a study on insurence polices $ requiretment process of advisor

8/6/2019 A STUDY ON INSURENCE POLICES $ REQUIRETMENT PROCESS OF ADVISOR.

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OBJECTIVE

To determine and analyze the Market Potential of the Birla Sun Life

Insurance Company in Lucknow City.

To study the overall scenario currently prevailing in the market, namely,

the per capital income, purchasing power, occupation, literacy rate, etc.

To study and determine the competitor position in the market.

To do a performance evaluation of Birla Sun Life Insurance products in

comparison on with other insurance companies

DETAILD STUDY OF INSURANCE POLICY & REQUIRMENT OF ADVISOR


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INTRODUCTION

Life Insurance



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Life insurance

Life insurance (Life Assurance in British English) is a type ofinsurance. As

in all insurance, the insured transfers a risk to the insurer. The insured paysa premium and receives a policy in exchange. The risk assumed by the

insurer is the risk of death of the insured.

How life insurance works

There are three parties in a life insurance transaction; the insurer, the

insured, and the owner of the policy (policyholder), although the owner andthe 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

thebeneficiary. The beneficiary is the person or persons who will receive

the policy proceeds upon the death of the insured. The beneficiary is not a

party to the policy, but is designated by the owner, who may change the

beneficiary unless the policy has an irrevocable beneficiary designation.

With an irrevocable beneficiary, that beneficiary must agree to changes in

beneficiary, policy assignment, or borrowing of cash value.

The policy, like all insurance policies, is a legal contract specifying the

terms and conditions of the risk assumed. Special provisions apply,

including a suicide clause wherein the policy becomes null if the insured

commits suicide within a specified time for the policy date (usually two

years). Any misrepresentation by the owner or insured on the application is

also grounds for nullification. Most contracts have a contestability period,

also usually a two-year period; if the insured dies within this period, the

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insurer has a legal right to contest the claim and request additional

information before deciding to pay or deny the claim.

The face amount of the policy is normally the amount paid when the policymatures, although policies can provide for greater or lesser amounts. The

policy matures when the insured dies or reaches a specified age. The most

common reason to buy a life insurance policy is to protect the financial

interests of the owner of the policy in the event of the insured's demise. The

insurance proceeds would pay for funeral and other death costs or be

invested to provide income replacing the deceased's wages. Other reasons

include estate planning and retirement. The owner (if not the insured) must

have an insurable interest in the insured, i.e. a legitimate reason for insuring

another persons life. The insurer (the life insurance company) calculates the

policy prices with an intent to recover claims to be paid and administrative

costs, and to make a profit. The cost of insurance is determined using

mortality tables calculated by actuaries. Actuaries are professionals who use

actuarial science which is based in mathematics (primarily probability and

statistics). Mortality tables are statistically based tables showing average life

expectancies. The three main variables in a mortality table are age, gender,

and use of tobacco. The mortality tables provide a baseline for the cost of

insurance. In practice, these mortality tables are used in conjunction with

the health and family history of the individual applying for a policy in order

to determine premiums and insurability. The current mortality table being

used by life insurance companies in the United States and their regulators

was calculated during the 1980s. There is currently a measure being pushed

to update the mortality tables by 2008.

The current mortality table assumes that roughly 2 in 1,000 people aged 25

will die during the term of coverage. This number rises roughly quadratically to about 25 in 1,000 people for those aged 65. So in a group of one

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thousand 25 year old males with a $100,000 policy, a life insurance

company would have to, at the minimum, collect $200 a year from each of

the thousand people to cover the expected claims. The insurance company

receives the premiums from the policy owner and invests them to create a

pool of money from which to pay claims, and finance the insurance

company's operations. Contrary to popular belief, the majority of the money

that insurance companies make comes directly from premiums paid, as

money gained through investment of premiums will never, in even the most

ideal market conditions, vest enough money per year to pay out claims.

Rates charged for life insurance increase with the insured's age because,

statistically, a people are more likely to die as they get older.

Since adverse selection can have a negative impact on the financial results

of the insurer, the insurer investigates each proposed insured (unless the

policy is below a company-established minimum amount) beginning with

the application, which becomes part of the policy. Group Insurance policies

are an exception. This investigation and resulting evaluation of the risk is

called underwriting. Health and lifestyle questions are asked, and the

answers are dutifully recorded. Certain responses by the insured will be

given further investigation. Life insurance companies in the United States

support The Medical Information Bureau, which is a clearinghouse of

medical information on all persons who have ever applied for life insurance.

As part of the application, the insurer receives permission to obtain

information from the proposed insured's physicians. Life insurance

companies are never required by law to underwrite or to provide coverage

on anyone. They alone determine insurability, and some people, for their

own health or lifestyle 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.

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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 she travels to a

high risk country.

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 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 specified time period.

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COMPANY PROFILE



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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 theAditya Birla Group combined with the expertise of Sun Life Financial Inc.,

offers a formidable value proposition to customers.

Sun Life Financial and its partners today have operations in key markets

worldwide, including India, Canada, the United States, the United Kingdom,

Hong Kong, Philippines, Japan, Indonesia, China and Bermuda. Sun Life

Financial Inc. had assets under management of over US$ 386.82 billion, as

on 31 March 2007. Sun Life Financial Inc. is a leading performer in the life

insurance market in Canada.

BSLI in its five successful years of operations has contributed significantly

to the growth and development of the life insurance industry in India. It

pioneered the launch of Unit Linked Life Insurance plans amongst the

private players in India. It was the first player in the industry to sell its

policies through the Bank assurance route and through the internet. It was

also the first private sector player to introduce a pure term plan in the Indian

market. This was supported by sales practices, which brought a degree of

transparency that was entirely new to the market. The process of getting

sales illustrations signed by customers, offering a free look period on all

policies, which are now industry standards were introduced by BSLI.

Being a customer centric company, BSLI has invested heavily in technology

to build world class processing capabilities. BSLI has covered more than

one and a half million lives since inception and its customer base is spread

across 100 cities in India. All this has assisted the company in cementing its

place amongst the leaders in the industry in terms of new business premium



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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 always used an integrated

marketing approach, which will be strengthened further.

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 January1959 in Chandigarh. He played his first competitive game of cricket at the

age of 13 years and made his test debut on 16 October 1978 at Faisalabad

against Pakistan. Kapil Dev remained India's top strike bowler for almost 15

years. His extraordinary test match figures of more than 5000 runs and 434

wickets along with 64 catches show that he was a world class cricketer and

an all-rounder. He has raised the mantle of India to sporting glory bywinning us the World Cup.



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In a study conducted by BSLI, Kapil Dev connected extremely well with the

life insurance category and had high acceptance by the masses. Our survey

suggests that he is seen as a very good fit for the BSLI brand. He is very

much loved and respected by a vast majority of the population.

On 26 November 2006, Birla Sun Life was host the annual golf tournament

at the Chembur Golf Club in Mumbai where Kapil Dev was participate.

About Birla Sun Life Insurance

Birla Sun Life Insurance Company Limited is a joint venture between theAditya 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 protection for your future.

Birla Sun Life Insurance (BSLI), in its five successful years of operations,

has contributed significantly to the growth and development of the life

insurance industry in India. It pioneered the launch of unit linked life

insurance plans amongst the private players in India. It was the first player

in the industry to sell its policies through the banc assurance route and

through the internet. It was the first private sector player to introduce a pure

term plan in the Indian market. This was supported by sales practices which

brought a degree of transparency that was entirely new to the market. The

process of getting sales illustrations signed by customers and offering a free

look period on all policies, which are now industry standards, were

introduced by BSLI. Being a customer-centric company, BSLI has invested

heavily in technology to build world class processing capabilities. BSLI has

covered more than a million lives since inception and its customer base is

spread across more than 1000 towns and cities in India. All this has assisted



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the company in cementing its place amongst the leaders in the industry in

terms of new business premium income. The company's current capital base

is Rs.520 crore.

About the Aditya Birla Group

The Aditya Birla Group has a turnover close to Rs.38,000 crore (as on 31

March 2008) and is one of the largest business houses in India. It enjoys a

leadership position in all the sectors in which it operates. With over 75

business units spanning the South East Asian belt, Africa, Canada and the

UK among others, it is reckoned as India's first multinational corporation.

The group is anchored by 72,000 employees and has seven lakh

shareholders, with a market capitalization of Rs.53,400 crore.

About Sun Life Financial Inc.

Sun Life Financial Inc. is a leading international financial services

organisation providing a diverse range of wealth accumulation and

protection products and services to individuals and corporate customers.

Tracing its roots back to 1865, Sun Life Financial and its partners today

have operations in key markets worldwide, including Canada, the United

States, the United Kingdom, Hong Kong, the Philippines, Japan, Indonesia,

India, China and Bermuda. As of 31 March 2008, the Sun Life Financial

group of companies had total assets under management of US$ 343 billion.

Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE)

and Philippine (PSE) stock exchanges under ticker symbol "SLF".



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VISION



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VISION

To be a world class provider of financial security to individuals and

corporates and to be amongst the top three private sector life insurance

companies in India



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MISSION



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MISSION

To be the first preference of our customers by providing innovative, need

based life insurance and retirement solutions to individuals as well as

corporates. These solutions will be made available by well-trained

professionals through a multi channel distribution network and superior

technology.

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



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SWOT ANALYSIS

STRENGTH:

Multi -channel di st ribu tion and one of the l arges t

distribution networks in India.

Implementing Six-Sigma process.

Customer centric products and services.

Superior investment and risk management framework

1 Million Policies sold within 3 and half years.

Company has maximum number of MDRT as well as

good number ofHNI advisors.

Training process of the company is very strong.

Different plan for different people

According to the change in surrounding environment like

changes in customer requirement.



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WEAKNESS:

COMPANY does not penetrate on the rural market at a

time.

There is no plan for the low income group.

Fees for the advisor is high than the other company.

OPPORTUNITY:

Insurance market is very big, where company can expand its

horizon in insurance industry .

Though good investment and insurance it is easy to top

Indian customers.

The huge insurance market (77%) is left so company has

opportunity to expand our products.

To associate with the more number of HNI.

THREATS:

OLD HABITS DIE HARD: Its stil l difficult task to win the

confidence of public towards private company.

The company is facing major threats from LIC -which is an

only government company.

Plans for all income groups are not available which can create

adverse effect later on the market share of the company.



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KEY PEOPLES OF ORGANISATION



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BOARD OF DIRECTORS

Mr. Kumar M Birla

Mr. Donald A Stewart,

Mr. Bishwanath N Puranmalka

Mr. Ajay Srinivasan

Mr. Gary M Comerford

Mr. Suresh N Talwar

Mr. Gian P Gupta

His Highness Maharaja G Singh

Mr. Stephan Rajotte

Dr. Bharat K Singh

INVESTMENT COMMITTEE

Mr. B. N. Puranmalka

Mr. Eugene Lundrigan

Mr. Ajay Srinivasan

Mr. Vikram Mehmi

Mr. Mayank Bathwal

Mr. Fabien Jeudy

Mr. Vikram Kotak

Ms. Keerti Gupta



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Management

Team

Mr. Vikram MehmiPresident & ChiefExecutive Officer

Mr. Mayank BathwalChief Financial Officer

Mr. Mario Braganza

Chief Operating OfficerMr. E.N. Goveia

Head - Direct SalesForce

Mr. Amit PunchhiSenior Vice President -Third Party Distribution

Mr. Bhavesh SanghviHead - Group Life &Pensions

Mr. Snehal Shah

Senior Vice President -Operations

Ms. Anjana Grewal

Senior Vice President -Marketing &Communications

Mr. Rajesh Bhojani

Senior Vice President -DSF Expansion

Mr. K.H.

Venkatachalam

Vice President - HumanResource

Mr. Fabien Jeudy

Vice President, Chief &Appointed Actuary

Mr. Lalit Vermani

Vice President -Compliance

Mr. Melvyn D'souza

Vice President - RiskManagement andInternal Audit

Mr. Vikram Kotak

Vice President -Investments

Mr. Bhalachandra

Nayak

Vice President - Strategy



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DETAILS

OF

PRODUCTS



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Individual Life Protection

Birla Sun Life Term Plan

Premium Back Term Plan

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

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Retirement

Flexi Secure Life Retirement Plan II


Children

Children's Dream Plan

Rural

Bima Kavach Yojana

Riders Accidental Death and Dismemberment Rider

Term Rider Critical Illness Rider

Waiver of Premium

Critical Illness Plus Rider

Critical Illness - Woman Rider
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Retirement

Our Retirement Plans allow you to meet your expenses and build a nest

egg, which gives you the freedom to live life to the fullest even after

retirement.

The post retirement years can be the best years of your life. Time to do

things you couldn't have done while you were working. A right financial

planning makes your post retirement years truly golden . Our Sun Life

secure Life II assures you just that.



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PRODUCTS

Life i s unpred ic tab le. But in face of adversi ty , our

responsibilit ies towards our parents, children and loved ones

need not be compromised. Insurance planning equips you to

smooth out the uncertainties and adversities that life might send

your way, so that the best that l ife has to offer, secure in the

knowledge that your beloved ones are well provided for.

BSLI OFFERS a complete range of insurance products

1. Protection Plans

2. Savings Plans

3.Child Plans

4. Investment Plans

5.Retirement Plans

6.Group Plans

7.Rural Plans

8.Plans for NRIs

9. Keyman Plans

10.Riders


Insurance Plans
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BSLI offers Lifeguard - a set of pure protection plans. Choose

from amongst three different product structures to insure your

life and provide total security to your f amily, at a very

affordable cost.

Level Term Assurance with return of premium

On death the entire sum assured will be paid.

On maturity, all the premiums paid will be returned.

Level Term Assurance without return of premium


No survival or maturity benefits.

You can also enhance the above two policies by adding Accident

& Disability Benefit Riderand Waiver of Premium Rider (WOP).

Level Term Assurance - Single premium:


No survival or maturity benefits


Protection Plans
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BSLI offers a variety of policies that give you the benefits of

protection and the opportunity to save for important assets orevents, like a home, a car or a wedding.

A regular premium unit-linked insurance plan with an assurance

of Capital Guarantee# with the added advantage of f lexible

liquidity option. An ideal plan for long term planning with thebenefit of liquidity.

The key features of the plan are:

Flexibility to choose a specific level of protection (Sum

Assured), based on a multiple of the annual premium. You

can also choose the term of the plan.

At the end of the term, the higher of the value of units or

the guaranteed value* is paid. On death, Sum Assured

along with the higher of value of units or the guaranteed

value is payable.

Facil ity to make withdrawals from the 6th policy year

onwards t il l the end of the pol icy t erm. Every year withdraw up to 10% of the value of units.

Additional credits payable as a percentage of the initial

annual premium are paid along with the death or maturity

benefit.

Additional insurance for 10 years after the maturity, for an

amount of 50% of the Sum Assured.


Savings Plans


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Flexibility to make additional investment with the help of

the top-up facility.

Flexibi l ity to increase / decrease your annual premium

amount

Facility of Automatic Premium Payment- With this facility

you can take a temporary break from premium payment. **

Total transparency with the premium allocations, and other

charges declared upfront.

The guaranteed value of the unit fund is the value of all

invested premiums (premiums net of all charges) along

with the declared bonus interests.

** With Automatic Premium Payment facility, you can avail a

temporary break from premium payment for a maximum of 1

year. This facili ty is available once if the premium paying

term is less than 15 years and twice, if it is 15 years or more.

You can also enhance your policy by adding Accident &

Disability Benefit Rider, Waiver of Premium Rider and

Critical Illness Rider.

A regular premium unit-linked insurance plan with an assurance

of Capital Guarantee# An ideal plan for your long-term savings

and protection requirement.

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The key features of the plan are :

Flexibility to choose a specific level of protection ( Sum

Assured), based on a multiple of the annual premium. Youcan also choose the term of the plan.

At the end of the term, the higher of the value of units or

the guaranteed value* is paid. On death, Sum Assured along

with the higher of value of units or the guaranteed value is

payable

Additional credits payable as a percentage of the initial

annual premium are paid along with the death or maturi ty

benefit.

Additional insurance for 10 years after the maturity, for

an amount of 50% of the Sum Assured.

Flexibility to make additional investment with the help

of the top-up facility.

Flexibility to increase / decrease your annual premium

amount

Facil ity of Automat ic Premium Payment- With this

faci li ty you can take a temporary break from premium

payment.

Total transparency with the premium allocations, and

other charges declared upfront.


invested premiums (premiums net of all charges) along with

the declared bonus interests.

With Automatic Premium Payment facili ty, you can avail a

temporary break from premium payment for a maximum of 1



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year. This facili ty is available once if the premium paying

term is less than 15 years and twice, if it is 15 years or more.

The capital guarantee is applicable only on the investedpremium and the declared bonus interests.

You can al so enhance your pol icy by add ing Acciden t &

Disability Benefit Rider, Waiver of Premium Rider and Critical

Illness Rider.

A uni t- linked insurance p lan with an assurance of Capital

Guarantee which offers you the benefit of a l imited premium

payment term. An ideal plan for protection with wealth creation

that offers the flexibility of a limited premium paying term.

Flexibility to choose a premium payment term of 5, 7 or 10

years for a maturity term of 10, 15 or 20 years respectively.

Flexibi li ty to choose a specif ic level of protect ion (Sum

Assured), based on a multiple of the annual premium.

At the end of the term (maturity), the higher of the value of

units or the guaranteed value* is paid. On death, Sum Assured

along with the higher of value of units or the guaranteed value

is payable.

Addit ional credits payable as a percentage of the ini tial

annual premium are paid along with the death or maturi ty

benefit.

Fac il ity to make withdrawals f rom the 6 th po licy yea r

onwards till the end of the policy term. Every year withdraw

up to 10% of the value of units



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Flexibility to make additional investment with the help of the

top-up facility.

Flexibility to increase / decrease your annual premium amount

Total transparency with the premium allocations, and other

charges declared upfront.


invested premiums (premiums net of all charges) along with

the declared bonus interests.

The capital guarantee is applicable only on the investedpremium and the declared bonus interests.

You can al so enhance your pol icy by add ing Acciden t &

Disability Benefit Rider and Critical Illness Rider.

Presenting Premier Life The Preferred plan for the Preferred

Customer. The key features of the plan are:

Limited premium payment option: Choose from among a 3, 5,

7 or 10 year premium paying term.

Choice of sum assured: Choose a sum assured, which is a

minimum multiple of 1 and a maximum multiple of 25 times

the annual contribution.

Additional allocation of units on a periodic basis.

Facility to top-up your investment any time you have surplus

funds.

Choose from among four funds, based on your investment

objective and risk appetite.



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Choice to switch between i nvestments options (4 free switches

every policy year).

Flexibility to decrease your sum assured.

Add-on riders to protect you against any eventuality.

Loans against the policy.

You can also enhance your policy by adding Critical Illness

Rider, Accident & Disability Benefit Rider.

Presenting Life Time unit linked plans that meets your changing needs

over a lifetime. These solutions have been developed to meet your savings, protection

and investment needs at every stage in life.

Protection

Choose a specified level of protection (available only with

LifeTime).

Two levels of Sum Assured to choose from (available only

with LifeTime II).

Flexibility to increase or decrease your sum assured.

Add-on riders to protect you against any eventuality.



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Savings

Flexibility to increase or decrease your contribution.

Facility of Premium Holiday, wherein the policy continues

even if there is a temporary break in the payment of annual

contribution (available only with Life Time).

Facil ity of Automatic Cover Continuance, wherein the

policy continues even if there is a temporary break in the

payment of annual contribution

Facil ity to top-up your inves tment any t ime you have

surplus funds.

Additional allocation of units on a periodic basis.

Loans against the policy.

Investment:

Choose from among four funds, based on your investment

objective and risk appetite.

Choice to switch between i nvestments options (4 free switches

every policy year).

You can also enhance your policy by adding Cri tical I llness

Rider, Major Surgical Assistance Rider, Accident & Disability

Benefit Rider, Accident Benefit Rider (available only with Life

Time) and Waiver of Premium Rider



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.

An insurance plan that gives added protect ion, savings and

multiple options, all in one!

The flexibility to choose your premium contribution.

The flexibility to choose amongst three levels of cover (in the

form of sum assured) for the same amount of total annual

contribution. The flexibility of shifting between the three levels of cover,

as you require.

The flexibility of receiving your maturity proceeds as a lump

sum or in equal annual installments over 3 or 5 years.

You can also enhance your policy by adding Variety of

Riders

An insurance plan that gives you added protection, savings,

multiple options, plus the power of liquidity.

The flexibility to choose your premium contribution.

The flexibility to choose amongst three levels of cover (in the

form of sum assured) for the same amount of total annual

contribution.

The flexibility of shifting between the three levels of cover,

as you require.

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You can also enhance your policy by adding Critical Illness

Rider, Major Surgical Assistance Rider, Accident & Disability

Benefit Rider, Waiver of Premium Rider (WOP)

As a responsib le parent, you wil l a lways s tr ive to ensure a

hassle-free, successful life for your child. However, life is full

of Uncertainties and even the best- laid plans can go wrong.

Heres how you can give your child a 100% safe and assured

tomorrow, whatever the uncertainties. Smart Kid is especially

designed to provide flexibility and safeguard your childs futureeducation and lifestyle, taking all possibilities into account.

Choose from amongst a basket of 4 plans:

Smart Kid regular premium

Smart Kid unit-linked regular premium

Smart Kid unit-linked regular premium II

Smart Kid unit-linked single premium II


Child Plans
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All these plans offer you:

Financial Benefits: Regular payments at critical stages in

your childs life, like Board examinations, Graduation and

Post-graduation.

Total peace of mind, even if you are not around

Sum Assured is paid immediately: Ensures that your

loved ones stay financially secure, even in your absence.

All future premiums are waived: Ensuring that your

family is not financially burdened in your absence.

Policy benefits continue: The educational benefits of the

policy continue, ensuring that your child can realize his or

her dreams without any hassles.

Development Allowance: Smart Kid guarantees regular

income to secure your childs educational career and also

ensures his or her all-round development, for a nominal

additional amount. The Income Benefit Rider takes care of

this through an annual payment of 10% of the sum assured,

to your ch ild, t il l the matur ity o f the policy, in the

unfortunate event of the death of the parent.

All SmartKid plans can be enhanced with the Accident &

Disability Benefit Rider and Income Benefit Rider. Youcan also an Accident Benefit Rider to a SmartKid Regular

Premium policy, and a Waiver of Premium Rider (WOP)

to SmartKid unit-linked regular premium policy.

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Life Link I I i s a unique p lan tha t combines the

secur ity of a l ife insurance pol icy with the oppor tuni ty of

enjoying high returns on your investments, without the market

risks compromising on the protection of your family!

Death Benefit: The Sum Assured under the product has 2

options, e ither 500% of the ini tial premium or 105% of the

ini tial premium. In the event of an unfor tunate death , the

beneficiary will receive higher of the value of units or the initial

death benefit, less any withdrawals.

Withdrawal Benefit: One can make partial withdrawals from the

accumulated value of the policy after completion of one policy

year.

Flexibility: Choose f rom four fund opt ions , based on your

investment objective and risk appetite. If at a later stage your

financial priorities change, you can switch between the various

fund options, absolutely free, 4 times a year.


Investment Plans


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Life Expectancy has been rising rapidly and today you can

expect to live longer than your earlier generations. For you, this

increase will mean a longer retirement life, stretching into a

couple of decades. BSLI Retirement Solutions that combine the

best of insurance and investment. These solutions are developed

to ensure your peace of mind for the years to come.

1. Why plan for retirement?

2. How much should I set aside for retirement?

3. The impact of inflation on your retirement savings

4. Why plan early?

5. About Annuities

Why plan for retirement?

For too many people, the joy of retirement after years of

hard work is ecl ipsed by the f inancial uncer ta in ties tha t i t

brings. Despite all the planning and saving, you can never sure

whether your money will last a l ifetime. Retirement planning

offers a way to ensure a more enjoyable, stress free tomorrow. A

prudent plan will ensure that increasing life expectancy, higher

inflation and increasing taxes do not eat away into your hard

earned savings.


Retirement Plans
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How much must I set aside for retirement?

To ensure a comfortable retired life, you would be wise to

invest money into additional avenues like pension plans. Howmuch you need to invest can be answered by answering some

questions such as:

1. How long do you have to save that amount before

retirement?

2. Where can you invest your retirement money?

3. How much risk are you willing to take on your

investments?



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Group Term Assurance : Helps provide affordable cover to

members of a group.

Group Gratuity Plan : Helps employers fund their statutory

gratuity obligation in a flexible and hassle-free manner.

Group Superannuation Plan : A flexible scheme (defined

benefit and defined contribution) to provide a retirement kitty

for each member of the group.

Group Term Assurance:

BSLI flexible group term solution helps provide affordable

cover to members of a group. The cover could be uniform or

based on designation/rank or a multiple of salary, and can be

extended to all employees between the ages of 18 and 65 years.

The benef it under the policy i s paid on the event of the

members death to the beneficiary nominated by the member. It

is a one-year renewable policy where one 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.

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Highlights include:

Greater convenience for the employees with relaxed

underwriting and medical requirements.

"Free Cover Li mit s" with simplif ied underwriting

depending upon the number of employees in the group and

the level of cover chosen.

Guaranteed benefit: On dea th dur ing the t erm of the

contract (while in service), the sum assured will be paid to

the beneficiary of the employee.

Choice of addit ional coverage in form an Accident and

Disability Benefit Rider and Critical Illness Cover

Premium is viewed as a business expense in the year of

payment.

Group Gratuity Plan:

BSLI group gratuity plan helps employers fund their gratuity

obligation in a scientific manner. Employers can avail of the tax

benefits as applicable to approved gratuity funds. The plan can

also be cus tomized to s truc ture schemes tha t can provide

benefits beyond the statutory obligations.

Highlights include:

Wider choice of investments with Market Linked Plans -

to meet the diverse financial goals. We offer 4 investment

options (short-term debt, debt and balanced and capital



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guaran tee p lan) where inves tments wil l be made in

accordance with the fund objectives.

Transparency through Daily disclosure of Unit Value and

regular disclosure of the portfolio of each of the investment

option

Flexibility through switching and contribution redirection

option to enable reshuffling of portfolio

Bundled Life Cover greater value to the employee by

packaging l ife insurance cover with the gratuity, with

minimal amount of underwriting.

Actuarial services to provide a scientific estimation of the

gratuity liability.

Low explicit charge structure with the conditions for exit

specified upfront.

Enhanced service levels through faster claim settlement,

easier access to information and regular statements. Complete end to end solution in the legal and regulatory

approval process for scheme set up or transfer

Employee Benefits:

The contribution made by the employer is not included in

the va lue of t axable perquisi te s in the hands of the

employee.

Gratuity received up to Rs 350000 is exempt from Income

tax under Sec 10(10)

Employer Benefits:



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Annual con tr ibut ion up to 8.33% of salary bi ll in a

financial year is allowed a deduction for the purpose of

computation of profits and gains of business.

Contribution towards past service liability is allowed as

deduction as per the Income Tax rules.

Group Superannuation Plan:

BSLI Superannuation Scheme (for both Defined Benefit and

Defined Contribution funds) offers substantial benefits to both

employers and employees. The employer and employee can avail

of tax benefits applicable to an approved superannuation trust.

The scheme will provide for a retirement fund for each

participating employee. An employee would be able to choose

from various annuity options or opt for partial commutation of

corpus at retirement.

Highlights include:

Wider choice of investments with Market Linked Plans - to

meet the d iverse f inancial goals . We offer 5 inves tment

options (short-term debt, debt, balanced, growth and

capital guarantee plan) where investments will be made in

accordance with the fund objectives.

Control - Each member/employer can exercise greater control

over investments by choosing one or more of the investment

options.

Multiple Annuity Options - 5 annui ty opt ions and open

market option



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Transparency - Transparency through Daily disclosure of

Unit Value and regular disclosure of the portfolio of each of

the investment option

Flexibility - Flexibility through switching and contribution

redirection option to enable reshuffling of portfolio

Low explici t charge structure with condi tions for exi t

specified upfront.

Enhanced service levels through faster claim settlement,

easier access to information and regular statements.

Complete end to end solution in the legal and regulatory

approval process for scheme set up or transfer

BSLI Rural Products are designed to meet the needs of the rural

consumers. These products offer the following features:

1. Low and Affordable Premiums

2. Life Cover

3. Savings Option

4. Hassle free procedure

BSLI offers 2 specially designed rural plans.

a) BSLI Endowment Plan

b) BSLI - Regular Premium

BSLI Endowment Plan:

BSLI offers the following features:


Rural Plans
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Life Cover and Savings

Regular Premiums

Age at entry 18 - 45 Yrs

Premium Mode Half Yearly / Yearly

Term 5,10,15 Yrs

Sum Assured Rs.5,000 -20,000

Premium / Year Rs. 507 - 553 ( SA: Rs.10,000)

Maturity/Death benefit Sum Assured

BSLI - Regular Premium:

BSLI is a regular premium policy with the following features:

Individual policy

Only Life cover

Term - 3 & 5 Yrs

Age independent premium

Age at entry 18 - 45 Yrs

Sum Assured Single

Premium / Year Rs 50 200

Maturity/Death benefit Rs.5,000 - 20,000

Death Benefit Sum Assured



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NRI Plans:

Being away from India doesn't mean you have to compromise the

safety 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 i ts your

dream to ret ire in your hometown; to secure funds for your

children's education; or to build assets, BSLI has a range of solutions that can be customized to meet your needs.


Plans for NRIs
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IRDA(INDIAN REGULATORY DEVLOPMENT

AUTHORITY)



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IRDA:

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 to

improvement in Services and quicker settlement of claims. It is alsoimportant to note that competition will bring about advancement in

information, communication and technology. And rightly therefore a

decision was taken by the Government of India to open up Insurance sector.

The establishment ofIRDA in the month of April 2000 has been important

development in this direction, making the end of monopoly in the insurance

sector.

WHY INSURANCE IN INDIA:

Only 22% of the insurance population has been extended cover.

Market penetration is low and the potential to exploit is high.

Insurance premium per capita is very low.

Lack of comprehensive social system benefit and welfare means that

demand for pension products is high.

Huge middle class of approximately 300 Million.

Existing insurance company score low on customer service front.

The insurance market registered growth in the Asian region even though

Indias share in global insurance is less than 0.5% (1988) as compared to

USA (24.2%) and Japan (21%). Studies have reveled that in an emerging



52/109

market, as disposable income rises, Insurance premiums as a ratio of GDP

shoots up. The confederation of Indian Industry projected a growth of Life

Insurance premiums from Rs. 350 Billion at present to Rs.140 Billion. The

growth of non-life insurance premium is expected to increase from 75

billion to 375 billion. Out of which, only 10% is tapped by the existing

insurer.

Insurance even more than banking is a volume game. A very

exclusive approach in view is unlikely to provide meaningful numbers.

Currently, insurance is bought for the purpose of 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 segments that are presently

unexploited.

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 6%) withproper risk management in place.

It is been debated that insurance business does not produce profit in

the first five years cross subsidization is a feature of Indian market. Even the

first portfolio vote that is considered profitable, cross subsidizes other

departments. Tariffs reduction is likely to reduce profits; further insurers

have to institute proper claims management progress in order to extract



53/109

efficiencies. At present life insurance business in the country is taxed at

12.5% of the profit in financial year. The government is soon to present a

new model of taxing life insurance companies at international rates.

New entrants should be well advised to look ahead to the stage where

brand strength will be a competitive advantage and sketch their alliances

accordingly. In fact, we believe that alliance related to distribution rather

than to produce or technology will prove most valuable in the long run.

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 customers.

Therefore, they are themselves looking for a range of products to 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 hope to ride their existing network

and customer bases.



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CHANNEL DEVELOPMENT

WHY TO RECRUIT

WHO TO RECRUIT

HOW TO RECRUIT

RECRUITMENT ACTIVITIES

WHAT TO CHECK WHILE WE ARE RECRUITING

ROLE OF ADVISOR

WORKING ENVIRONMENT

DO YOU POSSESS

SUPPORT PACKAGE FOR SCUCCESSFUL ADVISOR

EXTENSIVE TRAINING FOR SUCCESSFUL ADVISOR

EXTENSIVE INVESTMENT IN ADVISOR TRAINING

PAYMENT & BENEFIT COMMISSION STRUCTURE

RECOGNITION PROGRAMS

CAREER PROGRESSION & FUTURE OPPORTUNITIES



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WHY TO RECRUIT

There are two aspects of employment in the insurance sector

today. One is Permanent Employment, for sales, operation, IT

support, back office 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 Financial Advisors. This

is a big area of employment.

Because we are supposed to !! That the way to do this business.

More recruits, more active advisors, more BDA

WHO TO RECRUIT

Quality Deptt. has given some indicators in terms of what are the

common traits(Q-SCORE) of our successful advisors-

The commonalities were

Age : between 30 -45

Education : graduate

Family Income : above Rs. 2 lacs p.a.

The important fact to remember is that 61% of our REDcategory advisors do not fall into any of this category.

This i s a broad pointer for us to remember what a re the

his/her profile

Some other pointer from Quality



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Most of the RED category advisors FAILED in the DISC

profile which means that DISC is good indicator of chanced

of success or failure

Successful advisors usually have 2 years of work exp. In their

current profession

Small time businessmen / entrepreneurs v. successful profile

Women/Housewives are very successful- however they have

not been sustainable over long periods. They usually have

become inactive after 6 7 months of joining. But ti l l the

time they are working, their average WAPI & Productivity is

very high compared to others.

People who are new to the city are least probable to do well.

Who to recruit?

High probability of Success

Tax/ Financial Consultants, CAS

Bond / Mutual Fund Agents

LIC Agents Surrogates

Small business owners



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Average Profile

Women

Students

VRS / retired Personnel

Avoidable Profiles

New to the City

Income Profile Approx Rs.1 Lac P.A.

People who do not own their transport

THE MOST SUCCESSFUL PROFILE THE PERSON

WHO HAS BEEN MANAGED WELL BY YOU.

How to Recruit?

Things which you should have while meeting the prospect.

BOP Presenter.

Reward points booklet OR take a copy of the catalog from

the website show the gifts, a prospect wouldnt

understand points, but will value the gifts.

Advisor Manual - can show how the manual can answer

many procedural issues.

Talk about email id & tech support the prospect would

like to know what all ill the company give

My Market show 100 show the booklet and stress its

importance.

Copy of any certificate MDRT certificates, Sales

Champion certificate etc to show recognition.



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Insist on doing the BOP presentation it gives a complete

picture of what you have to present & answers a lot of

questions.

Stress on different things to different profiles change

your proposition as per the customer.

Women Rewards, - gift items, household goods, gold

Young marketing background career Pinnacle.

Tax/ MF/ LIC Agents Rewards & Recogni tion , S tar

Clubs.

CAs foreign trips, preferential treatment in all aspects,

dont talk about commissions, stress on the extras.

Small businessman / Entrepreneurs show ROE Return

on Energy , to the earn the same amount of money from

your business, you would be spending much more time &

energy a lot of capital from your pocket.

THE POWER RENEWAL COMMISSIONS:

Always, always, a lways stress on the fact that renewal

commissions ARE THE differentiator from every other sort

of business

Spend lot of t ime on the Commissions structure given in

the BOP

Try to do an example in front of them trying to portray the

commissions payable for the same amount of business done

every year

THE EARNING CALCULATOR WILL BE OF THE HELP

HERE



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Recruitment Activities

Each of us should have a mix of

Mass Media Activities - Spray &

PrayLead Generation activities

Ads, Classified, paper Inserts,

Pamphlets, Banners

Database calling, cold calling,

tele-calling, mailers, mass

BOPs, fish bowl activity, Yellow

Pages, Trade Directories etc.

Over the last one year, the

response from thi s basket of

activities has gone down

drastically, thus forcing us to be

creative to create other avenues

We need to develop lead

generation activities more so as

to have more people to touch

upon and tell about this career

opportunity

Activities which have done well with us in the recent past:

Joggers Park

Summer Trainees

Mass BOPs

Database Calling

Lead Generation Activities

Tele Calling set ups

Some more ways on how to recruit:



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Database Attack can be done through a trainee.

Cold Cal ling helps a lot a s the responden t does no t

waste your time by dilly dallying.

RWA Activities Tambola or children painting

competition- gives real time leads, cost effective per lead.

Look at level MBA colleges for Pinnacle probable.

Source local databases Cable TV Service providers ,

home delivery caterers.

Fish Bowl Activity- in high football places.

Things to check while recruiting:

ENERGY, ENERGY always check the persons

energy levels, as this career i s a ll about meeting new

people, f inding new prospects and more so handl ing

rejections

His past/ present occupation gives tremendous insight into

his energy levels

Show him the path in his current environment how

insurance selling can fit in lowers the resistance of time

availability

Check his environment his family locality

Check whether he can work on his own

Find out if he is looking for money or career as he can

have both here

Things to check while recruiting:



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Always try to meet the person at his residence- check for the

locality, his household, standard of living, try to involve the

spouse in the presentation so that they know what they are

getting into

Always check on need for money & a drive to do well in life

if he has been doing well in life, he will make efforts to do

well with us

Ask questions about his past, find instances of

accomplishments

Keep checking on the pointers & do a mental check list of the

acceptable points

Be convinced about the profile and then only go ahead

Advisor Role

To provide ongoing financial advice for his/her client:

Identify future client

Making appointments

Conduct financial review meetings with prospects / clients

Close sale

Get referrals

Provide service to clients

Follows internal sales & reporting systems:

Working environment:

To be part of a world class sales team.



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Work from your own office or residence.

Work full time or part time.

Earn commission, bonus $ incentives.

No upper limits in earnings.

Flexible career.

Your opportunity:

No startup capital required.

Flexible working environment.

Be your own boss.

Unlimited earning potential.

To be part of world - class team.

Extensive training to make you a professional advisor:

State-of-the-art training on :

Selling skills.

Product knowledge.

Relationship skills.

Training delivery through several convenient options :

Face to- face.

Online.

Self learning.



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-Age 25-45 years

-At least 6 months s in system

- 2 case count per month

Fast track pinnacle programmes:

A full time career as audit manager

Greater earning potential

Personal Development

Performance criteria

-Age 25-45 years

-At least 6month in system

-30 issuance within 6 months

Pinnacle programmes:

A full time career as a unit manager

Greater earning potential

Personal Development

Performance criteria

-Age 25-45 years

-At least 1 year in system

-Average 2 case count per month



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Agency champion:

Take your business to the next level

Entrepreneurs ,develop your own business

Recruit new advisor and make your own team

Increased reach and earning potential

Criteria

-At least 1 year in system

-Minimum 36 policies and 3.6lacs premium

-Selection process( assessment center)

Next steps

Confirmation of mutual interest

Selection interview

Profiling test dates

Draft payment favoring

Birla Sun Life Insurance Ltd

payable in mumbai

Finalize Training Dates, venue

Support team the Company:

Field visits

Training on products

& selling skills

regular business reviews

be a coach & mentor



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recognize high performers

help you become financially independent

Expectations of team

Achieve sales targets

Participate in all meetings

Attend all training programs

Weekly reviews at the office

Follow the sales process

Follow weekly reporting process



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INSURANCE ADVISOR AGREEMENT

Insurance advisor it is a kind of agreement done between advisor to

be recruited and Birla Sun life Insurance Company Ltd.

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 its desires of being appointed as Insurance

advisor of BSLI

This is the kind of agreement which each and every advisor has to

adhere. Its agreement give the brief discussion effective date of

appointment, area of Insurance, advisor minimum performance requirement

and service standards others conditions confidentially to be maintain and

compensation and remuneration.



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2. Effective Date and Appointment as Insurance Advisor:

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 to this Agreement

referred to as Effective Date in this Agreement). However, where the

Insurance Advisor already holds a valid subsisting license before execution

of this Agreement, the Effective Date of this Agreement shall be the date of

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 ApplicableLaws.



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3. Business Area of Insurance Advisor:

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 to any other

area.

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 BSLIs right to appoint any other insurance

advisor(s) in / for the same Business Area and such appointment of anyother insurance advisor(s) shall not entitle the Insurance Advisor to claim

any relaxation in the Minimum Performance Requirements applicable to

him, nor shall accrue in his favour any cause of action.

4. Minimum Performance Requirements and Minimum Service

Standards:

4.1- The Insurance Advisor shall at all times fulfill the Minimum

Performance



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5.5- The Insurance Advisor shall be responsible for the accuracy,

truthfulness and completeness of the information furnished in the Agents

Confidential Report in proposal 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 customers / policyholders proposal forms, supporting or other

documents, information, payment instruments, letters / communications

addressed to BSLI and documents relating to assignment / nomination,

Insurance Advisor shall ensure compliance with Section 64 VB of the Act.

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 suchpayment 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 Insurance Advisor specifically confirms andundertakes 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


8/6/2019 A STUDY ON INSURENCE POLICES $ R

a study on insurence polices $ requiretment process of advisor

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