a study of prmotional polices of birla sunlife

8/10/2019 A Study of Prmotional Polices of Birla Sunlife

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INTRODUCTION

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 y 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 o"ner of the policy (policyholder), although the o"ner and

the insured are often the same person. #or example, if $ohn %mith uys a

policy on his o"n life, he is oth the o"ner and the insured. But if &ary

%mith, his "ife, uys a policy on $ohn's life, she is the o"ner and he is the

insured. The o"ner of the policy is called the grantee (he or she "ill e the

person "ho "ill pay for the policy). Another important person involved is

theeneficiary. The eneficiary is the person or persons "ho "ill receive

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

party to the policy, ut is designated y the o"ner, "ho may change the

eneficiary unless the policy has an irrevocale eneficiary designation.

ith an irrevocale eneficiary, that eneficiary must agree to changes in

eneficiary, policy assignment, or orro"ing of cash value.

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

terms and conditions of the risk assumed. %pecial provisions apply,

including a suicide clause "herein the policy ecomes null if the insured

commits suicide "ithin a specified time for the policy date (usually t"o

years). Any misrepresentation y the o"ner or insured on the application is

also grounds for nullification. &ost contracts have a contestaility period,
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also usually a t"oyear period! if the insured dies "ithin this period, the

insurer has a legal right to contest the claim and re*uest additional

information efore deciding to pay or deny the claim.

The face amount of the policy is normally the amount paid "hen the policy

matures, although policies can provide for greater or lesser amounts. The

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

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

interests of the o"ner of the policy in the event of the insured's demise. The

insurance proceeds "ould pay for funeral and other death costs or e

invested to provide income replacing the deceased's "ages. +ther reasons

include estate planning and retirement. The o"ner (if not the insured) must

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

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

policy prices "ith an intent to recover claims to e paid and administrative

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

mortality tales calculated y actuaries. Actuariesare professionals "ho use

actuarial science "hich is ased in mathematics (primarily proaility and

statistics). &ortality tales are statistically ased tales sho"ing average life

expectancies. The three main variales in a mortality tale are age, gender,

and use of toacco. The mortality tales provide a aseline for the cost of

insurance. -n practice, these mortality tales are used in conunction "ith the

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

determine premiums and insuraility. The current mortality tale eing used

y life insurance companies in the /nited %tatesand their regulators "as

calculated during the 0123s. There is currently a measure eing pushed to

update the mortality tales y 4332.

The current mortality tale assumes that roughly 4 in 0,333 people aged 45"ill die during the term of coverage. This numer rises roughly *uadratic
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ally to aout 45 in 0,333 people for those aged 65. %o in a group of one

thousand 45 year old males "ith a 7033,333 policy, a life insurance

company "ould have to, at the minimum, collect 7433 a year from each of

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

receives the premiums from the policy o"ner and invests them to create a

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

company's operations. 8ontrary to popular elief, the maority of the money

that insurance companies make comes directly from premiums paid, as

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

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

9ates charged for life insurance increase "ith the insured's age ecause,

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

%ince adverse selectioncan have a negative impact on the financial results

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

policy is elo" a companyestalished minimum amount) eginning "ith

the application, "hich ecomes part of the policy. :roup -nsurancepolicies

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

called under"riting. ;ealth and lifestyle *uestions are asked, and the

ans"ers are dutifully recorded. 8ertain responses y the insured "ill e

given further investigation. Life insurance companies in the /nited %tates

support The &edical -nformation Bureau, "hich is a clearinghouse of

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

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

information from the proposed insured's physicians. Life insurance

companies are never re*uired y la" to under"rite or to provide coverage

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

o"n health or lifestyle reasons, are uninsurale. The policy can e declined
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(turned do"n) or rated. 9ating means increasing the premiums to provide

for additional risks relative to that particular insured.

VISION

To e a "orld class provider of financial security to individuals and

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

companies in -ndia

MISSION

To e the first preference of our customers y providing innovative, need

ased life insurance and retirement solutions to individuals as "ell as

corporates. These solutions "ill e made availale y "elltrained

professionals through a multi channel distriution net"ork and superior

technology.

+ur endeavour "ill e to provide constant value addition to customers

throughout their relationship "ith us, "ithin the regulatory frame"ork. e

"ill provide career development opportunities to our employees and the

highest possile returns to our shareholders


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IRDA:

The insurance sector has een opened up in -ndia, as there "as an

urgent need. The international experience indicates those country "ith a

lierali


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market, as disposale income rises, -nsurance premiums as a ratio of :@

shoots up. The confederation of -ndian -ndustry proected a gro"th of Life

-nsurance premiums from 9s. >53 Billion at present to 9s.0?3 Billion. The

gro"th of nonlife insurance premium is expected to increase from 5

illion to >5 illion. +ut of "hich, only 03= is tapped y the existing

insurer.

-nsurance even more than anking is a volume game. A very

exclusive approach in vie" is unlikely to provide meaningful numers.

8urrently, insurance is ought for the purpose of taxenefits. A higher

percentage of usiness is in the rural market. The share of rural ne"

usiness insurance total ne" usiness is 55= in terms of policies and ?=

in terms of sum assured. ;o"ever, this needs to e vie"ed in the light of

some recent issues that have een raised regarding as to "hat constitutes the

rural market. Therefore, private insurers "ill e est served y middle

market approach, targeting the customer segments that are presently

unexploited.

;o" many -ndians are a"are that L-8 has more than 63roducts and

:-8 has more than 023roductsC Dot only there is a reduction in the

premiums of Life -nsurance products have long overdue since -ndian

morality rate has decreased three folds in the last 53years. There is also

scope to increase the yield on life insurance policies (presently 6=) "ithproper risk management in place.

-t is een deated that insurance usiness does not produce profit in

the first five years cross susidi


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OBJECTIVE

To determine and analy


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S A CH

M THODOLOGY

According to :reen and Tall A research design is the specification of the

methods and procedures for ac*uiring the information needed. -t is the

overall operational pattern or frame"ork of the proect that stipulates "hichinformation is to e collected, from "here it is to e collected and y "hat

proceduresF

This research process ased on primary data analysis and secondary data

analysis "ill e clearly defined to meet the oectives of the study.

- chose the primary sources to get the data. A *uestionnaire "as

designed in accordance "ith our mentor in %hirts. - chose a sample of

aout >3 corporate customers

- collected some data from the secondary sources like pulished

8ompany documents, internet etc.

Research Desi"nA research design is the arrangement of conditions for collections and

analysis of data in a manner that aims to comine relevance to the research

purpose "ith economy in proceduresF. -t is a descriptive cross sectional

design .-t is the conceptual structure "ith in "hich research is conducted! it

constitutes the lueprint for the collection, measurement and analysis of

data.


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-t is needed ecause it facilitates the smooth sailing of the various research

operations, therey making research as efficient as possile yielding

maximal information "ith minimal expenditure of effort, time and money.

-n the preliminary stage, my research stage constituted of exploratory study

y "hich it is clear that the existence of the prolem is ovious .%o, - can

directly head for the conclusive research.

Sa%#lin" +lan

%ampling planF is a distinct phase of research process. -n this stage - have

to determine "ho is to e sampled, ho" large should e the needed sample

and ho" sampling unit is to e selected.

+o#ula$ion

-n my research, - have defined my population as a complete set of customers

of %agar 8ity.

Sa%#le Sure

As compared to census study, a sample study has een conducted y us

ecause ofG ide range of population, it "as impossile to cover the "hole

population

Time and money constraints.

Sa%#le Uni$

-n this survey - took the list of customers from the dealers of %hirts

Sa%#lin" Techni-ue

%ampling techni*ue implies the method of choosing the sample items, the

t"o methods of selecting sample areG

roaility method.

Donproaility method.

roaility methodF is those in "hich every item of the universe has an

e*ual chance of the inclusion in the sample. Donproaility methodsF are


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those that do not provide every item in the universe "ith kno"n cause of

eing included in the sampl

COMPANY PROFILE


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Birla %un Life -nsurance 8ompany Limited (B%L-) is a oint venture

et"een the Aditya Birla :roup and %un Life #inancial -nc., a leading

international financial services organisation. The local kno"ledge of theAditya Birla :roup comined "ith the expertise of %un Life #inancial -nc.,

offers a formidale value proposition to customers.

%un Life #inancial and its partners today have operations in key markets

"orld"ide, including -ndia, 8anada, the /nited %tates, the /nited Hingdom,

;ong Hong, hilippines, $apan, -ndonesia, 8hina and Bermuda. %un Life

#inancial -nc. had assets under management of over /%7 >26.24 illion, as

on >0 &arch 433. %un Life #inancial -nc. is a leading performer in the life

insurance market in 8anada.

B%L- in its five successful years of operations has contriuted significantly

to the gro"th and development of the life insurance industry in -ndia. -t

pioneered the launch of /nit Linked Life -nsurance plans amongst the

private players in -ndia. -t "as the first player in the industry to sell its

policies through the Bank assurance route and through the internet. -t "as

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

market. This "as supported y sales practices, "hich rought a degree of

transparency that "as entirely ne" to the market. The process of getting

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

policies, "hich are no" industry standards "ere introduced y B%L-.

Being a customer centric company, B%L- has invested heavily in technology

to uild "orld class processing capailities. B%L- has covered more than

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

across 033 cities in -ndia. All this has assisted the company in cementing its

place amongst the leaders in the industry in terms of ne" usiness premium


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income. Birla %un Life -nsurance (B%L-), one of the leading private life

insurers in -ndia today announced the inimitale achiever, cricketer Hapil

@ev as their corporate rand amassador. The cricketing supremo "ill e

endorsing B%L- in all its marketing initiatives. Birla %un Life -nsurance is a

valuedriven rand "hich has a national rand recall of 3 per cent. The

oective of appointing a rand amassador is to gro" its rand recall as it

goes national in its distriution reach and fuel usiness gro"th. As a rand

amassador, Hapil @ev "ill play a key role in the rand and product

marketing and promotional activities. B%L- has al"ays used an integrated

marketing approach, "hich "ill e strengthened further.

8ommenting on the association "ith Hapil @ev, &r. %. H. &itra, @irector,

#inancial %ervices, Aditya Birla :roup and currently incharge of B%L-

expressed, IThe Birla %un Life -nsurance usiness distriution net"ork is

national in nature covering more than 0333 points across the country .e

have made our entry in several tier - and tier -- to"ns. -t is therefore very

important for the rand to connect at the grassroot level and create trust. e

elieve that our association "ith Hapil @ev as our rand amassador "ill

help us create this connect in a shorter period of time. e therefore no"

have t"o strong connects J our parent rand Birla and our rand

amassador Hapil @evI.

Hapil @ev, also kno"n as the ;aryana ;urricane, "as orn on 6 $anuary0151 in 8handigarh. ;e played his first competitive game of cricket at the

age of 0> years and made his test deut on 06 +ctoer 012 at #aisalaad

against akistan. Hapil @ev remained -ndia's top strike o"ler for almost 05

years. ;is extraordinary test match figures of more than 5333 runs and ?>?

"ickets along "ith 6? catches sho" that he "as a "orld class cricketer and

an allrounder. ;e has raised the mantle of -ndia to sporting glory y"inning us the orld 8up.


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-n a study conducted y B%L-, Hapil @ev connected extremely "ell "ith the

life insurance category and had high acceptance y the masses. +ur survey

suggests that he is seen as a very good fit for the B%L- rand. ;e is very

much loved and respected y a vast maority of the population.

+n 46 Dovemer 4336, Birla %un Life "as host the annual golf tournament

at the 8hemur :olf 8lu in &umai "here Hapil @ev "as participate.

A.ou$ /irla Sun Life Insurance

Birla %un Life -nsurance 8ompany Limited is a oint venture et"een theAditya Birla :roup, one of the largest usiness houses in -ndia and %un Life

#inancial -nc., a leading international financial services organisation. The

local kno"ledge of the Aditya Birla :roup comined "ith the expertise of

%un Life #inancial -nc., offers a formidale protection for your future.

Birla %un Life -nsurance (B%L-), in its five successful years of operations,

has contriuted significantly to the gro"th and development of the life

insurance industry in -ndia. -t pioneered the launch of unit linked life

insurance plans amongst the private players in -ndia. -t "as the first player

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

through the internet. -t "as the first private sector player to introduce a pure

term plan in the -ndian market. This "as supported y sales practices "hich

rought a degree of transparency that "as entirely ne" to the market. The

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

look period on all policies, "hich are no" industry standards, "ere

introduced y B%L-. Being a customercentric company, B%L- has invested

heavily in technology to uild "orld class processing capailities. B%L- has

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

spread across more than 0333 to"ns and cities in -ndia. All this has assisted


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

terms of ne" usiness premium income. The company's current capital ase

is 9s.543 crore.

A.ou$ $he A!i$a /irla 0rou#

The Aditya Birla :roup has a turnover close to 9s.>2,333 crore (as on >0

&arch 4332) and is one of the largest usiness houses in -ndia. -t enoys a

leadership position in all the sectors in "hich it operates. ith over 5

usiness units spanning the %outh East Asian elt, Africa, 8anada and the

/H among others, it is reckoned as -ndia's first multinational corporation.

The group is anchored y 4,333 employees and has seven lakh

shareholders, "ith a market capitali,?33 crore.

A.ou$ Sun Life 1inancial Inc2

%un Life #inancial -nc. is a leading international financial services

organisation providing a diverse range of "ealth accumulation and

protection products and services to individuals and corporate customers.

Tracing its roots ack to 0265, %un Life #inancial and its partners today

have operations in key markets "orld"ide, including 8anada, the /nited

%tates, the /nited Hingdom, ;ong Hong, the hilippines, $apan, -ndonesia,

-ndia, 8hina and Bermuda. As of >0 &arch 4332, the %un Life #inancial

group of companies had total assets under management of /%7 >?> illion.

%un Life #inancial -nc. trades on the Toronto (T%K), De" ork (D%E) and

hilippine (%E) stock exchanges under ticker symol I%L#I.


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+RODUCT +RO1IL*

In!ii!ual Life +ro$ec$ion

Birla %un Life Termlan

remium Back Termlan

Sain"

Birla %un Life -nsurance :oldlus

%upreme Life @ream lan

8lassic Life remier

%imply Life

rime Life remier

rime Life

Life 8ompanion

#lexi 8ash #lo"

#lexi %ave lus

#lexi Life Line

%ingle remium Bond
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Re$ire%en$

#lexi %ecure Life 9etirement lan --

Chil!ren

8hildren's @ream lan

Rural

Bima Havach oana
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Re$ire%en$

+ur 9etirement lans allo" you to meet your expenses and uild a nest

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

retirement.

The post retirement years can e the est years of your life. Time to do

things you couldn't have done "hile you "ere "orking. A right financial

planning makes your post retirement years truly golden . +ur %un Life

secure Life -- assures you ust that.

Ri!ers

Accidental @eath and @ismemerment 9ider

Term 9ider

8ritical -llness 9ider

aiver of remium

8ritical -llness lus 9ider

8ritical -llness oman 9ider
http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Riders/insplans_indiv_riders.aspxhttp://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Riders/rider_accidental.aspxhttp://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Riders/rider_term.aspxhttp://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Riders/rider_illness.aspxhttp://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Riders/rider_waiver.aspxhttp://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Riders/rider_illnessplus.aspxhttp://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Riders/rider_illnesswoman.aspxhttp://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Riders/insplans_indiv_riders.aspxhttp://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Riders/rider_accidental.aspxhttp://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Riders/rider_term.aspxhttp://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Riders/rider_illness.aspxhttp://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Riders/rider_waiver.aspxhttp://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Riders/rider_illnessplus.aspxhttp://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Riders/rider_illnesswoman.aspx


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20/52

+RODUCTS

Life i s unpredicta le . But in face of advers ity, our

responsiilit ies to"ards our parents, children and loved ones

need not e compromised. -nsurance planning e*uips you to

smooth out the uncertainties and adversities that life might send

your "ay, so that the est that l ife has to offer, secure in the

kno"ledge that your eloved ones are "ell provided for.

B%L- offers a complete range of insurance products

3. +ro$ec$ion +lans

&2 Sain"s +lans

42Chil! +lans

52 Ines$%en$ +lans

62Re$ire%en$ +lans

720rou# +lans

82Rural +lans

92+lans for NRIs

2 ;e%an +lans

3'2Ri!ers

Insurance Plans
http://www.iciciprulife.com/ipru/protection1.jsphttp://www.iciciprulife.com/ipru/savings1.jsphttp://www.iciciprulife.com/ipru/childplan1.jsphttp://www.iciciprulife.com/ipru/investment1.jsphttp://www.iciciprulife.com/ipru/retire1.jsphttp://www.iciciprulife.com/ipru/groupplan1.jsphttp://www.iciciprulife.com/ipru/ruralplan1.jsphttp://www.iciciprulife.com/ipru/nriplan1.jsphttp://www.iciciprulife.com/ipru/keymanplan1.jsphttp://www.iciciprulife.com/ipru/riders.jsphttp://www.iciciprulife.com/ipru/protection1.jsphttp://www.iciciprulife.com/ipru/savings1.jsphttp://www.iciciprulife.com/ipru/childplan1.jsphttp://www.iciciprulife.com/ipru/investment1.jsphttp://www.iciciprulife.com/ipru/retire1.jsphttp://www.iciciprulife.com/ipru/groupplan1.jsphttp://www.iciciprulife.com/ipru/ruralplan1.jsphttp://www.iciciprulife.com/ipru/nriplan1.jsphttp://www.iciciprulife.com/ipru/keymanplan1.jsphttp://www.iciciprulife.com/ipru/riders.jsp


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B%L- offers Life0uar! a set of pure protection plans. 8hoose

from amongst three different product structures to insure your

life and provide total security to your family, a t a ve ry

affordale cost.

Leel Ter% Assurance wi$h re$urn of #re%iu%

+n death the entire sum assured "ill e paid.

+n maturity, all the premiums paid "ill e returned.

Leel Ter% Assurance wi$hou$ re$urn of #re%iu%


Do survival or maturity enefits.

ou can also enhance the aove t"o policies y adding Accident

M @isaility Benefit 9ider and aiver of remium 9ider (+) .

Leel Ter% Assurance < Sin"le #re%iu%:


Do survival or maturity enefits

Protection Plans
http://www.iciciprulife.com/ipru/riders.jsp#chttp://www.iciciprulife.com/ipru/riders.jsp#chttp://www.iciciprulife.com/ipru/riders.jsp#fhttp://www.iciciprulife.com/ipru/riders.jsp#chttp://www.iciciprulife.com/ipru/riders.jsp#chttp://www.iciciprulife.com/ipru/riders.jsp#f


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B%L- offers a variety of policies that give you the enefits of

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

A regular premium unitlinked insurance plan "ith an assurance

of 8apital :uaranteeN "ith the added advantage of f lexile

li*uidity option. An ideal plan for long term planning "ith theenefit of li*uidity.

The ke fea$ures of $he #lan are:

#lexiili ty to choose a specific level of protection (%um

Assured), ased on a multiple of the annual premium. ou

can also choose the term of the plan.

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

the guaranteed valueO is paid. +n death, %um Assured

along "ith the higher of value of units or the guaranteed

value is payale.

#acil ity to make "ithdra"als from the 6th policy year

on"ards till the end of the policy term. Every year "ithdra" up to 03= of the value of units.

Additional credits payale as a percentage of the initial

annual premium are paid along "ith the death or maturity

enefit.

Additional insurance for 03 years after the maturity, for an

amount of 53= of the %um Assured.

Savings Plans


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#lexiility to make additional investment "ith the help of

the topup facility.

#lexii li ty to increase P decrease your annual premium

amount

#acility of Automatic remium ayment ith this facility

you can take a temporary reak from premium payment. OO

Total transparency "ith the premium allocations, and other

charges declared upfront.

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

invested premiums (premiums net of al l charges) along

"ith the declared onus interests.

OO ith Automatic remium ayment facility, you can avail a

temporary reak from premium payment for a maximum of 0

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

term is less than 05 years and t"ice, if it is 05 years or more.

ou can also enhance your pol icy y adding Accident M

@isaili ty Benefit 9ider, aiver of remium 9ider and

8ritical -llness 9ider.

A regular premium unitlinked insurance plan "ith an assurance

of 8apital :uaranteeN An ideal plan for your longterm savings

and protection re*uirement.
http://www.iciciprulife.com/ipru/riders.jsp#chttp://www.iciciprulife.com/ipru/riders.jsp#chttp://www.iciciprulife.com/ipru/riders.jsp#fhttp://www.iciciprulife.com/ipru/riders.jsp#ahttp://www.iciciprulife.com/ipru/riders.jsp#chttp://www.iciciprulife.com/ipru/riders.jsp#chttp://www.iciciprulife.com/ipru/riders.jsp#fhttp://www.iciciprulife.com/ipru/riders.jsp#a


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The ke fea$ures of $he #lan are G

#lexiility to choose a specific level of protection ( Su%

Assure!), ased on a multiple of the annual premium. ou canalso choose the term of the plan.

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

the guaranteed valueO is paid. +n death, %um Assured along

"ith the higher of value of units or the guaranteed value is

payale

Additional credits payale as a percentage of the initial

annual premium are paid along "ith the death or maturi ty

enefit.

Additional insurance for 03 years after the maturity, for

an amount of 53= of the %um Assured.

#lexiility to make additional investment "ith the help

of the$o#


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The guaranteed value of the uni t fund is the value of a ll

invested premiums (premiums net of all charges) along "ith

the declared onus interests.

ith Automatic remium ayment facili ty, you can avail a

temporary reak from premium payment for a maximum of 0

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

term is less than 05 years and t"ice, if it is 05 years or more.

The capital guarantee i s applicale only on the inves ted

premium and the declared onus interests.

ou can a lso enhance your pol icy y adding Accident M

@isaility Benefit 9ider, aiver of remium 9ider and 8ritical

-llness 9ider.

A uni t linked insurance p lan "ith an assurance of 8apital

:uarantee "hich offers you the enefit of a l imited premium

payment term. An ideal plan for protection "ith "ealth creation

that offers the flexiility of a limited premium paying term.

#lexiili ty to choose a premium payment term of 5, or 03

years for a maturity term of 03, 05 or 43 years respectively.

#lexii li ty to choose a specif ic level of protection (%um

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

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

units or the guaranteed valueO is paid. +n death, %um Assured

along "ith the higher of value of units or the guaranteed value

is payale.


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Addit ional credi ts payale as a percentage of the ini tial

annual premium are paid along "ith the death or maturi ty

enefit.

#acil ity to make "ithdra"als from the 6th pol icy year

on"ards till the end of the policy term. Every year "ithdra"

up to 03= of the value of units

#lexiility to make additional investment "ith the help of the

topup facility.

#lexiility to increase P decrease your annual premium amount

Total transparency "ith the premium allocations, and other

charges declared upfront.

The guaranteed value of the uni t fund is the value of a ll

invested premiums (premiums net of all charges) along "ith

the declared onus interests.

The capital guarantee i s applicale only on the inves tedpremium and the declared onus interests.

ou can a lso enhance your pol icy y adding Accident M

@isaility Benefit 9ider and 8ritical - llness 9ider.

resenting remier Life Q The referred plan for the referred

8ustomer. The key features of the plan areG

Limited premium payment optionG 8hoose from among a >, 5,

or 03 year premium paying term.


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Addon riders to protect you against any eventuality.


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Life Expectancy has een rising rapidly and today you can

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

increase "il l mean a longer reti rement l ife, s tretching into acouple of decades. B%L- 9etirement %olutions that comine the

est of insurance and investment. These solutions are developed

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

0. hy plan for retirementC

4. ;o" much should - set aside for retirementC

>. The impact of inflation on your retirement savings

?. hy plan earlyC

5. Aout Annuities

(h #lan for re$ire%en$@

#or too many people, the oy of retirement after years of

hard "ork is ecl ipsed y the f inancial uncer tain ties that i t

rings. @espite all the planning and saving, you can never sure

"hether your money "ill last a l ifetime. 9etirement planning

offers a "ay to ensure a more enoyale, stress free tomorro". A

prudent plan "ill ensure that increasing life expectancy, higher

inflation and increasing taxes do not eat a"ay into your hard

earned savings.

Retirement Plans
http://www.iciciprulife.com/ipru/retire2.jsp#ahttp://www.iciciprulife.com/ipru/retire2.jsp#bhttp://www.iciciprulife.com/ipru/retire2.jsp#chttp://www.iciciprulife.com/ipru/retire2.jsp#dhttp://www.iciciprulife.com/ipru/retire4.jsp#topahttp://www.iciciprulife.com/ipru/retire2.jsp#ahttp://www.iciciprulife.com/ipru/retire2.jsp#bhttp://www.iciciprulife.com/ipru/retire2.jsp#chttp://www.iciciprulife.com/ipru/retire2.jsp#dhttp://www.iciciprulife.com/ipru/retire4.jsp#topa


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How %uch %us$ I se$ asi!e for re$ire%en$@

To ensure a comfortale retired life, you "ould e "ise to

invest money into additional avenues like pension plans. ;o"much you need to invest can e ans"ered y ans"ering some

*uestions such asG

0. ;o" long do you have to save that amount efore

retirementC

4. here can you invest your retirement moneyC

>. ;o" much risk are you "illing to take on your

investmentsC


31/52

-n an era of competit ive parity, the only asset that makes a

decisive difference et"een corporate success and failure is the

*uality of human capital. Employee enefits have proven to e

an excellent tool to optimi


32/52

0rou# Ter% Assurance : ;elps provide affordale cover to

memers of a group.

0rou# 0ra$ui$ +lan : ;elps employers fund their statutory

gratuity oligation in a flexile and hasslefree manner.

0rou# Su#erannua$ion +lan : A f lexile scheme (defined

enefit and defined contriution) to provide a retirement kitty

for each memer of the group.

0rou# Ter% Assurance:

B%LI flexile group term solution helps provide affordale

cover to memers of a group. The cover could e uniform or

ased on designationPrank or a multiple of salary, and can e

extended to all employees et"een the ages of 02 and 65 years.

The enefit under the policy is pa id on the event of the

memers death to the eneficiary nominated y the memer. -t

is a oneyear rene"ale policy "here one master policy covers

all proposed employees comprising the group, "ith a minimum

group si


33/52

4.AXIS BANK ON 7 Ps FRAMEWORK:-

+nce the marketing strategy is developed, there is a I%even #ormulaI that should eused to continually evaluate and reevaluate your usiness activities. These seven areG

Product

Price

Promotio

PRO!"#$:-

To egin "ith, develop the hait of looking at your product as though you "ere anoutside marketing consultant rought in to help your company decide "hether or not it'sin the right usiness at this time. Ask critical *uestions such as, I-s the current product orservice, or mix of products and services, appropriate and suitale for the market and thecustomers of todayCI@evelop a hait of assessing your usiness honestly and asking,

Are these the right products or services for our customers todayC

8ompared to your competitors, is your product or service superior in some significant"ay to anything else availaleC -f so, "hat is itC -f not, could you develop an areaof superiorityC %hould you e offering this product or service at all in the currentmarketplaceC

roduct variety, *uality and its features.

-s there a market for the service on offerC

-s the market gro"ing or shrinkingC

-s the service ne" or estalishedC

The competition prevailing in the market for the service on offerC

The /% of the product. roducts and %ervices on offered y AK-% BankG

Accounts

Easy Access Accounts

Prime Savings Account


34/52

Salary Account

Womens Saving Account

Senior Privilege Account

Defense Salary Account

Trust & NGO Savings Account

Azzadi No frills

!"# $D% Account

Pension savings Account

De'osits(

"i)ed De'osits

!ecurring de'osits

Encas* +,

Ta) Saver "i)ed De'osits

-oans(

.ome loan

Personal loan

-oan Against Pro'erty

-oan Against Security

#ar -oans

Study -oans

T/o W*eeler -oan


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#onsumer -oan

0nvestments(

Online Trading

1utual "unds

"i)ed 0ncome

De'ository Services

E De'ository Services

0nsurance(

.ealt* 0nsurance

"amily .ealt*

.ealt* Guard

S1A!T P!020E-AGE

A30S D0!E#T

#4!!ENT A##O4NT

N!0 SE!20#ES


36/52

PRI#ES:-

The second in the formula is price. @evelop the hait of continually examining andreexamining the prices of the products and services you sell to make sure they're stillappropriate to the realities of the current market. %ometimes you need to lo"er your

prices. At other times, it may e appropriate to raise your prices. &any companies havefound that the profitaility of certain products or services doesn't ustify the amount ofeffort and resources that go into producing them. By raising their prices, they may losea percentage of their customers, ut the remaining percentage generates a profit on everysale. 8ould this e appropriate for youC %ometimes you need to change your terms andconditions of sale. %ometimes, y spreading your price over a series of months or years,you can sell far more than you are today, and the interest you can charge "ill morethan make up for the delay in cash receipts. %ometimes you can comine products and

services together "ith special offers and special promotions. %ometimes you can includefree additional items that cost you very little to produce ut make your prices appear farmore attractive to your customers. -n usiness, as in nature, "henever you experienceresistance or frustration in any part of your sales or marketing activities, e open torevisiting that area. Be open to the possiility that your current pricing structure is notideal for the current market. Be open to the need to revise your prices, if necessary, toremain competitive, to survive and thrive in a fastchanging marketplace. AK-% ank hasdeveloped innovative strategies against its competitors "ith respect to pricing y use oftechnology. The use of technology is the strategic differentiator for AK-% ank that helpsin cost minimi


37/52

In$eres$ Ra$e

GBonds "ill ear interest S 2.33= per annum and are payale halfyearly.

Mini%u% Ines$%en$ A%oun$

GThe Bonds "ill e issued for a minimum amount of 9s 0,333 (face value) and in

multiples thereof

Ma>i%u% Ines$%en$ A%oun$

GThere is no upper limit for investment in the Bonds.

Ma$uri$

GThe Bonds shall mature on the expiration of six years from the date of issue.

Ta>a$ion

G-nterest on the Bonds "ill e taxale under the -ncome Tax Act, 0160 as applicaleaccording to the relevant tax status of the Bonds holder. resently there is no tax

deduction at source at the time of interest payment.

Promotio:-The third hait in marketing and sales is to think in terms of promotion all the time.romotion includes all the "ays you tell your customers aout your products or servicesand ho" you then market and sell to them. %mall changes in the "ay you promoteand sell your products can lead to dramatic changes in your results. Even smallchanges in your advertising can lead immediately to higher sales. Axis ank has devisedan aggressive promotional strategy through its diversified distriution mix "hichincludes tied agencies and alternate channels like anks, rokers, telemarketing, direct

sales force, internet adverti


38/52

carried out "ith an oective of positioning axis ank as a one stop financialsuper market. The focus of the promotions are not ust confined to ac*uisition of ne"

products ut also extends to creating product a"areness, enhancing usage, and alsoprovide value add to the customers for their faith and loyalty. these promotions arescientifically designed ased on data analysis and data mining in order to have maximum

impact on the target audience.

Positioi%:-The next is positioning, the hait of thinking continually aout ho" you are positionedin the hearts and minds of your customers.

;o" do people think and talk aout you "hen you're not presentC

;o" do people think and talk aout your companyC

hat positioning do you have in your market, in terms of the specific "ords people use"hen they descrie you and your offerings to othersCAK-% Bank has positioned its ranches in all the strategic position so that it is easilyaccessile to maximum customer. -t has also come up "ith some phone ankingcentre and centrali


39/52

4.'SB#.

*.SBI.

+.,ES BANK.

7.IN!IAN OERSEAS BANK.

DATA ANAL)SIS AND INT*R+R*TATION

ues2 (hich /irla Sun Life Sche%e !oes ou hae@


40/52

Inference

+n the asis of aove analysis it has een concluded that around 62= of the policyholders are having life plan, 44= of them are having 9etirement plan and rest of themare having the health plan.


41/52

ues$ion2 Are ou sa$isfie! wi$h $he Insurance #lan ou hae@

Inference

+n the asis of the analysis it has een concluded that around 4=of the people aresatisfied "ith plan they and rest if them are not satisfied.


42/52

ues2 Are ou sa$isfie! wi$h $he serices #roi!e! . $he co%#an

re"ar!in" new #lans an! sche%es@

Inference

+n the asis of the aove analysis it has een concluded that around 24= of the policy

holders are satisfied "ith the services provided y the company and rest of them are

not satisfied.


43/52

ues2 Are ou in$eres$e! $o %ake %ore ines$%en$s in /SLI @

Inference

+n the asis of the aove analysis it has een concluded that around 6= of the

policyholders are interested to make more investments in B%L- and rest of them are

not interested.


44/52

ues2 Hae ou an o$her Insurance +lan a#ar$ fro% /SLI@


45/52

Inference

#rom the aove analysis it has een concluded that around 21= of policy holders are

having other insurance plans apart from B%L- , in "hich around 63 = are having

L-8 insurance plans, 00= are having Baa Allian


46/52


47/52

CONCLUSION

The market potential for private insurance companies is found to

e greater in the long run as most of the -ndians are of the

opinion that, private insurance companies "ould e ale to

perform "ell in the future. The private and foreign insurance

companies have to take immediate s teps in appoint ing more

numer of agents andPor advisors in addition to the employees as

it has een found out that agents are the est channel to reach

the general pulic regarding selling of insurance products. The

private and foreign insurance companies have to concentrate on

the factors like 'revention of Loss', 'Assured 9eturns' and 'Long

term -nvestment'. They can also focus on an insurance amount of

9s. 0 Q 4 lakhs "ith 'money ack policies ' . ;ence, the markethas potential. The private and foreign insurance companies that

are taking immediate steps can tap it easily M rapidly.


48/52

SU00*STIONS

0) Even though most of the policy holders are satisfied "ith

policies, plans they have ut some ne" attractive insurance plans should

e introduce to ind them not to s"itch over to other companies

insurance plans.

4) The company should find out the no. of people "ho are nothaving any of the insurance plans through an intensive market research

and motivate them to get insured.

>) Leveraging technology to service customers *uickly, efficiently

and conveniently.

?) @eveloping and implementing superior risk management and

investment strategies to offer sustainale and stale returns to our

policyholders.

5) 8ompany should target each and every class of the society

6) 8ompany should provide full information to the customers

efore targeting so they can take interest


49/52


50/52

/I/IOLIO0RA+H)

""".Birla%unlife.com

""". irda. gov. in

Birlasunlife De" Advisor Book

""".google.com


51/52

ues$ionnaire

Na%e:2222222222222222222222222222222 A"e:22

ues23 (hich /irla Sun Life Sche%e !oes ou hae@

EaF Life E.F Re$ire%en$ EcF Heal$h

ues2& Are ou sa$isfie! wi$h $he Insurance #lan ou hae@

EaF )es E.F No

ues24 (ha$ a$$rac$ ou $owar!s /irla Sun Life +lans@

EaF

E.F

EcF

E!F

ues25 Are ou sa$isfie! wi$h $he serices #roi!e! . $he co%#an

re"ar!in" new #lans an! sche%es@

EaF )es E.F No

ues26 Are ou in$eres$e! $o %ake %ore ines$%en$s in /irla Sun Life @EaF )es E.F No

ues27 Hae ou an o$her Insurance +lan a#ar$ fro% /irla Sun Life@

EaF )es E.F No

ues28 If es, $hen of which Life Insurance Co%#an@

EaF LIC E.F /aBaB AllianG

EcF /irla Sunlife E!F Reliance

EeF O$hers

ues29 If ou "e$ an a$$rac$ie #lan $han are ou rea! $o swi$ch oer@

EaF )es E.F No

Su""es$ions:


52/52

a study of prmotional polices of birla sunlife

Documents