Organizational Study-Birla Sun

BSLI, Punalur
CHAPTER 1
INTRODUCTION
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1.1 INTRODUCTION
The study named An organizational study of Birla Sun Life Insurance
Co. LTD. is conducted at the Punalur branch in Kollam district. The
organizational
study
is
intended
to
access
and
to
acquire
the
knowledge regarding the functional as well as the management aspects

of the organization.
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.
An organization study involves the study of the structure and functioning of
its departments. Organizing is one of the important functions of
Management.
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
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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.
1.2 OBJECTIVES OF THE STUDY
To get an overview of the general insurance industry

To study the overall working of Birla Sunlife Insurance Co. Ltd.
To understand the organizational structure of BSLI Ltd.
To study the functions of different departments
To understand SWOT analysis of the organization.
1.3 METHODOLOGY
In the broader sense, we can say that there are two types of data. They are
1. PRIMARY DATA
Primary Data are those collected by the investigator himself for the first
time. For collecting primary data, I had discussions with the manager of the
Punalur Branch, employees, staffs, clients etc.
2. SECONDARY DATA
Secondary Data are those which have been collected by some other person
for their purpose and published. This was made from the Companys
websites, brochures and other documents like yearly diaries, calendars etc.
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1.4 SCOPE OF THE STUDY

The study was conducted for a period of 30 days and the scope of study is
affected by the limitation of time. The findings and suggestions of the study
have to be perceived in the framework of these limitations .The main aim
behind the study of researcher is to learn the managerial aspects of how to
plan, organize, implement & direct the activities related to the project
provided by Birla Sunlife Insurance Ltd.. It helps to understand about doing
things in a professional atmosphere. The researcher gets a professional
attitude as an intern inside the organization. The company can identify their
recent impact among customers about their service quality and improve
whether it needs.
1.5 LIMITATIONS OF THE STUDY

The time allotted for conducting the organizational study was only 30
days. It is not enough for understanding about the organization in
detail.
Unavailability of some documents which were confidential.
Employees were busy in their work so they could not give more
information.
There may be errors due to the bias of the respondents.
The study is limited to my experience and knowledge.

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CHAPTER 2
OVERVIEW OF ORGANISATION &
INDUSTRY
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2.1 INDUSTRY PROFILE

The insurance sector in India has come a full circle from being an open
competitive market to nationalization and back to a liberalized market again.
Tracing the developments in the Indian insurance sector reveals the 360
degree turn witnessed over a period of almost two centuries.
A BRIEF HISTORY OF THE INSURANCE SECTOR
The business of life insurance in India in its existing form started in India in
the year 1818 with 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 the life insurance business.
1928: The Indian Insurance Companies Act enacted to enable the
government to collect statistical information about both life and nonlife insurance businesses.
1938: Earlier legislation consolidated and amended to by the Insurance
Act with the objective of protecting the interests of the insuring public.
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1956: 245 Indian and foreign insurers and provident societies taken
over by the central government and nationalized. LIC formed by an
Act of Parliament, viz. LIC Act, 1956, with a capital contribution of
Rs. 5 crore from the Government of India.
Boasting of the largest number of operational life insurance policies in the
world, the Indian insurance industry has emerged as a serious destination in
the global insurance market. Until 1999, the business of insurance in India
was the exclusive privilege of two state-owned corporationsthe Life
Insurance Corporation of India (LIC) and the General Insurance Company of
India (GIC).
The Government of India took a major step towards liberalization of this
industry in March 2000 and brought into effect the Insurance Regulatory
Development Authority Act (IRDA Act). The IRDA Act opened the market
by doing away with all entry-level restrictions on private insurers. Thereafter,
it has been four years of consistent growth. With the current potential
premium income of the country estimated India is seen as the sixth largest
market in the world.
While 80% of its population remains without life insurance and some of the
world's lowest health and non-life insurance cover levels, the potential of the
world's seventh largest and second most populous country cannot be
overlooked. Prospective insurers have a lot to gain from the 312 million
middle-class consumers in India, who 10 have the financial ability to
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purchase insurance. With only 2.5% of the country's insurable population

currently insured, the market still needs to be tapped effectively.
THE INDIAN INSURANCE MARKET
From the Indian Life Insurance Company Act in 1912 to the 1RDA Act; in
1999, regulation of insurance business in the country has come a long way.
Insurance is a subject of federal law and all insurance business in India has
been nationalized. The two major legislations dealing with insurance are the
Insurance Act, 1938 and the IRDA Act, 1999. Marine insurance in the
country is governed by the Indian Marine Insurance Act, 1963. Similarly,
fire and marine insurance are dealt with under the Insurance Act, 1972 and
the: General insurance Business (Nationalization) Act, 1972. These
enactments contain provisions relating to the constitution, management and
winding up of insurance companies and the conduct of those types of
insurances.
A Tariff Advisory Committee (TAG) is established under the Insurance Act
to regulate rates, terms, conditions and advantages that maybe offered by
insurers for General Insurance Business relating to Fire, Marine (Hull),
Motor, Engineering and Workmen's Compensation in India.
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In 1999, the IRDA was set up under the IRDA Act. Companies, aspiring to
carry on insurance and reinsurance business in India, are required to register
with IRDA, which is the sole authority for granting licenses to agents. There
is neither a restriction on the license numbers that may be granted nor a
system of composite licenses for life and non-life insurance companies in
India. Insurance companies are strictly forbidden from dealing with products
beyond their scope of license. This implies that, a life insurance company
cannot sell non-life insurance and vice versa. Insurance agents are, however,
allowed to sell both life and non-life products (composite insurance).
In tune with the Indian government's system of checks and balances imposed
through sector specific Foreign Direct Investment (FDI) limits, IRDA
prohibits 100% foreign ownership of an Indian insurance company. An
Indian promoter is required to invest either wholly or team up with a foreign
insurer, which can own no more than 26% of the shares in any new venture.
The Indian promoter must then sell the majority of his shares to the Indian
public through a public offering after 10 years and retain only up to 26% of
the shares that is, the same percentage as that of the foreign investor.
IRDA is careful in granting licenses and has set up strict standards for all
aspects of insurance in India. With the limit on FDI in the sector, the
government ensures that state-run agencies such as the LIC and GIG can
maintain their prominence.
In June 2003, the Law Commission prepared a paper identifying 13 potential
grounds of revision to the Insurance Act and the IRDA Act, including merger of
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relevant provisions of the two acts, as well as harmonization of the Insurance Act
with other rules and regulations in the sector. The finance ministry is already
working towards comprehensive amendments to the Insurance Act and the IRDA
Act, which will further simplify procedural issues. A major indication of the
government's efforts to invite Private Indian and foreign insurers to invest in the
liberalized market is the FDI cap hike announced by the finance ministry in 2004.
These changes, however, require formal amendments to the IRDA Act, which are
still to be adopted.
Major Players in the Market

The Indian insurance sector till recently comprised of only two state insurers
the LIC, for life insurance, and the GIG, for general insurance. In
December 2000, GIG subsidiaries (Oriental Insurance Co. Ltd., New India
Assurance Co. Ltd., National Insurance Co. Ltd. and United India Insurance
Co. Ltd.) were restructured as independent insurance companies. At the
same time, GIG itself was converted into a national reinsurer. In July 2002,
Parliament passed a bill, which cut the formal relationship between the four
subsidiaries and GIG.
In December 2000, GIG subsidiaries (Oriental Insurance Co. Ltd., New
India Assurance Co. Ltd., National Insurance Co. Ltd. and United India
Insurance Co. Ltd.) were restructured as independent insurance companies.
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BSLI, Punalur
At the same time, GIG itself was converted into a national reinsurer. In July
2002, Parliament passed a bill, which cut the formal relationship between the
four subsidiaries and GIG.
Private Players- Life and Non-Life Insurance
Begun in 1818, with the establishment of the Oriental Life Insurance
Company in Calcutta, the business of life insurance in India has come a
long way. The most popular products in this sector are 'Endowment' and
'Money Back' policies. More than 80% of the Indian life insurance business
comes from these two products.
The major players in this field include:
Birla Sun Life Insurance Co. Ltd.

Dabur CGU Life Insurance Company Pvt. Ltd.
Bajaj Allianz Life Insurance Co. Ltd.
ICICI Prudential Life Insurance Co. Ltd.
Aviva Life Insurance Co. Ltd.
Metlife India Insurance Co. Pvt. Ltd.
ING Vysya Life Insurance Co. Pvt. Ltd.
Life Insurance Corporation of India
Max New York Life Insurance Co. Ltd.
Om Kotak Mahindra Life Insurance Co. Ltd.
SBI Life Insurance Co. Ltd.
HDFC Standard Life Insurance Co. Ltd.
Tata AIG Life Insurance Co. Ltd.
Reliance Life Insurance Co. Ltd
Consistent growth has been observed in the private insurance markets.

Though LIC has been in the country for a long time, it didn't tap much of the
rural market. It only concentrated on the endowment and money back
policies. Private insurers had taken an advantage of this and had come out
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with innovative products like Unit-Linked Insurance Products (ULIPs). As a

competition now, LIC had also started coming out with ULIPs.
The private insurance market has grown despite the continued existence of
the public sector providers. LIC has concentrated on retaining its market in
traditional products like endowment and money back policies, and has not
slackened its hold in the rural areas. This has prompted many of the private
companies to market new and innovative products as a means of
competition. LIC in turn is now moving towards new products like unit
linked life products which to date have mainly been sold by the private
sector.
The non-life sector primarily consists of fire and miscellaneous risk
insurance policies. Also, since motor vehicle cover is compulsory in India, it
acts as another chief source of business in the non-life sector.
Major players in the non-life sector in India include:
Allianz Bajaj General Insurance Co. Ltd.

ICIC1 Lombard General Insurance
IFFCO Tokyo General Insurance
Reliance General Insurance
Royal Sundaram Alliance Insurance
THE REINSURANCE MARKET
Whilst its (GIC's) four independent subsidiaries now look after general
insurance, GIC itself is the primary reinsurer in the Indian market. All
insurance companies in India have to give at least 20% of their reinsurance
business to GIC. GIC reinsures their potential liabilities further with
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international companies such as Swiss Re and Munich Re. This ensures that
GIC's role, as the national reinsurer, is maintained despite foreign players in
the fast evolving Indian insurance market.
FOREIGN INFLUX
In the last three years, despite the equity ratio restrictions, foreign companies
have collectively managed to corner a considerable share of the Indian
insurance market. Investment generally takes two forms: Outsourced BPO
operations and direct shareholding. A recently published Research and
Markets Report in an American insurance journal emphasized this trend and
set out advantages for the US companies to consider India as an insurance
BPO center. Some of the advantages include: Established destination for
outsourcing, low costs, near-shore services, Indian IT outsourcers extending
relationships with insurers, and Indian vendors expanding to establish a
multi-location presence to minimize the risk to their business from foreign
competition.
For example LIC, hitherto the virtual monopolist in the country's insurance
sector has recently witnessed a decline in its new premium business.
Between April 2004 and February 2005, its share of first year premium
dropped by 9.3%, i.e., to 77.87% from a market share of 87.22% in the
preceding year. But, there is still not too" much cause for concern for Indian
insurers; foreign insurers at present have a share of just 2% in the country's
life insurance business and 1% in the non-life insurance business.
GROWTH
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Insurance business in India is growing at the rate of 15-20% annually and

IRDA has estimated that it is currently of the order of Rs. 812.50 cr. When
combined with banking services, it adds about 7% of the country's GDR
Insurance penetration (i.e., premiums as percentage of GDP) has increased
from 2.32% in 2000 to 2.88% in 2003. Likewise, insurance density (i.e.,
premium per capita) has increased from Rs. 435.897 in 2000 to Rs. 722.092
in 2003.
Such changes have caused a climb in the country's ranking from 23rd in the
worldin terms of total premium volumesin 2000, to 19th in 2003. India's
share in the world market has increased from 0.41% to 0.59% during the
same period.
There has been an 83% increase in the premium collected in the three years
following the passage of the IRDA Act. As already noted, the total premium
collected by the insurers both life and non-life in the year 2004-05 is
estimated to be about Rs. 253.43 bn during the fiscal year 2004-05, (Rs. 66
bn in life and about Rs. 176.1 bn in non-life premiums). By comparison,
estimates for the year 2000-01 put the total premiums at about Rs. 440 bn
(Rs. 352 bn in life and Rs. 88 bn in non-life premiums). The average size of
life insurance cover before privatization was around Rs. 50,320. That has
since risen to about Rs. 80,500.
The state-owned life insurerLIC, along with 13 private players, mopped up
Rs. 65.22 bn in premium in the first four months of this fiscal by selling
about 62 lakh new policies. And 55 lakh new policies have been sold by LIC
alone which helped it to make an 8.74% rise in premium income at Rs. 49.7
bn during April-July, this fiscal. The traditional life insurance cover, provided
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by LIC, has so far been dominated by the savings policies. Term life' policies
have accounted for less than 2% of the insurance premium of LIC. The new
life insurance companies are concentrating on term life policies in the hope
that this will be their main stream of business. Private players have an
average policy size of Rs. 1, 15,000. The 13 private players have increased
their market share to 23.81% from 17.28% in 2004. In the forefront is Birla
Sunlife with a market share of 7.12% making a 49% growth in business at
Rs. 4.64 bn. Then comes, Bajaj Allianz, HDFC Standard, Tata AIG, ICICI
Prudential, SBI Life, Max New York and Aviva.
DISTRIBUTION AND INTERMEDIARIES
The industry is looking at new modes of development and distribution such

as technology. The IT expenses of the insurance sector in India, at present,
are estimated at Rs. 80-100 cr per annum. Public sector giant, LIC, has large
investments in IT. Among private players, Birla Sun Life is a major IT
investor with Rs. 35 cr spent since inception.
Amidst the steady industry growth is the small, but ever-increasing role of
intermediaries. Until two years ago, distribution of life insurance products
was only through pure life insurance agents who did not sell any other
product. Today, there are alternate channels like bancassurance, brokers,
corporate agents and direct marketing through the Internet. ICICI Prudential
Life, the second largest life company in the country, attributes 28% of its
business premium in 2003 to alternate distribution contributions.
THE INACTIVE HEALTH INSURANCE MARKET
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The number of medical insurance policies sold in India has increased from
7.53 million in 2001-02 to 10.28 million in 2003-04. However, the lack of a
comprehensive and accurate database has impeded the growth of the health
insurance sector, since this is vital for effective business planning and risk
allocation. The World Health Report 2000 estimated private spending in
India to be 87% of the total health spending. Of this, 84.6% was made from
out-of-pocket expenditure." This is despite IRDA's Rs. 90,000 cr estimation
of the market size and 10% annual growth rate.
Health insurance schemes in India, at present, are in the form of indemnitybased products under which, payment to the health provider is first made by
the sick individual and this amount is later reimbursed (partly or fully) by the
insurance company to the insured. A large section of the population cannot
afford such large payments at the time of illness even if these payments are
reimbursed later and, thus tend not to take up this type of insurance.
Furthermore, the system provides for reimbursement only in case of
hospitalization, not for outpatient care, or allopathic treatment or alternative
systems of medical care.
Government employees in India, unlike the general public, enjoy the benefit
of being covered under several state provided schemes such as the
Employees States Insurance (ESI) and Central Government Health Schemes
(CGHS) For the rest of the population, there is the Mediclaim, which offers
cover for more general medical treatment, and 'Jan Arogya Bima' which
covers emergency medical treatment, only. Post-liberalization, new general
insurers have introduced deviants of the Mediclaim while life insurers have
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introduced some health riders to their life policies, which have a negligible
effect.
Health insurance in India remains a minor percentage of the public sector
non-life insurers' business portfolios. The situation has not improved even
after liberalization and the private companies have only focused on
establishing their business networks by enlarging their life portfolios. Only
0.2% of India's 1.1 billion people are covered under medical insurance as
against America where 75% of the population has health cover.
With the supply of health services (particularly in-patient facilities) being
weak in rural and remote areas, demand for insurance has naturally been
constrained. Health insurance requires a well-informed, sizeable and
relatively prosperous middle -class to grow. This demography now exists in
India, and is showing every sign of getting larger. As a result, both public and
private sector companies now seem to be interested in taking the required
steps to create a better base for the growth of health insurance. As one of the
main constraints to popularizing health insurance has been the inadequacy of
data, IRDA has concentrated on identifying the existing obstacles to database
creation and the manner in which they can overcome. The subgroup of the
Working Group on Health Insurance made certain recommendations for a
methodology of collecting data on a uniform basis. IRDA is taking up this
issue with industry members, and is pressing for implementation. Third Party
Administrators (TPAs) are being looked at as a major tool for enhancement.
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2.2 COMPANY PROFILE

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
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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.
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
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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 eight lakh shareholders, with a market
capitalization of Rs.53, 400 crore.
A US $29 billion corporation in the League of Fortune 500, the Aditya Birla
Group is anchored by an extraordinary work force of 130,000 employees,
belonging to 40 different nationalities. Over 60 per cent of its revenues flow
from its operations across the world.
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The Aditya Birla Group is a dominant player in all its areas of operations viz;
Aluminium, Copper, Cement, Viscose Staple Fibre, Carbon Black, Viscose
Filament Yarn, Fertilisers, Insulators, Sponge Iron, Chemicals, Branded
Apparels, Insurance, Mutual Funds, Software and Telecom. The Group has
strategic joint ventures with global majors such as Sun Life (Canada), AT&T
(USA), the Tata Group and NGK Insulators (Japan), and has ventured into
the BPO sector with the acquisition of TransWorks, a leading ITES/BPO
company.
About Sun Life Financial Inc

Sun Life Financial Inc. is a leading international financial services
organisation providing a diverse range of wealth accumulation and protection
products and services to individuals and corporate customers. Tracing its
roots back to 1865, Sun Life Financial and its partners today have operations
in key markets worldwide, including Canada, the United States, the United
Kingdom, Hong Kong, the Philippines, Japan, Indonesia, India, China and
Bermuda. As of 31 March 2008, the Sun Life Financial group of companies
had total assets under management of US$ 343 billion.
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and
Philippine (PSE) stock exchanges under ticker symbol "SLF".
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VISION
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 endeavor will be to provide constant value addition to customers
throughout their relationship with us, within the regulatory framework. We
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will provide career development opportunities to our employees and the

highest possible returns to our shareholders
BOARD OF DIRECTORS
Mr. Kumar M Birla

Mr. Donald A Stewart,
Mr. Bishwanath N Puranmalka
Mr. Ajay Srinivasan
Mr. Gary M Comerford
Mr. Suresh N Talwar
Mr. Gian P Gupta
His Highness Maharaja G Singh
Mr. Stephan Rajotte
Dr. Bharat K Singh
INVESTMENT COMMITTEE
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Mr. B. N. Puranmalka
Mr. Eugene Lundrigan
Mr. Ajay Srinivasan
Mr. Vikram Mehmi
Mr. Mayank Bathwal
Mr. Fabien Jeudy
Mr. Vikram Kotak
Ms. Keerti Gupta
MANAGEMENT TEAM
Mr. Vikram Mehmi
President & Chief
Executive Officer
Mr. Mayank Bathwal

Chief Financial Officer
Mr. Mario Braganza

Chief Operating Officer
Mr. E.N. Goveia

Head - Direct Sales
Force
Mr. Amit Punchhi

Senior Vice President Third Party Distribution
Mr. Bhavesh Sanghvi

Head - Group Life &
Pensions
Mr. Snehal Shah

Senior Vice President Operations
Ms. Anjana Grewal

Senior Vice President Marketing &
Communications
Mr. Rajesh Bhojani
Mr. K H Venkatachalam
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Senior Vice President DSF Expansion
Vice President - Human

Resource
Mr. Fabien Jeudy

Vice President,
Appointed Actuary
Mr. Lalit Vermani

Chief & Vice President Compliance
Mr. Melvyn D'souza

Vice President - Risk
Management and
Internal Audit
Mr. Vikram Kotak

Vice President Investments
Mr. Bhalachandra Nayak

Vice President Strategy
2.3 PRODUCT PROFILE
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
i.
ii.
iii.
iv.
v.
vi.
vii.
Protection Plans
Savings Plans
Child Plans
Investment Plans
Retirement Plans
Group Plans
Rural Plans
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viii.
ix.
x.
Plans for NRIs

Keyman Plans
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

o On death the entire sum assured will be paid.
o On maturity, all the premiums paid will be returned.

Level Term Assurance without return of premium
o No survival or maturity benefits.
o 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:
o No survival or maturity benefits
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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) Invest Shield Cash
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.
The key features of the plan are:
Flexibility to choose a specific level of protection (Sum Assured),

based on a multiple of the annual premium. You can also choose the
term of the plan.
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At the end of the term, the higher of the value of units or the
guaranteed value is paid. On death, Sum Assured along with the higher
of value of units or the guaranteed value is payable.
Facility to make withdrawals from the 6th policy year onwards till the
end of the policy term. Every year withdraw up to 10% of the value of
units.
Additional credits payable as a percentage of the initial annual
premium are paid along with the death or maturity benefit.
Additional insurance for 10 years after the maturity, for an amount of
50% of the Sum Assured.
Flexibility to make additional investment with the help of the top-up
facility.
Flexibility to increase / decrease your annual premium amount
Facility of Automatic Premium Payment- With this facility you can
take a temporary break from premium payment.
Total transparency with the premium allocations, and other charges
declared upfront.
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BSLI, Punalur
The guaranteed value of the unit fund is the value of all invested
premiums (premiums net of all charges) along with the declared bonus
interests.
With Automatic Premium Payment facility, you can avail a temporary break
from premium payment for a maximum of 1 year. This facility is available
once if the premium paying term is less than 15 years and twice, if it is 15
years or more.
You can also enhance your policy by adding Accident & Disability Benefit
Rider , Waiver of Premium Rider and Critical Illness Rider .
b) Invest Shield Life

A regular premium unit-linked insurance plan with an assurance of Capital
Guarantee.
An ideal plan for your long-term savings and protection
requirement
The key features of the plans are

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BSLI, Punalur
Additional insurance for 10 years after the maturity, for an amount of

50% of the Sum Assured.
facility.
Facility of Automatic Premium Payment- With this facility you can
take a temporary break from premium payment.
declared upfront.
The guaranteed value of the unit fund is the value of all invested premiums
(premiums net of all charges) along with the declared bonus interests. With
Automatic Premium Payment facility, you can avail a temporary break from
premium payment for a maximum of 1 year. This facility is available once if
the premium paying term is less than 15 years and twice, if it is 15 years or
more. The capital guarantee is applicable only on the invested premium and
the declared bonus interests.
c) Invest Shield Gold

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.
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BSLI, Punalur
Flexibility to choose a premium payment term of 5, 7 or 10 years for a

maturity term of 10, 15 or 20 years respectively.
Flexibility to choose a specific level of protection (Sum Assured),
based on a multiple of the annual premium.
At the end of the term (maturity), the higher of the value of units or the
guaranteed value* is paid. On death, Sum Assured along with the
higher of value of units or the guaranteed value is payable.
Facility to make withdrawals from the 6th policy year onwards till the
end of the policy term. Every year withdraw up to 10% of the value of
units
facility.
declared upfront.
The guaranteed value of the unit fund is the value of all invested
premiums (premiums net of all charges) along with the declared bonus
interests.
The capital guarantee is applicable only on the invested premium and the
declared bonus interests. You can also enhance your policy by adding
Accident & Disability Benefit Rider and Critical Illness Rider.
d) Premier Life
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BSLI, Punalur
Presenting Premier Life The Preferred plan for the Preferred Customer. The
key features of the plan are:
Limited premium payment option: Choose from among a 3, 5, 7 or 10
year premium paying term.
Choice of sum assured: Choose a sum assured, which is a minimum
multiple of 1 and a maximum multiple of 25 times the annual
contribution.
Additional allocation of units on a periodic basis.
Facility to top-up your investment any time you have surplus funds.
Choose from among four funds, based on your investment objective
and risk appetite.
Choice to switch between investments options (4 free switches every
policy year).
Flexibility to decrease your sum assured.
Add-on riders to protect you against any eventuality.
Loans against the policy.
You can also enhance your policy by adding Critical Illness Rider, Accident
& Disability Benefit Rider.
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BSLI, Punalur
e) Lifetime
Presenting Life Time unit linked plans that meets your changing needs
over a lifetime. These solutions have been developed to meet your savings,
protection and investment needs at every stage in life.
Protection
Choose a specified level of protection (available only with LifeTime).
Two levels of Sum Assured to choose from (available only with
LifeTime II).
Flexibility to increase or decrease your sum assured.
Add-on riders to protect you against any eventuality.
Savings
Flexibility to increase or decrease your contribution.
Facility of Premium Holiday, wherein the policy continues even if
there is a temporary break in the payment of annual contribution
(available only with Life Time).
Facility of Automatic Cover Continuance, wherein the policy
continues even if there is a temporary break in the payment of annual
contribution
Facility to top-up your investment any time you have surplus funds.
Additional allocation of units on a periodic basis.
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BSLI, Punalur
Loans against the policy.
Investment
Choose from among four funds, based on your investment objective
and risk appetite.
Choice to switch between investments options (4 free switches every
policy year).
You can also enhance your policy by adding Critical Illness Rider, Major
Surgical Assistance Rider, Accident & Disability Benefit Rider, Accident
Benefit Rider (available only with Life Time) and Waiver of Premium Rider.
f) SECURE PLUS
An insurance plan that gives added protection, savings and multiple options,
all in one
The flexibility to choose your premium contribution.
The flexibility to choose amongst three levels of cover (in the form of
sum assured) for the same amount of total annual contribution.
The flexibility of shifting between the three levels of cover, as you
require.
34
BSLI, Punalur
The flexibility of receiving your maturity proceeds as a lump sum or in

equal annual installments over 3 or 5 years.
You can also enhance your policy by adding Variety of Riders.
g) Cash Plus
An insurance plan that gives you added protection, savings, multiple options,
plus the power of liquidity.
The flexibility to choose your premium contribution.
The flexibility to choose amongst three levels of cover (in the form of
sum assured) for the same amount of total annual contribution.
The flexibility of shifting between the three levels of cover, as you
require.
The flexibility of receiving your maturity proceeds as a lump sum or in
equal annual installments over 3 or 5 years.
The flexibility of withdrawing up to 10% of the accumulated value of
your policy, after the first 5 policy years.
You can also enhance your policy by adding Variety of Riders
h) Save n Protect
An ideal plan for those who want to accumulate funds on a regular basis
while enjoying insurance protection.
35
BSLI, Punalur
Guaranteed Benefits
Extended Life Cover
Maturity Benefit
Death Benefit
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 hassle-free,

successful life for your child. However, life is full of Uncertainties and even
the best-laid plans can go wrong. Heres how you can give your child a 100%
safe and assured tomorrow, whatever the uncertainties. Smart Kid is
especially designed to provide flexibility and safeguard your childs 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
Total peace of mind, even if you are not around
Sum Assured is paid immediately
All future premiums are waived
Policy benefits continue
Development Allowance
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BSLI, Punalur
All SmartKid plans can be enhanced with the Accident & Disability Benefit
Rider and Income Benefit Rider. You can also an Accident Benefit Rider to a
SmartKid Regular Premium policy, and a Waiver of Premium Rider (WOP)
to SmartKid unit-linked regular premium policy.
INVESTMENT PLANS
Life link II
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!
Death Benefit: The Sum Assured under the product has 2 options, either
500% of the initial premium or 105% of the initial premium. In the event of
an unfortunate death, the beneficiary will receive higher of the value of units
or the initial death benefit, less any withdrawals.
Withdrawal Benefit: One can make partial withdrawals from the
accumulated value of the policy after completion of one policy year.
Flexibility: Choose from four fund options, based on your investment
objective and risk appetite. If at a later stage your financial priorities change,
you can switch between the various fund options, absolutely free, 4 times a
year.
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BSLI, Punalur
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 for the years to come.
1)
2)
3)
4)
5)
Why plan for retirement?

How much should I set aside for retirement?
The impact of inflation on your retirement savings
Why plan early?
About Annuities
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. A prudent plan will ensure that increasing life expectancy, higher
inflation and increasing taxes do not eat away into your hard earned savings.
How much must I set aside for retirement?
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BSLI, Punalur
To ensure a comfortable retired life, you would be wise to invest money into
additional avenues like pension plans. How much you need to invest can be
answered by answering some questions such as:
1. How long do you have to save that amount before retirement?
2. Where can you invest your retirement money?
3. How much risk are you willing to take on your investments?
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
the retention of talent and improve an organizations bottom-line. The quality
of 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.
BSLI Group Solutions Advantage
An integrated basket of employee benefits solutions that offer

incomparable flexible benefits.
Sound investment management that focuses on safety, stability and
profitability of the portfolio.
Personalized financial planning for your employee that takes care of
his/her changing financial needs at every stage of life.
39
BSLI, Punalur
Quality service initiatives and transparency across all operations,

promising superlative operational efficiency.
GROUP TERM ASSURANCE
BSLI flexible group term solution helps provide affordable cover to

members of a group. The cover could be uniform or based on
designation/rank or a multiple of salary, and can be extended to all
employees between the ages of 18 and 65 years. The benefit under the policy
is paid on the event of the members death to the beneficiary nominated by
the member. It is a one-year renewable policy where one master policy
covers all proposed employees comprising the group, with a minimum group
size of 25 persons. New members can join the group and outgoing members
can leave the group at any point during the policy term.
RURAL PLANS
BSLI Rural Products are designed to meet the needs of the rural consumers.
These products offer the following features:
Low and Affordable Premiums

Life Cover
Savings Option
Hassle free procedure
PLANS FOR NRIS

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
40
BSLI, Punalur
your children's education; or to build assets, BSLI has a range of solutions

that can be customized to meet your needs.
CHAPTER III
41
BSLI, Punalur
DEPARTMENT STUDY
ORGANIZATIONAL CHART
BOARD OF DIRECTORS
CEO
Compan
y
secretar
Chief
Manager
(persona
l)
Chief
Manager
(claims)
Chief
Manager
(Oprtns)
Chief
Manager
(finance)
Area
Dy.
Area
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manage
Manager
manage
42
r
(Personne
r
(Oprtns
l)
Chief
Manager
(marketing
Regional
Manager
(Marketing)
BSLI, Punalur
Dy.
Manager
(Finance)
Manager
(Audit)
Custome
r
Support
Manager
Manager
(Branch
operation
s)
Manager
(Audit)
Manager
(Processi
ng Hub)
Sales
Manager
Admin.
Officer
(Marketin
g)
DIFFERENT DEPARTMENTS IN THE BSLI Ltd.

There are 5 departments in the organization which are classified on the basis
of the functions what they are performing, which are listed below,
1. Personnel and Administration Department
2. Claims Department
3. Finance Department
4. Operations Department
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BSLI, Punalur
5. Marketing Department
1) PERSONNEL & ADMINSTRATION DEPARTMENT

The Personnel and Administration Department is an important department of
the organization being the one which is in close contact with both the
management as well as the employees. The personnel department is headed
by the Personnel Manger and is assisted by the Deputy Manger.
STRUCTURE OF THE DEPARTMENT
CHIEF MANAGER
(Personnel)
DEPUTY MANAGER
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BSLI, Punalur
MANAGER
(Administration)
OFFICER
(Administration)
Assistants
Functions
The Personnel Department is responsible to keep filled the various positions
of the organizational structure.
a) Identifying the job requirements:
To fill a position with the right person we have to understand the scope of
every job and ascertain the requirements which would meet both the
individual and organizational requirements.
b) Recruiting;
Recruiting is the process of attracting candidates to filled positions in the

organizational structure.
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BSLI, Punalur
c) Selecting, placing and promoting:

Selection is the process of choosing the best candidates from among the
recruits who would fit into the job as per requirements.
d) Performance Appraisal
Performance appraisal is ascertaining how a person the performing in his

present managerial position. It helps in determining who is eligible to be
promoted to a higher position.
e) Training
Training includes those activities done to facilitate the learning process the
employees and is mostly a short term activity which helps to do their jobs
better.
Compensation
The compensation structure is categorized into two components,
Fixed Pay
Variable Pay
46
BSLI, Punalur
Total cost to company

Fixed Pay
Basic Pay
Employees have the flexibility of fixing the monthly basic varying
between 35-40% of the total cost of the company.
Tax implication: Fully Taxable as per tax slabs as applicable.
Provident Fund
Employee contribution is 12% of the monthly basic with a matching
contribution made by the company.
Tax implication: Nil
Gratuity
Applicable at all the employees with a minimum of one year of
continous service in the company. Employee contribution is to 4.81%
of the monthly basic
Tax implication: Nil
Flexible pay
HRA
Employee has the flexible to fix a percentage of basic salary as HRA.
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BSLI, Punalur
Tax implication: Least of the following and is exempt from income

tax.
o 50% (for metro cities)/ 40% (for non metro cities) of basic or
o Actual HRA or
o Rent paid by the employee subject to a maximum of 10% of
basic
Conveyance allowance
Conveyance allowance is paid to take care of employees travel from
residence to the place of posting the back. Not applicable for
employees covered under car hiring scheme.
Tax implication- Not taxable up to 9600/annum
Special Allowance:
Any unaccounted amount from the total cost to company not claimed
under any other component can be claimed under special allowance.
There is no restriction on the amount to be taken under this bead.
Tax implication: Fully taxable.
Leave Travel Assistance (LTA):
Includes travel expenditure on self, spouse, children & dependent
parents for expenses incurred by them for leisure travel/excursions.
Guidelines
LTA can be claimed only after completion of one year of continuous
service/completion of probation period, whichever is earlier.
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BSLI, Punalur
LTA shall be sanctioned only when an employee proceeds on leave for

a minimum period of 5 working days at a stretch.
An employee can claim LTA advance up to 75% of the entitlement (15
days prior to proceeding on leave). The advance needs to be settled
within 30 days of journey.
Company Leased Accommodation (CLA)
Any employee may opt for a company leased accommodation. The employee
may lease a house for a period not less than 11 months at each instance. The
company shall pay the rent through monthly cheques in the name of leaser.
Fringe Benefits
Car hiring Charges
The car to be hired should be in the name of spouse or any of the dependent
parents only. A copy of car registration certificate as approve for ownership
to be submitted for claiming the amount.
Fuel and Car Maintenance expense
All employees eligible for car hiring charges will also be entitled petrol and
car maintenance expense reimbursement up to a maximum limit of Rs.
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BSLI, Punalur
220000 per annum. To claim the under this bills along with the claim form to
be submitted.
Driver Salary
All employees eligible for car hiring will also be eligible for driver
reimbursement subject to a maximum amount of Rs. 80000/ annum. A copy
of drivers driving license along with monthly payment receipt to be
submitted.
Medical Reimbursement
Uncured on self, spouse, dependent children and dependent parents. The

amount is subject to a maximum of Rs.18000/ annum.
Mediclaim Insurance
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BSLI, Punalur
Includes hospitalization expenses incurred in the hospital at the event of

illness or disease or injury sustained by the employee of any of the family
member.
Professional Body Membership
An amount can be reimbursed on producing proof of membership to any of

the professional bodies related to the areas.
Superannuation
Applicable to Band 1 and above employees contribution is 10 to 15% of the

monthly basic.
VARIABLE PAY
Objective:To have compensation and reward structure that is directly

aligned to individual performance with organization goal for business
strategies.
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BSLI, Punalur
Features:-
All employees who are on the roll of the company as on 31 st

March.
An employee rated as partial contributor, does not qualify.
Periodicity of payout: Annual
Basic of Annual Performance Bonus
Individual performance
Unit performance
Business performance
Incentives
Incentives are paid to the employees based on their volume of
sales.
2) CLAIMS DEPARTMENT
CHIEF MANAGER
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BSLI, Punalur
AREA MANAGER
MANAGER
(Customer Support)
ASSOCIATES
MANAGER
(Customer Support)
ASSOCIATES
MANAGER
(Customer Support)
ASSOCIATES
The Claims department is headed by the claims

manager; there are the Area Manager and support managers and their
associates to assist him.
The claims department is responsible for the claim settlements arising from
the customers. In case of a life insurance claim the department gets
information directly from the customer or from the 24 x7 call centers. The
department authenticates the policy details and issues a claim number, and
then assigns the surveyor for valuation. After proper enquiry, fund is
collected and delivered to the customer.
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BSLI, Punalur
In case of reimbursement process, the customer will have to submit

documents and they will make the payment within 3 days of completion of
documentation.
3) FINANCE DEPARTMENT
MANAGER
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BSLI, Punalur
Dy. MANAGER
MANAGER
(Audit)
ASSISTANTS
ACCOUNTS
OFFICER
ASSISTANTS
ACCOUNTS
OFFICER
ASSISTANTS
The finance department is headed by the Chief Finance Manager and there is
Deputy Manager and Audit Manager to assist him.
Functions
Preparation of reports which means the summarized form of
management on the monthly performance.
Finalization of accounts: like the preparation of profit and loss
accounts, schedules and notes on accounts.
Preparation of budges, which means managing the funds of the
department.
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BSLI, Punalur
Treasury management which refers to the management of the available

funds in a suitable and convenient manner.
Calculation and preparation of income tax & service tax.
Operations control means controlling the daily operations and
transactions in the department and controls them.
Calculation of depreciation.
Preparation and disbursement of salary.
Internal and external audit.
4) OPERATIONS DEPARTMENT
CHIEF MANAGER
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BSLI, Punalur
AREA MANAGER
MANAGER (Branch
Operations)
ASSOCIATES
ASSOCIATES
MANAGER
(Processing Hub)
ASSOCIATES
ASSOCIATES
The operations department is headed by the Operations Manager and is

assisted by the Area Manager. There are two, the Branch Operations Manager
and his associates & processing hub Manager and his associates to assist
him.
The main functions of the Operations Department are divided

into three.
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BSLI, Punalur
a) Primary Functions
The primary functions involve the acceptance of documents submitted
from the marketing department.
b) Secondary Functions
The secondary functions involve the detailed analysis and verification
of the documents.
c) Tertiary Functions
The tertiary functions involve the punching and issuance of policy
documents to the client after verifying.
5) MARKETING DEPARTMENT
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BSLI, Punalur
CHIEF MANAGER
REGIONAL
MANAGER
Sales Manager
Admin. Officer
(Marketing)
Unit Sales Manager
SO/
Agent
Assistant
Assistant
Marketing is the term used to refer to the orientation of an organization

which has established a separate department to look after its marketing
activities.
The Marketing Department is headed by the chief Marketing Manager and is
assisted by the regional Manager.
Functions:
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BSLI, Punalur
a) Sales
Sales are the crucial function of the marketing department.
The various vertical agencies functioning in BSLI, Punalur are:
Branch Banking Group, Rural and Agricultural Business Group, CMG.
b) Planning
Planning is the act of formulating a program for a definite course of
action. In BSLI the Marketing Department is responsible for the planning
and Co-ordination of the Marketing activities.
c) Marketing Research
Marketing Research analyses a given marketing opportunity or
problem, defines the research and data collection methods required to deal
with the problem.
d) Customer Relations
Customer relations involves the conscious aim to develop and
manage long term and/ or trusting relationship with customers, suppliers,
distributors or other parties in the marketing department.
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BSLI, Punalur
CHAPTER IV
SWOT ANALYSIS
61
BSLI, Punalur
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.
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BSLI, Punalur
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 are not available which can create
adverse effect later on the market share of the company.
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BSLI, Punalur
CHAPTER V
FINDINGS & SUGGESTIONS
FINDINGS
Birla Sun Life Asset Management Company has one of the largest
team of research analysts in the industry, dedicated to tracking down
the best companies to invest in.
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BSLI, Punalur
There is a good relation exist between the employees and

management.
BSLI provides good welfare facilities.
The age groups 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.
Most of the selected advisors have a good qualification. Most of them
are graduate and post graduate.
All most 50% of the new advisors give full time to their profession.
This shows how new advisors are dedicated towards their new
profession.
Employees wish to acquire skills through continuous training.
Selection is advisors in base on commission basis so there is always a
big possibility of extra income. Hard working advisors can earn more
than expectation, because there is no limit of earning. If a advisors sell
more policy he can get more commission so there know limitation on
earnings.
SUGGESTIONS
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BSLI, Punalur
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.
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.
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 they can take interest
66
BSLI, Punalur
CHAPTER VI
CONCLUSION
67
BSLI, Punalur
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. 1 2 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.
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BSLI, Punalur
BIBILOGRAPHY
Research Methodology
C R Kothari
Website
www.birlasunlife.com
www.adityabirla.com
www.sunlife.com
www.irda.gov.in
www.google.co.in
Records & Files
BSLI Ltd.
69

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BSLI, Punalur

knowledge regarding the functional as well as the management aspects

To get an overview of the general insurance industry

1.4 SCOPE OF THE STUDY

1.5 LIMITATIONS OF THE STUDY

The study is limited to my experience and knowledge.

2.1 INDUSTRY PROFILE

purchase insurance. With only 2.5% of the country's insurable population

THE INDIAN INSURANCE MARKET

Major Players in the Market

Birla Sun Life Insurance Co. Ltd.

Consistent growth has been observed in the private insurance markets.

with innovative products like Unit-Linked Insurance Products (ULIPs). As a

Allianz Bajaj General Insurance Co. Ltd.

THE REINSURANCE MARKET

Insurance business in India is growing at the rate of 15-20% annually and

The industry is looking at new modes of development and distribution such

2.2 COMPANY PROFILE

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

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

About Sun Life Financial Inc

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

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

will provide career development opportunities to our employees and the

Mr. Kumar M Birla

Mr. Mayank Bathwal

Mr. Mario Braganza

Mr. E.N. Goveia

Mr. Amit Punchhi

Mr. Bhavesh Sanghvi

Mr. Snehal Shah

Ms. Anjana Grewal

Mr. Rajesh Bhojani

Senior Vice President DSF Expansion

Vice President - Human

Mr. Fabien Jeudy

Mr. Lalit Vermani

Mr. Melvyn D'souza

Mr. Vikram Kotak

Mr. Bhalachandra Nayak

Plans for NRIs

Level Term Assurance with return of premium

o On maturity, all the premiums paid will be returned.

Flexibility to choose a specific level of protection (Sum Assured),

b) Invest Shield Life

An ideal plan for your long-term savings and protection

Additional credits payable as a percentage of the initial annual

Additional insurance for 10 years after the maturity, for an amount of

c) Invest Shield Gold

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

Loans against the policy.

The flexibility of receiving your maturity proceeds as a lump sum or in

As a responsible parent, you will always strive to ensure a hassle-free,

Smart Kid regular premium

All these plans offer you:

Why plan for retirement?

Why plan for retirement?

An integrated basket of employee benefits solutions that offer

Quality service initiatives and transparency across all operations,

BSLI flexible group term solution helps provide affordable cover to

Low and Affordable Premiums

PLANS FOR NRIS

your children's education; or to build assets, BSLI has a range of solutions

DIFFERENT DEPARTMENTS IN THE BSLI Ltd.