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EXECUTIVE SUMMARY
This project has been a great learning experience for me; at the same time it gave me enough
scope to implement my analytical ability. This project as a whole can be divided into two parts
:The first part gives an insight about the insurance and its various aspects. It is purely based on
whatever I learned at Birla Sun Life Insurance One can have a brief knowledge about insurance
and all its basics through the project. Other than that the real servings come when one moves ahead.
Some of the most interesting questions regarding insurance have been covered. Some of them are: why has
it become one of the largest financial intermediaries? How investors do chose between
insurance ? Most popular stocks among fund managers, most lucrative sectors for insurance
managers, a special report on Systematic Investment Plan, does insurance performance persists
and the topping of all the servings in the form of portfolio analysis tool and its application. All the
topics have been covered in a very systematic way. The language has been kept simple so that even a layman
could understand. All the data have been well analyzed with the help of charts and graphs. The second part
consists of data and their analysis,. It covers the topic need of financial advisors for insurance
investors .The data collected has been well organized and presented. Hope the research findings
and conclusions will be of use. It has also covered why people dont want to go for financial advisors? The
advisors can take further steps to approach more and more people and indulge them for taking
their advices.In this project there is a brief information about birla sun life insurance in this
project it has also shown how life insurance work. There has been detail about why insurance is
there in India .who are the competitiors of birla sun life insurance .In this project Financial
analysis has also been done of birla sun life insurance. This project also consist of review of
literature ,data and analysis of interpretation ,conclusion and recommendations.

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CHAPTER-1 INTRODUCTION
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 in
cementing its place amongst the leaders in the industry in terms of new business premium
income. Birla Sun Life Insurance (BSLI), one of the leading private life insurers in India today
announced the inimitable achiever, cricketer Kapil Dev as their corporate brand ambassador. The
cricketing supreme will be endorsing BSLI in all its marketing initiatives. Birla Sun Life
Insurance is a value-driven brand which has a national brand recall of 70 per- cent. The objective
of appointing a brand ambassador is to grow its brand recall as it goes national in its distribution
reach and fuel business growth. As a brand ambassador, Kapil Dev will play a key role in the
brand and product marketing and promotional activities. BSLI has always used an integrated
marketing approach, which will be strengthened further.

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Commenting on the association with Kapil Dev, Mr. S. K. Mitra, Director, Financial Services,
Aditya Birla Group and currently in charge of BSLI expressed, "The Birla Sun Life Insurance
business distribution network is national in nature covering more than 1000 points across the
country .We have made our entry in several tier I and tier II towns. It is therefore very important
for the brand to connect at the 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 on 16
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

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.
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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.
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 31
March 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".

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CHAPTER-2 KEY PERSONNEL

Key peoples of organisation
Board of Directors

Mr. Kumar M Birla

Mr. Donald A Stewart,

Mr. Bishwanath N Puranmalka

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
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Chief Financial Officer

Mr. Mario Braganza
Chief Operating Officer
Mr. E.N. Goveia
Head - Direct Sales Force
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

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CHAPTER-3 COMPETITIORS OF BIRLA SUN LIFE INSURANCE

Competitors:-

Life insurance corporation

ING vysya life insurance

Max network life insurance

MetLife insurance

Aviva life insurance

Bharathi Axa life insurance

Bajaj Allianz life insurance

Tata AIG life insurance

ICICI Prudential Life Insurance

Reliance life insurance

Kotak Mahindra life insurance

Competitors in Detail: Aviva life insurance: Aviva Life Insurance Company India Pvt. Ltd. is a joint venture
between Aviva of UK and Dabur, one of India's leading producers of traditional healthcare
products. Aviva holds a 26 per cent stake in the joint venture and the Dabur group holds the
balance 74 per cent share.
Bajaj Allianz: Bajaj Allianz is a joint venture between Allianz AG one of the world's largest
insurance companies, and Bajaj Auto, one of the biggest 2 and 3 wheeler manufacturers in the
world. Bajaj Allianz is into both life insurance and general insurance. Allianz Group is one of
the world's leading insurers and financial services providers. Founded in 1890 in Berlin,
Allianz is now present in over 70 countries
HDFC Standard Life Insurance Co. Ltd: is a joint venture between HDFC Ltd., India's
largest housing finance institution and Standard Life Assurance Company, Europe's largest

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mutual life company. It was the first life insurance company to be granted a certificate of
registration by the IRDA on the 23rd of October 2000.
ING Vysya Life Insurance Company Limited: is a joint venture between Vysya Bank and
ING Group of Holland, the world's 4th largest financial services group, with presence across
50 countries, and a heritage of over 150 years.
Kotak Mahindra Old Mutual Life Insurance Ltd: is a joint venture between Kotak
Mahindra Bank Ltd. (KMBL), and Old Mutual plc. Kotak Mahindra is one of India's leading
financial institutions and offers a range of financial services such as commercial banking.
Life Insurance Corporation of India: (LIC) is an autonomous body authorized to run the
life insurance business in India with its Head Office at Mumbai. It has been established by an
act of the Parliament and started functioning from 1/9/1956.
ICICI Prudential Life Insurance : ICICI Prudential life insurance is a part of ICICI Bank.
Max New York Life Insurance Company Limited is a joint venture between Max India
Limited, a multi-business corporate, and New York Life International, a global expert in life
insurance. New York Life is a Fortune 100 company that has over 160 years of experience in
the life insurance business.
MetLife India Insurance Co. Pvt Ltd is a joint venture between MetLife Group and its
Indian partners. The Indian partners include J&K Bank, Dhanalakshmi Bank, Karnataka
Bank, Karvy Consultants, Geojit Securities, Way2Wealth, and Mini Muthoothu.
Reliance Life Insurance Company Limited is a part of Reliance Capital Ltd. of the Reliance
- Anil Dhirubhai Ambani Group. The company acquired 100 per cent shareholding in AMP
Sanmar Life Insurance Company in August 2005. Taking over AMP Sanmar Life provided
Reliance Life Insurance a readymade infrastructure and a portfolio.
SBI Life Insurance is a joint venture between the State Bank of India and Cardiff SA of
France. SBI Life Insurance is registered with an authorized capital of Rs 500 crore and a paid
up capital of Rs 350 cores.
Tata AIG Life Insurance Company Limited is a joint venture between Tata Group and
American International Group, Inc. (AIG). Tata Group is one of the oldest and leading
business groups of India. Tata Group has had a long association with India's insurance sector
having been the largest insurance company in India prior to the nationalization of insurance.

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The Late Sir Dorab Tata was the founder Chairman of New India Assurance Co. Ltd., a group
company incorporated way back in 1919.

CHAPTER-4 INTRODUCTION TO THE PROJECT

EVALUATION OF INSURANCE
The evaluation of insurance dates back as early as the commencement of trade between two
countries in England, especially between the European countries. During the transportation of
goods, there were chances of the ship being drowned in the rough sea conditions or attacked by
the pirates, leading to huge loss to the party sending goods. The traders of England devised a way
whereby the loss of the goods would be compensated by every trader putting in some amount as
per their financial strength so that a single party may not be the loser; this is the earlier concept
of insurance. This concept is taking shape for the last 300 years, yet in India the first insurance
company was established in 1818 with the advent of European widows. The name of the
company was oriental life insurance company.

WHAT IS INSURANCE?
Insurance is a mechanism that ensures an individual to thrive on adverse consequences by
compensating the individual, his/her loss financially. Every individual in the world and all
activities connected with him/her, be it life, profession, business, travel or any other pursuits are
subject to unforeseen and uncalled for hazards or dangers. The benefit that an individual enjoys
in his life by owning a car or a house or a factory can be snatched by sudden accident which can
render even the individual immobile, and his family vulnerable. At this critical juncture, only
insurance helps him not only to survive but recover his loss and continue his life in a normal
manner, which would otherwise be unthinkable.
The concept of insurance is quite simple. People, who are in similar trade and are exposed to the
same risks, congregate and some to an agreement that if any individual member suffer a loss,
then the loss will be shared by others and minimized in order to enable the individual member
recover from the loss and cover his ground. Similarly the different kinds of risks can be
identified and separate groups can be formed to counter such risks and reduce to impact to
manageable proportion, in which the share could be collected from the members either after the
loss or in advance, at the time of admission to the group. This is an exemplary sign of humanity
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and insurance therefore serve the mankind to a great extent; a point most of the individual tend to
overlook, since monetary aspect is involved. Now such is for tangible assets.
The concept of insurance has been extended beyond the coverage of tangible assets. Exporters
run the risk of importers in other country defaulting as well as losses due to sudden fluctuations
in the currency exchange rates, economic policies turmoil. The risk are not insured. Doctors run
the risk of being charged with negligence and can subsequently liable for damage. The amount in
question can be fairly large, beyond the capacity of the individual to bear. These are insured.
Thus insurance is extended to intangible assets. In some countries even the voice of a singer ,
legs of the footballer can be insured, even though the advantage of spread may not be available
in these cases. Satisfaction of economics needs requires generation of income from some
sources. If the property, which is the source of such income, were lost fully or partially,
permanently, or temporarily, the income too would stop. The purpose of insurance is to safeguard
against such misfortune few, through the help of the fortune many, who were exposed to the
same risk , but saved from the misfortune . Thus the essence of insurance is to share losses
substitute certainty by uncertainty.
The different types of human activities that come under the umbrella of insurance are as follows.
1. House/office/factory or any moveable object destroyed in life
2. Shipment or transportation of goods

- Fire insurance
- 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

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 insurance

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Life insurance (Life Assurance in British English) is a type of insurance. As in all insurance, the
insured transfers a risk to the insurer. The insured pays a premium and receives a policy in
exchange. The risk assumed by the insurer is the risk of death of the insured.
How life insurance works
There are three parties in a life insurance transaction; the insurer, the insured, and the owner of
the policy (policyholder), although the owner and the insured are often the same person. For
example, if John Smith buys a policy on his own life, he is both the owner and the insured. But if
Mary Smith, his wife, buys a policy on John's life, she is the owner and he is the insured. The
owner of the policy is called the grantee (he or she will be the person who will pay for the
policy). Another important person involved is the beneficiary. The beneficiary is the person or
persons who will receive the policy proceeds upon the death of the insured. The beneficiary is
not a party to the policy, but is designated by the owner, who may change the beneficiary unless
the policy has an irrevocable beneficiary designation. With an irrevocable beneficiary, that
beneficiary must agree to changes in beneficiary, policy assignment, or borrowing of cash value.
The policy, like all insurance policies, is a legal contract specifying the terms and conditions
ofthe risk assumed. Special provisions apply, including a suicide clause wherein the policy
becomes null if the insured commits suicide within a specified time for the policy date (usually
two years). Any misrepresentation by the owner or insured on the application is also grounds for
nullification. Most contracts have a contestability period, also usually a two-year period; if the
insured dies within this period, the insurer has a legal right to contest the claim and request
additional information before deciding to pay or deny the claim.
The face amount of the policy is normally the amount paid when the policy matures, although
policies can provide for greater or lesser amounts. The policy matures when the insured dies or
reaches a specified age. The most common reason to buy a life insurance policy is to protect the
financial interests of the owner of the policy in the event of the insured's demise. The insurance
proceeds would pay for funeral and other death costs or be invested to provide income replacing
the deceased's wages. Other reasons include estate planning and retirement. The owner (if not 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.
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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 by
life insurance companies in the United States and their regulators was calculated during the
1980s. There is currently a measure being pushed to update the mortality tables by 2008.
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, 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 insured's 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 called underwriting.
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 on
anyone. They alone determine insurability, and some people, for their own health or lifestyle

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reasons, are uninsurable. The policy can be declined (turned down) or rated. Rating means
increasing 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 Best

CHAPTER-5 DETAILS OF PRODUCTS

PRODUCTS
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

Insurance Plans
BSLI offers Lifeguard - a set of pure protection plans. Choose from amongst three different
product structures to insure your life and provide total security to your family, at a very
affordable cost.
Level Term Assurance with return of premium
On death the entire sum assured will be paid.
On maturity, all the premiums paid will be returned.
Level Term Assurance without return of premium

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On death the entire sum assured will be paid.

No survival or maturity benefits.
You can also enhance the above two policies by adding Accident
& Disability Benefit Rider and Waiver of Premium Rider (WOP)
Level Term Assurance - Single premium:
On death the entire sum assured will be paid.
No survival or maturity benefits.
Protection Plans
BSLI offers a variety of policies that give you the benefits of protection and the opportunity to
save for important assets or events, like a home, a car or a wedding.
A regular premium unit-linked insurance plan with an assurance of Capital Guarantee# with the
added advantage of flexible liquidity option. An ideal plan for long term planning with the
benefit of liquidity.
The key features of the plan are:
Flexibility to choose a specific level of protection (Sum Assured), based on a multiple of the
annual premium. You can also choose the term of the plan.
At the end of the term, the higher of the value of units or the guaranteed value is paid. On
death, Sum Assured along with the higher of value of units or the guaranteed value is
payable.
Facility to make withdrawals from the 6th policy year onwards till the end of the policy term.
Every year withdraw up to 10% of the value of units.
Additional credits payable as a percentage of the initial annual premium are paid along with
the death or maturity benefit.
Additional insurance for 10 years after the maturity, for an amount of 50% of the Sum
Assured
Savings Plans

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Flexibility to make additional investment with the help of the top-up facility.
Flexibility to increase / decrease your annual premium Amount
Facility of Automatic Premium Payment- With this facility you can take a temporary break
from premium payment.
Total transparency with the premium allocations, and other charges declared upfront.
The guaranteed value of the unit fund is the value of all invested premiums (premiums net of
all charges) along with the declared bonus interests.
With Automatic Premium Payment facility, you can avail a temporary break from premium
payment for a maximum of 1 year. This facility is available once if the premium paying term is
less than 15 years and twice, if it is 15 years or more. You can also enhance your policy by
adding Accident & Disability Benefit Rider , Waiver of Premium Rider and Critical Illness Rider
.A regular premium unit-linked insurance plan with an assurance of Capital Guarantee# An ideal
plan for your long-term savings and protection requirement.
The key features of the plan are:

Flexibility to choose a specific level of protection (Sum Assured), based on a multiple of the
annual premium. You can also choose the term of the plan.
At the end of the term, the higher of the value of units or the guaranteed value is paid. On
death, Sum Assured along with the higher of value of units or the guaranteed value is payable
Additional credits payable as a percentage of the initial annual premium are paid along with
the death or maturity benefit.
Additional insurance for 10 years after the maturity, for an amount of 50% of the Sum
Assured.
Flexibility to make additional investment with the help of the top-up facility.
Flexibility to increase / decrease your annual premium amount
Facility of Automatic Premium Payment- With this facility you can take a temporary break
from premium payment.
Total transparency with the premium allocations, and other charges declared upfront. The
guaranteed value of the unit fund is the value of all invested premiums (premiums net of all
charges) along with the declared bonus interests.
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With Automatic Premium Payment facility, you can avail a temporary break from premium
payment for a maximum of 1 year. This facility is available once if the premium paying term is
less than 15 years and twice, if it is 15 years or more.
The capital guarantee is applicable only on the invested premium and the declared bonus
interests. You can also enhance your policy by adding Accident & Disability Benefit Rider,
Waiver of Premium Rider and Critical Illness Rider.
A unit-linked insurance plan with an assurance of Capital Guarantee which offers you the benefit
of a limited premium payment term. An ideal plan for protection with wealth creation that offers
the flexibility of a limited premium paying term.
Flexibility to choose a premium payment term of 5, 7 or 10 years for a maturity term of 10,
15 or 20 years respectively.
Flexibility to choose a specific level of protection (Sum Assured), based on a multiple of the
annual premium.
At the end of the term (maturity), the higher of the value of units or the guaranteed value is
paid. On death, Sum Assured along with the higher of value of units or the guaranteed value
is payable.
Additional credits payable as a percentage of the initial annual premium are paid along with
the death or maturity benefit.
Facility to make withdrawals from the 6th policy year onwards till the end of the policy term.
Every year withdraw up to 10% of the value of units

WHY INSURANCE IN INDIA:

Only 22% of the insurance population has been extended cover. Market penetration is low
and the potential to exploit is high.
Insurance premium per capita is very low.
Lack of comprehensive social system benefit and welfare means that demand for pension
products is high.
Huge middle class of approximately 300 Million.
Existing insurance company score low on customer service front.

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The insurance market registered growth in the Asian region even though Indias share in global
insurance is less than 0.5% (1988) as compared to USA (24.2%) and Japan (21%). Studies have
revealed that in an emerging market, as disposable income rises, Insurance premiums as a ratio
of GDP shoots up. The confederation of Indian Industry projected a growth of Life Insurance
premiums from Rs.350 Billion at present to Rs.140 Billion. The
Growth of non-life insurance premium is expected to increase from 75 billion to 375 billion. Out
of which, only 10% is tapped by the existing insurer.
Insurance even more than banking is a volume game. A very exclusive approach in view is
unlikely to provide meaningful numbers. Currently, insurance is bought for the purpose of taxbenefits. A higher percentage of business is in the rural market. The share of rural new
Business insurance total new business is 55% in terms of policies and 47% in terms of sum
assured. However, this needs to be viewed in the light of some recent issues that have been raised
regarding as to what constitutes the rural market. Therefore, private insurers will be best served
by middle market approach, targeting the customer segments that are presently unexploited.
How many Indians are aware that LIC has more than 60 Products and GIC has more than 180
Products? Not only there is a reduction in the premiums of Life Insurance products have long
overdue since Indian morality rate has decreased three folds in the last 50 years. There is also
scope to increase the yield on life insurance policies (presently 6%) with proper risk management
in place.
It is been debated that insurance business does not produce profit in the first five years cross
subsidization is a feature of Indian market. Even the first portfolio vote that is considered
profitable, cross subsidizes other departments. Tariffs reduction is likely to reduce profits; further
insurers have to institute proper claims management progress in order to extract efficiencies. At
present life insurance business in the country is taxed at 12.5% of the profit in financial year. The
government is soon to present a new model of taxing life insurance companies at international
rates. New entrants should be well advised to look ahead to th the stage where brand strength
will be a competitive advantage and sketch their alliances accordingly. In fact, we believe that
alliance related to distribution rather than to produce or technology will prove most valuable in
the long run.

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CHAPTER-6 REVIEW OF LITERATURE

Anon (2005) studied all the aspects of the Indian insurance industry along with an outlook for
potential developments. The report examines the trends in industry, besides the competitive
landscape offers a brief analysis on the main players in the industry. It contains an assessment
based on PEST analysis, covering the relevant political, economic, social and technological
factors that have implications for the development of the industry. The report also evaluates the
industry within the Michael porter framework. It goes on to describe the competitive landscape
and provides a comparative financial study of the major players in the industry. Insurance
constitutes an important and increasing proportion of the gross financial savings of the household
sector in india.

The private sector, in life as well as the non-life segments gained more

prominent in the life insurance sector. The factors that have driven change include: > Increasing
Gross Financial Household Savings. > Deregulation in the Indian Insurance Market. > Increase
in dependency ratio However, dearth of new products represents a major implication.
Sethi N (2005) studied the concept of banc assurance in India. Banc assurance has mostly been
a phenomenal success and , although slow to gain pace, is now taking off across Asia, especially
now that banks are starting to become more diverse financial institutions, and the concept of
universe banking is being accepted. In India, the signs of initial success are already there despite
the fact that it is completely new phenomenon. The factor and principles of why it is a success
elsewhere exists in India, and there is no doubt that banks are set to become a significant
distributor of insurance related products and services in the years to come.
Rao (2005) analyzed that the insurance industry has grown by 83 percent since the opening up
the sector. Remarking on the performance of the insurance industry, C S Rao, chairman,
insurance regulatory & development authority, said public sector players have not suffered with
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the opening up of the sector. Insurance premium income has risen to Rs 82,415 crore (Rs 824.15
billion) in 2003-2004, against Rs 45,000 crore (Rs 450 billion) in 2000-01. Rao expects premium
income in the life insurance sector to rise further by 15-16 percent and non-life insurance
premium by 14 percent in 2005-06. The growth comes on the back of healthy demand from the
manufacturing sector.
Kannan k.v (2006) reviewed in their study that 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 too immediate steps in appointing more number of agents and/or
advisors in addition to the employees as it has found 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 lakhs with money
back policies. Hence, the market has potential. The private and foreign insurance companies that
are taking immediate steps can tap it.
Sasidharan Sanjeev (2006) studied that the insurance sector in India has come a full circle from
being an open competitive market to nationalization and back to a liberalized market again.
Tracing the developments in the Indian insurance sector reveals the 360-degree turn witnessed
over a period of almost two centuries.
Athma Prashanta(2007) reviewed that in globalization policy, insurance company face a
dynamic global business environment. The existing insurers are facing challenges from nontraditional competitors who are entering into the retail market with new approaches and through
new channels. While quality of service is the main influencing factor in the finance market, in
the insurance market, product attributes are the main factors that influence the success of
insurance companies. Though, there has been growth in life insurance industry over the past few
years, comparatively, insurance penetration in India has not increased in spite of the considerable
growth potential of Indian life insurance market. With liberalization, many insurance players
have entered this field from the year 2000, and the task before them now is to identify what
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factors influence in decision-making. In this context, this study assumes importance. The main
objective of the paper is to identify the factor s which the consumers take into consideration
before selecting life insurance products and determine the extent to what these factors are taken
into consideration for choosing the life insurance products. This research is carried out by
collecting primary data from 200 policyholders of Life Insurance Corporation on India through
self-structured questionnaires. The sample consists of 100 policyholders from urban area and 100
policyholders from rural area. C2 test is employed to test if there is any association is used to
find out which factor has more influence. Both, product and non-product attributes have been
found to be important in selecting a policy but they have been rated differently. Rating is
different in urban and rural areas.

Hsieh An (2008) investigated the relationship between customer perception of public relations
(PR) and customer loyalty to test for the moderating role of brand image in that relationship.
Data were collected in a survey of customers of the insurance industry in Taiwan, using a
questionnaire designed on the basis of focus-group discussions with 30 consumers. Hierarchical
regression analysis of data from 367 respondents was used to test two hypotheses. The results
show that consumers perception of an organizations PR practice is an antecedent of loyalty. The
impact of public relation perception (PRP) on customer loyalty is stronger and more significant
when the brand image is favorable. The effect of PRP on customer loyalty is negligible. This
study extends previous research by examining the moderate of brand image. Further research is
indicated, to identify the key moderators of the driving force of PR in relation to customer
relationship marketing. This paper proposes an original eight-item scale for the assessment of
customer PRP activity, which can be applied in practice to measure its effectiveness under
different brand-image conditions.
Andreassen Tor (2008) studied the impact of customers perception of customer service
(bad/good) on variables that are known to drive revenue, i.e. customer satisfaction, perceived
relative attractiveness, and commitment. Data were collected through a survey among bank
customers. Two groups were sampled: customers who have experienced good or bad customer
service. The hypotheses were tested by applying structural equation modeling and running two
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group analysis using the PLS and LISREL softwares. Customers that experience bad customer
service do take into account the same variables in their evaluation as do customers that
experience good customer service. They do however, put different weights on every factor in the
evaluation process. Also the strength of the relationship between the variables seems to differ.
Typically, analyses showed that customers experiencing bad customer service tend to consider
more thoroughly all aspects of the service; the relationships between the variables were stronger
and the explained variance of each construct higher, than in the group of customers experiencing

CHAPTER-7 NEED SCOPE & OBJECTIVE OF THE STUDY

NEED
Life insurance is chiefly a risk management tool, meant to offer financial protection to your
dependents in the unfortunate event of your death. But in India, as the most other developing
market, life insurance has come to present more than just risk cover. This particular study is
conducted on the topic titled to study customer perception regarding Birla sun life insurance
company. The aim of this research study is to know about life insurance. It is done to know the
banc assurance in India. Banc assurance has mostly been a phenomenal success and, although
slow to gain pace, is now taking across Asia, especially now that banks are starting to become
more diverse financial institutions, and the concept of universal banking is being accepted. In
India, the signs of initial success are already there despite the fact that it is a completely new
phenomenon.

SCOPE
The study is restricted to Navi-Mumbai region only. The study also analyses the preferences
regarding different life insurance policies of Birla-sun life insurance. For this study 100
respondents of Navi-Mumbai are chosen. Now days there are lot of private companies in market
so its important to know what motivates the customer to buy the policy. Birla sun life is the
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fastest growing private insurance company in India. It determines market share of the various
private companies in India.

OBJECTIVES
To determine and analyze the Market Potential of the Birla Sun Life Insurance Company.
To determine whether the customers are satisfied with the policies of the company.
To know the the customer awareness regarding the Birla-sun life insurance and its products.
To study and determine the competitor position in the market.
To know the future plans of the people for buying the policies.
Proper understanding and analysis of life insurance industry.

Conduct market survey on a sample selected from the entire population and derived opinion
on that research

CHAPTER-8 AUDITOR REPORT

INDEPENDENT AUDITOR REPORT
To the members of Birla Sun Life Insurance
Report on the standalone financial statement of Birla Sun life which corporate the balance sheet
of 31st march 2015 ,the statement of profit and loss for the year ended and a summary of
significant accounting policies and other explanatory information.
AUDITOR RESPONSIBILITY
Auditor Responsibility is to express an opinion on the standalone financial statement based on
their audit .Auditors have taken into account the provision of the act ,the accounting and auditing
standards and matters which are required to be included in audit report under the provision and
act rule made that under .Auditors conducted their auditor report in accordance with the standard
of auditing specified under section 143 (10) of the act.The standard require that we comply with
ethical requirements and plan and perform to audit to obtain reasonable assurance about where
the standalone financial statement are free from material misstaetement.
An audit involves performing procedures to obtain audit evidence about the amounts and
disclosure in the standalone financial statement .The procedures selected depends upon auditor
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judgement including the assessment of the risk of materials misstatement of standalone financial
statement were due to fraud or error.In making those risks assessments the auditor considers
internal financial control related to the company preparation of the standalone financial statement
that gives a true and fair view in order to design out procedures that are appropriate in the
circumstances but not for the purpose of expressing an opinion on whether the company has in
place a adequate internal financial control system over financial reporting and the operating
effectiveness of such control.An audit also include evaluation of appropriatness of accounting
policies use and reasonableness of the accounting estimates made by the Company directors as
well as evaluating the overall presentations of standalone financial statements.

OPINION
In auditor opinion and to the best of their information according to the explanation given to
therm the aforesaid standalone financial statement give the information required by the act in the
manner so required and give a true and Fairview in conformity with the accounting principles
generally accepted in India of the state of affairs of the company as at 31st march 2015 its profits
for that year ended on that date.
Report on Other Legal and Regulatory Requirements
(1) As required by the companies (Auditor Report) ordre 2015 the order issued by the central
government of India in terms of sub section 11 of section of section 143 of the act they give
in the annexure of statement of the matters specified .The order is yet to be notified in the
Gazette of India.
(2) As required by Section 143( 3 )of the act they report that
(a)They have sought and explain all the information and explanation which to the best of
their knowledge and belief were necessary for the purpose of audit.
(b)In their opinion proper books of accounts as required by the law have been kept by the
company so far it appears for their examination for those books .

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(c)The balance sheet ,the statement of profit and loss account dealt with by these reports
are in agreement with the books of accounts.
(d)In their opinion ,the foresaid standalone financial statement comply with the accounting
standard specified under section 133 of the act read with the rule 7 of the companies
account rule 2014.
(e)On the basis of written representations received from thedirecyors as on march 31st
2015and taken on record by boad of directors npne of directors is disqualified as on march
31st 2015 from being appointed as a director in terns of secyion 164 (2)of the act;
(f)With respect to the other matters to be included in the auditor report in accordance with
rule 11 of the companies audit and auditors rule 2014 in their opinion and to their best of
their information and according to the explanation given to them;

CHAPTER-9 FINANCIAL STATEMENT OF BIRLA SUN LIFE INSURANCE

Revenue Account for the quarter ended 30th june 2015
Particulars

Individua

Group Life

l Life
Premium earned-Net
Premium
Reinsurance Ceded
Reinsurance accepted
Sub-Total
Income from Investment
Interest Dividend and

Pension

Group

Health

Individual

Pension

Individual

5462169
(123822)

850690
6

218804
(30)

139792
-

21048
(454)

5338347

850696

218774

139792

20594

Rent Gross

2505062

409083

123047

98546

5439

Profit on Sale

4670308

218899

266849

52732

10855

Loss on Sale

(657593)

(41985)

(61749)

(10114)

(3023)

Transfer /gain /loss on

(5808821)

(513561)

(329903)

(123714)

(12182)

708956

72436

(1756)

17450

1089

revaluatiom
Sub Total

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Total- (A)
Commission

6086545
173565

927580
(13)

218162
(3087)

157973
15

21793
819

Operating Expenses

357760

16122

25988

1740

1404

2220067

9494

7776

1515

753331

25603

36851

1755

3738

6068396

781292

641561

442062

3270

related to insurance
business
Service tax on charges
Total-(B)
Benefits paid
Change in valuation
Of liability against
policy

Gross
Fund Reserve
Fund Reserve PDF
Amount ceded in

117801
(3113394)
1443728
(15710)

490
106047
64

(9137)
(664546)
179404
70

(494)
(300295)
-

6072
1952
221

4500821
832393

887893
14084

147352
33959

141273
14945

11515
6540

Transfer to shareholder

848179

14084

31782

14945

14198

account
Balance being funds for
future appropriations

(15786)

2177

(7658)

Total( D)

832393

14084

33959

14945

14198

Surplus (Deficit) shown

in revenue account

832393

14084

33959

14945

6540

reinsurance
Amount accepted in re
insurance
TOTAL( C)
Surplus/Deficit(D)=(A
-B-C)
Appropriations

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Total Surplus(A+B+C)

ROLLNO-4

832393

14084

33959

14945

Profit and Loss Account for the quarter ended 30th june 2015
Particulars
Amount transfer from policyholder
account
Income from Investment
Interest Dividend and Rent Gross
Profit on Sale
Total (A)
Expenses other than those directly
related to insurance business
Contribution to policyholder account
Total (B)
Provision before tax
Provision after tax
Appropriations
Balance at the beginning of the period
Loss carried forward to balance

30th june 2015

949854

341989
8597
1300440
56175

273497
34693
1775934
36923

902906
959081
341359
341359

913137
950060
825874
825874

(6682321)
(6340962)

sheet

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30th june 2014

1467744

Page 26

(9536350)
( 8710476)

6540

MCOM PART-1
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Balance Sheet for the quarter ended 30th june 2015

Particulars

Schedul

30th june 2015

30th june 2014

e
Sources of Funds
Shareholder Funds
Share Capital
Reserve and Surplus
Fair value change account
Total
Borrowing
Policy holder fund
Fair value change account
Policy liabilities
Insurance reserves
Provision for linked liabiltes
Funds for discontinued policies
Discontinued of account of non
payment or premium
Others
Fair value change account
Total linked liabilities
Total
Applications of Funds
Investment
Shareholder
Policy holder
Assets held to cover linked
liabilities
Loans
Fixed Assets
Current Assets
Cash and Bank Balance
Advances and other Assets
Sub total (A)
JAI HIND

L-8
L-10

19012080
2682948

19012080
2682948

1787
21696815
--174216
45942941
---213971618
10601791
---18091705

479
21695507
--210862
31047950
---188313951
6620893
---27104922

242665114
288782271
163507
310642593

222039766
253298578
602583
275596938

L-12
L-13
L-14

16086755
45093811
242665114

14144902
31947633
222039766

L-15
L-16

409799
549333

308806
380886

L-17
L-18

3101113
3567128
6668241

3535298
3137930
6673228

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Current Liabilities
Provision
Sub Total (B)
Net current Assets(C) =(A-B)
Miscellaneous Expenditure
Debit balance in profit and

L-19
L-20

lossaccount
Total

6465672
299623
6765295
(97054)
---5934835

7042236
1160396
8202632
(1529404)
--8304349

310642593

275596938

SCHEDULES
Form L-8-Share Capital
30th june 2015
37500000

30th june 2014

37500000

rs 10 each
Issued subscribed paid up

19012080

19012080

capital
Total

19012080

19012080

Particulars
Authorized Capital
3750000000 equity shares of

Form L-10 Reserve and Surplus

Particular

30th june

30th june 2015

2015
Capital reserve
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Capital Redemption
Reserve
Share premium
Opening balance
Add during the year
Less during the year
Revaluation Reserve
General reserve
Opening balance
Add
Less
Total

682920

2000028
200028

682920

4800000
2799972

406127

406127

406127
2682948

406127

2000028

2682948

Form L-12 Investment shareholder schedule

Particulars

30th june 2015

30th june 2014

Long term investment

Government securities and

6533714

6135948

government guaranteed bonds

Other approved securities
Derivative instrument
Debentures
Other securities
Investment in infrastructure and

496914
3042371
458500
500
4524123

49732
2001648
399000
--3592765

12500
15068622

12500
12639093

3692

---

social sector
Other than approved investment
Total (A)
Short term investment
Government securities and
goverment
Other approved securities
Fixed deposits
others
prefrences
Derivative instrument
Outstanding trades
Other than approved investment
Total
JAI HIND

300000
0
0
77500
32000
604941
1018133
16086755
Page 29

300000
1002850
9166
49994
-143799
1505809
14144902

MCOM PART-1
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Form L-13 Investment policy shareholder schedule

30th june 2015

30th june 2014

Long term investment

Government securities and

22116970

14179674

government guaranteed bonds

Other approved securities
Derivative instrument
Debentures
Other securities
Investment in infrastructure and

1064882
2493905
2178
6315056
735200

986013
1297334
2042
4532765
785200

8794034
41677869

5957802
27806166

504355

1220183

100000
528588
834083
115267
181149
1152500
3415942
45093811

900000
658561
375585
50000
60003
877135
4141467
31947633

Particulars

social sector
Other than approved investment
Total (A)
Short term investment
Government securities and
goverment
Other approved securities
Fixed deposits
others
prefrences
Derivative instrument
Outstanding trades
Other than approved investment
Total

Form L-14Assets held to cover linked liabilities

Particulars
JAI HIND

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Long term investment

Government securities and

46112309

34638874

government guaranteed bonds

Other approved securities
Derivative instrument
Debentures
Other securities
Investment in infrastructure and

488107
88328946
87370
22127208
2705000

362485
9033676
81909
20241096
1251000

social sector
Other than approved investment
Total (A)
Short term investment
Government securities and
goverment
Other approved securities
Fixed deposits
others
prefrences
Derivative instrument
Outstanding trades
Other than approved investment
Total
Other assets
Bank balances
Interest accrued
Fund charges
Outstanding contracts
Total (C)
Total (A+B+C)

47697531
213440278
1562729
3368800
8243291
2668595
1050366
8012807
24906588
29606
3805020
19234
502856
4318248
242665114

39411681
188834799
609334
7013100
7563859
3365748
2778121
8743214
30075224
92566
3523512
69741
231462
3129743
222039766

Form-L-15 Loan Schedule

Particulars
Security wise classification
Loans against policies
Total
Borrower wise classification
Loan against policies
Total
Performance wise classification
Loans classified as standard
JAI HIND

30th june 2015

30th june 2014

409799
409799

308806
308806

409799
409799

308806
308806

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MCOM PART-1
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In India
Total
Maturity wise classification
Short term
Long term
Total

ROLLNO-4

409799
409799

308806
308806

116
409683
409799

32884
275922
308806

CHAPTER-10 DATA ANALYSIS AND INTERPRETATION

Type of plan
Type Of Plan

Analysis & Interpretation:

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The objective of people having an account with BSLI are having which type of plan. If there
were 100 people it was found that 68% have life insurance plan, 22% have retirement plan and
10% were having health insurance plan.

SWOT ANALYSIS

STRENGTH:
Multi-channel distribution and one of the largest distribution networks in India.
Implementing Six-Sigma process.
Customer centric products and services.
Superior investment and risk management framework
1 Million Policies sold within 3 and half years.
Company has maximum number of MDRT as well as good number of HNI advisors.
Training process of the company is very strong.
Different plan for different peoples.
According to the change in surrounding environment like changes in customer requirement.

WEAKNESS:
COMPANY does not penetrate on the rural market at a time.

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There is no plan for the low income group.

Fees for the advisor is high than the other company.

OPPORTUNITY:
Insurance market is very big, where company can expand its horizon in insurance industry.
Though good investment and insurance it is easy to top Indian customers.
The huge insurance market (77%) is left so company has opportunity to expand our products.
To associate with the more number of HNI.

THREATS:
OLD HABITS DIE HARD: Its still difficult task to win the confidence of public towards
private company.
The company is facing major threats from LIC -which is an only government company.
CHAPTER-11 FINDINGS

To be successful in marketing of insurance products, the entire business scenario has to be taken
into account.
During the study to be found that majority of people are aware of life insurance sector.
During the survey it was observed that major source of information for consumer are television
and newspaper and least preference are given to magazines, agents and friends.
Attractive schemes and brand image are the most important factor that influences the buying
behavior of the consumers.
Majority of respondents will shift to any other insurance company.
People are not satisfied with the opted insurance. It was found that the reason for the
dissatisfaction of consumer is high premium, delay in claim settlement and poor after sale
service.
So to achieve a greater insurance penetration, insurance sector companies have to create a more
vibrant and competitive industry, with greater efficiency, choice of products and value for
customers.

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CHAPTER-12 CONCLUSION
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 lakhs 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. Here in this study we see that people have more policies of LIC in
comparison t o B S L I . P e o p l e h a v e m o r e f a i t h i n g o v t . c o m p a n i e s t h a n p r i v a t e .
S o i t i s necessary for BSLI Co. that it should give more attention to that points or that areas
where it lacks for further future growth. Insurance sector is very wide and co. can
grow in future. Unit linked policies are a very valuable addition to the existing array of
insurance producers. But, when sold to a wrong prospect or brought a wrong agent it will

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become useless. IRDA and the companies should t a k e c a r e t h a t w e l l - t r a i n e d a n d

p r o f e s s i o n a l a g e n t s m a r k e t t h e s e product .In view of what was discussed above,
the buyer if they need such plans according to their risk appetite should select a known,
well- informedagent who is reliable. Agents who are already dealing with investment or
saving instrument or mutual funds, if they sell life insurance also would be a good
choice. In case they hence doubts about the a v a i l a b i l i t y o f s u c h a g e n t s , i t
w o u l d b e m o r e a d v i s a b l e t o g o t o corporate agent with a background
i n f i n a n c i a l i n s t r u m e n t s o r s t i l l better, to a good broker who are likely to be
better equipped than an ordinary agent. Continued advice and guidance will be
available with the corporate agent and the broker as they are corporate entities.

CHAPTER-13 RECOMMENDATIONS
Even though most of the policy holders are satisfied with policies, plans they have but some new
attractive insurance plans should be introduce to bind them not to switch over to other companies
insurance plans.
2) The company should find out the no. of people who are not having any of the insurance plans
through an intensive market research and motivate them to get insured.
3) Leveraging technology to service customers quickly, efficiently and conveniently.
4) Developing and implementing superior risk management and investment strategies to offer
sustainable and stable returns to our policyholders.
5) Company should target each and every class of the society
6) Company should provide full information to the customers before targeting so they can take
interest.
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BIBLIOGRAPHY

Books :

Kothari C.R. (1990) Research Methodology : Method and Techniques, Wishva

Parkashan, New Delhi. PP115-117

Bodie. Z, Kane. A & Marcus. J : Essentials of Investments PP242-243

Websites :

http://www.economywatch.com/indianeconomy/indian-insurance-sector.html

www.birlasunlife.com/birlasunlife/insurance/bsli.../index5.aspx

http://www.indianmba.com/Occasional_Papers/OP85/op85.html

http://www.banknetindia.com/finance/insure2011.htm

http://www.financialexpress.com/news/the-indian-insurance-sector-ii/181428/

Journals :

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Lect. D.ramkumar(2003), Relationship Marketing The new tantra for life

insurance sector. Department Of Management Studies, N.M.S.S. Vallaichamy
Nadir College, Nagamalai, Madurai 625019 available at
http://www.google.co.in/interstitial?
url=http://www.indiaschools.com/marketing_029.htm last accessed on 07-08-2009.

Dr. Ch.rajesham (2004), changing scenario of india insurance sector, department

of commerce & Business Management, University P G college, Kakatiya University
Khammam, Andhra Pradesh available at
http://www.insuranceinstituteofindia.com/insuranceinst/publication/uploads/journal
-jan-jun-04/chapter10..pdf last accessed

J.Mehra (2005), innovations in life insurance industry, the financial express, new
delhi available at http://www.financialexpress.com/news/innovations-in-lifeinsurance-industry

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