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  • 1. 1 | P a g e 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
  • 2. 2 | P a g e 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 profile 18 4. Conclusion 40 5. Suggestions 41 Bibliography 42
  • 3. 3 | P a g e 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.
  • 4. 4 | P a g e 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
  • 5. 5 | P a g e 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.
  • 6. 6 | P a g e 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.
  • 7. 7 | P a g e 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
  • 8. 8 | P a g e 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 $200 a year from each of the thousand people to cover the expected claims. The insurance company receives the premiums from the policy owner and invests them to create a pool of money from which to pay claims, and finance the insurance company's operations. Contrary to popular belief, the majority of the money that insurance companies make comes directly from premiums paid, as money gained through investment of premiums will never, in even the most ideal market conditions, vest enough money per year to pay out claims. Rates charged for life insurance increase with the insured's age because, statistically, a people are more likely to die as they get older.
  • 9. 9 | P a g e COMPANY PROFILE Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between the Aditya Birla Group and Sun Life Financial Inc., a leading international financial services organisation. The local knowledge of the Aditya Birla Group combined with the expertise of Sun Life Financial Inc., offers a formidable value proposition to customers. Sun Life Financial and its partners today have operations in key markets worldwide, including India, Canada, the United States, the United Kingdom, Hong Kong, Philippines, Japan, Indonesia, China and Bermuda. Sun Life Financial Inc. had assets under management of over US$ 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
  • 10. 10 | P a g e 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
  • 11. 11 | P a g e 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
  • 12. 12 | P a g e 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.
  • 13. 13 | P a g e DETAILS OF PRODUCTS Individual Life Protection Birla Sun Life Term Plan Premium Back Term Plan Saving Birla Sun Life Insurance Gold-Plus Supreme Life Dream Plan Classic Life Premier Simply Life Prime Life Premier Prime Life Life Companion Flexi Cash Flow Flexi Save Plus
  • 14. 14 | P a g e Flexi Life Line Single Premium Bond Retirement Flexi Secure Life Retirement Plan II Children Children's Dream Plan Rural Bima Kavach Yojana
  • 15. 15 | P a g e 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 3. Child Plans 4. Investment Plans 5. Retirement Plans 6. Group Plans 7. Rural Plans 8. Plans for NRIs 9. Keyman Plans 10. Riders Insurance Plans
  • 16. 16 | P a g e BSLI offers LifeGuard - a set of pure protection plans. Choose from amongst three different product structures to insure your life and provide total security to your family, at a very affordable cost. Level Term Assurance with return of premium  On death the entire sum assured will be paid.  On maturity, all the premiums paid will be returned. Level Term Assurance without return of premium  On death the entire sum assured will be paid.  No survival or maturity benefits. You can also enhance the above two policies by adding Accident & Disability Benefit Rider and Waiver of Premium Rider (WOP). Level Term Assurance - Single premium:  On death the entire sum assured will be paid.  No survival or maturity benefits Protection Plans
  • 17. 17 | P a g e 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 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 Savings Plans
  • 18. 18 | P a g e 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. 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.
  • 19. 19 | P a g e 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-linked regular premium  Smart Kid unit-linked regular premium II  Smart Kid unit-linked 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 Rural Plans Child Plans
  • 20. 20 | P a g e 4. Hassle free procedure BSLI offers 2 specially designed rural plans. a) BSLI – Endowment Plan b) BSLI - Regular Premium BSLI Endowment Plan: BSLI offers the following features:  Life Cover and Savings  Regular Premiums  Age at entry 18 - 45 Yrs  Premium Mode Half Yearly / Yearly  Term 5,10,15 Yrs  Sum Assured Rs.5,000 -20,000  Premium / Year Rs. 507 - 553 ( SA: Rs.10,000)  Maturity/Death benefit Sum Assured BSLI - Regular Premium: BSLI is a regular premium policy with the following features:  Individual policy  Only Life cover  Term - 3 & 5 Yrs  Age independent premium  Age at entry 18 - 45 Yrs
  • 21. 21 | P a g e  Sum Assured Single  Premium / Year Rs 50 – 200  Maturity/Death benefit Rs.5,000 - 20,000  Death Benefit Sum Assured
  • 22. 22 | P a g e IRDA The insurance sector has been opened up in India, as there was an urgent need. The international experience indicates those country with a liberalized insurance sector have witnessed a rapid growth in premium volumes enhancing the domestic saving rate. This happened in China, Malaysia and Singapore where a competitive market has led to improvement in Services and quicker settlement of claims. It is also important to note that competition will bring about advancement in information, communication and technology. And rightly therefore a decision was taken by the Government of India to open up Insurance sector. The establishment of IRDA in the month of April 2000 has been important development in this direction, making the end of monopoly in the insurance sector. WHY INSURANCE IN INDIA: Only 22% of the insurance population has been extended cover. Market penetration is low and the potential to exploit is high. Insurance premium per capita is very low. Lack of comprehensive social system benefit and welfare means that demand for pension products is high. Huge middle class of approximately 300 Million. Existing insurance company score low on customer service front. The insurance market registered growth in the Asian region even though India’s share in global insurance is less than 0.5% (1988) as compared to USA
  • 23. 23 | P a g e (24.2%) and Japan (21%). Studies have reveled that in an emerging market, as disposable income rises, Insurance premiums as a ratio of GDP shoots up. The confederation of Indian Industry projected a growth of Life Insurance premiums from Rs. 350 Billion at present to Rs.140 Billion. The growth of non-life insurance premium is expected to increase from 75 billion to 375 billion. Out of which, only 10% is tapped by the existing insurer. Insurance even more than banking is a volume game. A very exclusive approach in view is unlikely to provide meaningful numbers. Currently, insurance is bought for the purpose of tax-benefits. A higher percentage of business is in the rural market. The share of rural new business insurance total new business is 55% in terms of policies and 47% in terms of sum assured. However, this needs to be viewed in the light of some recent issues that have been raised regarding as to what constitutes the rural market. Therefore, private insurers will be best served by middle market approach, targeting the customer segments that are presently unexploited. How many Indians are aware that LIC has more than 60Products and GIC has more than 180Products? Not only there is a reduction in the premiums of Life Insurance products have long overdue since Indian morality rate has decreased three folds in the last 50years. There is also scope to increase the yield on life insurance policies (presently 6%) with proper risk management in place. It is been debated that insurance business does not produce profit in the first five years cross subsidization is a feature of Indian market. Even the first portfolio vote that is considered profitable, cross subsidizes other departments.
  • 24. 24 | P a g e Tariffs reduction is likely to reduce profits; further insurers have to institute proper claims management progress in order to extract efficiencies. At present life insurance business in the country is taxed at 12.5% of the profit in financial year. The government is soon to present a new model of taxing life insurance companies at international rates. New entrants should be well advised to look ahead to the stage where brand strength will be a competitive advantage and sketch their alliances accordingly. In fact, we believe that alliance related to distribution rather than to produce or technology will prove most valuable in the long run. Banks and financial companies will emerge, as attractive distribution channel for this insurance trend will be led by two factors, which already apply in other world market. First Banking food insurance, fund management and other financial services companies are being to increase their profitability and provide maximum value to their customers. Therefore, they are themselves looking for a range of products to distribute. In other market notably Europe; this has resulted in bank assurance. Bank entering into the insurance business in India to bank hope to maximize expensive existing network by selling a range of products more of a loss alliance between insurance and bank than a formal ownership. Some Indian entrants like ICICI, HDFC and Reliance hope to ride their existing network and customer bases.
  • 25. 25 | P a g e 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 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
  • 26. 26 | P a g e 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. 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
  • 27. 27 | P a g e employees of both the Department were consulted to get information about procedure of both the online and off line share trading. But the method used by us for the primary data collection was through questionnaires. Questionnaire method For the collection of primary data I used questionnaire method. A formal list of questions, which are to be asked, is prepared in a questionnaire and questions are asked on those bases. There are some merits and demerits of this method. These as under: - Merits: - 1. Low cost even when universe is large. 2. It is free from bias of interviewer. 3. Respondents have proper time to answer. 4. Respondents who are not easily approachable can also be reachable. 5. Large samples can be made. 2. Secondary data: - These are those data, which are not collected afresh and are used earlier also and thus they cannot be considered as original in character. There are many ways of data collection of secondary data like publications of the state and central govt., reports prepared by researchers, reports of various associations connected with business, Industries, banks etc. And the method, which was used by us, was with the help of reports of the company.
  • 28. 28 | P a g e 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? 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. No of Peoples Have BSLI Plan Health, 10% Retierment , 22% Life, 68% Health Retierment Life
  • 29. 29 | P a g e Question. Are you satisfied with the Insurance plan you have? 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. No. of people satisfied with the plan 72% 28% Yes No
  • 30. 30 | P a g e Ques. Are you satisfied with the services provided by the company regarding new plans and schemes? 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. No. of people satisfied with the services provided by the company 82% 18% Yes No
  • 31. 31 | P a g e Ques. Are you interested to make more investments in BSLI ? 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. No. of Peoples want to more investment in BSLI 67% 33% Yes No
  • 32. 32 | P a g e Ques. Have you any other Insurance Plan apart from BSLI? 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
  • 33. 33 | P a g e Inference 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? 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. People ready to switch to attractive Schemes if offered by other companies 82% 18% Yes No
  • 34. 34 | P a g e FINDINGS ABOUT THE SELECTIONS OF NEW ADVISOR Findings # 1 Findings # 2 Male Vs Female Respondence 27% 73% Male Female Marital Status of Respondent 39% 61% Married Unmarried
  • 35. 35 | P a g e Findings # 3 Findings # 4 Qualification Of Respondent 16% 57% 27% 12th Graduation Post Graduation Age of Respondent 53% 27% 18% 2% Less 25 25-35 35-45 Above 55
  • 36. 36 | P a g e Findings # 5 Findings # 6 Dependent Of Respondent 62% 23% 15% None Two Above Two Annual Family Income of Respondence 23% 53% 17% 7% Less 100000 100000-200000 200000-400000 Above 400000
  • 37. 37 | P a g e Findings # 7 Interest In Extra Earning 76% 24% Yes No
  • 38. 38 | P a g e 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. Finding-5 shows, because 61% advisors are married so the dependent person on them are same.
  • 39. 39 | P a g e 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.
  • 40. 40 | P a g e 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.
  • 41. 41 | P a g e SUGGESTIONS 1) Even though most of the policy holders are satisfied with policies, plans they have but some new attractive insurance plans should be introduce to bind them not to switch over to other companies insurance plans. 2) The company should find out the no. of people who are not having any of the insurance plans through an intensive market research and motivate them to get insured. 3) Leveraging technology to service customers quickly, efficiently and conveniently. 4) Developing and implementing superior risk management and investment strategies to offer sustainable and stable returns to our policyholders. 5) Company should target each and every class of the society 6) Company should provide full information to the customers before targeting so they can take interest
  • 42. 42 | P a g e BIBIOLIOGRAPHY www.BirlaSunlife.com www. irda. gov. in Birlasunlife New Advisor Book www.google.com
  • 43. 43 | P a g e QUESTIONNAIRE Name:............................... Age:…………….. Occupation:………………….. Ques.1 Which Birla Sun Life Scheme does you have? (a) Life (b) Retirement (c) Health Ques.2 Are you satisfied with the Insurance plan you have? (a) Yes (b) No Ques.3 What attract you towards Birla Sun Life Plans? (a) (b) (c) (d)
  • 44. 44 | P a g e 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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