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project report on birla sun life

project report on birla sun life

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Published by eshaneeraj

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Published by: eshaneeraj on Feb 09, 2010
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10/22/2013

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1
 
CHAPTER-1
INTRODUCTION
 
BIRLA SUN LIFE INSURANCE
Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between the Aditya BirlaGroup and Sun Life Financial Inc., a leading international financial services organization. Thelocal knowledge of the Aditya Birla Group combined with the expertise of Sun Life FinancialInc., offers a formidable value proposition to customers. Sun Life Financial and its partnerstoday have operations in key markets worldwide, including India, Canada, the United States, theUnited Kingdom, Hong Kong, Philippines, Japan, Indonesia, China and Bermuda. Sun LifeFinancial 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 anddevelopment of the life insurance industry in India. It pioneered the launch of Unit Linked LifeInsurance plans amongst the private players in India. It was the first player in the industry to sellits policies through the Bank assurance route and through the internet. It was also the first privatesector 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 inceptionand its customer base is spread across 100 cities in India. All this has assisted the company incementing its place amongst the leaders in the industry in terms of new business premiumincome. Birla Sun Life Insurance (BSLI), one of the leading private life insurers in India todayannounced the inimitable achiever, cricketer Kapil Dev as their corporate brand ambassador. Thecricketing supreme will be endorsing BSLI in all its marketing initiatives. Birla Sun LifeInsurance is a value-driven brand which has a national brand recall of 70 per- cent. The objectiveof appointing a brand ambassador is to grow its brand recall as it goes national in its distributionreach 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 integratedmarketing approach, which will be strengthened further.2
 
Commenting on the association with Kapil Dev, Mr. S. K. Mitra, Director, Financial Services,Aditya Birla Group and currently in charge of BSLI expressed, "The Birla Sun Life Insurance business distribution network is national in nature covering more than 1000 points across thecountry .We have made our entry in several tier I and tier II towns. It is therefore very importantfor the brand to connect at the grass root level and create trust. We believe that our associationwith Kapil Dev as our brand ambassador will help us create this connects in a shorter period of time. We therefore now have two strong connects — our parent brand Birla and our brandAmbassador 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 on16 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 wicketsalong with 64 catches show that he was a world class cricketer and an all-rounder. He has raisedthe 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 insurancecategory and had high acceptance by the masses. Our survey suggests that he is seen as a verygood 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 hosted the annual golf tournament at the Chembur Golf Club in Mumbai where Kapil Dev participated.
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 internationalfinancial services organization. The local knowledge of the Aditya Birla Group combined withthe 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 contributedsignificantly to the growth and development of the life insurance industry in India. It pioneeredthe 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 theinternet. 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 entirely1

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