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PRESTIGE INSTITUTE OF MANAGEMENT AND

RESEARCH, INDORE

(Session 2018)

SUMMER INTERNSHIP REPORT


ON THE JOB TRAINING
IN
“SBI LIFE INSURANCE”

GUIDED BY SUBMITTED BY

Dr.Raksha Chouhan Aksh jain

Faculty PIMR, Indore BBA V Sem

Roll No.160050

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CERTIFICATE FROM FACULTY MENTOR

Date 21/08/2018

This is to certify that Mr.Aksh Jain has completed his SUMMER INTERNSHIP REPORT under my
supervision.

His conduct was good and I wish him best luck for his future endeavor.

FACULTY GUIDE:

Dr.Raksha Chouhan

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ACKNOWLEDEMENT

I take this opportunity in expressing my sincere gratitude to my mentor Prof.Raksha Chouhan who gave me
chance for being an intern at SBI Life Insurance, for giving me proper directions from time to tome and
constant words of advice.

I would like to express my thanks to management of SBI Life Insurance for allowing me to complete my project
report. It would be difficult task to complete this research project report without their co-operation and
guidance.

Finally, I would like to thank my parents, family, friends, and god almighty for their unending inspiration and
encouragement.

Aksh Jain
BBA –V Sem
Roll No.160050

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INDEX

S.No. Title Page No.


1 Introduction
2 History of the
Organization
3 Objective
4 Organizational structure
5 Financial Products
offered by SBI Life
6 Major Competitors
7 Market Share
8 Media Centre of SBI Life
9 SWOT Analysis
10 Suggestions
11 Internship Learning’s
12 Conclusion

13 References

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SUMMAR CORPORATE RELATION PROGRAM(SCRP)-2018

TITTLE OF SUMMER CORPORAE RELATION PROGRAME

“ON THE JOB TRAINING”

AT

“SBI LIFE INSURANCE”

DURATION OF SUMMAR INTERNSHIP PROGRAM-


“20/06/2018 to 20/07/2018”

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INTRODUCTION

Life insurance boosts confidence in the insured, offers satisfaction of being covered for life, any illness or
financial loss. The advantage for the policy owner is the "peace of mind" in knowing that, the death of insured
person will not result in financial hardship for loved ones. Uncertainties of life cannot be controlled but, the
risks surrounding us can be definitely taken care of like ensuring financial protection on accident or death. Life
insurance also protects us from those contingencies that could affect us in a big way and enable the beneficiaries
to maintain the same lifestyle even after the unfortunate demise of their loved ones.

Life insurance in India has been made a federal matter by The Insurance Act, 1938 and Insurance Regulatory
hjb kh,and Development Authority Act 1999. Therefore, all the life insurance companies in India have to
comply with strict regulations laid out by the mentioned acts, irrespective of whether they are state-owned or
private Life insurance company.

It is a written contract of insurance that offers protection against future loss. The life insurance generally helps
to insure the life of people. Insurance companies collect premium to provide security for the purpose. Loss is
paid out of the premium collected from people and the insurance companies act as trustees to the amount so
collected. These companies have proposal forms which are filled to give details of insurance required.
Depending upon the answers in the proposal from insurance companies assess the risk and decide on the
premium. Insurance companies are risk bearers. They underwrite the risk in return for an insurance premium.
the function of insurance is to provide protection, prevent losses, capital formation etc.

Hence insurance can be defined as a tool in which a sum of money as a premium is paid by the insured in
consideration of the insurer’s bearing the risk of paying a large sum .

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A BRIEF HISTORY OF INSURANCE SECTOR IN INDIA

SBI Life Insurance is a joint venture life insurance company between State Bank of India (SBI), the largest
state-owned banking and financial services company in India, and BNP Paribas Cardiff. BNP Paribas is a
French multinational bank and financial services company with global headquarters in Paris. SBI owns 70.1%
of the total capital and BNP Paribas Cardiff 26% of the capital. Other investors are Value Line Pvt. Ltd. and
Mac Ritchie Investments Pvt. Ltd. holding 1.95% of the total capital each. SBI Life Insurance has an authorized
capital of ₹20 billion and a paid up capital of ₹10 billion. SBI Life Insurance also features in the Fortune Global
500 list of the world’s biggest corporations.

State Bank Group has an unrivalled strength of over 23,000 branches across the country, making it the largest
Banking group in India. With 198 foreign offices in 37 countries, SBI is truly an Indian multinational. It also
features in the Fortune Global 500 list of the world’s biggest corporations.

It is the Life and Property & Casualty insurance arm of BNP Paribas, one of the strongest banks in the world.
With presence in more than 70 countries, the BNP Paribas Group ranks highly in Retail Banking, Investment
Solution and Corporate & Investment Banking .BNP Paribas Cardiff is one of the world leaders in creditor
insurance, and its life and non-life insurance units have received an A rating from Standard & Poor’s.

In 2007, CRISIL Ltd, a subsidiary of global rating agency Standard & Poor's, gave the company an
AAA/Stable/P1+ rating.

SBI Life’s mission is to emerge as the leading company offering a comprehensive range of life insurance and
pension products at competitive prices, ensuring high standards of customer service and world class operating
efficiency.

SBI Life has a unique has a multi-distribution model encompassing vibrant bancassurance, retail agency,
institutional alliances and corporate solutions distributional channels.

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OBJECTIVE

The study was carried with the following Objective

1. To obtain the general awareness about the insurance sector.

2. To learn the products offered by SBI life insurance company.

3. To compare the Net Asset value SBI life insurance company.

4. To do a study on customer perception about SBI Life Insurance.

5. To identify the improvement opportunities and make appropriation suggestion.

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ORGANIZATION STUCTURE

SBI LIFE

INSURANCE

Bancassurance Agency Credit Life Corporate Group

Area Sales Manager

Divisional Manager

Territory Manager

Senior Agency Manager

Agency Manager

Unit Manager Unit Manager Unit Manager Unit Manager

Insurance Advisor Insurance Advisor Insurance Advisor Insurance Advisor

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FINANCIAL PRODUCTS OF SBI LIFE
Individual Plans
Unit Linked Investment Plans (ULIP)
These plans offer long term investment and insurance so that you can avail market linked returns along with
getting insured. There are a range of ULIP products from which you can select the one according to your risk
appetite. These plans, with their extreme transparency and flexibility, help you achieve your dream at the
earliest.

 SBI LIFE- Smart Performer


 SBI LIFE- Unit Plus Super
 SBI LIFE- Saral Maha Anand
 SBI LIFE-Smart Elite
 SBI LIFE-Smart Scholar
 SBI LIFE-Smart Pension
 SBI LIFE-Smart Horizon
 SBI LIFE-Smart Wealth Builder

Saving Plans
These plans help you save up enough, by way of regular premiums, so that you can fulfil your long term goals
as and when required.
 SBI LIFE- Money Back Gold Plan
 SBI LIFE- Sanjeevan Supreme
 SBI LIFE- Subh Nivesh
 SBI LIFE- Saral Life
 SBI LIFE- Smart Humsafar

Pension Plans
Financial independence after retirement is a must. Take a look at the following retirement plans to make sure
that you plan for it well in advance.
 SBI Lifelong Pension Plus
 SBI LIFE- Smart Pension

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Protection Plans
Protection plans are so called because they provide assured cash benefits to the family of the insurer in the
unfortunate event of his/her demise. The protection plans at SBI are:
 SBI LIFE- Smart Shield
 SBI LIFE- Saral Shield
 SBI LIFE- Swadhan

Child Plans
It is a pleasure to watch your children grow. But it isn’t easy to meet your child’s financial requirement unless
you plan plan for it well in advance.
 SBI LIFE- ScholarII
 SBI LIFE- Smart Scholar

Group Protection Plans


 SBI LIFE- Sampoorn Suraksha
 SBI LIFE-Credit Guard
 SBI LIFE- Suraksha Plus

Group Plans
Corporate Solutions include two types of insurance policies. They are retirement solutions & benefits and group
protection plans to cover the employees an their families from unexpected twists of life.

Retirement Solutions
 SBI LIFE- CapAssure Gratuity Scheme
 SBI LIFE- CapAssure Superannuation Scheme
 SBI LIFE- CapAssure Leave Encashment Scheme
 SBI LIFE- Dhanrashi
 SBI LIFE-Swarna Jeevan
 SBI LIFE- Swarna Ganga
 SBI LIFE- CapAssure

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MAJOR COMPETETIORS

LIC LIFE INSURANCE- with highest Market Share

ICICI PRUDENTIAL- followed by SBI LIFE

HDFC LIFE INSURANCE- followed by ICICI Prudential

BAJAJ Allianz Life Insurance- followed by HDFC Life

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MARKET SHARE OF SBI LIFE

In line with expectations, life insurance industry’s new business volumes in the individual new business
segment remained strong, growing 36% In the individual new business segment, while LIC, ICICI, and HDFC
improved WNRP industry market share (YTD) by 3.8 percentage points, 1.5 percentage points, and 0.7
percentage points, respectively, Bajaj Allianz (1.8 percentage points), Birla (1.25 percentage points), SBI (1.26
percentage points) and Reliance (0.31 percentage points) lost significantly

Here is how Various Life Insurers stack up against each in the Industry as a whole. The following Data suggests
that LIC of India is still the market leader followed by ICICI Prudential, HDFC Standard Life, SBI, Reliance,
Bajaj, Birla Sun Life, Max New York etc.

As of 2017, life insurance sector has 29 private players in comparison to only four in FY02
With 70.4 per cent share market share in FY17, LIC continues to be the market leader, followed by SBI (5.1
per cent), ICICI (4.9 per cent) and HDFC (4.1 per cent)
India’s life insurance sector is the biggest in the world with about 360 million policies which are expected to
increase at a Compound Annual Growth Rate (CAGR) of 12-15 per cent over the next five years. The
insurance industry plans to hike penetration levels to five per cent by 2021.

The country’s insurance market is expected to quadruple in size over the next 10 years from its current size
of US$ 60 billion. During this period, the life insurance market is slated to cross US$ 160 billion.
 the coming years.
The general insurance business in India is currently at Rs 78,000 crore premium per annum industry and is
growing at a healthy rate of 17 per cent.
The Indian insurance market is a huge business opportunity waiting to be harnessed. India currently
accounts for less than 1.5 per cent of the world’s total insurance premiums and about 2 per cent of the
world’s life insurance premiums despite being the second most populous nation.

 State Bank of India has announced that BNP Paribas Cardiff is keen to increase its stake in SBI Life
Insurance from 26 per cent to 36 per cent. Once the foreign joint venture partner increases its stake to 36
per cent, SBI’s stake in SBI Life will get diluted to 64 per cent.
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 Max Life Insurance Co Ltd and HDFC Life Insurance Co Ltd have signed a merger agreement, which is
expected to create India's largest private sector life insurance company once the transaction is
completed.

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MEDIA CENTRE OF SBI LIFE

August 2017-2018

 PRESS RELEASE AND MEDIA CONTACT

Latest Press Release at SBI Life

SBI Life launches SBI Life - Sampoorn Cancer Suraksha plan

 SBI LIFE IN NEWS

Our Latest News Coverage

Economic Times, Flipside - with Arijit Basu, CEO, SBI Life

SBI Life rolls out cancer policy

 ADVERTISEMENTS THROUGH BRAND COMMUNICATION

SBI Life - Sampoorn Cancer Suraksha “We Are Prepared”

Smart Bachat Insurance Plan “For Them And You”

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SWOT

STRENGTHS

 Strong brand name which creates trust among the people.


 Better investment quality parameters in terms of competitors, such as various government Bonds and
Securities.
 Association with highly reputed organization called SBI Bank and BNP PARIBAS.
 Strong base of 7500 insurance agents across India.

WEAKNESSES

 More realibility towards Public Insurance company- LIC which causes resistance towards the
acceptance of plans.

 Limited use of digital technologies, such as use of Mobile phones and tablets in pitching process

 OPPORTUNITIES

 Still large area of Indian market left uncovered and need to explore.

 People are willing to invest more to secure their future rather than protection.

THREATS

 Tough competition from market leader LIC.


 Similar products available with most of the competitors in the market.

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SUGGSTIONS

 Customer are willing to invest in short term plans therefore more short terms plans should be launched.

 One more branch should be open to maintain hassle free working environment.

 More advertisement should be prepared to change the negative perception of the customers towards

insurance investments.

 Company has to make less price of Money back policy for Economy people.

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INTERNSHIP LEARNING’S

It’s an honour for me to be a learning part of a prominent organization- SBI LIFE INSURANCE, to enhance my
basic marketing skills and and intern have got an opportunity to learn the details about the products and services
of SBI Life.

 Firstly I learned about working process of Insurance Industry.


 Secondly I learned about Protection, Savings and Investment plans of SBI Life.
 Then I learned about marketing strategies to be followed to generate leads, and how to identify potential
customers as well.
 Moreover, I learned how to convince customer regarding the investments by analyzing their needs.
 Also, I learned how to manage follow-ups and large customer base.

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CONCLUSION

The insurance sector plays a vital role in the process of economic development of any country. It acts as a
mobilize of savings, as financial intermediary, as a promoter of investment activities, as stabilizer of financial
markets and a risk manager. Insurance services led to efficient and allocation of capital resources facilitate
growth of trade and commerce, substitute for government social security programme and assist individuals in
efficient management of risk.

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BIBIOGRAPHY

 www.sbilife.co.in
 www.policybazar.com

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