TRAINING REPORT

ON
INSURANCE SERVICES OFFERED BY SBI LIFE INSURANCE

SUBMITTED IN PARTIAL FULFILMENT OF THE REQUIREMENT FOR DEGREE

OF

Master of Business Administration(Marketing & Finance)

(SESSION 2017-2019)

SUBMITTED TO: SUBMITTED BY:

Dr. Dinesh Kumar Sharma Kartik Ranaut

Training & Placement Officer Roll Number: 3619/3428

MBA: 2017-2019

Himachal Pradesh University Business School

Summerhill, Shimla(H.P.)-171005
 PREFACE

This study is conducted as a part of the curriculum of Master of Business

Administrations (Marketing & Finance) offered by Himachal Pradesh University
of Business School.

Training is an essential requisite of any learning process. The classroom parts with
the theoretical knowledge which helps us to form an impression, but unless it is
applied in practical field to assess or utility it does not find a permanent place in
our memory. Training provides facility to apply classroom knowledge into field.
To provide a rich insight into work situation, the management institutes all over
country arrange research projects for their student during their MBA.

This report aim to have understanding of Insurance Policy to general public. It also
states the minimum requirement or eligibility to such products and services.

However we must say that this report is not the work for excellence work of
scholar. It is result of assignment improve myself and gain confidence. So there is
a chance of some mistakes and also critical appraisal by anyone will be heartily
welcomed
 ACKNOWLEDGEMENT

On every step there is a need of proper guidance, support and motivation. The
encouragement enable the person to give his best performance and thus to achieve
the goal. As a small token of my appreciation I have named here of all those
wonderful people, without whom training would not have been possible. I
sincerely acknowledge, with thanks, the encourage guidance and critical
supervision of my supervisor Mr TARUN SHARMA(manager) for assigning the
project, useful comment and remarks through learning process in this training
period. I would like to thanks my friends and family, who continuously helped and
guided me. Their guidance and support was necessary during training period.
 DECLARATION

I Kartik Ranaut hereby declare that the report titled “Insurance Policy offered by
SBI LIFE INSURANCE” submitted by me as a part of partial fulfilment for the
award of Master of Business Administration at Himachal Pradesh University is a
record of bonafied work done by me. I also declare that this report has to my
knowledge is my own and is neither submitted to any other university or institute.
To the best of knowledge I didn’t breach any copyright© act intentionally. I would
be very happy to provide you with clarification regarding the report.

………………………(Signature)

Kartik Ranaut

Place:

Date:
ON THE JOB TRAINING COMPLETION CERTIFICATE
 CONTENTS

Sr.No. Particular Page No.

1. Introduction 1

2. SBI LIFE INSURANCE 2

3. Mission And Vision of Company 4

4. INSURANCE PLAN 7-19

 PENSION PLAN
 CHILD PLAN
 SAVING PLAN
 CHILD EDUCATION PLAN
 RETIREMENT PLAN
 UNIT LINKED PLAN

5. DIGITAL APP 20-24
 Sbi Life Easy Access
 Sbi Life Smart Advisor
6. Conclusion 25
INTRODUCTION

Insurance is a means of protection from financial loss. It is a form of risk

management, primarily used to hedge against the risk of a contingent or uncertain
loss
An entity which provides insurance is known as an insurer, insurance company,
insurance carrier or underwriter. A person or entity who buys insurance is known
as an insured or as a policyholder. The insurance transaction involves the insured
assuming a guaranteed and known relatively small loss in the form of payment to
the insurer in exchange for the insurer's promise to compensate the insured in the
event of a covered loss. The loss may or may not be financial, but it must be
reducible to financial terms, and usually involves something in which the insured
has an insurable interest established by ownership, possession, or pre-existing
relationship.
The insured receives a contract, called the insurance policy, which details the
conditions and circumstances under which the insurer will compensate the insured.
The amount of money charged by the insurer to the Policyholder for the coverage
set forth in the insurance policy is called the premium. If the insured experiences a
loss which is potentially covered by the insurance policy, the insured submits a
claim to the insurer for processing by a claims adjuster. The insurer may hedge its
own risk by taking out reinsurance, whereby another insurance company agrees to
carry some of the risk, especially if the primary insurer deems the risk too large for
it to carry.
HISTORY

Early methods

Merchants have sought methods to minimize risks since early times.

Pictured, Governors of the Wine Merchant's Guild by Ferdinand Bol, c. 1680.
Methods for transferring or distributing risk were practiced
by Chinese and Babylonian traders as long ago as the 3rd and 2nd millennia BC,
respectively.[1] Chinese merchants travelling treacherous river rapids would
redistribute their wares across many vessels to limit the loss due to any single
vessel's capsizing. The Babylonians developed a system which was recorded in the
famous Code of Hammurabi, c. 1750 BC, and practiced by
early Mediterranean sailing merchants. If a merchant received a loan to fund his
shipment, he would pay the lender an additional sum in exchange for the lender's
guarantee to cancel the loan should the shipment be stolen, or lost at sea.
Circa 800 BC, the inhabitants of Rhodes created the 'general average'. This allowed
groups of merchants to pay to insure their goods being shipped together. The
collected premiums would be used to reimburse any merchant whose goods were
jettisoned during transport, whether due to storm or sinkage.[2]
Separate insurance contracts (i.e., insurance policies not bundled with loans or
other kinds of contracts) were invented in Genoa in the 14th century, as were
insurance pools backed by pledges of landed estates. The first known insurance
contract dates from Genoa in 1347, and in the next century maritime insurance
developed widely and premiums were intuitively varied with risks.[3] These new
insurance contracts allowed insurance to be separated from investment, a
separation of roles that first proved useful in marine insurance.
Modern insurance
Insurance became far more sophisticated in Enlightenment era Europe, and
specialized varieties developed.

Lloyd's Coffee House was the first organized market for marine insurance.
Property insurance as we know it today can be traced to the Great Fire of London,
which in 1666 devoured more than 13,000 houses. The devastating effects of the
fire converted the development of insurance "from a matter of convenience into
one of urgency, a change of opinion reflected in Sir Christopher Wren's inclusion
of a site for 'the Insurance Office' in his new plan for London in 1667."[4] A number
of attempted fire insurance schemes came to nothing, but in
1681, economist Nicholas Barbon and eleven associates established the first fire
insurance company, the "Insurance Office for Houses," at the back of the Royal
Exchange to insure brick and frame homes. Initially, 5,000 homes were insured by
his Insurance Office.[5]
At the same time, the first insurance schemes for the underwriting of business
ventures became available. By the end of the seventeenth century, London's
growing importance as a center for trade was increasing demand for marine
insurance. In the late 1680s, Edward Lloyd opened a coffee house, which became
the meeting place for parties in the shipping industry wishing to insure cargoes and
ships, and those willing to underwrite such ventures. These informal beginnings
led to the establishment of the insurance market Lloyd's of London and several
related shipping and insurance businesses.
 Leaflet promoting the National Insurance Act 1911.

The first life insurance policies were taken out in the early 18th century. The first
company to offer life insurance was the Amicable Society for a Perpetual
Assurance Office, founded in London in 1706 by William Talbot and Sir Thomas
Allen.[7][8] Edward Rowe Mores established the Society for Equitable Assurances
on Lives and Survivorship in 1762.
It was the world's first mutual insurer and it pioneered age based premiums based
on mortality rate laying "the framework for scientific insurance practice and
development" and "the basis of modern life assurance upon which all life assurance
schemes were subsequently based."[9]
In the late 19th century "accident insurance" began to become available.[10] The
first company to offer accident insurance was the Railway Passengers Assurance
Company, formed in 1848 in England to insure against the rising number of
fatalities on the nascent railway system.
By the late 19th century governments began to initiate national insurance programs
against sickness and old age. Germany built on a tradition of welfare programs in
Prussia and Saxony that began as early as in the 1840s. In the 1880s
Chancellor Otto von Bismarck introduced old age pensions, accident insurance and
medical care that formed the basis for Germany's welfare state.[11][12] In Britain
more extensive legislation was introduced by the Liberal government in the 1911
National Insurance Act. This gave the British working classes the first contributory
system of insurance against illness and unemployment.[13] This system was greatly
expanded after the Second World War under the influence of the Beveridge
Report, to form the first modern welfare state
1.2 INDUSTRY PROFILE

Indian Life Insurance industry was liberalised in 2001.The insurance industry of

India consists of 52 insurance companies of which 24 are in life insurance
business and 28 are non-life insurers. Among the life insurers, Life Insurance
Corporation (LIC) is the sole public sector company. Apart from that, among the
non-life insurers there are six public sector insurers. As per IBEF report, India’s
life insurance sector is the greatest in the world, which includes 36 cr policies,
which are expected to increase at a CAGR of 12-15 % over the next 5 years.

The growth of the life insurance industry is driven by the factors like nominal
GDP growth rate, favourable demographic profile, high household savings, rising
income levels and increasing urbanization, approvals by IRDA, declining saving
interest rates and the products offered. Also the government of India has taken
various initiatives to promote insurance penetration in the country like for
example most recent one-“Pradhan Mantri Suraksha Bima Yojna”.

India’s insurable population is anticipated to touch 75 crores in 2020, with life

expectancy reaching 74years.Furthermore, life insurance is projected to
comprise35 % of total savings by the end of this decade, as against 26 % IN 2009-
10.

In 1993 the Government of Republic of India appointed RN Malhotra Committee

to lay down a road map for privatisation of the life insurance sector. While the
committee submitted its report in 1994, it took another six years before the
enabling legislation was passed in the year 2000, legislation amending the
Insurance Act of 1938 and legislating the Insurance Regulatory and Development
Authority Act of 2000.The same year that the newly appointed insurance regulator
- Insurance Regulatory and Development Authority IRDA-started issuing licenses
to private life insurers.
Apart from Life Insurance Corporation, the public sector life insurer, there are 23
other private sector life insurers, most of them joint ventures between Indian
groups and global insurance giants.

Source: www.ibef.org (INDIA BRAND EQUITY FOUNDATION)

SBILIFE INSURANCE

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 Assurance. SBI owns 74% of the total capital and BNP
Paribas Assurance the remaining 26% of the capital. BNP Paribas Cardif is the life
and property & casualty insurance arm of BNP Paribas, one of the strongest banks
in the world. BNP Paribas Group, having presence in more than 80 countries ranks
highly in Retail Banking, Investment Solutions and Corporate & Investment
Banking. Along with its 5 Associate Banks, State Bank Group has the unrivalled
strength of over 18,000 branches across the country, arguably the largest in the
world

In 2007, CRISIL Ltd, a subsidiary of global rating agency Standard & Poor's, gave
the company a AAA/Stable/P1+ rating.SBI Life is one the top private players in
the insurance sector of India. It offers life insurance policies, investment plans, unit
linked life insurance plans. There are around 17,000 employees in the company,
working in its 762 branches.

Business: Continuing its track record of sustainable growth, SBI Life Insurance has
posted a record profit of Rs. 820 crore, during the financial year ending March 31,
2015, an increase of 11% over the last financial year. Operational efficiency has
been the key driver of SBI Life’s profitability. The Company is the once again
market leader amongst the private life insurers, in New Business Premium (NBP),
for the financial year 2014-15.
2.1.1 Vision, mission and values of the company:

Vision: the most trusted and pre"To be ferred life insurance provider”

Mission:"To emerge as the leading company offering a comprehensive range of

life insurance and pension products at competitive prices, ensuring high standards
of customer satisfaction and world class operating efficiency thereby becoming a
model life insurance company in India in the post liberalization period ".

Values:

 Trustworthiness
 Ambition
 Innovation
 Dynamism
 Excellence
INSURANCE Plan

Pension Plan . A pension plan is a retirement plan that requires an employer to

make contributions into a pool of funds set aside for a worker's future benefit.
The pool of funds is invested on the employee's behalf, and the earnings on the
investments generate income to the worker upon retirement.

SBI LIFE Offer many type of insurance plan.

1> ANNUITY PLAN

2> SARAL PENSION
3> RETIRE SMART
Life Protection Plans- . life protection insurance plan is a life insurance that
covers your death risk. This plan is designed specially to provide financial stability
to your family in case of your sudden demise, accident or any other unforeseen
situation. Such plans always ensure that your family is well taken care of when you
are not there. This plan is simple and the most affordable life insurance plan to
buy, because it only charges you for insurance and does not charge you for any
other investment.

SBI LIFE Offers many types of life protection plan

1> SMART SHIELD

2> SARAL SHIELD
3> SMART SWADHAN PLUS
4> SAMPOORN CANCER SURAKSHA
5> POORNA SURAKSHA
CHILD PLANS- A child insurance plan is a combination of insurance and
investment that ensure a secure future for your child. Lifecover is available as a
lumpsum payment at the end of policyterm. Not just this, these plans also provide
flexible payouts at important milestones of your child's education.

1> SMART CHAMP INSURANCE

2> SMART SCHOLAR
3> CHILD EDUCATION PLANNER
SAVING PLAN
An employee savings plan is a pooled investment account provided by an
employer that allows employees to set aside a portion of their pre-tax wages for
retirement savings or other long-term goals such as paying for college tuition or
purchasing a home.

SAVING PLAN OFFERED BY SBILIFE INSURANCE

RETIREMENT PLAN

Retirement planning is the process of planning and managing your short and long-
term finances to help achieve your financial dreams both during your working
years and retired life. It involves analysing your financial objectives, current
financial position and expected future cash flowto develop a comprehensive
retirement roadmap.

RETIREMENT PLAN OFFERED BY SBILIFE INSURANCE

UNIT LINKED PLAN
DIGITAL APP

Digital applications are a strategic part of modernising and digitalising your

business processes. They are online services and applications, which combine
data, functionality and modern user interface to serve your customers – in any time
and place they desire.

DIGITAL APP LAUNCHED BY SBILIFE

SBI LIFE EASY ACCESS- SBI Life Easy Access packs the utility of your
neighbourhood SBI Life branch into the convenience of a mobile app for your
phone.

Avail the following facilities: –

My policy Login

View your policy details.

Renewal Premium

Pay your renewal premium online.

Plans & Premium Calculator

Browse through SBI Life’s range of insurance plans and calculators.

Calculate accurate premium.

Query/Complaints
SBI LIFE SMART ADVISOR

SBI Life Smart Advisor is a Mobile Application specifically developed to provide

SBI Life Insurance Advisors access to their key business data like Policy &
Customer details, Product & Premium details, News & Updates on SBI Life etc
The application have many useful features for you, like :

- Dashboard containing summary of your MTD & YTD business

- Planner to manage your meetings

- Reports to check Policy List, Policy Details, Customer Details, Renewal Due
List ,Maturity List etc.

- Commission details

- Premium Calculator & Product Details

- Links to our website to check NAV, Download Forms etc.

- News & Updates from SBI Life.

 CONCLUSION

Economic growth & development has been widely accepted as major goal of
national policy in country. Economic growth is today decided more by human
capital than material capital. Equipment, process, & property are leveraged not by
their inherent capability but by action of human being. Therefore Human
Resources is significant asset for country but this human life is full of uncertainties
& risks.

Preparing for uncertainties SBI life Insurance company is came out with the
different insurance policy as a solution for delegating worries. It reimburses people
for lovered losses in the event of an unfortunable occurrence such as illness,
accident, & death. At the some time, it can encourage safety measure, provide
investment capital, lend money, & help to reduce anxiety for society at large.

SBI Life Insurance is to emerged as leading company offering a comprehensive

range of life Insurance & pension product at competitive price, ensuring high
standard of customer service & world class operating efficiency. Different products
are designed to a suitable in different life event stage. Bancassurance recorded a
premium income of Rs 163 crore, about 80% of the total premium income, he said,
adding that other channels too showed good growth over the corresponding period
last year. The company's business was growing 4-5 times a stood at Rs. 100 crore
till July, of which Rs. 84 crore came from premium from new business. If the
company continues to grow at this rate, SBI Life could end this fiscal with a
premium income of Rs. 1,000 crore as against Rs. 225.65 crore in 2003-04.The
company plans to make insurance buying process quick, simple based on well-
informed judgment, which will satisfy customer in all manners. As looking
growing function of SBI Life Insurance sector we assume that 100% function of
human will become insured in coming 2010 with different product in low cost.
 BIBLIOGRAPHY

 https://www.google.com
 https://www.sbilife.co.in/
 https://www.sbilife.co.in/en/individual-life-insurance/online-plans