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summer training project on BIRLA SUNLIFE

summer training project on BIRLA SUNLIFE

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Published by sidharthllb

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Published by: sidharthllb on Aug 02, 2009
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07/18/2013

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OBJECTIVE 
To determine and analyze the Market Potential of the Birla Sun LifeInsurance Company in Lucknow City. 
To study the overall scenario currently prevailing in the market, namely,the per capital income, purchasing power, occupation, literacy rate, etc.
To study and determine the competitor position in the market.
To do a performance evaluation of Birla Sun Life Insurance products incomparison on with other insurance companies
DETAILD STUDY OF INSURANCE POLICY & REQUIRMENT OF ADVISOR  
 
INTRODUCTIONLife Insurance
DETAILD STUDY OF INSURANCE POLICY & REQUIRMENT OF ADVISOR  
 
Life insurance
Life insurance (Life Assurance inBritish 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, theinsured, and the owner of the policy (policyholder), although the owner andthe 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 MarySmith, his wife, buys a policy on John's life, she is the owner and he is theinsured. 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 isthe beneficiary. The beneficiary is the person or persons who will receivethe 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 theterms and conditions of the risk assumed. Special provisions apply,including a suicide clause wherein the policy becomes null if the insuredcommits suicide within a specified time for the policy date (usually twoyears). Any misrepresentation by the owner or insured on the application isalso grounds for nullification. Most contracts have a contestability period,also usually a two-year period; if the insured dies within this period, the
DETAILD STUDY OF INSURANCE POLICY & REQUIRMENT OF ADVISOR  

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