Birla sun life insurance

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Birla sun life insurance

  1. 1. Need Based Investment Solution December 7 2012 Our training was a very enriching experience for me, I have learnt so many things, I got sight into the insurance world. Insurance role in everyone’s life lot more than ever before, currently there is a comprehensive range of products covering each type of policy available in the market. We have studied various insurance plans covered under BSLI, and their features. BSLI also gives various Riders, which provides extra benefits to the customers. And we came to know about the pioneering features of BSLI, like sales procedure etc. Six Weeks Industry Training
  2. 2. APPENDIX 1 A PROJECT REPORT ON <Insurance Industry> TITLE OF PROJECT REPORT <Need Based Investment Solution> For Birla Sun Life Insurance By Amit Das PGP IN FULFILLMENT OF POST GRADUATION PROGRAMM IN PLANNING & ENTREPRENEURSHIP INDIAN INSTITUTE OF PLANNING & MANAGEMENT KOLKATA
  3. 3. APPENDIX 2 BONAFIDE CERTIFICATE This is to certify that the Project Report titled “Need Based Investment Solution” for Birla Sun Life Insurance is a bona fide work carried out by Amit Das of PGP of Indian Institute of Planning & Managements,Kolkata. (Branch Manager) (Regional Manager) (Agency Manager) (HR Manager) Date: Place:
  4. 4. APPENDIX 3 Acknowledgements A six weeks (Industry Training) is a golden opportunity for learning and self development. I consider myself very lucky and honored to have so many wonderful people lead me through in completion of this project. I would like to express my sincere gratitude and thanks to Tanayee Banerjee, Agency Manager, Birla sun life insurance ltd, Dum Dum branch, kolkata for giving us the guidance. I owe everything we have gained from the project in terms of knowledge and experience to them, as without her timely support and encouragement the project would not have been as fruitful as it has been. I also thank Mr. Chandan Pakrashi, Branch Manager for his constant encouragement and guidance at every stage of this project. He has been kind enough to spare his valuable time and share his corporate experiences, which helped me to approach the project in the right way. A humble ‘Thank you’ Madam/Sir. Ms./Mr (Name here), HR Department monitored my progress and arranged all facilities to make life easier. I choose this moment to acknowledge her/his contribution gratefully. Last but not the least I am also grateful to the entire staff of Birla sun life insurance ltd Dum Dum Branch who helped me to collect the relevant data and get the real gist of current insurance market scenario. Amit Das
  5. 5. Contents  The History of Insurance  Introduction to Insurance  How does insurance work  Fundamental Principles Of Insurance  Introduction to Birla Sun Life Insurance  Key people of organization  Competitors  SWOT Analysis  Sales procedure in BSLI  Company’s Products & Plans  BSLI Saral Health Plan  BSLI Classic Life Plan  BSLI Foresight Plan  BSLI Classic Endowment Plan  BSLI Platinum Advantage Plan  BSLI Vision  Conclusion  Bibliography
  6. 6. THE HISTORY OF INSURANCE The roots of insurance might be traced to Babylonia, where traders were encouraged to assume the risks of the caravan trade through loans that were repaid (with interest) only after the goods had arrived safely—a practice resembling bottomry and given legal force in the Code of Hammurabi (c.2100 B.C.). The Phoenicians and the Greeks applied a similar system to their seaborne commerce. The Romans used burial clubs as a form of life insurance, providing funeral expenses for members and later payments to the survivors. With the growth of towns and trade in Europe, the medieval guilds undertook to protect their members from loss by fire and shipwreck, to ransom them from captivity by pirates, and to provide decent burial and support in sickness and poverty. By the middle of the 14th cent., as evidenced by the earliest known insurance contract (Genoa, 1347), marine insurance was practically universal among the maritime nations of Europe. In London, Lloyd's Coffee House (1688) was a place where merchants, shipowners, and underwriters met to transact business. By the end of the 18th cent. Lloyd's had progressed into one of the first modern insurance companies. In 1693 the astronomer Edmond Halley constructed the first mortality table, based on the statistical laws of mortality and compound interest. The table, corrected (1756) by Joseph Dodson, made it possible to scale the premium rate to age; previously the rate had been the same for all ages The history of insurance in India can be divided into three phases: The first phase (pre-liberalisation)was dominated by private and foreign insurance companies before the government nationalized the sector in 1956. In the second phase (liberalisation0 reforms were initiated and IRDa was set up as the regulator of the insurance sector. Private companies was invited and also FDI In the third phase (post-liberalisation) many private companies started insurance operations with a foreign partner in joint ventures . Currently there are 23 life insurance companies operating in India
  7. 7. INTRODUCTION TO INSURANCE What is a life insurance policy? A life insurance policy provides financial protection to our family in the unfortunate event of your death. At a basic level, it involves paying small sums each month (called premiums) to cover the risk of our untimely demise during the tenure of the policy. In such an event, our family (or the beneficiaries we have named in the policy) will receive a lump sum amount. In case we live till the maturity of the policy, depending on the type of life insurance policy we have opted for, we will receive returns the policy may have earned over the years. Today, there are many variations to this basic theme, and insurance policies cater to a wide variety of needs. What are the various types of life insurance policies? Given below are the basic types of life insurance policies. All other life insurance policies are built around these basic insurance policies by combination of various other features. Term Insurance Policy A term insurance policy is a pure risk cover policy that protects the person insured for a specific period of time. In such type of a life insurance policy, a fixed sum of money called the sum assured is paid to the beneficiaries (family) if the policyholder expires within the policy term. For instance, if a person buys a Rs 2 lakh policy for 15 years, his family is entitled to the sum of Rs 2 lakh if he dies within that 15-year period. If the policy holder survives the 15-year period, the premiums paid are not returned back. The advantage, apart from the financial security for an individual’s family is that the premiums paid are exempt from tax. These insurance policies are designed to provide 100 per cent risk cover and hence they do not have any additional charges other than the basic ones. This makes premiums paid under such life insurance policies the lowest in the life insurance category.
  8. 8. Whole Life Policy A whole life policy covers a policyholder against death, throughout his life term. The advantage that an individual gets when he / she opts for a whole life policy is that the validity of this life insurance policy is not defined and hence the individual enjoys the life cover throughout his or her life. Under this life insurance policy, the policyholder pays regular premiums until his death, upon which the corpus is paid to the family. The policy does not expire till the time any unfortunate event occurs with the individual. Increasingly, whole life policies are being combined with other insurance products to address a variety of needs such as retirement planning, etc. Premiums paid under the whole life policies are tax exempt. Endowment Policy Combining risk cover with financial savings, endowment policies are among the popular life insurance policies. Policy holders benefit in two ways from a pure endowment insurance policy. In case of death during the tenure, the beneficiary gets the sum assured. If the individual survives the policy tenure, he gets back the premiums paid with other investment returns and benefits like bonuses. In addition to the basic policy, insurers offer various benefits such as double endowment and marriage/ education endowment plans. The concept of providing the customers with better returns has been gaining importance in recent times. Hence, insurance companies have been coming out with new and better ULIP versions of endowment policies. Under such life insurance policies the customers are also provided with an option of investing their premiums into the markets, depending on their risk appetite, using various fund options provided by the insurer, these life insurance policies help the customer profit from rising markets. The premiums paid and the returns accumulated through pure endowment policies and their ULIP variants are tax exempt.
  9. 9. Money Back Policy This life insurance policy is favoured by many people because it gives periodic payments during the term of policy. In other words, a portion of the sum assured is paid out at regular intervals. If the policy holder survives the term, he gets the balance sum assured. In case of death during the policy term, the beneficiary gets the full sum assured. New ULIP versions of money back policies are also being offered by various life insurers. The premiums paid and the returns accumulated though a money back policy or its ULIP variants are tax exempt. ULIPs ULIPs are market-linked life insurance products that provide a combination of life cover and wealth creation options. A part of the amount that people invest in a ULIP goes toward providing life cover, while the rest is invested in the equity and debt instruments for maximising returns. . ULIPs provide the flexibility of choosing from a variety of fund options depending on the customers risk appetite. One can opt from aggressive funds (invested largely in the equity market with the objective of high capital appreciation) to conservative funds (invested in debt markets, cash, bank deposits and other instruments, with the aim of preserving capital while providing steady returns). ULIPs can be useful for achieving various long-term financial goals such as planning for retirement, child’s education, marriage etc. Annuities and Pension In these types of life insurance policies, the insurer agrees to pay the insured a stipulated sum of money periodically. The purpose of an annuity is to protect against financial risks as well as provide money in the formof pension at regular intervals.
  10. 10. How does insurance work? Insurance works by pooling risk.What does this mean? It simply means that a large group of people who want to insure against a particular loss pay their premiums into what we will call the insurance bucket, or pool. Because the number of insured individuals is so large, insurance companies can use statistical analysis to project what their actual losses will be within the given class. They know that not all insured individuals will suffer losses at the same time or at all. This allows the insurance companies to operate profitably and at the same time pay for claims that may arise. For instance, most people have auto insurance but only a few actually get into an accident. You pay for the probability of the loss and for the protection that you will be paid for losses in the event they occur. Risks Life is full of risks - some are preventable or can at least be minimized, some are avoidable and some are completely unforeseeable. What's important to know about risk when thinking about insurance is the type of risk, the effect of that risk, the cost of the risk and what you can do to mitigate the risk. Let's take the example of driving a car. Type of risk: Bodily injury, total loss of vehicle, having to fix your car The effect: Spending time in the hospital, having to rent a car and having to make car payments for a car that no longer exists The costs: Can range from small to very large Mitigating risk: Not driving at all (risk avoidance), becoming a safe driver (we still have to contend with other drivers), or transferring the risk to someone else (insurance) Let's explore this concept of risk management (or mitigation) principles a little deeper and look at how you may apply them. The basic risk management tools indicate that risks that could bring financial losses and whose severity cannot be reduced should be transferred. You should also consider the relationship between the cost of risk transfer and the value of transferring that risk.
  11. 11. Risk Control There are two ways that risks can be controlled. We can avoid the risk altogether, or we can choose to reduce your risk. Risk Financing If we decide to retain our risk exposures, then we can either transfer that risk (ie. to an insurance company), or we retain that risk either voluntarily (ie. we identify and accept the risk) or involuntarily (we identify the risk, but no insurance is available). Risk Sharing Finally, we may also decide to share risk. For example, a business owner may decide that while he is willing to assume the risk of a new venture, he may want to share the risk with other owners by incorporating his business. So, back to our driving example. If we could get rid of the risk altogether, there would be no need for insurance. The only way this might happen in this case would be to avoid driving altogether. Also, if the cost of the loss or the effect of the loss is reasonable to us, then we may not need insurance. For risks that involve a high severity of loss and a low frequency of loss, then risk transference (ie. insurance) is probably the most appropriate protection technique. Insurance is appropriate if the loss will cause us or our loved ones a significant financial loss or inconvenience. Do keep in mind that in some instances, we are required to purchase insurance (i.e. if operating a motor vehicle). For risks that are of low loss severity but high loss frequency, the most suitable method is either retention or reduction because the cost to transfer (or insure) the risk might be costly. In other words, some damages are so inexpensive that it's worth taking the risk of having to pay for them yourself, rather than forking extra money over to the insurance company each month. The Risk Management Process After you have determined that you would like to insure against a loss, the next step is to seek out insurance coverage. Here we have many options available to you but it's always best to shop around. We can go directly to the insurer through an agent, who can bind the policy. The process of binding a policy is simply a written acknowledgement identifying the main components of our insurance contract. It is intended to provide temporary insurance protection to the consumer pending a formal policy being issued by the insurance company. It should be noted that agents work exclusively for the insurance company.
  12. 12. There are two types of agents: 1. Captive Agents: Captive agents represent a single insurance company and are required to only do business with that one company. 2. Independent Agent: Independent agents represent multiple companies and work on behalf of the client (not the insurance company) to find the most appropriate policy. Underwriting Underwriting is the process of evaluating the risk to be insured. This is done by the insurer when determining how likely it is that the loss will occur, how much the loss could be and then using this information to determine how much you should pay to insure against the risk. The underwriting process will enable the insurer to determine what applicants meet their approval standards. For example, an insurance company might only accept applicants that they estimate will have actual loss experiences that are comparable to the expected loss experience factored into the company's premium fees. Depending on the type of insurance product you are buying, the underwriting process may examine your health records, driving history, insurable interest etc. The concept of "insurable interest" stems from the idea that insurance is meant to protect and compensate for losses for an individual or individuals who may be adversely affected by a specific loss. Insurance is not meant to be a profit center for the policy's beneficiary. People are considered to have an insurable interest on their lives, the life of their spouses (possibly domestic partners) and dependents. Business partnersmay also have an insurable interest on each other and businesses can have an insurable interest in the lives of their employees, especially any key employees. Insurance Contract The insurance contract is a legal document that spells out the coverage, features, conditions and limitations of an insurance policy. It is critical that we read the contract and ask questions if we don't understand the coverage. We don't want to pay for the insurance and then find out that what we thought was covered isn't included Insurance terminology: Bound: Once the insurance has been accepted and is in place, it is called "bound". The process of being bound is called the binding process.
  13. 13. Insurer: A person or company that accepts the risk of loss and compensates the insured in the event of loss in exchange for a premium or payment. This is usually an insurance company. Insured: The person or company transferring the risk of loss to a third party through a contractual agreement (insurance policy). This is the person or entity who will be compensated for loss by an insurer under the terms of the insurance contract. Insurance Rider/Endorsement: An attachment to an insurance policy that alters the policy's coverage or terms. Insurance Umbrella Policy: When insurance coverage is insufficient, an umbrella policy may be purchased to cover losses above the limit of an underlying policy or policies, such as homeowners and auto insurance. While it applies to losses over the dollar amount in the underlying policies, terms of coverage are sometimes broader than those of underlying policies. Insurable Interest: In order to insure something or someone, the insured must provide proof that the loss will have a genuine economic impact in the event the loss occurs. Without an insurable interest, insurers will not cover the loss. It is worth noting that for property insurance policies, an insurable interest must exist during the underwriting process and at the time of loss. However, unlike with property insurance, with life insurance, an insurable interest must exist at the time of purchase only.
  14. 14. FUNDAMENTAL PRINCIPLES OF INSURANCE INDEMNITY A contract of insurance contained in a fire, marine, burglary or any other policy (excepting life assurance and personal accident and sickness insurance) is a contract of indemnity. This means that the insured, in case of loss against which the policy has been issued, shall be paid the actual amount of loss not exceeding the amount of the policy, i.e. he shall be fully indemnified. The object of every contract of insurance is to place the insured in the same financial position, as nearly as possible, after the loss, as if he loss had not taken place at all. It would be against public policy to allow an insured to make a profit out of his loss or damage. UTMOST GOOD FAITH Since insurance shifts risk from one party to another, it is essential that there must be utmost good faith and mutual confidence between the insured and the insurer. In a contract of insurance the insured knows more about the subject matter of the contract than the insurer. Consequently, he is duty bound to disclose accurately all material facts and nothing should be withheld or concealed. Any fact is material, which goes to the root of the contract of insurance and has a bearing on the risk involved. It is only when the insurer knows the whole truth that he is in a position to judge (a) whether he should accept the risk and (b) what premium he should charge. If that were so, the insured might be tempted to bring about the event insured against in order to get money. INSURABLE INTEREST A contract of insurance effected without insurable interest is void. It means that the insured must have an actual pecuniary interest and not a mere anxiety or sentimental interest in the subject matter of the insurance. The insured must be so situated with regard to the thing insured that he would have benefit by its existence and loss from its destruction. The owner of a ship run a risk of losing his ship, the charterer of the ship runs a risk of losing his freight and the owner of the cargo incurs the risk of losing his goods and profit. So, all these persons have something at stake and all of them have insurable interest. It is the existence of insurable interest in a contract of insurance, which distinguishes it from a mere watering agreement.
  15. 15. CAUSA PROXIMA The rule of causaproxima means that the cause of the loss must be proximate or immediate and not remote. If the proximate cause of the loss is a peril insured against, the insured can recover. When a loss has been brought about by two or more causes, the question arises as to which is the causa proxima, although the result could not have happened without the remote cause. But if the loss is brought about by any cause attributable to the misconduct of the insured, the insurer is not liable. RISK In a contract of insurance the insurer undertakes to protect the insured from a specified loss and the insurer receive a premium for running the risk of such loss. Thus, risk must attach to a policy. MITIGATION OF LOSS In the event of some mishap to the insured property, the insured must take all necessary steps to mitigate or minimize the loss, just as any prudent person would do in those circumstances. If he does not do so, the insurer can avoid the payment of loss attributable to his negligence. But it must be remembered that though the insured is bound to do his best for his insurer, he is, not bound to do so at the risk of his life. SUBROGATION The doctrine of subrogation is a corollary to the principle of indemnity and applies only to fire and marine insurance. According to it, when an insured has received full indemnity in respect of his loss, all rights and remedies which he has against third person will pass on to the insurer and will be exercised for his benefit until he (the insurer) recoups the amount he has paid under the policy. It must be clarified here that the insurer's right of subrogation arises only when he has paid for the loss for which he is liable under the policy and this right extend only to the rights and remedies available to the insured in respect of the thing to which the contract of insurance relates.
  16. 16. CONTRIBUTION Where there are two or more insurance on one risk, the principle of contribution comes into play. The aim of contribution is to distribute the actual amount of loss among the different insurers who are liable for the same risk under different policies in respect of the same subject matter. Any one insurer may pay to the insured the full amount of the loss covered by the policy and then become entitled to contribution from his co-insurers in proportion to the amount which each has undertaken to pay in case of loss of the same subject-matter. In other words, the right of contribution arises when (I) there are different policies which relate to the same subject-matter (II) the policies cover the same peril which caused the loss (III) all the policies are in force at the time of the loss, and (IV) one of the insurers has paid to the insured more than his share of the loss.
  17. 17. BIRLA SUN LIFE INSURANCE Established in 2000, Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between the Aditya Birla Group, a well known and trusted name globally amongst Indian conglomerates and Sun Life Financial Inc, leading international financial services organization from Canada. The local knowledge of the Aditya Birla Group combined with the domain expertise of Sun Life Financial Inc. offers a formidable protection for its customers' future. With an experience of over 10 years, BSLI has contributed significantly to the growth and development of the life insurance industry in India and currently ranks amongst the top 6 private life insurance companies in the country. Known for its innovation and creating industry benchmarks, BSLI has several firsts to its credit.It was the first Indian Insurance Company to introduce "Free Look Period" and the same was made mandatory by IRDA for all other life insurance companies. Additionally, BSLI pioneered the launch of Unit Linked Life Insurance plans amongst the private players in India. To establish credibility and further transparency, BSLI also enjoys the prestige to be the originator of practice to disclose portfolio on monthly basis. These category development initiatives have helped BSLI be closer to its policy holdersexpectations, which gets further accentuated by the complete bouquet of insurance products (viz. pureterm plan, life stage products, health plan and retirement plan) that the company offers. Add to this, the extensive reach through its network of 600 branches and 133,572 empanelled advisors. This impressive combination of domain expertise, product range, reach and ears on ground, helped BSLI cover more than 2.5 million lives since it commenced operations and establish a customer base spread across more than 1500 towns and cities in India. To ensure that our customers have an impeccable experience, BSLI has ensured that it has lowest outstanding claims ratio of 0.00% for FY 2011-12. Additionally, BSLI has the best Turn Around Time according to LOMA on all claims Parameters. Such services are well supported by sound financials that the Company has. The AUM of BSLI stood at 21062crs as on March 31, 2012, while the company has a robust capital base of Rs. 2450 crs. Vision To be a leader and role model in a broad based and integrated financial services business.
  18. 18. Values Integrity Commitment Passion Seamlessness Speed About Aditya Birla Financial Services Group (ABFSG) About Aditya Birla Group A US $35 billion corporation, the Aditya Birla Group is in the league of Fortune 500. It is anchored by an extraordinary force of 133,000 employees, belonging to 42 different nationalities. The group operates in 36 countries across six continents – truly India's first multinational corporation. About Aditya Birla Financial Services Group Aditya Birla Financial Services Group (ABFSG) ranks among the top 5 fund managers in India (excluding banks and LIC) with an AUM of ~USD 17.5 billion. Having a strong presence across the life insurance, asset management, NBFC, private equity, retail broking, distribution & wealth management and general insurance broking businesses, ABFSG is committed to serve the end-to-end financial services needs of its retail and corporate customers. The seven companies representing ABFSG are Birla Sun Life Insurance Company Ltd., Birla Sun Life Asset Management Company Ltd., Aditya Birla Finance Ltd., Aditya Birla Capital Advisors Pvt. Ltd., Aditya Birla Money Ltd., Aditya Birla Money Mart Ltd, and Aditya Birla Insurance Brokers Ltd. In FY 2011-12, ABFSG reported consolidated revenue from these businesses at Rs. 6550 Crore (USD 1.3 billion) and earnings before tax at Rs. 600 Crore. Anchored by about 17,000 employees and trusted by about 5.5 million customers, ABFSG has a nationwide reach through more than 1,775 points of presence and about 200,000 agents / channel partners. About Sun Life Financial Sun Life Financial is a leading international financial services organization providing a diverse range of protection and wealth accumulation products and services to individuals and corporate customers. Chartered in 1865, Sun Life Financial and its partners today have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. As of March 31, 2012, the Sun Life Financial group of companies had total assets under management of $494 billion.
  19. 19. KEY PEOPLE OF ORGANIZATION Board of Directors Mr. Donald Stewart Mr. Ajay Srinivasan Mr. Kumar Mangalam Birla Mr. Jayant Dua Mr. Bishwanath Puranmalka Mr. Kevin Strain Mr. Venkatesh Mysore Mr. Kevin Strain Mrs. Tarjani Vakil Mr. Gian Gupta Mr. Suresh Talwar Dr. Rakesh Jain Management Team Mr. JayantDuaMD & CEO Mr. Mayank BathwalCFO & Head of Institutional Sales Mr. Amitabh VermaChief Operating Officer Mr. Sashi KrishnanChief Investment Officer Mr. Niall O'HareChief Actuarial Officer Mr. ArunMalkaniChief Marketing Officer Mr.Pramod KrishnamurthyHead – Information Technology Mr. SaurovGhoshHead – Human Resources & Training Mr. LalitVermaniHead – Compliance, Risk, Legal & Audit Mr. Vikas SethHead of Sales – DSF
  20. 20. Competitors:- •Life insurance corporation • ING vysya life insurance • Max network life insurance • MetLife insurance • Aviva life insurance • Bharathi Axa life insurance • Bajaj Allianz life insurance • Tata AIG life insurance • Reliance life insurance • Kotak Mahindra life insurance ICICI Prudential Life Insurance CompetitorsinDetail:- ➢Aviva life insurance: Aviva Life Insur ance Company India Pvt. Ltd. Is a joint venture between Aviva of UK and Dabur, one of India's leading producers of traditional healthcare products. Aviva holds a 26 per cent stake in the joint venture and the Dabur group holds the balance 74 per cent share. ➢BajajAllianz: Bajaj Allianz is a joint venture between Allianz AG one of the world's largestinsurance companies, and Bajaj Auto, one of the biggest 2 and 3 wheeler manufacturers in theworld. Bajaj Allianz is into both life insurance and general insurance. Allianz Group is one of the world's leading insurers and financial services providers. Founded in 1890 in Berlin,Allianz is now present in over 70 countries ➢HDFC Standard Life Insurance Co. Ltd: is a joint venture between HDFC Ltd., India'slargest housing finance institution and Standard Life Assurance Company, Europe's largestmutual life company. It was the first life insurance company to be granted a certificate of registration by the IRDA on the 23rd of October 2000. ➢INGVysyaLifeInsuranceCompanyLimited: is a joint venture between Vysya Bank andING Group of Holland, the world's 4th largest financial services group, with presence across50 countries, and a heritage of over 150 years.
  21. 21. ➢Kotak Mahindra Old Mutual Life Insurance Ltd: is a joint venture between K otak Mahindra Bank Ltd. (KMBL), and Old Mutual plc. Kotak Mahindra is one of India's leadingfinancial institutions and offers a range of financial services such as commercial banking. ➢Life Insurance Corporation of India: (LIC) is an autonomous body authorized to run thelife insurance business in India with its Head Office at Mumbai. It has been established by anact of the Parliament and started functioning from 1/9/1956. ➢ICICIPrudentialLifeInsurance: ICICI Prudential life insurance is a part of ICICI Bank. ➢Max New York Life Insurance Company Limited is a joint venture between Max IndiaLimited, a multi-business corporate, and New York Life International, a global expert in lifeinsurance. New York Life is a Fortune 100 company that has over 160 years of experience inthe life insurance business. ➢MetLife India Insurance Co. Pvt Ltd is a joint venture between MetLife Group and itsIndian partners. The Indian partners include J&K Bank, Dhanalakshmi Bank, KarnatakaBank, Karvy Consultants, Geojit Securities, Way2Wealth, and Mini Muthoothu. ➢RelianceLifeInsuranceCompany Limited is a part of Reliance Capital Ltd. of the Reliance- Anil Dhirubhai Ambani Group. The company acquired 100 per cent shareholding in AMPSanmar Life Insurance Company in August 2005. Taking over AMP Sanmar Life providedReliance Life Insurance a readymade infrastructure and a portfolio. ➢SBI Life Insurance is a joint venture between the State Bank of India and Cardiff SA of France. SBI Life Insurance is registered with an authorized capital of Rs 500 crore and a paidup capital of Rs 350 cores. ➢Tata AIG Life Insurance Company Limited is a joint venture between Tata Group andAmerican International Group, Inc. (AIG). Tata Group is one of the oldest and leading business groups of India. Tata Group has had a long association with India's insurance sector having been the largest insurance company in India prior to the nationalization of insurance.The Late Sir Dorab Tata was the founder Chairman of New India Assurance Co. Ltd., agroup company incorporated way back in 1919.
  22. 22. SWOT Analysis STRENGTH: ➢Multi-channel distribution and one of the largest distribution networks in India. ➢ Implementing Six-Sigma process. ➢Customercentric products and services. ➢ Superior investment and risk management framework . ➢ Company has maximumnumberof MDRT as well as good number of HNI advisors. ➢ Training process of the company is very strong.  Different plan for different peoples.  According to the change in surrounding environment like changes in customer requirement. WEAKNESS: ➢Company does not penetrate on the rural market at a time. ➢There is no plan for the low income group. ➢Fees for the advisor is high than the other company. OPPORTUNITY: ➢Insurance market is very big, where company can expand its horizon in insurance industry. Though good investment and insurance it is easy to top Indian customers. ➢The huge insurance market (77%) is left so company has opportunity to expand our products. THREATS: ➢OLD HABITS DIE HARD’: It’s 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.
  23. 23. SALES PROCEDURE IN BSLI BSLI ensure that its policyholder get the best out of the policy offered to them by their Advisors. Forthis, BSLI follows a set of procedure of selling Insurance to the clients. The sales procedure can be diagrammatically represented as follows
  24. 24. 1. Pitching the customer: The first and foremost thing is that, client should be ready to purchase the Insurance plan. Insurance is not a very preferable product yet in India. And, thus, co. has to be very vigilant. Advisors, at BSLI, maintain relationships and make the most of their Goodwill. Insurance is a Relationship oriented business. Keeping this in mind BSLI also initiated Bancassurance, Birla Sun Life Insurance where Banks’ image of being loyal to the customers, plays a major role in pitching the customer to buy Insurance. BSLI uses following routes for distributing their Product to general public: a. Direct Personal Contacts (through Advisors) b. Bancassurance (through Banks) c. Personal Relations (through co. employees) d. Existing Policyholders. 2. Sales Illustration: BSLI is the first company to give demonstration of the fund performance i.e. how a certain policy will perform or will give returns. BSLI Advisors give sales illustration. Fund performance is shown on 6% and 10% projections. If client find these projected returns suitable to his/her risk profile, he go for purchasing the policy. 3. Proposal Form: Now as client is ready to get insured, advisor gives him the proposal form and asks for all the documents required. Proposal form is a 4 page document that contains all the necessary information related to the Insured and the Owner of the policy. Documents required along with the proposal form are: Date-Of-Birth Proof Address & ID Proof Income Certificate Medical Certificates (only if Insurer is a senior citizen) 4. After Sales Service: Now after the Insurance is sold, follow-ups are required. Advisor needs to maintain good relations with the policyholder. Insurance co. can generate further business, only if, existing policyholders are satisfied with the services being provided by the advisor of the co. Thus, BSLI keeps this in mind and Business Development Executives continuously track the needs of the policyholders. BSLI provides the policyholders with monthly updates of the fund performance and also discloses the asset portfolio of the fund. This assists the policyholders to manage their policy according to their risk profile. They can, thus, change their fund allocation as well as the asset allocation in any fund, chosen by them.
  25. 25. COMPANY’S PRODUCTS & PLANS BSLI Saral Health Plan This plan offers : • Cover for hospitalisation expenses • Reimbursement of regular healthcare expenses • Critical illness cover • Terminal Illness and death benefit The Saral process: 1. Choose pay term and health insurance benefit term from the options of 10 pay/10 term, 10 pay/20 term, 20 pay/20 term. 2. Choose your additional premium (if any), to enhance your health reimbursement benefit to meet your future health & medical related expenses. 3.Answer four health related Questions. No medical tests required. Investment Option For our convenience, they offer one simple investment option – the LifeCycle Option. Under this option our portfolio will be structured according to our age and risk profile. We can decide our approach towards investment - conservative, moderate or aggressive. They will then monitor and administer our portfolio, saving our time and effort involved in overseeing it. With our increasing age and changing risk profile, our investments will be automatically shifted from riskier assets to safer assets. The premiums we pay will be invested between two investment funds – Maximiser (100% equity) and Income Advantage (100% debt). This will be done in a pre-determined proportion, based on the selected risk profile and our age when the premium is invested. Based on choices, customer will receive a host of benefits as below: 1.Health Insurance Benefit: We can claim this benefit in case of Hospitalisation and/or Critical Illness during the health insurance benefit term.
  26. 26. a. For hospitalisation beyond 48 hours, we will receive a specified amount upto a maximum of Rs.8,000 per day, depending on the nature of treatment involved. b. For one of the four covered critical illnesses (Heart Attack, Stroke, Cancer and Major Organ Transplant), we will receive a lump sum equal to Rs.20,000 x the policy year in which the illness occurs (e.g. if illness occurs in 3rd policy year, you receive Rs.20,000 x 3 = Rs.60,000). Our health insurance benefit is fixed at Rs.10 lakhs for the health insurance benefit term. 2. Health Reimbursement Benefit: To take care of our future health & medical related expenses, our policy premium is used to create a unit-linked fund. We can use this benefit to claim reimbursement of expenses such as dental treatment, pathology & diagnostic expenses, doctor’s fees etc. This reimbursement is free of charge 4 times a year, after completion of 5 policy years. Even after completion of your health insurance benefit term, we can continue to claim reimbursement of expenses to the extent of your Fund Value balance. All we have to do is provide us bills of expenses made to get the amount reimbursed. 3.Guaranteed Additions: Our Fund Value will be boosted with Guaranteed Additions at the end of the health insurance benefit term, if all premiums are paid. 4.Terminal Illness and Death Benefit: In the unfortunate event of a terminal illness or condition, we can claim the full Fund Value without submission of bills. In the unfortunate event of death, the nominee will receive the Fund Value. 5. Current Tax Benefits: Under Section 80D, premium amount up to Rs. 15,000 (Rs. 20,000 for senior citizens) per year is allowed as deduction from our taxable income each year.
  27. 27. BSLI Classic Life Plan This plan offers you: Flexibility of directing our savings in 10 Investment Funds, as per risk appetite Choice of Pay Term Whole life cover Enhanced financial security for your loved ones How BSLI Classic Life Plan works: 1.We select the Savings Date that suits our retirement goals. 2. We select the Basic Premium that we want to pay every year. 3. We will receive Basic Sum Assured which is the minimum death benefit payable on the demise of the life insured. The Basic Sum Assured is automatically determined as your Basic Premium multiplied by: · The higher of 10 or the number of years to attain age 70 divided by 2, for entry ages below 45; or · The higher of 7 or the number of years to attain age 70 divided by 4, for entry ages 45 and above 4. We can select the number of years we want to pay our premiums, and select our Pay Term from option of 5-Pay / 10-Pay / 15-Pay / 20-Pay / To Savings Date. 5. We have the option to choose Enhanced Sum Assured to increase the financial security for our loved ones. This increases our life cover over and above the Basic Sum Assured at a nominal cost. 6. We have the option to choose from range of riders and customise the security of our family's financial future. Self-Managed Option - The flexibility to direct our savings in range of 10 funds The Self-Managed Option gives us complete access to invest our premiums in well established suite of 10 Investment Funds, ranging from 100% debt to 100% equity. We also enjoy full freedom to switch from one Investment Fund to another, as per our changing requirements. Choose from range of 10 Investment Funds, to suit our risk appetite Allocate our savings in the proportion of our choice Change our allocations as per your changing requirements
  28. 28. Plan Summary Policy Term Whole life Entry Age 18 to 45 years 18 to 50 years 18 to 55 years 18 to 60 years Savings Date To age 55 To age 60 To age 65 To age 70 Basic Premium Minimum Rs. 25,000 p.a. if paid annually Minimum Rs. 30,000 p.a. if paid monthly, quarterly or semi-annually Pay Term Short pay – 5, 10, 15, 20 years To Savings Date Premium Payment Frequency Monthly, Quarterly, Semi-annually or Annually Top-up Premium Minimum Rs. 5,000 Enhanced Sum Assured Minimum Rs. 50,000, subject to maximum of 30 years to Savings Date Benefits 1. Death Benefit: In case of the unfortunate demise of the life insured while the policy is in effect, the nominee will receive the greater of either the Fund Value or the Basic Sum Assured, reduced for partial withdrawals as follows: Before the life insured attains the age of 60, the Basic Sum Assured payable on demise is reduced by partial withdrawals made in the preceding two years Once the life insured attains the age of 60, the Basic Sum Assured payable on demise is reduced by all partial withdrawals made from age 58 onwards In addition, the nominee will also receive the Enhanced Sum Assured, if any. 2. Enhanced Sum Assured: Based on our needs we can increase the life cover over and above the Basic Sum Assured by opting for the Enhanced Sum Assured at inception. We can choose any amount of Enhanced Sum Assured, subject to a minimum of Rs. 50,000 and not exceeding Basic Sum Assured. 3. Whole Life Cover: We enjoy a life cover for your entire life, ensuring the long term financial security for our loved ones. 4. Surrender Benefit: In case of emergency fund requirements, we can surrender your
  29. 29. policy after the completion of five policy years, and receive the Fund Value at that time. 5.Top-up Premium: If we wish to increase our investment in the policy, we have the freedom to invest additional amounts to our premium as top-up premiums, anytime during the policy term, as long as all due policy premiums have been paid. The minimum top-up premium is Rs. 5,000 and our Basic Sum Assured will automatically increased. 6. Guaranteed Additions: Our policy enjoys a boost in the form of additional units.. 7.Partial Withdrawals: We can make unlimited partial withdrawals to meet any financial emergencies any time after 5 policy years 8. Policy Loans: Wecan also avail loans on your policy.
  30. 30. BSLI Foresight Plan How BSLI Foresight Plan works 1. Choose our Basic Premium a. For Single-Pay option, we pay the premium only once. The minimum Basic Premium payable is Rs.2,00,000. b. For 5-Pay option, we pay the premium annually for 5 years. The minimum Basic Premium payable is Rs.1,00,000 annually. 2. Choose our Life Cover We can choose our Basic Sum Assured (BSA) i.e. Life Cover, as per the matrix given below. Single Pay Option Less than 45 yrs of age 45 yrs of age or more Min 1.25 x Basic Premium 1.10 x Basic Premium Max 5 x Basic Premium 5 x Basic Premium 5-Pay Option Less than 45 yrs of age 45 yrs of age or more Min 10 x Basic Premium 7 x Basic Premium Max 300% of BSA 300% of BSA 3. Choose the Investment Option between Guaranteed Option and Self-Managed Option.
  31. 31. .
  32. 32. Benefits of BSLI Foresight Plan 1.Maturity Benefit We will receive no less than the Guaranteed Minimum Maturity Benefit, as described earlier, if we opt for the Guaranteed Option. We will receive the Fund Value at maturity, if we invest in the Self-Managed Option at that time. 2.Death Benefit In case of the unfortunate death of the life insured prior to maturity, the nominee will receive the Basic Sum Assured plus the Fund Value as of the date of intimation of death. The Death Benefit shall never be less than 105% of total premiums paid to date (excluding any applicable underwriting extras). Any partial withdrawals made will reduce the Death Benefit by the amount of withdrawal. 3.Surrender Benefit In case we require funds to meet any exigency, we can surrender our policy after the completion of five policy years, and receive the Fund Value at that time, plus refund of mortality charges for the remaining term to maturity. 4.Partial Withdrawals We can make unlimited partial withdrawals to meet any financial emergencies 5.Policy Loans We can meet our financial needs by availing of a loan on our policy.
  33. 33. BSLI Classic Endowment Plan This plan offers : • Choice of Policy Term and Pay Term • Flexibility of directing your savings to 10 investment funds, as per our risk appetite • Enhanced financial security for our loved ones How BSLI Classic Endowment Plan works: 1. We select our Policy Term from options of 10 / 15 / 20 / 25 / 30 years. 2. We select the Basic Premium that we wish to pay every year. 3. We select our Pay Term from options of 5-Pay / 10-Pay / 15-Pay / 20-Pay / To Savings Date. 4. We have an option to choose an Enhanced Sum Assured and increase the financial security for our loved ones for a minimum amount of Rs. 50,000. 5. We have an option to choose from our range of riders and customize our family's future financial security. Plan Summary Policy Term 10, 15, 20, 25 and 30 years Savings Date Same as policy term Entry Age 1 year to 65 years, subject to minimum age of 18 on Savings Date Basic Premium Minimum Rs. 25,000 p.a. if paid annually Minimum Rs. 30,000 p.a. if paid monthly, quarterly or semi-annually Pay Term Short pay – 5, 10, 15, 20 years |To Savings Date Top-up Premium Minimum Rs. 5,000 Premium Payment Option Monthly, Quarterly, Semi-annually or Annually Enhanced Sum Assured Minimum Rs. 50,000 Entry Age 18 to 65 years, subject to maximum age of 75 on Savings Date
  34. 34. Rider options Birla Sun Life Surgical Care Rider ( UIN : UIN: 109C015V01 ) In case we are hospitalised to undergo a surgery we will be paid a lump sum amount to cover your expenses. BSLI Hospital Care Rider ( UIN : UIN: 109C016V01 ) In the event that we are hospitalised for treatment, we will receive Daily Cash Benefit to take care of our expenses. In case we are treated in an Intensive Care Unit we will receive an Enhanced Daily Cash Benefit. To help us cover our recuperation expenses, we will be paid a lump sum amount, in case we are hospitalised for more than seven days for the same disease. BSLI Waiver of Premium Rider ( UIN : UIN: 109C017V01 )In case life insured / policy holder is unable to pay the policy premiums due to a disability, critical illness or an untimely demise, all future premiums of the base plan and the attached riders will be paid by BSLI and all policy benefits will continue. BSLI Accidental Death and Disability Rider ( UIN : UIN: 109C018V01 )In the event of death due to an accident, your nominee will receive the chosen Rider Sum Assured up to a maximum of Rs. 50,00,000. In the event of disability due to an accident, we will receive a fixed percentage of the Rider Sum Assured, depending on the type of injury. BSLI Critical Illness Rider ( UIN : UIN: 109C019V01 )On diagnosis of any of the four illnesses - Heart Attack, Cancer, Major Organ Transplant and Stroke, we will receive upto 100% of the Rider Sum Assured. Benefits: 1. Maturity Benefit: We will receive the Fund Value at maturity. 2. Death Benefit: In the unfortunate event of the demise of the life insured prior to maturity, the nominee will receive the greater of either the Fund Value or the Basic Sum Assured, reduced for partial withdrawals as follows: Before the life insured attains the age of 60, the Basic Sum Assured payable on death is reduced by partial withdrawals made in the preceding two years Once the life insured attains the age of 60, the Basic Sum Assured payable on death is reduced by all partial withdrawals made from age 58 onwards In addition, the nominee will also receive the Enhanced Sum Assured, if any. 3. Surrender Benefit: In case of emergency fund requirements, we can surrender your policy after the completion of five policy years, and receive the Fund Value at that time. 4. Top up Premium: If we wish to increase our investment in the policy, we have the freedom to invest additional amounts to our premium as top-up premiums, anytime during the policy term, except in the five years prior to maturity and as long as all due policy premiums have been paid. 5. Guaranteed Additions: Our policy enjoys a boost in form of additional
  35. 35. units. 6. Partial Withdrawals: We can make unlimited partial withdrawals to meet any financial emergencies. 7. Policy Loans: We can also avail loans on your policy. Self-Managed Option: The flexibility to direct your savings in range of 10 investment funds. The Self-Managed Option gives complete access to invest your premiums in well established suite of 10 investment funds, ranging from 100% debt to 100% equity. We also enjoy full freedom to switch from one investment fund to another, as per our changing requirements. Choose from our range of ten investment funds, to suit our risk appetite Allocate our savings in the proportion of our choice Change our allocations as per our changing requirements
  36. 36. BSLI Platinum Advantage Plan A plan that gives you the guarantee of the highest daily NAV over 7 years and provides financial security to our family BSLI Platinum Advantage Plan This Plan gives us the advantage to choose from 2 Investment Options – Guaranteed Option and Self-Managed Option. With the Guaranteed Option our investments in the Platinum Advantage Fund are safeguarded from any downsides in the capital markets. And we also have options to enhance the financial security of our loved ones, at a nominal additional cost. This plan offers you: A 10-year plan with a 5-year Pay Term Option to enhance the financial security for our loved ones Complete control on our investments How BSLI Platinum Advantage Plan works: 1. We choose the Basic Premium , want to pay annually for 5 years 2. We choose our Investment Option from Self-managed Option or Guaranteed Option 3. We choose the Enhanced Sum Assured and increase the financial protection of our loved ones 4. We choose from range of riders and safeguard our family's financial future Plan Summary Entry Age of Life Insured 8 to 70 years of age Policy Term 10 years Pay Term 5 years Basic Premium Minimum Rs. 25,000 p.a. if paid annually Minimum Rs. 30,000 p.a. if paid monthly, quarterly or semi-annually Premium Payment Frequency Monthly, Quarterly, Semi-annually or Annually Basic Sum Assured 10 x Basic Premium for entry ages below 45 7 x Basic Premium for entry ages 45 and above
  37. 37. Enhanced Sum Assured Minimum Rs. 50,000 Entry Age 18 to 65 years Rider options: Birla Sun Life Surgical Care Rider ( UIN : UIN: 109C015V01 ) In case we are hospitalised to undergo a surgery we will be paid a lump sum amount to cover your expenses. BSLI Hospital Care Rider ( UIN : UIN: 109C016V01 ) In the event that wearehospitalised for treatment, we will receive Daily Cash Benefit to take care of our expenses. In case weare treated in an Intensive Care Unit we will receive an Enhanced Daily Cash Benefit. To help cover our recuperation expenses, we will be paid a lump sum amount, in case we are hospitalised for more than seven days for the same disease. BSLI Waiver of Premium Rider ( UIN : UIN: 109C017V01 )In case life insured / policy holder is unable to pay the policy premiums due to a disability, critical illness or an untimely demise, all future premiums of the base plan and the attached riders will be paid by BSLI and all policy benefits will continue. BSLI Accidental Death and Disability Rider ( UIN : UIN: 109C018V01 )In the event of death due to an accident, our nominee will receive the chosen Rider Sum Assured up to a maximum of Rs. 50,00,000. In the event of disability due to an accident, we will receive a fixed percentage of the Rider Sum Assured, depending on the type of injury. BSLI Critical Illness Rider ( UIN : UIN: 109C019V01 )On diagnosis of any of the four illnesses - Heart Attack, Cancer, Major Organ Transplant and Stroke, we will receive upto 100% of the Rider Sum Assured. Benefits: Maturity Benefit: We will receive the Fund Value at maturity. In addition, we will receive an amount equal to the number of units in Platinum Advantage Fund times the excess, if any, of Guaranteed Unit Price over the then prevailing unit price of this Investment Fund, if we have opted for Guaranteed Option . Death Benefit: In the unfortunate event of the death of the life insured prior to maturity, company will pay to the nominee the greater of (a) the Fund Value as on date of intimation of death or (b) the Basic Sum Assured reduced for partial withdrawals as follows Before the life insured attains the age of 60, the Basic Sum Assured payable on death is reduced by partial withdrawals made in the preceding two years Once the life insured attains the age of 60, the Basic Sum Assured payable on death is reduced by all partial withdrawals made from age 58 onwards
  38. 38. In addition company will also pay the Enhanced Sum Assured, if any. Death benefit shall never be less than 105% of total premiums paid to date (excluding any applicable rider premium and/or underwriting extras) less any previous partial withdrawals. Surrender Benefit: In case of emergency fund requirements, we can surrender our policy after the completion of five policy years, and receive the Fund Value at that time. Top-Up Premium: If we wish to increase our investment in the policy, we have the freedom to invest additional amounts to our premium as Top-up premiums, anytime during the policy term, as long as all due policy premiums have been paid. In case of Guaranteed Option, we are allowed to Top-up your investment after first 3 policy years. Partial withdrawals: We can make unlimited partial withdrawals to meet any financial emergencies. Policy Loans: We can meet our financial needs by availing of a loan on our policy
  39. 39. BSLI Vision A plan that gives a guaranteed amount on the date of our choice and also provides us a whole life cover for a limited pay period This plan offers you: • Payout on the date of our choice • Whole Life Cover • Options to enhanceour protection How BSLI Vision plan works: 1. We choose the Sum Assured which is the amount of life insurance cover up to the age of 100 years. 2. We choose a Guaranteed Survival Benefit (GSB) Term based on the number of years after which we would like to receive our payout. This term is also the accumulation phase of our plan, i.e. the number years for which we would have to pay premiums. 3. We choose from range of riders, to enhance the financial security of our family. Plan Summary Entry Age (age last birthday) : 1 to 65 years Policy Term : Whole Life to Age 100 Minimum Sum Assured : Rs. 1,00,000 GSB Term : 5 to 35 years Minimum GSB Term : Attained Age at GSB Term is 18 years or more Maximum GSB Term : Attained Age at GSB Term is 75 years or less Premium Paying Term : Regular Pay during the GSB Term
  40. 40. Rider Options Birla Sun Life Surgical Care Rider ( UIN : UIN: 109C015V01 ) In case we are hospitalised to undergo a surgery we will be paid a lump sum amount to cover our expenses. BSLI Hospital Care Rider ( UIN : UIN: 109C016V01 ) In the event that we arehospitalised for treatment, we will receive Daily Cash Benefit to take care of our expenses. In case we are treated in an Intensive Care Unit we will receive an Enhanced Daily Cash Benefit. To help cover our recuperation expenses, we will be paid a lump sum amount, in case we are hospitalised for more than seven days for the same disease. BSLI Waiver of Premium Rider ( UIN : UIN: 109C017V01 )In case life insured / policy holder is unable to pay the policy premiums due to a disability, critical illness or an untimely demise, all future premiums of the base plan and the attached riders will be paid by BSLI and all policy benefits will continue. BSLI Accidental Death and Disability Rider ( UIN : UIN: 109C018V01 )In the event of death due to an accident, our nominee will receive the chosen Rider Sum Assured up to a maximum of Rs. 50,00,000. In the event of disability due to an accident, we will receive a fixed percentage of the Rider Sum Assured, depending on the type of injury. BSLI Critical Illness Rider ( UIN : UIN: 109C019V01 )On diagnosis of any of the four illnesses - Heart Attack, Cancer, Major Organ Transplant and Stroke, we will receive upto 100% of the Rider Sum Assured. Benefits 1.GuaranteedSurvivalbenefit At the end of the GSB Term, we will receive a fixed payout known as the Guaranteed SurvivalBenefit. Along with the Guaranteed Survival Benefit, we will receive Monthly Additions and Enhancement to monthly additions. 2.GuaranteedDeathBenefit In the unfortunate event of the death of the life insured during the policy term, the nominee will receive the Sum Assured as the Death Benefit. 3GuaranteedMaturityBenefit In the event that the life insured survives to the end of the policy term, we will receive the Sum Assured as the Guaranteed Maturity Benefit. 4.MonthlyAdditions At the beginning of each policy year, our policy will be assigned the latest Monthly Addition Rate declared by them, provided all due premiums have been paid in full. Once this Monthly Addition Rate is assigned to our policy, it will be guaranteed for the next 12 months, and used to calculate our Monthly Additions during the upcoming policy year.
  41. 41. CONCLUSION Our training was a very enriching experience for me, I have learnt so many things, I got sight into the insurance world. Insurance role in everyone’s life lot more than ever before, currently there is a comprehensive range of products covering each type of policy available in the market. We have studied various insurance plans covered under BSLI, and their features. BSLI also gives various Riders, which provides extra benefits to the customers. And we came to know about the pioneering features of BSLI, like sales procedure, etc. While most insurance plans block money for certain period of time, a BSLI plan gives the double benefit of life insurance along with easy liquidity through lump sum cash. Birla Sun Life Insurance (BSLI), one of the largest private life insurers, is gearing itself to take advantage of the vast rural opportunity that has opened up as a result of the revised definition of rural areas by the IRDA. Over the last four years, BSLI has painstakingly built its rural infrastructure to create a cost-effective distribution network across the country. Our training gave us corporate exposure, and helped in improving our communication skills. We learnt to deal with customers, we made them aware about various plans, and their respective features, even helped them to select the best plan as per their requirements.
  42. 42. BIBLIOGRAPHY  http://www.birlasunlife.com  http://insurance.kotak.com  http://en.wikipedia.org/wiki/Insurance  Company brochure/Classic Endowment Plan  Companybrochure/Foresight Plan  Company brochure/Classic Life Plan  Company brochure/ Saral health Plan  Company brochure/Platinum Advantage Plan  Company brochure/Vision

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