ahead to the

stage where brand strength will be a competitive advantage andsketch their alliances accordingly. In fact, we believe that alliance

related to distribution rather than to produce or technology will

prove most valuable in the long run.

47



COMPETITORS

Max new york life insurance co. profile

Max New York Life Insurance Company is a joint venture between New York Life International Inc., a Fortune 100 company

and America's largest life insurance provider and Max

India Limited one of the leading multi-business

corporations in India. Max New York Life Insurance Co

Ltd is a Rs. 250 crore joint venture with a paid up capital

of Rs. 807 crore.The insurance agents employed at Max

New York Life Insurance Co Ltd are trained in-house

with a rigorous training program of over 152 hrs, much

higher than the standard 100 hrs of mandatory training

48



laid down by the IRDA. Around 345 Max New York

Agent Advisors qualified for Million Dollar Round table

(MDRT) membership in 2006.

It is an internationally renowned congregation of world's

top insuranceagents.

Max New York Life brings to you specially customized

products and services that are flexible and can e

customized to suit your needs. It now has 30 lifeinsurance products and 8 riders that can be customized to

over 800 combinations enabling customers to choose the

policy or plan that best fits their need. These include:

INDIVIDUAL INSURANCE

Protection Plans:

• Whole Life• Level Term• Five Year Term R & C• Life Partner Plus

Savings:

o Life Gain Endowmento Life Pay Money Back o Life Gain Plus 20o Life Gain Plus 25o 20-Year Endowment

Unit Linked:

49



o Life Maker Premiumo Life Maker Goldo Life Maker Platinumo Life Maker Pensiono Life Invest

GROUP INSURANCE

o Group Term Lifeo Group Gratuityo Employee Deposit Linked Insuranceo Credit Shieldo Unit Linked Group Gratuityo Unit Linked Group Superannuation

RURAL INSURANCE

o Max Surakshao Easy Termo Max Mangal Endowmento Max Vriksha Money Back

Many insurance companies provide medical insurance, general

insurance, premium insurance, company insurance and group

insurance policies. But the qualities of a true leader shine out. The

annual report of Max New York Insurance Co. shows that they

have achieved this by their sheer dedication to their customers andthe hard work of their insurance agents.

50



HDFC standard life insurance co. profile

Established on 14th August 2000, HDFC Standard

Life Insurance Co. Ltd. is a joint venture between

Housing Development Finance Corporation Limited

(HDFC Limited) - India's leading housing finance

institution, and a Group Company of the Standard LifePlc, UK. The Company is one of leading private

insurance companies, offering a range of individual and

group insurance solutions, in India. Being a joint venture

of top financial services groups, HDFC Standard Life has

adequate financial expertise to manage long-term

investments safely and resourcefully.

HDFC Standard Life Insurance offers a range of individual

and group solutions, which can be easily personalized to

specific needs.

Protection Plans

• HDFC Term Assurance Plan• HDFC Loan Cover Term Assurance Plan• HDFC Home Loan Protection Plan

Children's Plans

51



• HDFC Children's Plan• HDFC Unit Linked Young Star II• HDFC Unit Linked Young Star Plus II• HDFC Unit Linked Youngster Champion

Retirement Plans

• HDFC Personal Pension Plan• HDFC Unit Linked Pension II• HDFC Unit Linked Pension Maximiser II• HDFC Immediate Annuity

Savings & Investment Plans

• HDFC Unit Linked Endowment Plus II• HDFC SimpliLife• HDFC Unit Linked Endowment II• HDFC Unit Linked Enhanced Life Protection II• HDFC Unit Linked Wealth Maximiser Plus• HDFC Unit Linked Endowment Winner • HDFC Endowment Assurance Plan• HDFC Money Back Plan• HDFC Single Premium Whole of Life Insurance Plan• HDFC Assurance Plan• HDFC Savings Assurance Plan

Health Plans

• HDFC Critical Care Plan• HDFC SurgiCare Plan

Group Plans

• Group Term Insurance Plan• Group Variable Term Insurance Plan• Group Unit Linked Plan - Gratuity• Group Unit Linked Plan - Superannuation• Group Unit Linked Plan - Leave Encashment

52



Its group solutions have been planned to offer complete flexibility,

together with a low charging structure. As of 31

December, 2008, the Company's new business premium

income stood at Rs. 1,839.70 Crores; it has covered over

812,811 lives so far. Given below is a comprehensive list

of policies and products on offer by HDFC Standard Life

Insurance.

DATA ANALYSIS & INTERPRETATION

Ques 1. If Insurance policy of Birla Sunlife, what kind

of policy?

53



No of Peoples Have BSLI Plan

Health,10%

Retierment, 22%

Life, 68%

Health

Retierment

Life

Inference

On the basis of above analysis it has been concluded that around

68% of the policy holders are having life plan, 22% of them are

having Retirement plan and rest of them are having the health plan.

Question.2 Are you satisfied with the Insurance plan youhave?

54



No. of people satisfied with the plan

72%

28%

Yes

No

Inference

On the basis of the analysis it has been concluded that around

72%of the people are satisfied with plan they and rest if them are

not satisfied.

Ques.3 Are you satisfied with the services provided by thecompany regarding new plans and schemes?

55



No . of people satisfied w ith thservices provided by the compa

82%

18%

Yes

No

Inference

On the basis of the above analysis it has been concluded that

around 82% of the policy holders are satisfied with the services

provided by the company and rest of them are not satisfied.

56



Ques.4 Are you interested to make more investments in BSLI ?

No. of Peoples want to moreinvestment in BSLI

67%

33%

Yes

No

Inference


around 67% of the policyholders are interested to make more

investments in BSLI and rest of them are not interested.

57



Ques. 5 Do you have any other Insurance Plan apart fromBSLI?

60%9%

11%

8%12%

LIC

BSLI

BAJAJ ALIYANZ

ICICIOthers

58



People ready to switch to attractiveSchemes if offered by other

companies

82%

18%Yes

No

Inference


around 82% of the policy holders are ready to switch over if they get good attractive insurance plan and rest of them don’t.

FINDING & SUGGESTIONS

60



Even though most of the policy holders are satisfied with policies,

plans they have but some new attractive insurance plans should

be introduce to bind them not to switch over to other companies

insurance plans.

The company should find out the no. of people who are not having

any of the insurance plans through an intensive market research

and motivate them to get insured.

Leveraging technology to service customers quickly, efficiently

and conveniently.

1) Developing and implementing superior risk

management and investment strategies to offer sustainable and

stable returns to our policyholders.

2) Company should target each and every class of the

society

3) Company should provide full information to the

customers before targeting so they can take interest .

61



CONCLUSION

In the conclusion it can be said that the Birla sun Life Insurance

deserves a special position in the life insurance sector. The various

policies provided by the company reduces the risk exposure of

different segment of the society.

In the project the different policies of the company have beenstudied in order to know about the different criteria for the pension

amount, how to claim, what are the benefits, what are the added

risk covered by the policy etc. The criteria for claiming and the

premium amount is very reasonable so even a lay man can take the

policy very easily.

The company should try to tap the rural and the semi urban sector

as it is lacking on in this sphere. It has to come up with new

policies and the strategies in order to compete with the new

emerging private players.

62



BIBLIOGRAPHY

By the help of Books

• Business Environment written By

“Francis Cherunilam

• Marketing Management written BY

“ Phillip Kotlar ”

By the help of Other Sources

• By the head’s and the consultant of the Birla Sun Life.

By the help of Websites

• www.BirlaSunlife.com

• www. irda. gov. in

• Birlasunlife New Advisor Book

• www.google.com

63



(Annexure 1)

QUESTIONNAIRE

I, Arif Irfan Student of Rai Business School, pursuing my

MBA (Industry Integrated), carrying out a project work in partial

fulfillment of my live project. I am undertaking a project



In view of this, I hereby request you to give your feed back

on the questionnaire given below. Please note that your response

will be kept confidential. Please mark the appropriate answer.

NAME ---------------------------------------------------------------------------------

AGE ----------- Nationality ----------------------- Income------------------------Contact --------------------------------, --------

------------------------------------Address -----------------------------------------------------

--------------------------------------------------------------------------------------------------------------------------------------

Occupation:a) Businessman [ ] b) Professional [ ]c) Students [ ] d) House wife [ ]

64



Ques. 1 Do you have any insurance policy?

Ques. 2 Which insurance policy do you have?

Ques 3. If Insurance policy of Birla Sunlife, what kind

of policy?

Ques 4 Are you satisfied with the Insurance plan you have?

Ques.5 Are you satisfied with the services provided by the

company regarding new plans and schemes?

Ques.6 Are you interested to make more investments in BSLI ?

Ques. 7 Do you have any other Insurance Plan apart from

BSLI?

Ques. 8 If you get any attractive plan than are you ready to

switch over?

4th jan_arif project 3rd sem

Documents