Академический Документы
Профессиональный Документы
Культура Документы
1. Introduction
2. Company Profile
4. Research Objectives
5. Hypothesis
6. Research Methodology
7. Data Analysis
8. Findings
9. Suggestions
10. Limitations
11. Bibliography
12. Annexure
Birla Sun Life Asset Management Company Ltd. (BSLAMC), the investment managers
of Birla Sun Life Mutual Fund, is a joint venture between the Aditya Birla Group and the
Sun Life Financial Services Inc. of Canada. The joint venture brings together the Aditya
Birla Group's experience in the Indian market and Sun Life's global experience.
Established in 1994, Birla Sun Life Mutual fund has emerged as one of India's leading
flagships of Mutual Funds business managing assets of a large investor base. Our
solutions offer a range of investment options, including diversified and sector specific
equity schemes, fund of fund schemes, hybrid and monthly income funds, a wide range
Birla Sun Life Asset Management Company has one of the largest team of research
analysts in the industry, dedicated to tracking down the best companies to invest in.
Life Insurance
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.
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
The policy, like all insurance policies, is a legal contract specifying the terms and
conditions of the risk assumed. Special provisions apply, including a suicide clause
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
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 person’s life. The
insurer (the life insurance company) calculates the policy prices with an intent to recover
claims to be paid and administrative costs, and to make a profit. The cost of insurance is
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
DETAILD STUDY OF INSURANCE POLICY & PERFORMANCE EVALUATION
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
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 quadratic ally 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,
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
DETAILD STUDY OF INSURANCE POLICY & PERFORMANCE EVALUATION
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
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
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 means that the proposed insured has no adverse medical history, is not
under medication for any condition, and his family (immediate and extended) have no
history of early cancer, diabetes, or other conditions. Preferred is like Preferred Best, but
it allows that the proposed insured is currently under medication for the condition and
may have some family history. Most people are in the Standard category. Profession,
travel, and lifestyle also factor into not only which category the proposed insured falls,
but also whether the proposed insured will be denied a policy. For example, a person
who would otherwise be in the Preferred Best category will be denied a policy if he or
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
DETAILD STUDY OF INSURANCE POLICY & PERFORMANCE EVALUATION
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
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
organisation. 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
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
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
DETAILD STUDY OF INSURANCE POLICY & PERFORMANCE EVALUATION
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 supremo will be
endorsing BSLI in all its marketing initiatives. Birla Sun Life Insurance is a value-
driven brand which has a national brand recall of 70 per cent. The objective of
appointing a brand ambassador is to grow its brand recall as it goes national in its
distribution reach and fuel business growth. As a brand ambassador, Kapil Dev will play
a key role in the brand and product marketing and promotional activities. BSLI has
Commenting on the association with Kapil Dev, Mr. S. K. Mitra, Director, Financial
Services, Aditya Birla Group and currently incharge 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 grassroot level and
create trust. We believe that our association with Kapil Dev as our brand ambassador
will help us create this connect in a shorter period of time. We therefore 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
DETAILD STUDY OF INSURANCE POLICY & PERFORMANCE EVALUATION
a world class cricketer and an all-rounder. He has raised the mantle of India to sporting
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
On 26 November 2006, Birla Sun Life was host the annual golf tournament at the
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 organisation. The local knowledge of the Aditya Birla
Group combined with the expertise of Sun Life Financial Inc., offers a formidable
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
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.
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
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
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine
amongst the top three private sector life insurance companies in India
MISSION
To be the first preference of our customers by providing innovative, need based life
Our endeavour will be to provide constant value addition to customers throughout their
relationship with us, within the regulatory framework. We will provide career
development opportunities to our employees and the highest possible returns to our
shareholders
STRENGTH:
networks in India.
customer requirement
WEAKNESS:
customers.
THREATS:
‘OLD HABITS DIE HARD’: Its still difficult task to win the
government company.
Plans for all income groups is not available which can create
BOARD OF DIRECTORS
INVESTMENT COMMITTEE
• Mr. B. N. Puranmalka
Team
Mr. Vikram Mehmi Mr. Mayank Bathwal
Executive Officer
Force
Communications
Resource
Individual Life
Saving
Birla Sun Life Insurance Gold-Plus
Supreme Life
Dream Plan
Classic Life Premier
Simply Life
Prime Life Premier
Prime Life
Life Companion
Flexi Cash Flow
Flexi Save Plus
Flexi Life Line
Single Premium Bond
Retirement
Children
Children's Dream Plan
PRODUCTS
Insurance Plans
towards our parents, children and loved ones need not be compromised.
adversities that life might send your way, so that it offers a complete
1. Protection Plans
2. Savings Plans
3. Child Plans
4. Investment Plans
5. Retirement Plans
6. Group Plans
7. Rural Plans
9. Keyman Plans
10. Riders
amongst three different product structures to insure your life and provide
You can also enhance the above two policies by adding Accident &
An ideal plan for long term planning with the benefit of liquidity.
based on a multiple of the annual premium. You can also choose the
At the end of the term, the higher of the value of units or the
till the end of the policy term. Every year withdraw up to 10% of
up facility.
declared upfront.
The guaranteed value of the unit fund is the value of all invested
bonus interests.
You can also enhance your policy by adding Accident & Disability
protection requirement.
At the end of the term, the higher of the value of units or the
top-up facility.
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.
available once if the premium paying term is less than 15 years and
The capital guarantee is applicable only on the invested premium and the
You can also enhance your policy by adding Accident & Disability Benefit
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
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
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
facility.
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.
You can also enhance your policy by adding Accident & Disability
contribution.
Facility to top-up your investment any time you have surplus funds.
policy year).
You can also enhance your policy by adding Critical Illness Rider,
lifetime. These solutions have been developed to meet your savings, protection and
Protection
LifeTime).
LifeTime II).
contribution
Facility to top-up your investment any time you have surplus funds.
Investment:
policy year).
You can also enhance your policy by adding Critical Illness Rider, Major
Benefit Rider (available only with Life Time) and Waiver of Premium
Rider
The flexibility to choose amongst three levels of cover (in the form of
require.
The flexibility to choose amongst three levels of cover (in the form of
require.
An ideal plan for those who want to accumulate funds on a regular basis
maturity of the policy, for 50% of the sum assured, at no extra cost.
the full sum assured, the guaranteed additions and the vested bonuses .
guaranteed additions and the vested bonuses incase the life assured
were to meet with an unfortunate event. In case the life assured is aged
You can also enhance your policy by adding Critical Illness Rider , Major
successful life for your child. However, life is full of Uncertainties and
even the best-laid plans can go wrong. Here’s how you can give your
child’s future education and lifestyle, taking all possibilities into account.
graduation .
continue, ensuring that your child can realize his or her dreams
to secure your child’s educational career and also ensures his or her
of 10% of the sum assured, to your child, till the maturity of the
Disability Benefit Rider and Income Benefit Rider . You can also
Death Benefit: The Sum Assured under the product has 2 options, either
500% of the initial premium or 105% of the initial premium. In the event
change, you can switch between the various fund options, absolutely free,
4 times a year.
Life Expectancy has been rising rapidly and today you can expect
to live longer than your earlier generations. For you, this increase will
These solutions are developed to ensure your peace of mind for the years
to come.
5. About Annuities
For too many people, the joy of retirement after years of hard work
planning and saving, you can never sure whether your money will last a
expectancy, higher inflation and increasing taxes do not eat away into
money into additional avenues like pension plans. How much you need to
a group.
group.
employees between the ages of 18 and 65 years. The benefit under the
master policy covers all proposed employees comprising the group, with a
minimum group size of 25 persons. New members can join the group and
outgoing members can leave the group at any point during the policy
term.
chosen.
of the employee.
BSLI group gratuity plan helps employers fund their gratuity obligation
obligations.
Highlights include:
underwriting.
liability.
specified upfront.
Employee Benefits:
Sec 10(10)
gains of business.
Highlights include:
upfront.
BSLI Rural Products are designed to meet the needs of the rural
2. Life Cover
3. Savings Option
Regular Premiums
Individual policy
NRI Plans:
and security of your loved ones. In fact, your savings from your time
overseas can be easily canalized to meet your family's needs - now and in
the future. So, whether its your dream to retire in your hometown; to
secure funds for your children's education; or to build assets, BSLI has a
IRDA
(INDIAN REGULATORY DEVLOPMENT
AUTHORITY)
The insurance sector has been opened up in India, as there was an urgent need.
The international experience indicates those country with a liberalized insurance sector
have witnessed a rapid growth in premium volumes enhancing the domestic saving rate.
This happened in China, Malaysia and Singapore where a competitive market has led
technology. And rightly therefore a decision was taken by the Government of India to
open up Insurance sector. The establishment of IRDA in the month of April 2000 has
been important development in this direction, making the end of monopoly in the
insurance sector.
• Only 22% of the insurance population has been extended cover. Market
• Lack of comprehensive social system benefit and welfare means that demand for
global insurance is less than 0.5% (1988) as compared to USA (24.2%) and Japan (21%).
Studies have reveled that in an emerging market, as disposable income rises, Insurance
premiums as a ratio of GDP shoots up. The confederation of Indian Industry projected a
growth of Life Insurance premiums from Rs. 350 Billion at present to Rs.140 Billion.
The growth of non-life insurance premium is expected to increase from 75 billion to 375
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 tax-benefits. 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
How many Indians are aware that LIC has more than 60Products and GIC has
more than 180Products? Not only there is a reduction in the premiums of Life Insurance
products have long overdue since Indian morality rate has decreased three folds in the
last 50years. There is also scope to increase the yield on life insurance policies (presently
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
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
New entrants should be well advised to look ahead to 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
Banks and financial companies will emerge, as attractive distribution channel for
this insurance trend will be led by two factors, which already apply in other world
market. First Banking food insurance, fund management and other financial services
companies are being to increase their profitability and provide maximum value to their
distribute.
In other market notably Europe; this has resulted in bank assurance. Bank
entering into the insurance business in India to bank hope to maximize expensive
existing network by selling a range of products more of a loss alliance between insurance
and bank than a formal ownership. Some Indian entrants like ICICI, HDFC and Reliance
WHY TO RECRUIT
WHO TO RECRUIT
HOW TO RECRUIT
RECRUITMENT ACTIVITIES
ROLE OF ADVISOR
WORKING ENVIRONMENT
DO YOU POSSESS
RECOGNITION PROGRAMS
There are two aspects of employment in the insurance sector today. One is
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
WHO TO RECRUIT
Quality Deptt. has given some indicators in terms of what are the common
Education : graduate
• This is a broad pointer for us to remember what are the his/her profile
failure
profession
sustainable over long periods. They usually have become inactive after
6 – 7 months of joining. But till the time they are working, their
• People who are new to the city are least probable to do well.
Who to recruit?
• Women
• Students
Avoidable Profiles
How to Recruit?
BOP Presenter.
Advisor Manual - can show how the manual can answer many
procedural issues.
My Market show 100 – show the booklet and stress its importance.
Energy , to the earn the same amount of money from your business,
you would be spending much more time & energy a lot of capital
year
Recruitment Activities
Directories etc.
Over the last one year, the response We need to develop lead generation
gone down drastically, thus forcing people to touch upon and tell about
avenues
Joggers Park
Summer Trainees
Mass BOPs
Database Calling
Cold Calling – helps a lot as the respondent does not waste your
delivery caterers.
levels, as this career is all about meeting new people, finding new
energy levels
• Show him the path in his current environment how insurance selling
here
• Always try to meet the person at his residence- check for the locality,
has been doing well in life, he will make efforts to do well with us
acceptable points
Advisor Role
Making appointments
Close sale
Get referrals
Working environment:
Flexible career.
• State-of-the-art training on :
Selling skills.
Product knowledge.
Relationship skills.
Online.
Self learning.
800000
Average commission including 270000 360000
premium @ 6%
For year 2,3 & 3% after that 48000
48000 120000
Earnings from renewal business
Rs
Total earnings Rs. 180000 318000 480000
first year, 7.5% in the 2 n d year & 3 r d year & 5% 4 t h year onwards?
MDRT Membership.
• Recognition as “Tiger “
• Criteria.
• Criteria.
• Personal Development
• Performance criteria
Pinnacle programmes:
• Personal Development
• Performance criteria
Agency champion:
Criteria
Next steps
Selection interview
DETAILD STUDY OF INSURANCE POLICY & PERFORMANCE EVALUATION
Profiling test dates
payable in mumbai
Field visits
Training on products
Expectations of team
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 agent under Section 42 of Insurance act 1938 and it’s desires of being
This is the kind of agreement which each and every advisor has to adhere. It’s
agreement give the brief discussion effective date of appointment, area of Insurance,
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 insurance agent, provided that the
Company may choose, in writing, a date other than the date of issue of the license
on and from which this Agreement shall come into force (such date of coming into force
the Insurance Advisor already holds a valid subsisting license before execution of this
Agreement.
2.2- BSLI hereby appoints the Party of the Other Part as Insurance Advisor and the Party
of the Other Part hereby accepts 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.
3.1- 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 source business from any Non- Business Area, he shall
obtain the prior approval of BSLI. would be entitled to change / transfer his appointment
3.2- The Insurance Advisor further agrees that even within his Business Area, 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, Is available/posted on the
Restricted Website Area and no separate communication in this regard will be sent.
3.3- The appointment of the Insurance Advisor for a Business Area shall be without
prejudice to BSLI’s right to appoint any other insurance advisor(s) in / for the same
DETAILD STUDY OF INSURANCE POLICY & PERFORMANCE EVALUATION
Business Area and such appointment of any other insurance advisor(s) shall not entitle
Requirements applicable to him, nor shall accrue in his favour any cause of action.
4.1- The Insurance Advisor shall at all times fulfill the Minimum Performance
of lives insured or on any other criteria as stipulated by BSLI from time to time
stipulate from time to time the Minimum Performance Requirements and any revision
thereto, for a specified 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 BSLI . The Minimum Performance Requirements (MPR) criteria would
4.2- The Insurance Advisor would take all reasonable steps to conserve the insurance
procured by him. He shall also endeavor that the policyholders for whom the is acting as
the insurance adviser pay their premiums regularly and timely. The Company will be
or by posting the same on the Restricted Website Area and the action that can be taken in
case of the Insurance Advisor not being able to achieve the Minimum Service Standards.
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
time (hereinafter 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,
policy, 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
continued adherence to the provisions of Section 41 of the Insurance Act, 1938. Breach
of this clause will entitle BSLI to terminate this Agreement forth with 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
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 in rectification of any such act, and Insurance Advisor agrees to act in
5.5- The Insurance Advisor shall be responsible for the accuracy, truthfulness and
forms logged by him or otherwise made available to BSLI in respect of any proposal.
5.6- The Insurance Advisor shall, promptly and in any case not later than the time
stipulated by BSLI in that behalf transmit to the concerned office of BSLI all proposals
for insurance and all other documents procured or received by or called for from him.
This would include but shall not be restricted to customer’s / policyholder’s proposal
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
DETAILD STUDY OF INSURANCE POLICY & PERFORMANCE EVALUATION
Insurance Advisor specifically confirms and undertakes to hold BSLI safe, harmless and
indemnified at any time and at all times against any demand, claim , action or proceeding
arising from any breach, whether intended or not, of the provision of this clause. The
Insurance 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
5.8- The Insurance Advisor shall attend all meetings, workshops, trainings and briefings
Products, business plans and policies of BSLI and any other matter of relevance 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
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
5.10- The Insurance Advisor shall solicit and procure life insurance business for BSLI
and discharge his obligations under this Agreement in accordance with BSLI’s corporate
objectives and with particular regard to BSLI’s 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
DETAILD STUDY OF INSURANCE POLICY & PERFORMANCE EVALUATION
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
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
5.13- The Insurance Advisor shall not solicit or procure life insurance business for or
promote the sales or distribution of the Insurance Products of any other Insurance
company or seek or obtain or commence any employment in any other 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
6.1- As compensation and remuneration for the due performance of his obligations
under this Agreement, the Insurance Advisor shall be paid commission 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
DETAILD STUDY OF INSURANCE POLICY & PERFORMANCE EVALUATION
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
6.2- BSLI shall be entitled to deduct the service tax (or any similar tax, in lieu 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.
in force from time to time, by notice in writing to the Insurance Advisor in any one of the
following manner.
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 the Insurance Advisor as per clause (c) above.
different Insurance Products and based on various parameters including new business
6.6- In case of any excess or wrong payment of commission or any amount to the
Insurance Advisor or any commission or any amount which subsequent 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
to the Insurance Advisor, Alternatively, or where no amounts are due to the Insurance
Advisor, BSLI will require the Insurance Advisor to repay or refund forthwith such
amounts, and thereafter the Insurance Advisor shall repay the amount within 15 days
6.7- The payment of commission to the Insurance Advisor after the termination or
Insurance Adviser shall be as provided in the Applicable Law and in accordance with
6.8- Notwithstanding the above, BSLI shall not be obliged to pay any commission or
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 to inform about
such failure to IRDA, to organizations with which the Insurance Advisor has
employment or to his business associates including any insurance company of which the
Insurance Advisor becomes or proposes to become the insurance advisor, and further I
BSLI will not furnish the NOC to the Insurance Advisor till such time the failure
continues.
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, without prejudice to any other right or remedy
available to it under law, recover such debt, claim, loss, damage or expenses from any
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
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 of or
provided for BSLI and the contents of this Agreement will constitute Confidential
Information. For the purpose of this clauses, any data, information or knowledge will
also constitute Confidential 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,
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
8.2 a- if and to the extent the disclosure is required by any law or any court, government
8.2 b- if the information is or becomes available to public (other than as a result of prior
8.2 c- if the information is or was received from a third party not known by the
information; or
8.3 d- if the Insurance Advisor is able to prove that the was lawfully in possession of the
materials, documents and other information, which are meant for internal circulation
9.1- The intellectual property rights (in the nature of trademark or copyright 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. The Insurance 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
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
notice included in any document, material, or other of BSLI . Any goodwill generated
DETAILD STUDY OF INSURANCE POLICY & PERFORMANCE EVALUATION
through the Insurance Advisor’s use of the Marks shall inure solely to the benefit of
BSLI.
10.1- The Insurance Advisor understands that BSLI provides certain information specific
to insurance advisors on the Restricted Website Area. BSLI will provide, but without any
obligation, such login ID to the Insurance 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 use the Website for any purpose other than the permitted purpose, and
not permit any other person to access the Restricted Website Area through his login ID
and password.
11.1- This Agreement shall come into effect from the Effective Date and shall continue
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
11.2.d- forthwith by a written notice on the Insurance Advisor where he incurs any of
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
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
11.3.b- acts in a manner prejudicial to the interests of BSLIor to the interests or its
Advisor shall be deemed to have acted in a manner prejudicial to the interests of BSLI ,
if any averment in the Agent’s Confidential Report or in any document submitted by him
11.3.c- is found to have made any false or incorrect averment or suppressed any
Insurance Advisor;
DETAILD STUDY OF INSURANCE POLICY & PERFORMANCE EVALUATION
11.3.d- in the opinion of BSLI, becomes physically or mentally incapacitated to
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
11.5- Upon termination of this Agreement in whatsoever manner BSLI shall be entitled
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 commission
whether or not due in respect of any business done by the Insurance Advisor.
Save as provided in the Insurance Act, no commission shall accrue to the Insurance
To determine and analyze the Market Potential of the Birla Sun Life Insurance
Company.
To study the overall scenario currently prevailing in the market, namely, the per
multiple phenomena. The term derives from the Greek, hyposthenia meaning "to put
under" or "to suppose." The scientific method requires that one can test a scientific
extensions of scientific theories. Even though the words "hypothesis" and "theory" are
often used synonymously in common and informal usage, a scientific hypothesis is not
explanation for the occurrence of some specified group of phenomenon either asserted
probable in the light of established facts. Quite often a research hypothesis is a predictive
NULL HYPOTHESIS
that might be falsified on the basis of observed data. The null hypothesis typically
proposes a general or default position, such as that there is no relationship between two
quantities, or that there is no difference between a treatment and the control. The term
statistical "behavior" of a set of data. The Null Hypothesis is of this project report is that
ALTERNATE HYPOTHESIS
tested does NOT hold." often denoted H 1. Synonym for 'maintained hypothesis.' The
Alternate Hypothesis of this project report is that customers are not satisfied
While making a study we very often look for what type of research methodology is to be
used in this type of study. For implementation of a proper research methodology we have
Research is a process with the help of which new concepts arises. It is the increase in the
actual knowledge stock. It can be called as movement from known to unknown and vice-
which includes defining and redefining the problem to develop hypothesis, to collect and
define the information/data, to analysis the information and bring out the mother of
Discovery. An individual makes the effort in research and society or public takes its
Data collection
The word data means any raw information, which is either quantitative or qualitative in
nature, which is of practical or theoretical use. The task of data collection begins after a
research problem has been defined and research design chalked out. While deciding
about the method of data collection, the researcher should keep in mind that there are
Primary data: -
This is those, which are collected afresh and for the first Time, and thus happen to be
original in character. There are many ways of data collection of primary data like
audit, consumer panel etc. The Team Managers and employees of both the Department
were consulted to get information about procedure of both the online and off line share
DETAILD STUDY OF INSURANCE POLICY & PERFORMANCE EVALUATION
trading. But the method used by us for the primary data collection was through
questionnaires.
Questionnaire method
For the collection of primary data I used questionnaire method. A formal list of
questions, which are to be asked, is prepared in a questionnaire and questions are asked
on those bases. There are some merits and demerits of this method. These as under: -
Merits: -
2. Secondary data: -
These are those data, which are not collected afresh and are used earlier also and thus
they cannot be considered as original in character. There are many ways of data
collection of secondary data like publications of the state and central govt., reports
Industries, banks etc. And the method, which was used by us, was with the help of
Sample Size
We have meet 100 peoples during requirement Advisor and policy selling after that I
have taken 25 Peoples they have fill up the questionnaire and given response .
Health,
10%
Retierment
Health
, 22%
Retierment
Life
Life, 68%
Inference
On the basis of above analysis it has been concluded that around 68% of the policy
holders are having life plan, 22% of them are having Retirement plan and rest of them
28%
Yes
No
72%
Inference
On the basis of the analysis it has been concluded that around 72%of the people are
satisfied with plan they and rest if them are not satisfied.
18%
Yes
No
82%
Inference
On the basis of the above analysis it has been concluded that around 82% of the policy
holders are satisfied with the services provided by the company and rest of them are
not satisfied.
33%
Yes
No
67%
Inference
On the basis of the above analysis it has been concluded that around 67% of the
policyholders are interested to make more investments in BSLI and rest of them are
not interested.
22%
Yes
No
78%
Inference
On the basis of above analysis it has been concluded that around 78% people have other
insurance plan apart from BSLI and 22% people have BSLI
18%
Yes
No
82%
Inference
On the basis of the above analysis it has been concluded that around 82% of the policy
holders are ready to switch over if they get good attractive insurance plan and rest of
them don’t.
LIC
12%
8% BSLI
Inference
From the above analysis it has been concluded that around 89% of policy holders are
having other insurance plans apart from BSLI , in which around 60 % are having
LIC insurance plans, 11% are having Bajaj Allianz, 9% are having Birla Sunlife, 8%
are having ICICI Pru. and 12% are having other company insurance plans.
In this study we had find out that in today’s world more then 50% of the total
From the study we have concluded that MF sector is adopting better & planned
strategies to attract its customers. Various marketing strategies are also adopted by the
Different players in the market ,our focus is on Birla Mutual Fund apart from which
greater in the long run as most of the Indians are of the opinion that,
The private and foreign insurance companies have to take immediate steps
employees as it has been found out that agents are the best channel to
lakhs with 'money back policies'. Hence, the market has potential. The
private and foreign insurance companies that are taking immediate steps
1) 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
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.
conveniently.
The reliability and scope of survey greatly relies on the cooperation of the
respondents.
www.BirlaSunlife.com
www.google.com
Name:............................... Age:……………..
Occupation:…………………..
Ques.2 Are you satisfied with the Insurance plan you have?
(a)
(b)
(c)
(d)
Ques.4 Are you satisfied with the services provided by the company
Ques.5 Are you interested to make more investments inBirla Sun Life ?
Ques.6 Have you any other Insurance Plan apart from Birla Sun Life?
(e) Others
Ques.8 If you get any attractive plan than are you ready to switch over?
Suggestions:
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