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PREFACE

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

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
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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.

About Birla Sun Life Insurance


5

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.

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.
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About Sun Life Financial Inc.


Sun Life Financial Inc. is a leading international financial services organization providing a
diverse range of wealth accumulation and protection products and services to individuals and
corporate customers. Tracing its roots back to 1865, Sun Life Financial and its partners today
have operations in key markets worldwide, including Canada, the United States, the United
Kingdom, Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. As of
31March 2008, the Sun Life Financial group of companies had total assets under
management of US$ 343 billion. Sun Life Financial Inc. trades on the Toronto (TSX), New
York (NYSE) and Philippine (PSE) stock exchanges under ticker symbol "SLF".

Key peoples of organization


Board of Directors
Mr. Kumar M Birla
Mr. Donald A Stewart,
Mr. Bishwanath N Puranmalka
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Mr. Ajay Srinivasan


Mr. Gary M Comerford
Mr. Suresh N Talwar
Mr. Gian P Gupta
His Highness Maharaja G Singh
Mr. Stephan Rajotte
Dr. Bharat K Singh

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

Head - Direct Sales Force


8

Mr. Amit Punchhi


Senior Vice President - Third Party Distribution
Mr. Bhavesh Sanghvi
Head - Group Life & Pensions
Mr. Snehal Shah
Senior Vice President - Operations
Ms. Anjana Grewal
Senior Vice President - Marketing & Communications
Mr. Rajesh Bhojani
Senior Vice President - DSF Expansion
Mr. K.H. Venkatachalam
Vice President Human Resource
Mr. Fabien Jeudy
Vice President, Chief & Appointed Actuary
Mr. Lalit Vermani
Vice President - Compliance
Mr. Melvyn D'souza
Vice President Risk Management and Internal Audit
Mr. Vikram Kotak
Vice President - Investments
Mr. Bhalachandra Nayak
Vice President Strategy

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
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5. Theft or accident of vehicles - Vehicle insurance


6. Financial cover in ailment /surgery etc - Health insurance

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.

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 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
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(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,
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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.

Contribution of life insurance in development of economy


Contribution of Life Insurance Sector in the Economy
Flow of Insurance Industry in India
Structure of insurance industry: Snap Shot Industry
Aggregation of long term savings
Spread of financial services in rural Areas
Long term funds for infrastructure development of capital Markets/ Economic Growth
Employment generation
Special Futures
Growth Potential

14

INTRODUCTION TO THE PROJECT


CHANNEL DEVELOPMENT

WHY TO RECRUIT
WHO TO RECRUIT
HOW TO RECRUIT
RECRUITMENT ACTIVITIES
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WHAT TO CHECK WHILE WE ARE RECRUITING


ROLE OF ADVISOR
WORKING ENVIRONMENT
DO YOU POSSESS
SUPPORT PACKAGE FOR SCUCCESSFUL ADVISOR
EXTENSIVE TRAINING FOR SUCCESSFUL ADVISOR
EXTENSIVE INVESTMENT IN ADVISOR TRAINING
PAYMENT & BENEFIT COMMISSION STRUCTURE
RECOGNITION PROGRAMS
CAREER PROGRESSION & FUTURE OPPORTUNITIES

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.

This is a big area of employment.


Because we are supposed to!!
That the way to do this business.
More recruits, more active advisors, more BDA

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Introduction of the topic


WHO TO RECRUIT..?
Quality has given some indicators in terms of what are the common traits of
our successful advisors-

The commonalities were

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

fall into any of this category.


This is a broad pointer for us to remember what are the his/her profile
Some other pointer from Quality.
Most of the RED category advisors FAILED in the DISC profile which means that
DISC is good. Indicator of chanced of success or failure.
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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

WAPI & Productivity is very high compared to others.


People who are new to the city are least probable to do well.

Who to recruit..?

High probability of Success


Tax/ Financial Consultants, CAS
Bond / Mutual Fund Agents
LIC Agents Surrogates
Small business owners

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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.
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Stress on different things to different profiles changeyour proposition as per the

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, stress on the extras.


Small businessman / Entrepreneurs show ROE Returnon Energy, to the earn the sa
me amount of money fromyour business; you would be spending much more time
&energy a lot of capital from your pocket.

THE POWER RENEWAL COMMISSIONS:


Always, always, always stress on the fact that renewal

commissions

ARE

THE

differentiator from every other sort of business


Spend lot of time on the Commissions structure given in the BOP.
Try to do an example in front of them trying to portray the commissions payable for
the same amount of business done every year.
The earning calculator will be of the help here.

Recruitment Activities Each of us should have a mix of


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Mass Media Activities - Spray &P


ray

Lead Generation activities

Ads, Classified, paper Inserts, Pamphlets,

Database calling, cold calling, tele-

Banners

calling, mailers, mass BOPs, fish bowl


activity, Yellow Pages, Trade Directories

Over the last one year, the response from

etc.
We need to develop lead generation

this basket of activities has gone down

activities more so as

drastically, thus forcing us to be creative

to have more people to touch upon and

to create other avenues

tell about this career opportunity

Activities which have done well with us in the recent past:

Joggers Park
Summer Trainees
Mass BOPs
Database Calling
Lead Generation Activities
Tele Calling set ups

Some more ways on how to recruit:


Database Attack can be done through a trainee.
Cold Calling helps a lot as the respondent does not waste your time by dilly
dallying.
WA Activities Tambola or children painting competition- gives real time leads,
cost effective per lead.
Look at level MBA colleges for Pinnacle probable.
Source local databases Cable TV Service providers, home delivery caterers.
Fish Bowl Activity- in high football places.

Things to check while recruiting:

ENERGY, ENERGY always check the personsenergy levels, as this career is all abo

ut meeting new people, finding new prospects and more so handlingrejections


His past/ present occupation gives tremendous insight into his energy levels
Show him the path in his current environment how insurance selling can fit in lowers the

resistance of time availability


Check his environment his family locality

21

Check whether he can work on his own


Find out if he is looking for money or career as he can have both here

Things to check while recruiting:

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

in life, he will make efforts to dowell with us


Ask questions about his past, find instances of accomplishments
Keep checking on the pointers & does a mental check list of the acceptable points
Be convinced about the profile and then only go ahead

Advisor Role.
To provide ongoing financial advice for his/her client:

Identify future client


Making appointments
Conduct financial review meetings with prospects / clients
Close sale
Get referrals
Provide service to clients

Follows internal sales & reporting systems: Working environment:

To be part of a world class sales team.


Work from your own office or residence.
Work full time or part time.
Earn commission, bonus $ incentives.
No upper limits in earnings.
Flexible career.

Your opportunity:

No startup capital required.


Flexible working environment.
Be your own boss.
Unlimited earning potential.
To be part of world - class team.
22

Extensive training to make you a professional advisor:


State-of-the-art training on:
Selling skills.
Product knowledge.
Relationship skills.

Training delivery through several convenient options:


Face to- face.
Online.
Self learning.

Some of our high performers get.

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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.

Career progression & future opportunities:

Exclusive program for high potential achievers.


Hand picked advisors.
A fast track career path.
Recognition as Tiger
Continue doing your business.
Criteria.
Age 25 40 years
At least 1 year in system
Case count 2 per month

Part time career as a Trainer.


Conduct foundation programs.
Share best flied practices.
Replicate your business.
Continue doing your business.

Criteria.
Age 25-45 yearsAt least 6 months s in system2 case count per month

Fast track pinnacle programmes:


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A full time career as audit manager


Greater earning potential
Personal Development
Performance criteria
-Age 25-45 years
-At least 6month in system
-30 issuance within 6 months

Pinnacle programmes:

A full time career as a unit manager


Greater earning potential
Personal Development
Performance criteria
-Age 25-45 years
-At least 1 year in system
-Average 2 case count per month

Agency champion:

Take your business to the next level


Entrepreneurs , develop your own business
Recruit new advisor and make your own team
Increased reach and earning potential
Criteria
-At least 1 year in system
-Minimum 36 policies and 3.6lacs premium
-Selection process (assessment center)

Next stepsConfirmation of mutual interest


Selection interview
Profiling test dates
Draft payment favouring
Birla Sun Life Insurance Ltd
payable in Mumbai
Finalize Training Dates, venue

25

Support team the Company:

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

Achieve sales targets


Participate in all meetings
Attend all training programs
Weekly reviews at the office
Follow the sales process
Follow weekly reporting process

INSURANCE ADVISOR AGREEMENT


Insurance advisor it is a kind of agreement done between advisor to be
recruited and Birla Sun life Insurance Company Ltd.
BSLI is desires of appointing the as its Insurance advisor for soliciting and procuring
life Insurance business for on behalf of BSLI and to provided various services the policy
holders. Similarly Insurance advisor has to obtain and Insurance license to act and Insurance
26

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

Insurance, advisor minimum performance requirement and service standards others


conditions confidentially to be maintain and compensation and remuneration.

2. Effective Date and Appointment as Insurance Advisor:

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

Advisor and the Party of the Other Part hereby accepts

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.

3-Business Area of Insurance Advisor:


3.1- The Insurance Advisor will be entitled to solicit insurance business from such territories
(and whether in India only or outside of India as well ) as shall be informed to the Insurance
Advisor separately (such area referred to as Business Area and, area other than Business
Area will be referred to as Non-Business Area). Where the Insurance Advisor proposes to

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,

Isavailable/posted on the Restricted Website Area and no separatecommunication in


this regard will be sent.
3.3- The

appointment of

the

Insurance Advisor for

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.

4. Minimum Performance Requirements and Minimum Service Standards:


4.1- The Insurance Advisor shall at all times fulfill the Minimum

Performance

Requirements in terms of new business, premium income, number of proposals, number of


lives

insured

or

on

any

other

criteria

BSLI from time to time (hereinafter referred to as the Minimum


29

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

Regulatory and Development Authority (Licensing of Insurance Agents) Regulations, 2000,


as amended from time to time (here in after referred to as the Code of Conduct) as though
the said Code of Conduct has been explicitly set out in and forms part of this Agreement.
5.2- The Insurance Advisor shall not allow or offer to allow, either directly or indirectly, as an
inducement, to a prospect or a policyholder, to take out or renew or continue a policy,
30

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

continuedadherence to the provisions of Section 41 of the Insurance Act, 1938.Breach of this


clause will entitle BSLI to terminate this Agreement forthwith and without any notice.

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

completeness of the information furnished in the Agents Confidential Report in proposal


forms logged by him or otherwise made available to BSLI in respect of any proposal.
31

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

for from him.


This would include but shall not be restricted to customers / policyholders proposal forms,
supportingother documents, information, payment instruments, letters / communicationsaddre
ssed to BSLI and documents relating to assignment/nomination, Insurance Advisor shall
ensure compliance with Section 64 VB of the Act.
5.7- The Insurance Advisor shall not and is not authorized to accept any money, in case from
any prospect / customer / policyholder. Where any such person wishes or proposes to make
any payment in cash, the Insurance Advisor shall direct him to the appropriate office of BSLI
for making such payment personally or advise him of the permissible modes of payment to
BSLI. Insurance Advisor can accept cheque, demand draft or other payment instruments (not
being a bearer cheque) from a prospect or a policyholder if and only if they are drawn in the
name of BSLI. Without prejudice to the other provisions of this Agreement providing for
indemnification to BSLI by the Insurance Advisor, the Insurance Advisor specifically
confirms and
all

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,

trainingsand briefings conducted by or on behalf of BSLI to create / enhanceawareness as to


the Insurance Products, business plans and policies of BSLI and any other matter of relevance
32

to them of which reasonable notice has been given to the insurance advisor. In particular the
Insurance

Advisor

shall

attend all training and refresher sessions for Insurance

Advisors unless prevented by a cause, which in the opinion of BSLI is reasonable.


5.9- Where the Insurance Advisor intends to bring out or publish any material in any form
through any medium, concerning BSLI, its business or its Insurance Products, the Insurance
Advisor shall obtain prior written approval of BSLI. Further, he shall observe, follow and
comply

with

the provisions of the Insurance Regulatory and Development Authority

(Insurance Advertisements and Disclosure) Regulations, 2000 of the same.


5.10- The Insurance Advisor shall solicit and procure life insurance business for BSLI and
discharge his obligations under this Agreement in accordance with BSLIs corporate
objectives and with particular regard to BSLIs image and standing in the industry and in the
community.
5.11- The Insurance Advisor shall observe, follow and comply with all the communication,
directions and instructions given by BSLI from to time, either generally or with particular
reference to the Insurance Advisor. Such communications, directions and instructions may be
sent by courier, email, post, and fax or may be posted on the Restricted Website Area.
5.12- The Insurance Advisor shall familiarize himself with the Application Law as in force
time to time and which has a bearing on the discharge of his obligations as an insurance
agent; provided that in the event of any change in the Applicable Law resulting in a dilution
or abrogation of his obligations under this Agreement, to the extent not provided otherwise,
the Insurance Advisor shall continue to be bound by the obligations as were existent prior to
such change, unless expressly approved in writing by BSLI, or unless inconsistent with
Applicable Law.
5.13- The

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.

6. Compensation and Remuneration:


6.1- As

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

6.3 a- by a written notice to the Insurance Advisor; or


6.3 b- by posting the revised rates on the Restricted Website Area; or
6.3 c- providing copies of the revision to all the offices, branches, outlets or franchisees of
BSLI.
6.4- The Insurance Advisor shall be deemed to have notice of the revised commission rates
at the earliest of (a) on receipt of the written notice as per (a) above; or (b) publication or
posting on the Restricted Website Area as per clause (b) above; or (c) copies of such revision
being

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

commissionrates for different Insurance Products and based on various parametersincluding


new business premiums, renewal premiums, business done by Insurance Advisor etc.
6.6- In

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

communication from BSLI in that regard.

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

theApplicable Law and in accordance with such other communications or guidelines

of

BSLI as may be specified in this behalf.


6.8- Notwithstanding the above, BSLI shall not be obliged to pay any commission or
remuneration

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

condition all forms, application,


documents, properties or securities and all sales literature, manuals and computer software
received from or for or on behalf to or provided by BSLI In the event of failure of the
Insurance

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

includingany insurance company of which the Insurance Advisor becomes or proposes to be


come the insurance advisor, and further I BSLI will notfurnish the NOC to the Insurance Adv
isor till such time the failurecontinues.7.2- The Insurance Advisor shall indemnify and keep
indemnified and save harmless at all times BSLI in respect of any indebtedness cast on BSLI
or in respect or any claim, loss or damage or any action or proceeding of whatever nature or
for any notices or expenses arising out of or caused by any act of omission of the Insurance
Advisor

in

relation to

any

matter specified in this

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

thisclauses, any data, information or knowledge will also constituteConfidential information


which is not in public knowledge and whether or not marked or identified as confidential and
which

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.

9. Intellectual Property Rights:


9.1- The intellectual property rights (in the nature of trademark or copy right or any other
right) in the brand name , product names, logos, designs, colour schemes, names, marks,
designs, drawings, colour, artistic work / manner etc (hereafter collectively referred to as
marks) as may be allowed by BSLI to be used by the Insurance Advisor shall vest solely
and exclusively and at all times in BSLI and the Insurance Advisor aggress and undertakes
not

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.

10. Usage of Restricted Website Area:


10.1- The Insurance Advisor understands that BSLI provides certain
specific

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

taken through the Restricted Website

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.

11. Term and Termination:

39

11.1-

This

Agreement

shall

come

into

effect

from

the

andshall continue to be effective unless terminated in accordance with

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

manner prejudicial to the interests of BSLI , if any averment in the Agents

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

suppressedany information, considered material by BSLI, in his application for appointment


as 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

manner prejudicial to the interests of BSLI , if any averment in the AgentsConfidential


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.

41

11.3.c- is

found

to have

made

any false

or

incorrect averment

or

suppressedany information, considered material by BSLI, in his application for appointment


as Insurance Advisor;
1.3.d- in the opinion of BSLI, becomes physically or mentallyincapacitated to discharge the
obligations under this Agreement;
11.3.e- he fails to achieve the Minimum Performance Requirements or Minimum Service
Standards as specified from time to time.11.4- Notwithstanding anything contained in this
Agreement, both parties shall have at all times right to terminate this Agreement by written
notice to the other of 15 days without assigning any reason for such termination.
11.5- Upon termination of this Agreement in whatsoever manner BSLI shall be entitled to
publish

notices

in

newspapers

and

/ or

in

any other

media

and/ or to dispatch correspondence notifying the policyholders, customers, branch

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

commissionwhether or not due in respect of any business done by the InsuranceAdvisor.Save


as provided in the Insurance Act, no commission shall accrue to the Insurance Advisor from
the termination of this Agreement.
12-The

Insurance

Advisor

shall not be

entitled to

assign

his rights

andobligations hereunder to any person whomsoever. Nothing in thisAgreement shall prohibit


BSLI sentitlement to assign the Agreement and / or any of its rights and obligations
hereunder to any person whomsoever.

Product Profile (Insurance Plans)


Insurance Plans
42

Life is unpredictable. But in face of adversity, our responsibilities towards our


parents, children and loved ones need not be compromised. Insurance 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
8. Plans for NRIs
9. Keyman Plans
10. Riders

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

BSLI Easy Protect Plan

been steady. Protect your family against the extra liabilities of


life by choosing the plan option best suitable for your needs.
To deal with growing expectations and secure the financial
future of your family, Birla Sun Life Insurance has come up
with the perfect protection solution for you.

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

that you can focus on your goals, and enhance your


savings for a secure future.
It enables you to convert your savings or lump sum BSLI Immediate Annuity
amounts into an instantly guaranteed lifetime income Plan
source for retirement, which you can avail anytime you
choose to have it.

46

47

Children's Future Solutions

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.

Health & Wellness-

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.

Savings with Protection

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

traditional participating whole life plan that helps you


to not only plan your financial goals but also realize

BSLI Vision LifeIncome Plan

your dreams by providing you with a steady income and


whole life cover. With survival benefits payable every
year from the end of the premium paying term till
maturity and a life insurance benefit, this plan offers a
perfect blend of income and financial protection for you
and your family.
Since nothing in life is guaranteed, it is great to find
some things that are. Presenting the BSLI Vision
Endowment Plan that offers you the best of both worlds
since some things bring with its promise the
reassurance that you get back more than what you have

BSLI Vision Endowment Plan

invested. This plan assures growth in your savings and


return of your money so you can build a safe and
financially sound future for your family.
Life is full of uncertainties and seldom turns out the
way one expects it to be. We all look for security;
whether it is for our familys future or for our savings.
Given a choice, we would leave nothing to chance

BSLI Savings Plan

when it comes to fulfilling goals and securing familys


well-being.
It allows you the flexibility to choose your policy term,
enjoy protection up to the age of 100 years and gain
steady growth in savings over time so that you can relax
and enjoy life with complete peace of mind.
The BSLI Income Assured Plan is suitable for you if
50

BSLI Vision Life Secure Plan

your key objective is secured savings, regular income

BSLI Income Assured Plan

and comprehensive financial protection for your family.


With survival benefits payable every year from 5th

BSLI Vision Regular Returns

policy anniversary till maturity and life insurance

Plan

benefit, this plan offers a perfect combination of


liquidity, savings and financial protection of your
family.

Wealth with Protection Solutions

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

money is invested in 13 different funds


A life insurance plan that ensures you meet your familys dreams

BSLI Wealth Secure

by picking out an investment option that best suits your

Plan

51

requirement and also financially secures your family with Whole


Life Cover.
Birla Sun Life Insurance Wealth Assure Plan, a protection and

BSLI Wealth Assure

savings plan, that enables your wealth to grow steadily over time,

Plan

providing you and your family with a secure financial future to


meet your needs at different stages of life.

NAME OF THE PLAYER MARKET SHARE (%)

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

Unit Link Bonds


A unit linked bond is a lump sum investment plan that gives you access to various investment
markets throughout the world, via a wide range of professionally managed funds. These
funds have varying objectives and levels of risk.
The underlying make up of the unit linked bond depends on its investment objectives. This
determines the type of stocks and shares in which it invests. Each Investment Linked Bond
offers the option to invest for growth, income or both, you can select the option which best
matches your own needs.

5 STEPS TO SELECTING THE RIGHT ULIP


Unit Linked Insurance Plans (ULIPs) were always seen as a 'wonder product' that
simultaneously fulfilled an individual's needs for investment and insurance.
However, the recent downswings in the markets have forced investors to do a rethink. Very
often it was poor selection that was responsible for the investors' woes. Here is a 5-step
strategy for investing in ULIPs.

1.

Understand the concept of ULIPs


Try to do as much homework as possible before investing in an ULIP. This
way you will know what you are getting into and won't be faced with
unpleasant surprises at a later stage.
53

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.

Focus on your requirement and risk profile


Identify a plan that is best suited for you (in terms of allocation of money
between equity and debt instruments). Your risk appetite should play an
important role in the plan you choose.
So if you have a high-risk appetite, go in for a more aggressive investment
option and vice-a-versa. Opting for a plan that is lop-sided in favors of
equities when you are a risk-averse individual might spell disaster for you
(this is true in most cases currently).

3.

Compare ULIPs of different insurance companies


Compare products of the leading insurance companies. Enquire about the premium
payments as ULIPs work on minimum premium basis as opposed to sum assured in
the case of conventional insurance policies.
Check the fund's performance over the past six months. Find out how the debt and
equity schemes are Performing and how steady the performance has been. Enquire
about the charges you will have to pay. In ULIPs the costs involved are a big deciding
factor.
Ask about the top-up facility offered by ULIPs i.e. additional lump sum investments
you can make to increase the savings portion of your policy.
54

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.

4.Go for an experienced insurance advisor


Select an advisor who is not only professional and informed, but also independent and
unbiased. Also enquire whether he has serviced clients like you.
When your agent recommends a ULIP of X company ask him a few product-related
questions to test him and also ask him why the other products should not be
considered.
Insurance advice at all times must be unbiased and independent and your agent must
be willing to inform you about the pros and cons of buying a particular plan.
His job should not just begin by filling the form and end after he deposits the cheque
and gives you the receipt. He should keep a track of your plan and inform you on a
regular basis. The key is to go for an advisor who will offer you value-added products.
5. Does your ULIP offer a minimum guarantee?
In market linked product if your investment's downside can be protected, it would be
a huge advantage. Find out if the ULIP you are considering offers a minimum
guarantee and what costs have to be borne for the same. This will enable you to make
an informed choice.
Will unit linked risk products continue to rule?
Unit linked risk plans are doing roaring business agreed but if the recent reports are
any indication a shake up is on the cards. The mutual fund industry is all set to get
55

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.

The value of the bond can go down

as well as up

You'll usually have to invest a

minimum amount of premium p.a. that varies


from company to company e.g. HDFC- Std

You can invest in a number of


56

different funds within the bond


life has a min. premium of Rs.10,000.p.a.
They are run by expert fund

managers

You'll usually have to invest for at


least 5 years.

They are free from personal capital

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.

HDFC Standard Life has 3 Unit Link Investment Plans

Unit Linked Young Star Plan


Unit Linked Endowment Plan
Unit Linked Pension Plan
Unit Linked Young Star Plan

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

What is the Unit Linked Young Star Plan?


HDFC Unit Linked Young Star Plan is designed to provide a lump sum to the child at
maturity. It also provides financial security to the child in the future, even in case of the
insured parent's unfortunate death during the policy term. The Unit Linked Young Star Plan
also gives the option of additional protection against the six common critical illnesses.
Your premiums are invested in units of the investment funds of your choice, based on the
prevailing unit prices. On maturity the value of the units will be paid. On death (or critical
illness, if chosen) the selected basic sum assured is paid, and the policy continues until
maturity. Following a valid death or critical illness claim, we will pay the future premiums (at
the level originally chosen at inception) into your policy, as and when they would have fallen
due.
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 Funds
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:
Liquid fund

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.

What are the Benefits?


There are 2 different options available
1.

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.

Life and Health Option


This option consists of a Maturity Benefit, a Death Benefit and an Extra Health 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 and the Extra Health Benefit will lapse without value.
The Extra Health Benefit will pay the basic sum assured on diagnosis of any one of
six critical illnesses during the policy term. Following payment of this benefit, no
further premiums are due from the policyholder and the Death Benefit will lapse
without value. The illnesses covered under this benefit are cancer, coronary artery
by pass graft surgery, heart attack, kidney failure, major organ transplant (as
recipient) and stroke.
Following a valid death or critical illness 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.
UNIT LINKED ENDOWMENT PLAN
What is the Unit Linked Endowment Assurance?
The unit linked endowment plan is an insurance policy that is designed to pay a lump sum on
maturity or on earlier death. The Unit Linked Endowment Plan also gives the option of
additional protection against the six common critical illnesses, as well as additional
protection if death is as the result of an accident.
61

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

Extra Life Option


This option pays the same benefits as the Life Option but, should death occur within the
policy term as the result of an accident, an extra benefit equal to the Sum Assured will be
paid.

4.

Extra Life and Health Option


This option pays the same benefits as the Life and Health Option but, should death occur
within the policy term as the result of an accident, an extra benefit equal to the Sum Assured
will be paid.
62

Surrendering the Policy


The policyholder can surrender the policy at any point of time during the contract term. The
amount payable will be the unitised fund value after applying additional surrender charges
mentioned below.

Accessing the money


You can make lump sum withdrawals from you funds provided the fund balance after
withdrawal and charges does not fall below the Sum Assured. The minimum withdrawal
amount is Rs. 10,000.
Discontinuity of Premiums
This product has a grace period of 15 days for the payment of each premium after the initial
premium.
If you stop paying premiums, before you have paid 3 years of annual premiums, we will
cancel you policy and return to you the value of your unitised fund, less cancellation charges.
If, after three years, you are unable to pay the premiums, you have the option to make the
policy paid-up, provided the policy has accumulated sufficient policy value. Currently, this
amount will be Rs. 15,000.
If you make your policy paid up you will continue to be protected according to the benefits
you selected. To provide this cover, we will continue to collect our usual charges on each
monthly charge date. It is important to note that if no further premiums are paid, this may
reduce the value of your fund over time, or even exhaust it completely.
A paid-up policy can be reinstated to premium paying status at any point of time in the future.
If the fund value of a paid-up policy falls below Rs. 15,000 we will cancel the policy and
return to you the fund value, less cancellation charges.

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.

The Rates Are As Follows:

Premium paid

Investment Content Rate (ICR)

Regular - Year 1

73%

Regular - Year 2

73%

Regular - Year 3+

99%

Regular Premium Increases

99%

Single Premium Top-Up

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

Taking part in any act of a criminal nature.


Pregnancy or childbirth or complications arising there from.
Company will not pay accidental death benefit if death occurs after 90 days from the
date of the accident.
Company will not pay accidental death benefit if death is caused directly or indirectly
from any of the following:
Suicide within one year of the Date of Commencement or the date of issue of the
Policy, if later
Alcohol or solvent abuse, or the taking of drugs except under the direction of a
registered medical practitioner.
Taking part or practicing for any hazardous hobby, pursuit or race unless previously
agreed to by us in writing
War, invasion, hostilities (whether war is declared or not), civil war, rebellion,
revolution or taking part in a riot or civil commotion.

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.

No person shall allow or offer to allow, either directly or indirectly, as an

inducement to any person to take out or renew or continue an insurance in respect of


any kind of risk relating to lives or property in India, any rebate of the whole or part
of the commission payable or any rebate of the premium shown on the policy, nor
shall any person taking out or renewing or continuing a policy accept any rebate,
except such rebate as may be allowed in accordance with the published prospectuses
or tables of the insurer.
2.

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.

Choose your investment funds


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:
Liquid fund
Secure Managed fund
Defensive Managed
Balanced Managed
Growth fund

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.

Problem of the Study


Standard Of The Employee

Communication Skill
Time Management
Cooperation With Advisor
Consumer Satisfaction
.

69

Objective of the study


To find out the process of the recruitment of an Advisor of Birla Sun Life Insurance.
To understand the process of recruitment and selection of advisor in BSLI.
To find out why people are not willing to work as an advisor in BSLI sector specially
with private Insurance Company.

70

Importance of the Study

In an insurance industry, the insurance agent possesses multi-faceted roles to


play as enlisted below:
The insurance agent helps in promoting and selling of insurance products and services
to its customers.
Giving sound financial advisory services and customer support to the clients.
Needs to deal with not only individuals but their families and corporate businesses
too.
Promotion of insurance brands needs to have a carefully drawn roadmap.

71

Scope of the study


The scope of the study comes to know about the insurance industry in India. The
projects aim to represent a clear picture of the process of how an advisor is recruited
and trained to be a beneficial asset for the organization in Birla Sun Life Insurance.
This study is important because of increasing Role of Investment Advisors in India.
Because of insurance company increase day by day so it become important to know
about investment advisor present in India and provided by them and at the same time
it become important to know about what are major factors which influence role of
investment advisor by consumers either directly or indirectly.

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.

Research design is mainly of following types:


1. Exploratory research.
2. Descriptive studies
3. Causal studies/Experimental studies

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.

3. Causal studies/Experimental studies


A casual design investigates the cause and effect relationships between two or more variables.
The hypothesis is tested and the experiment is done. There are following types of casual
designs
74

a. After only with control design


b. Before after with control design
c. Before after without control design
d. Consumer panel design
e. Ex-post facto design
Research Design has been classified into four subsections they are:
1. Sample selection and size;
2. Sampling procedure;
3. Data collection; and
4. Analytical tools

Sample Selection and size


The first step of research is sample selection, for which the respondents were Employee in
Varanasi city. The total consumers covered were 120. The same questionnaires were
distributed, but only 100 fully-completed questionnaires were received. Results are based on
the response of these 100 respondents, and in this 80 respondent chosen Birla Sun life
insurance.

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.

Non Probability sampling


Non Probability sampling is that sampling procedure which does not afford any basis for
estimating the probability that each item in the population has been included in the sample. In
this type of sampling, items for the sample selected deliberately by the researcher; his choice
concerning the items remains supreme.
For the study the consumers are selected by the convenience sampling method.
The selection of units from the population based on their easy availability and accessibility to
the researcher is known as convenience sampling

Data Collection Method

Primary

Secondary

Published Sources

Direct personal Interview

Unpublished Sources

Indirect personal Interview

Govt. publication

Information from correspondents

Report Committees

Mailed questionnaire & Commissions

Private Publication

Question filled by enumerators

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

Ques.2. Which Birla Sun Life Scheme does you have?

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

Ques.3 What attract you towards Birla Sun Life Plans?

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

Ques.7 If yes, then of which Life Insurance Company?

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

9. Which parameter/s effect youre buying decisions?

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 .
98

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.

99

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

Limitations of the Study


The research is confined to a certain parts of Varanasi and does not necessarily shows a
pattern applicable to all of Country.
1. Some respondents were reluctant to divulge personal information which can affect the
validity of all responses.
2. In a rapidly changing industry, analysis on one day or in one segment can change very
quickly. The environmental changes are vital to be considered in order to assimilate
the findings.
3. Sometime the customer did not give right information about himself.
4. Sometime the gap of communication was come in between the interaction.
5. The study is confined to the existing customers of Eveready only.

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

Gupta CB-An Introduction to Statistical Method (Vikas), 1995,


9 t h Edition .
Eveready In-house Newsletters.

BUSINESS MAGAZINE & NEWS PAPER:

The Times of India

The Economic Times

4Ps, Pitch, Business & Economy

Business Word& Business Standard

Business Today

Business

Internet:
www.google.com
www.birlasunlife.com
103

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
104

Ques.3 What attract you towards Birla Sun Life Plans?


1. Maximum profitability
2. Higher Interest rates
3. Secure investment
Ques.4 Are you satisfied with the services provided by the company regarding new plans and
schemes?
1. Yes
2.

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
105

2. No

Ques.11 Do you want to give any suggestions?

..
THANK YOU

106

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