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Report on Summer Training
CONSUMER BEHAVIOUR TOWARDS LIFE INSURANCE
Submitted to Doaba Group of Colleges, Chhokran (Rahon)
(In partial fulfillment of the Requirements for the award of Degree of
Master of Business Administration)
Submitted by: RAJESH KUMAR
University Roll No:-100272244013
DEPARTMENT OF MANAGEMENT
DOABA GROUP OF COLLEGES
CHHOKRAN, RAHON
(2010-2012)
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ACKNOWLEDGEMENT
I would like to take this opportunity to thank all those who have helped me tremendously during
the course of the project. My heartiest thanks are due to many persons for assistance in this project
to present state. The profound gratitude to our teachers especially; Miss Mukta Goyal for being
my guide throughout the completion of this project. Mr. Alok Kumar Jha, Branch Manager of
Birla Sun Life Insurance at S.B.S.Nagar, for clarifying the problems which I encountered during
the preparation of this project. I would also like to thank Mr. Sandeep Kumar (S.A.M), for guiding
me throughout my project. I also extend my gratitude to other SDM's and my friends who have
helped me directly or indirectly to complete my project. I also acknowledge the Knowledge that I
have gained during the preparation of this project.
Rajesh Kumar
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EXECUTIVE SUMMARY
This report represents the detail of work; I have done during the training period. This report has
been drafted by paying regular visit and caring out the opportunity to work on my project. As there
are so many challenging and interesting topics on which I have work, but as I want a subject which
adds another feather on the hat of knowledge, so I choose a broad but very interesting topic i.e.
consumer behaviour towards life insurance I got an opportunity to complete my summer training
in BIRLA SUNLIFE INSURANCE insurance Company to learn about the working of insurance
company. I presented all the data based on questionnaire filled up by me from the peoples of rural
area and I analyzed the data and presented it in the project. I filled up the questionnaire from the
general public to know the awareness level towards the BIRLA SUNLIFE INSURANCE
Insurance Company. This study is very useful for the company to know the behaviour and
awareness level of the customers and the peoples of rural area. The main aim behind the project is
to provide the data to the company so that they can focus on these areas to expand their business.
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Series
no.
Content Page no.
1. Chapter 1. Introduction of the subject
2. Chapter 2. Industry Profile
3. Chapter 3. Company Profile
4. Chapter 4. Objective of the Study
5. Chapter 5. Research Methodology
6. Chapter 6. Data Analysis & Interpretation
7. Chapter 7. Findings
8. Chapter 8. Suggestions
9. Chapter 9. Limitations
10. Appendix
Bibliography
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List of Graphs
Series
no.
Content Page no.
1. Graph no. 6.1.1
2. Graph no. 6.1.2
3. Graph no. 6.1.3
4. Graph no. 6.1.4
5. Graph no. 6.1.5
6. Graph no. 6.1.6
7. Graph no. 6.1.7
8. Graph no. 6.1.8
9. Graph no. 6.1.910. Graph no. 6.1.10
11. Graph no. 6.1.11
List of Tables
Series Content Page no.
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no.1. Table no. 6.1
2. Table no. 6.2
3. Table no. 6.3
4. Table no. 6.45. Table no. 6.5
6. Table no. 6.6
7. Table no. 6.7
8. Table no. 6.8
9. Table no. 6.9
10. Table no. 6.1011. Table no. 6.11
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CHAPTER - 1
Introduction of the subject
INTRODUCTION OF SUBJECT
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MEANING OF INSURANCE:-Insurance may be described as a social device to reduce or
eliminate risk of loss to life and property. Under the plan of insurance, a large number of people
associate themselves by sharing risks attached to individuals. The risks which can be insured
against include fire, the perils of sea, death and accidents and burglary. Any risk contingent upon
these, may be insured against at a premium commensurate with the risk involved. Thus collective
bearing of risk is insurance.INSURANCE is a Co-operative device, which spreads, the loss caused
by a particular risk to some person, over a number of person who are exposed to same or similar
risk & who agree to 'insure' against that risk.
Types of insurance
Automobile insurance
Casualty insurance
Credit insurance
Health insurance
Liability insurance
Total permanent disability insurance
Marine Insurance
Political risk insuranceProperty insurance
CONSUMER BEHAVIOUR TOWARDS LIFE INSURANCE
http://en.wikipedia.org/wiki/Auto_insurancehttp://en.wikipedia.org/wiki/Casualty_insurancehttp://en.wikipedia.org/wiki/Credit_insurancehttp://en.wikipedia.org/wiki/Health_insurancehttp://en.wikipedia.org/wiki/Liability_insurancehttp://en.wikipedia.org/wiki/Total_permanent_disability_insurancehttp://en.wikipedia.org/wiki/Marine_Insurancehttp://en.wikipedia.org/wiki/Political_risk_insurancehttp://en.wikipedia.org/wiki/Property_insurancehttp://en.wikipedia.org/wiki/Auto_insurancehttp://en.wikipedia.org/wiki/Casualty_insurancehttp://en.wikipedia.org/wiki/Credit_insurancehttp://en.wikipedia.org/wiki/Health_insurancehttp://en.wikipedia.org/wiki/Liability_insurancehttp://en.wikipedia.org/wiki/Total_permanent_disability_insurancehttp://en.wikipedia.org/wiki/Marine_Insurancehttp://en.wikipedia.org/wiki/Political_risk_insurancehttp://en.wikipedia.org/wiki/Property_insurance8/3/2019 Final Final Final (1)
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CULTURE FACTORS
CULTURE
SUBCULTURESOCIAL CLASS
PERSONAL FACTORS
AGE AND LIFECYCLE STAGE
OCCUPATION AND FINACIALSTATUS
LIFESTYLE
PSYCHOLOGICAL FACTORS
MOTIVATIONPERCEPTIONS
BELIEFS AND ATTITUDE
FACTORS INFLUENCING
CONSUMER BEHAVIOR
SOCIAL FACTORS
REFERNCE GROUPS
FAMILY
Consumer behavior is the study of how individuals make decisions to spend their available
resources (time, money and effort) on consumption related item (what they buy, when they buy,
where they buy, how often they buy and use a product or services).
There heterogeneity among people across the world makes understanding consumer behavior an
intricate and challenging task. The consumers identity, his beliefs, specific needs, attitudes and
the kind of product and brand available in that product category influence his buying behavior. The
marketing efforts of a firm have a profound impact on the buying decisions of the customers.
Therefore, marketers attempt to obtain an in-depth knowledge of customers buying behavior. The
success or failure of a product or service is directly related to the buying behavior ofcustomers.
Hence, an understanding of buying behavior of customers helps marketers to come up with
innovative products mixes.
Finally, buyer behavior acts as an imperative rule in the hands of marketers to forecast the future
buying behavior of customers and device marketing strategies accordingly in order to create long
term relationship with customer.
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Chapter 2
Industry Profile
INTRODUCTION
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INDUSTRY PROFILE
History of insurance:- Early methods of transferring or distributing risk were practiced by
Chinese and Babylonian traders as long ago as the 3rd and 2nd millennia BCE respectively.
Chinese merchants traveling treacherous river rapids would redistribute their wares across many
vessels to limit the loss due to any single capsizing. The Babylonians developed a system which
was recorded in the famous Code of Hammurabi, c. 1750 BC, and practiced by early
Mediterranean sailing merchants. If a merchant received a loan to fund his shipment, he would pay
the lender an additional sum in exchange for the lender's guarantee to cancel the loan should the
shipment be stolen.
Achaemenian monarchs were the first to insure their people and made it official by registering the
insuring process in governmental notary offices. The insurance tradition was performed each year
in Norouz (beginning of the Iranian New Year); the heads of different ethnic groups as well as
others willing to take part, presented gifts to the monarch. The most important gift was presented
during a special ceremony and when a gift was worth more than 10,000 Derrik (Achaemenian gold
coin weighing 8.35-8.42) the issue was registered in a special office. This was advantageous to
those presented such special gifts. For others, the presents were fairly assessed by the confidants of
the court. Then the assessment was registered in special offices.
The aim of registering was that whenever the one who presented the gift registered by the court
was in trouble, the monarch and the court would help him or her. Jahez, a historian and writer,
writes in one of his books on ancient Iran: and whenever the owner of the present is in trouble or
wants to construct a building, set up a feast, have his children married, etc. the one in charge of this
in the court would check the registration. If the registered amount exceeded 10,000 Derrik, he or
she would receive an amount of twice as much."
The Greeks and Romans introduced the origins of health and life insurance c. 600 AD when they
organized guilds called "benevolent societies" which acted to care for the families and funeral
expenses of members upon death. Guilds in the middle Ages served a similar purpose. The Talmud
deals with several aspects of insuring goods. Before insurance was established in the late 17th
http://en.wikipedia.org/wiki/Chinahttp://en.wikipedia.org/wiki/Babyloniahttp://en.wikipedia.org/wiki/3rd_millennium_BChttp://en.wikipedia.org/wiki/2nd_millennium_BChttp://en.wikipedia.org/wiki/Millenniumhttp://en.wikipedia.org/wiki/Common_Erahttp://en.wikipedia.org/wiki/Code_of_Hammurabihttp://en.wikipedia.org/wiki/Mediterraneanhttp://en.wikipedia.org/wiki/Merchanthttp://en.wikipedia.org/wiki/Ancient_Greecehttp://en.wikipedia.org/wiki/Ancient_Romehttp://en.wikipedia.org/wiki/Familyhttp://en.wikipedia.org/wiki/Funeralhttp://en.wikipedia.org/wiki/Deathhttp://en.wikipedia.org/wiki/Guildhttp://en.wikipedia.org/wiki/Middle_Ageshttp://en.wikipedia.org/wiki/Talmudhttp://en.wikipedia.org/wiki/Good_(economics)http://en.wikipedia.org/wiki/Chinahttp://en.wikipedia.org/wiki/Babyloniahttp://en.wikipedia.org/wiki/3rd_millennium_BChttp://en.wikipedia.org/wiki/2nd_millennium_BChttp://en.wikipedia.org/wiki/Millenniumhttp://en.wikipedia.org/wiki/Common_Erahttp://en.wikipedia.org/wiki/Code_of_Hammurabihttp://en.wikipedia.org/wiki/Mediterraneanhttp://en.wikipedia.org/wiki/Merchanthttp://en.wikipedia.org/wiki/Ancient_Greecehttp://en.wikipedia.org/wiki/Ancient_Romehttp://en.wikipedia.org/wiki/Familyhttp://en.wikipedia.org/wiki/Funeralhttp://en.wikipedia.org/wiki/Deathhttp://en.wikipedia.org/wiki/Guildhttp://en.wikipedia.org/wiki/Middle_Ageshttp://en.wikipedia.org/wiki/Talmudhttp://en.wikipedia.org/wiki/Good_(economics)8/3/2019 Final Final Final (1)
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century, "friendly societies" existed in England, in which people donated amounts of money to a
general sum that could be used in case of emergency.
Separate insurance contracts (i.e. insurance policies not bundled with loans or other kinds of
contracts) were invented in Genoa in the 14th century, as were insurance pools backed by pledges
of landed estates. These new insurance contracts allowed insurance to be separated from
investment, a separation of roles that first proved useful in marine insurance. Insurance became far
more sophisticated in post-RenaissanceEurope, and specialized varieties developed.
Toward the end of the seventeenth century, the growing importance of London as a center for trade
led to rising demand for marine insurance. In the late 1680s, Mr. Edward Lloyd opened a coffee
house which became a popular haunt of ship owners, merchants, and ships captains, and thereby a
reliable source of the latest shipping news. It became the meeting place for parties wishing to
insure cargoes and ships, and those willing to underwrite such ventures. Today, Lloyd's of London
remains the leading market for
Marine and other specialist types of insurance, but it works rather differently than the more
familiar kinds of insurance.
Insurance as we know it today can be traced to the Great Fire of London, which in 1666 devoured
13,200 houses. In the aftermath of this disasterNicholas Barb on opened an office to insure
buildings. In 1680 he established England's first fire insurance company, "The Fire Office," to
insure brick and frame homes.
In 1752, he founded the Philadelphia Contribution ship for the Insurance of Houses from Loss by
Fire. Franklin's company was the first to make contributions toward fire prevention. Not only did
his company warn against certain fire hazards, it refused to insure certain buildings where the risk
of fire was too great, such as all wooden houses.
In the United States, regulation of the insurance industry is highly Balkanized, with primary
responsibility assumed by individual State insurance departments. Whereas insurance markets
have become centralized nationally and internationally, state insurance commissioners operate
individually, though at times in concert through a national insurance commissioner's organization.
http://en.wikipedia.org/wiki/Genoahttp://en.wikipedia.org/wiki/Renaissancehttp://en.wikipedia.org/wiki/Europehttp://en.wikipedia.org/wiki/Lloyd's_of_Londonhttp://en.wikipedia.org/wiki/Great_Fire_of_Londonhttp://en.wikipedia.org/wiki/Nicholas_Barbonhttp://www.contributionship.com/http://www.contributionship.com/http://en.wikipedia.org/wiki/Regulationhttp://en.wikipedia.org/wiki/Balkanizationhttp://en.wikipedia.org/wiki/U.S._statehttp://en.wikipedia.org/wiki/Commissionerhttp://en.wikipedia.org/wiki/Genoahttp://en.wikipedia.org/wiki/Renaissancehttp://en.wikipedia.org/wiki/Europehttp://en.wikipedia.org/wiki/Lloyd's_of_Londonhttp://en.wikipedia.org/wiki/Great_Fire_of_Londonhttp://en.wikipedia.org/wiki/Nicholas_Barbonhttp://www.contributionship.com/http://www.contributionship.com/http://en.wikipedia.org/wiki/Regulationhttp://en.wikipedia.org/wiki/Balkanizationhttp://en.wikipedia.org/wiki/U.S._statehttp://en.wikipedia.org/wiki/Commissioner8/3/2019 Final Final Final (1)
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In recent years, some have called for a federal regulatory system for insurance similar to that of the
banking industry.
In the State ofNew York, which has unique laws in keeping with its stature as a global business
center, Attorney General Eliot Spitzerhas been in a unique position to grapple with major national
insurance brokerages. Spitzer alleged that Marsh & McLennan steered business to insurance
carriers based on the amount of contingent commissions that could be extracted from carriers,
rather than basing decisions on whether carriers had the best deals for clients. Several of the largest
commercial insurance brokerages have since stopped accepting contingent commissions and have
adopted new business models.
OVERVIEW OF INDIAN INSURANCE SECTOR
http://en.wikipedia.org/wiki/New_Yorkhttp://en.wikipedia.org/wiki/Eliot_Spitzerhttp://en.wikipedia.org/wiki/Marsh_%26_McLennan_Companieshttp://en.wikipedia.org/wiki/New_Yorkhttp://en.wikipedia.org/wiki/Eliot_Spitzerhttp://en.wikipedia.org/wiki/Marsh_%26_McLennan_Companies8/3/2019 Final Final Final (1)
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The Insurance sector in India governed by Insurance Act, 1938, the Life Insurance Corporation
Act, 1956 and General Insurance Business (Nationalisation) Act, 1972, Insurance Regulatory and
Development Authority (IRDA) Act, 1999 and other related Acts. With such a large population
and the untapped market area of this population Insurance happens to be a very big opportunity in
India. Today it stands as a business growing at the rate of 15-20 per cent annually. Together with
banking services, it adds about 7 per cent to the countrys GDP .In spite of all this growth the
statistics of the penetration of the insurance in the country is very poor. Nearly 80% of Indian
populations are without Life insurance cover and the Health insurance. This is an indicator that
growth potential for the insurance sector is immense in India. It was due to this immense growth
that the regulations were introduced in the insurance sector and in continuation Malhotra
Committee was constituted by the government in 1993 to examine the various aspects of the
industry. The key element of the reform process was Participation of overseas insurance
companies with 26% capital. Creating a more efficient and competitive financial system suitable
for the requirements of the economy was the main idea behind this reform.
Insurance Regulatory and Development Authority:-
The Insurance Regulatory and Development Authority (IRDA) is a national agency of
the Government of India, based in Hyderabad. It was formed by an act of Indian Parliament known
as IRDA Act 1999, which was amended in 2002 to incorporate some emerging requirements.
Mission of IRDA as stated in the act is "to protect the interests of the policyholders, to regulate,
promote and ensure orderly growth of the insurance industry and for matters connected therewith
or incidental thereto."
In 2010, the Government of India ruled that the Unit Linked Insurance Plans (ULIPs) will be
governed by IRDA, and not the market regulatorSecurities and Exchange Board of India.[1]
Functions of IRDA:-
http://en.wikipedia.org/wiki/Government_of_Indiahttp://en.wikipedia.org/wiki/Hyderabad_(India)http://en.wikipedia.org/wiki/Unit_Linked_Insurance_Planhttp://en.wikipedia.org/wiki/Securities_and_Exchange_Board_of_Indiahttp://en.wikipedia.org/wiki/Insurance_Regulatory_and_Development_Authority#cite_note-0http://en.wikipedia.org/wiki/Government_of_Indiahttp://en.wikipedia.org/wiki/Hyderabad_(India)http://en.wikipedia.org/wiki/Unit_Linked_Insurance_Planhttp://en.wikipedia.org/wiki/Securities_and_Exchange_Board_of_Indiahttp://en.wikipedia.org/wiki/Insurance_Regulatory_and_Development_Authority#cite_note-08/3/2019 Final Final Final (1)
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1. Subject to the provisions of this Act and any other law for the time being in force, the
Authority shall have the duty to regulate, promote and ensure orderly growth of the insurance
business and re-insurance business.
2. Without prejudice to the generality of the provisions contained in sub-section (1), the
powers and functions of the Authority shall include,
Issue to the applicant a certificate of registration, renew, modify, withdraw, suspend or
cancel such registration;
Protection of the interests of the policy holders in matters concerning assigning of policy,
nomination by policy holders, insurable interest, settlement of insurance claim, surrender
value of policy and other terms and conditions of contracts of insurance;
Specifying requisite qualifications, code of conduct and practical training for intermediary or
insurance intermediaries and agents;
Specifying the code of conduct for surveyors and loss assessors;
Promoting efficiency in the conduct of insurance business;
Promoting and regulating professional organizations connected with the insurance and re-
insurance business;
Levying fees and other charges for carrying out the purposes of this Act;
Calling for information from, undertaking inspection of, conducting enquiries and
investigations including audit of the insurers, intermediaries, insurance intermediaries and
other organizations connected with the insurance business;
Control and regulation of the rates, advantages, terms and conditions that may be offered
by insurers in respect of general insurance business not so controlled and regulated by the
Tariff Advisory Committee under section 64U of the Insurance Act, 1938 (4 of 1938);
Specifying the form and manner in which books of account shall be maintained and
statement of accounts shall be rendered by insurers and other insurance intermediaries;
Regulating investment of funds by insurance companies;
Regulating maintenance of margin of solvency;
Adjudication of disputes between insurers and intermediaries or insurance intermediaries;
Supervising the functioning of the Tariff Advisory Committee;
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Chapter 3
Company Profile
COMPANY PROFILE
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About Birla Sun Life Insurance (BSLI)
Birla Sun Life Insurance (BSLI) has been operating for over 9 years. It 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. BSLI has covered
more than 2 million lives since it commenced operations. And its customer base is spread across
more than 1500 towns and cities in India. The company has a capital base of Rs. 2,000 crs as on
March 31, 2009. The current AUM of Birla Sun Life Insurance stands at Rs. 8165 crs as on
February 28, 2010.
About Aditya Birla Group
The Aditya Birla Group enjoys a leadership position in all the sectors in which it operates. It is
anchored by a force of 100,000 employees, belonging to 25 nationalities. Its operations span 25
countries across six continents and are reckoned as India's first multinational corporation.
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Headquartered in Mumbai, India, over 60 per cent of the Group's revenues flow from our overseas
operations. The Group nurtures a work culture where success is built on learning and innovation.
The Aditya Birla Group has been adjudged "The Best Employer in India and among the top 20 in
Asia" by the Hewitt, Economic Times and Wall Street Journal Study 2007. Aditya Birla Group has
a strong presence across various financial services verticals that include life insurance, fund
management, distribution & wealth management, security based lending, insurance broking,
private equity and retail broking. The seven companies representing ABFSG are Birla Sun Life
Insurance Company, Birla Sun Life Asset Management Company, Birla Sun Life Distribution
Company, Birla Global Finance Company, Birla Insurance Advisory & Broking Services, Aditya
Birla Capital Advisors and Apollo Sindhoori Capital Investment. The consolidated revenues from
these businesses crossed the USD 1 billion mark in 2007- 08. The group collectively enjoys the
trust of over 4 million customers, and prides itself for having a talent pool of over 15,000
committed employees. The Vision of ABFSG is to be leaders and role models in a broad based and
integrated business. The company aims to be a total solutions provider to all the financial needs of
its target customers. This gets truly reflected in the way the Group is structured and operates - one
virtual brand many real businesses capitalizing on the immense synergies across its
businesses.
Major Achievements of Aditya Birla Group
Largest single location copper smelter
Largest aluminum rolling company
No.1 in viscose staple fiber
The third largest producer of insulators
The fourth largest producer of carbon black
The eleventh largest cement producer and the second largest in India
Among the best energy efficient fertilizer plants
Among the worlds top 15 and India's top three BPO company.
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The group is India's leading business house with a number of key organizations. These are as
follows:
1. Grasim
2. Ultra Tech Cement Ltd
3. Hind Alco
4. Indian Aluminum Company Ltd
5. Aditya Birla Nuvo
6. Idea Cellular Ltd.
7. Birla Sun Life Insurance Co.Ltd
8. Birla Sun Life Asset Mgmt. Co.Ltd
9. Birla Sun Life Distribution Co. Ltd
10. PSI Data Systems
11. Indo Gulf Fertilizers Ltd.
12. Birla Global Finance Ltd
BIRLA SUN LIFE INSURANCE
Birla sun life insurance company limited is a joint venture between the Aditya Birla Group and the
sun Life Financial services of Canada. It started its operations in March 2001 after receiving its
registration license in January 2001.
BSLIs core strategy since inception has been to create value for all its stakeholders. This has
been driven through innovative and customer focused products and a multi-channel distribution
capability in individual and group insurance. The company started its operations with the launch of
innovative unit-linked insurance products, being the first private life insurance company in India to
do so. The company has geared up through superior value creation and technology in fulfilling its
aims to provide multiple products and benefits greater investment opportunities and to provide the
vast investor popular in India with better liquidity and security.
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The transition of the insurance industry in India from a public monopoly to a competitive
environment presents interesting opportunities both to the insurance players as well as to the
customers. BSLI plans to spot emerging trends and capitalize on these opportunities for the benefit
of its customers. BSLI aims at being a leader in product innovation with new products designed to
cater to specific customer needs.
The company has a clear thrust on investment linked insurance products and believes in
maximizing investment returns for the policyholders. Its unit-linked products offered varied
investment options for policyholders to choose, based on their risk appetite. BSLI has been fully
complying with its rural services network of the group is being tapped for this purpose.
Its clients have already appreciated the companys superior underwriting processes and
infrastructure. Its direct sales force of more than 60,000 high quality licensed insurance advisors in
major cities and towns in India are the companys flag bearers. The companys insurance advisors
in major cities and towns in India are the companys flag bearer. The companys insurance
advisors have qualified for the prestigious Million Dollar Round Table (MDRT), COT and TOT,
one of the highest international honors in the life insurance industry, in all the years of its
operations.
Birla sun life insurance pioneered the unique Unit Linked Life Insurance Solutions in India.Within 4 years of its launch, BSLI has cemented its position as a leading player in the private life
insurance industry.
There has been focus on Investment Linked Insurance Products, supported with protection products
to maintain leadership in product innovation.
Multi Distribution channels - Direct Sales Force, Alternate Channels and Group offering
convenient channels of purchase to customers.
Web-enabled IT systems for superior customer services.
First to have issued policies over the Internet.
Corporate governance and a high degree of transparency in all business practices and procedures.
First to have an operational Business Continuity Plan.
Strong fundamentals based on the Aditya Birla group's local insight and Sun Life financials global
expertise.
http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_AboutUs/Company_Profile/abtus_comprofile2.aspx#adityahttp://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_AboutUs/Company_Profile/abtus_comprofile2.aspx#sunlifehttp://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_AboutUs/Company_Profile/abtus_comprofile2.aspx#adityahttp://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_AboutUs/Company_Profile/abtus_comprofile2.aspx#sunlife8/3/2019 Final Final Final (1)
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74%
26%
100%Equity Share
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Landmarks
Birla Sun Life Insurance, one of Indias leading life insurance companies, has set a new milestone,
by crossing the landmark figure of Rs. 10,000 crores in Assets under Management (AUM), as on
April 24, 2009. Commenting on the achievement, Mr. Vikram Kotak, Chief Investment Officer,
Birla Sun Life Insurance, said, It gives us great pleasure to cross the landmark of Rs. 10,000
crores of AUM, and in the process registering a strong growth of 41% year-on-year. This
achievement is notable especially in the light of tough market conditions on the back of Global
financial turmoil
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MAJOR PLAYERS OF LIFE INSURANCE
Life Insurer in Public Sector:-
1. Life Insurance Corporation of India
Life Insurers in Private Sector:-
1. SBI Life Insurance
2. MetLife India Life Insurance
3. ICICI Prudential Life Insurance
4. Bajaj Allianz Life
5. Max New York Life Insurance
6. Sahara Life Insurance
7. Tata AIG Life
8. HDFC Standard Life
9. Birla Sun life
10. Kotak Life Insurance
http://en.wikipedia.org/wiki/Life_Insurance_Corporation_of_Indiahttp://sbilife.co.in/http://www.metlife.co.in/http://www.iciciprulife.com/public/default.htmhttp://www.bajajallianzlife.co.in/http://www.maxnewyorklife.com/http://www.saharalife.com/http://www.tata-aig-life.com/http://www.hdfclife.com/http://www.birlasunlife.com/http://www.kotaklifeinsurance.com/http://en.wikipedia.org/wiki/Life_Insurance_Corporation_of_Indiahttp://sbilife.co.in/http://www.metlife.co.in/http://www.iciciprulife.com/public/default.htmhttp://www.bajajallianzlife.co.in/http://www.maxnewyorklife.com/http://www.saharalife.com/http://www.tata-aig-life.com/http://www.hdfclife.com/http://www.birlasunlife.com/http://www.kotaklifeinsurance.com/8/3/2019 Final Final Final (1)
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Our Leadership Team
Mr. Kumar Mangalam Birla CHAIRMAN, ADITYA BIRLA GROUP
Mr. Pranab Barua Textiles and Apparels
Mrs. Rajashree Birla Chairperson, The Aditya Birla Centre for
Community Initiatives and Rural Development
Mr. Rajiv Dube Group Corporate Services
Mr. Ajay Srinivasan Financial Services
Dr. Rakesh Jain Aditya Birla Nuvo
Mr. Askaran Agarwala Birla Group Trusts & Special Community
Projects
Mr. Ravi Kastia Trading, Port and Power Projects
Dr. Bharat Singh Business Review Council (Services business)
Mr. Himanshu Kapania Telecom
Mr. D.D. Rathi Business Review Council (Services business)
Dr. Santrupt B. Misra Carbon Black Business and Group HR
Mr. Debu Bhattacharya Metals
Mr. Shailendra Jain Chairman, Business Review Council
(Manufacturing business)
Mr. K. K. Maheshwari Pulp & Fiber
Mr. Thomas Varghese Retail
Mr. Lalit Naik Chemicals
Mr. Tuhin Mukherjee Mining and Mineral Resources Development
Mr. O. P. Puranmalka Cement
Mr. Vikram Rao Acrylic Fiber and Overseas Spinning Business
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Market Share of all Life Insurance Companies India
In line with expectations, life insurance industrysnew business volumes in the individual new
business segment remained strong, growing 36% Y-o-Y and 23% M-o-M, in August 2010.
In the individual new business segment, while LIC, BIRLA, and HDFC improved WNRP industry
market share (YTD) by 3.8 percentage points, 1.25 percentage points, and 0.7 percentage points,
respectively, Bajaj Allianz (1.8 percentage points), ICICI (1.5 percentage points), SBI (1.26
percentage points) and Reliance (0.31 percentage points) lost significantly. At 5mFY11 end,
private insurers market share stood at ~50%.
Here is how Various Life Insurers stack up against each in the Industry as a whole. The following
Data suggests that LIC of India is still the market leader followed by ICICI Prudential, HDFCStandard Life, SBI, Reliance, Bajaj, Birla Sun Life, Max New York etc.
50%
10%
5%
4%
8%
5%
6%
4%3%2%
1%2%LIC
ICICI
SBI
BAJAJ
OTHERS
RELIANCE
HDFC
BIRLA
MAX
TATA
MET
KOTAK
BIRLA SUN LIFE INSURANCE NAWANSHAHR BRANCH AS ON
31/06/2011
http://www.dalalstreet.biz/forum/insurance-ulip/list-of-all-life-insurance-companies-in-india/http://www.dalalstreet.biz/forum/insurance-ulip/list-of-all-life-insurance-companies-in-india/http://www.dalalstreet.biz/forum/insurance-ulip/list-of-all-life-insurance-companies-in-india/8/3/2019 Final Final Final (1)
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PRODUCT PORTFOLIO OF BSLI
BRANCH MANGERALOK KUMAR JHA
BRANCH DEVELOPMENT
MANAGER
(BDM)
SENIOR AGENCY MANAGER
(SAM)
AGENCY MANGERS: OPERATIONAL
STAFF
TELE STAFF
TRANING STUDENT
FINANCIAL ADVISOR
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1. PENSION PLAN:-
Product Name LIC Pension Plus BSLI Secure 58 Plan
Company NameLife Insurance Corporation of
IndiaBirla Sunlife Insurance
Minimum Premium Rs.15000 p.a Rs. 9,600 p.a.
Maximum Premium Rs. 1,00,000 p.a. No Limit
Minimum Term 10 Years Information Not Available
Minimum age at Entry 18 Years 10 Years
Maximum age at Entry 75 Years 40 Years
Vesting AgeMinimum is 40 Years,
maximum is 85 Years.Maximum - 90 years
Minimum age at Maturity Information Not Available 18 Years
Maximum age at Maturity Information Not Available 80 Years
Death Benefit Fund Value
75% of first year base premium
and all renewal base premiumspaid ; or Surrender value (or the
Guaranteed Vesting Benefit) atthat time + All accumulatedsurvival benefits
Free Look Period 15 Days 15 Days
Fund Options Debt Fund and Mixed Fund ----------------------------
Mode Of PaymentsYearly, Half-yearly, Quarterly
and MonthlyYearly, Half-yearly, Quarterlyand Monthly
Switching
You can switch between two
funds during the policy term.Two free switches are allowed in
a policy year.
Information Not Available
Tax Benefitunder Section 80C and Section
10(10D) of Income TaxAct,1961.
Under Section 80CCC andSection 10 (10A) of the IncomeTax Act, 1961.
Grace Period30 Days for yearly, half-yearly
and quarterly mode, 15 days for
monthly mode
30 Days
Loan OptionNo loan will be available under
this plan.Information Not Available
Pension Growth
To grow your capital through enhanced returns over a medium to long term period through
investments in equity and debt instruments, thereby providing a good balance between risk and
return.
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Asset Allocation:
SECURITIES HOLDINGSGovernment Securities 13.90%
Corporate Debt 45.41%
Equity 18.63%
Money Market Instruments 22.06%
TOTAL 100.00%
14%
45%
19%
22%
Government Securities
Corporate Debt
Equity
Money Market
Instruments
2. CHILDREN PLAN:-
Product Name LIC - Jeevan Anurag BSLI Saral Children\'s Plan
Company NameLife Insurance Corporation
of IndiaBirla Sun Life Insurance
Minimum Premium Information Not Available Rs.10,000 p.a
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Maximum Premium Information Not Available No Limit
Minimum Term 10 Years 10 years
Maximum Term 25 Years 20 years
Minimum Sum Assured Rs.50,000/-6 times of Annual Savings
Premium
Maximum Sum AssuredNo Limit. Sum Assured will
be in multiples of Rs.5,000 /-
only.
No Limit
Minimum age at entry of the
parent20 Years 18 years
Maximum age at entry of the
Parent60 Years 50 years
Minimum age at entry of the
childInformation Not Available 0 years
Maximum age at entry of the
childInformation Not Available 21 years
Death Benefit Sum Assured Sum Assured
Survival Benefit Information Not Available Information Not Available
Maturity Benefit Information Not AvailableFund Value + Guaranteed
Addition at Maturity.
Free Look Period 15 Days 15 days
Minimum Premium Payment
term7 Years 10 Years
Maximum Premium
payment term22 Years 20 Years
Nominee Information Not Available Child
Mode of paymentYearly, Half-yearly,
Quarterly, and Monthly
Yearly, Half yearly, Quartarly
and Monthly
CHILDREN GROWTH
BSLI Saral Children's Plan, a solution that combines the best benefits into a single plan. A
plan that gives a guaranteed amount on maturity and keeps the policy alive in the unfortunate
event of your death ensuring that your child's future is secure.
Asset Allocation:
SECURITIES HOLDINGS
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Equity 35%
Money Market Instruments 65%
TOTAL 100.00%
HOLDINGS
65%
35%Equity
Money MarketInstruments
3. HEALTH PLAN:-
Product NameLIC Health
Protection Plan
Birla Sun life Saral
Health Plan
Company NameLife InsuranceCorporation of India
Birla Sun LifeInsurance
Sum Insured
Minimum Insured isRs.250 and
Maximum Insured is
Rs.2,500
Rs. 10 Lakhs
Policy DurationInformation Not
Available
10 pay/ 10 term, 10
pay/20 term and 20pay/20 term
Eligibility Minimum age at Minimum Age at entry
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entry - 18 years and
Maximum age atentry - 55 years
(Nearest Birthday)
- 18 years, Maximumage at entry - 50 years
Web Site www.licindia.com www.birlasunlife.com
SARAL HEALTH PLAN
BSLI Saral Health Plan, a comprehensive health insurance plan that gives cover across -
hospitalization expenses, surgical expenses, critical illness and routine health care expenses.
Asset Allocation:
SECURITIES HOLDINGS
Equity 80%
Money Market Instruments 20%
TOTAL 100.00%
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HOLDINGS
80%
20%
Equity
Money Market
Instruments
4. MONEY BACK PLAN:-
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Product Name LIC- Profit Plus PlanBirla Flexi Cash Flow
Money Back Plan
Company NameLife Insurance
Corporation of IndiaBirla Sun Life Insurance
Minimum Premium
Rs.20,000 for Single
Premium Rs. 10,000 p.a.
for Regular Premium
Information not Available
Maximum Premium Information not Available Information not Available
Minimum Term 5 Years 10 Years
Maximum Term 20 Years 25 years
Minimum Sum Assured
Regular Premium - 5 x
Annual Premium, Single
Premium - 1.25 X Single
Premium
No Limit
Maximum Sum Assured
2.5 times the single
premium if age maturity
age is 71 Years and above
1,00,000
Minimum age at Entry 0 Years 13 Years
Maximum age at Entry 65 Years 65 Years
Minimum age at Maturity 18 Years (Completed) No Limit
Maximum age at Maturity70 Years (Nearest
Birthday)75 Years
Death Benefit
Sum Assured or Fund
Value Which ever is
higher
Sum Assured or the Fund
Value which ever is higher
Survival Benefit Information not Available Available
Maturity Benefit Fund Value Fund Value
Free Look Period Information not Available 15 Days
Switching First 4 Switches in a yearare free
2 Switches in a year arefree
Loan Option Not Available Not Available
MONEY BACK PLAN
Birla Sun Life Insurance Life Companion Money Back Plan is the plan that suits the budget of
every individual. Not only has that it also acted as a cushion by giving you regular income at
regular intervals in life.
Asset Allocation:
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SECURITIES HOLDINGS
Equity 80%
Money Market Instruments 20%
TOTAL 100.00%
HOLDINGS
75%
25%
Debt Instruments
Equity related securities
FINANCIAL STATUS OF BSLI
According to Nani B Javeri, chief executive officer, Birla Sun life Insurance,
the strategy of using a ULIP platform has worked well for the company and Birla Sun life will
continue to focus on these market-linked products, which are considered to be more transparent
than traditional policies.
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"ULIPs are capital-efficient, that is, they use relatively less capital and deliver
more or less similar margins as other products," he says. ICICI Prudential is the other player for
whom linked policies contributed a high percentage - as much as 84 per cent of total business
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Chapter 4
Objective of the Study
OBJECTIVE OF STUDY
1) To study the behaviorof consumer about life Insurance
2) To access the awareness of the people about the policies of the sun life.
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Chapter 5
Research Methodologies
RESEARCH METHODOLOGY STUDY
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Source of Data: - Primary and Secondary data.
Population Size: - 250
Sample Size: - 100
Sample Model:-Questionnaire
Sampling Technique: - Convenience
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Chapter 6
Data Analysis & Interpretation
DATA ANALYSIS AND INTERPRETATION
Q1. Do you have life insurance?
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TABLE 5.1
69%
31%
Yes
No
FIGURE: 5.1.1
Interpretation: 69% people have life insurance and 31% have not.
Q2. If yes, then in which company you have?
Source of
Information
Yes No
No. of consumers 69 31
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Source of
Information
BSLI LIC Others
No. of
consumers
67 22 11
TABLE 5.2
67%
22%
11%
FIGURE: 5.1.2
Interpretation: 67% people have life insurance of BSLI, 22% people have life insurance of LIC and
11% people have others life insurance.
Q3. What are the points that attract you toward this company?
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Source of
Information
Brand image Security of
investment
Better services
provided
IRDA approval
No. of
consumers
30 25 20 25
TABLE 5.3
30%
25%
20%
25%
Brand image
Security of inve
Better services
IRDA approval
FIGURE: 5.1.3
Interpretation: 30% people attracted by brand image, 25% people attracted by security of
investment, 20% people attracted by better services and 25% people attracted by IRDA approval.
Q4. How do you come to know about this company?
Source of Agent Friend Newspaper T.V E-
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Information Commerce
No. of
consumers
25 10 30 25 10
TABLE 5.4
25%
10%
30%
25%
10%
Age
Frie
New
T.V
E-C
FIGURE: 5.1.4
Interpretation: 25% people come to know by agent, 10% people come to know by Friend, 30%
people come to know by newspaper, 25% people come to know by T.V
And 10% people come to know by E- commerce.
Q5. How you rate the policies provided by your company?
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TABLE 5.5
57%
36%
4%
3%
0%
V
G
N
B
V
FIGURE: 5.1.5
Interpretation: 57% people rate their company policies as a very good, 36% people rate their
company policies as a good, 4% people rate their company policies as a neutral, 3% people rate
their company policies as a bad and 0% people rate their company policies as a very bad.
Sources of
Information
Very Good Good Neutral Bad Very Bad
No. of
consumers
57 36 4 3 0
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Q6. What features you like in the policies of your company?
Sources of
Information
Affordable
premium
Rider
benefits
Rate of
return
Income tax
benefits
Switching
No. of
consumers
22 10 37 23 8
TABLE 5.6
22%
10%
37%
23%
8%
Affordable
Rider benefi
Rate of retu
Income tax
Switching
FIGURE: 5.1.6
Interpretation: 22% people like the features of Affordable premium, 10% people like rider benefits,
37% people like rate of return, 23% people like income tax benefits and 8% people like switching
in the policies.
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Q7. What kind of life insurance you have?
Sources of
Information
Children plan Pension plan Health plan Money back
plan
No. of
consumers
22 20 10 48
TABLE 5.7
22%
20%
10%
48%
Children
Pension
Health Pl
Money b
FIGURE: 5.1.7
Interpretation: 22% people have life insurance of Children plan, 20% people have life insurance of
pension plan, 10% people have life insurance of health plan and 48% people have life insurance of
money back plan.
Q8. What are the various services provided by your company except life insurance?
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Sources of
Information
Alert services Free look
services
Fund flash Bonus services
No. of
consumers
57 9 24 10
TABLE 5.8
57%
9%
24%
10%
Alert Servi
Free look
Fund flash
Bonus Se
FIGURE: 5.1.8
Interpretation: 57% people says that they get free alert services, 9% people says that they get free
look services, 24% people says that they get fund flash and 10% people says that they get bonus
services from their insurance company.
Q9. Are you satisfied with the services provided by your company?
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Sources of Information Yes No
No. of consumers 69 31
TABLE 5.9
69%
31%
Yes
No
FIGURE: 5.1.9
Interpretation: 69% people satisfied with the services provided by their company and 31% people
not.
Q10. Rank your satisfaction towards the policy provided by your company?
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Sources of
Information
Very
Satisfied
Satisfied Neutral Dissatisfied Very
Dissatisfied
No. of
consumers
52 35 11 2 0
TABLE 5.10
52%
35%
11%
2%
0%
Very Sat
Satisfied
Neutral
Dissatisf
Very Dis
FIGURE: 5.1.10
Interpretation: 52% people are very satisfied, 35% people are satisfied, 11% people are neutral, 2%
people are dissatisfied and 0% people are very dissatisfied with their policy.
Q11. Do you want to invest more than in BSLI?
Sources of Information Yes No
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No. of consumers 69 31
TABLE 5.11
69%
31%
Yes
No
FIGURE: 5.1.11
Interpretation: 69% people want to invest in BSLI and 31% do not.
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Chapter 7
Findings
FINDINGS OF THE STUDY
Findings of the research study are as follows:-
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From the survey, we came to know that most of the people are aware about the BIRLA
SUN LIFE INSURANCE LIMITED.
Most of the people came to know about the LIC from the agents and newspaper media.
This shows that other promotional media activities like radio, hoardings and postures are
missing which are on high these days.
From the survey we came to know that mostly people are not such aware about the policies
offered by BIRLA SUN LIFE INSURANCE LIMITED.
From the survey, we came to know that most of the people those who are insured are
satisfied with the policies provided by BIRLA SUN LIFE INSURANCE LIMITED.
The survey shows that most of the people rate the policies of BIRLA SUN LIFE
INSURANCE are very good but not excellent. This means that they want something extra
in their policies.
The survey shows that mostly people like low premium allocation charges and rate of
return in the policies of BIRLA SUN LIFE INSURANCE LIMITED.
From the survey, we came to know that most of the people have reliability in BIRLA SUN
LIFE INSURANCE LIMITED.
From the survey, we came to know that most of the people are satisfied with the after
sales services of the BIRLA SUN LIFE INSURANCE LIMITED. But there were some
customers who were saying that they are not getting proper information regarding their
policies at right time.
From the survey, we came to know that BIRLA SUN LIFE INSURANCE LIMITED has
a very good image among the people. This shows that people believe in brand name of
BIRLA SUN LIFE INSURANCE LIMITED.
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Chapter 8
SUGGESTIONS AND RECOMENDATIONS
SUGGESTIONS AND RECOMENDATIONS
The suggestion and recommendations are as follows
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It is suggested that company need to establish new branches in villages and small cities by
this company can move more better
There should be cash deposit facility in each and every branch of the company so that
customer can get better services
There should be limit of financial advisor under agency manager and the limited amount of
these advisor can handle it easily
The company should also need to begin some small duration and small amount of
investment because in INDIA there are many peoples who are working in poor line or
below poverty line
The company has to start monthly premium plans to attract the customers
They need to make some presentation among the small villages this make people education
about insurance sector
Their is need to use proper advertisement channels to make a good brand image
In this survey I also get that maximum customer changing their mind now they going to
prefer BSLI products.
From this survey I also get now BIRLA SUNLIFE INSURANCE having a good brand
image in the eyes of customers.
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Chapter 9
Limitations
LIMITATIONS OF THE STUDY
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Limitations of the study are as follows:-
1. The preparation and interpretation of data may not be 100% free from errors and may be
effected by the respondents biased mindset to some extend.
2. Sampling size of targeted customer is small, so the response may not give true reflections of
the mental framework of the population.
3. Judgment/ convenience sampling will be used, so the data may not be of that quality level
as obtained by complete enumeration survey which is not possible due to financial and time
constraints.
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Appendix
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APPENDIX
QUESTIONNAIRES
Q1- Do you have life insurance?
Yes No
Q2- If yes, then in which company you have?
BSLI LIC
Others
Q3- What are the points that attracts you toward this company?
Brand image Security of investment
Better services provided IRDA approval
Q4- How do you come to know about this company?
Agent Friend
Newspaper T.V
E- commerce
Q5- How you rate the policies provided by your company?
Very good Good
Neutral Bad
Very Bad
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Q6- What features you like in the policies of your company?
Affordable premium Rider benefits
Rate of return Income Tax benefits
Switching
Q7- What kind of life insurance you have?
Children plan Pension plan
Health plan Money back plan
Q8-What are the various services provided by your company except life insurance?
Alert services free look services
Fund flash Bonus services
Q9- Are you satisfied with the services provided by your company?
Yes No
Q10- Rank your satisfaction towards the policy provided by your company?
Very Satisfied Satisfied
Neutral Dissatisfied
Very Dissatisfied
Q11. Do you want to invest more than in BSLI?
Yes No
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BIBLIOGRAPHY
http://www.adityabirla.com/our_companies/joint_ventures/birlasun life_insurance.htm
http://en.wikipedia.org/wiki/Consumer_behaviour
http://www.iloveindia.com/finance/insurance/companies/birla-sun-life-insurance.html]
http://insurance.birlasunlife.com/Portals/0/mediakit/PressArchive/2008/july/BSLI_Market_
Gain_090708.html
http://freepress.in/insurance/market-share-of-all-life-insurance-companies-india/
http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_Aboutus/Compan
y_Profile/abtus_comprofile.aspx
http://www.birlasunlife.com/birlasunlife/index.aspx
http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individu
al/Protection/bsl_termplan.aspx
http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individu
al/Savings/bsl_goldplus_II.aspx
http://www.cs.indiana.edu/mit.research.how.to/section3.12.html
http://encyclopedia.thefreedictionary.com/Research+methodology
http://www.slideshare.net/arjun.ramesh86/consumer-behaviour-presentation-796587
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http://en.wikipedia.org/wiki/History_of_insurance
Books:
1. Philip kottler, Marketing Management2. Rajan saxena. Marketing Management
3. Research Methodology by Kothari.
http://en.wikipedia.org/wiki/History_of_insurancehttp://en.wikipedia.org/wiki/History_of_insurance