Title of Project

To do a performance evaluation of Birla Sun Life Insurance products in comparison on with other insurance companies

Submitted by

Mr. KIRAN SANJAY SAWANT

TO

Birla Sun life Insurance Private Limited

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Chapters Particulars Page No

1.

Aim of the Project.

Objective of the study.

Hypothesis Limitation

3

2. Introduction Life Insurance

Company Profile

6

3.

Research Methodology Analysis 26

3. Industry overview

Company profile18

4. Conclusion 40

5. Suggestions 41

Bibliography 42

AIM

To do a performance evaluation of Birla Sun Life Insurance products in comparison on with other insurance companies

OBJECTIVE

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

Insurance Company in Navi Mumbai

To study the overall scenario currently prevailing in the market, namely, the per

capital income, purchasing power, occupation, literacy rate, etc.

To study and determine the competitor position in the market.

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HYPOTHISES

Null :

Performance of Birla sun life insurance product good in market compare

with competitor

Alternative:

Performance of Birla sun life insurance product not that much good in market

compare with competitor

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LIMITATIONS

Some of the respondents were not cooperative.

Some respondents were hesitating to give business details.

Biasness is another limitation that the scope of the survey.

The reliability and scope of survey greatly relies on the cooperation of the

respondents.

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INTRODUCTION

Life Insurance

Life insurance

Life insurance (Life Assurance in British English) is a type of insurance. As in

all insurance, the insured transfers a risk to the insurer. The insured pays a

premium and receives a policy in exchange. The risk assumed by the insurer is the

risk of death of the insured.

How life insurance works

There are three parties in a life insurance transaction; the insurer, the insured,

and the owner of the policy (policyholder), although the owner and the insured are

often the same person. For example, if John Smith buys a policy on his own life, he

is both the owner and the insured. But if Mary Smith, his wife, buys a policy on

John's life, she is the owner and he is the insured. The owner of the policy is called

the grantee (he or she will be the person who will pay for the policy). Another

important person involved is the beneficiary. The beneficiary is the person or

persons who will receive the policy proceeds upon the death of the insured. The

beneficiary is not a party to the policy, but is designated by the owner, who may

change the beneficiary unless the policy has an irrevocable beneficiary designation.

With an irrevocable beneficiary, that beneficiary must agree to changes in

beneficiary, policy assignment, or borrowing of cash value.

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

conditions of the risk assumed. Special provisions apply, including a suicide clause

wherein the policy becomes null if the insured commits suicide within a specified

time for the policy date (usually two years). Any misrepresentation by the owner or

insured on the application is also grounds for nullification. Most contracts have a

contestability period, also usually a two-year period; if the insured dies within this

period, the insurer has a legal right to contest the claim and request additional

information before deciding to pay or deny the claim.

The face amount of the policy is normally the amount paid when the policy

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

matures when the insured dies or reaches a specified age. The most common

reason to buy a life insurance policy is to protect the financial interests of the

owner of the policy in the event of the insured's demise. The insurance proceeds

would pay for funeral and other death costs or be invested to provide income

replacing the deceased's wages. Other reasons include estate planning and

retirement. The owner (if not the insured) must have an insurable interest in the

insured, i.e. a legitimate reason for insuring another person’s life. The insurer (the

life insurance company) calculates the policy prices with an intent to recover

claims to be paid and administrative costs, and to make a profit. The cost of

insurance is determined using mortality tables calculated by actuaries. Actuaries

are professionals who use actuarial science which is based in mathematics

(primarily probability and statistics). Mortality tables are statistically based tables

showing average life expectancies. The three main variables in a mortality table are

age, gender, and use of tobacco. The mortality tables provide a baseline for the cost

of insurance. In practice, these mortality tables are used in conjunction with the

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

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determine premiums and insurability. The current mortality table being used by life

insurance companies in the United States and their regulators was calculated

during the 1980s. There is currently a measure being pushed to update the

mortality tables by 2008.

The current mortality table assumes that roughly 2 in 1,000 people aged 25

will die during the term of coverage. This number rises roughly quadratic ally to

about 25 in 1,000 people for those aged 65. So in a group of one thousand 25 year

old males with a $100,000 policy, a life insurance company would have to, at the

minimum, collect $200 a year from each of the thousand people to cover the

expected claims. The insurance company receives the premiums from the policy

owner and invests them to create a pool of money from which to pay claims, and

finance the insurance company's operations. Contrary to popular belief, the

majority of the money that insurance companies make comes directly from

premiums paid, as money gained through investment of premiums will never, in

even the most ideal market conditions, vest enough money per year to pay out

claims. Rates charged for life insurance increase with the insured's age because,

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

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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 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

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half million lives since inception and its customer base is spread across 100 cities

in India. All this has assisted the company in cementing its place amongst the

leaders in the industry in terms of new business premium income. Birla Sun Life

Insurance (BSLI), one of the leading private life insurers in India today announced

the inimitable achiever, cricketer Kapil Dev as their corporate brand ambassador.

The cricketing supremo will be endorsing BSLI in all its marketing initiatives. Birla

Sun Life Insurance is a value-driven brand which has a national brand recall of 70

per cent. The objective of appointing a brand ambassador is to grow its brand

recall as it goes national in its distribution reach and fuel business growth. As a

brand ambassador, Kapil Dev will play a key role in the brand and product

marketing and promotional activities. BSLI has always used an integrated

marketing approach, which will be strengthened further.

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

Financial Services, Aditya Birla Group and currently incharge of BSLI expressed,

"The Birla Sun Life Insurance business distribution network is national in nature

covering more than 1000 points across the country .We have made our entry in

several tier I and tier II towns. It is therefore very important for the brand to

connect at the grassroot level and create trust. We believe that our association with

Kapil Dev as our brand ambassador will help us create this connect in a shorter

period of time. We therefore now have two strong connects — our parent brand

Birla and our brand ambassador Kapil Dev".

Kapil Dev, also known as the Haryana Hurricane, was born on 6 January 1959 in

Chandigarh. He played his first competitive game of cricket at the age of 13 years

and made his test debut on 16 October 1978 at Faisalabad against Pakistan. Kapil

Dev remained India's top strike bowler for almost 15 years. His extraordinary test

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match figures of more than 5000 runs and 434 wickets along with 64 catches show

that he was a world class cricketer and an all-rounder. He has raised the mantle of

India to sporting glory by winning us the World Cup.

In a study conducted by BSLI, Kapil Dev connected extremely well with the

life insurance category and had high acceptance by the masses. Our survey

suggests that he is seen as a very good fit for the BSLI brand. He is very much

loved and respected by a vast majority of the population.

On 26 November 2006, Birla Sun Life was host the annual golf tournament at

the Chembur Golf Club in Mumbai where Kapil Dev was participate.

About Birla Sun Life Insurance

Birla Sun Life Insurance Company Limited is a joint venture between the

Aditya Birla Group, one of the largest business houses in India and Sun Life

Financial Inc., a leading international financial services organisation. The local

knowledge of the Aditya Birla Group combined with the expertise of Sun Life

Financial Inc., offers a formidable protection for your future.

Birla Sun Life Insurance (BSLI), in its five successful years of operations, has

contributed significantly to the growth and development of the life insurance

industry in India. It pioneered the launch of unit linked life insurance plans

amongst the private players in India. It was the first player in the industry to sell its

policies through the banc assurance route and through the internet. It was the first

private sector player to introduce a pure term plan in the Indian market. This was

supported by sales practices which brought a degree of transparency that was

entirely new to the market. The process of getting sales illustrations signed by

customers and offering a free look period on all policies, which are now industry

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standards, were introduced by BSLI. Being a customer-centric company, BSLI has

invested heavily in technology to build world class processing capabilities. BSLI

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

spread across more than 1000 towns and cities in India. All this has assisted the

company in cementing its place amongst the leaders in the industry in terms of new

business premium income. The company's current capital base is Rs.520 crore.

About the Aditya Birla Group

The Aditya Birla Group has a turnover close to Rs.38,000 crore (as on 31 March

2008) and is one of the largest business houses in India. It enjoys a leadership

position in all the sectors in which it operates. With over 75 business units

spanning the South East Asian belt, Africa, Canada and the UK among others, it is

reckoned as India's first multinational corporation. The group is anchored by

72,000 employees and has seven lakh shareholders, with a market capitalization of

Rs.53,400crore.

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.

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DETAILS OF PRODUCTS

Individual Life

Protection

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Birla Sun Life Term Plan

Premium Back Term Plan

Rural

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Retirement

Flexi Secure Life Retirement Plan II

Saving

Birla Sun Life Insurance Gold-Plus

Supreme Life

Dream Plan

Classic Life Premier

Simply Life

Prime Life Premier

Prime Life

Life Companion

Flexi Cash Flow

Flexi Save Plus

Flexi Life Line

Single Premium Bond

Children

Children's Dream Plan

Bima Kavach Yojana

PRODUCTS

Life is unpredictable. But in face of adversity, our

responsibilities towards our parents, children and loved ones need

not be compromised. Insurance planning equips you to smooth out

the uncertainties and adversities that life might send your way, so

that the best that life has to offer, secure in the knowledge that your

beloved ones are well provided for.

BSLI offers a complete range of insurance products

1 . Protection Plans

2. Savings Plans

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Insurance Plans

Child Plans

3. Child Plans

4. Investment Plans

5. Retirement Plans

6. Group Plans

7. Rural Plans

8. Plans for NRIs

9. Keyman Plans

10. Riders

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

amongst three different product structures to insure your life and

provide total security to your family, at a very affordable cost.

Level Term Assurance with return of premium

On death the entire sum assured will be paid.

On maturity, all the premiums paid will be returned.

Level Term Assurance without return of premium

On death the entire sum assured will be paid.

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Protection Plans

No survival or maturity benefits.

You can also enhance the above two policies by adding Accident &

Disability Benefit Rider and Waiver of Premium Rider (WOP).

Level Term Assurance - S ingle premium:

On death the entire sum assured will be paid.

No survival or maturity benefits

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

protection and the opportunity to save for important assets or

events, like a home, a car or a wedding.

A regular premium unit-linked insurance plan with an assurance

of Capital Guarantee with the added advantage of flexible liquidity

option. An ideal plan for long term planning with the benefit of

liquidity.

The key features of the plan are:

Flexibility to choose a specific level of protection (Sum

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Savings Plans

Assured), based on a multiple of the annual premium. You can

also choose the term of the plan.

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.

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.

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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.

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. Here’s 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 child’s future education and lifestyle,

taking all possibilities into account. Choose from amongst a basket of

4 plans:

Smart Kid regular premium

Smart Kid unit- l inked regular premium

Smart Kid unit- l inked regular premium II

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Child Plans

Child Plans

Smart Kid unit- l inked single premium II

BSLI Rural Products are designed to meet the needs of the rural

consumers. These products offer the following features:

1. Low and Affordable Premiums

2. Life Cover

3. Savings Option

4. Hassle free procedure

BSLI offers 2 specially designed rural plans.

a) BSLI – Endowment Plan

b) BSLI - Regular Premium

BSLI Endowment Plan:

BSLI offers the following features:

Life Cover and Savings

Regular Premiums

Age at entry 18 - 45 Yrs

Premium Mode Half Yearly / Yearly

Term 5,10,15 Yrs

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Rural Plans

Sum Assured Rs.5,000 -20,000

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

Maturity/Death benefit Sum Assured

BSLI - Regular Premium:

BSLI is a regular premium policy with the following features:

Individual policy

Only Life cover

Term - 3 & 5 Yrs

Age independent premium

Age at entry 18 - 45 Yrs

Sum Assured Single

Premium / Year Rs 50 – 200

Maturity/Death benefit Rs.5,000 - 20,000

Death Benefit Sum Assured

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IRDA

The insurance sector has been opened up in India, as there was an urgent

need. The international experience indicates those country with a liberalized

insurance sector have witnessed a rapid growth in premium volumes enhancing

the domestic saving rate. This happened in China, Malaysia and Singapore where

a competitive market has led to improvement in Services and quicker settlement

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

advancement in information, communication and technology. And rightly

therefore a decision was taken by the Government of India to open up Insurance

sector. The establishment of IRDA in the month of April 2000 has been

important development in this direction, making the end of monopoly in the

insurance sector.

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WHY INSURANCE IN INDIA:

Only 22% of the insurance population has been extended cover. Market

penetration is low and the potential to exploit is high.

Insurance premium per capita is very low.

Lack of comprehensive social system benefit and welfare means that

demand for pension products is high.

Huge middle class of approximately 300 Million.

Existing insurance company score low on customer service front.

The insurance market registered growth in the Asian region even though

India’s share in global insurance is less than 0.5% (1988) as compared to USA

(24.2%) and Japan (21%). Studies have reveled that in an emerging market, as

disposable income rises, Insurance premiums as a ratio of GDP shoots up. The

confederation of Indian Industry projected a growth of Life Insurance premiums

from Rs. 350 Billion at present to Rs.140 Billion. The growth of non-life

insurance premium is expected to increase from 75 billion to 375 billion. Out of

which, only 10% is tapped by the existing insurer.

Insurance even more than banking is a volume game. A very exclusive

approach in view is unlikely to provide meaningful numbers. Currently, insurance

is bought for the purpose of tax-benefits. A higher percentage of business is in

the rural market. The share of rural new business insurance total new business is

55% in terms of policies and 47% in terms of sum assured. However, this needs to

be viewed in the light of some recent issues that have been raised regarding as to

what constitutes the rural market. Therefore, private insurers will be best served

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by middle market approach, targeting the customer segments that are presently

unexploited.

How many Indians are aware that LIC has more than 60Products and GIC

has more than 180Products? Not only there is a reduction in the premiums of Life

Insurance products have long overdue since Indian morality rate has decreased

three folds in the last 50years. There is also scope to increase the yield on life

insurance policies (presently 6%) with proper risk management in place.

It is been debated that insurance business does not produce profit in the

first five years cross subsidization is a feature of Indian market. Even the first

portfolio vote that is considered profitable, cross subsidizes other departments.

Tariffs reduction is likely to reduce profits; further insurers have to institute

proper claims management progress in order to extract efficiencies. At present

life insurance business in the country is taxed at 12.5% of the profit in financial

year. The government is soon to present a new model of taxing life insurance

companies at international rates.

New entrants should be well advised to look ahead to the stage where

brand strength will be a competitive advantage and sketch their alliances

accordingly. In fact, we believe that alliance related to distribution rather than to

produce or technology will prove most valuable in the long run.

Banks and financial companies will emerge, as attractive distribution

channel for this insurance trend will be led by two factors, which already apply in

other world market. First Banking food insurance, fund management and other

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financial services companies are being to increase their profitability and provide

maximum value to their customers. Therefore, they are themselves looking for

a range of products to distribute.

In other market notably Europe; this has resulted in bank assurance. Bank

entering into the insurance business in India to bank hope to maximize expensive

existing network by selling a range of products more of a loss alliance between

insurance and bank than a formal ownership. Some Indian entrants like ICICI,

HDFC and Reliance hope to ride their existing network and customer bases.

INSURANCE ADVISOR AGREEMENT

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

recruited and Birla Sun life Insurance Company Ltd.

BSLI is desires of appointing the as its Insurance advisor for soliciting and

procuring life Insurance business for on behalf of BSLI and to provided various

services the policy holders. Similarly Insurance advisor has to obtain and

Insurance license to act and Insurance agent under Section 42 of Insurance act

1938 and it’s desires of being appointed as Insurance advisor of BSLI

This is the kind of agreement which each and every advisor has to

adhere. It’s agreement give the brief discussion effective date of appointment,

area of Insurance, advisor minimum performance requirement and service

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standards others conditions confidentially to be maintain and compensation and

remuneration.

Effective Date and Appointment as Insurance Advisor:

Business Area of Insurance Advisor:

Minimum Performance Requirements and Minimum Service Standards:

Compensation and Remuneration

Miscellaneous provisions

Confidentiality

Intellectual Property Rights

Term and Termination

RESEARCH METHODOLOGY

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

Research is a process with the help of which new concepts arises. It is the

increase in the actual knowledge stock. It can be called as movement from known

to unknown and vice-versa. It is also a continuous process. It is a scientific as well

as systematic process, which includes defining and redefining the problem to

develop hypothesis, to collect and define the information/data, to analysis the

information and bring out the mother of Discovery. An individual makes the

effort in research and society or public takes its benefits because the results are

usually generalized.

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Data collection

The word data means any raw information, which is either quantitative

or qualitative in nature, which is of practical or theoretical use. The task of data

collection begins after a research problem has been defined and research design

chalked out. While deciding about the method of data collection, the researcher

should keep in mind that there are two types of data primary and secondary.

Primary data: -

This is those, which are collected afresh and for the first Time, and thus happen

to be original in character. There are many ways of data collection of primary

data like observation method, interview method, through schedules, pantry

Reports, distributors audit, consumer panel etc. The Team Managers and

employees of both the Department were consulted to get information about

procedure of both the online and off line share trading. But the method used by

us for the primary data collection was through questionnaires.

Questionnaire method

For the collection of primary data I used questionnaire method. A formal list of

questions, which are to be asked, is prepared in a questionnaire and questions

are asked on those bases. There are some merits and demerits of this method.

These as under: -

Merits: -

1. Low cost even when universe is large.

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2. It is free from bias of interviewer.

3. Respondents have proper time to answer.

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

5. Large samples can be made.

2. Secondary data: -

These are those data, which are not collected afresh and are used earlier also

and thus they cannot be considered as original in character. There are many ways

of data collection of secondary data like publications of the state and central

govt., reports prepared by researchers, reports of various associations connected

with business, Industries, banks etc. And the method, which was used by us, was

with the help of reports of the company.

Sample Size

We have meet 250 peoples during requirement Advisor and policy selling after

that I have taken 25 Peoples they have fill up the questionnaire and given

response .

Ques. Which Birla Sun Life Scheme does you have?

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No of Peoples Have BSLI Plan

Health, 10%

Retierment , 22%

Life, 68%

Health

Retierment

Life

Inference

On the basis of above analysis it has been concluded that around 68% of the policy holders are having life plan, 22% of them are having Retirement plan and rest of them are having the health plan.

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

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No. of people satisfied with the plan

72%

28%

Yes

No

Inference

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

Ques. Are you satisfied with the services provided by the company regarding new plans and schemes?

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No. of people satisfied with the services provided by the company

82%

18%

Yes

No

Inference

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

82% of the policy holders are satisfied with the services provided by the company

and rest of them are not satisfied.

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

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No. of Peoples want to more investment in BSLI

67%

33%

Yes

No

Inference

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

of the policyholders are interested to make more investments in BSLI and rest of

them are not interested.

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

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No. of Peoples have other Insurance Plan apart from BSLI?

78%

22%

Yes

No

60%9%

11%

8%12% LIC

BSLI

BAJAJ ALIYANZ

ICICI

Others

Inference

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From the above analysis it has been concluded that around 89% of

policy holders are having other insurance plans apart from BSLI , in which around

60 % are having LIC insurance plans, 11% are having Bajaj Allianz, 9% are

having Birla Sunlife, 8% are having ICICI Pru. and 12% are having other

company insurance plans.

Ques. If you get any attractive plan than are you ready to switch over?

People ready to switch to attractive Schemes if offered by other

companies

82%

18%

Yes

No

Inference

On the basis of the above analysis it has been concluded that around 82% of

the policy holders are ready to switch over if they get good attractive insurance

plan and rest of them don’t.

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Marital Status of Respondent

39%

61%

Married Unmarried

FINDINGS ABOUT THE SELECTIONS OF NEW ADVISOR

Findings # 1

Male Vs Female Respondence

27%

73%

Male

Female

Findings # 2

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Age of Respondent

53%27%

18% 2%

Less 25 25-35 35-45 Above 55

Qualification Of Respondent

16%

57%

27%

12th Graduation Post Graduation

Findings # 3

Findings # 4

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Findings # 5

Dependent Of Respondent

62%23%

15%

None Two Above Two

Findings # 6

Annual Family Income of Respondence

23%

53%

17%7%

Less 100000 100000-200000

200000-400000 Above 400000

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Findings # 7

Interest In Extra Earning

76%

24%

Yes No

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ANALYSIS

Finding-1 shows the difference between the male & female

respondent who are selected as a new advisor the male dominant over

female. There is a big difference between the male & female advisor.

Finding –2 shows the martial status of new advisors. Out of 100

advisors selected 61 are one married which is a good sign because

they are much more aware insurance and 39 unmarried.

Finding-3 shows the age group of selected advisors are quiet

encouraging. 53 % are over age of 55 years which is quite good for

company because they much more trusted by the prospect than the

other age group.

Finding-4 shows most of the selected advisors have a good

qualification. Most of them are graduate and post graduate.

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Finding-5 shows, because 61% advisors are married so the dependent

person on them are same.

Finding-6 Most of the new advisors have a very good family support.

The annual family income of most of the new advisors are over 10,000

which is very encouragement

Finding-7 shows selection is advisors in base on commission basis so

there is always a big possibility of extra income. Hard working

advisors can earn more then expectation, because their is no limit of

earning. If a advisors sell more policy he can get more commission so

there know limitation on earnings.

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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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SUGGESTIONS

1) Even though most of the policy holders are satisfied with policies, plans they

have but some new attractive insurance plans should be introduce to bind them

not to switch over to other companies insurance plans.

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

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

insured.

3) Leveraging technology to service customers quickly, efficiently and

conveniently.

4) Developing and implementing superior risk management and investment

strategies to offer sustainable and stable returns to our policyholders.

5) Company should target each and every class of the society

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6) Company should provide full information to the customers before targeting

so they can take interest

BIBIOLIOGRAPHY

www.BirlaSunlife.com

www. irda. gov. in

Birlasunlife New Advisor Book

www.google.com

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QUESTIONNAIRE

Name:............................... Age:……………..

Occupation:…………………..

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

(a) Life (b) Retirement (c) Health

Ques.2 Are you satisfied with the Insurance plan you have?

(a) Yes (b) No

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

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(a)

(b)

(c)

(d)

Ques.4 Are you satisfied with the services provided by the company regarding new plans and schemes?

(a) Yes (b) No

Ques.5 Are you interested to make more investments inBirla Sun Life ?

(a) Yes (b) No

Ques.6 Have you any other Insurance Plan apart from Birla Sun Life?

(a) Yes (b) No

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

(a) LIC (b) Bajaj Allianz

(c) Birla Sunlife (d) Reliance

(e) Others

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

(a) Yes (b) No

Suggestions:

……………………………………………………………………………

……………………………………………………………………………

……………………………………………………………………………

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……………………………………………………………………………

……………………………………………………………………………

……………………………………………………………………………

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