main project on birla sun life insurance

8/12/2019 Main Project on birla sun life insurance

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INTRODUCTIONWhat is insurance?

Insurance is a contract between two parties whereby one party called insurerundertakes in exchange for a fixed amount of money on the happening of a certain event.

Insurance is a protection against financial loss arising on the happening of an unexpectedevent. Insurance companies collect premiums to provide for this protection. A loss is paid outof the premium collected from the insuring public and the insurance companies act as trusteesto the amount collected.

For example, in a life policy, by paying a premium to the insurer, the family of theinsured person receives a fixed compensation on the death of the insured.Similarly, in car insurance and general insurance in the event of the car meeting with anaccident, the insured receives the compensation to the extent of damage.

Why should you take insurance?

Insurance is desired to safeguard oneself and ones fami ly against possible losses onaccount of risks and perils. It provides financial compensation for the losses suffered due tothe happening of any unforeseen events.By taking life insurance a person can have peace of mind and need not worry about thefinancial consequences in case of any untimely death.

Certain insurance contracts are also made compulsory by legislation. For example,motor vehicles act 1988, stipulates that a person driving a vehicle in a public place shouldhold a valid insurance policy co vering act risks. Another example of compulsory insurance

pertains to the environmental protection act, wherein a person using or carrying hazardoussubstances (as defined in the act) must hold a valid public liability (act) policy.

Who provides insurance?In India, prior to liberalization insurance protection was made available through

public sector companies, namely Life insurance Corporation of India (LIC) and the foursubsidiaries of general Insurance Corporation of India (GIC). By the passing of the IRDA

bill, insurance sector has been opened up for private companies to carry on insurance business.

What is the procedure to obtain insurance? Approach the insurance companies directly or through insurance agents of the concern

companies or through intermediaries. Complete proposal FORM giving full details. Submit date of birth certificate and other relevant documents.

Insurance contracts are based on good faith i.e. the details furnished by the proposer areaccepted in good faith and this will form the basis of the contract.

What are the benefits of taking insurance?1. Tax relief: under section 88 of Income tax act, a portion of premiums paid for lifeinsurance policies are deducted from tax liability. Similarly, exemption is available for healthinsurance policy premiums. Money paid as claim including bonus under a life policy isexempted from payment of income tax.2. Encourages savings: An insurance scheme encourages thrift among individuals. It


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inculcates the habit of saving compulsorily, unlike other saving instruments, wherein thesaved money can be easily withdrawn.3. The beneficiaries to an insurance claim amount are protected from the claims of creditors

by affecting a valid assignment.

4. for a policy taken under the MWP act 1874, (married womens property act) a trust iscreated for wife and children as beneficiaries.5. Life policies are accepted as a security for a loan, they can also be surrendered for meetingunexpected emergencies.6. Based on the concept of sharing of losses, the society will benefit as catastrophic losses arespread globally.

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY(IRDA) ACT, 1999

The Insurance Regulatory and Development Authority (IRDA) is a nationalagency of the GOVT. OF INDIA, based in HYDERABAD. It was formed by an act of IndianParliament known as IRDA Act 1999, which was amended in 2002 to incorporate someemerging requirements.Mission of IRDA as stated in the act is "to protect the interests of the policyholders, toregulate, promote and ensure orderly growth of the insurance industry and for mattersconnected therewith or incidental thereto."In 2010, the Government of India ruled that the Unit Linked Insurance Plans (ULIPs) will begoverned by IRDA, and not the market regulator Securities and Exchange Board of India.

FUNCTIONS OF IRDA:1. Issue to the applicant a certificate of registration, renew, modify, withdraw, suspend orCancel such registration.2. Protection of the interests of the policy holders in matters concerning assigning ofPolicy, nomination by policy holders, insurable interest, settlement of insurance claim,Surrender value of policy and other terms and conditions of contracts of insurance.3. Specifying requisite qualifications, code of conduct and practical training for Intermediaryor insurance intermediaries and agents.4. Specifying the code of conduct for surveyors and loss assessors.5. Promoting efficiency in the conduct of insurance business.6. Promoting and regulating professional organizations connected with the insurance and Re-insurance business.7. Levying fees and other charges for carrying out the purposes of this Act.8. Calling for information from, undertaking inspection of, conducting enquiries andinvestigations including audit of the insurers, intermediaries, insurance intermediaries andother organizations connected with the insurance business.9. Control and regulation of the rates, advantages, terms and conditions that may be offered

by insurers in respect of general insurance business not so controlled and regulated by the

Tariff Advisory Committee under section 64U of the Insurance Act, 1938 (4 of 1938).10. Specifying the form and manner in which books of account shall be maintained and
http://en.wikipedia.org/wiki/Securities_and_Exchange_Board_of_Indiahttp://en.wikipedia.org/wiki/Securities_and_Exchange_Board_of_India


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statement of accounts shall be rendered by insurers and other insurance intermediaries.11. Regulating investment of funds by insurance companies.12. Regulating maintenance of margin of solvency.13. Adjudication of disputes between insurers and intermediaries or insurance intermediaries;

14. Supervising the functioning of the Tariff Advisory Committee.15. Specifying the percentage of premium income of the insurer to finance schemes for promoting and regulating professional organizations referred to in clause (f).

LITERATURE REVIEWInsurance is a must because of the uncertain future adversities of life. Accidents, illnesses,disability etc are facts of life that can be extremely devastating. Other than thehospitalization, medication bills these may run up its the aftermath of the incident, the

physical well being of the individual that has to be taken into consideration. Will theindividual be in a position to earn as before? A pertinent question, But what if he is not?Disability can be taken care of by insurance. Your family will not have to go through thegrind due to your present inability.

You think twice before taking the plunge into buying insurance. Is buying insurance anecessity now? Spending an 'extra' amount as premium at regular intervals where you do notsee immediate benefits does not seem a necessity at the moment. May be later well you could

be wrong. Buying Insurance cannot be compared with any other form of investment.Insurance gives you a lifelong benefit and the returns will definitely come but only when youneed it the most i.e. at the right time. Besides buying insurance early in life is one of the wisedecisions you could take. Because the premium you would be paying would be comparativelylower.INSURANCE HISTORYINSURANCE IN INDIAThe insurance sector in India has come a full circle from being an open competitive market tonationalization and back to a liberalized market again. Tracing the developments in the Indianinsurance sector reveals the 360 degree turn witnessed over a period of almost two centuries.A brief history of the Insurance sectorThe business of life insurance in India in its existing form started in India in the year 1818with the establishment of the Oriental Life Insurance Company in Calcutta.

Some of the important milestones in the life insurance business in India are:1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate thelife insurance business.1928: The Indian Insurance Companies Act enacted to enable the government to collectstatistical information about both life and non-life insurance businesses.1938: Earlier legislation consolidated and amended to by the Insurance Act with the objectiveof protecting the interests of the insuring public.1956: 245 Indian and foreign insurers and provident societies taken over by the centralgovernment and nationalized. LIC formed by an Act of Parliament, viz. LIC Act,1956, with a capital contribution of Rs. 5 core from the Government of India. The Generalinsurance business in India, on the other hand, can trace its roots to the Triton Insurance


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Company Ltd., the first general insurance company established in the year 1850 in Calcutta by the British.

COMPANY PROFILE

SYMBOL

Birla Sun Life Insurance:

Birla Sun Life Insurance Company (BSLI) is an industry leader and ranks among the top five private players with a market share of 8.4 per cent in terms of new business premium for FY2009-10. Since its inception, it has been credited for innovation in products and services.The company offers a spectrum of products to meet the growing needs of individuals andgroup customers through a multichannel distribution network. In recent times, the companyhas quadrupled the distribution network to 600 branches and more than 170,000 advisors.With a rapidly growing national footprint, the company is now positioned to capture anincreased market share in the fast growing life insurance market.BSLI enjoys the support of over 675 corporate agents that include Citibank NA, DeutscheBank, Catholic Syrian Bank, Karur Vysya Bank, Development Credit Bank, Bajaj Capital,

BSDL Insurance Advisory Services, Karvy Insurance, Anand Rathi and Angel Broking. Thecompany offers a range of solutions that include protection, health, wealth with protection,children and retirement needs, and has an extensive pan-India reach with over 650 branches.Enjoying the trust of over two million customers, BSLI is ranked among the top five privatelife insurance companies in India today. The company has pioneered the launch of UnitLinked Life Insurance Plans (ULIPs) in India and was the first to introduce benefitillustrations, free-look period and issue policies through the internet.

ADITYA BIRLA FINANCIAL SERVICE GROUP:The ADITYA Birla Group through ADITYA Birla Financial Services Group (ABFSG) has a

strong presence across various financial services verticals that include life insurance, fundmanagement, distribution and wealth management, security-based lending, insurance

broking, private equity and retail broking. In FY 2008-09, the consolidated revenues ofABFSG from these businesses crossed Rs.4763 crore, registering a growth rate of 36 percent. ABOUT SUN LIFE FINANCIAL INC:Sun Life Financial is a leading international financial services organization providing adiverse range of protection and wealth accumulation products and services to individuals andcorporate customers. Chartered in 1865, Sun Life Financial and its partners today have

operations in key markets worldwide, including Canada, the United States, the UnitedKingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda.


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As of 31 March 2009, the Sun Life Financial group of companies had total assets undermanagement of $375 billion.

Awards of company: Birla Sun Life Insurance Company Ltd. (BSLI) won the prestigious Good Corporate

Citizen A ward from Bombay Chamber of Commerce and Industry for the year 2009 -10 under the category of Banking and Financial Institutions

ICAI Awards for Excellence in Financial Reporting, Awarded a Silver Shield in theInsurance category by the Institute of Chartered Accountants of India (ICAI) for thefinancial year ended 31st March, 2009

Outlook Money Awards 2004 BSLI - Best Life Insurer (Runner Up) 2004 TROPHY. The 8th Asia Insurance Industry Awards 2004 - Birla Sun Life Insurance was among

the top five nominees in the category. Birla Sun Life Insurance was awarded 'The Great Place to Work Seminar Series 2007

Presented by Anil Sachdeva Robert Levering (Co-founder Great Place to WorkInstitute) and Jehangir Pocha (Business World Magazine). The BhartiyaShiromaniPuraskar awarded to BSLI at the seminar on "Economic

Development New Delhi, on February 13, 2006. This is a Certificate of Excellencefor Enhancing the image of India presented by Dr. BhishmaNarain Singh (FormerGovernor of Tamil Nadu & Assam) in association with the "Institute of EconomicStudies (IES)".

Types of Birla Sun life insurance: Taking out a life insurance policy covers the risk of dying early, by providing for onesfamily in the event of ones death. It also manages the risk o f retirement providing an incomefor one in non- earning years. There are a variety of policies available in the market, rangingfrom term endowment and whole life insurance, to money back policies, ULIPS, and pension

plan.Term insurance: Term insurance, as the name implies, is for a specified period, and has the lowest possible

premium among all insurance plans. You can select the length of the term for which youwould like coverage, up to 35 years .payments are fixed and do not increase during your term

period . In case of an untimely death, your dependents will receive your benefit amountspecified in the term life insurance agreement.Endowment insurance: Endowment insurance is ideal if you have a short career path, and hope to enjoy the benefitsof the plan in your life time. Endowment plans are especially useful when you retire, by

buying an annuity policy with the sum received, generates a monthly pension for the rest ofyour life.Whole life insurance:Whole life policies have no fixed end date for the policy, only the death benefit exists and is

paid to the named beneficiary. The policy holder is not entitled to any money during his orher lifetime, i.e. there is no survival benefit.

Money back plan :Regularly receive a percentage of the sum assured during the life time of the policy. Money


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back plan are ideal for those who are looking for the product that provides both insurancecover and savings. It creates a long term savings opportunity with a reasonable rate of return.ULIP :

It introduced by the private players, are hugely popular, because they combine the benefits of

life insurance policies with mutual funds. A certain part of premium is invested in listedequities/debt funds, bonds and the balance is used to provide for life insurance and fundmanagement expenses.Pension plan :Insurance companies offer two kinds of pension plans-endowment and unit linked.Endowment plan invest in fixed income products, so the rate of return is very low. Unitlinked plans are more flexible.

Private market players in life insurance industry:

HDFC standard life insurance limited. Max New York life insurance co. ltd. ICICI prudential life insurance co.ltd. Kotak Mahindra old mutual life insurance ltd. BIRLA sun life insurance ltd. Tata AIG LIFE insurance co.ltd. SBI life insurance co.ltd. ING Vysya life insurance co. Private ltd. BAJAJ Allianz life insurance co.

MetLife India insurance co. Future generally India life insurance IDBI fortis life insurance co.ltd. Reliance life insurance ltd. Aviva life insurance co. private ltd. Sahara India insurance co. ltd. Shriram insurance co. ltd. Bharti axa life insurance co.ltd

Figure: 1

Total Percentage of Companys Share


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Products offered by the company :The many pioneering activities by BIRLA sun life include unit linked life insurance

solutions, investment linked insurance products and web based insurance policies . Protection plans, saving plans , health solution plans, retirement plans, children plans, rural plans, group plans, NRI plans

VISION To be a world class provider of financial security to individuals and corporate and to beamongst the top three private sector life insurance companies in India.

MISSION

To be the first preference of our customers by providing innovative, need based life insuranceand retirement solutions to individuals as well as corporates. These solutions will be madeavailable by well-trained professionals through a multi channel distribution network andsuperior technology.

Our Endeavour will be to provide constant value addition to customers throughout theirrelationship with us, within the regulatory framework. We will provide career developmentopportunities to our employees and the highest possible returns to our shareholders

VALUES


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Integrity: Honesty in every action.

Commitment: Deliver on the promise

Passion: Energized action

Seamlessness: Boundary less in letter & spirit

Speed: One step ahead always

SWOT ANALYSIS

STRENGTH:

Multi-channel distribution and one of the largest 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 of HNI advisors.

Training process of the company is very strong.

Different plan for different peoples

According to the change in surrounding environment like changes in customerrequirement.

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 insuranceindustry .

Though good investment and insurance it is easy to top Indian customers.


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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 still difficult task to win the confidence of public

towards private company.

The company is facing major threats from LIC -which is an only governmentcompany.

The group is India's leading business house with a number of key organizations. These are as

follows:

1. Grasim

2. UltraTech Cement Ltd

3. Hindalco

4. Indian Aluminum Company Ltd

5. Aditya Birla Nuvo

6. Idea Cellular Ltd.

7. Birla Sun Life Insurance Co.Ltd

8. Birla Sun Life Asset Mgmt. Co.Ltd

9. Birla Sun Life Distribution Co. Ltd

10. PSI Data Systems

11. Indo Gulf Fertilizers Ltd.

12. Birla Global Finance Ltd

Sun Life Financial Inc. 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. Sun Life Financial Inc. is a leading player in thelife insurance market in Canada.

Share Holding Pattern:

In Birla-Sun Life, the two companies are having shareholding pattern as follows:

74 %--> Aditya Birla Group


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26 %--> Sun Life Financial Inc.

The group has 3 businesses:

1. Mutual Funds

2. Wealth Management

3. Life Insurance

Birla Sun Life Insurance co ltd. is the Life-Insurance arm of Birla-Sun Life

Birla Sun Life Insurance in its 7 successful years of operations has contributed significantlyto the growth and development of life insurance industry in India. It pioneered the launch ofUnit Linked Life Insurance plans amongst the private players in India. It was the first playerin 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. Thiswas supported by sales practices, which brought a degree of transparency that was entirelynew to the market. The process of getting sales illustrations signed by customers, offering afree look period on all policies, which are now industry standards were introduced by BSLI.Being a customer centric company, BSLI has covered more than a million lives sinceinception and its customer base is spread across more than 1000 towns and cities in India. Allthis has assisted the company

In cementing its place amongst the leaders in the industry in terms of new business premiumincome. The company has a capital base of more than Rs.672 crores.

Many ONEs with Birla Sun Life Insurance:

BSLI is a company that has a very unique contribution in the history of Insurance sector. Thecompany not only has varying plans and funds, rather also is a pioneer in many aspects.These pioneering features of BSLI are as follows:

1. Free Look Period: BSLI offers its policyholders with a free look period of 15 days.Client gets freedom to have an in-depth look over all the terms and conditionsregarding his/her life-insurance policy. If he finds policy not worth opting for, he can

also return the policy, but at BSLI, co. people ensures this not to happen.

2. Bancassurance: BSLI pioneered Bancassurance in India. Bancassurance means toinclude Banks as one of the distribution channels with the company. BSLI is the firstcompany, which realized that banks, with their huge customer base and strongcustomer loyalty, are a readymade platform to acquire new business on a more costeffective and sustainable basis.

3. Unit Linked Life Insurance Plans: BSLI was the first in India to introduce UnitLinked Plans. A ULIP is an auspicious coming together of security from life


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4. Insurance and earnings from investment. Which means, apart from securing the futurethey offer efficient returns. These plans provide the customer with a certain number ofunits, in the same way as a mutual-fund holder gets units. ULIPs offer market-linkedreturns to policyholders.

5. Sales Illustrations: BSLI is the first company to introduce Sales Illustrations in theInsurance Industry. Sales people of BSLI give demonstrations of fund

6. Performance on two points of projections i.e. on 6% and 10%. Now IRDA has alsomade it mandatory to have sales illustrations.

7. BSLIs has launched Century SIP, a unique systematic investment plan offering anopportunity to create wealth with as little as Rs 1000 per month plus a life insurancecover of up to 100 times the monthly installment.

This plan comes along with free term insurance for an individual up to 55 years of age.The life insurance cover comes at no extra cost to the investor. The cover is hassle free. Theinvestor need not go thru any medial test to avail of the life cover. All an investor needs to dois enroll for CSIP & si gn a Declaration of Good Health. In case of unfortunate demise ofinvestor the insurance claim will be directly paid to the nominee by the insurance company(Birla Sun Life Insurance Company).

Announcing the launch of Century SIP, Anil Kumar, CEO, and Birla Sun Life MF said,

This offering touches all aspects of an investors financial planning needs. We wish toencourage the investment habit among investors by providing them life insurance cover.

Insurance cover to the investor would continue even aft er the SIPs minimum maturity tenorof 3 years. Any individual between 18 to 46 years of age may invest in this plan. Investmentin this plan may be made through Electronic clearing system (ECS), direct debits or postdated cheques.

8. Others: Some other ONEs with BSLI are: 1st to issue daily NAVs of funds for better transparency. 1st to have a distinct CRISIL benchmark. 1st to disclose portfolio on a monthly basis.

Policyholders can view their policy details online; they can be accessed from BSLIwebsite using your unique password.

Out of every 100 claims intimated to BSLI 98.28 stands cleared. Also the averageTurn Around Time (TAT) :

From the receipt of the last requirement till dispatch of cheque is 5 days andFrom intimation of claim till its decision & dispatch of cheque is 36 days.

Sales Procedure of Insurance in BSLI:


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BSLI ensures that its policyholders get the best out of the policy offered to them by theirAdvisors. For this, BSLI follows a set procedure of selling Insurance to the clients. The sales

procedure can be diagrammatically presented as follows:

This procedure can be stepped down as follows:

1. Pitching the customer: The first and foremost thing is that, client should be ready to purchase the Insurance plan. Insurance is not a very preferable product yet in India. And,thus, co. has to be very vigilant. Advisors, at BSLI, maintain relationships and make the mostof their Goodwill. Insurance is a Relationship oriented business. Keeping this in mind BSLIalso initiated Bancassurance, whe re Banks image of being loyal to the customers, plays amajor role in pitching the customer to buy Insurance. BSLI uses following routes fordistributing their Product to general public:

Direct Personal Contacts (through Advisors)Bancassurance (through Banks)

Personal Relations (through co. employees)Existing Policyholders.

SUSPECTING

PROSPECTING

APPOINTMENT

FIRST SALESCALL

FOLLOW UPS

SALES CLOSED

OFFICE WORK


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2. Sales Illustration: BSLI is the first company to give demonstration of the fund performance i.e. how a certain policy will perform or will give returns. BSLI Advisors givesales illustration. Fund performance is shown on 6% and 10% projections. If client find these

projected returns suitable to his/her risk profile, he go for purchasing the policy.

3. Proposal Form: Now as client is ready to get insured, advisor gives him the proposalform and asks for all the documents required. Proposal form is a 4 page document thatcontains all the necessary information related to the Insured and the Owner of the policy.Documents required along with the proposal form are:

A. Date-Of-Birth Proof

B. Address & ID Proof

C. Income Certificate

D. Medical Certificates (only if Insurer is a senior citizen)

4. After Sales Service: Now after the Insurance is sold, follow-ups are required. Advisorneeds to maintain good relations with the policyholder. Insurance co. can generatefurther business, only if, existing policyholders are satisfied with the services being

provided by the advisor of the co. Thus, BSLI keeps this in mind and BusinessDevelopment Executives continuously track the needs of the policyholders. BSLI

provides the policyholders with monthly updates of the fund performance and alsodiscloses the asset portfolio of the fund. This assists the policyholders to manage their

policy according to their risk profile. They can, thus, change their fund allocation as wellas the asset allocation in any fund, chosen by them.

DETAILS OF PRODUCTS

Life is unpredictable. But in face of adversity, our responsibilities towards our parents,children and loved ones need not be compromised. Insurance planning equips you to smoothout the uncertainties and adversities that life might send your way, so that the best that lifehas 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

Insurance Plans
http://www.iciciprulife.com/ipru/protection1.jsphttp://www.iciciprulife.com/ipru/savings1.jsphttp://www.iciciprulife.com/ipru/childplan1.jsphttp://www.iciciprulife.com/ipru/investment1.jsphttp://www.iciciprulife.com/ipru/retire1.jsphttp://www.iciciprulife.com/ipru/retire1.jsphttp://www.iciciprulife.com/ipru/investment1.jsphttp://www.iciciprulife.com/ipru/childplan1.jsphttp://www.iciciprulife.com/ipru/savings1.jsphttp://www.iciciprulife.com/ipru/protection1.jsp


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6. Group Plans

7. Rural Plans

8. Plans for NRIs

9. Keyman Plans

10. Riders

OBJECTIVE OF STUDY

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

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.

INSURANCE ADVISOR

A professional who provides specialized guidance and advice for investment in variousinsurance schemes is an insurance advisor or insurance consultant.

In an insurance industry, the insurance agent possesses multi-faceted roles to play as enlisted below:

The insurance agent helps in promoting and selling of insurance products and services to itscustomers.

Giving sound financial advisory services and customer support to the clients. Needs to deal with not only individuals but their families and corporate businesses too. Needs to have good relationship including good rapport with his/her existing and

prospective clients General awareness about the markets.Promotion of insurance brands need to have a carefully drawn roadmap.Marketing strategies needs to be drawn and re-drawn from time to time, keeping in mind

the customer preferences.Well-planned strategies and plans needs to be chalked out.Public-relation (PR) building exercise should be given significant importance.Business Development tactics needs to be pursued aggressively.

INSURANCE ADVISOR AGREEMENT

Insurance advisor it is a kind of agreement done between advisor to be recruited and Birla

Sun life Insurance Company Ltd.
http://www.iciciprulife.com/ipru/groupplan1.jsphttp://www.iciciprulife.com/ipru/ruralplan1.jsphttp://www.iciciprulife.com/ipru/nriplan1.jsphttp://www.iciciprulife.com/ipru/keymanplan1.jsphttp://www.iciciprulife.com/ipru/riders.jsphttp://www.iciciprulife.com/ipru/riders.jsphttp://www.iciciprulife.com/ipru/keymanplan1.jsphttp://www.iciciprulife.com/ipru/nriplan1.jsphttp://www.iciciprulife.com/ipru/ruralplan1.jsphttp://www.iciciprulife.com/ipru/groupplan1.jsp


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BSLI is desires of appointing the as its Insurance advisor for soliciting and procuring lifeInsurance 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 agentunder Section 42 of Insurance act 1938 and its desires of being appointed as Insura nce

advisor of BSLIThis is the kind of agreement which each and every advisor has to adhere. Its agreement givethe brief discussion effective date of appointment, area of Insurance, advisor minimum

performance requirement and service standards others conditions confidentially to bemaintain and compensation and remuneration.

Effective Date and Appointment as Insurance Advisor:

This Agreement shall come into force on and from the date of issue of the license tothe Insurance Advisor to act as an insurance agent, provided that the Company maychoose, in writing, a date other than the date of issue of the license on and from whichthis Agreement shall come into force (such date of coming into force to this Agreementreferred t o as Effective Date in this Agreement). However, where the Insurance Advisoralready holds a valid subsisting license before execution of this Agreement, the EffectiveDate of this Agreement shall be the date of execution of this Agreement.

BSLI hereby appoints the Party of the Other Part as Insurance Advisor and the Party of theOther Part hereby accepts his appointment as an Insurance Advisor of BSLI.

The appointment, continuance and functioning of the Insurance Advisor shall be alsogoverned by and shall be subject to the provisions of the Applicable Laws.

Business Area of Insurance Advisor:

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 theInsurance Advisor separately (such area referred to as Business Area and, area other thanBusiness 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.The Insurance Advisor further agrees that even within his Business Area, he shall not solicitor 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 BSLIcan provide customer service to its customers / policyholders, and any pin code other thanServiceable Pin code refers to Non - Serviceable Pin codes). The list of Serviceable Pincode areas as updated from time to time, Is available/posted on the Restricted Website Areaand no separate communication in this regard will be sent.

The appointment of the Insurance Advisor for a Business Area shall be without prejudice toBSLIs right to appoint any other insurance advisor(s) in / for the same Business Area and


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such appointment of any other insurance advisor(s) shall not entitle the Insurance Advisor toclaim any relaxation in the Minimum Performance Requirements applicable to him, nor shallaccrue in his favor any cause of action.

Minimum Performance Requirements and Minimum Service Standards:

The Insurance Advisor shall at all times fulfill the Minimum Performance

Requirements in terms of new business, premium income, number of proposals, number oflives insured or on any other criteria as stipulated by BSLI from time to time (hereinafterreferred to as the Minimum Performance Requirements). BSLI may stipulate from time totime the Minimum Performance Requirements and any revision thereto, for a specified

period(s) or for any shorter period(s) within such overall specified period(s) or to specify theInsurance Product(s), which the Insurance Advisor shall solicit and procure for BSLI. TheMinimum Performance Requirements (MPR) criteria would be intimated by BSLI to the

Insurance Advisor in writing or by Email or by posting the same on the Restricted WebsiteArea.

The Insurance Advisor would take all reasonable steps to conserve the insurance procured byhim. He shall also endeavor that the policyholders for whom the is acting as the insuranceadviser pay their premiums regularly and timely. The Company will be entitled to fixminimum service standards / service measures in respect of the Insurance Advisor. SuchMinimum Service Measures would be intimated by BSLI to the Insurance Advisor in writingor by Email or by posting the same on the Restricted Website Area and the action that can betaken in case of the Insurance Advisor not being able to achieve the Minimum ServiceStandards.

Other conditions:

Without prejudice to the generality of the application of the provision of Applicable Law, theInsurance Adviser shall scrupulously follow, adhere to and affirm to comply with the Code ofConduct prescribed by the Insurance Regulatory and Development Authority (Licensing ofInsurance Agents) Regulations, 2000, as amended from time to time (hereinafter referred toas the Code of Conduct) as though they said Code of Conduct has been explic itly set out inand forms part of this Agreement.

The Insurance Advisor shall not allow or offer to allow, either directly or indirectly, as aninducement, to a prospect or a policyholder, to take out or renew or continue a policy, anyrebate of the premium payable under the Policy or of the commission payable to him; norshall he offer any other rates, advantages, terms or conditions than those offered by BSLI.The Insurance Advisor specifically confirms his awareness of and continued adherence to the

provisions of Section 41 of the Insurance Act, 1938. Breach of this clause will entitle BSLI toterminate this Agreement forth with and without any notice.

The Insurance Advisor agrees and undertakes to abide by the following conditions:


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The Insurance Advisors shall not to obtain / seek / provide / give undue favors or graft from /to any employee of BSLI or any co-advisor or any person, customer or policyholder of BSLI.

The Insurance Advisors shall not accept / give gift of substantial value (greater than Rs 1,000or such amounts as BSLI may specify) from / to any employee of BSLI or any co-advisor orany person, customer or policyholder of BSLI in connection with any matter or dealingconcerning BSLI. The Insurance Advisor shall operate with values and standards befitting thestanding of BSLI.

In the event of violation of Code of Conduct or any of the guidelines / operating instructionsof the Company or on happening of any act of commission or omission which constitutes amalpractice, BSLI shall be entitled, without prejudice to its right of termination of thisAgreement, to warn the Insurance Advisor or require it to take any steps or do any act inrectification of any such act, and Insurance Advisor agrees to act in accordance with any suchcommunication.

The Insurance Advisor shall be responsible for the accuracy, truthfulness and completeness ofthe information furnished in the Agents Confidential Report in proposal forms logged byhim or otherwise made available to BSLI in respect of any proposal.

The Insurance Advisor shall, promptly and in any case not later than the time stipulated byBSLI in that behalf transmit to the concerned office of BSLI all proposals for insurance andall other documents procured or received by or called for from him. This would include butshall not be restricted to customers / policyholders proposal forms, supporting or otherdocuments, information, payment instruments, letters / communications addressed to BSLIand documents relating to assignment / nomination, Insurance Advisor shall ensurecompliance with Section 64 VB of the Act.

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 formaking such payment personally or advise him of the permissible modes of payment to BSLI.Insurance Advisor can accept cheque, demand draft or other payment instruments (not beinga 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 forindemnification to BSLI by the Insurance Advisor, the Insurance Advisor specificallyconfirms and undertakes to hold BSLI safe, harmless and indemnified at any time and at alltimes against any demand, claim , action or proceeding arising from any breach, whetherintended or not, of the provision of this clause. The Insurance Advisor further confirms thatwhere 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 besuch agent till he continues to hold any cash accepted from such customer / policyholder.

The Insurance Advisor shall attend all meetings, workshops, trainings and briefings

conducted by or on behalf of BSLI to create / enhance awareness as to the InsuranceProducts, business plans and policies of BSLI and any other matter of relevance to them of


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subsequently, immediately after the same has been so acquired. In the event of failure to provide PAN number, the Company will be entitled to block the payments of the InsuranceAdvisor.

BSLI shall be entitled to deduct the service tax (or any similar tax, in lieu of or in addition toservice tax), including any cess, surcharge or similar tax thereon, from the commissions orany other amounts payable to the Insurance Advisor. However, in best commercial interestsBSLI may decide to recover only a part of such taxes and bear the rest.

The Insurance Advisor shall be deemed to have notice of the revised commission rates at theearliest of (a) on receipt of the written notice as per (a) above; or (b) publication or posting onthe Restricted Website Area as per clause (b) above; or (c) copies of such revision beingmade available to BSLI office, branch, outlet or franchise nearest to the address of theInsurance Advisor as per clause (c) above.

BSLI shall be entitled to specify (and revise) differential commission rates for differentInsurance Products and based on various parameters including new business premiums,renewal premiums, business done by Insurance Advisor etc.

In case of any excess or wrong payment of commission or any amount to the InsuranceAdvisor or any commission or any amount which subsequent to their payment becomesrecoverable or receivable from the Insurance Advisor for any reason whatsoever, BSLI shall

be entitled to adjust such amounts (which have been paid in excess or wrongly or have to bereceived / recovered back ) in the subsequent payment(s) to the Insurance Advisor,Alternatively, or where no amounts are due to the Insurance Advisor, BSLI will require theInsurance Advisor to repay or refund forthwith such amounts, and thereafter the InsuranceAdvisor shall repay the amount within 15 days after the receipt of any communication fromBSLI in that regard.

Miscellaneous provisions:

All forms, applications, documents, properties or securities received by the Insurance Advisorfor or on behalf of BSLI shall be held by him in trust for BSLI, and shall be promptly handedover to BSLI. Upon termination or cessation of this Agreement the Insurance Advisor shall

promptly deliver / return, to BSLI in good condition all forms, application, documents, properties or securities and all sales literature, manuals and computer software received fromor for or on behalf to or provided by BSLI In the event of failure of the Insurance Advisor todo so, BSLI shall be entitled to inform about such failure to IRDA, to organizations withwhich the Insurance Advisor has employment or to his business associates including anyinsurance company of which the Insurance Advisor becomes or proposes to become theinsurance advisor, and further I BSLI will not furnish the NOC to the Insurance Advisor tillsuch time the failure continues.

Definition of market potentialAccording to personal.umich.edu, market potential is defined as the capacity of a location,such as a country, to become or to grow as a demander of goods and services that outside


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suppliers might provide. Various measures of market potential are provided especially foremerging economies, intended as guides to exports and foreign direct investment. On theother words, market potential is a measure of probable demand for a product or service in aclassified geographic area. Hence, based on the case scenario, we would like to know can

seaweed be marketed in Ampang area. In order to determine whether seaweed can bemarketed or no, the study of market potential for seaweed is being applied. Related to that,there are elements in market potential need to be followed to get accurate results. From themarket potential information, researcher will be able to determine and analyze markets forseaweed by the sales, awareness, taste, perception, price of the competitor product, purchase

patterns and so forth.

Elements included in market potential Target market

The first elements that need to be considered in market potential are thetarget market and market segment for the product. According to bodyscan.human.cornell.edu,target market is defined as a set of people from the population to which a company wishes tosell. Target markets are typically defined by demographic information such as age, incomelevel, ethnicity, or interests, and not by body size or shape. In other words, target market is aspecific group of people that a company focuses to do a research regarding their marketing

plan for the products or services. For example, in researching information for seaweed, wehave identified that the target market for seaweed is health conscious people. For instance,according to health.learninginfo.org, seaweed contains a lot of nutrients which can help tocure diseases such as cancer. The health conscious people will be one of the potential

customers to buy this product. Demographic

Demographic is commonly refers as the study on people populationregarding their age, gender, income, race, education and so forth. By determine demographic,researcher will be able to know general information about a population at a given time

because demographic data consists of statistics about people. Related to that, demographicdata will give information for the market potential of the product, such as seaweed.Demographic will provide useful information for the researcher such as people income level.It is because, customers are really special that they are differs in their needs and wants based

on the income level etc. For example, some customer who has higher income level will buythe seaweed product more often and in large quantities vice versa. Related to that, we haveoutlined that potential customer are located at Ampang and the total amount of residents are574 300. Therefore, we will do a research about the income level, race etc based on the data.

Income levelIncome level is the average earnings of individuals. Income level is essential to be consider inmarket potential research as the information about income level will guide the researcher onwhat kind of product that the customer will buy such as a BMW car or a Proton car, howmuch quantity will potential customer buy for the product such as in small amount or largeamount and how often the potential customer will buy the product at a moment as well as the


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average consumption such as in a month, how frequently they buy the product. For example,our group have outlined that the appropriate buyer for seaweed come from the middle classincome which is RM 700 to RM 7, 000. It is because; seaweed product is affordable andcheap. It will encourage the buyer to buy seaweed regularly because seaweed is a choice of

vegetable in the daily diet. Consumer behaviorIn consumer behavior, we would like to determine what is the customer perception aboutseaweed such as do you think that seaweed is good for health and their opinion about thetaste of seaweed whether it is very good, good, average etc. The consumer behavior also will

provide information about how many seaweed products do they purchase and how often they buy seaweed. From the information in the questionnaire results, we will be able to concludethat whether seaweed can be marketed in the Ampang area or no after determine seaweedhave the market potential in that area. As a result, seaweed have a small market potential inAmpang area since the many of the customer are likely identified that seaweed is good forhealth.

CompetitionAccording to wordnetweb.princeton.edu, competition is defined as a compete for something.In other words, competition is refers as two or more company strives to achieve their samegoals. It is essential for a market researcher to determine the competition aspect, it is because,and competition information will give information about the competitor product and themarket share in the industry. For example, our group are necessarily would like to knowabout the competition for seaweed product because we want to know what is the competitionin the industry, who is our competitor, what is our market share, and the market potential to

be develop. So, it is important to know the competition information in order to know market potential for our product.

Economic in term of price of the productThe economic factor is also important in

determining market potential for the proposed product that is seaweed. It is because,economic will give information on what will people pay for the product. So, it is necessarilyfor our group to identify the customer preferred price for seaweed and their opinion whetherseaweed is affordable to be purchased. Therefore, we will be able to know the market

potential for price placing for seaweed food product in the market.

Government incentivesMarket potential for seaweed become larger as the

government gives full cooperation on supporting, developing and commencing seaweed inMalaysia. For example, according to moa.gov.my, government of Malaysia have estimate tospend RM 1.96 billion to help the agriculturist in expanding their business especially inseaweed. So, this point is important in considering market potential for seaweed for our groupas the market potential for seaweed is increasing with the government support.


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Listen to customersObtain customer feedbackProvide excellence services to customersGetting closer to customer

Customer role in services deliveryWithout the contact of customers the services could not deliver so the customer is veryimportant role for services delivery he physical presences and participation is required ofcustomer's .The customer as productive resource;-- The customer as contributor to quality, satisfaction and value; and-- The customer as competitor to the service organizationWord of mouth advertising. A happy and satisfied customer is much more likely to send morecustomers your wayMaintaining waiting linesWhen the demand exceeds the supply then the Birla sun life has managing the waiting linesthrough different ways (1) How long do your customers expect to wait? Set operational objectives based on what isacceptable.(2) This is especially important when the waiting time will be longer than normal. Tell themwhy the waiting time is longer than normal and what you are doing to alleviate the queue f agroup of customers needs something that can be done very quickly, give them a special lineso they do not have to wait for the slower customers

3) Inform customers of times when they usually would not have to wait; also tell them when

the peak periods are this may help to smooth the load

(4) Develop plans for alternative ways to serve your customers. Where appropriate, develop plans for automating \or speeding up the process in some manner. This is not o say you wantto eliminate personal attention; some customers expect this.

Expectation of the consumers

Hence old as well as new insurers will have to offer innovative products to the consumers.The consumers are particularly expecting good pension plans, health insurance, and term

insurance and investment products like unit-linked insurance, from the life insurers. Similarlythe consumers expect innovative products from the general insurers for managing healthcare,

property insurance, accident insurance and other products related to the personal line ofinsurance Increase exposure through media (TV, Radio and Internet). In this case, thetraditional model is more generic and there is a need to reinvent the messages based on targetgroups to achieve the business

Delivering Service through Intermediaries

An insurance intermediary is a person or a company that helps you in buying insurance.Insurance agents, insurance brokers and financial advisers are insurance intermediaries.


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On the other hand, an intermediary is someone who solicits tactful business or invites potential customers to enter into tactful contracts with operators. They are also known astactful agents and tactful brokers

LIMITATIONS OF INSURANCELack of awareness among the people -

This is the biggest limitation found in this sector.Most of the people are not aware about the importance and the necessity of the insurance intheir life. They are not aware how useful life insurance can be for their family members ifsomething happens to them.Perception of the people towards Insurance sector -

People still consider insurance just asa Tax saving device. So today also there is always a rush to buy an Insurance Policy only atthe end of the financial year like January, February and March making the other 9 months dry

for this business.Insurance does not give good returns -

Still today people think that Insurance does not givegood returns. They are not aware of the modern Unit Linked Insurance Plans which areoffered by most of the Private sector players. They are still under the perception that if theytake Insurance they will get only 5-6% returns which is not true now days. Nowadays most ofthe modern Unit Linked Insurance Plans gives returns which are many times more than thatof bank Fixed deposits, National saving certificate, Post office deposits and Public providentfund.

Lack of awareness about the earning opportunity in the Insurance sector -People still

today are not aware about the earning opportunity that the Insurance sector gives. After the privatization of the insurance sector many private giants have entered the insurance sector.These private companies in order to beat the competition and to increase their InsuranceAdvisors to increase their reach to the customers are giving very high commission rates but

people are not aware of that.Increased competition -

Today the competition in the Insurance sector has become very stiff.Today each and every company is trying to increase their Insurance Advisors so that they canincrease their reach in the market. This situation has created a scenario in which to recruitBirla sun life insurance Advisors and to sell life Insurance Policy has became very- verydifficult.

Research Methodology

While making a study we very often look for what type of research methodology is to be usedin this type of study. For implementation of a proper research methodology we have to firstunderstand the meaning of research.


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Research is a process with the help of which new concepts arises. It is the increase in theactual knowledge stock. It can be called as movement from known to unknown and vice-versa. It is also a continuous process. It is a scientific as well as systematic process, whichincludes defining and redefining the problem to develop hypothesis, to collect and define the

information/data, to analysis the information and bring out the mother of Discovery. Anindividual makes the effort in research and society or public takes its benefits because theresults are usually generalized.

Data collection

The word data means any raw information, which is either quantitative or qualitative innature, which is of practical or theoretical use. The task of data collection begins after aresearch problem has been defined and research design chalked out. While deciding about themethod of data collection, the researcher should keep in mind that there are two types of data

primary and secondary.

Primary data: -

This is those, which are collected afresh and for the first Time, and thus happen to be originalin character. There are many ways of data collection of primary data like observation method,interview method, through schedules, pantry Reports, distributors audit, consumer panel etc.The Team Managers and employees of both the Department were consulted to getinformation about procedure of both the online and off line share trading. But the methodused by us for the primary data collection was through questionnaires.

Questionnaire method

For the collection of primary data I used questionnaire method. A formal list of questions,which are to be asked, is prepared in a questionnaire and questions are asked on those bases.There are some merits and demerits of this method. These as under: -

Merits: -

1. Low cost even when universe is large.

2. It is free from bias of interviewer.

3. Respondents have proper time to answer.

4. Respondents who are not easily approachable can also be reachable.

5. Large samples can be made.

Secondary data: -

These are those data, which are not collected afresh and are used earlier also and thus theycannot be considered as original in character. There are many ways of data collection of

secondary data like publications of the state and central govt., reports prepared by


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researchers, reports of various associations connected with business, Industries, banks etc.And the method, which was used by us, was with the help of reports of the company.

Sample Size

We have meet 25 people during requirement Advisor and policy selling after that I have taken15 People they have fill up the questionnaire and given response.

Q1. Which Birla Sun Life Scheme do you have?

Inference

On the basis of above analysis it has been concluded that around 68% of the policy holders

are having life plan, 22% of them are having Retirement plan and rest of them are having thehealth plan.

Q2. Are you satisfied with the Insurance plan you have?

Inference

On the basis of the analysis it has been concluded that around 72%of the people are satisfiedwith plan they have and rest of them are not satisfied.

No of Peoples Have BSLI Plan

Health,10%

Retierment, 22%

Life, 68%

HealthRetierment

Life

No. of people satisfied with the plan

72%

28%

Yes

No


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Q3. Are you satisfied with the information provided by thecompany regarding new plans and schemes?

Inference

On the basis of the above analysis it has been concluded that around 82% of the policyholders are satisfied with the services provided by the company and rest of them are notsatisfied.

Q4.Are you interested to make more investments in BSLI?

Inference

On the basis of the above analysis it has been concluded that around 67% of the policyholders

are interested to make more investments in BSLI and rest of them are not interested.

No. of people satisfied with theservices provided by the company

82%

18%

Yes

No

No. of Peoples want to moreinvestment in BSLI

67%

33%

Yes

No


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Q5. Have you any other Insurance Plan apart from BSLI?

Q6. If yes, then of which Life Insurance Company?

Inference

From the above analysis it has been concluded that around 89% of policy holders are havingother insurance plans apart from BSLI, in which around 60 % are having LIC insurance

plans, 11% are having Bajaj Allianz, 9% are having Birla Sunlife, and 8% are having ICICIPru. And 12% are having other company insurance plans.

No. of Peoples have other InsurancePlan apart from BSLI?

78%

22%

Yes

No

60%9%

11%

8%12%

LIC

BSLI

BAJAJ ALIYANZ

ICICI

Others


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Q9. When company launch new product, then you are interested in gettingany information for that new product?

Inference

From above chart it is stated that 80 % of people get information about new productslaunched by company.

Q10. Why do you invest in this BSLI Company?

Inference

From above pie chart we came to know to know that 40% of people think Annual premium isReasonable, 30% of think Company have a good Image in the Market, and 20% of thinkInterest rate is good and in the end 10% of people think of good maturity benefits.

80%

20%

YES/NO

Yes

No

20%

30%40%

10%

What People Think

High Interest

Good Image of company

Annual premium isReasonable

Maturity benefits


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Q11. Do you think that investment in Insurance sector is good option?

Inference

The above chart states that 65% of people think that investment in Insurance sector is a goodoption similarly 35 % thinks it is not good.

Q12. In near future, do you think BSLI will have high growth rate?

Inference

From above chart it is stated that about 40% of people Agree that BSLI will have highergrowth in future, similarly 35% of people cant say anything and 15% of people disagree with

it and 10 % say it will be neutral.

65%

35%

Investment in Insurace sector isgood

Yes

No

40%

10%15%

35%

BSLI will have high Growthrate in Future

Agree

Neutral

DisagreeCan't say


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Q13. What quality of service is given to you by BSLI?

Inference

The above chart shows the quality of service provided by the Company 20% of people thinksits Excellent, But 40% of them think Good service and 25% of them think its average and10% think its bad.

Q14. Will you refer any of your friend/relative to buy insurance policy in BSLI?

Inference

The above chart states that 50% of people will recommend their friends/Relatives to buyinsurance policies from BSLI; Similarly 35% say they will not recommend and 15 cant sayanything about it.

20%

40%

25%

10%

Quality of service

Excellent

Good

Average

bad

50%

35%

15%

How many of you recommend BSLI

Recommend

Don't RecommendCan't say


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Q15. Do BSLI have proper Potential to become No. 1 leader in insurancesector in the market?

Inference

From the above chart we came to know that 38% of peo ple dont know about it and 32% sayyes BSLI has potential but 30% of them say no.

Findings from above Research

68% of people have life Insurance Policy, 10% of them have general health insurance,22% have Retirement insurance policy.72% of people are satisfied with the plan they have, But 28% of them are notsatisfied.82% of people are satisfied by the information provided by the company, but 18 % arenot satisfied.67% of people are agreed to invest more in Birla sun life Insurance, But 33% of

people are not agreed.78% of people are having insurance policies in other companies also but 22% arehaving their policy only in Birla Sun Life Insurance.

60% of people are having policies in LIC, 8% are having in ICICI, 11% of them arehaving in Bajaj Allianz, and 9% are having in Birla Sun Life Insurance, 12% in otherinsurance companies.82% of people are Ready to switch from Birla Sun Life Insurance if they get any

better offer from any another company. But 18 % of them are not ready to switch.30 % of people think investment in Birla Sun Life Insurance is better than LIC, But70% of people consider LIC over BSLI80% of People are interested in getting information about new products launched bycompany. Similarly 20 % of people are not interested.

32%

30%

38%

Potential to be No. 1 in the market

Yes

No

Don't Know


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Suggestions Even though most of the policy holders are satisfied with policies, plans they have but

some new attractive insurance plans should be introduce to bind them not to switchover to other companies insurance plans.

The company should find out the no. of people who are not having any of theinsurance plans through an intensive market research and motivate them to getinsured.

Leveraging technology to service customers quickly, efficiently and conveniently. Developing and implementing superior risk management and investment strategies to

offer sustainable and stable returns to our policyholders. Company should target each and every class of the society

Company should provide full information to the customers before targeting so theycan take interest

Information regarding new product should be provided to the customers.

The company should find out the no. of people who are not having any of the

insurance plans through an intensive market research and motivate them to get

insured.

At some level Company should provide information to the customers about thecharges of the policy.

Company should target each and every class of the society. Charges should be low of the policies. Annual premium should be reasonable. BSLI Company should work in systematic way.

LIMITATIONS

Some of the respondents were not cooperative. There are chances of biased information provided by the respondents. As the sample size is small compared to the total population, therefore there cant be

full accuracy.

The time was limited. Area was limited.

Some of the respondents were not cooperative.


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BIBLIOGRAPHY

BOOKS-

Kothari C.R., Research Methodology, 4th Edition 2002

Kottler Philip, Marketing Management, 10th Edition, Prentice- Hall of India Pvt. Ltd.,2001

Thakur Devendra, Research Methodology, Deep & Deep Publication Pvt. Ltd., 2005

MAGAZINES

India Today Business World Business Week

INTERNET 1. http://insurance.birlasunlife.com/Pages/Individual/Home.aspx2. http://insurance.birlasunlife.com/Pages/Individual/Our-Solutions/Overview.aspx3. http://insurance.birlasunlife.com/Pages/Individual/Customer-Service/Overview.aspx4. http://insurance.birlasunlife.com/Pages/Individual/Customer-Service/Tax-

Benefits.aspx5. http://insurance.birlasunlife.com/Pages/Individual/Tools-Knowledge/Overview.aspx6. http://insurance.birlasunlife.com/Pages/Individual/About-Us/Overview.aspx7. http://insurance.birlasunlife.com/Pages/Individual/About-Us/Know-Our-Funds.aspx


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ANNEXURE

QUESTIONNAIRE

1) Which Birla Sun Life Scheme do you have?

Health ... ( ) Life ( ) Retirement . ( )

2) Are you satisfied with the insurance plan you have? Yes.... ( ) No. ( )

3) Are you satisfied with the information provided by the company regarding new plans andschemes?

Yes... ( ) No.... ( ) 4) Are you interested to make more investments in bsli?

Yes... ( ) No.... ( )

5) Have you any other insurance plan apart from BSLI? Yes ... ( ) No. ( )

6) If Yes, Then of which life insurance company?7)