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The first real insight of an organization for management student comes only
during his preparation of project work because student first interacts with real
practical work. This is first introduction to industry and its working. This project work
synthesize the theoretical concept learn in the class room and its practical orientation
in organization.
In my project I have studied the Recruitment of advisor & their training at
Birla Sun Life Insurance privet Limited ..
The First chapter introductory stage of this research report is based on
introduction of the company it founders, objective, mission, strength, technologies
and services.
The Second chapter introductory stage of this research report is based on
introduction of recruitment of advisor its problem, objective, importance, scope,
limitation and method taken in Birla Sun Life Insurance Pvt. Ltd.
The Third chapter deals with research methodology. The process of carrying
out the whole research problem is defined in it. It contains information about the
objectives of the research, methods of data collection, sampling and sample design.
The Fourth chapter is data analysis and interpretation. This is the most
important section of the project work. This section contains the analysis of all the data
collected so far and they are interpreted to produce the final conclusion. It contains all
the tables and charts which depicts the result.
The Fifth chapter contains the finding and recommendation of the research.
This is based on the data analyzed and interpreted in the previous chapter. This is the
most important section of the research report for a report is evaluated on the validity
ad correctness of findings.
The Sixth chapter depicted conclusion which concludes the whole report, that
is, gives a brief description of the process employed so far. And later chapters contain
bibliography. Which describes the list of sources from where the matter and
information is collected? It contains the list of books, authors, web sites use etc.
ACKNOWLEDGEMENT
A research project report is never the sole product of a person whose name has
appeared on the cover. Even the best effort may not prove successful without proper
guidance. For a good project one needs proper time, energy, effort, patience and
knowledge. But without any guidance it remains unsuccessful. I have done this research
project report with the best of my ability and hope that it will serve its purpose.
It was really a great learning experience and I am really thankful to Mr. Rahul Anand
Singh (HOD), Master Of Business Administration, who not only helped me in the
successful completion of this research project but also spread his precious and valuable
time in expending on my knowledge base.
I also thankful to Dr. Neetu Singh, Assistant Professor and Training
Placement Incharge, MBA for their great support while completing my research project
report they have not only guided me but also helped me to perform this research in the
efficient and effective way.
After the completion of this research project report I feel myself as a well aware person
about the research procedure and the complexities that can arose during the process. Also
I get an insight of the training and development activities in an organization.
Finally, I am also grateful to all those personalities who have helped me directly or
indirectly in bringing up this research project report.
JYOTI SINGH
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 Life Insurance 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 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 incrementing 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
Dev as their corporate brand ambassador.
Thecricketing supreme will be endorsing BSLI in all its marketing initiatives. Birla Sun LifeI
nsurance is a value-driven brand which has a national brand recall of 70 per- cent. The
4
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. 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
thecountry .We have made our entry in several tier I and tier II towns. It is therefore very
importantfor the brand to connect at the grass root level and create trust. We believe that our
association with Kapil Dev as our brand ambassador will help us create this connects in
a shorter period of time. We therefore now have 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 on16 October 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
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 hosted the annual golf tournament at the Chembur Golf Club in Mumbai
where Kapil Dev participated.
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 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
the leaders in the industry in terms of new business premium income. The company's current
capital base is Rs.520 crore.
Investment Committee
Mr. B. N. Puranmalka
Mr. Eugene Lundrigan
Mr. Ajay Srinivasan
Mr. Vikram Mehmi
Mr. Mayank Bathwal
Mr. Fabien Jeudy
Mr. Vikram Kotak
Ms. Keerti Gupta
Management Team
Mr. Vikram Mehmi
President & Chief Executive Officer
Mr. Mayank Bathwal
Chief Financial Officer
Mr. Mario Braganza
Chief Operating Officer
Mr. E.N. Goveia
EVALUATION OF INSURANCE
1. House/office/factory or any moveable object destroyed in life - Fire insurance
2. Shipment or transportation of goods - Marine insurance By ship, destroyed in catastrophe.
3. Jewellery /cash/ household goods - Burglar insurance Stolen or robbed
4. Goods in transit by roads or railways destroyed. - Carrier insurance
10
All
these
are
non-life
insurance. In conclusion one can safely say that the purpose of insurance be it
or non-life is to transfer the financial loss to the insurance company who spreads in over to
the policyholders.
Life insuranceLife 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.
pay
for
the policy).
Another
beneficiary is the person or persons who will receive the policy proceeds upon the death of
the insured. The beneficiary isnot a party to the policy, but is designated by the owner, who
may change the beneficiary unless the policy has an 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 the
conditionof the risk assumed. Special provisions apply, including a suicide clause wherein the
policy ecomes null if the insured commits suicide within a specified time for the policy date
11
(usuallytwo 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 theinsured dies within this period, the insurer has a legal right to contest the claim
and requestadditional 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 the insured) must have an insurable interest in the insured, i.e. a legitimate
reason for insuring another persons life. The insurer (the life insurance company) calculates
the policy prices with 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 variables in 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 bylife insurance companies in the United
States and their regulators was calculated during the1980s. There is currently a measure
being pushed to update the mortality tables by 2008.The current mortality table assumes that
roughly 2 in 1,000 people aged 25 will die during the term of coverage. This number rises
roughly quadratically to about 25 in 1,000 people for those aged 65. So in a group of one
thousand 25 year old males with a $100,000 policy, a life insurance company would have to,
12
at the minimum, collect $200 a year from each of the thousand people to cover the expected
claims. The insurance company receives the premiums from the policy owner and invests
them to create a pool of money from which to pay claims, and finance the insurance
company's operations. Contrary to popular belief, the majority of the money that insurance
companies make comes directly from premiums paid, as money gained through investment of
premiums will never, in even the most ideal market conditions, vest enough money per year
to pay out claims. Rates charged for life insurance increase with the insureds age because,
statistically, a people are more likely to die as they get older. Since adverse selection can have
a negative impact on the financial results of the insurer, the insurer investigates each
proposed insured (unless the policy is below a company-established minimum amount)
beginning
with
the
application,
which
becomes
part
of
the
policy.
Group
Insurance policies are an exception. This investigation and resulting evaluation of the risk is c
alledunderwriting. Health and lifestyle questions are asked, and the answers are dutifully
recorded. Certain responses by the insured will be given further investigation. Life insurance
companies in the United States support The Medical Information Bureau, which is a
clearinghouse of medical information on all persons who have ever applied for life insurance.
As part of the application,the insurer receives permission to obtain information from the
proposed insured's physicians.Life insurance companies are never required by law to
underwrite or to provide coverage onanyone. They alone determine insurability, and
some people, for their own health or lifestyle reasons, are uninsurable. The policy can be
declined (turned down) or rated. Rating meansincreasing the premiums to provide for
additional risks relative to that particular insured.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 Bestmeans that the proposed insured has no
adverse medical history is not under medication for anycondition, and his family (immediate
and extended) has no history of early cancer, diabetes or other conditions. Preferred is like
13
Preferred Best, but it allows that the proposed insured iscurrently under medication for the
condition and may have some family history. Most people arein the Standard category.
Profession, travel, and lifestyle also factor into not only which categorythe 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 the circumstances 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
WHY TO RECRUIT
WHO TO RECRUIT
HOW TO RECRUIT
RECRUITMENT ACTIVITIES
15
WHY TO RECRUIT.?
There are two aspects of employment in the insurance sector today. One is Permanent
Employment, for sales, operation, IT support, back office services and So on. We are
also offering the other kind of employment for people to sell Life Insurance they are called
Life Advisors. Or Financial Advisors.
16
Age: between
:
30 -45
Education
:
Graduate
Family Income
:
above Rs. 2 lacs p.a.
The important fact to remember is that 61% of our RED category advisors do not
Successful advisors usually have 2 years of work exp. In their current profession.
Small time businessmen / entrepreneurs v. successful profile.
Women/Housewives
are
very
successful-however
they
havenot been sustainable over long periods. They usually have become inactive after
67 months of joining. But till the time they are working, their average
Who to recruit..?
18
Average Profile
Women
Students
VRS / retired Personnel
Avoidable Profiles
New to the City
Income Profile Approx Rs.1 Lac P.A.
People who do not own their transport
THE MOST SUCCESSFUL PROFILE
THE PERSONWHO HAS BEEN MANAGED WELL BY YOU.
How to Recruit..?
Things which you should have while meeting the prospect.
BOP Presenter.
Reward points booklet OR take a copy of the catalog from the website show the
gifts, a prospect wouldnt understand points, but will value the gifts.
Advisor Manual - can show how the manual can answer many procedural issues.
Talk about email id & tech support the prospect would like to know what all ill the
company gives
My Market show 100 show the booklet and stress its importance.
Copy of any certificate MDRT certificates, Sales Champion certificate etc to
show recognition.
Insist on doing the BOP presentation it gives a complete picture of what you have to
present & answers a lot of questions.
19
customer.
Women Rewards, - gift items, household goods, gold
Young marketing background career Pinnacle.
Tax/ MF/ LIC Agents Rewards & Recognition, Star Clubs.
CAs foreign trips, preferential treatment in all aspects, dont talk about
commissions
ARE
THE
Banners
etc.
We need to develop lead generation
activities more so as
Joggers Park
Summer Trainees
Mass BOPs
Database Calling
Lead Generation Activities
Tele Calling set ups
ENERGY, ENERGY always check the personsenergy levels, as this career is all abo
21
Always try to meet the person at his residence- check for the locality, his household, standard
of living, try to involve the spouse in the presentation so that they know what they are getting
into
Always check on need for money & a drive to do well in life if he has been doing well
Advisor Role.
To provide ongoing financial advice for his/her client:
Your opportunity:
23
Depending on the product mix commission can go upto35% in of first year, 7.5% in
the 2nd year & 3rd year & 5%4th year onwards?
Recognition programs:
Foreign trips & seminars.
Select club memberships:
1.Birla Sun Life club.
2.Birla Sun Life star club.
3. MDRT Membership.
Criteria.
Age 25-45 yearsAt least 6 months s in system2 case count per month
Pinnacle programmes:
Agency champion:
25
Field visits
Training on products
& selling skills.
regular business reviews
be a coach & mentor
recognize high performers
help you become financially independent
Expectations of team
agent under Section42 of Insurance act 1938 and its desires of being appointed as Insurance
advisor of Birla sun life insurance Pvt.Ltd
This is the kind of agreement which each and every advisor has to
adhere. Its agreement give the brief discussion effective date of appointment,
area
of
2.1- This Agreement shall come into force on and from the date of issue of the license
to the Insurance
Advisor to act as an insuranceagent, provided that the Company may choose, in writing, a dat
e other than the date of issue of the license on and from which this Agreementshall come into
27
force (such date of coming into force to this Agreement referred to as Effective Date in this
Agreement). However, where the Insurance Advisor already holds a valid subsisting license
before execution of this Agreement, the Effective Date of this Agreement shall be the date
of execution of this Agreement.
2.2-
BSLI
hereby
appoints
the
Party
of
the
Other
Part
as
Insurance
his appointment as an
Insurance
Advisor of BSLI .
2.3- The appointment, continuance and functioning of the Insurance Advisor shall be also
governed by and shall be subject to the provisions of the Applicable Laws.
28
source business from any Non- Business Area, he shall obtain the prior approval of BSLI.
would be entitled to change / transfer his appointment to any other area.
3.2-
The
Insurance
Advisor
further
agrees
that
even
within
his
BusinessArea, he shall not solicit or procure life insurance business from any place/location
which is on the list of Non-Serviceable Pin codes(Serviceable Pin code refers to pin codes
of such areas where BSLI can provide customer service to its customers / policyholders, and
any pin code other than Serviceable Pin code refers to Non- Serviceable Pin codes).The list
of
Serviceable
Pin
code
areas
as
updated
from
time
to
time,
appointment of
the
Business Area
shall be without prejudice to BSLIs right to appoint any other insuranceadvisor(s) in / for the
same Business Area and such appointment of any other insurance advisor(s) shall not entitle
the Insurance Advisor to claimany relaxation in the Minimum Performance Requirements
applicable to him, nor shall accrue in his favour any cause of action.
Performance
insured
or
on
any
other
criteria
as
stipulated
by
Performance
Requirements).
BSLI
may
stipulate
from
time
to
time
theMinimum Performance Requirements and any revision thereto, for aspecified period (s) or
for
any
shorter
period(s)
within
such
overall
specified period
(s) or to specify the Insurance Product(s), which the Insurance Advisor shall solicit and
procure for Birla sun life insurance Privet Ltd. The Minimum Performance Requirements
(MPR) criteria would be intimated by BSLI to the Insurance Advisor in writing or by Email
or by posting the same on the Restricted Website Area.
4.2- The Insurance Advisor would take all reasonable steps to conserve the insurance
procured by him. He shall also endeavor that the policy holders for whom the is acting as the
insurance adviser pay their premiums regularly and timely. The Company will be entitled
to fix minimum service standards/ service measures (collectively Minimum Service
Measuresin respectof the Insurance Advisor. Such Minimum Service Measures would beinti
mated by BSLI to the Insurance Advisor in writing or by Email or by posting the same on the
Restricted
Website
Area
and
the
action
betaken in case of the Insurance Advisor not being able to achieve the
that
can
Minimum
Service
Standards.
5. Other conditions:
5.1- Without prejudice to the generality of the application of the provision
of Applicable Law, the Insurance Adviser shall scrupulously follow, adhere to and affirm to
comply
with the
Code
of Conduct
prescribed
by
the Insurance
any rebate of the premium payable under the Policy or of the commission payable to him; nor
shall he offer any other rates, advantages, terms or conditions than those offered by BSLI.
The
Insurance
Advisor
specifically
confirms
his
awareness
of
and
5.3- The Insurance Advisor agrees and undertakes to abide by the following conditions:
5.3 a- The Insurance Advisors shall not to obtain / seek / provide / give undue favors
or graft from / to any employee of BSLI or any co-advisor or any person, customer or
policyholder of BSLI.
5.3 b- The Insurance Advisors shall not accept / give gift of substantial value (greater
than Rs 1,000 or such amounts as BSLI may specify ) from /to any employee of BSLI or any
co-advisor or any person, customer or policyholder of BSLI in connection with any matter or
dealing concerning BSLI
5.3 c- The Insurance Advisor shall operate with values and standards befitting the
standing of BSLI.
5.4- In the event of violation of Code of Conduct or any of the guidelines
/operating instructions of the Company or on happening of any act of commission
or
omission which constitutes a malpractice, BSLI shall be entitled, without prejudice to its right
of termination of this Agreement, to warn the Insurance Advisor or require it to take any steps
or
do
any
act
inrectification of any such act, and Insurance Advisor agrees to act inaccordance
with
any
such communication.
5.5- The Insurance Advisor shall be responsible for the accuracy,
truthfulness
and
5.6- The Insurance Advisor shall, promptly and in any case not later than the time stipulated
by
BSLI
in
that
is
half
transmit
to
the
concerned
office
BSLI all proposals for insurance and all other documents procured or received by or
of
called
times
undertakes to hold BSLI safe, harmless and indemnified at any time and at
against
any demand,
claim
, action
or
proceeding
any breach, whether intended or not, of the provision of this clause. TheInsurance
arising from
Advisor
further confirms that where he accepts any cash in breach of this clause, he shall be acting an
agent of the customer / policyholder till the time the cash in deposited by him with BSLI, and
will continue to be such agent till he continues to hold any cash accepted from such
customer / policyholder.
5.8-
The
Insurance
Advisor
shall
attend
all
meetings,
workshops,
to them of which reasonable notice has been given to the insurance advisor. In particular the
Insurance
Advisor
shall
with
Insurance Advisor
for
promote
or
the
shall
sales
or
not
solicit
distribution
or procure
of
the
life
insurance business
Insurance
Products
of any other Insurance company or seek or obtain or commence anyemployment in any other
33
life insurance company so long as this Agreement is in force and for a period of six months
after its termination. BSLI may however in writing waive the conditions under this sub
clause.
5.14- The Company will be entitled to levy charges of deduct them from amounts payable to
the Insurance Advisor as it may deem fit in respect to any of the services provided by the
Company to the Insurance Advisor.
compensation
and
remuneration
for
the
due
performance
of
hisobligations under this Agreement, the Insurance Advisor shall be paidcommission at such
rates as may be notified by BSLI to the Insurance Advisor from time, subject to deduction of
applicable taxes under the law in force from time to time in respect of policies effected
through the insurance Advisor; provided that the Insurance Advisor may be paid commission
for effecting the revival of lapsed policies subject to the provision of Sub-section
(2A)
of
Section
40
of
the
Act.
The
Insurance
Advisor
agrees
to provide his income tax PAN number, or if acquired subsequently, immediately after the
same has been so acquired. In the event of failure to provide PAN number, the Company will
be entitled to block the payments of the Insurance Advisor.
6.2- BSLI shall be entitled to deduct the service tax (or any similar tax, inline of or in
addition to service tax), including any cess, surcharge or similar tax thereon, from the
commissions or any other amounts payable to the Insurance Advisor. However, in best
commercial interests BSLI may decide to recover only a part of such taxes and bear the rest.
6.3- BSLI shall be entitled to revise (upwards or downwards) the rates of commission, as in
force from time to time, by notice in writing to the Insurance Advisor in any one of the
following manner.
34
made
available
to
BSLI office, branch, outlet or franchise nearest to the address of theInsurance Advisor as per
clause (c) above.
6.5- BSLI
shall
be
entitled
to
specify
(and
revise)
differential
case
of any
excess
or wrong
payment
of
commission
or any
amountto the Insurance Advisor or any commission or any amount whichsubsequent to their
payment becomes recoverable or receivable from the Insurance Advisor for any
reason whatsoever, BSLI shall be entitled to adjust such amounts (which have been paid in
excess or wrongly or have to be received / recovered back ) in the subsequent payment (s) to
the
InsuranceAdvisor, Alternatively, or where no amounts are due to the InsuranceAdvisor, BSLI
will require the Insurance Advisor to repay or refund
forth
with
such
amounts,
and
there after the Insurance Advisor shall repay the amount within 15 days after the receipt of
any
6.7- The payment of commission to the Insurance Advisor after thetermination or cessation of
this Agreement or payment of commission to the legal heirs of a deceased
Insurance
Adviser
shall
be
35
as
provided
in
of
to
the
Insurance
Advisor
if
the
termination
ison account of fraud or any criminal conduct or serious violation of Applicable Law.
7. Miscellaneous provisions:
7.1-
All
forms, applications,
documents,
properties
or securities received by
the
Insurance Advisor for or on behalf of BSLI shall be held by him in trust for BSLI, and shall
be promptly handed over to BSLI. Upon termination or cessation of this Agreement the
Insurance
Advisor
shall
promptly
deliver
/return, to BSLI in
good
Advisor
to
do
so,
BSLI
shall
be
entitled
toinform about such failure to IRDA, to organizations with which theInsurance Advisor has
employment
or
to
his
business
associates
in
relation to
any
Agreement or breach of any provisions under this Agreement failing which BSLI may,
36
without prejudice to any other right or remedy available to it under law, recover such debt,
claim, loss, damage or expenses from any money due and payable to the Insurance
Advisor.7.3- The Insurance Advisor shall allow officers of BSLI (including its auditors and
advisors), authorized in writing by BSLI , to inspect and make copies of all / any records
maintained by the Insurance Advisor in relation to any subject matter under this Agreement.
8. Confidentiality:
8.1- All records, information and documents pertaining to BSLI or any of its
customers / prospect / policyholder, including any personal data obtained from
or
for
on
behalf
Agreement
of
or
will constitute
provided
for
BSLI
and
Confidential Information.
the
contents
For the
of
this
purpose of
is
disclosed
by
BSLI
to
the Insurance
Advisor and whether written, oral or in any other form(including without limitation, compute
r storage, tape or other electronic media forum).
8.2- The Insurance Advisor undertakes and aggresses not to disclose, directly or indirectly,
and in any manner what so ever, whether during the currency of this Agreement or any
time thereafter Confidential Information. However, such obligation of confidentiality will not
apply in one or more of the following:
8.2 a- if and to the extent the disclosure is required by any law or any court, government
agency or regulatory authority;
8.2 b- if the information is or becomes available to public (other than as a result of prior
unauthorized disclosure by the Insurance Advisor);
37
8.2 c- if the information is or was received from a third party not known by the Insurance
Advisor to be under a confidentiality obligation with regard to such information; or
8.3 d- if the Insurance Advisor is able to prove that the was lawfully in possession of the
information (having been received on a non-confidential basis)
8.3- The
Insurance Advisor
aggress
not
to disclose
or
provide
copies
of anysuch materials, documents and other information, which are meant for internal
circulation only, to any third parties.
to
set
up
an
adverse
claim
in
respect
to
the
Marks
at
any
time either during the currency of this Agreement or at any time thereafter. TheInsurance
Advisor also agrees and undertakes that it shall not allow the usage of Marks by any other
third party.
9.2- The Insurance Advisor is permitted to use only such Marks in the course
of providing services under this Agreement as agreed to by BSLI in writing.
Where any such permission is given for use of any Marks
(one or more), such permission will operate as a limited, revocable and non
exclusive permission for usage of such Marks and shall be subject to conditions and
restrictions as may be specified. The permissions granted or to be granted will not include the
permission / right, copy, modify, merge, or
38
transfer the Marks or any of them. The Insurance Advisor agrees and undertakes no to alter or
modify any Marks or add any content to the Marks. He further agrees not to remove, conceal
or obliterate any copyright, credit-line, dateline or other proprietary notice included in any document, material, or other of BSLI . Any
goodwill generated through the Insurance Advisors use of the Marks shall inure solely to the
benefit of BSLI.
to
insurance
advisors
on
the
information
Restricted
Website
Area.BSLI will provide, but without any obligation, such login ID to theInsurance Advisor to
access contents specific to the Insurance Advisor. The Insurance Advisor agrees that they
shall
be
fully
responsible
for
any
action
Area by using his login ID and password. In the event there is any unauthorized usage
or access noticed by the Insurance Advisor, he shall immediately bring the same to the notice
of BSLI .
It is clarified that BSLI will not be obliged to provide or pay for the cost of any
internet connectivity, hardware and software that the Insurance Advisor may require
for access to the Website or Restricted Website Area. The Insurance Advisor
further
agrees,
confirms
and
undertakes
not
to
usethe Website for any purpose other than the permitted purpose, and not permits any other
person to access the Restricted Website Area through his login ID and password.
39
11.1-
This
Agreement
shall
come
into
effect
from
the
Effective
Date
the provisions
provided herein.
11.2- This Agreement shall terminate:
11.2.a- immediately and without any notice on the death of the Insurance Advisor
11.2.b- immediately and without any notice on the presentation of a petition for the
adjudication of the Insurance Advisor as insolvent:
11.2.c- forthwith by a written notice on any violation by the Insurance Advisor of any
provision of the Application Law; or 11.2.d- forthwith by a written notice on the Insurance
Advisor where he incurs any of the disqualifications mentioned in clauses(b), (c) or (d)
of Sub-section (4) of Section 42 of the Act, whether or not his license to act as an insurance
agent is cancelled.11.2.e- forthwith by a written notice where it is found that the Insurance
Advisor has (i) sought / obtained employment or insurance agency of any other life insurance
Company (ii) indulged in any act of commission or omission in consonance with the direct
competitors of BSLI.11.3- This Agreement shall terminate on the expiry of 15 days notice
served by
BSLI
on
the
Insurance
Advisor
if
he-11.3.a- fails
to discharge the obligations under this Agreement to the satisfaction of BSLI, or commits
breach of any of the provisions of this Agreement and does not remedy the same within 7
days of a notice to that effect from BSLI. No notice of remedying a breach will be given if it
is not capable of being remedied.11.3.b- acts in a manner prejudicial to the interests of BSLI
or to the interests or its Policyholders. Without prejudice to the generality of the foregoing
the Insurance
Advisor
shall be
deemed
to have
acted
in a
Confidential
Report or in any document submitted by him in connection with a proposal for insurance or
application for reinstatement of a Policy is found to be incorrect or untrue.
40
11.3.c- is
found
to have
made
any false
or
incorrect averment
or
if
he-11.3.a- fails
Agreement to the
satisfaction of BSLI, or commits breach of any of the provisions of this Agreement and does
not remedy the same within 7 days of a notice to that effect from BSLI. No notice of
remedying a breach will be given if it is not capable of being remedied.
11.3.b- acts in a manner prejudicial to the interests of BSLI or to the interests or its
Policyholders. Without prejudice to the generality of the foregoing the Insurance Advisor
shall be
deemed
to have
acted
in a
41
11.3.c- is
found
to have
made
any false
or
incorrect averment
or
notices
in
newspapers
and
/ or
in
any other
media
offices,
franchisees, other insurance advisors and the general public of the termination of the agency
of the Insurance Advisor and he being no more authorized to solicit or procure life insurance
business for BSLI or to represent BSLI in any manner. Further, upon such termination, BSLI
shall
also
be
entitled
to
forthwith
stop
suspend
payment
of
any
Insurance
Advisor
shall not be
entitled to
assign
his rights
Protection Solutions
43
In an increasingly uncertain world, it is your top priority to ensure that your family continues to
enjoy financial security and a comfortable lifestyle even in your absence. Birla Sun Life Insurance
(BSLI) brings you term life insurance plans that are a simple and economic way of achieving this
objective irrespective of what the future has in store for you.
BSLI Protection Solutions are term life insurance plans that help you meet your need of financial
security for your loved ones. We provide you life cover based on your requirements and that too,
at a reasonable premium. To calculate the appropriate life cover for you and buy a plan, call for
our financial advisor.
Plan Benefit
A plan that assures financial security for your family while
Plan Name
BSLI Protector Plus Plan
keeping pace with your growing needs, and rewards you for a
healthy lifestyle
Your life responsibilities might either be escalating or have
44
BSLI Protect@Ease
Retirement Solutions-
During retirement, income stops but the expenses dont. With inflation increasing the cost of
basic essentials, your savings today might not suffice meeting the cost of necessities
throughout the retired life. It is therefore important to start saving early and in a planned
manner for a comfortable, stress-free retired life. What is also important is to determine your
goal for the retirement corpus basis your projected needs during retired life.
Birla Sun Life Insurance Retirement Solutions ensure that you enjoy a secure and happy
retired life.Our retirement plans that help you build a corpus that lasts throughout your retired
life. So, whether you wish to retire early and start your own business or lead a leisurely
retired life, you can be sure of the funds that make it the best years of your life.
To know more about our plans and to get recommendations on the plan best suited to your
needs, call for a Birla Sun Life Insurance Financial Advisor.
Plan Benefit
Plan Name
Presenting the BSLI Empower Pension Plan, a plan BSLI Empower Pension Plan
designed especially to ensure that you remain in control of
your destiny even during the second innings of life. A unit
linked, non-participating pension plan it is simple, hasslefree and helps you accumulate your premiums and the
investment returns into a corpus for your retirement; so
45
46
47
A child is a source of joy for every parent. You work towards ensuring that you have the
means to meet the big future expenses of your child, be it for higher education, marriage or
any other dreams that you have for your child.
Birla Sun Life Insurance Childrens Future Solutions are designed to help you build a corpus
that allows you to meet the major expenses of your child in future. Besides providing you life
cover to ensure that your childs dream is secured, they also offer you the choice of
guaranteed returns or the flexibility to manage your fund options to make your money grow
as per your needs.
To know more about our plans and to get recommendations on the plan best suited to your
needs, call for a Birla Sun Life Insurance Financial Advisor.
With medical costs increasing considerably, most of us find ourselves unprepared for sudden
medical emergencies that tend to throw our finances out of gear.
48
Birla Sun Life Insurance Health & Wellness Solutions ensure that you never lack the funds
to go in for quality treatment in case of medical emergencies. Our plans help you insure
yourself and your family for an adequate sum, against major illnesses and injuries. You even
have a choice of plans that offer the cashless facility.
To know more about our plans and to get recommendations on the plan best suited to your
needs, call for a Birla Sun Life Insurance Financial Advisor.
Life's beautiful but also full of uncertainties and you never know what life has planned for
you. You work hard through the day to offer the very best for your family. However, you
always have this dilemma Enjoy Now vs Enjoy Later. Can we find the balance?
This is where BSLI Savings with Protection solutions come to your aid. By helping you make
small savings in a disciplined manner, we help you to create a corpus for fulfill your family's
wishes in the future. Since the amount is small, you can continue enjoying your current
lifestyle without compromises. What's more, your family will get the added security of a Life
Cover & tax free returns. So go ahead, ensure your family lives comfortably now and
forever.
To know more about our Savings with Protection plans and more important to understand the
plan best suited for you, call for Birla Sun Life Insurance advisors.
Plan Benefit
Plan Name
Introducing the BSLI Vision Life Income Plan, a
49
Plan
We all have dreams for our lives the dream house, the luxury car, the holiday abroad and many
more. In order to achieve these dreams, it is important to have a financial goal in mind and work
towards achieving it.
With Birla Sun Life Insurance Wealth with Protection Solutions, your dream is secure. Besides
providing you a life cover, these solutions encourage you to save regularly, by offering flexible
plans suited to your goals.
To know more about our plans and to get recommendations on the plan best suited to your needs,
call for a Birla Sun Life Insurance Financial Advisor.
Plan Benefit
A single pay unit linked plan that allows you to choose how your
Plan Name
BSLI Wealth Max Plan
Plan
51
savings plan, that enables your wealth to grow steadily over time,
Plan
LIC
ICICI PRUDENTIAL
BIRLA SUN LIFE
BAJA ALLIANZ
SBI LIFE
82.3
5.63
2.56
2.03
1.80
52
HDFC STANDARD
TATA AIG
MAX NEW YORK
AVIVA
OM KOTAK MAHINDRA
ING VYASA
AMP SANMAR
METLIFE
1.36
1.29
0.90
0.79
0.51
.37
0.26
0.21
1.
Experience suggests that many a time people do not realize what they are
getting into (in fact we have been approached by several people who wanted
to cancel the ULIPs they had been coerced into taking by unscrupulous
agents). Gather information on ULIPs, the various options available and
understand their working.
Read the literature available on ULIPs on the Web sites and brochures
circulated by insurance companies.
2.
3.
The companies give you the option to increase the premium amounts, thereby
providing you with the opportunity to gainfully utilize surplus funds at your disposal.
Enquire about the number of times you can make free switches (i.e. change the asset
allocation of the money in your ULIP account) from one investment plan to another.
Some insurance companies offer you free switch for a 2-year period while others do
so only for 1 year.
aggressive to counter competition from the insurance industrys unit linked risk
products. For mutual funds the unit linked insurance products launched by life
insurance companies are an encroachment on their territory. Consider this: Around 80
per cent of the premium income of life insurers has come in through unit-linked plans
in 2004 thanks to the boom in the equity markets.
Which means mutual fund companies are losing out on a huge market that would have
otherwise been theirs? To put an end to such a situation they are toying with the idea
of aggressively publicizing its products through celebrity endorsements which mutual
funds feel will give a never-before fillip to its unit linked schemes.
Unit linked insurance products launched have been doing brisk business and insurers
have been coming out with several such products with slight variations to suit the
changing needs of the customers. These products are investment avenues that provide
market related returns to the investor with an element of insurance thrown in. For the
customer the attraction of market related returns with insurance is an attractive option.
On the contrary though mutual fund companies also have unit-linked products what is
absent is the insurance cover.
But the grouse of mutual funds is that they have to adhere to stringent regulations that
are absent for insurance companies when the products are almost similar. While for
insurance companies it is not mandatory to disclose the various expenses related to
unit linked risk products such as expense ratio and brokerages among others, for
mutual fund companies it is mandatory.
At a glance the pros and cons:
Pros.
Cons.
as well as up
managers
gains tax.
Unit Link Investment Plans of HDFC- Standard Life Insurance Company Ltd.
Before we discuss the plans in detail lets be accustomed to certain common terms
like:
SA- Sum Assured
It is the amount for which a person is insured, so it becomes the minimum amount,
which has to be returned to the insured as per the terms of the policy.
LA - Life AssuredHe/she is the person who has taken the insurance cover.
Premium
These are the installments payable by the LA as against the SA. He can either make
monthly, half-yearly & yearly or even one time payment is allowed.
The plan is affordable, customised to your needs and above all, enables you to realise your
dreams for your child. This plan is well suited for the value-conscious customer, and above
all, for every loving parent. The plan can also be chosen by grandparents, other relatives or
any adult for the benefit of a child.
57
58
The Liquid fund invests 100% in bank deposits and high quality short-term money
market instruments. The fund is designed to be cash secure and has a very low level of
risk; however unit prices may occasionally go down due to the use of short-term
money market instruments. At inception, investments up to 20% can be allocated to
this fund.
Secure Managed fund
The Secure Managed fund invests 100% in Government Securities and Bonds issued
by companies or other bodies with a high credit standing, however a small amount of
working capital may be invested in cash to facilitate the day-to-day running of the
fund. This fund has a low level of risk but unit prices may still go up or down.
Defensive Managed
15% to 30% of the Defensive Managed fund will be invested in high quality Indian
equities. The remainder will be invested in Government Securities and Bonds issued
by companies or other bodies with a high credit standing. In addition, a small amount
of working capital may be invested in cash to facilitate the day-to-day running of the
fund. The fund has a moderate level of risk with the opportunity to earn higher returns
in the long term from some equity investment. Unit prices may go up or down.
Balanced Managed
30% to 60% of the Balanced Managed fund will be invested in high quality Indian
equities. The remainder will be invested in Government Securities and Bonds issued
by companies or other bodies with a high credit standing. In addition a small amount
of working capital may be invested in cash to facilitate the day-to-day running of the
fund. The fund has a higher level of risk with the opportunity to earn higher returns in
the long term from the higher proportion it invests in equities. Unit prices may go up
or down.
59
Growth fund
The Growth fund invests 100% in high quality Indian equities. In addition a small
amount of working capital may be invested in cash to facilitate the day-to-day running
of the fund. The fund has a higher level of risk with the opportunity to earn higher
returns in the long term from the investment in equities. Unit prices may go up or
down.
The past performance of any of the funds is not necessarily an indication of future
performance.
There are no investment guarantees on the returns of unit linked funds.
None of the funds participate in the profits of HDFC Standard Life Insurance
Company Limited or any of its policyholder funds.
Switching of funds.
You can switch your existing investments from your any of your unit linked funds, to
any other available unit linked fund. You can also give us a premium redirection
instruction to redirect future premiums to different unit linked funds.
Life Option
This option consists of a Maturity Benefit and a Death Benefit.
The Maturity Benefit will pay the value of the unit-linked fund at the end of the policy
term.
The Death Benefit will pay the basic Sum Assured on death of the life assured during
the policy term. Following payment of this benefit, no further premiums are due from
the policyholder.
60
Following a valid death claim, we will pay future premiums on your behalf, as and
when they become due. The level of premium will be that chosen by you at inception
of the policy.
2.
Your premiums are invested in units of the investment fund of your choice, based on the
prevailing unit price. On maturity you receive the value of your units. On death (or critical
illness, if chosen) you receive the greater of the value of your units and your selected basic
sum assured.
Premiums
You agree to pay a level premium regularly, either quarterly, half-yearly or annually,
throughout the term of the policy. The minimum premium amount is Rs. 10,000 each year.
To facilitate increased investment, we allow additional single premium top-ups at any time.
The minimum single premium top-up is Rs. 5,000
Premiums can be paid by cash, cheque or demand draft.
CHOOSE YOUR INVESTMENT FUND
The policy is fully unitised with a range of funds to match your needs and approach to risk.
(By risk we mean the likely volatility in the value of units in the fund.)
Each investment fund is composed of units. All the units in a fund are identical. You can
choose from the following funds:
A.
B.
C.
D.
E.
3.
Liquid fund
Secure Managed fund
Defensive Managed
Balanced Managed
Growth fund
4.
Tax Benefits
Premiums paid under this plan are eligible for tax benefits under Section 88 of the Income
Tax Act, 1961.
63
Charges
Company deduct charges from the policy to cover their costs.
A percentage of each premium is invested to buy units, this percentage is called the
Investment Content Rate.
Premium paid
Regular - Year 1
73%
Regular - Year 2
73%
Regular - Year 3+
99%
99%
99%
The unit price each day will include a fund management charge. This charge is 0.80% of the
fund value per annum taken on a daily basis.
A flat fee of Rs 15 per month will be deducted by cancellation of units on each monthly
charge date. This will be proportioned across funds according to the fund holdings at the time
of cancellation of units.
Risk benefits (for death sum assured, critical illness, and accidental death) will be charged for
by cancelling units on each monthly charge date, based on the persons age at that time.
We charge neither for premium redirections nor for switches but we may do so in the future.
We do not charge for altering the regular premium amount (including making a policy paidup and reinstating a paid-up policy), but we may do so in the future.
64
On cancellation of the policy before 3 years of regular premiums have been paid, we will
charge 25% of the outstanding premiums due during this 3-year period.
Alteration to Charges
No changes can be made to our current charges without prior approval from the Insurance
Regulatory and Development Authority.
In any case, the fund management charge will not exceed 2% per annum.
EXCLUSIONS
No benefit will be paid if the death has occurred directly or indirectly as a result of suicide
within one year from the date of first being covered under the policy.
Company does not pay health benefits if the critical illness has occurred within 6 months of
the start of the contract.
Company may not pay health benefits if we do not receive a duly completed claim form
within 26 weeks of the illness, disability, operation or other circumstances giving rise to the
claim.
Company will not pay health benefits if the critical illness is caused directly or indirectly
by any of the following:
Intentionally self-inflicted injury or attempted suicide, irrespective of mental
condition.
Alcohol or solvent abuse, or the taking of drugs except under the direction of a
registered medical practitioner.
War, invasion, hostilities (whether war is declared or not), civil war, rebellion,
revolution or taking part in a riot or civil commotion.
Taking part in any flying activity, other than as a passenger in a commercially licensed
aircraft.
65
GENERAL INFORMATION
Unit Prices
The Co. set unit price of a fund by dividing the value of the assets in the fund at the
valuation time by the number of units in existence for the fund. The resulting price
will be rounded to the nearest Rs. 0.0001. The value of the assets will be calculated as
the Market or Fair Value of the funds Investments plus Current Assets (including
accrued income) less Current Liabilities and Provisions (including accrued expenses).
This price will be published on our companys website.
66
Prohibition of rebates
Section 41 of the Insurance Act, 1938 states:
1.
Any person making default in complying with the provisions of this section
shall be punishable with fine which may extend to five hundred rupees.
UNIT LINKED PENSION PLAN
What is the Unit Linked Pension Plan?
The unit linked pension plan is basically an insurance contract, which is designed to provide a
retirement income for life.
Your premiums are invested in units of the investment fund of your choice, based on the
prevailing unit price. On vesting the value of your units will be used to buy your retirement
benefits.
On earlier death, the beneficiary receives the value of your units plus a cash lump sum of Rs.
1,000.
Premiums
You agree to pay level premiums regularly, either quarterly, half-yearly or annually,
throughout the term of the policy or a single premium at the start of the policy. The minimum
premium amount for regular premium mode is Rs. 10,000 each year and for single premium,
it is Rs. 25,000.
67
To facilitate increased investment, we allow additional single premium top-ups at any time.
The minimum single premium top-up is Rs. 5,000.
Premiums can be paid by cash, cheque or demand draft.
Switching of funds.
You can switch your existing investments from your any of your unit linked funds, to
any other available unit linked fund. You can also give us a premium redirection
instruction to redirect future premiums to different unit linked funds.
Benefits
At the chosen vesting date, the unitised fund value will be available to secure pension
benefits. Subject to the prevailing regulations, part of this value can be taken in the
form of a cash lump sum and the rest converted to an annuity at the rate then offered
by HDFC Standard Life. Alternatively, if it is permitted by the prevailing regulations,
the proceeds net of any cash lump sum can be used to buy an annuity with any other
insurance company who will accept such business. The current maximum limit for
any cash lump sum is one-third of the unitised fund value on vesting.
68
On death the unitised fund value will be paid along with a cash lump sum of Rs.
1,000. The beneficiary may use the proceeds to purchase pension benefits for the
surviving spouse.
Communication Skill
Time Management
Cooperation With Advisor
Consumer Satisfaction
.
69
70
71
72
Research Methodology
Research is a common language refers to a search of knowledge. Research is scientific &
systematic search for pertinent information on a specific topic, infect research is an art of
scientific investigation. Research Methodology is a scientific way to solve research problem.
It may be understood as a science of studying how research is dont scientifically. In it we
study various steps that are generally adopted by researchers in studying their research
problem. It is necessary for researchers to know not only know research method techniques
but also technology. The scope of Research Methodology is wider than that of research
methods.
The research problem consists of series of closely related activities. At times, the first step
determines the native of the last step to be undertaken. Why a research has been defined,
what data has been collected and what a particular methods have been adopted and a host of
similar other questions are usually answered when we talk of research methodology
concerning a research problem or study. The project is a study where focus is on the
following points:
Research Design:-
73
A research design is defined, as the specification of methods and procedures for acquiring the
Information needed. It is a plant or organizing framework for doing the study and collecting
the data. Designing a research plan requires decisions all the data sources, research
approaches, Research instruments, sampling plan and contact methods. The study was
descriptive kind of research.
1. Exploratory research:The major purposes of exploratory studies are the identification of problems, the more precise
Formulation of problems and the formulations of new alternative courses of action. The
design of exploratory studies is characterized by a great amount of flexibility and ad-hoc
veracity.
2. Descriptive research:Descriptive research in contrast to exploratory research is marked by the prior formulation of
specific research Questions. The investigator already knows a substantial amount about the
research problem. Perhaps as a Result of an exploratory study, before the project is initiated.
Descriptive research is also characterized by a Preplanned and structured design.
Sampling Procedure
There are basically two methods of sampling:-
Probability sampling
It is also known as random sampling. Under this sampling design every item of the universe
has an equal chance of inclusion in the sample. It is, so to say, a lottery method in which
individual units are picked from the whole group not deliberately but by some mechanical
75
process. Here it blind chance alone that determines whether one item or the other is selected.
The results obtained from probability sampling can be assured in terms of probability.
Primary
Secondary
Published Sources
Unpublished Sources
Govt. publication
Report Committees
Private Publication
76
Research Institute
The task data collection begins after research problem has been defined. There are two
methods for data collection.
Primary data
Primary data may be described as those data that have been observed and recorded by the
researcher for the first time to their knowledge.
Secondary data
Secondary data are those data which have been already collected and analyzed by some
earlier agency for its own use; and later the same data are used by a different agency.
For the present study, the survey method was used for collecting primary data. A
structured questionnaire was used for the purpose. The questionnaire included multiple
choice questions. The main source of secondary data has been the leafy journal of Consumer
Behavior, and Indian journal of Marketing. The study employs primary data collected by
communicating with the respondents with the help of structured questionnaire. The study
mainly deals with the behavior of individual towards Consumer Preference for Birla Sun Life
Insurance in Varanasi.
Analytical Data
The data thus collected, was tabulated, interpreted and analyzed with a view to make the
study meaningful. In the present study, hypothesis testing, percentage, frequency and cross
tabulation methods have been used for analysis.
77
Ques.1. Are you satisfied with the Insurance plan you have?
S.No
1
2
Option
Yes
No
Total
Percentage
65%
35%
100%
78
InterpretationAccording to the study the investors are not satisfied to buy the insurance plan of
BSLI, they need some proper advice to know about the BSLI products.
79
S.No
1
2
3
Option
Life
Retirement
Health
Total
Percentage
43%
29%
28%
100%
80
Interpretation According to the study the investors are interested to buy the Life insurance plan of
BSLI.
81
S.No
1
2
3
Option
Maximum profitability
Higher Interest rates
Secure investment
Total
82
Percentage
34%
45%
21%
100%
InterpretationAccording to the study the investors are attracted towards Birla Sun Life Plans due to
High Interest rates.
83
Ques.4 Are you satisfied with the services provided by the company regarding new
plans and schemes?
S.No
1
2
Option
Yes
No
Total
Percentage
58%
42%
100%
84
Interpretation
According to the study the investors are satisfied with the services provided by the
company regarding new plans and schemes.
85
Ques.5 Are you interested to make more investments in Birla Sun Life?
S.No
1
2
Option
Yes
No
Total
Percentage
57%
43%
100%
86
Interpretation
According to the study the investors are interested to make more investments in Birla
Sun Life .
87
Ques.6 Have you any other Insurance Plan apart from Birla Sun Life?
S.No
1
2
Option
Yes
No
Total
Percentage
65%
35%
100%
88
InterpretationAccording to the study the investors are interested to invest in other Insurance Plan
apart from Birla Sun Life.
89
S.No
1
2
Option
LIC
Bajaj Allianz
Percentage
32%
19%
3
4
5
Birla Sunlife
Reliance
Others
Total
20%
15%
14%
100%
90
InterpretationAccording to the study the investors are interested to invest in other Insurance Plan
apart from Birla Sun Life, mostly in LIC.
91
Ques.8 If you get any attractive plan than are you ready to switch over?
S.No
1
2
Option
Yes
No
Total
Percentage
62%
38%
100%
92
Interpretation According to the study the investors are interested to get any attractive plan than
BSLI, ready to switch over.
93
S.No
1
2
Option
Quality
Price
Percentage
24%
18%
3
4
Easy availability
National/ State
Total
26%
32%
100%
94
Interpretation
According to the study the investors demographic status effect their buying decisions.
95
10. Are you satisfied with the variety of brand availability in the market?
S.No
1
2
Option
Yes
No
Total
Percentage
57%
43%
100%
96
InterpretationAccording to the study the investors satisfied with the variety of brand availability in
the market.
97
Finding
1. According to the study the investors are not satisfied to buy the insurance plan of
BSLI, they need some proper advice to know about the BSLI products.
2. According to the study the investors are interested to buy the Life insurance plan of
BSLI.
3. According to the study the investors are attracted towards Birla Sun Life Plans due to
High Interest rates.
4. According to the study the investors are satisfied with the services provided by the
company regarding new plans and schemes.
5. According to the study the investors are interested to make more investments in Birla
Sun Life .
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6. According to the study the investors are interested to invest in other Insurance Plan
apart from Birla Sun Life.
7. According to the study the investors are interested to invest in other Insurance Plan
apart from Birla Sun Life, mostly in LIC.
8. According to the study the investors are interested to get any attractive plan than
BSLI, ready to switch over.
9. According to the study the investors demographic status effect their buying decisions.
10. According to the study the investors satisfied with the variety of brand availability in
the market.
Recommendation
1. The study is done in a particular city and may not be applicable in whole country and
state.
2. While filling the questionnaire the reader could not provide 100% of accurate
information because of their personal limitation.
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Conclusions
The market potential for private insurance companies is found to be greater in the long run as
most of the Indians are of the opinion that, private insurance companies would be able to
perform well in the future.
The private and foreign insurance companies have to take immediate steps in appointing
more number of agents and/or advisors in addition to the employees as it has been found out
that agents are the best channel to reach the general public regarding selling of insurance
products.
The private and foreign insurance companies have to concentrate on the factors like
'Prevention of Loss', 'Assured Returns' and 'Long term Investment'. They can also focus on an
insurance amount of Rs. 1 2 lacks with 'money back policies'. Hence, the market has
potential. The private and foreign insurance companies that are taking immediate steps can
tap it easily & rapidly.
100
101
Bibliography
Books/Magazines Referred: Kotler, Philip & Armstrong, Graw - Principle of Marketing,
Pearson Education, New Delhi 2007.Publisher- Dorling Kindersley
(India) Pvt. Ltd.
Kotler, Philip- Marketing Management: Analysis, planning,
Implementations & control, Pearson Education, New Delhi 2003,
11 t h Edition.
Kothari C. R. Research Methodology 2 n d revised edition 2004
published by New Age International Ltd.
Beri- Marketing Research (Tata Mc Graw -Hill), 1993 2 n d
Edition.
Marketing Strategy and Management- Mr. Michael J. Baker.
102
Business Today
Business
Internet:
www.google.com
www.birlasunlife.com
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www. scribd.com
Questionnaire
Name...........................................................
Age...........................................................
Occupation.............................................................
Address............................................................
Phone number............................................................
Ques.1. Are you satisfied with the Insurance plan you have?
1. Yes
2. No
Ques.2. Which Birla Sun Life Scheme does you have?
1. Life
2. Retirement
3. Health
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No
\Ques.5 Are you interested to make more investments in Birla Sun Life ?
1. Yes
2. No
Ques.6 Have you any other Insurance Plan apart from Birla Sun Life?
1. Yes
2. No
Ques.7 If yes, then of which Life Insurance Company?
1.
2.
3.
4.
5.
LIC
Bajaj Allianz
Birla Sunlife
Reliance
Others
Ques.8 If you get any attractive plan than are you ready to switch over?
1. Yes
2. No
Ques.9 Which parameter/s effect youre buying decisions?
1.
2.
3.
4.
Quality
Prices
Easy availability
National/ State
Ques.10 Are you satisfied with the variety of brand availability in the market?
1. Yes
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2. No
..
THANK YOU
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