Life insurance project report

CONTENTS

1. Introduction

2. Company Profile

3. Importance & Scope

4. Research Objectives

5. Hypothesis

6. Research Methodology

7. Data Analysis

8. Findings

9. Suggestions

10. Limitations

11. Bibliography

12. Annexure

DETAILD STUDY OF INSURANCE POLICY & PERFORMANCE EVALUATION

EXECUTIVE SUMMARY

Birla Sun Life Asset Management Company Ltd. (BSLAMC), the investment managers

of Birla Sun Life Mutual Fund, is a joint venture between the Aditya Birla Group and the

Sun Life Financial Services Inc. of Canada. The joint venture brings together the Aditya

Birla Group's experience in the Indian market and Sun Life's global experience.

Established in 1994, Birla Sun Life Mutual fund has emerged as one of India's leading

flagships of Mutual Funds business managing assets of a large investor base. Our

solutions offer a range of investment options, including diversified and sector specific

equity schemes, fund of fund schemes, hybrid and monthly income funds, a wide range

of debt and treasury products and offshore funds.

Birla Sun Life Asset Management Company has one of the largest team of research

analysts in the industry, dedicated to tracking down the best companies to invest in.

BSLAMC strives to provide transparent, ethical and research-based investments and

wealth management services.


INTRODUCTION

Life Insurance

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

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

receives a policy in exchange. The risk assumed by the insurer is the risk of death of the

insured.

How life insurance works

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

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

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

owner and the insured. But if Mary Smith, his wife, buys a policy on John's life, she is

the owner and he is the insured. The owner of the policy is called the grantee (he or she

will be the person who will pay for the policy). Another important person involved is the

beneficiary. The beneficiary is the person or persons who will receive the policy

proceeds upon the death of the insured. The beneficiary is not a party to the policy, but is

designated by the owner, who may change the beneficiary unless the policy has an

irrevocable beneficiary designation. With an irrevocable beneficiary, that beneficiary

must agree to changes in beneficiary, policy assignment, or borrowing of cash value.

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

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


http://en.wikipedia.org/wiki/Beneficiary

http://en.wikipedia.org/wiki/Insurance

http://en.wikipedia.org/wiki/British_English

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

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

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

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

has a legal right to contest the claim and request additional information before deciding

to pay or deny the claim.

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

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

insured dies or reaches a specified age. The most common reason to buy a life insurance

policy is to protect the financial interests of the owner of the policy in the event of the

insured's demise. The insurance proceeds would pay for funeral and other death costs or

be invested to provide income replacing the deceased's wages. Other reasons include

estate planning and retirement. The owner (if not the insured) must have an insurable

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

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

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

determined using mortality tables calculated by actuaries. Actuaries are professionals

who use actuarial science which is based in mathematics (primarily probability and

statistics). Mortality tables are statistically based tables showing average life

expectancies. The three main variables in a mortality table are age, gender, and use of

tobacco. The mortality tables provide a baseline for the cost of insurance. In practice,

these mortality tables are used in conjunction with the health and family history of the


http://en.wikipedia.org/wiki/Actuary

individual applying for a policy in order to determine premiums and insurability. The

current mortality table being used by life insurance companies in the United States and

their regulators was calculated during the 1980s. There is currently a measure being

pushed to update the mortality tables by 2008.

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

during the term of coverage. This number rises roughly quadratic ally to about 25 in

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

$100,000 policy, a life insurance company would have to, at the minimum, collect $200

a year from each of the thousand people to cover the expected claims. The insurance

company receives the premiums from the policy owner and invests them to create a pool

of money from which to pay claims, and finance the insurance company's operations.

Contrary to popular belief, the majority of the money that insurance companies make

comes directly from premiums paid, as money gained through investment of premiums

will never, in even the most ideal market conditions, vest enough money per year to pay

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

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

Since adverse selection can have a negative impact on the financial results of the insurer,

the insurer investigates each proposed insured (unless the policy is below a company-

established minimum amount) beginning with the application, which becomes part of the

policy. Group Insurance policies are an exception. This investigation and resulting

evaluation of the risk is called underwriting. Health and lifestyle questions are asked, and

the answers are dutifully recorded. Certain responses by the insured will be given further

investigation. Life insurance companies in the United States support The Medical


http://en.wikipedia.org/wiki/Medical_Information_Bureau

http://en.wikipedia.org/wiki/United_States

http://en.wikipedia.org/wiki/Underwriting

http://en.wikipedia.org/wiki/Group_Insurance

http://en.wikipedia.org/wiki/Adverse_selection

http://en.wikipedia.org/wiki/1980s

http://en.wikipedia.org/wiki/United_States

Information Bureau, which is a clearinghouse of medical information on all persons who

have ever applied for life insurance. As part of the application, the insurer receives

permission to obtain information from the proposed insured's physicians. Life insurance

companies are never required by law to underwrite or to provide coverage on anyone.

They alone determine insurability, and some people, for their own health or lifestyle

reasons, are uninsurable. The policy can be declined (turned down) or rated. Rating

means increasing the premiums to provide for additional risks relative to that particular

insured.

Many companies use four general health categories for those evaluated for a life

insurance policy. These categories are Preferred Best, Preferred, Standard, and Tobacco.

Preferred Best means that the proposed insured has no adverse medical history, is not

under medication for any condition, and his family (immediate and extended) have no

history of early cancer, diabetes, or other conditions. Preferred is like Preferred Best, but

it allows that the proposed insured is currently under medication for the condition and

may have some family history. Most people are in the Standard category. Profession,

travel, and lifestyle also factor into not only which category the proposed insured falls,

but also whether the proposed insured will be denied a policy. For example, a person

who would otherwise be in the Preferred Best category will be denied a policy if he or

she travels to a high risk country.

Upon the death of the insured, the insurer will require acceptable proof of death before

paying the claim. The normal minimum proof is a death certificate and the insurer's

claim form completed, signed, and often notarized. If the insured's death was suspicious

and the policy amount warrants it, the insurer may investigate the circumstances


http://en.wikipedia.org/wiki/Notary

http://en.wikipedia.org/wiki/Tobacco

http://en.wikipedia.org/wiki/Clearinghouse

http://en.wikipedia.org/wiki/Medical_Information_Bureau

surrounding the death, before deciding whether there is a legal obligation to pay the

claim. Proceeds from the policy may be paid in a lump sum or as an annuity paid over

time in regular recurring payments for either for the life of a specified person or a

specified time period.


http://en.wikipedia.org/wiki/Annuity

COMPANY PROFILE

Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between the Aditya

Birla Group and Sun Life Financial Inc., a leading international financial services

organisation. The local knowledge of the Aditya Birla Group combined with the

expertise of Sun Life Financial Inc., offers a formidable value proposition to customers.

Sun Life Financial and its partners today have operations in key markets worldwide,

including India, Canada, the United States, the United Kingdom, Hong Kong,

Philippines, Japan, Indonesia, China and Bermuda. Sun Life Financial Inc. had assets

under management of over US$ 386.82 billion, as on 31 March 2007. Sun Life Financial

Inc. is a leading performer in the life insurance market in Canada.

BSLI in its five successful years of operations has contributed significantly to the growth

and development of the life insurance industry in India. It pioneered the launch of Unit

Linked Life Insurance plans amongst the private players in India. It was the first player

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

internet. It was also the first private sector player to introduce a pure term plan in the

Indian market. This was supported by sales practices, which brought a degree of

transparency that was entirely new to the market. The process of getting sales

illustrations signed by customers, offering a free look period on all policies, which are

now industry standards were introduced by BSLI.

Being a customer centric company, BSLI has invested heavily in technology to build

world class processing capabilities. BSLI has covered more than one and a half million

lives since inception and its customer base is spread across 100 cities in India. All this


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

terms of new business premium income. Birla Sun Life Insurance (BSLI), one of the

leading private life insurers in India today announced the inimitable achiever, cricketer

Kapil Dev as their corporate brand ambassador. The cricketing supremo will be

endorsing BSLI in all its marketing initiatives. Birla Sun Life Insurance is a value-

driven brand which has a national brand recall of 70 per cent. The objective of

appointing a brand ambassador is to grow its brand recall as it goes national in its

distribution reach and fuel business growth. As a brand ambassador, Kapil Dev will play

a key role in the brand and product marketing and promotional activities. BSLI has

always used an integrated marketing approach, which will be strengthened further.

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

Services, Aditya Birla Group and currently incharge of BSLI expressed, "The Birla Sun

Life Insurance business distribution network is national in nature covering more than

1000 points across the country .We have made our entry in several tier I and tier II

towns. It is therefore very important for the brand to connect at the grassroot level and

create trust. We believe that our association with Kapil Dev as our brand ambassador

will help us create this connect in a shorter period of time. We therefore now have two

strong connects — our parent brand Birla and our brand ambassador Kapil Dev".

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

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

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

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

figures of more than 5000 runs and 434 wickets along with 64 catches show that he was


a world class cricketer and an all-rounder. He has raised the mantle of India to sporting

glory by winning us the World Cup.

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

insurance category and had high acceptance by the masses. Our survey suggests that he

is seen as a very good fit for the BSLI brand. He is very much loved and respected by a

vast majority of the population.

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

Chembur Golf Club in Mumbai where Kapil Dev was participate.

About Birla Sun Life Insurance

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

Group, one of the largest business houses in India and Sun Life Financial Inc., a leading

international financial services organisation. The local knowledge of the Aditya Birla

Group combined with the expertise of Sun Life Financial Inc., offers a formidable

protection for your future.

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

contributed significantly to the growth and development of the life insurance industry in

India. It pioneered the launch of unit linked life insurance plans amongst the private

players in India. It was the first player in the industry to sell its policies through the banc

assurance route and through the internet. It was the first private sector player to introduce

a pure term plan in the Indian market. This was supported by sales practices which

brought a degree of transparency that was entirely new to the market. The process of


getting sales illustrations signed by customers and offering a free look period on all

policies, which are now industry standards, were introduced by BSLI. Being a customer-

centric company, BSLI has invested heavily in technology to build world class

processing capabilities. BSLI has covered more than a million lives since inception and

its customer base is spread across more than 1000 towns and cities in India. All this has

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

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

About the Aditya Birla Group

The Aditya Birla Group has a turnover close to Rs.38,000 crore (as on 31 March 2008)

and is one of the largest business houses in India. It enjoys a leadership position in all the

sectors in which it operates. With over 75 business units spanning the South East Asian

belt, Africa, Canada and the UK among others, it is reckoned as India's first

multinational corporation. The group is anchored by 72,000 employees and has seven

lakh shareholders, with a market capitalization of Rs.53,400___crore .

About Sun Life Financial Inc.

Sun Life Financial Inc. is a leading international financial services organisation

providing a diverse range of wealth accumulation and protection products and services to

individuals and corporate customers. Tracing its roots back to 1865, Sun Life Financial

and its partners today have operations in key markets worldwide, including Canada, the

United States, the United Kingdom, Hong Kong, the Philippines, Japan, Indonesia, India,

China and Bermuda. As of 31 March 2008, the Sun Life Financial group of companies


had total assets under management of US$ 343 billion.

Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine

(PSE) stock exchanges under ticker symbol "SLF".


VISION

To be a world class provider of financial security to individuals and corporates and to be

amongst the top three private sector life insurance companies in India

MISSION

To be the first preference of our customers by providing innovative, need based life

insurance and retirement solutions to individuals as well as corporates. These solutions

will be made available by well-trained professionals through a multi channel distribution

network and superior technology.

Our endeavour will be to provide constant value addition to customers throughout their

relationship with us, within the regulatory framework. We will provide career

development opportunities to our employees and the highest possible returns to our

shareholders


SWOT ANALYSIS

STRENGTH:

Multi-channel distribution and one of the largest distribution

networks in India.

Implementing Six-Sigma process.

Customer centric products and services.

Superior investment and risk management framework

1 Million Policies sold within 3 and half years.

Company has maximum number of MDRT as well as good

number of HNI advisors.

Training process of the company is very strong.

Different plan for different peoples

According to the change in surrounding environment like changes in

customer requirement

WEAKNESS:

COMPANY does not penetrate on the rural market at a time.

There is no plan for the low income group.

Fees for the advisor is high than the other company.


OPPORTUNITY:

Insurance market is very big, where company can expand its

horizon in insurance industry.

Though good investment and insurance it is easy to top Indian

customers.

The huge insurance market (77%) is left so company has

opportunity to expand our products.

To associate with the more number of HNI.

THREATS:

‘OLD HABITS DIE HARD’: Its still difficult task to win the

confidence of public towards private company.

The company is facing major threats from LIC -which is an only

government company.

Plans for all income groups is not available which can create

adverse effect later on the market share of the company.


KEY PEOPLES OF ORGANISATION

BOARD OF DIRECTORS

Mr. Kumar M Birla

Mr. Donald A Stewart,

Mr. Bishwanath N Puranmalka

Mr. Ajay Srinivasan

Mr. Gary M Comerford

Mr. Suresh N Talwar

Mr. Gian P Gupta

His Highness Maharaja G Singh

Mr. Stephan Rajotte

Dr. Bharat K Singh


INVESTMENT COMMITTEE

Mr. B. N. Puranmalka

Mr. Ajay Srinivasan

Mr. Vikram Mehmi

Mr. Mayank Bathwal

Mr. Fabien Jeudy

Mr. Vikram Kotak

Ms. Keerti Gupta

Mr. Eugene Lundrigan


Management

Team

Mr. Vikram Mehmi

President & Chief

Executive Officer

Mr. Mayank Bathwal

Chief Financial Officer

Mr. Mario Braganza

Chief Operating Officer

Mr. E.N. Goveia

Head - Direct Sales

Force

Mr. Amit Punchhi

Senior Vice President -

Third Party Distribution

Mr. Bhavesh Sanghvi

Head - Group Life &

Pensions

Mr. Snehal Shah


Operations

Ms. Anjana Grewal


Marketing &

Communications

Mr. Rajesh Bhojani


DSF Expansion

Mr. K.H.

Venkatachalam

Vice President - Human

Resource

Mr. Fabien Jeudy

Vice President, Chief &

Mr. Lalit Vermani

Vice President -


DETAILS OF PRODUCTS

Individual Life

Protection

Birla Sun Life Term Plan

Premium

Back Term

Plan

Saving


http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/insplans_indiv_savings.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Protection/bsl_premiumterm.aspx



http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Protection/bsl_termplan.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Protection/bsl_termplan.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Protection/insplans_indiv_protection.aspx

Birla Sun Life Insurance Gold-Plus

Supreme Life

Dream Plan

Classic Life Premier

Simply Life

Prime Life Premier

Prime Life

Life Companion

Flexi Cash Flow

Flexi Save Plus

Flexi Life Line

Single Premium Bond

Retirement


http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Retirement/insplans_indiv_retirement.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/bsl_singlepremium.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/bsl_lifeline.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/bsl_endowment.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/bsl_cashflow.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/bsl_lifecompanion.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/bsl_primelife.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/bsl_primelifepremier.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/bsl_simplylife.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/bsl_classiclifepremier.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/bsl_dreamplan.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/bsl_supremelife.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/bsl_goldplus.aspx

Flexi Secure Life Retirement Plan II

Children

Children's Dream Plan

Rural

Bima Kavach Yojana


http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Rural/bsl_bimakavach.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Rural/insplans_indiv_rural.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Children/bsl_childrendream.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Children/insplans_indiv_children.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Retirement/bsl_securelife2.aspx

Retirement

Our Retirement Plans allow you to meet your expenses and build a nest

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

Riders

Accidental Death and Dismemberment Rider

Term Rider

Critical Illness Rider

Waiver of Premium

Critical Illness Plus Rider

Critical Illness - Woman Rider


http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Riders/rider_illnesswoman.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Riders/rider_illnessplus.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Riders/rider_waiver.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Riders/rider_illness.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Riders/rider_term.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Riders/rider_accidental.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Riders/insplans_indiv_riders.aspx

retirement.

The post retirement years can be the best years of your life. Time to do

things you couldn't have done while you were working. A right financial

planning makes your post retirement years truly golden . Our Sun Life

secure Life II assures you just that.

PRODUCTS

Life is unpredictable. But in face of adversity, our responsibilities

towards our parents, children and loved ones need not be compromised.

Insurance planning equips you to smooth out the uncertainties and

adversities that life might send your way, so that it offers a complete

range of insurance products.

1 . Protection Plans


Insurance Plans

2. Savings Plans

3. Child Plans

4. Investment Plans

5. Retirement Plans

6. Group Plans

7. Rural Plans

8. Plans for NRIs

9. Keyman Plans

10. Riders

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

amongst three different product structures to insure your life and provide

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

Level Term Assurance with return of premium

On death the entire sum assured will be paid.


Protection Plans

On maturity, all the premiums paid will be returned.

Level Term Assurance without return of premium


No survival or maturity benefits.

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

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

Level Term Assurance - Single premium:


No survival or maturity benefits

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

protection and the opportunity to save for important assets or events,

like a home, a car or a wedding.


Savings Plans

http://www.iciciprulife.com/ipru/riders.jsp#f

http://www.iciciprulife.com/ipru/riders.jsp#c


A regular premium unit-linked insurance plan with an assurance of

Capital Guarantee# with the added advantage of flexible liquidity option.

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

The key features of the plan are:

Flexibility to choose a specific level of protection (Sum Assured),

based on a multiple of the annual premium. You can also choose the

term of the plan.

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

guaranteed value* is paid. On death, Sum Assured along with the

higher of value of units or the guaranteed value is payable.

Facility to make withdrawals from the 6th policy year onwards

till the end of the policy term. Every year withdraw up to 10% of

the value of units.

Additional credits payable as a percentage of the initial annual

premium are paid along with the death or maturity benefit.

Additional insurance for 10 years after the maturity, for an amount

of 50% of the Sum Assured.

Flexibility to make additional investment with the help of the top-

up facility.

Flexibility to increase / decrease your annual premium amount

Facility of Automatic Premium Payment- With this facility you can

take a temporary break from premium payment. **


Total transparency with the premium allocations, and other charges

declared upfront.

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

premiums (premiums net of all charges) along with the declared

bonus interests.

** With Automatic Premium Payment facility, you can avail a

temporary break from premium payment for a maximum of 1 year. This

facility is available once if the premium paying term is less than 15

years and twice, if it is 15 years or more.

You can also enhance your policy by adding Accident & Disability

Benefit Rider , Waiver of Premium Rider and Critical Illness Rider .

A regular premium unit-linked insurance plan with an assurance of

Capital Guarantee# An ideal plan for your long-term savings and

protection requirement.

The key features of the plan are :

Flexibility to choose a specific level of protection ( Sum

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

choose the term of the plan.


http://www.iciciprulife.com/ipru/riders.jsp#a




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

guaranteed value* is paid. On death, Sum Assured along with the

higher of value of units or the guaranteed value is payable



Additional insurance for 10 years after the maturity, for an

amount of 50% of the Sum Assured.

Flexibility to make additional investment with the help of the

top-up facility.


Facility of Automatic Premium Payment- With this facility you

can take a temporary break from premium payment.

Total transparency with the premium allocations, and other charges declared

upfront.

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

(premiums net of all charges) along with the declared bonus interests.

With Automatic Premium Payment facility, you can avail a temporary

break from premium payment for a maximum of 1 year. This facility is

available once if the premium paying term is less than 15 years and

twice, if it is 15 years or more.


The capital guarantee is applicable only on the invested premium and the

declared bonus interests.

You can also enhance your policy by adding Accident & Disability Benefit

Rider, Waiver of Premium Rider and Critical Illness Rider.

A unit-linked insurance plan with an assurance of Capital Guarantee

which offers you the benefit of a limited premium payment term. An ideal

plan for protection with wealth creation that offers the flexibility of a

limited premium paying term.

Flexibility to choose a premium payment term of 5, 7 or 10 years for a

maturity term of 10, 15 or 20 years respectively.

Flexibility to choose a specific level of protection (Sum Assured),

based on a multiple of the annual premium.

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

the guaranteed value* is paid. On death, Sum Assured along with the

higher of value of units or the guaranteed value is payable.




Facility to make withdrawals from the 6th policy year onwards till the

end of the policy term. Every year withdraw up to 10% of the value of

units

Flexibility to make additional investment with the help of the top-up

facility.


Total transparency with the premium allocations, and other charges

declared upfront.

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

premiums (premiums net of all charges) along with the declared bonus

interests.

The capital guarantee is applicable only on the invested premium and

the declared bonus interests.

You can also enhance your policy by adding Accident & Disability

Benefit Rider and Critical Illness Rider.

Presenting Premier Life – The Preferred plan for the Preferred Customer.

The key features of the plan are:

Limited premium payment option: Choose from among a 3, 5, 7 or 10

year premium paying term.


Choice of sum assured: Choose a sum assured, which is a minimum

multiple of 1 and a maximum multiple of 25 times the annual

contribution.

Additional allocation of units on a periodic basis.

Facility to top-up your investment any time you have surplus funds.

Choose from among four funds, based on your investment objective

and risk appetite.

Choice to switch between investments options (4 free switches every

policy year).

Flexibility to decrease your sum assured.

Add-on riders to protect you against any eventuality.

Loans against the policy.

You can also enhance your policy by adding Critical Illness Rider,

Accident & Disability Benefit Rider.

Presenting Life Time – unit –linked plans that meets your changing needs over a

lifetime. These solutions have been developed to meet your savings, protection and

investment needs at every stage in life.

Protection


Choose a specified level of protection (available only with

LifeTime).

Two levels of Sum Assured to choose from (available only with

LifeTime II).

Flexibility to increase or decrease your sum assured .

Add-on riders to protect you against any eventuality.


Savings

Flexibility to increase or decrease your contribution.

Facility of Premium Holiday, wherein the policy continues even if

there is a temporary break in the payment of annual contribution

(available only with Life Time).

Facility of Automatic Cover Continuance, wherein the policy

continues even if there is a temporary break in the payment of annual

contribution

Facility to top-up your investment any time you have surplus funds.

Additional allocation of units on a periodic basis.

Loans against the policy.

Investment:

Choose from among four funds, based on your investment objective

and risk appetite.

Choice to switch between investments options (4 free switches every

policy year).

You can also enhance your policy by adding Critical Illness Rider, Major

Surgical Assistance Rider, Accident & Disability Benefit Rider, Accident

Benefit Rider (available only with Life Time) and Waiver of Premium

Rider


.

An insurance plan that gives added protection, savings and multiple

options, all in one!

The flexibility to choose your premium contribution.

The flexibility to choose amongst three levels of cover (in the form of

sum assured) for the same amount of total annual contribution.

The flexibility of shifting between the three levels of cover, as you

require.

The flexibility of receiving your maturity proceeds as a lump sum or in

equal annual installments over 3 or 5 years.

You can also enhance your policy by adding Variety of Riders


http://www.iciciprulife.com/ipru/riders.jsp

An insurance plan that gives you added protection, savings, multiple

options, plus the power of liquidity.

The flexibility to choose your premium contribution.

The flexibility to choose amongst three levels of cover (in the form of

sum assured) for the same amount of total annual contribution.

The flexibility of shifting between the three levels of cover, as you

require.

The flexibility of receiving your maturity proceeds as a lump sum or in

equal annual installments over 3 or 5 years.

The flexibility of withdrawing up to 10% of the accumulated value of

your policy, after the first 5 policy years.

You can also enhance your policy by adding Variety of Riders

An ideal plan for those who want to accumulate funds on a regular basis

while enjoying insurance protection.

Guaranteed Benefits: Guaranteed additions @ 3.5% of the Sum

Assured, compounded annually for the first 4 years of the policy.


http://www.iciciprulife.com/ipru/riders.jsp

Extended Life Cover: An extended cover for 5 years after the

maturity of the policy, for 50% of the sum assured, at no extra cost.

Maturity Benefit: At the end of the term, the policyholder receives

the full sum assured, the guaranteed additions and the vested bonuses .

Death Benefit: The beneficiary receives the sum assured, the

guaranteed additions and the vested bonuses incase the life assured

were to meet with an unfortunate event. In case the life assured is aged

7 years or less, the basic premium paid will be returned.

You can also enhance your policy by adding Critical Illness Rider , Major

Surgical Assistance Rider , Accident & Disability Benefit Rider , Waiver

of Premium Rider (WOP)





http://www.iciciprulife.com/ipru/riders.jsp#b

http://www.iciciprulife.com/ipru/riders.jsp#b

http://www.iciciprulife.com/ipru/riders.jsp#a

As a responsible parent, you will always strive to ensure a hassle-free,

successful life for your child. However, life is full of Uncertainties and

even the best-laid plans can go wrong. Here’s how you can give your

child a 100% safe and assured tomorrow, whatever the uncertainties.

Smart Kid is especially designed to provide flexibility and safeguard your

child’s future education and lifestyle, taking all possibilities into account.

Choose from amongst a basket of 4 plans:

Smart Kid regular premium

Smart Kid unit-linked regular premium

Smart Kid unit-linked regular premium II

Smart Kid unit-linked single premium II

All these plans offer you:

Financial Benefits: Regular payments at critical stages in your

child’s life, like Board examinations, Graduation and Post-

graduation .


Child Plans

Total peace of mind, even if you are not around

Sum Assured is paid immediately: Ensures that your loved

ones stay financially secure, even in your absence.

All future premiums are waived : Ensuring that your family is

not financially burdened in your absence.

Policy benefits continue : The educational benefits of the policy

continue, ensuring that your child can realize his or her dreams

without any hassles.

Development Allowance: Smart Kid guarantees regular income

to secure your child’s educational career and also ensures his or her

all-round development, for a nominal additional amount. The

Income Benefit Rider takes care of this through an annual payment

of 10% of the sum assured, to your child, till the maturity of the

policy, in the unfortunate event of the death of the parent.

All SmartKid plans can be enhanced with the Accident &

Disability Benefit Rider and Income Benefit Rider . You can also

an Accident Benefit Rider to a SmartKid Regular Premium policy,

and a Waiver of Premium Rider (WOP) to SmartKid unit-linked

regular premium policy.



http://www.iciciprulife.com/ipru/riders.jsp#d

http://www.iciciprulife.com/ipru/riders.jsp#e



Life Link II is a unique plan that combines the security of a

life insurance policy with the opportunity of enjoying high returns on

your investments, without the market risks compromising on the

protection of your family!

Death Benefit: The Sum Assured under the product has 2 options, either

500% of the initial premium or 105% of the initial premium. In the event

of an unfortunate death, the beneficiary will receive higher of the value

of units or the initial death benefit, less any withdrawals.

Withdrawal Benefit: One can make partial withdrawals from the

accumulated value of the policy after completion of one policy year.

Flexibility: Choose from four fund options, based on your investment

objective and risk appetite. If at a later stage your financial priorities

change, you can switch between the various fund options, absolutely free,

4 times a year.


Investment Plans

Life Expectancy has been rising rapidly and today you can expect

to live longer than your earlier generations. For you, this increase will

mean a longer retirement life, stretching into a couple of decades. BSLI

Retirement Solutions that combine the best of insurance and investment.

These solutions are developed to ensure your peace of mind for the years

to come.

1. Why plan for retirement?

2. How much should I set aside for retirement?

3. The impact of inflation on your retirement savings

4. Why plan early?

5. About Annuities

Why plan for retirement?

For too many people, the joy of retirement after years of hard work

is eclipsed by the financial uncertainties that it brings. Despite all the

planning and saving, you can never sure whether your money will last a

lifetime. Retirement planning offers a way to ensure a more enjoyable,


Retirement Plans

http://www.iciciprulife.com/ipru/retire4.jsp#topa

http://www.iciciprulife.com/ipru/retire2.jsp#d

http://www.iciciprulife.com/ipru/retire2.jsp#c

http://www.iciciprulife.com/ipru/retire2.jsp#b

http://www.iciciprulife.com/ipru/retire2.jsp#a

stress free tomorrow. A prudent plan will ensure that increasing life

expectancy, higher inflation and increasing taxes do not eat away into

your hard earned savings.

How much must I set aside for retirement?

To ensure a comfortable retired life, you would be wise to invest

money into additional avenues like pension plans. How much you need to

invest can be answered by answering some questions such as:

1. How long do you have to save that amount before retirement?

2. Where can you invest your retirement money?

3. How much risk are you willing to take on your investments?


In an era of competitive parity, the only asset that makes a decisive

difference between corporate success and failure is the quality of human

capital. Employee benefits have proven to be an excellent tool to optimize

the retention of talent and improve an organization’s bottom-line. The

quality of an organization’s employee benefits establishes and maintains a

company's image as a caring employer. Optimum care of employees is a

long-term investment that results in a sustained competitive advantage for

an organization in the times to come.

BSLI Group Solutions Advantage:

An integrated basket of employee benefits solutions that offer

incomparable flexible benefits.

Sound investment management that focuses on safety, stability and

profitability of the portfolio.

Personalized financial planning for your employee that takes care

of his/her changing financial needs at every stage of life.

Quality service initiatives and transparency across all operations,

promising superlative operational efficiency.


Group Solutions

Group Term Assurance : Helps provide affordable cover to members of

a group.

Group Gratuity Plan : Helps employers fund their statutory gratuity

obligation in a flexible and hassle-free manner.

Group Superannuation Plan : A flexible scheme (defined benefit and

defined contribution) to provide a retirement kitty for each member of the

group.

Group Term Assurance:

BSLI flexible group term solution helps provide affordable cover to

members of a group. The cover could be uniform or based on

designation/rank or a multiple of salary, and can be extended to all

employees between the ages of 18 and 65 years. The benefit under the

policy is paid on the event of the member’s death to the beneficiary

nominated by the member. It is a one-year renewable policy where one

master policy covers all proposed employees comprising the group, with a

minimum group size of 25 persons. New members can join the group and

outgoing members can leave the group at any point during the policy

term.


http://www.iciciprulife.com/ipru/groupplan1.jsp#c

http://www.iciciprulife.com/ipru/groupplan1.jsp#b

http://www.iciciprulife.com/ipru/groupplan1.jsp#a

Highlights include:

Greater convenience for the employees with relaxed underwriting

and medical requirements.

"Free Cover Limits" with simplified underwriting depending upon

the number of employees in the group and the level of cover

chosen.

Guaranteed benefit: On death during the term of the contract

(while in service), the sum assured will be paid to the beneficiary

of the employee.

Choice of additional coverage in form an Accident and Disability

Benefit Rider and Critical Illness Cover

Premium is viewed as a business expense in the year of payment.

Group Gratuity Plan:

BSLI group gratuity plan helps employers fund their gratuity obligation

in a scientific manner. Employers can avail of the tax benefits as

applicable to approved gratuity funds. The plan can also be customized to

structure schemes that can provide benefits beyond the statutory

obligations.

Highlights include:

Wider choice of investments with Market Linked Plans - to meet

the diverse financial goals. We offer 4 investment options (short-


term debt, debt and balanced and capital guarantee plan) where

investments will be made in accordance with the fund objectives.

Transparency through Daily disclosure of Unit Value and regular

disclosure of the portfolio of each of the investment option

Flexibility through switching and contribution redirection option to

enable reshuffling of portfolio

Bundled Life Cover greater value to the employee by packaging

life insurance cover with the gratuity, with minimal amount of

underwriting.

Actuarial services to provide a scientific estimation of the gratuity

liability.

Low explicit charge structure with the conditions for exit

specified upfront.

Enhanced service levels through faster claim settlement, easier

access to information and regular statements.

Complete end to end solution in the legal and regulatory

approval process for scheme set up or transfer

Employee Benefits:

The contribution made by the employer is not included in the value

of taxable perquisites in the hands of the employee.

Gratuity received up to Rs 350000 is exempt from Income tax under

Sec 10(10)


Employer Benefits:

Annual contribution up to 8.33% of salary bill in a financial year is

allowed a deduction for the purpose of computation of profits and

gains of business.

Contribution towards past service liability is allowed as deduction

as per the Income Tax rules.

Group Superannuation Plan:

BSLI Superannuation Scheme (for both Defined Benefit and Defined

Contribution funds) offers substantial benefits to both employers and

employees. The employer and employee can avail of tax benefits

applicable to an approved superannuation trust. The scheme will provide

for a retirement fund for each participating employee. An employee would

be able to choose from various annuity options or opt for partial

commutation of corpus at retirement.

Highlights include:

Wider choice of investments with Market Linked Plans - to meet the

diverse financial goals. We offer 5 investment options (short-term

debt, debt, balanced, growth and capital guarantee plan) where

investments will be made in accordance with the fund objectives.

Control - Each member/employer can exercise greater control over

investments by choosing one or more of the investment options.


Multiple Annuity Options - 5 annuity options and open market option

Transparency - Transparency through Daily disclosure of Unit Value

and regular disclosure of the portfolio of each of the investment option

Flexibility - Flexibility through switching and contribution redirection

option to enable reshuffling of portfolio

Low explicit charge structure with conditions for exit specified

upfront.

Enhanced service levels through faster claim settlement, easier access

to information and regular statements.

Complete end to end solution in the legal and regulatory approval

process for scheme set up or transfer


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

consumers. These products offer the following features:

1. Low and Affordable Premiums

2. Life Cover

3. Savings Option

4. Hassle free procedure

BSLI offers 2 specially designed rural plans.

a) BSLI – Endowment Plan

b) BSLI - Regular Premium

BSLI Endowment Plan:

BSLI offers the following features:

Life Cover and Savings

Regular Premiums

Age at entry 18 - 45 Yrs

Premium Mode Half Yearly / Yearly

Term 5,10,15 Yrs

Sum Assured Rs.5,000 -20,000

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


Rural Plans

http://www.iciciprulife.com/ipru/ruralplan1.jsp#b

http://www.iciciprulife.com/ipru/ruralplan1.jsp#a

http://www.iciciprulife.com/ipru/ruralplan1.jsp

Maturity/Death benefit Sum Assured

BSLI - Regular Premium:

BSLI is a regular premium policy with the following features:

Individual policy

Only Life cover

Term - 3 & 5 Yrs

Age independent premium

Age at entry 18 - 45 Yrs

Sum Assured Single

Premium / Year Rs 50 – 200

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

Death Benefit Sum Assured

NRI Plans:

Being away from India doesn't mean you have to compromise the safety

and security of your loved ones. In fact, your savings from your time


Plans for NRIs

http://www.iciciprulife.com/ipru/nriplan1.jsp

overseas can be easily canalized to meet your family's needs - now and in

the future. So, whether its your dream to retire in your hometown; to

secure funds for your children's education; or to build assets, BSLI has a

range of solutions that can be customized to meet your needs.

IRDA

(INDIAN REGULATORY DEVLOPMENT

AUTHORITY)


IRDA:

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

The international experience indicates those country with a liberalized insurance sector

have witnessed a rapid growth in premium volumes enhancing the domestic saving rate.

This happened in China, Malaysia and Singapore where a competitive market has led

to improvement in Services and quicker settlement of claims. It is also important to note

that competition will bring about advancement in information, communication and

technology. And rightly therefore a decision was taken by the Government of India to

open up Insurance sector. The establishment of IRDA in the month of April 2000 has

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

insurance sector.

WHY INSURANCE IN INDIA:

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

penetration is low and the potential to exploit is high.

Insurance premium per capita is very low.

Lack of comprehensive social system benefit and welfare means that demand for

pension products is high.

Huge middle class of approximately 300 Million.

Existing insurance company score low on customer service front.


The insurance market registered growth in the Asian region even though India’s share in

global insurance is less than 0.5% (1988) as compared to USA (24.2%) and Japan (21%).

Studies have reveled that in an emerging market, as disposable income rises, Insurance

premiums as a ratio of GDP shoots up. The confederation of Indian Industry projected a

growth of Life Insurance premiums from Rs. 350 Billion at present to Rs.140 Billion.

The growth of non-life insurance premium is expected to increase from 75 billion to 375

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

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

in view is unlikely to provide meaningful numbers. Currently, insurance is bought for the

purpose of tax-benefits. A higher percentage of business is in the rural market. The share

of rural new business insurance total new business is 55% in terms of policies and 47%

in terms of sum assured. However, this needs to be viewed in the light of some recent

issues that have been raised regarding as to what constitutes the rural market. Therefore,

private insurers will be best served by middle market approach, targeting the customer

segments that are presently unexploited.

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

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

products have long overdue since Indian morality rate has decreased three folds in the

last 50years. There is also scope to increase the yield on life insurance policies (presently

6%) with proper risk management in place.

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

years cross subsidization is a feature of Indian market. Even the first portfolio vote that is


considered profitable, cross subsidizes other departments. Tariffs reduction is likely to

reduce profits; further insurers have to institute proper claims management progress in

order to extract efficiencies. At present life insurance business in the country is taxed at

12.5% of the profit in financial year. The government is soon to present a new model of

taxing life insurance companies at international rates.

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

strength will be a competitive advantage and sketch their alliances accordingly. In fact,

we believe that alliance related to distribution rather than to produce or technology will

prove most valuable in the long run.

Banks and financial companies will emerge, as attractive distribution channel for

this insurance trend will be led by two factors, which already apply in other world

market. First Banking food insurance, fund management and other financial services

companies are being to increase their profitability and provide maximum value to their

customers. Therefore, they are themselves looking for a range of products to

distribute.

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

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

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

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

hope to ride their existing network and customer bases.


CHANNEL DEVELOPMENT

WHY TO RECRUIT

WHO TO RECRUIT

HOW TO RECRUIT

RECRUITMENT ACTIVITIES

WHAT TO CHECK WHILE WE ARE RECRUITING

ROLE OF ADVISOR

WORKING ENVIRONMENT

DO YOU POSSESS

SUPPORT PACKAGE FOR SCUCCESSFUL ADVISOR

EXTENSIVE TRAINING FOR SUCCESSFUL ADVISOR

EXTENSIVE INVESTMENT IN ADVISOR TRAINING

PAYMENT & BENEFIT – COMMISSION STRUCTURE

RECOGNITION PROGRAMS

CAREER PROGRESSION & FUTURE OPPORTUNITIES


WHY TO RECRUIT

There are two aspects of employment in the insurance sector today. One is

Permanent Employment, for sales, operation, IT support, back office

services and So on. We are also offering the other kind of employment –

for people to sell Life Insurance – they are called ‘Life Advisors’. Or

‘Financial Advisors’. This is a big area of employment.

Because we are supposed to !!

That the way to do this business.

More recruits, more active advisors, more BDA

WHO TO RECRUIT

Quality Deptt. has given some indicators in terms of what are the common

traits(Q-SCORE) of our successful advisors-

The commonalities were

Age : between 30 -45

Education : graduate

Family Income : above Rs. 2 lacs p.a.

The important fact to remember is that 61% of our RED category

advisors do not fall into any of this category.

This is a broad pointer for us to remember what are the his/her profile

Some other pointer from Quality


Most of the RED category advisors FAILED in the DISC profile –

which means that DISC is good indicator of chanced of success or

failure

Successful advisors usually have 2 years of work exp. In their current

profession

Small time businessmen / entrepreneurs –v. successful profile

Women/Housewives are very successful- however they have not been

sustainable over long periods. They usually have become inactive after

6 – 7 months of joining. But till the time they are working, their

average WAPI & Productivity is very high compared to others.

People who are new to the city are least probable to do well.

Who to recruit?

High probability of Success

Tax/ Financial Consultants, CAS

Bond / Mutual Fund Agents

LIC Agents – Surrogates

Small business owners

Average Profile

Women


Students

VRS / retired Personnel

Avoidable Profiles

New to the City

Income Profile – Approx Rs.1 Lac P.A.

People who do not own their transport

THE MOST SUCCESSFUL PROFILE – THE PERSON WHO HAS

BEEN MANAGED WELL BY YOU.

How to Recruit?

Things which you should have while meeting the prospect.

BOP Presenter.

Reward points booklet OR take a copy of the catalog from the

website – show the gifts, a prospect wouldn’t understand points, but

will value the gifts.

Advisor Manual - can show how the manual can answer many

procedural issues.

Talk about email id & tech support – the prospect would like to

know what all ill the company give

My Market show 100 – show the booklet and stress its importance.


Copy of any certificate – MDRT certificates, Sales Champion

certificate etc to show recognition.

Insist on doing the BOP presentation – it gives a complete picture

of what you have to present & answers a lot of questions.

Stress on different things to different profiles – change your

proposition as per the customer.

Women – Rewards, - gift items, household goods, gold

Young marketing background – career Pinnacle.

Tax/ MF/ LIC Agents – Rewards & Recognition, Star Clubs.

CAs – foreign trips, preferential treatment in all aspects, don’t talk

about commissions, stress on the extras.

Small businessman / Entrepreneurs – show ROE – Return on

Energy , to the earn the same amount of money from your business,

you would be spending much more time & energy a lot of capital

from your pocket.

THE POWER RENEWAL COMMISSIONS:

Always, always, always stress on the fact that renewal commissions

ARE THE differentiator from every other sort of business

Spend lot of time on the Commissions structure given in the BOP

Try to do an example in front of them trying to portray the

commissions payable for the same amount of business done every

year

THE EARNING CALCULATOR WILL BE OF THE HELP HERE


Recruitment Activities

Each of us should have a mix of

Mass Media Activities - Spray &

PrayLead Generation activities

Ads, Classified, paper Inserts,

Pamphlets, Banners

Database calling, cold calling, tele-

calling, mailers, mass BOPs, fish

bowl activity, Yellow Pages, Trade

Directories etc.

Over the last one year, the response

from this basket of activities has

gone down drastically, thus forcing

us to be creative to create other

avenues

We need to develop lead generation

activities more so as to have more

people to touch upon and tell about

this career opportunity

Activities which have done well with us in the recent past:

Joggers ParkDETAILD STUDY OF INSURANCE POLICY & PERFORMANCE EVALUATION

Summer Trainees

Mass BOPs

Database Calling

Lead Generation Activities

Tele Calling set ups

Some more ways on how to recruit:

Database Attack – can be done through a trainee.

Cold Calling – helps a lot as the respondent does not waste your

time by dilly dallying.

RWA Activities – Tambola or children painting competition-

gives real time leads, cost effective per lead.

Look at level MBA colleges for Pinnacle probable.

Source local databases – Cable TV Service providers, home

delivery caterers.

Fish Bowl Activity- in high football places.

Things to check while recruiting:

ENERGY, ENERGY ……… always check the person’s energy

levels, as this career is all about meeting new people, finding new

prospects and more so handling rejections


His past/ present occupation gives tremendous insight into his

energy levels

Show him the path in his current environment how insurance selling

can fit in – lowers the resistance of time availability

Check his environment – his family locality

Check whether he can work on his own

Find out if he is looking for money or career – as he can have both

here

Things to check while recruiting:

Always try to meet the person at his residence- check for the locality,

his household, standard of living, try to involve the spouse in the

presentation so that they know what they are getting into

Always check on need for money & a drive to do well in life – if he

has been doing well in life, he will make efforts to do well with us

Ask questions about his past, find instances of accomplishments

Keep checking on the pointers & do a mental check list of the

acceptable points

Be convinced about the profile and then only go ahead

Advisor Role

To provide ongoing financial advice for his/her client:

Identify future client


Making appointments

Conduct financial review meetings with prospects / clients

Close sale

Get referrals

Provide service to clients

Follows internal sales & reporting systems:

Working environment:

To be part of a world class sales team.

Work from your own office or residence.

Work full time or part time.

Earn commission, bonus $ incentives.

No upper limits in earnings.

Flexible career.

Your opportunity:

No startup capital required.

Flexible working environment.

Be your own boss.

Unlimited earning potential.

To be part of world - class team.


Extensive training to make you a professional advisor:

State-of-the-art training on :

Selling skills.

Product knowledge.

Relationship skills.

Training delivery through several convenient options :

Face –to- face.

Online.

Self learning.

Some of our high performers get….

YEAR 1 YEAR 2 YEAR 3

Number of policies sold 50 75 100

Average Premium Rs. 16000 16000 16000

Total primium earned Rs.

800000

1200000 1600000

Average commission including

bonuses estimates @ 22.5%* 180000

270000 360000

180000 270000 360000DETAILD STUDY OF INSURANCE POLICY & PERFORMANCE EVALUATION

mailto:[email protected]%25

Earnings from new business Rs

Commission on renewal

premium @ 6%

48000 72000

For year 2,3 & 3% after that 48000

Earnings from renewal business

Rs

48000 120000

Total earnings Rs. 180000 318000 480000

Depending on the product mix commission can go upto 35% in of

first year, 7.5% in the 2 n d year & 3 r d year & 5% 4 t h year onwards?


Recognition programs :

Foreign trips & seminars.

Select club memberships:

1. Birla Sun Life club.

2. Birla Sun Life star club.

MDRT Membership.

Career progression & future opportunities:

Exclusive program for high potential achievers.

Hand picked advisors.

A fast track career path.

Recognition as “Tiger “

Continue doing your business.

Criteria.

-Age –25 –40 years

-At least 1 year in system

-Case count 2 per month

Part time career as a Trainer.

Conduct foundation programs.

Share best flied practices.

Replicate your business.

Continue doing your business.


Criteria.

-Age 25-45 years

-At least 6 months s in system

- 2 case count per month

Fast track pinnacle programmes:

A full time career as audit manager

Greater earning potential

Personal Development

Performance criteria

-Age 25-45 years

-At least 6month in system

-30 issuance within 6 months

Pinnacle programmes:

A full time career as a unit manager

Greater earning potential

Personal Development

Performance criteria


-Age 25-45 years


-Average 2 case count per month

Agency champion:

Take your business to the next level

Entrepreneurs ,develop your own business

Recruit new advisor and make your own team

Increased reach and earning potential

Criteria


-Minimum 36 policies and 3.6lacs premium

-Selection process( assessment center)

Next steps

Confirmation of mutual interest

Selection interview

Profiling test dates

Draft payment favoring

Birla Sun Life Insurance Ltd’

payable in mumbai


Finalize Training Dates, venue

Support team the Company:

Field visits

Training on products

& selling skills

regular business reviews

be a coach & mentor

recognize high performers

help you become financially independent

Expectations of team

Achieve sales targets

Participate in all meetings

Attend all training programs

Weekly reviews at the office

Follow the sales process

Follow weekly reporting process


INSURANCE ADVISOR AGREEMENT

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

and Birla Sun life Insurance Company Ltd.

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

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

the policy holders. Similarly Insurance advisor has to obtain and Insurance license to act

and Insurance agent under Section 42 of Insurance act 1938 and it’s desires of being

appointed as Insurance advisor of BSLI

This is the kind of agreement which each and every advisor has to adhere. It’s

agreement give the brief discussion effective date of appointment, area of Insurance,

advisor minimum performance requirement and service standards others conditions

confidentially to be maintain and compensation and remuneration.

2. Effective Date and Appointment as Insurance Advisor:

2.1- This Agreement shall come into force on and from the date of issue of the

license to the Insurance Advisor to act as an insurance agent, provided that the

Company may choose, in writing, a date other than the date of issue of the license

on and from which this Agreement shall come into force (such date of coming into force

to this Agreement referred to as “ Effective Date ” in this Agreement). However, where

the Insurance Advisor already holds a valid subsisting license before execution of this


Agreement, the Effective Date of this Agreement shall be the date of execution of this

Agreement.

2.2- BSLI hereby appoints the Party of the Other Part as Insurance Advisor and the Party

of the Other Part hereby accepts his appointment as an Insurance Advisor of BSLI .

2.3- The appointment, continuance and functioning of the Insurance Advisor shall

be also governed by and shall be subject to the provisions of the Applicable Laws.

3. Business Area of Insurance Advisor:

3.1- The Insurance Advisor will be entitled to solicit insurance business from such

territories (and whether in India only or outside of India as well ) as shall be informed to

the Insurance Advisor separately (such area referred to as “Business Area” and, area

other than Business Area will be referred to as “Non-Business Area”). Where the

Insurance Advisor proposes to source business from any Non- Business Area, he shall

obtain the prior approval of BSLI. would be entitled to change / transfer his appointment

to any other area.

3.2- The Insurance Advisor further agrees that even within his Business Area, he shall

not solicit or procure life insurance business from any place/location which is on the list

of Non-Serviceable Pin codes (“Serviceable Pin code” refers to pin codes of such areas

where BSLI can provide customer service to its customers / policyholders, and any pin

code other than Serviceable Pin code refers to “Non- Serviceable Pin codes”). The list of

Serviceable Pin code areas as updated from time to time, Is available/posted on the

Restricted Website Area and no separate communication in this regard will be sent.

3.3- The appointment of the Insurance Advisor for a Business Area shall be without

prejudice to BSLI’s right to appoint any other insurance advisor(s) in / for the same


Business Area and such appointment of any other insurance advisor(s) shall not entitle

the Insurance Advisor to claim any relaxation in the Minimum Performance

Requirements applicable to him, nor shall accrue in his favour any cause of action.

4. Minimum Performance Requirements and Minimum Service Standards:

4.1- The Insurance Advisor shall at all times fulfill the Minimum Performance

Requirements in terms of new business, premium income, number of proposals, number

of lives insured or on any other criteria as stipulated by BSLI from time to time

(hereinafter referred to as the “Minimum Performance Requirements”). BSLI may

stipulate from time to time the Minimum Performance Requirements and any revision

thereto, for a specified period(s) or for any shorter period(s) within such overall specified

period(s) or to specify the Insurance Product(s), which the Insurance Advisor shall solicit

and procure for BSLI . The Minimum Performance Requirements (MPR) criteria would

be intimated by BSLI to the Insurance Advisor in writing or by Email or by posting the

same on the Restricted Website Area.

4.2- The Insurance Advisor would take all reasonable steps to conserve the insurance

procured by him. He shall also endeavor that the policyholders for whom the is acting as

the insurance adviser pay their premiums regularly and timely. The Company will be

entitled to fix minimum service standards / service measures (collectively ‘Minimum

Service Measures’) in respect of the Insurance Advisor. Such Minimum Service

Measures would be intimated by BSLI to the Insurance Advisor in writing or by Email

or by posting the same on the Restricted Website Area and the action that can be taken in

case of the Insurance Advisor not being able to achieve the Minimum Service Standards.


5. Other conditions:

5.1- Without prejudice to the generality of the application of the provision of Applicable

Law, the Insurance Adviser shall scrupulously follow, adhere to and affirm to comply

with the Code of Conduct prescribed by the Insurance Regulatory and Development

Authority (Licensing of Insurance Agents) Regulations, 2000, as amended from time to

time (hereinafter referred to as the “Code of Conduct”) as though the said Code of

Conduct has been explicitly set out in and forms part of this Agreement.

5.2- The Insurance Advisor shall not allow or offer to allow, either directly or indirectly,

as an inducement, to a prospect or a policyholder, to take out or renew or continue a

policy, any rebate of the premium payable under the Policy or of the commission payable

to him; nor shall he offer any other rates, advantages, terms or conditions than those

offered by BSLI. The Insurance Advisor specifically confirms his awareness of and

continued adherence to the provisions of Section 41 of the Insurance Act, 1938. Breach

of this clause will entitle BSLI to terminate this Agreement forth with and without any

notice.

5.3- The Insurance Advisor agrees and undertakes to abide by the following conditions:

5.3 a- The Insurance Advisors shall not to obtain / seek / provide / give undue favors or

graft from / to any employee of BSLI or any co-advisor or any person, customer or

policyholder of BSLI.

5.3 b- The Insurance Advisors shall not accept / give gift of substantial value (greater

than Rs 1,000 or such amounts as BSLI may specify ) from / to any employee of BSLI or

any co-advisor or any person, customer or policyholder of BSLI in connection with any

matter or dealing concerning BSLI 5.3 c- The Insurance Advisor shall operate with

values and standards befitting the standing of BSLI.


5.4- In the event of violation of Code of Conduct or any of the guidelines / operating

instructions of the Company or on happening of any act of commission or omission

which constitutes a malpractice, BSLI shall be entitled, without prejudice to its right of

termination of this Agreement, to warn the Insurance Advisor or require it to take any

steps or do any act in rectification of any such act, and Insurance Advisor agrees to act in

accordance with any such communication.

5.5- The Insurance Advisor shall be responsible for the accuracy, truthfulness and

completeness of the information furnished in the Agent’s Confidential Report in proposal

forms logged by him or otherwise made available to BSLI in respect of any proposal.

5.6- The Insurance Advisor shall, promptly and in any case not later than the time

stipulated by BSLI in that behalf transmit to the concerned office of BSLI all proposals

for insurance and all other documents procured or received by or called for from him.

This would include but shall not be restricted to customer’s / policyholder’s proposal

forms, supporting or other documents, information, payment instruments, letters /

communications addressed to BSLI and documents relating to assignment / nomination,

Insurance Advisor shall ensure compliance with Section 64 VB of the Act.

5.7- The Insurance Advisor shall not and is not authorized to accept any money, in case

from any prospect / customer / policyholder. Where any such person wishes or proposes

to make any payment in cash, the Insurance Advisor shall direct him to the appropriate

office of BSLI for making such payment personally or advise him of the permissible

modes of payment to BSLI. Insurance Advisor can accept cheque, demand draft or other

payment instruments (not being a bearer cheque) from a prospect or a policyholder if and

only if they are drawn in the name of BSLI. Without prejudice to the other provisions of

this Agreement providing for indemnification to BSLI by the Insurance Advisor, the


Insurance Advisor specifically confirms and undertakes to hold BSLI safe, harmless and

indemnified at any time and at all times against any demand, claim , action or proceeding

arising from any breach, whether intended or not, of the provision of this clause. The

Insurance Advisor further confirms that where he accepts any cash in breach of this

clause, he shall be acting an agent of the customer / policyholder till the time the cash in

deposited by him with BSLI, and will continue to be such agent till he continues to hold

any cash accepted from such customer / policyholder.

5.8- The Insurance Advisor shall attend all meetings, workshops, trainings and briefings

conducted by or on behalf of BSLI to create / enhance awareness as to the Insurance

Products, business plans and policies of BSLI and any other matter of relevance to them

of which reasonable notice has been given to the insurance advisor. In particular the

Insurance Advisor shall attend all training and refresher sessions for Insurance Advisors

unless prevented by a cause, which in the opinion of BSLI is reasonable.

5.9- Where the Insurance Advisor intends to bring out or publish any material in any

form through any medium, concerning BSLI, its business or its Insurance Products, the

Insurance Advisor shall obtain prior written approval of BSLI. Further, he shall observe,

follow and comply with the provisions of the Insurance Regulatory and Development

Authority (Insurance Advertisements and Disclosure) Regulations, 2000 of the same.

5.10- The Insurance Advisor shall solicit and procure life insurance business for BSLI

and discharge his obligations under this Agreement in accordance with BSLI’s corporate

objectives and with particular regard to BSLI’s image and standing in the industry and in

the community.

5.11- The Insurance Advisor shall observe, follow and comply with all the

communication, directions and instructions given by BSLI from to time, either generally


or with particular reference to the Insurance Advisor. Such communications, directions

and instructions may be sent by courier, email, post, and fax or may be posted on the

Restricted Website Area.

5.12- The Insurance Advisor shall familiarize himself with the Application Law as in

force time to time and which has a bearing on the discharge of his obligations as an

insurance agent; provided that in the event of any change in the Applicable Law resulting

in a dilution or abrogation of his obligations under this Agreement, to the extent not

provided otherwise, the Insurance Advisor shall continue to be bound by the obligations

as were existent prior to such change, unless expressly approved in writing by BSLI, or

unless inconsistent with Applicable Law.

5.13- The Insurance Advisor shall not solicit or procure life insurance business for or

promote the sales or distribution of the Insurance Products of any other Insurance

company or seek or obtain or commence any employment in any other life insurance

company so long as this Agreement is in force and for a period of six months after its

termination. BSLI may however in writing waive the conditions under this sub clause.

5.14- The Company will be entitled to levy charges of deduct them from amounts

payable to the Insurance Advisor as it may deem fit in respect to any of the services

provided by the Company to the Insurance Advisor.

6. Compensation and Remuneration:

6.1- As compensation and remuneration for the due performance of his obligations

under this Agreement, the Insurance Advisor shall be paid commission at such rates as

may be notified by BSLI to the Insurance Advisor from time, subject to deduction of

applicable taxes under the law in force from time to time in respect of policies effected


through the insurance Advisor; provided that the Insurance Advisor may be paid

commission for effecting the revival of lapsed policies subject to the provision of Sub-

section(2A) of Section 40 of the Act. The Insurance Advisor agrees to provide his

income tax PAN number, or if acquired subsequently, immediately after the same has

been so acquired. In the event of failure to provide PAN number, the Company will be

entitled to block the payments of the Insurance Advisor.

6.2- BSLI shall be entitled to deduct the service tax (or any similar tax, in lieu of or in

addition to service tax), including any cess, surcharge or similar tax thereon, from the

commissions or any other amounts payable to the Insurance Advisor. However, in best

commercial interests BSLI may decide to recover only a part of such taxes and bear the

rest.

6.3- BSLIshall be entitled to revise (upwards or downwards) the rates of commission, as

in force from time to time, by notice in writing to the Insurance Advisor in any one of the

following manner.

6.3 a- by a written notice to the Insurance Advisor; or

6.3 b- by posting the revised rates on the Restricted Website Area; or

6.3 c- providing copies of the revision to all the offices, branches, outlets or franchisees

of BSLI.

6.4- The Insurance Advisor shall be deemed to have notice of the revised commission

rates at the earliest of (a) on receipt of the written notice as per (a) above; or (b)

publication or posting on the Restricted Website Area as per clause (b) above; or (c)

copies of such revision being made available to BSLI office, branch, outlet or franchise

nearest to the address of the Insurance Advisor as per clause (c) above.


6.5- BSLI shall be entitled to specify (and revise) differential commission rates for

different Insurance Products and based on various parameters including new business

premiums, renewal premiums, business done by Insurance Advisor etc.

6.6- In case of any excess or wrong payment of commission or any amount to the

Insurance Advisor or any commission or any amount which subsequent to their payment

becomes recoverable or receivable from the Insurance Advisor for any reason

whatsoever, BSLI shall be entitled to adjust such amounts (which have been paid in

excess or wrongly or have to be received / recovered back ) in the subsequent payment(s)

to the Insurance Advisor, Alternatively, or where no amounts are due to the Insurance

Advisor, BSLI will require the Insurance Advisor to repay or refund forthwith such

amounts, and thereafter the Insurance Advisor shall repay the amount within 15 days

after the receipt of any communication from BSLI in that regard.

6.7- The payment of commission to the Insurance Advisor after the termination or

cessation of this Agreement or payment of commission to the legal heirs of a deceased

Insurance Adviser shall be as provided in the Applicable Law and in accordance with

such other communications or guidelines of BSLI as may be specified in this behalf.

6.8- Notwithstanding the above, BSLI shall not be obliged to pay any commission or

remuneration to the Insurance Advisor if the termination is on account of fraud or any

criminal conduct or serious violation of Applicable Law.


7. Miscellaneous provisions:

7.1- All forms, applications, documents, properties or securities received by the

Insurance Advisor for or on behalf of BSLI shall be held by him in trust for BSLI, and

shall be promptly handed over to BSLI. Upon termination or cessation of this Agreement

the Insurance Advisor shall promptly deliver / return, to BSLI in good condition all

forms, application, documents, properties or securities and all sales literature, manuals

and computer software received from or for or on behalf to or provided by BSLI In the

event of failure of the Insurance Advisor to do so, BSLI shall be entitled to inform about

such failure to IRDA, to organizations with which the Insurance Advisor has

employment or to his business associates including any insurance company of which the

Insurance Advisor becomes or proposes to become the insurance advisor, and further I

BSLI will not furnish the NOC to the Insurance Advisor till such time the failure

continues.

7.2- The Insurance Advisor shall indemnify and keep indemnified and save harmless at

all times BSLI in respect of any indebtedness cast on BSLI or in respect or any claim,

loss or damage or any action or proceeding of whatever nature or for any notices or

expenses arising out of or caused by any act of omission of the Insurance Advisor in

relation to any matter specified in this Agreement or breach of any provisions under this

Agreement failing which BSLI may, without prejudice to any other right or remedy

available to it under law, recover such debt, claim, loss, damage or expenses from any

money due and payable to the Insurance Advisor.

7.3- The Insurance Advisor shall allow officers of BSLI (including its auditors and

advisors), authorized in writing by BSLI , to inspect and make copies of all / any records


maintained by the Insurance Advisor in relation to any subject matter under this

Agreement.

8. Confidentiality:

8.1- All records, information and documents pertaining to BSLI or any of its customers /

prospect / policyholder, including any personal data obtained from or for on behalf of or

provided for BSLI and the contents of this Agreement will constitute Confidential

Information. For the purpose of this clauses, any data, information or knowledge will

also constitute Confidential information which is not in public knowledge and whether or

not marked or identified as confidential and which is disclosed by BSLI to the Insurance

Advisor and whether written, oral or in any other form (including without limitation,

computer storage, tape or other electronic media forum).

8.2- The Insurance Advisor undertakes and aggresses not to disclose, directly or

indirectly, and in any manner what so ever, whether during the currency of this

Agreement or any time thereafter Confidential Information. However, such obligation of

confidentiality will not apply in one or more of the following:

8.2 a- if and to the extent the disclosure is required by any law or any court, government

agency or regulatory authority;

8.2 b- if the information is or becomes available to public (other than as a result of prior

unauthorized disclosure by the Insurance Advisor);

8.2 c- if the information is or was received from a third party not known by the

Insurance Advisor to be under a confidentiality obligation with regard to such

information; or

8.3 d- if the Insurance Advisor is able to prove that the was lawfully in possession of the

information (having been received on a non-confidential basis)


8.3- The Insurance Advisor aggress not to disclose or provide copies of any such

materials, documents and other information, which are meant for internal circulation

only, to any third parties.

9. Intellectual Property Rights:

9.1- The intellectual property rights (in the nature of trademark or copyright or any other

right) in the brand name , product names, logos, designs, colour schemes, names, marks,

designs, drawings, colour, artistic work / manner etc (hereafter collectively referred to as

“marks”) as may be allowed by BSLI to be used by the Insurance Advisor shall vest

solely and exclusively and at all times in BSLI and the Insurance Advisor aggress and

undertakes not to set up an adverse claim in respect to the Marks at any time either

during the currency of this Agreement or at any time thereafter. The Insurance Advisor

also agrees and undertakes that it shall not allow the usage of Marks by any other third

party.

9.2- The Insurance Advisor is permitted to use only such Marks in the course of

providing services under this Agreement as agreed to by BSLI in writing. Where any

such permission is given for use of any Marks (one or more), such permission will

operate as a limited, revocable and non-exclusive permission for usage of such Marks

and shall be subject to conditions and restrictions as may be specified. The permissions

granted or to be granted will not include the permission / right, copy, modify, merge, or

transfer the Marks or any of them. The Insurance Advisor agrees and undertakes no to

alter or modify any Marks or add any content to the Marks. He further agrees not to

remove, conceal or obliterate any copyright, credit-line, date-line or other proprietary

notice included in any document, material, or other of BSLI . Any goodwill generated


through the Insurance Advisor’s use of the Marks shall inure solely to the benefit of

BSLI.

10. Usage of Restricted Website Area:

10.1- The Insurance Advisor understands that BSLI provides certain information specific

to insurance advisors on the Restricted Website Area. BSLI will provide, but without any

obligation, such login ID to the Insurance Advisor to access contents specific to the

Insurance Advisor. The Insurance Advisor agrees that they shall be fully responsible for

any action taken through the Restricted Website Area by using his login ID and

password. In the event there is any unauthorized usage or access noticed by the Insurance

Advisor, he shall immediately bring the same to the notice of BSLI . It is clarified that

BSLI will not be obliged to provide or pay for the cost of any internet connectivity,

hardware and software that the Insurance Advisor may require for access to the Website

or Restricted Website Area. The Insurance Advisor further agrees, confirms and

undertakes not to use the Website for any purpose other than the permitted purpose, and

not permit any other person to access the Restricted Website Area through his login ID

and password.

11. Term and Termination:

11.1- This Agreement shall come into effect from the Effective Date and shall continue

to be effective unless terminated in accordance with the provisions provided herein.

11.2- This Agreement shall terminate:

11.2.a- immediately and without any notice on the death of the Insurance Advisor:

11.2.b- immediately and without any notice on the presentation of a petition for the

adjudication of the Insurance Advisor as insolvent:


11.2.c- forthwith by a written notice on any violation by the Insurance Advisor of any

provision of the Application Law; or

11.2.d- forthwith by a written notice on the Insurance Advisor where he incurs any of

the disqualifications mentioned in clauses(b), (c) or (d) of Sub-section (4) of Section 42

of the Act, whether or not his license to act as an insurance agent is cancelled.

11.2.e- forthwith by a written notice where it is found that the Insurance Advisor has (i)

sought / obtained employment or insurance agency of any other life insurance Company

(ii) indulged in any act of commission or omission in consonance with the direct

competitors of BSLI.

11.3- This Agreement shall terminate on the expiry of 15 days notice served by BSLI on

the Insurance Advisor if he-

11.3.a- fails to discharge the obligations under this Agreement to the satisfaction of

BSLI, or commits breach of any of the provisions of this Agreement and does not

remedy the same within 7 days of a notice to that effect from BSLI. No notice of

remedying a breach will be given if it is not capable of being remedied.

11.3.b- acts in a manner prejudicial to the interests of BSLIor to the interests or its

Policyholders. Without prejudice to the generality of the foregoing the Insurance

Advisor shall be deemed to have acted in a manner prejudicial to the interests of BSLI ,

if any averment in the Agent’s Confidential Report or in any document submitted by him

in connection with a proposal for insurance or application for reinstatement of a Policy is

found to be incorrect or untrue.

11.3.c- is found to have made any false or incorrect averment or suppressed any

information, considered material by BSLI, in his application for appointment as

Insurance Advisor;


11.3.d- in the opinion of BSLI, becomes physically or mentally incapacitated to

discharge the obligations under this Agreement;

11.3.e- he fails to achieve the Minimum Performance Requirements or Minimum

Service Standards as specified from time to time.

11.4- Notwithstanding anything contained in this Agreement, both parties shall have at

all times right to terminate this Agreement by written notice to the other of 15 days

without assigning any reason for such termination.

11.5- Upon termination of this Agreement in whatsoever manner BSLI shall be entitled

to publish notices in newspapers and / or in any other media and / or to dispatch

correspondence notifying the policyholders, customers, branch offices, franchisees,

other insurance advisors and the general public of the termination of the agency of the

Insurance Advisor and he being no more authorized to solicit or procure life insurance

business for BSLI or to represent BSLI in any manner. Further, upon such termination,

BSLI shall also be entitled to forthwith stop / suspend payment of any commission

whether or not due in respect of any business done by the Insurance Advisor.

Save as provided in the Insurance Act, no commission shall accrue to the Insurance

Advisor from the termination of this Agreement.

.


RESEARCH OBJECTIVE

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

Company.

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

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

To do a performance evaluation of Birla Sun Life Insurance products in comparison on

with other insurance companies


HYPOTHESIS

A hypothesis consists either of a suggested explanation for an observable

phenomenon or of a reasoned proposal predicting a possible causal correlation among

multiple phenomena. The term derives from the Greek, hyposthenia meaning "to put

under" or "to suppose." The scientific method requires that one can test a scientific

hypothesis. Scientists generally base such hypotheses on previous observations or on

extensions of scientific theories. Even though the words "hypothesis" and "theory" are

often used synonymously in common and informal usage, a scientific hypothesis is not

the same as a scientific theory.

Hypothesis may be defined as a proposition or a set of proposition set forth as an

explanation for the occurrence of some specified group of phenomenon either asserted

merely as a provisional conjecture to guide some investigation or accepted as highly

probable in the light of established facts. Quite often a research hypothesis is a predictive

statement, capable of being tested by scientific methods, that relates an independent

variable to some dependent variable.

NULL HYPOTHESIS

A null hypothesis is a hypothesis (within the context of statistical hypothesis testing)

that might be falsified on the basis of observed data. The null hypothesis typically

proposes a general or default position, such as that there is no relationship between two

quantities, or that there is no difference between a treatment and the control. The term

was originally coined by English geneticist and statistician Ronald Fisher.


The null hypothesis (often denoted by H0) formally describes some aspect of the

statistical "behavior" of a set of data. The Null Hypothesis is of this project report is that

customers are highly satisfied.

ALTERNATE HYPOTHESIS

Alternative hypothesis is the "hypothesis that the restriction or set of restrictions to be

tested does NOT hold." often denoted H1. Synonym for 'maintained hypothesis.' The

Alternate Hypothesis of this project report is that customers are not satisfied


Research Methodology

While making a study we very often look for what type of research methodology is to be

used in this type of study. For implementation of a proper research methodology we have

to first understand the meaning of research.

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

actual knowledge stock. It can be called as movement from known to unknown and vice-

versa. It is also a continuous process. It is a scientific as well as systematic process,

which includes defining and redefining the problem to develop hypothesis, to collect and

define the information/data, to analysis the information and bring out the mother of

Discovery. An individual makes the effort in research and society or public takes its

benefits because the results are usually generalized.

Data collection

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

nature, which is of practical or theoretical use. The task of data collection begins after a

research problem has been defined and research design chalked out. While deciding

about the method of data collection, the researcher should keep in mind that there are

two types of data primary and secondary.

Primary data: -

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

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

observation method, interview method, through schedules, pantry Reports, distributors

audit, consumer panel etc. The Team Managers and employees of both the Department

were consulted to get information about procedure of both the online and off line share


trading. But the method used by us for the primary data collection was through

questionnaires.

Questionnaire method

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

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

on those bases. There are some merits and demerits of this method. These as under: -

Merits: -

1. Low cost even when universe is large.

2. It is free from bias of interviewer.

3. Respondents have proper time to answer.

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

5. Large samples can be made.

2. Secondary data: -

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

they cannot be considered as original in character. There are many ways of data

collection of secondary data like publications of the state and central govt., reports

prepared by researchers, reports of various associations connected with business,

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

reports of the company.

Sample Size

We have meet 100 peoples during requirement Advisor and policy selling after that I

have taken 25 Peoples they have fill up the questionnaire and given response .


DATA ANLYSIS

Ques. Which Birla Sun Life Scheme does you have?

No of Peoples Have BSLI Plan

Health, 10%

Retierment , 22%

Life, 68%

Health

Retierment

Life

Inference

On the basis of above analysis it has been concluded that around 68% of the policy

holders are having life plan, 22% of them are having Retirement plan and rest of them

are having the health plan.


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

No. of people satisfied with the plan

72%

28%

Yes

No

Inference

On the basis of the analysis it has been concluded that around 72%of the people are

satisfied with plan they and rest if them are not satisfied.


Ques. Are you satisfied with the services provided by the company

regarding new plans and schemes?

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

82%

18%

Yes

No

Inference

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

holders are satisfied with the services provided by the company and rest of them are not

satisfied.


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

No. of Peoples want to more investment in BSLI

67%

33%

Yes

No

Inference

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

policyholders are interested to make more investments in BSLI and rest of them are not

interested.


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

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

78%

22%

Yes

No

Inference

On the basis of above analysis it has been concluded that around 78% people have other insurance plan apart from BSLI and 22% people have BSLI


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

People ready to switch to attractive Schemes if offered by other

companies

82%

18%

Yes

No

Inference

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

holders are ready to switch over if they get good attractive insurance plan and rest of

them don’t.


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

60%9%

11%

8%12% LIC

BSLI

BAJAJ ALIYANZ

ICICI

Others

Inference

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

having other insurance plans apart from BSLI , in which around 60 % are having LIC

insurance plans, 11% are having Bajaj Allianz, 9% are having Birla Sunlife, 8% are

having ICICI Pru. and 12% are having other company insurance plans.

Findings


In this study we had find out that in today’s world more then 50% of the total

population is interested in having an insurance policy.

From the study we have concluded that MF sector is adopting better & planned

strategies to attract its customers. Various marketing strategies are also adopted by the

Different players in the market ,our focus is on Birla Mutual Fund apart from which

investors arediversified among various other leaders of different segments.

CONCLUSION


The market potential for private insurance companies is found to be

greater in the long run as most of the Indians are of the opinion that,

private insurance companies would be able to perform well in the future.

The private and foreign insurance companies have to take immediate steps

in appointing more number of agents and/or advisors in addition to the

employees as it has been found out that agents are the best channel to

reach the general public regarding selling of insurance products. The

private and foreign insurance companies have to concentrate on the

factors like 'Prevention of Loss' , 'Assured Returns' and 'Long term

Investment' . They can also focus on an insurance amount of Rs. 1 – 2

lakhs with 'money back policies' . Hence, the market has potential. The

private and foreign insurance companies that are taking immediate steps

can tap it easily & rapidly.


SUGGESTIONS

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

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

not to switch over to other companies insurance plans.

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

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

insured.

3) Leveraging technology to service customers quickly, efficiently and

conveniently.

4) Developing and implementing superior risk management and investment

strategies to offer sustainable and stable returns to our policyholders.

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

6) Company should provide full information to the customers before

targeting so they can take interest


LIMITATIONS

Some of the respondents were not cooperative.

Some respondents were hesitating to give business details.

Biasness is another limitation that the scope of the survey.

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

respondents.


BIBIOLIOGRAPHY

www.BirlaSunlife.com

www. irda. gov. in

Birlasunlife New Advisor Book

www.google.com


APPENDIX


Questionnaire

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

Occupation:…………………..

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

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

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

(a) Yes (b) No


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

(a)

(b)

(c)

(d)

Ques.4 Are you satisfied with the services provided by the company

regarding new plans and schemes?

(a) Yes (b) No

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

(a) Yes (b) No

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

(a) Yes (b) No


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

(a) LIC (b) Bajaj Allianz

(c) Birla Sunlife (d) Reliance

(e) Others

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

(a) Yes (b) No

Suggestions:

……………………………………………………………………………

……………………………………………………………………………

……………………………………………………………………………

……………………………………………………………………………

……………………………………………………………………………


Life insurance project report

Education

intellectual

fish bowl

equal annual

critical illness

diverse financial

key markets

serviceable

declared bonus