Birla Sunlif Internship Project by mnmgroup

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									                                    A
                  PROJECT REPORT
                                  ON
      CONSUMER BEHAVIOR TOWARDS BIRLA SUNLIFE
                  INSURANCE LTD.

                          SUBMITTED TO:-

              LOVELY PROFESSIONAL UNIVERSITY




           BACHELOR OF BUSINESS ADMINISTRATION

    PREFACE
After having undergone the practical training with ―BIRLA SUNLIFE
INSURANCE LTD.‖ I have been able to understand the importance and
necessity of obtaining a professional degree in management. The working
of various organs of organization is captured over here which correlates
with one another as it further adds the vastness of my study.
Hence my attempt is to cover all the organizational activities and related
facts so as to have better control over my primary subject of study. The
increased significance of understanding pivot for modern researches.
Dynamic behavior of human resources shows a greater complexity to be
overcome by researches and there is a vast scope left to be undergone.
Todays
 Complex organization structure.
 Increasing importance of human resources.
 Increasing complexity of job designing and organization.
Hence my study includes human related aspects with reference to
organizational functioning.
   1. In-depth Analytical study and observation of procedures and system
      of marketing which are prevalent in common environment.
   2. Management policies and practices determine the success of entire
      organizational functioning. No matter whether it is recruitment policy
      or related to other department, it has a significant impact over
      recruitment.
This project gives us an opportunity to get knowledge how business can
effected and how to handle different situations which organization faces.


                         EXECUTIVE SUMMARY
BIRLA SUN LIFE INSURANCE COMPANY LIMITED is a joint venture
between Sun Life Assurance Company of Canada and Aditya Birla
Management Corporation Limited. Birla sun life insurance is one of the top
privately owned life insurers in the country.


         The company has a large number of insurance advisors who sell
company products in branches across the country. Birla Sun Life markets
a full array of individual life insurance, group insurance and group savings
products throughout India. Instead of this Birla Sun Life Asset
Management Company Limited (BSLAMC), the investment managers of
Birla Mutual Fund, is a joint venture between companies of Aditya Birla
Management Corporation Limited and Sun Life Assurance Company of
Canada.BSLAMC strives to provide transparent, ethical and research-
based investment and wealth management services.




Birla Sun Life Distribution Company Limited offers investment advisory and
financial product distribution through its network of agents located across
the country. The products offered are mutual funds, Government of India
Relief bonds, and bonds of public financial institutions, select fixed
deposits and Initial equity and debt public offerings.


The company also distributes the insurance products of Birla Sun Life
Insurance Company Limited.
           Both these companies having their own status in all over the
world, both these companies are most popular companies. As we know it
is joint venture between Sun Life Assurance Company of Canada and
Aditya Birla Management Corporation Limited. Aditya Birla group is very
famous company in India this company expand their business they having
their cement factory and instead of this they having many other works this
detail we get after reading this project report.
The Aditya Birla Group is a US $24 billion conglomerate with a market
capitalization of US $31.5 billion (as on 31st December 2007) and is one of
the largest business houses in India. It enjoys a leadership position in all
the sectors in which it operates. It is anchored by a force of 100,000
employees, belonging to 25 nationalities. Its operations span 20 countries
across six continents and are reckoned as India's first multinational
corporation. Headquartered in Mumbai, India, over 50 per cent of the
Group’s revenues flow from its overseas operations. The Group nurtures a
work culture where success is built on learning and innovation.
The Aditya Birla Group was recently been adjudged ―The Best Employer in
India and among the top 20 in Asia‖ by the Hewitt, Economic Times and
Wall Street Journal Study 2007.


    India with about 200 million middle class household shows a huge
      untapped potential for players in the insurance industry. Saturation
      of markets in many developed economies has made the Indian
      market even more attractive for global insurance majors. The
      insurance sector in India has come to a position of very high
      potential and competitiveness in the market. Indians, have always
      seen life insurance as a tax saving device, are now suddenly turning
      to the private sector that are providing them new products and
      variety for their choice.


        Consumers remain the most important centre of the insurance
      sector. After the entry of the foreign players the industry is seeing a
      lot of competition and thus improvement of the customer service in
      the industry. Computerisation of operations and updating of
      technology has become imperative in the current scenario. Foreign
      players are bringing in international best practices in service through
      use of latest technologies
     The insurance agents still remain the main source through which
insurance products are sold. The concept is very well established in the
country like India but still the increasing use of other sources is imperative.


Sun Life Financial Inc. is a leading international financial services
organization 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 March 31st, 2007, the Sun
Life Financial group of companies had total assets under management of
US$386.82 billion. Sun Life Financial Inc. trades on the Toronto (TSX),
New York (NYSE) and Philippine (PSE) stock exchanges under ticker
symbol "SLF".


Birla Sun Life Insurance Company Ltd. (BSLI), the individual life business
has a market share of 6.6 % amongst private life insurance players, while
the group business has a market share of 7.8% amongst private life
insurance players in India as on March 2008. The increase in market share
is reflected in both its individual life & group businesses.
Mr.Vikram Mehmi, President & CEO, Birla Sun Life Insurance remarked ―
Birla Sun life Insurance has regained momentum during 2007-08. For the
year ended March 2008, we have achieved APE (Annualized Premium
Equivalent) of Rs. 2,204 crores, showing a growth rate of 131% resulting
in the company being amongst the fastest growing life insurance
companies in India‖.
This increase in market share & growth rate during fiscal 2008 has been
realized on the back of an aggressive distribution expansion strategy &
introduction of a range of innovative new plans & funds, which have
provided the company unique opportunities to tap new market segments.
The distribution expansion during the year recorded a phenomenal
increase. This has happened across channels & on a national foot print.
The branch network increased from 137 to 339; with a further 261
branches under implementation by May 2008. This expansion was national
in nature across all the states & across various town classes. The bank
assurance channel reflected high growth through in depth penetration of
customer segments within its banking relationships. The corporate agency
& broker channel witnessed phenomenal growth as a result of developing
a large number of new relationships.
During 2007-08, BSLI revamped its product portfolio – Launching 4
Products for Individual Segment, 3 products for Group and 7 Funds
launched (4 Group + 3 Individual) new products have made a significant
contribution to APE.
The investment performance for BSLI has been strong & consistent,
resulting in increased confidence of policyholders.

The AUM for Birla Sun Life Insurance is about Rs.6,900 crores as on 31st
March, 2008. Its Outstanding Claims Ratio is 0.41%. BSLI has a pan-India
branch presence of 339 branches with over 1, 00,000 advisors nationally,
out of which over 500 advisors are members of the prestigious Million
Dollar Round Table (MDRT). BSLI has insured over 2 million lives since
inception, comprising over 1.5 million through its individual business and
the rest through its Group business.

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 organization.
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) has completed 7 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, 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 2
million lives since inception and its customer base is spread across more
than 1500 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.
Birla Sun Life Insurance Company Ltd. (BSLI), the pioneer of Unit Linked
Life Insurance plans amongst the private life insurers in India, has
registered strong growth amongst the private life insurers, as per reports
for the first two months of the fiscal 2008-09.
As per the YTD May 2008 figures, BSLI has a market share of 7.4%, and
has achieved a growth rate of 218% for its total new Annualized Premium
Equivalent (APE), which is Rs. 254.6 crores.

Birla Sun Life Insurance Company Ltd. (BSLI), the individual life business
has a market share of 6.6 % amongst private life insurance players, while
the group business has a market share of 7.8% amongst private life
insurance players in India as on March 2008. The increase in market share
is reflected in both its individual life & group businesses.
Mr.Vikram Mehmi, President & CEO, Birla Sun Life Insurance remarked ―
Birla Sun life Insurance has regained momentum during 2007-08. For the
year ended March 2008, we have achieved APE (Annualized Premium
Equivalent) of Rs. 2,204 crores, showing a growth rate of 131% resulting
in the company being amongst the fastest growing life insurance
companies in India‖.
This increase in market share & growth rate during fiscal 2008 has been
realized on the back of an aggressive distribution expansion strategy &
introduction of a range of innovative new plans & funds, which have
provided the company unique opportunities to tap new market segments.
The distribution expansion during the year recorded a phenomenal
increase. This has happened across channels & on a national foot print.
The branch network increased from 137 to 339; with a further 261
branches under implementation by May 2008. This expansion was national
in nature across all the states & across various town classes. The bank
assurance channel reflected high growth through in depth penetration of
customer segments within its banking relationships. The corporate agency
& broker channel witnessed phenomenal growth as a result of developing
a large number of new relationships.
During 2007-08, BSLI revamped its product portfolio – Launching 4
Products for Individual Segment, 3 products for Group and 7 Funds
launched (4 Group + 3 Individual) new products have made a significant
contribution to APE.
The investment performance for BSLI has been strong & consistent,
resulting in increased confidence of policyholders.
The AUM for Birla Sun Life Insurance is about Rs.6,900 crores as on 31st
March, 2008. Its Outstanding Claims Ratio is 0.41%. BSLI has a pan-India
branch presence of 339 branches with over 1,00,000 advisors nationally,
out of which over 500 advisors are members of the prestigious Million
Dollar Round Table (MDRT). BSLI has insured over 2 million lives since
inception, comprising over 1.5 million through its individual business and
the rest through its Group business.


BSLI is growing very speedy all over the India .This growth rate is
increasing continuously instead of the market competition now these days
there are many companies competing with each other. Today there are
many companies working for insurance and these are like


BIRLA SUNLIFE INSURANCE
BAJAJ ALLIANZ
ICICI PRU INSURANCE
SHARA LIFE INSURANCE
LIC Etc
These and more other companies competing with each other and Birla Sun
life is also giving competition and ask them to think over again these
working style this all will we can watch just by study the progress chart




This graph completely shows how BSLI is progressing just in last year




The AUM for Birla Sun Life Insurance has crossed Rs.5100 crores as on
30th September 2007. Bely’s premium persistency ratio is 97.7%. Its
Outstanding Claims Ratio is 0.41%. The company’s capital base is Rs.877
crores as on 26th September, 2007.


Achievements:


1. Leading Distribution House in the country
2. Over 2,50,000 customers countrywide
3. 6000 plus business associates
4. National presence 35 Branches across the country.
They believe that the desire for knowledge increases with the acquisition of
it. At Birla Sun Life Distribution Co Ltd., we make the best use of intellect
and expertise putting knowledge to good practice. As when and where you
need it.




                         CHAPTER -1




                 INTRODUCTION
                          ABOUT

                 PROJECT TOPIC




PROJECT TITLE:-
The project title is in the depth study of CONSUMER BEHAVIOR
TOWARDS ―BIRLA SUN LIFE INSURANCE LIMITED.‖


INTRODUCTION:-
In the present constantly developing scenario rapidly changing technology
and consumer’s tastes and preferences have become order of the day .To
survive in the market , a firm has not only to be constantly innovating for
new process , designs and materials , but also keeping it well aware about
the latest trend and tastes .Consumer behavior provides invaluable clues
and guidelines to marketers on new technological and product frontiers ,
which they should explore for survival of their business with adequate
profits .
The heterogeneity among people across the world makes understanding
consumer buying behavior is really a challenging task. The consumer
identity ,his beliefs ,specific needs , attitudes and the kind of product and
brands available in that product category influence his buying behavior
.The marketing efforts of a firm have a profound impact on the buying
behavior of customers .Therefore marketers attempt to obtain an in-depth
knowledge of customers buying behavior .The success or failure of a
product or service is directly related to the buying behavior of customer.
Hence to understanding of the buying behavior of the customers helps
marketers come up with innovative product mixes.


Finally, buyer behavior acts as an imperative tool in the hands of
marketers to forecast the future buying behavior of the customers and
device marketing strategies accordingly in order to create long term
relationship with the customers.


            MEANING OF CONSUMER BEHAVIOUR
Consumer behavior is the study of how individuals make decisions to
spend their available resources (time, money and effort) on consumption
related item (what they buy, when they buy, where they buy, how often
they buy and use a product or services).


There heterogeneity among people across the world makes understanding
consumer behavior an intricate and challenging task. The consumer’s
identity, his belief’s, specific needs, attitudes and the kind of product and
brand available in that product category influence his buying behavior. The
marketing efforts of a firm have a profound impact on the buying decisions
of the customers. Therefore, marketers attempt to obtain an in-depth
knowledge of customers buying behavior. The success or failure of a
product or service is directly related to the buying behavior of customers.
Hence, an understanding of buying behavior of customers helps marketers
to come up with innovative products mixes.


Finally, buyer behavior acts as an imperative rule in the hands of
marketers to forecast the future buying behavior of customers and device
marketing strategies accordingly in order to create long term relationship
with customer.




                 BUYING DECISION PROCESS


Consumers pass through different stages before actually buying of
products which are as follows:
         1. Identify the problem / need recognition.
         2. Gather information about products and brands.
         3. Evaluate the alternative and select the best possible
            alternative.
         4. Purchase decision/ buying the product.
         5. Post purchase evaluation.
                        PROBLEM RECOGNITION
The process of buying starts when a person relies that he has a problem or
an unsatisfied need. A need can be aroused internally within the person,
for example, hunger or buy an external stimulus. An external stimulus such
as an advertisement or the attractiveness of the product package may also
trigger a need in a person.

Sources of problem recognition include:

       An item is out of stock
       Dissatisfaction with a current product or service
       Consumer needs and wants
       Related products/purchases
       Marketer-induced
       New products




                         INFORMATION SEARCH
A consumer who realizes a need of a product will try to gather information
regarding the product. Information can be gathered from several sources
like,
1. Personal sources: Family, friends, neighbors and reference group.
2. Commercial sources: Advertisement-print media, broadcasting media
and the internet and other marketing sources like departmental stores and
retail outlets.
3. Public sources: Articles in newspapers and journals, and consumer
rating organizations.
4. Experimental sources: Free trails etc.
                  EVALUATION OF ALTERNATIVES
In this stage, customer analysis the information available with him in order
to select the right brand or product. The criteria to evaluate a product may
differ depending either on the buying situation or on the level of
involvement required. For high value and infrequently purchased items,
customers can be involved in detailed analysis of information. However, for
low involvement or low priced product, customers can use simple criterion,
such as price. Customers can give a certain level of attention to different
features and characteristics of a product.


                         PURCHASE DECISION
Selection or purchase of a particular brand is depending on the evaluation
criteria and ratings. The purchase decision also depends upon the
availability of brands. This stage also accounts for a large number of sub
divisions about purchasing a product like:




         1. Seller and location of store.
         2. Time of purchase.
         3. Size of the product.
         4. Price of the product.
         5. Delivery and warranty.
         6. Payment method like credit arrangements.
         7. Ancillary services offered, like installation and maintenance
            arrangements.


                    POST PURCHASE BEHAVIOR
A customer evaluates the performance of a product after buying it. He will
also compare the performance of the product with that of it’s competitors
product. The consumer will be either satisfied or dissatisfied after this
evaluation. Buyer’s post purchase feelings are of significant importance to
marketers. The post purchase evaluation might either lead to repeat
purchase and the buyer talking favorably about the product to other or the
buyer may talk negative about the firm’s product.




    FACTORS INFLUENCING CONSUMER BEHAVIOR

   1. CULTURE FACTORS


     CULTURE
     SUBCULTURE
     SOCIAL CLASS




   2. SOCIAL FACTORS
 REFERNCE GROUPS
 FAMILY


3. PERSONAL FACTORS


 AGE AND LIFECYCLE STAGE
 OCCUPATION AND FINACIAL STATUS
 LIFESTYLE


4. PSYCHOLOGICAL FACTORS


 MOTIVATION
 PERCEPTIONS
 BELIEFS AND ATTITUDE




A. CULTURAL FACTORS :-


The culture factors that influence consumer-buying behavior include the
following:


CULTURE:-


   Culture is considered as a set of rules, values, beliefs, behavior and
concepts that is common to and binds together the members of a
society. It is usually passed on from one generation to the other. During
   our lives, there is constant – conscious and unconscious – pressure on
   us to display certain types of behavior.


   SUBCULTURE:-


      Every culture has its own set of subculture. A subculture is a culture
   followed by a group of people within a culture that is distinctly identified
   within a larger society. These groups have a similar habits, behavior
   patterns, shared value system, buying behavior on the basis of their
   age, religion, common experiences or even geographic location. To
   tackle the problem created by subculture differences marketers need to
   understand the requirements of the subculture groups and adopt
   strategies like altering the product, promotion, packaging or price
   suitable to these groups.




SOCIAL CLASS:-
      Social class refers to the classification of members of society into a
hierarchy of distinct classes so that every individual in a class has
approximately same position in the society. Most societies in the world
have different social class structure. Members of each social class are free
to move in an upward or downward direction within the social class, on the
basis of their social structure.
Social class can be divided into following parts:-
          1. Upper class:-
This class consists of people who are rich and posses considerable
wealth, for example, people with large businesses and wealthy corporate
executives.
         2. Upper middle class:-
This class consists of well- educated people holding top class positions in
middle size firms, or professionals who are successful.
         3. Middle class:-
This class consists of white collar workers like middle level and junior
executives, sales people, academicians, small business owners, etc.
         4. Lower class:-
This class consists of blue collar workers like laborers, semi skilled and
unskilled in the unorganized sector.


   B. SOCIAL FACTORS:-
Family, friends, formal social groups, colleagues at work and consumer
action groups influence the consumer’s buying behavior significantly. An
individual’s family greatly influences the buying patterns of the individual.




Social factors includes following factors:-
   1. Reference Groups:-
An individual’s attitude, value and behavior are influenced by different
(small) groups and they have a direct or indirect influence on the individual.
Buying behavior of consumers is largely influenced by the reference group
to which they belong or aspire to belong.
   2. Family:-
A family is defined as a two or more persons related by blood, marriage or
adoption and reside together. A family is a small reference group but it is
prominent in influencing consumer behavior. Families go through various
stages of life cycle. For example, the consumer demands of a bachelor are
different from those of a newly married couple, or a family with children /
no children, older couples with dependent children, older couples with no
dependent children and solitary survivors.
   C. PERSONAL FACTORS:-
These are different personal factors, which affect the buying decision
process. These factors are as follows:-
   1. Age and lifecycle stage:-
Changes in a society have led to the creation of different categories like
couples getting married late in life, single parents, etc., besides the
traditional life cycle stages which included young singles, married couples
and lone survivors.
   2. Occupation and Financial status:-
Occupation and income level of persons have a major impact on his
savings and buying behavior. For example, blue collar will indulge in
purchasing clothes, shoes, etc., which he cam wear to work. Similarly, a
company’s chairman may buy clothes, accessories and other products and
services that suit his lifestyle.


   3. Life style:
An individual’s way of leading his life will determine his lifestyle. Factors
such as work life, interests, social groups, etc., influence the lifestyle of an
individual.
   D. PSYCHOLOGICAL FACTORS;-
Psychological factors that influence consumer buying behavior are as
follows:-
   1. Motivation:-
A motive is a strong urge that drives a person’s activities towards
unfulfilled needs and wants. Customers are influenced by a motive or a set
of motives when they have unfulfilled needs. In other words, needs are the
motivational elements behind the purchasing decision of customers. One
of the most widely known theories, the hierarchy of need, was proposed by
Abraham Maslow and explains why people are driven by particular need at
particular time.
   2. Perception:-
Perceptions are defined as the process by which an individual selects,
organizes and interpret stimuli into meaningful thoughts and pictures.
Customers base their perception on their needs, wants, past experiences
and something that they consider to be true. For example, a sub culture /
reader who read a particular newspaper or journal might perceive it to give
the true picture of the happenings around him.
   3. Beliefs and Attitude:-
A belief is a descriptive image or thought that an individual holds about
something. People acquire beliefs and attitudes through experiences as
well as learning. The beliefs and attitudes held by people, in turn, influence
their buying behavior.




                         CHAPTER -2



                   INTRODUCTION
                          ABOUT




       INSURANCE SECTOR

                        INDUSTRY PROFILE



History of insurance


Early methods of transferring or distributing risk were practiced by Chinese
and Babylonian traders as long ago as the 3rd and 2nd millennia BCE
respectively. Chinese merchants traveling treacherous river rapids would
redistribute their wares across many vessels to limit the loss due to any
single capsizing. The Babylonians developed a system which was
recorded in the famous Code of Hammurabi, c. 1750 BC, and practiced by
early Mediterranean sailing merchants. If a merchant received a loan to fund
his shipment, he would pay the lender an additional sum in exchange for
the lender's guarantee to cancel the loan should the shipment be stolen.

Achaemenian monarchs were the first to insure their people and made it
official by registering the insuring process in governmental notary offices.
The insurance tradition was performed each year in Norouz (beginning of
the Iranian New Year); the heads of different ethnic groups as well as
others willing to take part, presented gifts to the monarch. The most
important gift was presented during a special ceremony and when a gift
was worth more than 10,000 Derrik (Achaemenian gold coin weighing
8.35-8.42) the issue was registered in a special office. This was
advantageous to those presented such special gifts. For others, the
presents were fairly assessed by the confidants of the court. Then the
assessment was registered in special offices.

The aim of registering was that whenever the one who presented the gift
registered by the court was in trouble, the monarch and the court would
help him or her. Jahez, a historian and writer, writes in one of his books on
ancient Iran: and whenever the owner of the present is in trouble or wants
to construct a building, set up a feast, have his children married, etc. the
one in charge of this in the court would check the registration. If the
registered amount exceeded 10,000 Derrik, he or she would receive an
amount of twice as much."



The Greeks and Romans introduced the origins of health and life insurance
c. 600 AD when they organized guilds called "benevolent societies" which
acted to care for the families and funeral expenses of members upon death.
Guilds in the Middle Ages served a similar purpose. The Talmud deals with
several aspects of insuring goods. Before insurance was established in the
late 17th century, "friendly societies" existed in England, in which people
donated amounts of money to a general sum that could be used in case of
emergency.

Separate insurance contracts (i.e. insurance policies not bundled with
loans or other kinds of contracts) were invented in Genoa in the 14th
century, as were insurance pools backed by pledges of landed estates.
These new insurance contracts allowed insurance to be separated from
investment, a separation of roles that first proved useful in marine
insurance. Insurance became far more sophisticated in post-Renaissance
Europe, and specialized varieties developed.

Toward the end of the seventeenth century, the growing importance of
London as a center for trade led to rising demand for marine insurance. In
the late 1680s, Mr. Edward Lloyd opened a coffee house which became a
popular haunt of ship owners, merchants, and ships’ captains, and thereby
a reliable source of the latest shipping news. It became the meeting place
for parties wishing to insure cargoes and ships, and those willing to
underwrite such ventures. Today, Lloyd's of London remains the leading
market for

marine and other specialist types of insurance, but it works rather
differently than the more familiar kinds of insurance.

Insurance as we know it today can be traced to the Great Fire of London,
which in 1666 devoured 13,200 houses. In the aftermath of this disaster
Nicholas Barbon opened an office to insure buildings. In 1680 he
established England's first fire insurance company, "The Fire Office," to
insure brick and frame homes.

The first insurance company in the United States provided fire insurance
and was formed in Charles Town (modern-day Charleston), South Carolina,
in 1732.

Benjamin Franklin helped to popularize and make standard the practice of
insurance, particularly against fire in the form of perpetual insurance.

In 1752, he founded the Philadelphia Contribution ship for the Insurance of
Houses from Loss by Fire. Franklin's company was the first to make
contributions toward fire prevention. Not only did his company warn
against certain fire hazards, it refused to insure certain buildings where the
risk of fire was too great, such as all wooden houses.

In the United States, regulation of the insurance industry is highly
Balkanized, with primary responsibility assumed by individual State
insurance departments. Whereas insurance markets have become
centralized nationally and internationally, state insurance commissioners
operate individually, though at times in concert through a national
insurance commissioner's organization. In recent years, some have called
for a federal regulatory system for insurance similar to that of the banking
industry.
    In the State of New York, which has unique laws in keeping with its stature
    as a global business center, Attorney General Eliot Spitzer has been in a
    unique position to grapple with major national insurance brokerages.
    Spitzer alleged that Marsh & McLennan steered business to insurance
    carriers based on the amount of contingent commissions that could be
    extracted from carriers, rather than basing decisions on whether carriers
    had the best deals for clients. Several of the largest commercial insurance
    brokerages have since stopped accepting contingent commissions and
    have adopted new business models.




                             Types of insurance


    Any risk that can be quantified probably has a type of insurance to protect
    it. Among the different types of insurance are:

          Automobile insurance, also known as auto insurance, car
    insurance and in the UK as motor insurance, is probably the most
    common form of insurance and may cover both legal liability claims
    against the driver and loss of or damage to the vehicle itself. Over most of
    the United States purchasing an auto insurance policy is required to legally
    operate a motor vehicle on public roads. Recommendations for which
    policy limits should be used are specified in a number of books. In some
    jurisdictions, bodily injury compensation for automobile accident victims
    has been changed to No Fault systems, which reduce or eliminate the
    ability to sue for compensation but provide automatic eligibility for benefits.
           Casualty insurance insures against accidents, not necessarily tied to
    any specific property.

          Credit insurance pays some or all of a loan back when certain things
    happen to the borrower such as unemployment, disability, or death.
          Financial loss insurance protects individuals and companies against
    various financial risks
          Health insurance covers medical bills incurred because of sickness or
    accidents.
          Liability insurance covers legal claims against the insured. Life
    insurance provides a cash benefit to a decedent's family or other

    designated beneficiary, and may specifically provide for burial, funeral and
    other final expenses.

o      Annuities provide a stream of payments and are generally classified as
    insurance because they are issued by insurance companies and regulated
    as insurance. Annuities and pensions that pay a benefit for life are
    sometimes regarded as insurance against the possibility that a retiree will
    outlive his or her financial resources. In that sense, they are the
    complement of life insurance.




          Total permanent disability insurance provides benefits when a
    person is permanently disabled and can no longer work in their profession,
    often taken as an adjunct to life insurance.
          Marine Insurance covers the loss or damage of goods at sea. Marine
    insurance typically compensates the owner of merchandise for losses
    sustained from fire, shipwreck, etc., but excludes losses that can be
    recovered from the carrier.

          Political risk insurance can be taken out by businesses with
    operations in countries in which there is a risk that revolution or other
    political conditions will result in a loss.
          Property insurance provides protection against risks to property,
    such as fire, theft or weather damage. This includes specialized forms of
    insurance such as fire insurance, flood insurance, earthquake insurance, home
    insurance, inland marine insurance or boiler insurance.




                     Types of insurance companies
    Insurance companies may be classified as

         Life insurance companies, who sell life insurance, annuities and
    pensions products.
         Non-life or general insurance companies, who sell other types of
    insurance.

    In most countries, life and non-life insurers are subject to different
    regulations, tax and accounting rules. The main reason for the distinction
    between the two types of company is that life business is very long term in
    nature — coverage for life assurance or a pension can cover risks over
many decades. By contrast, non-life insurance cover usually covers a
shorter period, such as one year.

Insurance companies are generally classified as either mutual or stock
companies. This is more of a traditional distinction as true mutual
companies are becoming rare. Mutual companies are owned by the
policyholders, while stockholders, (who may or may not own policies) own
stock insurance companies.

Reinsurance companies are insurance companies that sell policies to other
insurance companies, allowing them to reduce their risks and protect
themselves from very large losses. The reinsurance market is dominated
by a few very large companies, with huge reserves.

Captive Insurance companies may be defined as limited purpose insurance
companies established with the specific objective of financing risks
emanating from their parent group or groups. This definition can
sometimes be extended to include some of the risks of the parent
company's customers.

In short terms, it is an in-house self-insurance vehicle. Captives may take
the form of a "pure" entity (which is a 100% subsidiary of the self-insured
parent company); of a "mutual" captive (which insures the collective risks
of industry members); and of an "association" captive (which self-insures
individual risks of the members of a professional, commercial or industrial
association).


Size of global insurance industry

Global insurance premiums grew by 9.7% in 2004 to reach $3.3 trillion.
This follows 11.7% growth in the previous year. Life insurance premiums
grew by 9.8% during the year due to rising demand for annuity and
pension products. Non-life insurance premiums grew by 9.4% as premium
rates increased. Over the past decade, global insurance premiums rose by
more than a half as annual growth fluctuated between 2% and 10%..

Financial viability of insurance companies

Financial stability and strength of the insurance company should be a
major consideration when purchasing an insurance contract. An insurance
premium
paid currently provides coverage for losses that might arise many years in
the future. For that reason, the viability of the insurance carrier is very
important. In recent years, a number of insurance companies have
become insolvent, leaving their policyholders with no coverage (or
coverage only from a government-backed insurance pool with less
attractive payouts for losses). A number of independent rating agencies,
such as Best's, provide information and rate the financial viability of
insurance companies.

Health insurance

Health insurance, which is coverage for individuals to protect them against
medical costs, is a highly charged and political issue in the United States,
which does not have socialized health coverage. In theory, the market for
health insurance provision should function in a manner similar to other
insurance coverage, but the skyrocketing cost of health coverage has
disrupted markets around the globe, but perhaps most glaringly in the U.S.
Please see health insurance for a discussion of this category.

Dental insurance

Dental insurance, like health insurance, is coverage for individuals to
protect them against dental costs. Dental insurance usually goes hand-in-
hand with health insurance, with most people in the United States
receiving it included in their health insurance plan from their employer.
Along with receiving dental insurance from your employer, there are ways
to receive dental insurance through resellers and companies for individuals
and families; although this way tends to be too expensive for most people.

       OVERVIEW OF INDIAN INSURANCE SECTOR

The Insurance sector in India governed by Insurance Act, 1938, the Life
Insurance Corporation Act, 1956 and General Insurance Business
(Nationalisation) Act, 1972, Insurance Regulatory and Development
Authority (IRDA) Act, 1999 and other related Acts. With such a large
population and the untapped market area of this population Insurance
happens to be a very big opportunity in India. Today it stands as a
business growing at the rate of 15-20 per cent annually. Together with
banking services, it adds about 7 per cent to the country’s GDP .In spite of
all this growth the statistics of the penetration of the insurance in the
country is very poor. Nearly 80% of Indian populations are without Life
insurance cover and the Health insurance. This is an indicator that growth
potential for the insurance sector is immense in India. It was due to this
immense growth that the regulations were introduced in the insurance
sector and in continuation ―Malhotra Committee‖ was constituted by the
government in 1993 to examine the various aspects of the industry. The
key element of the reform process was Participation of overseas insurance
companies with 26% capital. Creating a more efficient and competitive
financial system suitable for the requirements of the economy was the
main idea behind this reform.




Milestones in the life insurance business in India

               milestone’s in the life insurance business in India

   Year                Milestones in the life insurance business in India

1912         The Indian Life Assurance Companies Act enacted as the first statute to
             regulate the life insurance business
1928         The Indian Insurance Companies Act enacted to enable the government
             to collect statistical information about both life and non-life insurance
             businesses
1938         Earlier legislation consolidated and amended to by the Insurance Act
             with the objective of protecting the interests of the insuring public.
1956         245 Indian and foreign insurers and provident societies taken over by the
               central government and nationalized. LIC formed by an Act of
               Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 crore
               from the Government of India.


Milestones in the general insurance business in India

milestone’s in the general insurance business in India
    Year                Milestones in the general insurance business in India

1907           The Indian Mercantile Insurance Ltd. set up, the first company to transact
               all classes of general insurance business
1957           General Insurance Council, a wing of the Insurance Association of India,
               frames a code of conduct for ensuring fair conduct and sound business
               practices
1968           The Insurance Act amended to regulate investments and set minimum
               solvency margins and the Tariff Advisory Committee set up.
1972           The General Insurance Business (Nationalisation) Act, 1972 nationalised
               the general insurance business in India with effect from 1st January 1973.
               107 insurers amalgamated and grouped into four companies viz. the
               National Insurance Company Ltd., the New India Assurance Company
               Ltd., the Oriental Insurance Company Ltd. and the United India
               Insurance Company Ltd. GIC incorporated as a company.




PRESENT SCENARIO OF INSURANCE INDUSTRY

        India with about 200 million middle class household shows a huge
       untapped potential for players in the insurance industry. Saturation
       of markets in many developed economies has made the Indian
       market even more attractive for global insurance majors. The
       insurance sector in India has come to a position of very high
       potential and competitiveness in the market. Indians, have always
       seen life insurance as a tax saving device, are now suddenly turning
        to the private sector that are providing them new products and
        variety for their choice.
         Consumers remain the most important centre of the insurance
        sector. After the entry of the foreign players the industry is seeing a
        lot of competition and thus improvement of the customer service in
        the industry. Computerization of operations and updating of
        technology has become imperative in the current scenario. Foreign
        players are bringing in international best practices in service through
        use of latest technologies.
         The insurance agents still remain the main source through which
        insurance products are sold. The concept is very well established in
        the country like India but still the increasing use of other sources is
        imperative. At present the distribution channels that are available in
        the market are listed below.
               Direct selling
               Corporate agents
               Group selling
               Brokers and cooperative societies
              Banc assurance


    Customers have tremendous choice from a large variety of products
from pure term (risk) insurance to unit-linked investment products.
Customers are offered unbundled products with a variety of benefits as
riders from which they can choose. More customers are buying products
and services based on their true needs and not just traditional moneyback
policies, which is not considered very appropriate for long-term protection
and savings. There is lots of saving and investment plans in the market.
However, there are still some key new products yet to be introduced - e.g.
health products.
 The rural consumer is now exhibiting an increasing propensity for
insurance products. A research conducted exhibited that the rural
consumers are willing to dole out anything between Rs 3,500 and Rs 2,900
as premium each year. In the insurance the awareness level for life
insurance is the highest in rural India, but the consumers are also aware
about motor, accidents and cattle insurance. In a study conducted by
MART the results showed that nearly one third said that they had
purchased some kind of insurance with the maximum penetration skewed
in favor of life insurance. The study also pointed out the private companies
have huge task to play in creating awareness and credibility among the
rural populace. The perceived benefits of buying a life policy range from
security of income bulk return in future, daughter's marriage, children's
education and good return on savings, in that order, the study adds.
              PROFILE OF ADITYA BIRLA GROUP
The Aditya Birla Group is a multinational corporation based in Mumbai,
India and operations in 20 countries including Thailand, Laos, Indonesia,
Philippines, Egypt, Canada, Australia, China, USA, UK, Germany, Hungary,
Brazil, Italy, France, Luxembourg, Switzerland, Malaysia and Korea.

A US$ 24 billion conglomerate, with a market capitalization of US$ 23
billion. Over 50 per cent of its revenues flow from its operations across the
world. The group is a major player in all the industry sectors it operates in.
The Group has been adjudged the best employer in India and among the
top 20 in Asia by the Hewitt-Economic Times and Wall Street Journal
Study 2007. The origins of the group lie in the conglomerate once held by
one of India's foremost industrialists Mr. Ghanshyam Das Birla. He
bequeathed most of these companies to his grandson, Mr. Aditya Vikram
Birla – the father of the current Chairman of the group, Mr. Kumar
Mangalam Birla. Mr. Kumar Mangalam Birla is the grandson of Mr. Basant
Kumar Birla, who heads his own independent business conglomerate.
Several other members of the Birla Family, own and run their independent
business groups.

.The group has diversified business interests and is dominant player in all
the sectors in which it operates such as viscose staple fiber, metals,
cement, viscose filament yarn, branded apparel, carbon black, chemicals,
fertilizers, insulators, financial services, telecom, BPO and IT services.




The origins of Aditya Birla Group can be traced back to the 19th century
when Seth Shiv Narayan Birla started trading in cotton in the town of
Pilani, Rajasthan. In the early part of the 20th century, Group's founding
father, Ghanshyamdas Birla, expanded the group and set up industries in
critical sectors such as textiles and fiber, aluminium, cement and
chemicals. In 1969, Aditya Birla, the then Chairman of the Group, put the
group on the global map. He set up 19 companies outside India, in
Thailand, Malaysia, Indonesia, the Philippines and Egypt. Under Aditya
Birla's leadership, the group attained new heights and it became world's
largest producer of viscose staple fiber, the largest refiner of palm oil, the
third largest producer of insulators and the sixth largest producer of carbon
black. After Aditya Birla's demise his son Kumar Mangalam Birla took over
the charge of the group and under his leadership the group has sustained
the numero uno position in the sectors in which it operates.
Major Achievements of Aditya Birla Group

      Largest single location copper smelter
      Largest aluminium rolling company
      No.1 in viscose staple fibre
      The third largest producer of insulators
      The fourth largest producer of carbon black
      The eleventh largest cement producer and the second largest in
       India
      Among the best energy efficient fertilizer plants
      Among the worlds top 15 and India's top three BPO company.




GROUP COMPANIES OF ADITYA BIRLA GROUP

Grasim: Grasim Industries Limited was established as a textiles
manufacturer in 1948. Today, Grasim deals in Viscose Staple Fiber (VSF),
Cement, Sponge Iron, Chemicals and Textiles.


Hindalco: Established in 1958, Hindalco deals in Aluminium and Copper
and is an industry leader in both. Hindalco is the world's largest aluminium
rolling company and one of the biggest producers of primary aluminium in
Asia. Hindalco acquired Novelist and in the process became the world's
largest aluminium rolling company and one of the biggest producers of
primary aluminium in Asia, as well as India's leading copperproducer.

Aditya Birla Nuvo: Aditya Birla Nuvo is a diversified business
conglomerate with interests in viscose filament yarn (VFY), carbon black,
branded garments, fertilisers, textiles and insulators. Aditya Birla Nuvo,
through its subsidiaries and joint ventures has made forays into life
insurance, telecom, business process outsourcing (BPO), IT services,
asset management and other financial services.


Ultra Tech Cement: Ultra Tech Cement manufactures and markets
Ordinary Portland Cement, Portland Blast Furnace Slag Cement and
Portland Pozzolana Cement. It is the country's largest exporter of cement
clinker. Its export market includes countries around the Indian Ocean,
Africa, Europe and the Middle East.


Chemical: - Aditya Birla Chemicals, the Rs 1600 crore (US$350 million)
chemicals business of the Aditya Birla Group, is based in India and
Thailand. The range of products includes chlor-alkali, epoxy, fluorine
chemicals, peroxides, phosphates and sulphites. Customer satisfaction is
ensured through timely delivery and customization of processes according
to requirements.
                        Aditya Birla Chemicals believes in caring for the
                        environment     while    creating   value      for   its
                        stakeholders. It stretches beyond the stipulated
                        norms to ensure a safer environment for all.




Minacs:-With over 26 years of experience, Aditya Birla Minacs provides
customized business process outsourcing (BPO) solutions focused on
three core areas of capability: contact center solutions, integrated marketing
services and knowledge process outsourcing. Minacs has more than
12,000 employees at locations in North America, Europe and Asia and has
established successful industry practices with clients in the automotive,
banking, financial services, insurance, telecommunications and technology
verticals.

INSULATORS:-In a world where efficiency powers bottom lines, reliability
becomes the key driver for productivity and performance. Consistent
reliability can be achieved only through a focused approach and proficient
implementation of world class practices.

Aditya Birla Insulators is the country's largest, and the world's fourth
largest manufacturer of electrical insulators.

Aditya Birla Insulators is the preferred partner of a global clientele that
includes leading power utilities and national and international power
equipment manufacturers.


IDEA CELLULAR:-
IDEA Cellular is a publicly listed company, having listed on the Bombay
Stock Exchange (BSE) and the National Stock Exchange (NSE) in March
2007.




IDEA Cellular is part of the Aditya Birla Group, a US$ 24 billion corporation
with a market cap of US$ 31.5 billion and in the league of Fortune 500.
Anchored by an extraordinary force of over 100,000 employees belonging
to 25 different nationalities, over 50% of its revenues flow from its overseas
operations.

Apart from the Group companies, other companies of the Aditya Birla
Group are:

Indian companies like PSI Data System, Trans Works, Essel Mining &
Industries Ltd, Idea Cellular Ltd, Aditya Birla Insulators Ltd, Aditya Birla
Retail, Bihar Caustic and chemicals Ltd, Shree Dig Vijay Cement Ltd.
International companies are in Thailand, Philippines, Indonesia, Egypt,
China, Australia, and Laos.
COMPANY PROFILE


This company is a merge between two companies Aditya Birla Group. Both
these companies are famous


About this company it is also known as BSLI in market this company spent
their carrier just 7 years in market but now this company stand in market in
a remarkable position


   1. Birla Sun Life Insurance pioneered the unique Unit Linked Life
      Insurance Solutions in India.
   2. Within 4 years of its launch, BSLI has cemented itsposition as a
      leading player in the Private Life Insurance Industry.
   3. There has been focus on Investment Linked Insurance Products,
      supported with protection products to maintain leadership in product
      innovation.
   4. Multi Distribution Channels- Direct Sales Force, Alternate Channels
      and Group offering convenient channels of purchase to customers.
   5. Web-enabled IT systems for superior customer services.
   6. First to have issued policies over the Internet.
   7. Corporate governance and a high degree of transparency in all
      business practices and procedures.
   8. First to have an operational Business Continuity Plan.
   9. Strong fundamentals based on the Aditya Birla group's local insight
      and Sun Life financials's global expertise
                   BIRLA SUN LIFE INSURANCE
Birla sun life insurance company limited is a joint venture between the
Aditya Birla Group and the sun Life Financial services of Canada. It started
its operations in March 2001 after receiving its registration license in
January 2001.

BSLI’s core strategy since inception has been to’ create value’ for all its
stakeholders. This has been driven through innovative and customer
focused products and a multi channel distribution capability in individual
and group insurance. The company started its operations with the launch
of innovative unit-linked insurance products, being the first private life
insurance company in India to do so. The company has geared up through
superior value creation and technology in fulfilling its aims to provide
multiple products and benefits greater investment opportunities and to
provide the vast investor popular in India with better liquidity and security.

The transition of the insurance industry in India from a public monopoly to
a competitive environment presents interesting opportunities both to the
insurance players as well as to the customers. BSLI plans to spot
emerging trends and capitalize on these opportunities for the benefit of its
customers. BSLI aims at being a leader in product innovation with new
products designed to cater to specific customer needs.

The company has a clear thrust on investment linked insurance products
and believes in maximizing investment returns for the policyholders. Its
unit-linked products offered varied investment options for policyholders to
choose, based on their risk appetite. BSLI has been fully complying with its
rural services network of the group is being tapped for this purpose.

Its clients have already appreciated the company’s superior underwriting
processes and infrastructure. Its direct sales force of more than 60,000
high quality licensed insurance advisors in major cities and towns in India
are the company’s flag bearers. The company’s insurance advisors in
major cities and towns in India are the company’s flag bearer. The
company’s insurance advisors have qualified for the prestigious Million
Dollar Round Table (MDRT), COT and TOT, one of the highest
international honors in the life insurance industry, in all the years of its
operations.
Birla sun life insurance pioneered the unique Unit Linked Life Insurance
Solutions in India.
Within 4 years of its launch, BSLI has cemented its position as a leading
player in the private life insurance industry.
There has been focus on Investment Linked Insurance Products, supported
with protection products to maintain leadership in product innovation.
Multi Distribution channels - Direct Sales Force, Alternate Channels and
Group offering convenient channels of purchase to customers.
Web-enabled IT systems for superior customer services.
First to have issued policies over the Internet.
Corporate governance and a high degree of transparency in all business
practices and procedures.
First to have an operational Business Continuity Plan.
Strong fundamentals based on the Aditya Birla group's local insight and Sun
Life financials global expertise.
                                    VISION
To create long term value along with market leadership.


                                    MISSION
To help people mitigate risks of life, accident, health and money at all
stages and under all circumstances. Enhance the financial future of our
customers, including enterprises.
Major Players Of Birla Sun Life Insurance
                  VALUES
● Integrity


● Commitment


● Passion


● Seamlessness


● Speed




                              100%
                 74%       Equity Share




                 26%
Various products offered by BSLI are:

:: Flexi Life Line
:: Flexi Cash Flow
:: Flexi Save Plus
:: Flexi SecureLife
:: Classic Life Premier
:: Birla Sun Life Term & Premium Back Term Plan
:: Life Companion
:: Prime Life & Prime Life Premier
:: Gold Plus
::   Simply Life
::   Single Premium Bond
::   Supreme Life
::   Children’s Dream Plan, Dream Plan
::   Birla Sun Life Insurance Gold-Plus Plan
::   Birla Sun Life Bima Kavach Yojana
::   Birla Sun Life Group Protection Solutions
:: Birla Sun Life Social Development Plan
:: Birla Sun Life Group Gratuity Plan
:: Birla Sun Life Group Superannuation Plan
:: Birla Sun Life Group Interest Credit Plan
                                 PRODUCT PORTFOLIO


               1. Children Dream Plan :-

The brief description of Children Dream plan is as follows:-


Age of entry                                         Life insured( parents):18 – 60 years
                                                     Nominee( child): 30 days – 13 years
Minimum Premium                                      Rs. 5,000per year / Rs. 25,00half-yearly
Minimum Sum Assured                                  Rs. 50,000
Maximum Sum Assured                                  No limit
Minimum Term                                         18 years less the age of child at entry
Riders Allowed                                       ADD


               2. Gold plus II

The brief description of Gold plus II plan is as follows:-


Age of entry                                          18-70 years
Minimum Premium                                      Rs. 50,000per year / Rs. 25,000half-yearly
Minimum Sum Assured                                  Rs.2,50,000
Maximum Sum Assured                                  No limit
Minimum Term                                         8 years
PPT                                                  3 years


               3. Classic Life Premier

The brief descriptions of Classic Life Premier are as follows:


Age of entry                                         30 days- 60 years
Minimum Premium                                      Rs. 25,000per year / Rs. 12,500half-yearly
Minimum Sum Assured                                  Rs.2,00,000
Maximum Sum Assured                                  No limit
Minimum Term                                         10 years
PPT                                                  3 years, 5 years,10 years, whole term
Riders Allowed                                       ADD, CIBR, CIPR, CIWR,WP
               4. Supreme Life

The brief descriptions of Supreme Life are as follows:


Age of entry                                       8 years – 60 years
Minimum Premium                                    Rs. 25,000per year / Rs. 12,500half-yearly
Minimum Sum Assured                                Rs.2,00,000
Maximum Sum Assured                                No limit
Minimum Term                                       10 years
PPT                                                3 years, 5 years,10 years, whole term
Riders Allowed                                     ADD


               5. Single Premium Bond:

The brief descriptions of Single premium Bond are as follows:


Age of entry                                       8- 70 years
Minimum Premium                                    Rs. 20,000per year / Rs. 10,000half-yearly
Minimum Sum Assured                                Rs.25,000
Maximum Sum Assured                                125% of the single premium amount
Minimum Term                                       5years
PPT                                                Single time


6. Flexi Secure Life Retirement Plan II

The brief descriptions of Flexi Secure Life Retirement plan II are as follows:


Age of entry                                       18- 65 years
Minimum Premium                                    Rs. 5,000 per year/ 2500 half- yearly
Minimum Sum Assured                                10 times of the premium
Maximum Sum Assured                                10 times of the premium
Minimum Term                                       10 years
PPT                                                Whole time
               7. Term Plan:

The brief descriptions of Term Plan are as follows:


Age of entry                                           18- 55 years
Minimum Premium                                        As per age
Minimum Sum Assured                                    Rs.2,50,000 in case of single premium & Rs.2,00,000
                                                       in case of regular premium for a person fulfilling the
                                                       eligibility criteria.


Maximum Sum Assured                                    10 times of the premium
Minimum Term                                           As per policy terms 5,10, 15, 20 or 25 years
PPT                                                    Whole term
Riders allowed                                         ADD,CIBR,WPR




                      8. Simply Life:

The brief description of Simply life are as follows:


Age of entry                                           8- 50 years
Minimum Premium                                        Rs. 10,000per year / Rs. 5,000 half yearly
Minimum Sum Assured                                    Rs.50,000
Maximum Sum Assured                                    5 times the annual premium amount
Minimum Term                                           10 years
PPT                                                    Whole term


                      9. Bima Dhan Sanchay:

The brief descriptions of Bima Dhan sanchay are as follows:


Age of entry                                           18-60 years for 5 term plan, 18-55 years for 10
                                                       term plan, 18-50 years for 15 term plan
Minimum Premium                                        Acc. To term taken
Minimum Sum Assured                                    Rs.5,000
Maximum Sum Assured                                    Rs. 50,000
Minimum Term                                           5 years
PPT                                                    5, 10,15
                          BSLI Achievements
 BSLI known for best practices that were adopted by IRDA for the
industry.

 BSLI pioneered ULIP’s in India and is known for its innovative products.

 BSLI has the best claim ratio in the industry- An outstanding 0.32%

 BSLI is the 3rd largest in the group segment.

 BSLI has been considered a role model for Banc assurance in the
industry & has 7 bank relationships.

 BSLI is rapidly developing its alternate channels, with 197+ relationships,
includes premier relations like AR insurance, UTI securities & Reliance
retail.

 Improved market share: Sales growth of 138% YTD Feb’08 against
private industry growth of 94% and top 7 players’ growth of 100%,
increasing market share from 5.3% to 6.3%.

 Strong fund performance: 12 month Investment performance best in
Industry for most of the leading funds.
ORGANISATION CHART –FARIDKOT BRANCH
             AS ON 31/06/2009


                TOTAL EMPLOYEES:


                   Branch manager
                   KUNAL DHAWAN




                AGENCY MANAGERS




FINANCIAL ADVISORS           TRAINING STUDENTS




TELLE CALLERS                OPERATION STAFF
                FUNCTIONING OF ALL DEPARTMENTS



Tied Agency


Tied agency is the largest distribution channel of BIRLA SUNLIFE INSURACE,
comprising a large advisor force that targets various customer segments. The
strength of tied agency lies in an aggressive strategy of expanding and procuring
quality business with focus on sales and people development, tied agency has
emerged as a robust, predictable and sustainable business model.


Customer Service and Operations


The operations department oils the work processes between the customer and the
company to ensure consistent and quality service to the customer to streamline the
operations, the operation department interfaces between the clients and the agents,
the branches and the underwriters, and managers work processes.
The vision at customer service is to deliver world class service at every
opportunity.


I.T (INFORMATION TECHNOLOGY)


The information technology function at BIRLA SUNLIFE INSURANCE is
committed to enable business through the use of technology .It is segmented in to
four groups to enable highest level of delivery to the customer
Web that provides real time information to the customers and is responsible for
customer relationship management .This team works as an in house of research
and development solution group , exploring new technological initiates and also
caters to information needs of corporate functions in the organization.


MARKETING


The marketing function at BSLI covers an array of activities brand and media
management, channel support, direct marketing and corporate communication
.The brand and communication team is in charge of advertising, consumer
research, media playing and buying and public relations that help develop and
nature BSLI Identity while effectively communicating its varied products to
customers


FINANCE:


Finance function in BSLI is committed to create an infrastructure that is aligned to
shareholder expectations .Finance basically comprises of four functions .corporate
planning and MIS provide feedback on strategies .This includes driving the
budgeting process, providing strategic inputs for decision making and
management reporting and analysis.


HUMAN RESOURSE


The people strategy of BSLI is „To build a committed team with a culture of
innovation , learning and growth‟ .The human resourse function at BSLI drives the
people strategy of the business. HR is now committed to building capability
through state of the art processes .
RESEARCH: Research refers to the systematic method consisting of
enumerating of problem, formulating the hypothesis, collecting the facts or
data, analyzing the facts and reaching certain conclusions either in the
form of solutions towards the concerned problem or in certain
generalizations for some theoretical formulation.


                       NEED FOR RESEARCH
Every market has to be competitive in his operation to survive and also
able to make more profits. To achieve their objectives they must be careful
about their customers. They must know the satisfaction level of the
customer.
      Customer is the king of the market. Today’s market is directed by the
customer, so it is necessary for each and every type of business to know
about the varying nature of their customers, by which they can provide
best services to them. By this they will be able to retain the customer for a
long period. All this results in increased sales, higher market share and
more profits.
      If a company knows about the needs and behavior of its customers,
then it can develop its strategies according to their need. It is also said that
the cost of attracting a new customer is five times more than as existing
customer. So a company should try to satisfy its customers.
      So that’s why ―BIRLA SUNLIFE INSURANCE LTD‖ has decided to
do a research to know the buying behavior of its customers, because they
want to know about the view point of its customers.
               OBJECTIVES OF THE RESEARCH
The objectives of the research are as follows:-
         1. To access the awareness of the people about the policies of
            the sun life.
         2. To evaluate the performance of the BIRLA SUNLIFE
            INSURANCE LTD.
         3. To know about the view points of the customers towards the
            BIRLA SUNLIFE INSURANCE LTD.
         4. To access the level of satisfaction towards the policies of
            BIRLA SUNLIFE INSURANCE LTD.
         5. To know about the expectation of the customers towards the
            different policies.
         6. To give suggestions how to improve the services of BIRLA
            SUNLIFE INSURANCE LTD.
                 RESEARCH METHODOLOGY
Meaning of Research Methodology;-

A research methodology defines what the activity of research is, how to
proceed, how to measure progress, and what constitutes success.

Methodology is defined as

  1. "the analysis of the principles of methods, rules, and postulates
     employed by a discipline" or
  2. "the development of methods, to be applied within a discipline"
  3. "a particular procedure or set of procedures".

  Research methodology is a way to systematically solve the research
  problem. It may be understood as a science of studying how research is
  done scientifically. It is necessary for the researcher to know not only
  the research    methods/ techniques       but also the methodology.
  Researcher not only need to know how to develop certain indices or
  tests, how to calculate the mean, median, mode or the standard
  deviation or chi-square, how to apply a particular research technique,
  but they also need to know which of these methods or techniques, are
  relevant and which are not.
Research methodology to be adopted for the study is as follows:-
Identification of the problem:-
The research project relates to „CONSUMER BEHAVIOR TOWARDS BIRLA
SUNLIFE INSURANCE LTD‟. In it the problem proposed is to be researched is
find out; what is the behavior of the consumer towards the different policies or the
investment plans of the BIRLA SUNLIFE INSURANCE LTD.
Planning the research design:-
A suitable design has to be planned for any market research. It is the market plan
specifying the procedure for collecting & analyzing the needed information. As
per objective of the study mainly there are four types of research design viz:
experimental, diagnostic, descriptive & exploratory.
Here exploratory research design is proposed with focus on discovering of ideas &
insight about the particular problem.
Planning the sample design:-
The target for the study was consumers of Ferozepur. Survey has been done using
questionnaire method, open and close- ended questions being included in the
questionnaire. The secondary data for the research study has been collected from
various magazines, newspapers, journals‟, books and websites.
Major market players in the products the relevant areas have also been consulted
for the research.
Sample size:-
The sample size of the research project has been taken 100 of the customers of
Ferozepur.
Data collection:-
The relevant data for the research project is hybrid of primary and secondary data.
Primary data:-
Using personal interview technique, survey, questionnaire & observation method
the data has been collected from targeted focus groups, which are customers. The
primary data collection for judgment sampling has done. This purpose has been
formatted with both open & close ended structured questions.
Secondary data:-
In addition to the reactions of the selected consumers segments, the factual
information historic background including the sales volume by various
manufactures of the product has been collected with the help of various
trade/business journals, company magazines, brochures, and company reports and
concern trade association reports.
CONTRIBUTION EXPECTED OF THE STUDY
The study will be useful to identify the following things:
          1. To access the awareness level of the people regarding the different
              plans of the “BIRLA SUNLIFE INSURANCE LTD.”
          2. To know about the different view points of the customers regarding
              the different plans of the “BIRLA SUNLIFE INSURANCE LTD.”
          3. To access satisfaction level of the customers regarding the “BIRLA
              SUNLIFE INSURANCE LTD.”
          4. Suggestions and recommendations for attracting the customers.


                      LIMITATIONS OF THE STUDY
Limitations of the study are as follows:-
   1. The preparation and interpretation of data may not be 100% free from
       errors and may be effected by the respondents biased mindset to some
       extend.
   2. Sampling size of targeted customer is small, so the response may not give
       true reflections of the mental framework of the population.
   3. Judgment/ convenience sampling will be used, so the data may not be of
       that quality level as obtained by complete enumeration survey which is not
       possible due to financial and time constraints.
                                              ANALYSIS
Q1. Are you aware about BIRLA SUNLIFE INSURANCE LTD?
                        YES ( )     NO ( )
                                          TABLE NO.1
RESPONSE                                  NO. OF RESPONDENTS        PERCENTAGE
YES                                       100                       100%
NO                                        00                        0%
TOTAL                                     100                       100%


CHART 1:

                        120
                              YES                       TOTAL
                        100
   no. of respondents




                        80
                                                                    Series1
                        60
                                                                    Series2
                        40

                        20
                                    YES      NO   NO        TOTAL
                         0
                                  YES          NO         TOTAL
                                             response




Interpretation:
The above analysis shows that all the respondents are aware about Birla
Sun Life Insurance ltd.
Q2. How do you come to know about BIRLA SUNLIFE INSURANCE
LTD?
                                TABLE NO.2
MEDIA                           NO. OF RESPONDENTS        PERCENTAGE
T.V                             13                        13%
NEWSPAPER                       24                        24%
AGENTS                          52                        52%
FRIENDS                         9                         9%
ANY OTHER                       2                         2%
TOTAL                           100                       100%


CHART 2:

                 ANY
            FRIENDS OTHER T.V
              9%     2%
                          13%

                                                          T.V
                                                          NEWSPAPER
                                            NEWSPAPE      AGENTS
                                               R          FRIENDS
                                              24%         ANY OTHER




        AGENTS
         52%


Interpretation:
The above table shows that out of the 100 respondents 52 respondents
came to know about Birla Sun Life from agents, 24 from newspapers, 13
from T.V., 9 from friends and 2 from any other sources.
Q3. Are you aware about the ULIP products offered by BIRLA SUNLIFE
INSURANCE?
                         TABLE NO.3
RESPONSE                 NO. OF RESPONDENTS               PERCENTAGE
YES                      98                               98%
NO                       2                                2%
TOTAL                    100                              100%


CHART 3:


                           NO
                           2%




                                                             YES
                                                             NO




                             YES
                             98%




INTERPRETATION:
The above analysis shows that out of 100 respondents 98 respondents are
aware about ulip products of Birla Sun Life Insurance and only 2
respondents are not aware about ulip products of Birla Sun Life Insurance.
This shows that mostly people are aware about ulip products of Birla Sun
Life Insurance.
Q4. Are you satisfied with the policies provided by BIRLA SUN LIFE
INSURANCE LTD?
                              TABLE NO.3
RESPONSE                      NO. OF RESPONDENTS                PERCENTAGE
YES                           74                                74%
NO                            26                                26%
TOTAL                         100                               100%


CHART NO.4

                              Sstisfaction level



                         NO
                        26%

                                                                   YES
                                                                   NO

                                        YES
                                        74%




INTERPRETATION:
From the above analysis we came to know that out of 100 respondents 74
respondents are satisfied with the policies provided by Birla Sun Life insurance
and 26 respondents are not satisfied with the policies provided by Birla Sun Life
insurance. It means that mostly people are satisfied with the policies provided by
Birla Sun Life Insurance ltd.
Q5.How you rate the policies provided by BIRLA SUNLIFE?
                 TABLE NO.5
RESPONSE         NO. O FRESPONDENTS                 PERCENTAGE
GOOD             9                                  9%
AVERAGE          16                                 16%
VERY GOOD        55                                 55%
EXCELLENT        20                                 20%
TOTAL            100                                100%


CHART 5

                         Rating the policies


                              GOOD
             EXCELLENT
                               9%
                20%
                                  AVERAGE
                                    16%                 GOOD
                                                        AVERAGE
                                                        VERY GOOD
                                                        EXCELLENT

                  VERY GOOD
                     55%




INTERPRETATION:
The above analysis shows that out of 100 respondents 55 rate the policies
of Birla Sun Life Insurance as very good, 16 rate it as average, 9 rate it as
good and 20 rate it as excellent.
Q6.What you like in the policies of BIRLA SUNLIFE INSURANCE?
                   TABLE NO.6
RESPONSE           NO. O FRESPONDENTS               PERCENTAGE
RATE OF            38                               38%
RETURN
AFFORDABLE  8                                       8%
PREMIUM
LOW PREMIUM 45                                      45%
ALOCATION
CHARGES
SURRENDER   9                                       9%
VALUE
TOTAL       100                                     100%


CHART 6:




INTERPRETATION:
The above table shows that out of 100 respondents 45 respondents like
the policy because of low premium allocation charges, 38 like it because of
rate of return, 9 like it because of surrender value and 8 like it because of
affordable premium.
Q7. How you feel the behavior of BSLI‟s employers while interacting with
them?
                TABLE NO.5
RESPONSE        NO. O FRESPONDENTS                PERCENTAGE
GOOD            4                                 4%
AVERAGE         12                                12%
VERY GOOD       47                                47%
EXCELLENT       37                                37%
TOTAL           100                               100%

CHART 7:




INTERPRETATION:
The above analysis shows that out of 100 respondents 4 respondents feel
the behavior of BSLI’s employers as good, 12 feel the behavior of BSLI’s
employers as average, 47 feel the behavior of BSLI’s employers as very
good, and 37 feel the behavior of BSLI’s employers as excellent.
Q8. Do you think that BSLI is reliable in the coming future?
                          TABLE NO.8
RESPONSE                  NO. OF RESPONDENTS                   PERCENTAGE
YES                       89                                   89%
NO                        11                                   11%
TOTAL                     100                                  100%

CHART 8:




INTERPRETATION:
The above table shows that out of the 100 respondents 89 respondents
feel that the BSLI is reliable in the coming future and 11 respondents feel
that BSLI is not reliable in the coming future.
Q9. Do you think that BIRLA SUNLIFE is working better than its
competitors?

                          TABLE NO.9
RESPONSE                  NO. OF RESPONDENTS             PERCENTAGE
YES                       74                             74%
NO                        26                             26%
TOTAL                     100                            100%

CHART 9:




INTERPRETATION:
The above table shows that out of 100 respondents 74 respondents think
that BSLI is working better than its competitors and 26 respondents think
that BSLI is not working better than its competitors.
Q10. Are you satisfied with the after sales services provided by BSLI?
                          TABLE NO.10
RESPONSE                  NO. OF RESPONDENTS                PERCENTAGE
YES                       88                                88%
NO                        12                                12%
TOTAL                     100                               100%

CHART 10:




INTERPRETATION:
From the above analysis I came to know that out of 100 respondents 88
respondents are satisfied with the after sales services provided by Birla
Sun Life Insurance ltd and 12 respondents are not satisfied with the after
sales services provided by Birla Sun Life Insurance ltd. This means that
mostly people are satisfied with the after sales services provided by Birla
Sun Life Insurance ltd.
Q11. Do you think that the plans provided by BIRLA SUNLIFE are
beneficial?
                          TABLE NO.11
RESPONSE                  NO. OF RESPONDENTS                 PERCENTAGE
YES                       78                                 78%
NO                        22                                 22%
TOTAL                     100                                100%

CHART 11:




INTERPRETATION:
The above table shows that out of 100 respondents 78 respondents think
that the plans provided by Birla Sun Life are beneficial and 22 respondents
think that the plans provided by Birla Sun Life are not beneficial.
Q12. Last financial year BSLI was at 7th position but now it is at 3rd position.
Do you think that BSLI will be the top insurance company in private sector
in this financial year?
                          TABLE NO.12
RESPONSE                  NO. OF RESPONDENTS                  PERCENTAGE
YES                       79                                  79%
NO                        21                                  21%
TOTAL                     100                                 100%

CHART 12:




INTERPRETATION:
According to the above table out of 100 respondents 79 respondents feel
that BSLI will be the top company in the private sector in future and 21
respondents feel that BSLI will not be the top company in the private sector
in future.
Q13. According to you what should be the maturity time of your BSLI
policy?
                         TABLE NO.13
RESPONSE                 NO. OF RESPONDENTS               PERCENTAGE
LESS THAN 5 YEARS        5                                5%
5-10 YEARS               40                               40%
ABOVE 15 YEARS           55                               55%
TOTAL                    100                              100%

CHART 13:




INTERPRETATION:
The above analysis shows that out of 100 respondents 5 respondents think
that the maturity time of BSLI policy should be less than 5 years, 40
respondents think that the maturity time of BSLI policy should be 5- 10
years and 55 respondents think that the maturity time of BSLI policy should
be above 55 years.
Q14. If you are given an opportunity then which company policy will you
prefer?
                          TABLE NO.14
RESPONSE                  NO. OF RESPONDENTS                PERCENTAGE
BAJAJ ALLIANZ             4                                 4%
ICICI PRU                 19                                19%
LIC                       6                                 6%
BIRLA SUN LIFE            68                                68%
MAX NEW YORK              3                                 3%
TOTAL                     100                               100%

CHART 14:




INTERPRETATION:
The above table shows that out of 100 respondents 3 respondents will
prefer Max New York policy, 4 respondents will prefer Bajaj Allianz policy,
6 respondents will prefer LIC policy, 19 respondents will prefer ICICI policy
and 68 respondents will prefer BSLI.
                    FINDINGS OF THE STUDY
Findings of the research study are as follows:-

   1. From the survey, we came to know that most of the people are
      aware about the ―BIRLA SUN LIFE INSURANCE LIMITED‖.

   2. Most of the people came to know about the ―ICICI PRUDENTIAL
      LIFE INSURANCE LIMITED‖ from the agents and newspaper media.
      This shows that other promotional media activities like radio,
      hoardings and postures are missing which are on high these days.

   3. From the survey we came to know that mostly people are aware
      about the ULIP products offered by BIRLA SUN LIFE INSURANCE
      LIMITED.
   4. From the survey, we came to know that most of the people those
      who are insured are satisfied with the policies provided by BIRLA
      SUN LIFE INSURANCE LIMITED.

   5. The survey shows that most of the people rate the policies of BIRLA
      SUN LIFE INSURANCE are very good but not excellent. This means
      that they want something extra in their policies.

   6. The survey shows that mostly people like low premium allocation
      charges and rate of return in the policies of BIRLA SUN LIFE
      INSURANCE LIMITED.

   7. From the survey, we came to know that most of the people like the
      behavior of the BSLI’s employees as very good. This means that
      they treat their customers well.

   8. From the survey, we came to know that most of the people have
      reliability in ―BIRLA SUN LIFE INSURANCE LIMITED‖.

   9. From the survey, we came to know that ―BIRLA SUN LIFE
      INSURANCE LIMITED‖ is working better than its competitors or in
      the other words it is satisfying the customers.
10. From the survey, we came to know that most of the people are
satisfied with the after sales services of the ―BIRLA SUN LIFE
INSURANCE LIMITED‖. But there were some customers who were
saying that they are not getting proper information regarding their
policies at right time.

11.      The survey shows that most of the people think that the plans
   of BSLI are beneficial.

12.      The survey shows that mostly people think that BSLI will be
   the top company in private sector in coming future.

13.       From the survey, we came to know that people want the
   policies which have maturity period of above 15 years. This means
   that customers want long term policies.
14.       In the survey, when we asked the respondents which
   company’s policy will they prefer, most of them preferred the ―BIRLA
   SUN LIFE INSURANCE LIMITED‖.

16.      From the survey, we came to know that ―BIRLA SUN LIFE
   INSURANCE LIMITED‖ has a very good image among the people.
   This shows that people believe in brand name of ―BIRLA SUN LIFE
   INSURANCE LIMITED‖.
SUGGESTIONS AND RECOMENDATIONS


The suggestion and recommendations are as follows
        1. It is suggested that company need to establish new
           branches in villages and small cities by this company can
           move more better
        2. There should be cash deposit facility in each and every
           branch of the company so that customer can get better
           services
        3. There should be limit of financial advisor under agency
           manager and the limited amount of these advisor can
           handle it easily
        4. The company should also need to begin some small
           duration and small amount of investment because in INDIA
           there are many peoples who are working in poor line or
           below poverty line
        5. The company has to start monthly premium plans to attract
           the customers
        6. They need to make some presentation among the small
           villages this make people education about insurance sector
        7. Their is need to use proper advertisement channels to
           make a good brand image
        8. There should need to attract the advisors there is need to
           pay some basic salary
        9. In this survey I also get that maximum customers changing
           their mind now they going to prefer BSLI products.
        10.   From this survey I also get now BIRLA SUNLIFE
           INSURANCE having a good brand image in the eyes of
           customers.
                        QUESTIONNAIRE
PERSONAL DETAIL

NAME_______________________
ADDRESS____________________________
       _______________________________
CONTACT NO._________________________
OCCUPATION_________________________


SERVICE ( )
BUSINESS ( )
STUDENT ( )
PROFESSION ( )
Q1. Are you aware about BIRLA SUNLIFE INSURANCE LTD?
       YES ( )       NO ( )
Q2. How do you come to know about BIRLA SUNLIFE INSURANCE
LTD?
       T.V. ( )
       NEWSPAPER ( )
       AGENT ( )
       FRIEND ( )
       ANY OTHER ( )
Q3. Are you aware about the ULIP products offered by BIRLA SUNLIFE
INSURANCE ?
       YES ( )       NO ( )
Q4. Are you satisfied with the policies provided by BIRLA SUNLIFE
INSURANCE LTD?
        YES ( )         NO ( )


Q5.How you rate the policies provided by BIRLA SUNLIFE?
        GOOD ( )        AVERAGE ( )
        VERY GOOD ( )        EXCELLENT ( )
Q6.What you like in the policies of BIRLA SUNLIFE INSURANCE ?
        RATE OF RETURN ( )
        AFFORDABLE PREMIUM ( )
        LOW PREMIUM ALLOCATION CHARGES ( )
        SURRENDER VALUE ( )
Q7. How you feel the behavior of BSLI‟s employers while interacting with
them?
        GOOD ( )        VERY GOOD ( )
        AVERAGE ( ) EXCELLENT ( )
Q8. Do you think that BSLI is reliable in the coming future?
        YES ( )         NO ( )
Q9. Do you think that BIRLA SUNLIFE is working better than its
competitors ?
        YES ( )         NO ( )
Q10. Are you satisfied with the after sales services provided by BSLI?
        YES ( )         NO ( )
Q11. Do you think that the plans provided by BIRLA SUNLIFE are
beneficial ?
        YES ( )         NO ( )
Q12. Last financial year BSLI was at 7th position but now it is at 3rd
position. Do you think that BSLI will be the top insurance company in
private sector in this financial year?
      YES ( )            NO ( )




Q13. According to you what should be the maturity time of your BSLI
policy?
      LESS THAN 5 YEARS ( )
      5 – 10 YEARS ( )
      ABOVE 15 YEARS ( )
Q14. If you are given an opportunity then which company policy will you
prefer?
      BAJAJ ALLIANZ ( ) ICICI PRU. ( )
      LIC ( )            BIRLA SUNLIFE ( )
      MAX NEW YORK ( )
Q15. Any suggestions and recommendation ?


_____________________________________________________________
_____________________________________________________________
_____________________________________________________________




                                                             THANKS.
                             BIBLIOGRAPHY
 http://www.adityabirla.com/our_companies/joint_ventures/birlasun
life_insurance.htm

 http://en.wikipedia.org/wiki/Consumer_behaviour

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_Aboutus/C
ompany_Profile/abtus_comprofile.aspx

 http://www.birlasunlife.com/birlasunlife/index.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/I
ndividual/Protection/bsl_termplan.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/I
ndividual/Savings/bsl_goldplus_II.aspx

http://www.cs.indiana.edu/mit.research.how.to/section3.12.html

http://encyclopedia.thefreedictionary.com/Research+methodology

Books:
1. Philip kottler, “Marketing Management”
2. Rajan saxena. “Marketing Management”
3. Research Methodology       by Kothari.
                          SWOT ANALYSIS



STRENGTHS
1. Financial Soundness
2. Large Customer Base
3. Brand Name
4. Customer loyalty
5. Flexibility
6. Continues Growth
7. Good Image


 WEAKNESS
 1. Lack of branches in rural areas.
 2. Because of non availability of electronic cash services the monthly
     premium facility can not be provided to the spoke branch customer
 3. Non availability of cash deposit in spoke branches
 4. Non availability of intranet facility.
 5. Lack of traditional plans.
OPPURTUNTIES
1. Looking to establish their branches in small cities and villages
2. Looking to cover large insured people
3. Looking to launch new products in market to attract customer
4. Looking to reach at first position.
5. Plan to produce more MDRT people.


THREATS
1. Mutual funds.
2. LIC
3. Max new York life insurance
4. Share Market
5. People are not Interested making investment in insurance sector
6. Kotak Mahindra life insurance
7. ICICI Prudential life insurance
                              CONCLUSION


The training period has been a very valuable experience for me from the
entire study conducted. I became well acquainted with the ―BIRLA SUN
LIFE INSURANCE LIMITED‖ and the various processes followed by it. The
market share of ―BIRLA SUN LIFE INSURANCE LIMITED‖ is 40 % for the
last quarter. During the training period we came to know that ―BIRLA SUN
LIFE INSURANCE LIMITED‖ has a very strong customer base. The
employees of ―BIRLA SUN LIFE INSURANCE LIMITED‖ are very
dedicated towards their work and working for the betterment of the
organization. The policies provided or offered by the ―BIRLA SUN LIFE
INSURANCE LIMITED‖ are very beneficial for the various type of
customers. During the survey of our project report we came to know that
people are very satisfy with the policies of the company and they have the
reliability regarding their investments.


Working with the ―BIRLA SUN LIFE INSURANCE LIMITED‖ we came to
know that people want low premium and monthly premium plans. Most of
the people are aware about the ―BIRLA SUN LIFE INSURANCE LIMITED‖
but the people of villages are not too much aware about it, so company
should try to advertise itself through the radio by which the people of
villages can also come to know about it. Through the survey we also came
to know that ―BIRLA SUN LIFE INSURANCE LIMITED‖ has a very strong
brand image among the people and it is the major competitor of LIC, MAX
NEW YORK, and BAJAJ ALLIANZ.

								
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