Table of contents

1)

Introduction

2)

Company Profile

3)

Business Opportunity

4)

Details of Product

5)

IRDA

6)

Objective

7)

SWOT Analysis

8)

Research Methodology

9)

List of Tables

10)

List of Graphs

11)

Findings and Conclusions

12)

Suggestions and Recommendations

13)

Bibliography

14)

Questionnaire

Life insurance
Life insurance (Life Assurance in British English) is a type of insurance. As in
all insurance, the insured transfers a risk to the insurer. The insured pays a
premium and receives a policy in exchange. The risk assumed by the insurer is
the risk of death of the insured.
HOW LIFE INSURANCE WORKS

There are three parties in a life insurance transaction; the insurer, the insured,
and the owner of the policy (policyholder), although the owner and the insured
are often the same person. For example, if John Smith buys a policy on his own
life, he is both the owner and the insured. But if Mary Smith, his wife, buys a

policy on John's life, she is the owner and he is the insured. The owner of the
policy is called the grantee (he or she will be the person who will pay for the
policy). Another important person involved is the beneficiary. The beneficiary is
the person or persons who will receive the policy proceeds upon the death of the
insured. The beneficiary is not a party to the policy, but is designated by the
owner, who may change the beneficiary unless the policy has an irrevocable
beneficiary designation. With an irrevocable beneficiary, that beneficiary must
agree to changes in beneficiary, policy assignment, or borrowing of cash value.
The policy, like all insurance policies, is a legal contract specifying the terms
and conditions of the risk assumed. Special provisions apply, including a suicide
clause wherein the policy becomes null if the insured commits suicide within a
specified time for the policy date (usually two years). Any misrepresentation by
the owner or insured on the application is also grounds for nullification. Most
contracts have a contestability period, also usually a two-year period; if the
insured dies within this period, the insurer has a legal right to contest the claim
and request additional information before deciding to pay or deny the claim.
The face amount of the policy is normally the amount paid when the policy
matures, although policies can provide for greater or lesser amounts. The policy
matures when the insured dies or reaches a specified age. The most common
reason to buy a life insurance policy is to protect the financial interests of the
owner of the policy in the event of the insured's demise. The insurance proceeds
would pay for funeral and other death costs or be invested to provide income
replacing the deceased's wages. Other reasons include estate planning and
retirement. The owner (if not the insured) must have an insurable interest in the
insured, i.e. a legitimate reason for insuring another persons life. The insurer
(the life insurance company) calculates the policy prices with intent to recover
claims to be paid and administrative costs, and to make a profit. The cost of
insurance is determined using mortality tables calculated by actuaries. Actuaries

are professionals who use actuarial science which is based in mathematics

(primarily probability and statistics). Mortality tables are statistically based
tables showing average life expectancies. The three main variables in a
mortality table are age, gender, and use of tobacco. The mortality tables provide
a baseline for the cost of insurance. In practice, these mortality tables are used
in conjunction with the health and family history of the individual applying for
a policy in order to determine premiums and insurability. The current mortality
table being used by life insurance companies in the United States and their
regulators was calculated during the 1980s. There is currently a measure being
pushed to update the mortality tables by 2010.
The current mortality table assumes that roughly 2 in 1,000 people aged 25 will
die during the term of coverage. This number rises roughly quadratic ally to
about 25 in 1,000 people for those aged 65. So in a group of one thousand 25
year old males with a $100,000 policy, a life insurance company would have to,
at the minimum, collect $200 a year from each of the thousand people to cover
the expected claims. The insurance company receives the premiums from the
policy owner and invests them to create a pool of money from which to pay
claims, and finance the insurance company's operations. Contrary to popular
belief, the majority of the money that insurance companies make comes directly
from premiums paid, as money gained through investment of premiums will
never, in even the most ideal market conditions, vest enough money per year to
pay out claims. Rates charged for life insurance increase with the insured's age
because, statistically, a people are more likely to die as they get older.
Since adverse selection can have a negative impact on the financial results of
the insurer, the insurer investigates each proposed insured (unless the policy is
below a company-established minimum amount) beginning with the
application, which becomes part of the policy. Group Insurance policies are an
exception. This investigation and resulting evaluation of the risk is called

underwriting. Health and lifestyle questions are asked, and the answers are
dutifully recorded. Certain responses by the insured will be given further
investigation. Life insurance companies in the United States support The
Medical Information Bureau, which is a clearinghouse of medical information
on all persons who have ever applied for life insurance. As part of the
application, the insurer receives permission to obtain information from the
proposed insured's physicians. Life insurance companies are never required by
law to underwrite or to provide coverage on anyone. They alone determine
insurability, and some people, for their own health or lifestyle reasons, are
uninsurable. The policy can be declined (turned down) or rated. Rating means
increasing the premiums to provide for additional risks relative to that particular
insured.
Many companies use four general health categories for those evaluated for a life
insurance policy. These categories are Preferred Best, Preferred, Standard, and
Tobacco. Preferred Best means that the proposed insured has no adverse
medical history, is not under medication for any condition, and his family
(immediate and extended) have no history of early cancer, diabetes, or other
conditions. Preferred is like Preferred Best, but it allows that the proposed
insured is currently under medication for the condition and may have some
family history. Most people are in the Standard category. Profession, travel, and
lifestyle also factor into not only which category the proposed insured falls, but
also whether the proposed insured will be denied a policy. For example, a
person who would otherwise be in the Preferred Best category will be denied a
policy if he or she travels to a high risk country.
Upon the death of the insured, the insurer will require acceptable proof of death
before paying the claim. The normal minimum proof is a death certificate and
the insurer's claim form completed, signed, and often notarized. If the insured's
death was suspicious and the policy amount warrants it, the insurer may

investigate the circumstances surrounding the death, before deciding whether

there is a legal obligation to pay the claim. Proceeds from the policy may be
paid in a lump sum or as an annuity paid over time in regular recurring
payments for either for the life of a specified person or a specified time period.

Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between
the Aditya Birla Group and Sun Life Financial Inc., a leading international
financial services organisation. The local knowledge of the Aditya Birla Group
combined with the expertise of Sun Life Financial Inc., offers a formidable
value proposition to customers.
Sun Life Financial and its partners today have operations in key markets
worldwide, including India, Canada, the United States, the United Kingdom,
Hong Kong, Philippines, Japan, Indonesia, China and Bermuda. Sun Life
Financial Inc. had assets under management of over US$ 386.82 billion, as on

31 March 2007. Sun Life Financial Inc. is a leading performer in the life
insurance market in Canada.
BSLI in its five successful years of operations has contributed significantly to
the growth and development of the life insurance industry in India. It pioneered
the launch of Unit Linked Life Insurance plans amongst the private players in
India. It was the first player in the industry to sell its policies through the Bank
assurance route and through the internet. It was also the first private sector
player to introduce a pure term plan in the Indian market. This was supported by
sales practices, which brought a degree of transparency that was entirely new to
the market. The process of getting sales illustrations signed by customers,
offering a free look period on all policies, which are now industry standards
were introduced by BSLI.
Being a customer centric company, BSLI has invested heavily in technology to
build world class processing capabilities. BSLI has covered more than one and a
half million lives since inception and its customer base is spread across 100
cities in India. All this has assisted the company in cementing its place amongst
the leaders in the industry in terms of new business premium income. Birla Sun
Life Insurance (BSLI), one of the leading private life insurers in India today
announced the inimitable achiever, cricketer Kapil Dev as their corporate brand
ambassador. The cricketing supremo will be endorsing BSLI in all its marketing
initiatives.

Birla Sun Life Insurance is a value-driven brand which has a

national brand recall of 70 per cent. The objective of appointing a brand

ambassador is to grow its brand recall as it goes national in its distribution reach
and fuel business growth. As a brand ambassador, Kapil Dev will play a key
role in the brand and product marketing and promotional activities. BSLI has
always used an integrated marketing approach, which will be strengthened
further.

Commenting on the association with Kapil Dev, Mr. S. K. Mitra, Director,

Financial Services, Aditya Birla Group and currently in charge of BSLI
expressed, "The Birla Sun Life Insurance business distribution network is
national in nature covering more than 1000 points across the country .We have
made our entry in several tier I and tier II towns. It is therefore very important
for the brand to connect at the grassroots level and create trust. We believe that
our association with Kapil Dev as our brand ambassador will help us create this
connect in a shorter period of time. We therefore now have two strong connects
our parent brand Birla and our brand ambassador Kapil Dev".
Kapil Dev, also known as the Haryana Hurricane, was born on 6 January 1959
in Chandigarh. He played his first competitive game of cricket at the age of 13
years and made his test debut on 16 October 1978 at Faisalabad against
Pakistan. Kapil Dev remained India's top strike bowler for almost 15 years. His
extraordinary test match figures of more than 5000 runs and 434 wickets along
with 64 catches show that he was a world class cricketer and an all-rounder. He
has raised the mantle of India to sporting glory by winning us the World Cup.
In a study conducted by BSLI, Kapil Dev connected extremely well with the life
insurance category and had high acceptance by the masses. Our survey suggests
that he is seen as a very good fit for the BSLI brand. He is very much loved and
respected by a vast majority of the population.
On 26 November 2006, Birla Sun Life was host the annual golf tournament at
the Chamber Golf Club in Mumbai where Kapil Dev was participate.
About Birla Sun Life Insurance
Birla Sun Life Insurance Company Limited is a joint venture between the
Aditya Birla Group, one of the largest business houses in India and Sun Life
Financial Inc., a leading international financial services organisation. The local

knowledge of the Aditya Birla Group combined with the expertise of Sun Life
Financial Inc., offers a formidable protection for your future.
Birla Sun Life Insurance (BSLI), in its five successful years of operations, has
contributed significantly to the growth and development of the life insurance
industry in India. It pioneered the launch of unit linked life insurance plans
amongst the private players in India. It was the first player in the industry to sell
its policies through the banc assurance route and through the internet. It was the
first private sector player to introduce a pure term plan in the Indian market.
This was supported by sales practices which brought a degree of transparency
that was entirely new to the market. The process of getting sales illustrations
signed by customers and offering a free look period on all policies, which are
now industry standards, were introduced by BSLI. Being a customer-centric
company, BSLI has invested heavily in technology to build world class
processing capabilities. BSLI has covered more than a million lives since
inception and its customer base is spread across more than 1000 towns and
cities in India. All this has assisted the company in cementing its place amongst
the leaders in the industry in terms of new business premium income. The
company's current capital base is Rs.520 crore.
About the Aditya Birla Group
The Aditya Birla Group has a turnover close to Rs.38,000 crore (as on 31 March
2008) and is one of the largest business houses in India. It enjoys a leadership
position in all the sectors in which it operates. With over 75 business units
spanning the South East Asian belt, Africa, Canada and the UK among others, it
is reckoned as India's first multinational corporation. The group is anchored by
72,000 employees and has seven lakh shareholders, with a market capitalization
of

Rs.53,400

crore.

About Sun Life Financial Inc.

Sun Life Financial Inc. is a leading international financial services organisation
providing a diverse range of wealth accumulation and protection products and
services to individuals and corporate customers. Tracing its roots back to 1865,
Sun Life Financial and its partners today have operations in key markets
worldwide, including Canada, the United States, the United Kingdom, Hong
Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. As of 31
March 2010, the Sun Life Financial group of companies had total assets under
management

of

US$

343

billion.

Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and
Philippine (PSE) stock exchanges under ticker symbol "SLF".

Mr. Mayank Bathwal

Mr. Fabien Jeudy

Mr. Vikram Kotak

Ms. Keerti Gupta

Individual Life

Protection

Birla Sun Life Term Plan

Premium Back Term Plan

Saving
Birla Sun Life Insurance Gold-Plus
Supreme Life
Dream Plan
Classic Life Premier
Simply Life
Prime Life Premier
Prime Life
Life Companion
Flexi Cash Flow
Flexi Save Plus
Flexi Life Line
Single Premium Bond

Retirement

PRODUCTS
Insurance Plans
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 smooth out
the uncertainties and adversities that life might send your way, so
that the best that life has to offer, secure in the knowledge that your
beloved ones are well provided for.
BSLI offers a complete range of insurance products
1. Protection Plans
2. Savings Plans
3. Child Plans
4. Investment Plans
5. Retirement Plans
6. Group Plans
7. Rural Plans
8. Plans for NRIs
9. Keyman Plans
10. Riders

Protection Plans

BSLI offers LifeGuard - a set of pure protection plans. Choose

from amongst three different product structures to insure your life
and provide total security to your family, at a very affordable cost.
Level Term Assurance with return of premium
On death the entire sum assured will be paid.

On maturity, all the premiums paid will be returned.

Level Term Assurance without return of premium

On death the entire sum assured will be paid.

No survival or maturity benefits.

You can also enhance the above two policies by adding Accident &
Disability Benefit Rider and Waiver of Premium Rider (WOP) .
Level Term Assurance - Single premium:

On death the entire sum assured will be paid.

No survival or maturity benefits
Savings Plans

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

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

A regular premium unit-linked insurance plan with an assurance of

Capital Guarantee# with the added advantage of flexible liquidity
option. An ideal plan for long term planning with the benefit of
liquidity.

A regular premium unit-linked insurance plan with an assurance of

Capital Guarantee# An ideal plan for your long-term savings and
protection requirement.

A unit-linked insurance plan with an assurance of Capital Guarantee

which offers you the benefit of a limited premium payment term. An
ideal plan for protection with wealth creation that offers the
flexibility of a limited premium paying term.
You can also enhance your policy by adding Accident & Disability
Benefit Rider and Critical Illness Rider.

Presenting Premier Life The Preferred plan for the Preferred

Customer.

You can also enhance your policy by adding Critical Illness Rider,
Accident & Disability Benefit Rider.

Presenting Life Time unit linked plans that meets your changing needs over a
lifetime. These solutions have been developed to meet your savings, protection and
investment

Protection.

needs

at

every

stage

in

life.

An insurance plan that gives added protection, savings and multiple

options , ALL IN ONE.

An insurance plan that gives you added protection, savings,

multiple options, plus the power of liquidity.

An ideal plan for those who want to accumulate funds on a regular

basis while enjoying insurance protection.
Guaranteed Benefits: Guaranteed additions @ 3.5% of the Sum
Assured, compounded annually for the first 4 years of the policy.
Extended Life Cover: An extended cover for 5 years after the
maturity of the policy, for 50% of the sum assured, at no extra
cost.
Maturity Benefit: At the end of the term, the policyholder
receives the full sum assured, the guaranteed additions and the
vested bonuses.
Death Benefit: The beneficiary receives the sum assured, the
guaranteed additions and the vested bonuses incase the life
assured were to meet with an unfortunate event. In case the life
assured is aged 7 years or less, the basic premium paid will be
returned.

You can also enhance your policy by adding Critical Illness Rider ,
Major Surgical Assistance Rider , Accident & Disability Benefit
Rider , Waiver of Premium Rider (WOP)

Child Plans

As a responsible parent, you will always strive to ensure a hasslefree, successful life for your child. However, life is full of
Uncertainties and even the best-laid plans can go wrong. Heres how
you can give your child a 100% safe and assured tomorrow,
whatever the uncertainties. Smart Kid is especially designed to
provide flexibility and safeguard your childs future education and
lifestyle, taking all possibilities into account. Choose from amongst
a basket of 4 plans:

Smart Kid regular premium

Smart Kid unit-linked regular premium

Smart Kid unit-linked regular premium II

Smart Kid unit-linked single premium II

All these plans offer you:

 Financial Benefits: Regular payments at critical stages in

your childs life, like Board examinations, Graduation and
Post-graduation.
Total peace of mind, even if you are not around
Sum Assured is paid immediately:
All future premiums are waived:
Policy benefits continue:
DevelopmentAllowance:
All Smart Kid plans can be enhanced with the Accident &
Disability Benefit Rider and Income Benefit Rider . You can
also an Accident Benefit Rider to a Smart Kid Regular
Premium policy, and a Waiver of Premium Rider (WOP) to
Smart Kid unit-linked regular premium policy.

Investment Plans

Life Link II is a unique plan that combines the security

of a life insurance policy with the opportunity of enjoying high
returns on your investments, without the market risks compromising
on the protection of your family!
Retirement Plans

Life Expectancy has been rising rapidly and today you can
expect to live longer than your earlier generations. For you, this
increase will mean a longer retirement life, stretching into a couple
of decades.

BSLI Retirement Solutions that combine the best of

insurance and investment. These solutions are developed to ensure

your peace of mind.
Why plan for retirement?
For too many people, the joy of retirement after years of hard
work is eclipsed by the financial uncertainties that it brings. Despite
all the planning and saving, you can never sure whether your money
will last a lifetime. Retirement planning offers a way to ensure a
more enjoyable, stress free tomorrow.

Group Solutions

In an era of competitive parity, the only asset that makes a decisive

difference between corporate success and failure is the quality of
human capital. Employee benefits have proven to be an excellent
tool

to

optimize

organizations

the

retention

bottom-line.

The

of

talent

quality

of

and
an

improve

an

organizations

employee benefits establishes and maintains a company's image as a

caring employer. Optimum care of employees is a long-term

investment that results in a sustained competitive advantage for an
organization in the times to come.

Group Superannuation Plan:

BSLI Superannuation Scheme (for both Defined Benefit and
Defined Contribution funds) offers substantial benefits to both
employers and employees. The employer and employee can avail of
tax benefits applicable to an approved superannuation trust. The
scheme will provide for a retirement fund for each participating
employee. An employee would be able to choose from various
annuity options.

Rural Plans

BSLI Rural Products are designed to meet the needs of the rural
consumers. These products offer the following features:
1. Low and Affordable Premiums
2. Life Cover
3. Savings Option
4. Hassle free procedure
BSLI offers 2 specially designed rural plans.

a)

BSLI Endowment Plan

b)

BSLI - Regular Premium

BSLI Endowment Plan:

BSLI offers the following features:
Life Cover and Savings
Regular Premiums
Age at entry

18 - 45 Yrs

Premium Mode

Half Yearly / Yearly

Term

5,10,15 Yrs

Sum Assured

Rs.5,000 -20,000

Premium / Year

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

Maturity/Death benefit

Sum Assured

BSLI - Regular Premium:

BSLI is a regular premium policy with the following features:

Individual policy

Only Life cover

Term - 3 & 5 Yrs

Age independent premium

Age at entry

18 - 45 Yrs

Sum Assured

Single

Premium / Year

Rs 50 200

Maturity/Death benefit

Death Benefit

Rs.5,000 - 20,000
Sum Assured

Plans for NRIs

NRI Plans:
Being away from India doesn't mean you have to compromise the
safety and security of your loved ones. In fact, your savings from
your time overseas can be easily canalized to meet your family's
needs - now and in the future. So, whether its your dream to retire
in your hometown; to secure funds for your children's education; or
to build assets, BSLI has a range of solutions that can be
customized to meet your needs.

IRDA
(INDIAN REGULATORY DEVLOPMENT
AUTHORITY)

IRDA:
The insurance sector has been opened up in India, as there was an urgent
need. The international experience indicates those country with a liberalized
insurance sector have witnessed a rapid growth in premium volumes enhancing
the domestic saving rate. This happened in China, Malaysia and Singapore
where a competitive market has led to improvement in Services and quicker

settlement of claims. It is also important to note that competition will bring

about advancement in information, communication and technology. And rightly
therefore a decision was taken by the Government of India to open up Insurance
sector. The establishment of IRDA in the month of April 2000 has been
important development in this direction, making the end of monopoly in the
insurance sector.
WHY INSURANCE IN INDIA:
Only 22% of the insurance population has been extended cover. Market
penetration is low and the potential to exploit is high.
Insurance premium per capita is very low.
Lack of comprehensive social system benefit and welfare means that
demand for pension products is high.
Huge middle class of approximately 300 Million.
Existing insurance company score low on customer service front.
The insurance market registered growth in the Asian region even though Indias
share in global insurance is less than 0.5% (1988) as compared to USA (24.2%)
and Japan (21%). Studies have reveled that in an emerging market, as
disposable income rises, Insurance premiums as a ratio of GDP shoots up. The
confederation of Indian Industry projected a growth of Life Insurance premiums
from Rs. 350 Billion at present to Rs.140 Billion. The growth of non-life
insurance premium is expected to increase from 75 billion to 375 billion. Out of
which, only 10% is tapped by the existing insurer.
Insurance even more than banking is a volume game. A very exclusive
approach in view is unlikely to provide meaningful numbers. Currently,
insurance is bought for the purpose of tax-benefits. A higher percentage of
business is in the rural market. The share of rural new business insurance total

new business is 55% in terms of policies and 47% in terms of sum assured.
However, this needs to be viewed in the light of some recent issues that have
been raised regarding as to what constitutes the rural market. Therefore, private
insurers will be best served by middle market approach, targeting the customer
segments that are presently unexploited.
How many Indians are aware that LIC has more than 60Products and GIC
has more than 180Products? Not only there is a reduction in the premiums of
Life Insurance products have long overdue since Indian morality rate has
decreased three folds in the last 50years. There is also scope to increase the
yield on life insurance policies (presently 6%) with proper risk management in
place.
It is been debated that insurance business does not produce profit in the
first five years cross subsidization is a feature of Indian market. Even the first
portfolio vote that is considered profitable, cross subsidizes other departments.
Tariffs reduction is likely to reduce profits; further insurers have to institute
proper claims management progress in order to extract efficiencies. At present
life insurance business in the country is taxed at 12.5% of the profit in financial
year. The government is soon to present a new model of taxing life insurance
companies at international rates.
New entrants should be well advised to look ahead to the stage where
brand strength will be a competitive advantage and sketch their alliances
accordingly. In fact, we believe that alliance related to distribution rather than to
produce or technology will prove most valuable in the long run.
Banks and financial companies will emerge, as attractive distribution
channel for this insurance trend will be led by two factors, which already apply
in other world market. First Banking food insurance, fund management and

other financial services companies are being to increase their profitability and
provide maximum value to their customers.

Therefore, they are themselves

looking for a range of products to distribute.

In other market notably Europe; this has resulted in bank assurance. Bank
entering into the insurance business in India to bank hope to maximize
expensive existing network by selling a range of products more of a loss
alliance between insurance and bank than a formal ownership. Some Indian
entrants like ICICI, HDFC and Reliance hope to ride their existing network and
customer bases.

OBJECTIVE
To determine and analyze the Market Potential of the Birla Sun Life
Insurance Company in Shahjahanpur City.
To study the overall scenario currently prevailing in the market, namely, the
per capital income, purchasing power, occupation, literacy rate, etc.
To study and determine the competitor position in the market.

VISION
To be a world class provider of financial security to individuals and corporate
and to be amongst 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 insurance and retirement solutions to individuals as well as corporate. These
solutions will be made available by well-trained professionals through a multi
channel distribution network and superior technology.
Our Endeavour will be to provide constant value addition to customers
throughout their relationship with us, within the regulatory framework. We will
provide career development opportunities to our employees and the highest
possible returns to our shareholders

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 customer requirement.

WEAKNESS:
COMPANY does not penetrate on the rural market at a time.
There is no plan for the low income group.
Fees for the advisor is high than the other company.
OPPORTUNITY:
INSURANCE MARKET IS VERY BIG, WHERE COMPANY CAN EXPAND
ITS HORIZON IN INSURANCE INDUSTRY .

Though good investment and insurance it is easy to top Indian

customers.
The huge insurance market (77%) is left so company has
opportunity to expand our products.
To associate with the more number of HNI.

THREATS:
OLD HABITS DIE HARD: Its still difficult task to win the
confidence of public towards private company.
The company is facing major threats from LIC -which is an
only government company.
Plans for all income groups is not available which can create
adverse effect later on the market share of the company

While making a study we very often look for what type of research
methodology is to be used in this type of study. For implementation of a proper
research methodology we have to first understand the meaning of research.
Research is a process with the help of which new concepts arises. It is the
increase in the actual 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, which includes 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. An individual
makes the effort in research and society or public takes its benefits because the
results are usually generalized.
Data collection
The word data means any raw information, which is either quantitative
or qualitative in nature, which is of practical or theoretical use. The task of data
collection begins after a research problem has been defined and research design
chalked out. While deciding about the method 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 original in 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 get information about
procedure of both the online and off line share trading. But the method used 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.
2. Secondary data: These are those data, which are not collected afresh and are used earlier also
and thus they cannot 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 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 100 peoples during requirement Advisor and policy selling after
that I have taken 48 Peoples they have fill up the questionnaire and given
response.

FINDINGS OF STUDY
INSURANCE INDUSTRY IS THE FASTEST GROWING FINANCE INDUSTRY.
INSURANCE INDUSTRY IS KNOWN FOR A BIG EARNING OPPORTUNITY

BSLI IS THE ONE OF THE BEST COMPANY TO WORK WITH

AS AN ADVISOR BSLI IS AMONGEST THE TOP 5 PLAYERS IN THE
AND

LIFE INSURANCE CATEGORY IN THE ECONOMIC TIMES MOST

TRUSTED
BRAND SURVEY 2008.

ADVISOR MENTORSHIP EARNING AVENUES ARE COMMISSION

,DIFFERENTIAL
COMMISSION,CONTEST,CLUB BENEFITS,BDA,TRAINING
BUSINESS & CAREER BENEFITS.

A DVISOR CAN GROW WITHIN UNDER THE SYSTEM TIGER THE

PROGRAMME.
OVER ALL

BSLI IS ONE OF THE

BEST HOUSE IN INSURANCE

INDUSTRY TO WORK AND GROW.

Findings # 1

Findings # 2
Marital Status of Respondent

39%
61%

Married Unmarried

Findings # 3

Age of
Respondent
18%

2%
53%

27%

Less 25

25-35

35-45

Above 55

Findings # 4

Qualification Of Respondent

27%

16%

57%
12th Graduation Post Graduation

Findings # 5

Findings # 6

ANALYSIS
FINDING-1 SHOWS THE DIFFERENCE BETWEEN THE MALE
& FEMALE RESPONDENT WHO ARE SELECTED AS A NEW
ADVISOR THE MALE DOMINANT OVER FEMALE. THERE IS
A BIG DIFFERENCE BETWEEN THE MALE & FEMALE
ADVISOR.

FINDING

SHOWS

THE

MARTIAL

STATUS

OF

NEW

ADVISORS. OUT OF 100 ADVISORS SELECTED 61 ARE ONE

MARRIED WHICH IS A GOOD SIGN BECAUSE THEY ARE
MUCH MORE AWARE INSURANCE AND 39 UNMARRIED.
FINDING-3

SHOWS

THE

AGE

GROUP

OF

SELECTED

ADVISORS ARE QUIET ENCOURAGING. 53 % ARE OVER AGE

OF 55 YEARS WHICH IS QUITE GOOD FOR COMPANY
BECAUSE THEY MUCH MORE TRUSTED BY THE PROSPECT
THAN THE OTHER AGE GROUP.
FINDING-4 SHOWS MOST OF THE SELECTED ADVISORS
HAVE A GOOD QUALIFICATION. MOST OF THEM ARE
GRADUATE AND POST GRADUATE.
FINDING-5 SHOWS, BECAUSE 61% ADVISORS ARE MARRIED
SO THE DEPENDENT PERSON ON THEM ARE SAME.
FINDING-6 MOST OF THE NEW ADVISORS HAVE A VERY
GOOD FAMILY SUPPORT. THE ANNUAL FAMILY INCOME OF
MOST OF THE NEW ADVISORS ARE OVER 10,000 WHICH IS
VERY ENCOURAGEMENT

CONCLUSION
THE

MARKET

POTENTIAL

FOR

PRIVATE

INSURANCE

COMPANIES IS FOUND TO BE GREATER IN THE LONG RUN

AS MOST OF THE INDIANS ARE OF THE OPINION THAT,
PRIVATE INSURANCE COMPANIES WOULD BE ABLE TO
PERFORM WELL IN THE FUTURE. THE PRIVATE AND
FOREIGN

INSURANCE

COMPANIES

HAVE

TO

TAKE

IMMEDIATE STEPS IN APPOINTING MORE NUMBER OF

AGENTS

AND/OR

ADVISORS

IN

ADDITION

TO

THE

EMPLOYEES AS IT HAS BEEN FOUND OUT THAT AGENTS

ARE THE BEST CHANNEL TO REACH THE GENERAL PUBLIC
REGARDING SELLING OF INSURANCE PRODUCTS. THE
PRIVATE AND FOREIGN INSURANCE COMPANIES HAVE TO
CONCENTRATE ON THE FACTORS LIKE 'PREVENTION OF
LOSS',

'ASSURED

RETURNS'

AND

'LONG

TERM

INVESTMENT'. THEY CAN ALSO FOCUS ON AN INSURANCE

AMOUNT

OF

RS.

LAKHS

WITH

'MONEY

BACK

POLICIES'. HENCE, THE MARKET HAS POTENTIAL. THE

PRIVATE AND FOREIGN INSURANCE COMPANIES THAT ARE
TAKING IMMEDIATE STEPS CAN TAP IT EASILY & RAPIDLY.

SUGGESTIONS
1)

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 switch over to other companies insurance plans.

2)

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.

3)

Leveraging technology to service customers quickly, efficiently

and conveniently.

4)

Developing and implementing superior risk management and

investment strategies to offer sustainable and stable returns to our
policyholders.

5)

Company should target each and every class of the society

6)

Company should provide full information to the customers before

targeting so they can take interest

RECOMMENDATIONS

1. Competition from public sector and foreign banks

remains a key challenge for private sector banks. They
need to reorient their staff and effectively utilize
technology platforms to remain customers.
2. They have to update their portfolio timely.
3. Birla sun life insurance ltd. should have proper
division of departments under heads.
4. Birla sun life insurance ltd. Have more pensions
plans.
5. Birla sun life insurance ltd. Have more children plans
and more help line plans.
6. They should provide more information to the
customer so that they become more aware about
insurance.

LIMITATIONS
Some of the respondents were not cooperative.
Some respondents were hesitating to give business details.
Biasness is another limitation that the scope of the survey.
The reliability and scope of survey greatly relies on the cooperation of the
respondents.

BIBIOLIOGRAPHY

www.BirlaSunlife.com
www. irda. gov. in
Birlasunlife New Advisor Book
www.google.com

Questionnaire
Name:...............................

Age:..

Occupation:..

Ques.1 Which Birla Sun Life Scheme does you have?

(a) Life

(b) Retirement

(c) Health

Ques.2 Are you satisfied with the Insurance plan you have?
(a) Yes

(b) No

Ques.3 What attract you towards Birla Sun Life Plans?

(a)
(b)
(c)
(d)
Ques.4 Are you satisfied with the services provided by the company
regarding new plans and schemes?
(a) Yes

(b) No

Ques.5 Are you interested to make more investments inBirla Sun Life ?
(a) Yes

(b) No

Ques.6 Have you any other Insurance Plan apart from Birla Sun Life?
(a) Yes

(b) No

Ques.7 If yes, then of which Life Insurance Company?

(a) LIC
(c) Birla Sunlife
(e) Others

(b) Bajaj Allianz

(d) Reliance

Ques.8 If you get any attractive plan than are you ready to switch over?
(a) Yes

(b) No

Suggestions: