A

PROJECT REPORT
ON
CONSUMER BEHAVIOR TOWARDS BIRLA SUNLIFE INSURANCE
LTD.

A training report submitted in partial fulfillment of the requirement for the degree of

MASTERS OF BUSINESS ADMINISTRATION

(2013-2015)

Sub. By : Navdeep Goyal

MBA – II
Roll No.: 132562037

BABA FARID COLLEGE OF MANAGEMENT AND

TECHNOLOGY D E O N , B A T H I N D A

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 To whom it may concern

This is to certify that the project report titled ‘CONSUMER BEHAVIOUR

TOWARDS BIRLA SUNLIFE INSURANCE LTD.’ carried out by
NAVDEEP GOYAL has been accomplished under the guidance and
supervision of Mr. MUNISH SHARMA and Mrs. GINNY.
This project is being submitted by him in the partial fulfillment of
requirements for the award of the Master of Business Administration from
Baba farid college of management and technology, bathinda.

This is an original work and has not been submitted by her anywhere
else for the award of any degree. All sources of information and help have
been duly mentioned and acknowledged.

Signature of faculty guide:

Date:

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 ACKNOWLEDGEMENT

I feel immense pleasure to give the credit of my project work not only to one
individual as this work is integrated effort of all those who are concerned
with it. I want to thanks to all those individuals who guided me to move on
the track.

This report entitled “CONSUMER BEHAVIOUR TOWARDS BIRLA SUN

LIFE INSURANCE LIMITED” is the outcome of my summer training at
BIRLA SUNLIFE INSURANCE Co. Ludhiana

I sincerely express my gratitude and lot of thanks to Mr. Munish

Sharma & Mrs. Ginny and other staff members of BIRLA
SUNLIFE INSURANCE CO., Ludhiana for helping me in
completing my project work and making it a great success.

I would like to express my deep sense of gratitude to staff of Baba farid

college of management who introduced me to the subject and under whose
guidance I am able to complete my project.

Last but not least, I would thank all my friends, faculty members and all
respondents who rendered their precious time for contributing their skills
and fill the questionnaire, which made my project more appealing and
attractive.

NAVDEEP GOYAL

3
 PREFACE

After having undergone the practical training with “BIRLA SUNLIFE

INSURANCE LTD.” I have been able to understand the importance and
necessity of obtaining a professional degree in management. The working of
various organs of organization is captured over here which correlates with
one another as it further adds the vastness of my study.
Hence my attempt is to cover all the organizational activities and related
facts so as to have better control over my primary subject of study. The
increased significance of understanding pivot for modern researches.
Dynamic behavior of human resources shows a greater complexity to be
overcome by researches and there is a vast scope left to be undergone.
Todays
 Complex organization structure.
 Increasing importance of human resources.
 Increasing complexity of job designing and organization.
Hence my study includes human related aspects with reference to
organizational functioning.
1. In-depth Analytical study and observation of procedures and system
of marketing which are prevalent in common environment.
2. Management policies and practices determine the success of entire
organizational functioning. No matter whether it is recruitment policy
or related to other department, it has a significant impact over
recruitment.
This project gives us an opportunity to get knowledge how business can
effected and how to handle different situations which organization faces.

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Table of Contents

EXECUTIVE SUMMARY............................................................................................................5
CHAPTER -1
INTRODUCTION ABOUT PROJECT TOPIC........................................................................................9
CHAPTER -2
INTRODUCTION ABOUT INSURANCE SECTOR..........................................................................19
History of insurance..................................................................................................................20
Types of insurance....................................................................................................................23
Types of insurance companies..................................................................................................24
Size of global insurance industry..............................................................................................25
Financial viability of insurance companies................................................................................26
Health insurance...................................................................................................................26
Dental insurance...................................................................................................................26
PRESENT SCENARIO OF INSURANCE INDUSTRY..............................................................27
CHAPTER -3
ABOUT ADIYTA BIRLA GROUP............................................................................................30
CHAPTER -4
INTRODUCTION ABOUT BIRLA SUN LIFE INSURANCE COMPANY..............................33
CHAPTER -5
OBJECTIVE OF THE STUDY ANDRESEARCH METHODOLOGY......................................41
CHAPTER -6
INTREPRETATION AND DATA ANALYSIS..........................................................................47
CHAPTER -7
SUGGESTIONS AND RECOMMENDATIONS........................................................................56
CHAPTER – 8
ANNEXTURE ANDBIBLIOGRAPHY.......................................................................................59
SWOT ANALYSIS......................................................................................................................63
CONCLUSION............................................................................................................................65

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 EXECUTIVE SUMMARY

BIRLA SUN LIFE INSURANCE COMPANY LIMITED is a joint venture

between Sun Life Assurance Company of Canada and Aditya Birla
Management Corporation Limited. Birla sun life insurance is one of the top
privately owned life insurers in the country.

The company has a large number of insurance advisors who sell

company products in branches across the country. Birla Sun Life markets a
full array of individual life insurance, group insurance and group savings
products throughout India. Instead of this Birla Sun Life Asset Management
Company Limited (BSLAMC), the investment managers of Birla Mutual
Fund, is a joint venture between companies of Aditya Birla Management
Corporation Limited and Sun Life Assurance Company of
Canada.BSLAMC strives to provide transparent, ethical and research-based
investment and wealth management services.

Birla Sun Life Distribution Company Limited offers investment advisory

and financial product distribution through its network of agents located
across the country. The products offered are mutual funds, Government of
India Relief bonds, and bonds of public financial institutions, select fixed
deposits and Initial equity and debt public offerings.

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The company also distributes the insurance products of Birla Sun Life
Insurance Company Limited.
Both these companies having their own status in all over the
world, both these companies are most popular companies. As we know it is
joint venture between Sun Life Assurance Company of Canada and Aditya
Birla Management Corporation Limited. Aditya Birla group is very famous
company in India this company expand their business they having their
cement factory and instead of this they having many other works this detail
we get after reading this project report.
The Aditya Birla Group is a US $24 billion conglomerate with a market
capitalization of US $31.5 billion (as on 31st December 2007) and is one of
the largest business houses in India. It enjoys a leadership position in all the
sectors in which it operates.  It is anchored by a force of 100,000 employees,
belonging to 25 nationalities. Its operations span 20 countries across six
continents and are reckoned as India's first multinational corporation. 
Headquartered in Mumbai, India, over 50 per cent of the Group’s revenues
flow from its overseas operations. The Group nurtures a work culture where
success is built on learning and innovation.
The Aditya Birla Group was recently been adjudged “The Best Employer in
India and among the top 20 in Asia” by the Hewitt, Economic Times and
Wall Street Journal Study 2007.

 India with about 200 million middle class household shows a huge
untapped potential for players in the insurance industry. Saturation of
markets in many developed economies has made the Indian market
even more attractive for global insurance majors. The insurance sector
in India has come to a position of very high potential and
competitiveness in the market.  Indians, have always seen life
insurance as a tax saving device, are now suddenly turning to the
private sector that are providing them new products and variety for
their choice.
 
     Consumers remain the most important centre of the insurance
sector. After the entry of the foreign players the industry is seeing a
lot of competition and thus improvement of the customer service in
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 the industry. Computerisation of operations and updating of
technology has become imperative in the current scenario. Foreign
players are bringing in international best practices in service through
use of latest technologies
 
    The insurance agents still remain the main source through which
insurance products are sold. The concept is very well established in the
country like India but still the increasing use of other sources is imperative.

BSLI is growing very speedy all over the India .This growth rate is
increasing continuously instead of the market competition now these days
there are many companies competing with each other. Today there are many
companies working for insurance and these are like

BIRLA SUNLIFE INSURANCE

BAJAJ ALLIANZ
ICICI PRU INSURANCE
SHARA LIFE INSURANCE
LIC Etc

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 CHAPTER -1

INTRODUCTION

ABOUT

PROJECT TOPIC

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PROJECT TITLE:-

The project title is in the depth study of CONSUMER BEHAVIOR

TOWARDS “BIRLA SUN LIFE INSURANCE LIMITED.”

INTRODUCTION:-

In the present constantly developing scenario rapidly changing technology

and consumer’s tastes and preferences have become order of the day .To
survive in the market , a firm has not only to be constantly innovating for
new process , designs and materials , but also keeping it well aware about
the latest trend and tastes .Consumer behavior provides invaluable clues and
guidelines to marketers on new technological and product frontiers , which
they should explore for survival of their business with adequate profits .
The heterogeneity among people across the world makes understanding
consumer buying behavior is really a challenging task. The consumer
identity ,his beliefs ,specific needs , attitudes and the kind of product and
brands available in that product category influence his buying behavior .The
marketing efforts of a firm have a profound impact on the buying behavior
of customers .Therefore marketers attempt to obtain an in-depth knowledge
of customers buying behavior .The success or failure of a product or service
is directly related to the buying behavior of customer. Hence to
understanding of the buying behavior of the customers helps marketers come
up with innovative product mixes.

Finally, buyer behavior acts as an imperative tool in the hands of marketers

to forecast the future buying behavior of the customers and device marketing
strategies accordingly in order to create long term relationship with the
customers.

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MEANING OF CONSUMER BEHAVIOUR

Consumer behavior is the study of how individuals make decisions to spend

their available resources (time, money and effort) on consumption related
item (what they buy, when they buy, where they buy, how often they buy
and use a product or services).

There heterogeneity among people across the world makes understanding

consumer behavior an intricate and challenging task. The consumer’s
identity, his belief’s, specific needs, attitudes and the kind of product and
brand available in that product category influence his buying behavior. The
marketing efforts of a firm have a profound impact on the buying decisions
of the customers. Therefore, marketers attempt to obtain an in-depth
knowledge of customers buying behavior. The success or failure of a
product or service is directly related to the buying behavior of customers.
Hence, an understanding of buying behavior of customers helps marketers to
come up with innovative products mixes.

Finally, buyer behavior acts as an imperative rule in the hands of marketers

to forecast the future buying behavior of customers and device marketing
strategies accordingly in order to create long term relationship with
customer.

BUYING DECISION PROCESS

Consumers pass through different stages before actually buying of products

which are as follows:
1. Identify the problem / need recognition.
2. Gather information about products and brands.
3. Evaluate the alternative and select the best possible alternative.
4. Purchase decision/ buying the product.
5. Post purchase evaluation.

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PROBLEM RECOGNITION

The process of buying starts when a person relies that he has a problem or an
unsatisfied need. A need can be aroused internally within the person, for
example, hunger or buy an external stimulus. An external stimulus such as
an advertisement or the attractiveness of the product package may also
trigger a need in a person.

Sources of problem recognition include:

 An item is out of stock

 Dissatisfaction with a current product or service
 Consumer needs and wants
 Related products/purchases
 Marketer-induced
 New products

INFORMATION SEARCH

A consumer who realizes a need of a product will try to gather information

regarding the product. Information can be gathered from several sources
like,
1. Personal sources: Family, friends, neighbors and reference group.
2. Commercial sources: Advertisement-print media, broadcasting media and
the internet and other marketing sources like departmental stores and retail
outlets.
3. Public sources: Articles in newspapers and journals, and consumer rating
organizations.
4. Experimental sources: Free trails etc.

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EVALUATION OF ALTERNATIVES

In this stage, customer analysis the information available with him in order
to select the right brand or product. The criteria to evaluate a product may
differ depending either on the buying situation or on the level of
involvement required. For high value and infrequently purchased items,
customers can be involved in detailed analysis of information. However, for
low involvement or low priced product, customers can use simple criterion,
such as price. Customers can give a certain level of attention to different
features and characteristics of a product.

PURCHASE DECISION

Selection or purchase of a particular brand is depending on the evaluation

criteria and ratings. The purchase decision also depends upon the availability
of brands. This stage also accounts for a large number of sub divisions about
purchasing a product like:

1. Seller and location of store.

2. Time of purchase.
3. Size of the product.
4. Price of the product.
5. Delivery and warranty.
6. Payment method like credit arrangements.
7. Ancillary services offered, like installation and maintenance
arrangements.

POST PURCHASE BEHAVIOR

A customer evaluates the performance of a product after buying it. He will

also compare the performance of the product with that of it’s competitors
product. The consumer will be either satisfied or dissatisfied after this
evaluation. Buyer’s post purchase feelings are of significant importance to
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marketers. The post purchase evaluation might either lead to repeat purchase
and the buyer talking favorably about the product to other or the buyer may
talk negative about the firm’s product.

FACTORS INFLUENCING CONSUMER BEHAVIOR

1. CULTURE FACTORS

 CULTURE
 SUBCULTURE
 SOCIAL CLASS

2. SOCIAL FACTORS

 REFERNCE GROUPS
 FAMILY

3. PERSONAL FACTORS

 AGE AND LIFECYCLE STAGE

 OCCUPATION AND FINACIAL STATUS
 LIFESTYLE

4. PSYCHOLOGICAL FACTORS

 MOTIVATION
 PERCEPTIONS
 BELIEFS AND ATTITUDE

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 A. CULTURAL FACTORS :-

The culture factors that influence consumer-buying behavior include the

following:

CULTURE:-

Culture is considered as a set of rules, values, beliefs, behavior and

concepts that is common to and binds together the members of a society.
It is usually passed on from one generation to the other. During our lives,
there is constant – conscious and unconscious – pressure on us to display
certain types of behavior.

SUBCULTURE:-

Every culture has its own set of subculture. A subculture is a culture

followed by a group of people within a culture that is distinctly identified
within a larger society. These groups have a similar habits, behavior
patterns, shared value system, buying behavior on the basis of their age,
religion, common experiences or even geographic location. To tackle the
problem created by subculture differences marketers need to understand
the requirements of the subculture groups and adopt strategies like
altering the product, promotion, packaging or price suitable to these
groups.

SOCIAL CLASS:-
Social class refers to the classification of members of society into a
hierarchy of distinct classes so that every individual in a class has
approximately same position in the society. Most societies in the world have
different social class structure. Members of each social class are free to
move in an upward or downward direction within the social class, on the
basis of their social structure.
Social class can be divided into following parts:-

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 1. Upper class:-
This class consists of people who are rich and posses considerable wealth,
for example, people with large businesses and wealthy corporate executives.

2. Upper middle class:-

This class consists of well- educated people holding top class positions in
middle size firms, or professionals who are successful.

3. Middle class:-
This class consists of white collar workers like middle level and junior
executives, sales people, academicians, small business owners, etc.

4. Lower class:-
This class consists of blue collar workers like laborers, semi skilled and
unskilled in the unorganized sector.

B. SOCIAL FACTORS:-

Family, friends, formal social groups, colleagues at work and consumer

action groups influence the consumer’s buying behavior significantly. An
individual’s family greatly influences the buying patterns of the individual.

Social factors includes following factors:-

1. Reference Groups:-
An individual’s attitude, value and behavior are influenced by different
(small) groups and they have a direct or indirect influence on the individual.
Buying behavior of consumers is largely influenced by the reference group
to which they belong or aspire to belong.

2. Family:-
A family is defined as a two or more persons related by blood, marriage or
adoption and reside together. A family is a small reference group but it is
prominent in influencing consumer behavior. Families go through various
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stages of life cycle. For example, the consumer demands of a bachelor are
different from those of a newly married couple, or a family with children /
no children, older couples with dependent children, older couples with no
dependent children and solitary survivors.

C. PERSONAL FACTORS:-
These are different personal factors, which affect the buying decision
process. These factors are as follows:-

1. Age and lifecycle stage:-

Changes in a society have led to the creation of different categories like
couples getting married late in life, single parents, etc., besides the
traditional life cycle stages which included young singles, married couples
and lone survivors.

2. Occupation and Financial status:-

Occupation and income level of persons have a major impact on his savings
and buying behavior. For example, blue collar will indulge in purchasing
clothes, shoes, etc., which he cam wear to work. Similarly,
company’s chairman may buy clothes, accessories and other products and
services that suit his lifestyle.

3. Life style:
An individual’s way of leading his life will determine his lifestyle. Factors
such as work life, interests, social groups, etc., influence the lifestyle of an
individual.

D. PSYCHOLOGICAL FACTORS;-
Psychological factors that influence consumer buying behavior are as
follows:-

1. Motivation:-
A motive is a strong urge that drives a person’s activities towards unfulfilled
needs and wants. Customers are influenced by a motive or a set of motives
when they have unfulfilled needs. In other words, needs are the motivational
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elements behind the purchasing decision of customers. One of the most
widely known theories, the hierarchy of need, was proposed by Abraham
Maslow and explains why people are driven by particular need at particular
time.

2. Perception:-
Perceptions are defined as the process by which an individual selects,
organizes and interpret stimuli into meaningful thoughts and pictures.
Customers base their perception on their needs, wants, past experiences and
something that they consider to be true. For example, a sub culture / reader
who read a particular newspaper or journal might perceive it to give the true
picture of the happenings around him.

3. Beliefs and Attitude:-

A belief is a descriptive image or thought that an individual holds about
something. People acquire beliefs and attitudes through experiences as well
as learning. The beliefs and attitudes held by people, in turn, influence their
buying behavior.

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 CHAPTER -2

INTRODUCTION

ABOUT

INSURANCE SECTOR

19
INDUSTRY PROFILE

History of insurance

Early methods of transferring or distributing risk were practiced by Chinese

and Babylonian traders as long ago as the 3rd and 2nd millennia BCE
respectively. Chinese merchants traveling treacherous river rapids would
redistribute their wares across many vessels to limit the loss due to any
single 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.

Achaemenian monarchs were the first to insure their people and made it
official by registering the insuring process in governmental notary offices.
The insurance tradition was performed each year in Norouz (beginning of
the Iranian New Year); the heads of different ethnic groups as well as others
willing to take part, presented gifts to the monarch. The most important gift
was presented during a special ceremony and when a gift was worth more
than 10,000 Derrik (Achaemenian gold coin weighing 8.35-8.42) the issue
was registered in a special office. This was advantageous to those presented
such special gifts. For others, the presents were fairly assessed by the
confidants of the court. Then the assessment was registered in special
offices.

The aim of registering was that whenever the one who presented the gift
registered by the court was in trouble, the monarch and the court would help
him or her. Jahez, a historian and writer, writes in one of his books on
ancient Iran: and whenever the owner of the present is in trouble or wants to
construct a building, set up a feast, have his children married, etc. the one in
charge of this in the court would check the registration. If the registered
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amount exceeded 10,000 Derrik, he or she would receive an amount of twice
as much."

The Greeks and Romans introduced the origins of health and life insurance
c. 600 AD when they organized guilds called "benevolent societies" which
acted to care for the families and funeral expenses of members upon death.
Guilds in the Middle Ages served a similar purpose. The Talmud deals with
several aspects of insuring goods. Before insurance was established in the
late 17th century, "friendly societies" existed in England, in which people
donated amounts of money to a general sum that could be used in case of
emergency.

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. These new
insurance contracts allowed insurance to be separated from investment, a
separation of roles that first proved useful in marine insurance. Insurance
became far more sophisticated in post-Renaissance Europe, and specialized
varieties developed.

Toward the end of the seventeenth century, the growing importance of

London as a center for trade led to rising demand for marine insurance. In
the late 1680s, Mr. Edward Lloyd opened a coffee house which became a
popular haunt of ship owners, merchants, and ships’ captains, and thereby a
reliable source of the latest shipping news. It became the meeting place for
parties wishing to insure cargoes and ships, and those willing to underwrite
such ventures. Today, Lloyd's of London remains the leading market for

marine and other specialist types of insurance, but it works rather differently
than the more familiar kinds of insurance.

Insurance as we know it today can be traced to the Great Fire of London,

which in 1666 devoured 13,200 houses. In the aftermath of this disaster
Nicholas Barbon opened an office to insure buildings. In 1680 he established

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England's first fire insurance company, "The Fire Office," to insure brick
and frame homes.

The first insurance company in the United States provided fire insurance and
was formed in Charles Town (modern-day Charleston), South Carolina, in
1732.

Benjamin Franklin helped to popularize and make standard the practice of

insurance, particularly against fire in the form of perpetual insurance.

In 1752, he founded the Philadelphia Contribution ship for the Insurance of

Houses from Loss by Fire. Franklin's company was the first to make
contributions toward fire prevention. Not only did his company warn against
certain fire hazards, it refused to insure certain buildings where the risk of
fire was too great, such as all wooden houses.

In the United States, regulation of the insurance industry is highly

Balkanized, with primary responsibility assumed by individual State
insurance departments. Whereas insurance markets have become centralized
nationally and internationally, state insurance commissioners operate
individually, though at times in concert through a national insurance
commissioner's organization. In recent years, some have called for a federal
regulatory system for insurance similar to that of the banking industry.

In the State of New York, which has unique laws in keeping with its stature
as a global business center, Attorney General Eliot Spitzer has been in a
unique position to grapple with major national insurance brokerages. Spitzer
alleged that Marsh & McLennan steered business to insurance carriers based
on the amount of contingent commissions that could be extracted from
carriers, rather than basing decisions on whether carriers had the best deals
for clients. Several of the largest commercial insurance brokerages have
since stopped accepting contingent commissions and have adopted new
business models.

22
 Types of insurance

Any risk that can be quantified probably has a type of insurance to protect it.
Among the different types of insurance are:

 Automobile insurance, also known as auto insurance, car

insurance and in the UK as motor insurance, is probably the most common
form of insurance and may cover both legal liability claims against the
driver and loss of or damage to the vehicle itself. Over most of the United
States purchasing an auto insurance policy is required to legally operate a
motor vehicle on public roads. Recommendations for which policy limits
should be used are specified in a number of books. In some jurisdictions,
bodily injury compensation for automobile accident victims has been
changed to No Fault systems, which reduce or eliminate the ability to sue for
compensation but provide automatic eligibility for benefits.

 Casualty insurance insures against accidents, not necessarily tied to

any specific property.

 Credit insurance pays some or all of a loan back when certain things
happen to the borrower such as unemployment, disability, or death.
 Financial loss insurance protects individuals and companies against
various financial risks
 Health insurance covers medical bills incurred because of sickness
or accidents.
 Liability insurance covers legal claims against the insured. Life
insurance provides a cash benefit to a decedent's family or other

designated beneficiary, and may specifically provide for burial, funeral and
other final expenses.

o Annuities provide a stream of payments and are generally classified as

insurance because they are issued by insurance companies and regulated as
23
 insurance. Annuities and pensions that pay a benefit for life are sometimes
regarded as insurance against the possibility that a retiree will outlive his or
her financial resources. In that sense, they are the complement of life
insurance.

 Total permanent disability insurance provides benefits when a

person is permanently disabled and can no longer work in their profession,
often taken as an adjunct to life insurance.
 Marine Insurance covers the loss or damage of goods at sea. Marine
insurance typically compensates the owner of merchandise for losses
sustained from fire, shipwreck, etc., but excludes losses that can be
recovered from the carrier.

 Political risk insurance can be taken out by businesses with

operations in countries in which there is a risk that revolution or other
political conditions will result in a loss.
 Property insurance provides protection against risks to property,
such as fire, theft or weather damage. This includes specialized forms of
insurance such as fire insurance, flood insurance, earthquake insurance,
home insurance, inland marine insurance or boiler insurance.

Types of insurance companies

Insurance companies may be classified as

 Life insurance companies, who sell life insurance, annuities and

pensions products.

 Non-life or general insurance companies, who sell other types of

insurance.

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In most countries, life and non-life insurers are subject to different
regulations, tax and accounting rules. The main reason for the distinction
between the two types of company is that life business is very long term in
nature — coverage for life assurance or a pension can cover risks over many
decades. By contrast, non-life insurance cover usually covers a shorter
period, such as one year.

Insurance companies are generally classified as either mutual or stock

companies. This is more of a traditional distinction as true mutual companies
are becoming rare. Mutual companies are owned by the policyholders, while
stockholders, (who may or may not own policies) own stock insurance
companies.

Reinsurance companies are insurance companies that sell policies to other

insurance companies, allowing them to reduce their risks and protect
themselves from very large losses. The reinsurance market is dominated by a
few very large companies, with huge reserves.

Captive Insurance companies may be defined as limited purpose insurance

companies established with the specific objective of financing risks
emanating from their parent group or groups. This definition can sometimes
be extended to include some of the risks of the parent company's customers.

In short terms, it is an in-house self-insurance vehicle. Captives may take the

form of a "pure" entity (which is a 100% subsidiary of the self-insured
parent company); of a "mutual" captive (which insures the collective risks of
industry members); and of an "association" captive (which self-insures
individual risks of the members of a professional, commercial or industrial
association).

Size of global insurance industry

Global insurance premiums grew by 9.7% in 2004 to reach $3.3 trillion. This
follows 11.7% growth in the previous year. Life insurance premiums grew
by 9.8% during the year due to rising demand for annuity and pension
products. Non-life insurance premiums grew by 9.4% as premium rates

25
increased. Over the past decade, global insurance premiums rose by more
than a half as annual growth fluctuated between 2% and 10%..

Financial viability of insurance companies

Financial stability and strength of the insurance company should be a major

consideration when purchasing an insurance contract. An insurance premium
paid currently provides coverage for losses that might arise many years in
the future. For that reason, the viability of the insurance carrier is very
important. In recent years, a number of insurance companies have become
insolvent, leaving their policyholders with no coverage (or coverage only
from a government-backed insurance pool with less attractive payouts for
losses). A number of independent rating agencies, such as Best's, provide
information and rate the financial viability of insurance companies.

Health insurance

Health insurance, which is coverage for individuals to protect them against

medical costs, is a highly charged and political issue in the United States,
which does not have socialized health coverage. In theory, the market for
health insurance provision should function in a manner similar to other
insurance coverage, but the skyrocketing cost of health coverage has
disrupted markets around the globe, but perhaps most glaringly in the U.S.
Please see health insurance for a discussion of this category.

Dental insurance

Dental insurance, like health insurance, is coverage for individuals to protect

them against dental costs. Dental insurance usually goes hand-in-hand with
health insurance, with most people in the United States receiving it included
in their health insurance plan from their employer. Along with receiving
dental insurance from your employer, there are ways to receive dental
insurance through resellers and companies for individuals and families;
although this way tends to be too expensive for most people.

26
OVERVIEW OF INDIAN INSURANCE SECTOR

The Insurance sector in India governed by Insurance Act, 1938, the Life
Insurance Corporation Act, 1956 and General Insurance Business
(Nationalisation) Act, 1972, Insurance Regulatory and Development
Authority (IRDA) Act, 1999 and other related Acts. With such a large
population and the untapped market area of this population Insurance
happens to be a very big opportunity in India. Today it stands as a business
growing at the rate of 15-20 per cent annually. Together with banking
services, it adds about 7 per cent to the country’s GDP .In spite of all this
growth the statistics of the penetration of the insurance in the country is very
poor. Nearly 80% of Indian populations are without Life insurance cover
and the Health insurance. This is an indicator that growth potential for the
insurance sector is immense in India. It was due to this immense growth that
the regulations were introduced in the insurance sector and in continuation
“Malhotra Committee” was constituted by the government in 1993 to
examine the various aspects of the industry. The key element of the reform
process was Participation of overseas insurance companies with 26% capital.
Creating a more efficient and competitive financial system suitable for the
requirements of the economy was the main idea behind this reform.
 

PRESENT SCENARIO OF INSURANCE INDUSTRY

 
     India with about 200 million middle class household shows a huge
untapped potential for players in the insurance industry. Saturation of
markets in many developed economies has made the Indian market
even more attractive for global insurance majors. The insurance sector
in India has come to a position of very high potential and
competitiveness in the market.  Indians, have always seen life
insurance as a tax saving device, are now suddenly turning to the
private sector that are providing them new products and variety for
their choice.

27
      Consumers remain the most important centre of the insurance
sector. After the entry of the foreign players the industry is seeing a
lot of competition and thus improvement of the customer service in
the industry. Computerization of operations and updating of
technology has become imperative in the current scenario. Foreign
players are bringing in international best practices in service through
use of latest technologies.
     The insurance agents still remain the main source through which
insurance products are sold. The concept is very well established in
the country like India but still the increasing use of other sources is
imperative. At present the distribution channels that are available in
the market are listed below.
 Direct selling
 Corporate agents
 Group selling
 Brokers and cooperative societies
Banc assurance
 
     Customers have tremendous choice from a large variety of products
from pure term (risk) insurance to unit-linked investment products.
Customers are offered unbundled products with a variety of benefits as
riders from which they can choose. More customers are buying products and
services based on their true needs and not just traditional moneyback
policies, which is not considered very appropriate for long-term protection
and savings. There is lots of saving and investment plans in the market.
However, there are still some key new products yet to be introduced - e.g.
health products.
 The rural consumer is now exhibiting an increasing propensity for
insurance products. A research conducted exhibited that the rural consumers
are willing to dole out anything between Rs 3,500 and Rs 2,900 as premium
each year. In the insurance the awareness level for life insurance is the
highest in rural India, but the consumers are also aware about motor,
accidents and cattle insurance. In a study conducted by MART the results
showed that nearly one third said that they had purchased some kind of

28
insurance with the maximum penetration skewed in favor of life insurance.
The study also pointed out the private companies have huge task to play in
creating awareness and credibility among the rural populace. The perceived
benefits of buying a life policy range from security of income bulk return in
future, daughter's marriage, children's education and good return on
savings, in that order, the study adds.

29
 CHAPTER -3

ABOUT

ADIYTA BIRLA GROUP

30
PROFILE OF ADITYA BIRLA GROUP

The Aditya Birla Group is a multinational corporation based in Mumbai,

India and operations in 20 countries including Thailand, Laos, Indonesia,
Philippines, Egypt, Canada, Australia, China, USA, UK, Germany,
Hungary, Brazil, Italy, France, Luxembourg, Switzerland, Malaysia and
Korea.

A US$ 24 billion conglomerate, with a market capitalization of US$ 23

billion. Over 50 per cent of its revenues flow from its operations across the
world. The group is a major player in all the industry sectors it operates in.
The Group has been adjudged the best employer in India and among the top
20 in Asia by the Hewitt-Economic Times and Wall Street Journal Study
2007. The origins of the group lie in the conglomerate once held by one of
India's foremost industrialists Mr. Ghanshyam Das Birla. He bequeathed
most of these companies to his grandson, Mr. Aditya Vikram Birla – the
father of the current Chairman of the group, Mr. Kumar Mangalam Birla.
Mr. Kumar Mangalam Birla is the grandson of Mr. Basant Kumar Birla,
who heads his own independent business conglomerate. Several other
members of the Birla Family, own and run their independent business
groups.

.The group has diversified business interests and is dominant player in all
the sectors in which it operates such as viscose staple fiber, metals, cement,
viscose filament yarn, branded apparel, carbon black, chemicals, fertilizers,
insulators, financial services, telecom, BPO and ITservices.

The origins of Aditya Birla Group can be traced back to the 19th century
when Seth Shiv Narayan Birla started trading in cotton in the town of Pilani,
Rajasthan. In the early part of the 20th century, Group's founding father,
Ghanshyamdas Birla, expanded the group and set up industries in critical
sectors such as textiles and fiber, aluminium, cement and chemicals. In
31
1969, Aditya Birla, the then Chairman of the Group, put the group on the
global map. He set up 19 companies outside India, in Thailand, Malaysia,
Indonesia, the Philippines and Egypt. Under Aditya Birla's leadership, the
group attained new heights and it became world's largest producer of viscose
staple fiber, the largest refiner of palm oil, the third largest producer of
insulators and the sixth largest producer of carbon black. After Aditya Birla's
demise his son Kumar Mangalam Birla took over the charge of the group
and under his leadership the group has sustained the numero uno position in
the sectors in which it operates.

Major Achievements of Aditya Birla Group

 Largest single location copper smelter
 Largest aluminium rolling company
 No.1 in viscose staple fibre
 The third largest producer of insulators
 The fourth largest producer of carbon black
 The eleventh largest cement producer and the second largest in India
 Among the best energy efficient fertilizer plants
 Among the worlds top 15 and India's top three BPO company.

32
 CHAPTER -4

INTRODUCTION

ABOUT

BIRLA SUN LIFE INSURANCE COMPANY

33
COMPANY PROFILE

This company is a merge between two companies Aditya Birla Group. Both
these companies are famous

About this company it is also known as BSLI in market this company spent
their carrier just 7 years in market but now this company stand in market in a
remarkable position

1. Birla Sun Life Insurance pioneered the unique Unit Linked Life
Insurance Solutions in India.
2. Within 4 years of its launch, BSLI has cemented itsposition as a
leading player in the Private Life Insurance Industry.
3. There has been focus on Investment Linked Insurance Products,
supported with protection products to maintain leadership in product
innovation.
4. Multi Distribution Channels- Direct Sales Force, Alternate Channels
and Group offering convenient channels of purchase to customers.
5. Web-enabled IT systems for superior customer services.
6. First to have issued policies over the Internet.
7. Corporate governance and a high degree of transparency in all
business practices and procedures.
8. First to have an operational Business Continuity Plan.
9. Strong fundamentals based on the Aditya Birla group's local insight
and Sun Life financials's global expertise

34
BIRLA SUN LIFE INSURANCE

Birla sun life insurance company limited is a joint venture between the
Aditya Birla Group and the sun Life Financial services of Canada. It started
its operations in March 2001 after receiving its registration license in
January 2001.

BSLI’s core strategy since inception has been to’ create value’ for all its
stakeholders. This has been driven through innovative and customer focused
products and a multi channel distribution capability in individual and group
insurance. The company started its operations with the launch of innovative
unit-linked insurance products, being the first private life insurance company
in India to do so. The company has geared up through superior value
creation and technology in fulfilling its aims to provide multiple products
and benefits greater investment opportunities and to provide the vast
investor popular in India with better liquidity and security.

The transition of the insurance industry in India from a public monopoly to a

competitive environment presents interesting opportunities both to the
insurance players as well as to the customers. BSLI plans to spot emerging
trends and capitalize on these opportunities for the benefit of its customers.
BSLI aims at being a leader in product innovation with new products
designed to cater to specific customer needs.

The company has a clear thrust on investment linked insurance products and
believes in maximizing investment returns for the policyholders. Its unit-
linked products offered varied investment options for policyholders to
choose, based on their risk appetite. BSLI has been fully complying with its
rural services network of the group is being tapped for this purpose.

35
Its clients have already appreciated the company’s superior underwriting
processes and infrastructure. Its direct sales force of more than 60,000 high
quality licensed insurance advisors in major cities and towns in India are the
company’s flag bearers. The company’s insurance advisors in major cities
and towns in India are the company’s flag bearer. The company’s insurance
advisors have qualified for the prestigious Million Dollar Round Table
(MDRT), COT and TOT, one of the highest international honors in the life
insurance industry, in all the years of its operations.

Birla sun life insurance pioneered the unique Unit Linked Life Insurance
Solutions in India.
Within 4 years of its launch, BSLI has cemented its position as a leading
player in the private life insurance industry.
There has been focus on Investment Linked Insurance Products, supported
with protection products to maintain leadership in product innovation.

 Multi Distribution channels - Direct Sales Force, Alternate Channels

and Group offering convenient channels of purchase to customers.
 Web- enabled IT systems for superior customer services.
 First to have issued policies over the Internet.
 Corporate governance and a high degree of transparency in all
business practices and procedures.
 First to have an operational Business Continuity Plan.
 Strong fundamentals based on the Aditya Birla group's local insight
and Sun Life financials global expertise.

VISION
To create long term value along with market leadership.

MISSION

36
To help people mitigate risks of life, accident, health and money at all stages
and under all circumstances. Enhance the financial future of our customers,
including enterprises.

 
Major Players Of Birla Sun Life Insurance

37
VALUES

● Integrity

● Commitment

● Passion

● Seamlessness

● Speed

100%
74% Equity Share

26%

38
Various products offered by BSLI are:

:: Flexi Life Line

:: Flexi Cash Flow
:: Flexi Save Plus
:: Flexi SecureLife
:: Classic Life Premier
:: Birla Sun Life Term & Premium Back Term Plan
:: Life Companion
:: Prime Life & Prime Life Premier
:: Gold Plus
:: Simply Life
:: Single Premium Bond
:: Supreme Life
:: Children’s Dream Plan, Dream Plan
:: Birla Sun Life Insurance Gold-Plus Plan
:: Birla Sun Life Bima Kavach Yojana
:: Birla Sun Life Group Protection Solutions
:: Birla Sun Life Social Development Plan
:: Birla Sun Life Group Gratuity Plan
:: Birla Sun Life Group Superannuation Plan
:: Birla Sun Life Group Interest Credit Plan

BSLI Achievements

39
 BSLI known for best practices that were adopted by IRDA for the industry.

 BSLI pioneered ULIP’s in India and is known for its innovative products.

 BSLI has the best claim ratio in the industry- An outstanding 0.32%

 BSLI is the 3rd largest in the group segment.

 BSLI has been considered a role model for Banc assurance in the industry & has
7 bank relationships.

 BSLI is rapidly developing its alternate channels, with 197+ relationships,

includes premier relations like AR insurance, UTI securities & Reliance retail.

 Improved market share: Sales growth of 138% YTD Feb’08 against private
industry growth of 94% and top 7 players’ growth of 100%, increasing market
share from 5.3% to 6.3%.

 Strong fund performance: 12 month Investment performance best in Industry

for most of the leading funds.

40
 CHAPTER -5

OBJECTIVE OF THE STUDY

AND

RESEARCH METHODOLOGY

RESEARCH:
41
 Research refers to the systematic method consisting of
enumerating of problem, formulating the hypothesis, collecting the facts or
data, analyzing the facts and reaching certain conclusions either in the form
of solutions towards the concerned problem or in certain generalizations for
some theoretical formulation.

NEED FOR RESEARCH

Every market has to be competitive in his operation to survive and also able
to make more profits. To achieve their objectives they must be careful about
their customers. They must know the satisfaction level of the customer.
Customer is the king of the market. Today’s market is directed by the
customer, so it is necessary for each and every type of business to know
about the varying nature of their customers, by which they can provide best
services to them. By this they will be able to retain the customer for a long
period. All this results in increased sales, higher market share and more
profits.
If a company knows about the needs and behavior of its customers,
then it can develop its strategies according to their need. It is also said that
the cost of attracting a new customer is five times more than as existing
customer. So a company should try to satisfy its customers.
So that’s why “BIRLA SUNLIFE INSURANCE LTD” has decided to
do a research to know the buying behavior of its customers, because they
want to know about the view point of its customers.

OBJECTIVES OF THE RESEARCH

42
The objectives of the research are as follows:-
1. To access the awareness of the people about the policies of the
sun life.

2. To know about the view points of the customers towards the

BIRLA SUNLIFE INSURANCE LTD.

3. To access the level of satisfaction towards the policies of

BIRLA SUNLIFE INSURANCE LTD.

4. To know about the expectation of the customers towards the

different policies.

43
 RESEARCH METHODOLOGY

Meaning of Research Methodology;-

A research methodology defines what the activity of research is, how to

proceed, how to measure progress, and what constitutes success.

Methodology is defined as
1. "the analysis of the principles of methods, rules, and postulates
employed by a discipline" or
2. "the development of methods, to be applied within a discipline"
3. "a particular procedure or set of procedures".

Research methodology is a way to systematically solve the research

problem. It may be understood as a science of studying how research is
done scientifically. It is necessary for the researcher to know not only the
research methods/ techniques but also the methodology. Researcher not
only need to know how to develop certain indices or tests, how to
calculate the mean, median, mode or the standard deviation or chi-square,
how to apply a particular research technique, but they also need to know
which of these methods or techniques, are relevant and which are not.

Research methodology to be adopted for the study is as follows:-

Identification of the problem:-

The research project relates to ‘CONSUMER BEHAVIOR TOWARDS
BIRLA SUNLIFE INSURANCE LTD’. In it the problem proposed is to be
researched is find out; what is the behavior of the consumer towards the
different policies or the investment plans of the BIRLA SUNLIFE
INSURANCE LTD.

Planning the research design:-

44
A suitable design has to be planned for any market research. It is the market
plan specifying the procedure for collecting & analyzing the needed
information. As per objective of the study mainly there are four types of
research design viz: experimental, diagnostic, descriptive & exploratory.
Here exploratory research design is proposed with focus on discovering of
ideas & insight about the particular problem.

Planning the sample design:-

The target for the study was consumers of Ludhiana. Survey has been done
using questionnaire method, open and close- ended questions being included
in the questionnaire. The secondary data for the research study has been
collected from various magazines, newspapers, journals’, books and
websites.
Major market players in the products the relevant areas have also been
consulted for the research.

Sample size:-
The sample size of the research project has been taken 100 of the customers
of Ludhiana.

Data collection:-
The relevant data for the research project is hybrid of primary and secondary
data.

Primary data:-
Using personal interview technique, survey, questionnaire & observation
method the data has been collected from targeted focus groups, which are
customers. The primary data collection for judgment sampling has done.
This purpose has been formatted with both open & close ended structured
questions.
Secondary data:-
In addition to the reactions of the selected consumers segments, the factual
information historic background including the sales volume by various
manufactures of the product has been collected with the help of various

45
trade/business journals, company magazines, brochures, and company
reports and concern trade association reports.

LIMITATIONS OF THE STUDY

Limitations of the study are as follows:-

1. The preparation and interpretation of data may not be 100% free from
errors and may be effected by the respondents biased mindset to some
extend.

2. Sampling size of targeted customer is small, so the response may not

give true reflections of the mental framework of the population.

3. Judgment/ convenience sampling will be used, so the data may not be

of that quality level as obtained by complete enumeration survey
which is not possible due to financial and time constraints.

46
 CHAPTER -6

INTREPRETATION

AND

DATA ANALYSIS

ANALYSIS

47
Q1. Are you aware about BIRLA SUNLIFE INSURANCE LTD?
YES ( ) NO ( )

120
YES TOTAL
100
no. of respondents

80
Series1
60
Series2
40

20
YES NO NO TOTAL
0
YES NO TOTAL
response

Interpretation:
The above analysis shows that all the respondents are aware about Birla Sun
Life Insurance ltd.

Q2. How do you come to know about BIRLA SUNLIFE INSURANCE

LTD?

ANY OTHER
FRIENDS T.V
9% 2%
13%

T.V
NEWSPAPER
NEWSPAPE AGENTS
R FRIENDS
24% ANY OTHER

AGENTS
52%

Interpretation:

48
The above table shows that out of the 100 respondents 52 respondents came
to know about Birla Sun Life from agents, 24 from newspapers, 13 from
T.V., 9 from friends and 2 from any other sources.

Q3. Are you satisfied with the policies provided by BIRLA SUN LIFE
INSURANCE LTD?
Sstisfaction level

NO
26%

YES
NO

YES
74%

INTERPRETATION:
From the above analysis we came to know that out of 100 respondents 74
respondents are satisfied with the policies provided by Birla Sun Life
insurance and 26 respondents are not satisfied with the policies provided by
Birla Sun Life insurance. It means that mostly people are satisfied with the
policies provided by BSLI.

Q4. How you rate the policies provided by BIRLA SUNLIFE?

Rating the policies

GOOD
EXCELLENT
9%
20%
AVERAGE
16% GOOD
AVERAGE
VERY GOOD
EXCELLENT

VERY GOOD
INTERPRETATION:
55%

49
The above analysis shows that out of 100 respondents 55 rate the policies of
Birla Sun Life Insurance as very good, 16 rate it as average, 9 rate it as good
and 20 rate it as excellent.

Q5 .What you like in the policies of BIRLA SUNLIFE INSURANCE?

Liking of policies

SURRENDER
VALUE RATE OF RETURN
9%
RATE OF AFFORDABLE PREMIUM
RETURN
LOW PREMIUM 38% LOW PREMIUM
ALOCATION ALOCATION CHARGES
CHARGES
45% AFFORDABLE SURRENDER VALUE
PREMIUM
8%

INTERPRETATION:
The above table shows that out of 100 respondents 45 respondents like the
policy because of low premium allocation charges, 38 like it because of rate
of return, 9 like it because of surrender value and 8 like it because of
affordable premium.

Q6. How you feel the behavior of BSLI’s employers while interacting with
them?

Behavior of BSLI's employers

GOOD
4% AVERAGE
12% GOOD
EXCELLENT
37% AVERAGE
VERY GOOD
EXCELLENT
VERY GOOD
47%

INTERPRETATION:
50
The above analysis shows that out of 100 respondents 4 respondents feel the
behavior of BSLI’s employers as good, 12 feel the behavior of BSLI’s
employers as average, 47 feel the behavior of BSLI’s employers as very
good, and 37 feel the behavior of BSLI’s employers as excellent.

Q7. Do you think that BSLI is reliable in the coming future?

Reliability of BSLI

NO
11%

YES
NO

YES
89%

INTERPRETATION:
The above table shows that out of the 100 respondents 89 respondents feel
that the BSLI is reliable in the coming future and 11 respondents feel that
BSLI is not reliable in the coming future.

Q8. Do you think that BIRLA SUNLIFE is working better than its
competitors?

NO
26%

YES
NO

YES
74%
INTERPRETATION:
51
The above table shows that out of 100 respondents 74 respondents think that
BSLI is working better than its competitors and 26 respondents think that
BSLI is not working better than its competitors.

Q9. Are you satisfied with the after sales services provided by BSLI?

Satisfaction about after sales services

NO
12%

YE
S

YES
88%

INTERPRETATION:
From the above analysis I came to know that out of 100 respondents 88
respondents are satisfied with the after sales services provided by Birla Sun
Life Insurance ltd and 12 respondents are not satisfied with the after sales
services provided by Birla Sun Life Insurance ltd. This means that mostly
people are satisfied with the after sales services provided by Birla Sun Life
Insurance ltd.

NO
22%
YES
Q10. Do you think that the plans provided by BIRLA SUNLIFE
NO are
YES
beneficial? 78%

52
INTERPRETATION:
The above table shows that out of 100 respondents 78 respondents think that
the plans provided by Birla Sun Life are beneficial and 22 respondents think
that the plans provided by Birla Sun Life are not beneficial.

FINDINGS OF THE STUDY

53
Findings of the research study are as follows:-

 From the survey, we came to know that most of the people are
aware about the “BIRLA SUN LIFE INSURANCE LIMITED”.

 From the survey, we came to know that most of the people those
who are insured are satisfied with the policies provided by BIRLA
SUN LIFE INSURANCE LIMITED.

 The survey shows that most of the people rate the policies of
BIRLA SUN LIFE INSURANCE are very good but not excellent.
This means that they want something extra in their policies.

 The survey shows that mostly people like low premium allocation
charges and rate of return in the policies of BIRLA SUN LIFE
INSURANCE LIMITED.

 From the survey, we came to know that most of the people like the
behavior of the BSLI’s employees as very good. This means that
they treat their customers well.

 From the survey, we came to know that most of the people have
reliability in “BIRLA SUN LIFE INSURANCE LIMITED”.

 From the survey, we came to know that “BIRLA SUN LIFE

INSURANCE LIMITED” is working better than its competitors or
in the other words it is satisfying the customers.

54
 The survey shows that most of the people think that the plans of
BSLI are beneficial.

 From the survey, we came to know that people want the policies
which have maturity period of above 15 years. This means that
customers want long term policies.

 From the survey, we came to know that “BIRLA SUN LIFE

INSURANCE LIMITED” has a very good image among the
people. This shows that people believe in brand name of “BIRLA
SUN LIFE INSURANCE LIMITED”.

55
 CHAPTER -7

SUGGESTIONS

AND

RECOMMENDATIONS

SUGGESTIONS AND RECOMMENDATIONS

56
The suggestion and recommendations are as follows

 It is suggested that company need to establish new branches

in villages and small cities by this company can move more
better

 There should be cash deposit facility in each and every

branch of the company so that customer can get better
services

 There should be limit of financial advisor under agency

manager and the limited amount of these advisor can handle
it easily

 The company should also need to begin some small duration

and small amount of investment because in INDIA there are
many peoples who are working in poor line or below poverty
line

 The company has to start monthly premium plans to attract

the customers

 They need to make some presentation among the small

villages this make people education about insurance sector

 Their is need to use proper advertisement channels to make a

good brand image

 There should need to attract the advisors there is need to pay

some basic salary
57
 In this survey I also get that maximum customers changing
their mind now they going to prefer BSLI products

 From this survey I also get now BIRLA SUNLIFE

INSURANCE having a good brand image in the eyes of
customers.

58
 CHAPTER – 8

APPENDIX

AND

BIBLIOGRAPHY

59
 QUESTIONNAIRE

PERSONAL DETAIL

NAME_______________________
ADDRESS____________________________
_______________________________
CONTACT NO._________________________
OCCUPATION_________________________

SERVICE ( )
BUSINESS ( )
STUDENT ( )
PROFESSION ( )

Q1. Are you aware about BIRLA SUNLIFE INSURANCE LTD?

YES ( ) NO ( )

Q2. How do you come to know about BIRLA SUNLIFE INSURANCE

LTD?
T.V. ( )
NEWSPAPER ( )
AGENT ( )
FRIEND ( )
ANY OTHER ( )

Q3. Are you satisfied with the policies provided by BIRLA SUNLIFE
INSURANCE LTD?
YES ( ) NO ( )

Q4. How you rate the policies provided by BIRLA SUNLIFE?

GOOD ( ) AVERAGE ( )
60
 VERY GOOD ( ) EXCELLENT ( )

Q5. What you like in the policies of BIRLA SUNLIFE INSURANCE ?

RATE OF RETURN ( )
AFFORDABLE PREMIUM ( )
LOW PREMIUM ALLOCATION CHARGES ( )
SURRENDER VALUE ( )

Q6. How you feel the behavior of BSLI’s employers while interacting with
them?
GOOD ( ) VERY GOOD ( )
AVERAGE ( ) EXCELLENT ( )

Q7. Do you think that BSLI is reliable in the coming future?

YES ( ) NO ( )

Q8. Do you think that BIRLA SUNLIFE is working better than its
competitors ?
YES ( ) NO ( )

Q 9. Do you think that the plans provided by BIRLA SUNLIFE are

beneficial ?
YES ( ) NO ( )

Q10. Any suggestions and recommendation ?

_____________________________________________________________
_____________________________________________________________
_____________________________________________________________

THANKS

61
 BIBLIOGRAPHY

 http://www.adityabirla.com/our_companies/joint_ventures/birlasun
life_insurance.htm

 http://en.wikipedia.org/wiki/Consumer_behaviour

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_Abo
utus/Company_Profile/abtus_comprofile.aspx

 http://www.birlasunlife.com/birlasunlife/index.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPl
ans/Individual/Protection/bsl_termplan.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPl
ans/Individual/Savings/bsl_goldplus_II.aspx

http://www.cs.indiana.edu/mit.research.how.to/section3.12.html

http://encyclopedia.thefreedictionary.com/Research+methodology

Books:

 Philip kottler, “Marketing Management”

 Rajan saxena. “Marketing Management”

 Research Methodology by Kothari.

62
 SWOT ANALYSIS

STRENGTHS
1. Financial Soundness
2. Large Customer Base
3. Brand Name
4. Customer loyalty
5. Flexibility
6. Continues Growth
7. Good Image

WEAKNESS
1. Lack of branches in rural areas.
2. Because of non availability of electronic cash services the
monthly premium facility can not be provided to the spoke
branch customer
3. Non availability of cash deposit in spoke branches
4. Non availability of intranet facility.
5. Lack of traditional plans.

OPPURTUNTIES
1. Looking to establish their branches in small cities and
villages
2. Looking to cover large insured people
3. Looking to launch new products in market to attract customer
4. Looking to reach at first position.
5. Plan to produce more MDRT people.

63
THREATS

1. Mutual funds.
2. LIC
3. Max new York life insurance
4. Share Market
5. People are not Interested making investment in insurance
sector
6. Kotak Mahindra life insurance
7. ICICI Prudential life insurance

64
 CONCLUSION

The training period has been a very valuable experience for me from the
entire study conducted. I became well acquainted with the “BIRLA SUN
LIFE INSURANCE LIMITED” and the various processes followed by it.
The market share of “BIRLA SUN LIFE INSURANCE LIMITED” is 40 %
for the last quarter. During the training period we came to know that
“BIRLA SUN LIFE INSURANCE LIMITED” has a very strong customer
base. The employees of “BIRLA SUN LIFE INSURANCE LIMITED” are
very dedicated towards their work and working for the betterment of the
organization. The policies provided or offered by the “BIRLA SUN LIFE
INSURANCE LIMITED” are very beneficial for the various type of
customers. During the survey of our project report we came to know that
people are very satisfy with the policies of the company and they have the
reliability regarding their investments.

Working with the “BIRLA SUN LIFE INSURANCE LIMITED” we came

to know that people want low premium and monthly premium plans. Most
of the people are aware about the “BIRLA SUN LIFE INSURANCE
LIMITED” but the people of villages are not too much aware about it, so
company should try to advertise itself through the radio by which the people
of villages can also come to know about it. Through the survey we also came
to know that “BIRLA SUN LIFE INSURANCE LIMITED” has a very
strong brand image among the people and it is the major competitor of LIC,
MAX NEW YORK, and BAJAJ ALLIANZ.

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