birla sun life insurance companyin recession period
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A PROJECT REPORT
ON
BIRLA SUN LIFE INSURANCE COMPANYIN RECESSION PERIOD”
Submitted in partial fulfillment for
MASTER OF BUSINESS ADMIMISTRATION
Programme of
THE NIS ACADEMY, AURANGABAD
Batch2008-10
Submitted by :- Under Guidance :-
SATISH GAJRE Mr.Ranveer Singh
MBA Training Manager
Batch (2008-2010) (BSLI Company,A’bad)
Enrolment No-4748000744 AURANGABAD.
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Date: 10/08/2009
CERTIFICATE
Certified that the project Birla Sun Life Insurance Company in
Recession Period is work done by Mr. Satish Gajre during the period of his study
under my guidance for the fulfillment of SUMER INTERSHIP PROGRAMME.
Signature of the guide Signature of the Manager
Name: Ranveer Singh Name: Mr. Sumedh B adwe
Place: Aurangabad
Date: 10/08/2009
Official Address with seal:__________
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ACKNOWLEDGEMENT
I acknowledge and thank our respected Branch Manager Mr. Sumedh Badwe your ideas, suggestions, and support are good.
My motto is to develop project report on “Insurance industries in recession period” This project contains some original concepts which is taken from the clients like Accountant, Lawyer, Businessmen, and Doctors etc.
In addition, special thanks to the Mr. Ganesh Solunke Directors of THE NIS ACADEMY, Aurangabad.
Last but not the least, I would like to thanks to all members of Birla Sun Life Insurance company, Aurangabad. An good support and co-operated with me any time during SIP period.
THE NIS ACADEMY
AURANGABAD
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Sr. noName of subject Page
no.
1 Introduction8
2 Exclusive Summary10
3 Objective of the proposed study16
4 Methodology of the study19
5 Data/ Information collected22
6 Interpretation of the data/ information collected46
7 Conclusion49
8 Bibliography50
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INTRODUCTION
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Introduction of the Birla SunLife Insurance Industry
Overview
General insurance business in India with effect from 1st January 1973.
Yet, nearly 80 per cent of Indian population is without life insurance cover while health
insurance and non-life insurance continues to be below international standards. And
this part of the population is also subject to weak social security and pension systems
with hardly any old age income security. This itself is an indicator that growth potential
for the insurance sector is immense.
BSLI started in year 2000. BSLI mutual fund started in 1996.
Approved by IRDA.
Moe than 10,00,00 customers across in India.
Branches in 1000 town and cities in India.
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Executive Summary
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Executive Summary:-
General insurance business in India with effect from 1st January 1973
Company Profile
The Birla Sunlife Insurance Company was established in the year 2006, with a joint venture of two leading companies’ likely Aditya Birla group and Sunlife financials(USA). Birla Sun Life Insurance pioneered the unique Unit Linked Life Insurance Solutions in India.
Present Scenario of insurance industry
Life Insurance Market
About SUN LIFE Financial
FUND OPTION:-
Multiplier Fund
Maximiser Fund
Magnifer Fund
Creator Fund
Enhancer und
Builder Fund
Protector Fund
Assure Fund
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INDIVIDUAL LIFE:-
Protection
Health Solution
Savings
Retirement
Children
Rural
Rider
GROUP LIFE:-
BSLI Group Unit Link Plan
BSLI Group Protection Solution
BSLI Group Superannuation Plan
BSLI Single Premium Group Term Plan
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INCOME TAX BENEFITS:-
Save income tax up to 39,000 under section 80©
TAX BENEFITS:-
The benefits under income tax are two types;
1] Deduction
2] Exemption
PAYMENT OPTOIN
1] Outline Payment
2] Net Banking
3] Automatic Payment Methods
- ECS
- Direct debit to your credit card
4] Branch Office
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CLAIMS INDIVIDUAL LIFE
Health Solution Claim
Death Claim
Accidental Dismemberment Rider Claim
Claim FAQs
FOR NON - RESIDENTAL INDIANS
NRIs have played a very significant role in one way or other in helping
our country's economy grow. We at Birla Sun Life Insurance (BSLI)
appreciate the effort put in by you all in trying to make India a major economic
power. BSLI offers insurance solutions keeping in mind the needs of
individual. It can be an ideal gift from you to your loved and dear ones in India,
because no matter where you are we will be there to take care of your
concerns back home.
WHAT IS RECESSION ?
Definition of Recession:-
Economic recession is defined as a significant decline in the
economic activity across a country, lasting longer than a few months.
Normally, the recession is visible in real GDP growth, industrial production,
wholesale-retail trade, real personal income, and employment
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IMPACT OF RECESSION ON BIRLA SUNLIFE INSURANCE:-
There is not such more impact on birla sunlife insurance’s business. Yes,
there was decline in the Business for some period of time.
Following is the reasons by which company has not faced any problem
in recession period.
Birla Sun Life Insurance (BSLI) in its 6 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
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OBJECTIVE OF
PROJECT REPORT
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OBJECTIVE OF THE PROPOSED STUDY:-
* To study the project on “BIRLA SUN LIFE INSURANCE COMPANY IN
RECESSION PERIOD” is to make the depth analysis report.
* To study insurance industry in India.
* Study the effect of recession on Insurance industry.
1] IMPACT OF RECESSION ON INSURANCE INDUSTRY
The impact of recession on birla sun life insurance Company. This project will
reveal the performance of Birla sun life in adverse period of slowdown.
2] PROBLEM TO BE-RESERCHED
* People didn’t too much aware regarding to insurance, in India still there are
lot’s of people whose are not insured.
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* Make awareness in people mind about insurance ana how much important in
there life
DATA COLLECTION
Data collection through structured Questionnaires and internet web sites
1] SAMPLING PROCEDURE
For Consumer Survey
Questioners are done
Setting class standard and Income for assigning quotes
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METHODOLOGY
USED
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METHODOLOGY OF THE STUDY
REQUIREMENT ANALYSIS:
The aim of requirement analysis is to understand the exact response of people
that what they think about insurance? It is the study where we can take care of
the customer’s views.
There are two types of data:
1] Primary
2] Secondary
The secondary data refers to those data, which have been gathered, from the
agency & company itself. On other hand primary data can be collected by three
metods;
1] Observation
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2] Survey
3] Personal Interview
FIELD WORK
At the end after finishing up the problem definition and research design,
researcher conducted the actual data collection procedure. Respondents refuse
to cooperate sometimes, unable to give proper time, not interested to meet & the
bargaining nature of the people.
Limitation of the Research
The information provided by the respondents on which all the results were
drawn can not be denied that here was always a possibility of response error.
The study was conducted within a time frame work of 45 days duration only.
The respondents feel reluctant about the survey conducted.
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DATA
INFORMATION
COLLECTED THE NIS ACADEMY
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Insurance Industry
Introduction
The story of insurance is probably as old as the story of mankind. The same instinct
that prompts modern businessmen today to secure themselves against loss and
disaster existed in primitive men also. They too sought to avert the evil consequences
of fire and flood and loss of life and were willing to make some sort of sacrifice in order
to achieve security. Though the concept of insurance is largely a development of the
recent past, particularly after the industrial era – past few centuries – yet its beginnings
date back almost 6000 years.
The first two decades of the twentieth century saw lot of growth in insurance business.
From 44 companies with total business-in-force as Rs.22.44 crore, it rose to 176
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companies with total business-in-force as Rs.298 crore in 1938. The Insurance Act
1938 was the first legislation governing not only life insurance but also non-life
insurance to provide strict state control over insurance business.
The truth is, we have a system today that works well for the insurance industry, but it
doesn't always work well for you," President Barack Obama said recently, making his
case for health care reform.
OVERVIEW
The Birla Sunlife Insurance Company was established in the year 2006, with a joint
venture of two leading companies’ likely Aditya Birla group and Sunlife financials
(USA). Birla Sun Life Insurance pioneered the unique Unit Linked Life Insurance
Solutions in India. Within 4 years of its launch, Birla Sunlife Insurance has cemented
its position as a leading player in the Private Life Insurance Industry.
Birla Sunlife insurance 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. It has established Web-
enabled IT systems for superior customer services to have issued policies over the
Internet. Corporate governance and a high degree of transparency in all business
practices and procedures to have an operational Business Continuity Plan and all
Strong fundamentals based on the Aditya Birla group's local insight and Sun Life
financials global expertise.
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ADITYA BIRLA GROUP COMPANIES:
IDEA CELLULAR
ULTRA TECH CEMENT
‘MORE’ SUPER MARKETS
HINDALCO
GRASIM
ADITYA BIRLA NUVO
OTHER COMPANYS IN INSURANCE SECTOR
Major Insurance Players
Licenses have been issued for the following companies
Ø ICICI Prudential Life Insurance Limited
Ø ICICI Prudential Life Insurance Company Limited
Ø HDFC Standard Life Insurance Company Limited
Ø Birla Sun Life Insurance Company Limited
Ø TATA AIG Life Insurance Company Limited
Ø Max New York Life Insurance Company Limited
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Ø SBI – Cardiff Life Insurance Company Limited
Ø ING Vysya Life Insurance Company Limited
Ø Bajaj Allianz Life Insurance Company Limited
Ø MetLife Life Insurance Company Limited
Ø Aviva Life Insurance Company Limited
Ø AMP Sanmar Life Insurance Company Limited
Ø Sahara India Life Insurance Limited
Ø Sri Ram Life Insurance Limited
Largest Mutual Fund Companies
Franklin Templeton Mutual Fund
ICICI Prudential Mutual Fund
UTI Mutual Fund
Baroda Pioneer Mutual Fund
Sahara Mutual Fund
Taurus Mutual Fund
Present Scenario
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The Government of India liberalized the insurance sector in March 2000 with the
passage of the Insurance Regulatory and Development Authority (IRDA) Bill, lifting all
entry restrictions for private players and allowing foreign players to enter the market
with some limits on direct foreign ownership.
The opening up of the sector is likely to lead to greater spread and deepening of
insurance in India and this may also include restructuring and revitalizing of the public
sector companies. In the private sector 14 life insurance and 8 general insurance
companies have been registered. A host of private Insurance companies operating in
both life and non-life segments have started selling their insurance policies..
Life Insurance Market
The Life Insurance market in India is an underdeveloped market that was only tapped
by the state owned LIC till the entry of private insurers. The penetration of life
insurance products was 19 percent of the total 400 million of the insurable population.
The state owned LIC sold insurance as a tax instrument, not as a product giving
protection. Most customers were under- insured with no flexibility or transparency in
the products. With the entry of the private insurers the rules of the game have
changed.
The 12 private insurers in the life insurance market have already grabbed nearly 9
percent of the market in terms of premium income. The new business premiums of the
12 private players has tripled to Rs 1000 crore in 2002- 03 over last year. Innovative
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products, smart marketing and aggressive distribution. That's the triple whammy
combination that has enabled fledgling private insurance companies to sign up Indian
customers faster than anyone ever expected. Indians, who have always seen life
insurance as a tax saving device, are now suddenly turning to the private sector and
snapping up the new innovative products on offer.
The private insurers also seem to be scoring big in other ways- they are persuading
people to take out bigger policies. Buoyed by their quicker than expected success,
nearly all private insurers are fast- forwarding the second phase of their expansion
plans.
ABOUT SUN LIFE FINANCIAL:
Top Most International Financial Services Organization in Canada, United States of
America, United Kingdom, Hong Kong, Philippines, Japan, Indonesia, India, China and
Bermuda.
Assets Under Management: US$386.82 Billion (Approx. Rs.10,00,000 Crores)
FUND OPTION:-
Multiplier Fund
Maximiser Fund
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Magnifer Fund
Creator Fund
Enhancer und
Builder Fund
Protector Fund
Assure Fund
INDIVIDUAL LIFE
Protection:-
Birla Sun Life Insurance Term plan
Birla Sun Life insurec Premium Back Term plan
Health Solution:
BSLI Health plan
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BSLI Universal Health Plan
Saving:
BSLI Platinum Plus
BSLI Guaranteed Bachat Plan
BSLI Money Back Plus Plan
BSLI Gold plus II
BSLI Saral Jeevan Plan
BSLI Suprim –Life
BSLI Dream Plan
BSLI Prime Life
Retirement:
BSLI Secure 58 Plan
BSLI Freedom 58
Children:
BSLI Children’s Dream Plan
Rural;
BSLI Bima Suraksha Super
BSLI Bima Dhan Sanchav
BSLI Bima Kavach Yojana
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Rider:
BSLI Accidental Death Rider
BSLI Term Rider
BSLI Critical Illness Rider
BSLI Waiver of Premium
BSLI Critical Illness-women Ride
GROUP LIFE
BSLI Group Unit Link Plan
Total benefits solution plans that secure your employees’ future, motivating them to
perform better.
BSLI Group Protection Solution
Designed to provide life insurance protection to the employees of your organization at
an affordable cost.
BSLI Group Superannuation plan
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Provides for a Retirement Fund to purchase annuity on the life of members on there
retirement.
BSLI credit Guard plan
Designed to secure your risk by protecting your most valuable business asset.
BSLI Single Premium Group Term Plan
The low cost and minimum fuss method of providing life insurance cover to such
groups is through term insurance
INCOME TAX BENEFITS:-
SAVE INCOME TAX UP TO 39,088/- UNDER SECTION 80(C)
Withdrawals, Surrender Value, Death Benefit and Maturity Benefits are eligible for tax
Benefits as per Section 10(10D).
TAX BENEFITS:-
Life insurance is one of the most popular savings/ investment vehicles in India. An
insurance policy offers much more than just tax planning and investment returns. It
offers you the ability to plan for unforeseen events that could affect your family's
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financial problem adversely
Under the Income Tax Act, 1961; the following tax benefits are available for life
insurance.
The benefits under income tax are two types;
1] Deduction
2] Exemption
1] Deductions from gross income
Sec 80C
Deduction is available amounting to Rs. 1,00,000
The benefit for life insurance premium u/s 80C is restricted to 20% of the actual capital
sum assured. Surrender of Plan before premium has been paid for two years will result
in reversal tax benefit.
Sec 80D
Deduction in respect of medical insurance premium
Individual or HUF whether resident or non resident
Premium can be paid by any mode other than cash
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Premium paid out of income chargeable to tax.
For normal individuals the maximum deduction is Rs.15, 000/- and for senior citizens
age 65 years and above the deduction is Rs. 20, 000/-.
2] Exemption from the proceeds
Commuted pension: 10(10A)(iii)
-One-third of the Value at vesting date would be tax-free
10(10D)
- Any sum received from Life insurance policy as maturity proceeds, death benefits.
-Proceeds of key man insurance is taxable
-Single premium policies will be taxed as income in the year it is received assuming
the premium exceeds 20% of the sum assured.
-An Insurance policy in respect of which the premium payable for any of the years
during the term of the policy exceeds 20 % of the actual capital sum assured will not
be eligible for Sec 10(10D) benefit. This will not be applicable for any sum received on
the death of a person.
Payment Options
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At BSLI, we strive to find out ways and means to make our Customer's relationship
with us convenient and hassle free. With this in mind, we are glad to present you with
some convenient and user friendly renewal payment methods to ensure that you
always make premium payment with ease and enjoy uninterrupted Life Insurance
Coverage.
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Online Payment Methods
Pay with your credit card via BSLI website
Pay anytime from any place with your Master/Visa credit card by logging on to
www.birlasunlife.com with the aid of your CIP/TPIN codes.
Net Banking
From any place, anytime, give instructions to your bank (18 banks) to make a premium
payment for you.
Automatic Payment Methods
ECS
With ECS you no longer have to undergo hassles of remembering your due dates,
making trips to our Branch office to make payment, writing cheques or worrying about
lapsation of your policy due to non-payment/late payment of premium. Free yourself
from these problems by enrolling for ECS…
This facility also allows you to make Monthly premium payment!!
Just submit us an ECS Mandate form and a cancelled cheque with a MICR code. ECS
is currently available in 63 locations.
Direct Debit to your Credit Card
To avail this facility, all you need is a Master/Visa credit card. So relieve yourself of
remembering due dates, writing and depositing cheques and a possible lapsation of
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your policy due to non-payment/late payment of premium by availing this facility.
What's more….you can pay Monthly with this facility.
Just send across a completely filled Direct Debit to Credit Card Form with a photocopy
of the front side of your credit card to your nearest Branch or our Head Office at least
15 days prior to your due date. For security purposes, please deface the CVV no. such
that it cannot be ready by anyone.
Skypak Drop Box
Drop in your premium cheque favouring 'Birla Sun Life Insurance - Policy No. XXX'
at any of the authorized Skypak drop box closest to you. Please do not drop cash or
post dated cheques.
Branch Office
You may make cheque/cash payments at any our Branch offices.
You may deposit your premium cheque at any our Branch offices. Post dated cheques
are not accepted.
Please draw a cheque/DD favouring 'Birla Sun Life Insurance - Policy No. XXX'.
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Claims - Individual Life
Health Solution Claim
Death Claim
Accidental Dismemberment Rider Claim
CI / CI 17 Rider Claim
Claims FAQs
Death Claim
*Death certificate issued by Municipal Authority in specified format.
*Original policy document
*Claimant's Statement
(In case the death has taken place outside India, the Claimant is also required to
submit 'Death Abroad Questionnaire')
*Discharge form
*Legal evidence of title where there is no nomination, assignment or the policy has
not been issued under Married Women's Property Act.
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II. Unnatural Death Claim
If a death of the LA is for any reason other than natural or due to illness, it is termed as
unnatural death claim. In such cases, the following additional documents need to be
submitted.
* First Information Report
* Post - Mortem Report
* Police Inquest Report
* Panchnama Report
Accidental Dismemberment Rider Claim
This Rider pays part/ full Face Amount to the life assured, if the Life Assured
accidentally looses certain specified body part/s (for more information please refer the
Policy document for Rider Provisions) provided that:
Dismemberment occurs while the Rider is in force, and
Due proof is submitted to BSLI that dismemberment was caused solely by external,
violent and accidental means.
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Claim Requirements
Questionnaire to be completed by the Life Insured claiming Dismemberment Benefit
*Police Inquest Report (if any)
Original Policy Document
*First Information Report (if any)
Questionnaire to be completed by the doctor/Hospital which treated the life insured for
his injury /
dismemberment
CI / CI 17 Rider Claim
The Critical Illness Rider pays the Coverage Face Amount if the Life Assured is
diagnosed to be suffering from any one of the four / seventeen illnesses specified in
the Policy conditions (for more information please refer the Policy document for Rider
Provisions). The Claim for Critical Illness Rider benefit has to be lodged by the Life
Insured only after 30 days from the date of diagnosis.
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Claim Requirements
Critical Illness Claimant's statement
Family Physician's statement
Hospital Treatment Certificate
Specialist reports etc.
Copies of all medical reports including :
Admission Card and Discharge Summary,
Laboratory reports
Histopathology reports (if applicable)
Original Policy Document
Claims FAQ's - Most Frequently asked Questions
Nominee related queries:
To whom will the claim monies be paid?
Who has to inform BSLI about the claim and how?
What happens if both the LA and the Nominee expires in the same event?
What if there are two or more nominees, how will the Policy Monies be paid?
If the nominee dies during the tenure of the Policy what is the next step the Life
Assured should do?
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For Non-resident Indians:-
NRIs have played a very significant role in one way or other in helping our country's
economy grow. We at Birla Sun Life Insurance (BSLI) appreciate the effort put in by
you all in trying to make India a major economic power. BSLI offers insurance
solutions keeping in mind the needs of individual. It can be an ideal gift from you to
your loved and dear ones in India, because no matter where you are we will be there
to take care of your concerns back home.
Following are the plans offered to NRI:
Birla Sun Life Insurance Prime Life
Premier
What is recession?:-
The economy goes through different cycles. One of them is recession. It is observed
when the prices start to increase, the living standard starts to fall, unemployment rises,
and businesses stop expanding.
Another indicator of recession is a decreasing gross national product (GDP) of a
nation. In fact, many experts consider that there is an economic recession only when a
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negative GDP growth has been observed over two consecutive quarters.
However, it is generally considered that a recession starts when there have been
several quarters of slowing even if they have been positive.
Definition of Recession:-
Economic recession is defined as a significant decline in the economic activity across
a country, lasting longer than a few months. Normally, the recession is visible in real
GDP growth, industrial production, wholesale-retail trade, real personal income, and
employment
Impact of recession on Birla sunlife insurance:-
There is not such more impact on birla sunlife insurance’s business. Yes, there was
decline in the
Business for some period of time.following is the reasons by which company has not
faced any problem in recession period
Birla Sun Life Insurance (BSLI) in its 6 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
Bancassurance 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
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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 a million lives since
inception and its customer base is spread across more than 1500 towns and cities in
India. All this has assisted the company in cementing its place amongst the leaders in
the industry in terms of new business premium income
Approved by IRDA. First Company to Launch Unit Linked Life Insurance Plans
(ULIPS) In
India. More than 10,00,000 Customers across India. Branches In 1000 Towns and
Cities of India. Capital Base of Rs.1000 Crores.
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Largest Mutual Fund Companies Loss in 2008
• Franklin Templeton Mutual Fund -37.85%
• UTI Mutual Fund -19.30%
• Baroda Pioneer Mutual Fund -63.51%
• Sahara Mutual Fund -28.07%
• Taurus Mutual Fund - 47.21%
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INTERPRETATION
OF DATA
INFORMATION
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SUGGESTION
QUESTIONIER FOR CLIENTS
IN YOUR OPINION
1) In a volatile economy and with increasing aspirations and changing
lifestyles, do you think it is important to supplement one’s income?
Yes
No
May be
Don’t know
2) Do you aspire to give your family a life style that takes care of their present
comforts along with a financially secure future?
Yes
No
May be
3) Would you like to start your own business with zero investment?
Yes
No
May be
4) How would it make you feel when you are recognized and rewarded for
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Feel good
Can’t say
5) How would you feel if you can quality for an opportunity to travel abroad,
every year, free of cost as a reward for your efforts?
Great
Good
Ok
6) With an investment of just a fee hours every week, if a business opportunity
provides an option of supplementing your income while working in the
comforts of your home, would you:
Grab it
Not be willing to explore further
Will want to know more about it
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Name : -------------------------------------------------------------------------
Address : ------------------------------------------------------------------------
------------------------------------------------------------------------
Mobile Number: -----------------------------------------------------------------------
Marital Status : -----------------------------------------------------------------------
Occupation : ----------------------------------------------------------------------
(Self employed, professional, service)
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Conclusion
From the above study we come to conclusion that……
Any ways, the effect of the U.S. economic meltdown was not felt or rather
short lived in the banking and insurance sector in India because a majority of them
were regulated by the government. Indian insurance market is regulated by IRDA...that
at times of recession doesn't allow short selling and stuff for which the crisis didn't hit
India that bad.
Birla Sun Life has not affected by recession because its services and best
insurance plans. BSLI has contributed sing to the growth and development of
the life insurance industry in India by introducing unique Unit Linked Life
Insurance Solutions, pure term plan and a slew of innovative products.
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Bibliography:-
www.google.com/search engine
www.search.com/ search engine
www.indianinfoline.com/ search engine
www.birlasunlifeinsurence.co.in
www.insurence industry in India .com
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