SUMMER TRAINING REPORT

On

INVESTMENT HABITS OF INDIAN INVESTORS

FOR

BIRLA SUN LIFE INSURANCE

By
Gaurav Tripathi
Roll No - 409

In Partial Fulfillment for the award of the degree

Post-Graduate Diploma in Management
Batch 2016-18

Specialization: Finance and Business Analytics

New Delhi Institute of Management

50 (B&C), 60, Tughlakabad Institutional Area, New Delhi-110062
E-mail: placement@ndimdelhi.org Website: www.ndimdelhi.org

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 SUMMER TRAINING REPORT

On

INVESTMENT HABITS OF INDIAN INVESTORS

FOR

BIRLA SUN LIFE INSURANCE

UNDER THE SUPERVISION

OF

MR. KAUSHIK SEN

SUBMITTED BY: SUBMITTED TO:

GAURAV TRIPATHI PROF. RAVINDRA CHAWLA
409

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CERTIFICATE FROM THE COMPANY

3
 ACKNOWLEDGEMENT

I Gaurav Tripathi, am extremely grateful to Birla Sunlife Insurance Co., for the
confidence bestowed upon me and entrusting me with the project titled “Investment
Habits of Indian Investors”.

I would like to express my deepest gratitude and special thanks to my faculty mentor
– Prof. Ravindra Chawla for his personal encouragement, prompt assistance and help
provided to me in completion of my project.

I am highly obliged to my corporate mentor – Mr. Kaushik Sen for his valuable
guidance and support throughout the project.

I extend my gratitude to New Delhi Institute of Management for giving me this

opportunity.

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 DECLARATION

I, Gaurav Tripathi, student of 2016-18 Batch, New Delhi Institute of Management,

New Delhi, hereby declare that every part of the Summer Internship Project
Report on “Investment Habits of Indian Investors” submitted by me for partial
fulfillment of Post Graduate Diploma in Management is original.
I was in regular contact with my faculty guide and contacted him twice a week in
average for discussing the project.
The information and data given in the report is authentic to the best of my
knowledge.

Date of project submission: September ___th, 2017

Gaurav Tripathi

CERTIFICATE OF AUTHENTICITY

Faculty Mentor’s Comments:

________________________________________________________________
________________________________________________________________
________________________________________________________________
________________________________________________________________
________________________________________________________________

Prof. Ravindra Chawla

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 EXTERNAL EXAMINER’S FEEDBACK

External Examiner’s Comments:

_______________________________________________________________
_______________________________________________________________
_______________________________________________________________
_______________________________________________________________
_______________________________________________________________

Signature: _______________________
Name : _______________________
Date : _______________________

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 TABLE OF CONTENTS
Chapter Topic Page No.

Executive Summary 9
I Industry Overview
Introduction 11
Different Financial Products 13
Market Size 19
IRDA 20
II Company Overview

About BSLI 24
Major Players in the Industry/Competitors 27
Vision, Mission and Values 29
Group Companies 31
Promoters 32
Organizational Structure 34
Products and Services 35
Geographical Spread 38
Market Share 39
SWOT Analysis 40
Initiatives Towards Better Customer Satisfaction 42
New Initiatives that will Impact the market 2017 45
III CSR Practices
Introduction 48
Awards for CSR Activities (Aditya Birla Group) 52
Awards for BSLI 55
IV Research Project
Objectives of the Study 58
Research Methodology 59
Review of Literature 62

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 Findings and Analysis 64
Findings and Suggestions 69
Learnings 71
Conclusion 73
Bibliography 74
V Annexure 79
Annexure-I (Client Survey Form)
Annexure- II (Weekly Reports) 75
Annexure- III (Mid-Evaluation Form) 76
Annexure- IV (Final Evaluation Form) 91
Annexure- IV (Final Evaluation Form) 93

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 EXECUTIVE SUMMARY

This project report has been prepared on the basis of the Summer Internship at
Birla SunLife Insurance.

The company chosen was Birla Sun Life Insurance ( BSLI) . The reason behind
this was to understand the expertise it has developed and skills it has owned,
especially in the field of finance and marketing and its products as it is the
booming industries in India.

The main problem that the company faces today is of sales, and of less number
of advisers. The project talks about the various investment habits of an investor
and making financial plans during the short period of 8 weeks. We are indebted
to the company for providing this opportunity.

In our internship we analyse the investment habits of indian investors through

client survey form and learned about different products of Birla Sun Life
Insurance. After collecting the data from the individuals we shortlisted the
clients who were interested to know or to invest in Birla Sun Life Insurance.

As a result we contacted the clients and given detailed description about the
product and those who were interested, we created the financial plan for the
interested clients and give the data to Birla Sun Life Insurance.

The learning really takes place outside the classroom. The in sight of knowledge
that I acquired in the two months of internship with BSLI was quite impressive.
The opportunity I received to apply my knowledge and skills gave me a
practical view point to the whole system of learning.

It was a very good experience for me to work during this tenure. I am glad that I
have learnt so much in such little time. I can confidently say that my knowledge
has improved in a very short time I would like to thank BSLI for their constant
support.

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 OBJECTIVES OF THE PROJECT

 To develop a profile of sample Indian individual investor in terms of their

demographics and demographics based on occupation of the sample
investor.

 Proper understanding and analysis of life insurance industry.

 To study the overall working of Birla Sun Life Insurance Co. Ltd.

 To understand the organizational structure of BSLI.

 To study and determine the competitor position in the market.

 To determine whether the customers are satisfied with the policies of the
company.

 Conduct market survey on a sample selected from the entire population

and derived opinion on that research.

 To find out how investors get information about the various financial
instruments.

 The type of financial instruments, they would prefer to invest.

 To give recommendations to the investors that where they should invest.

 To know the risk tolerance level of the individual investors and suggest a
suitable portfolio.

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 INTRODUCTION

Insurance is nothing but a system of spreading the risk of one onto the shoulders
of many. While it becomes somewhat impossible for a man to bear by himself
100% loss to his own property or interest arising out of an unforeseen
contingency, insurance is a method or process which distributes the burden of
the loss on a number of persons within the group formed for this particular
purpose.Basic human trait is to be averse to the idea of risk taking. Insurance,
whether life or non-life, provides people with a reasonable degree of security
and assurance that they will be protected in the event of a calamity or failure of
any sort.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.

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 Mr. Rajan buys a policy on his own
life, he is both the owner and the insured. But if Mrs. Anita, his wife, buys a
policy on Rajan’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 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-

11
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.

Major types of insurances are as mentioned below:

• Life insurance: Descendant’s family receives financial benefits. Life

insurances also offer paid proceeds to the beneficiary.

• Automobile insurance: Usually automobile insurances cover damages and

legal financial expenditures of the automobile driver.

• Health insurance: Health insurance covers the expenditures associated to

treatment and medical expenditures.

• Credit insurance: Borrowers often fail to repay debts, loans and mortgages
due to certain unavoidable circumstances, credit insurances can be of great help
during such crisis.

• Property insurance: Property protection insurance provides protection from

risks associated to theft, fire, floods etc.

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DIFFERENT FINANCIAL PRODUCTS

1. SmartRand

Developed by financial planning firm Galileo Capital, SmartRand is one of

South Africa’s first ‘robo-advisers’. The online service gives anyone, with any
amount of money to invest, access to advice and the ability to invest securely
through its platform.

SmartRand takes users through a detailed questionnaire that assesses their risk
profile and their investment goals before recommending a suitable product for
their needs. It currently uses a selection of just five passive fund choices to keep
things simple and the costs low.

2. Employees Provident Fund

Employees Provident Fund is another small savings scheme that is primarily

offered by your employer. This includes salaried individuals of both private and
public organizations. Any company with a workforce of more than 20
employees is mandated to register for the EPF scheme. Around 12% each
month is deducted from the salary and contributed towards the EPF account of
an employee. This EPF account is maintained by the Employees Provident Fund
Organization, commonly known as the EPFO. The amount deposited towards
EPF is eligible for tax exemption under section 80C of the Income Tax Act.

3. Mutual Funds

Mutual funds are financial instruments that are professionally managed and that
invest money on behalf of any investor, in different securities. These mutual
funds are classified into various types based on the type of securities that they
invest in. Some of the most popular mutual fund types are balanced funds, stock
funds, open-ended funds etc. These funds are classified based on their
percentage allocation in different securities. So, an equity fund invests purely is
equity and is a high risk high return product while a debt fund invests purely in
debt and money market instruments and is hence a low risk low return financial
product.

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 4. Fixed Deposits

Fixed Deposits are financial instruments that are one of the oldest and safest
ways to save money. These are not necessarily active investment tools, but are
rather a passive way to save and earn returns. A fixed amount of money is kept
aside with a financial institution for a fixed number of days or months or years.
In turn, interest is earned on this money. The rate of interest differs with the
deposit tenure and also with the banking entity.

5. Private Equity

Private equity is trading in shares of an operating company that is not publicly

listed and whose shares are not available on the stock market. Institutional
investors employ various strategies to indulge in private equity trading. Private
equity is popular since it offers diversification of financial portfolio by allowing
investment in avenues that are not tightly coupled to normal investments.

6. Venture Capital

Venture Capital is one of the most popular investment strategies currently being
deployed by investors in the Indian start-up scene. The idea behind this
investment strategy is to invest substantial capital in a budding company in
return for stocks of the same. This is done with companies who are either in
their initiation phase or in their growth phase. Venture capitalism is generally
based on ideas that find substance with the investors or any new technology that
the investors feel might take the market by storm in future.

7. Term Life Insurance

Term life insurance is the most basic and usually the most affordable. Policies
can be purchased for a specified period of time. If you die within the time
period defined in your policy, the insurance company will pay your
beneficiaries the face value of your policy.
Policies can usually be bought for one- to 30-year time spans. Annual
renewable term insurance usually can be renewed every year without proof of
insurability, but the premium may increase with each renewal. Term insurance
is useful if you can afford only a low-cost option or you need life insurance only
for a certain amount of time (such as until your children graduate from college).
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 8. Permanent Life Insurance

The other major category is permanent life insurance. You pay a premium for as
long as you live, and a benefit will be paid to your beneficiaries upon your
death. Permanent life insurance typically comes with a “cash value” savings
element. There are three main types of permanent life insurance: whole,
universal, and variable.

a. Whole Life Insurance: -

This type of permanent life insurance has a premium that stays the same
throughout the life of the policy. Although the premiums may seem higher than
the risk of death in the early years, they can accumulate cash value and are
invested in the company’s general investment portfolio. You may be able to
borrow funds from the cash value or surrender your policy for its face value, if
necessary.

b. Universal Life Insurance: -

Universal life coverage goes one step further. You have the same type of
coverage and cash value as you would with whole life, but with greater
flexibility. Once money has accumulated in your cash-value account, you may
be able to vary the frequency, as well as the amount, of your premiums. In fact,
it may be possible to structure the policy so that the invested cash value
eventually covers your premium costs completely. Of course, it’s important to
remember that altering your premiums may decrease the value of the death
benefit.

c. Variable Life Insurance: -

With variable life insurance, you receive the same death protection as with other
types of permanent life insurance, but you are given control over how your cash
value is invested. You have the option of investing your cash value in stocks,
bonds, or money market funds. The value of your policy has the potential to
grow more quickly, but there is also more risk. If your investments do not
perform well, your cash value and the death benefit may decrease. However,
some policies provide a guarantee that your death benefit will not fall below a

15
certain level. The premiums for this type of insurance are fixed and you cannot
change them in relation to the size of your cash-value account.

Some of the important milestones in the life insurance business in India

are:

1818: Oriental Life Insurance Company, the first life insurance company on
Indian soil started functioning.

1870: Bombay Mutual Life Assurance Society, the first Indian life insurance
company started its business.

1912: The Indian Life Assurance Companies Act enacted as the first statute to
regulate the life insurance business.

1928: The Indian Insurance Companies Act enacted to enable the government to
collect statistical information about both life and non-life insurance businesses.

1938: Earlier legislation consolidated and amended to by the Insurance Act with
the objective of protecting the interests of the insuring public.

1956: 245 Indian and foreign insurers and provident societies are taken over by
the central government and nationalised. LIC formed by an Act of Parliament,
viz. LIC Act, 1956, with a capital contribution of Rs. 5 crore from the
Government of India. The General Insurance business in India, on the other
hand, can trace its roots to the Triton Insurance Company Ltd., the first general
insurance company established in the year 1850 in Calcutta by the British.

1957: General Insurance Council, a wing of the Insurance Association of India,

frames a code of conduct for ensuring fair conduct and sound business practices.

1968: The Insurance Act amended to regulate investments and set minimum
solvency margins and the Tariff Advisory Committee set up.

1972: The General Insurance Business (Nationalization) Act, 1972 nationalized

the general insurance business in India with effect from 1 st January 1973. 107
insurers amalgamated and grouped into four companies viz the National
Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental
Insurance Company Ltd. And the United India Insurance Company Ltd. GIC
incorported as a company.

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Insurance sector reforms:

In 1993, Malhotra Committee headed by former Finance Secretary and RBI

Governor R.N. Malhotra was formed to evaluate the Indian insurance industry
and recommend its future direction.

The Malhotra committee was set up with the objective of complementing the
reforms initiated in the financial sector. The reforms were aimed at "creating a
more efficient and competitive financial system suitable for the requirements of
the economy keeping in mind the structural changes currently underway and
recognizing that insurance is an important part of the overall financial system
where it was necessary to address the need for similar reforms…"

In 1994, the committee submitted the report and some of the key
recommendations included:

1) Structure

 Government stake in the insurance Companies to be brought down to

50%.
 Government should take over the holdings of GIC and its subsidiaries so
that these subsidiaries can act as independent corporations.
 All the insurance companies should be given greater freedom to operate.

2) Competition

 Private Companies with a minimum paid up capital of Rs.1bn should be

allowed to enter the industry.
 No Company should deal in both Life and General Insurance through a
single entity.
 Foreign companies may be allowed to enter the industry in collaboration
with the domestic companies.
 Postal Life Insurance should be allowed to operate in the rural market.
 Only One State Level Life Insurance Company should be allowed to
operate in each state.

3) Regulatory Body

 The Insurance Act should be changed.

 An Insurance Regulatory body should be set up.
17
  Controller of Insurance (Currently a part from the Finance Ministry)
should be made independent.

4) Investments

 Mandatory Investments of LIC Life Fund in government securities to be

reduced from 75% to 50%.
 GIC and its subsidiaries are not to hold more than 5% in any company
(There current holdings to be brought down to this level over a period of
time).

5) Customer Service

 LIC should pay interest on delays in payments beyond 30 days.

 Insurance companies must be encouraged to set up unit linked pension
plans.
 Computerization of operations and updating of technology to be carried
out in the insurance industry The committee emphasized that in order to
improve the customer services and increase the coverage of the insurance
industry should be opened up to competition.

But at the same time, the committee felt the need to exercise caution as any
failure on the part of new players could ruin the public confidence in the
industry. Hence, it was decided to allow competition in a limited way by
stipulating the minimum capital requirement of Rs.100 crores. The committee
felt the need to provide greater autonomy to insurance companies in order to
improve their performance and enable them to act as independent companies
with economic motives. For this purpose, it had proposed setting up an
independent regulatory body.

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MARKET SIZE

During April 2015 to February 2016 period, the life insurance industry recorded
a new premium income of Rs 1.072 trillion (US$ 15.75 billion), indicating a
growth rate of 18.3 per cent. The general insurance industry recorded a 14.1 per
cent growth in Gross Direct Premium underwritten in FY2016 up to the month
of February 2016 at Rs 864.2 billion (US$ 12.7 billion).

India's life insurance sector is the biggest in the world with about 360 million
policies, which are expected to increase at a Compound Annual Growth Rate
(CAGR) of 12-15 per cent over the next five years. The insurance industry plans
to hike penetration levels to five per cent by 2020.

The country’s insurance market is expected to quadruple in size over the next 10
years from its current size of US$ 60 billion. During this period, the life
insurance market is slated to cross US$ 160 billion.

The general insurance business in India is currently at Rs.78, 000 crore (US$
11.44 billion) premium per annum industry and is growing at a healthy rate of
17 per cent.

The Indian insurance market is a huge business opportunity waiting to be

harnessed. India currently accounts for less than 1.5 per cent of the world’s total
insurance premiums and about 2 per cent of the world’s life insurance premiums
despite being the second most populous nation. The country is the fifteenth
largest insurance market in the world in terms of premium volume, and has the
potential to grow exponentially in the coming years.

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 Independent Regulatory Body - IRDA

Insurance sector has been opened up for competition from Indian private
insurance companies with the enactment of Insurance Regulatory and
Development Authority Act, 1999 (IRDA Act). As per the provisions of IRDA
Act, 1999, Insurance Regulatory and Development Authority (IRDA) was
established on 19th April 2000 to protect the interests of holder of insurance
policy and to regulate, promote and ensure orderly growth of the insurance
industry.
IRDA Act 1999 paved the way for the entry of private players into the insurance
market which was hitherto the exclusive privilege of public sector insurance
companies/ corporations.

The duties and functions of IRDA include the following:-

1. To issue to the applicant Certificate of Registration, renew, modify,

cancel, and suspend such registration.

2. To ensure protection of Policy-holders’ interest.

3. To specify requisite qualification, code of conduct and Practical Training

to for the Intermediaries / Agents.

4. Promoting efficiency in the conduct of Insurance Business.

5. Promoting and Regulating professional organization connected with

Insurance Business.

6. Specifying Code of Conduct for Surveyor & Loss Assessor.

7. Levying fees and other charges for carrying out purpose of the IRDA Act.

8. Regulating investment of funds of Insurance Companies.

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 9. Calling information, conducting enquiry, investigation, audit, inspection
of insurers and other Organizations connected with Insurance Business.

10. Control / Regulation of Rates, Terms, Conditions and Advantages of

Products offered by Indian Insurers.

11. Specifying Form and Manner in which Books of Accounts and Statement
of Accounts to be maintained by Insurers and Intermediaries.

12. Regulating Maintenance of Solvency Margin of Insurers.

13. Adjusting dispute between insurer and intermediaries.

14. Supervising the currently assigned functions of Tariff Advisory

Committee (TAC).

15. Specifying percentage of Insurance Business to be undertaken in Rural &

Social Sectors.

Protection of the interest of policy holders:

IRDA has the responsibility of protecting the interest of insurance
policyholders. Towards achieving this objective, the Authority has taken the
following steps:
 IRDA has notified Protection of Policyholders Interest Regulations 2001 to
provide for: policy proposal documents in easily understandable language;
claims procedure in both life and non-life; setting up of grievance redressal
machinery; speedy settlement of claims; and policyholders' servicing. The
Regulation also provides for payment of interest by insurers for the delay in
settlement of claim.
 The insurers are required to maintain solvency margins so that they are in a
position to meet their obligations towards policyholders with regard to payment
of claims.

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 It is obligatory on the part of the insurance companies to disclose clearly the
benefits, terms and conditions under the policy. The advertisements issued by
the insurers should not mislead the insuring public.
 All insurers are required to set up proper grievance redress machinery in their
head office and at their other offices.
 The Authority takes up with the insurers any complaint received from the
policyholders in connection with services provided by them under the insurance
contract.

BSLI Corporate Milestones(Aditya Birla Group):

2001: BSLI introduces ULIPs in India.

 First to introduce ‘Doctor at doorstep in underwriting.’

2002: Industry leaders for the launch of Free-look option.

2003: First to get products benchmarked against CRISIL developed indices.

2004: Premium revenue crossed Rs 5 Bn and empanelled +10, 000 advisors.

2005: Premium revenue crossed Rs 10 Bn.

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  Launched Automated underwriting process.

2006: Established 100 branches.

 Crossed 1Mn customers.

2007: Launched Highest NAV guarantee product – Platinum Plus.

2008: It crossed AUM of Rs 90 Bn.

 Opened 50 Rural Kendras.

2009: Awarded the British Standard BS 25999 certification in the area of BCP
and disaster management.

2010: Crossed 5 Mn individual policies.

2011: Introduced solution buckets based on customer needs.

2012: Launched Direct Marketing Channel.

 Launched a unique knowledge sharing portal for customer facing touch

points.

2013: Pre-issuance verification calling (PIVC) was launched for superior

business quality.

 Tele-Underwriting was introduced to reduce the time required to process

applications.

2014: Paradigm shift towards winning customer trust surplus – introduction of

Capacity Productivity and Sustainibility model

 A unique employee recognition platform ‘ARJUN’ was launched.

 Brand campaign ‘Kudh Ko Kar Buland’ was launched in never before
scale.

2015: 1st Arjun Award ceremony was held in Mumbai where 500 employees
across India were honored.

 Launched the e-commerce platform with Protect@Ease with first-in-

industry features.

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 COMPANY OVERVIEW

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 Company Limited (BSLI) is a vertical of business of

the Aditya Birla Financial Services Group (ABFSG). It is a joint venture
between the Aditya Birla Nuvo Limited, a leading Indian conglomerate, and
Sun Life Financial Inc., one of the leading international financial services
organisations from Canada. BSLI ranks 5th in India among the private life
insurers in terms of annual premium equivalent, with a market share of 7.1%*
for FY17. During 2016-17, it recorded a gross premium income of Rs. 5,724
Crore, registering a y-o-y growth of 3% and posted a net profit of Rs. 123
Crore. Its assets under Management at Rs. 34, 523 Crore as on FY 17. BSLI has
a nation-wide distribution presence through 409 branches, 6 bancassurance
partners, over 73,000 direct selling agents and more than 150 corporate agents
and brokers. The company offers a complete range of protection, children's
future plan, wealth protection plan, health and wellness plan, retirement paln
and savings with protection plans.

Sun Life Financial

Sun life financial –based in Canada-started in 1865. Sun Life Financial is a

leading international financial services organization providing a diverse range of
protection and wealth products and services to individuals and corporate
customers. It operates in all the important markets of the world like Canada, the
United States, the United Kingdom, Hong Kong, the Philippines, Japan,
Indonesia, India, China and Bermuda. Sun Life Financial Inc. has assets under
management of over USD $ 903 billion (as on 31st December, 2016). It is a
leading performer in the life insurance market in Canada.

24
Birla Sun Life Insurance (BSLI) has been operating for 11 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. It was the first player in the industry to sell
its policies through the Bancassurance route and through the Internet. It was the
first private sector player to introduce a Pure Term plan in the Indian market.
BSLI has covered more than 2 million lives since it commenced operations.
And its customer base is is spread across more than 1,500 towns and cities in
India. With an experience of over 11 years, BSLI has contributed significantly
to the growth and development of the life insurance industry in India and
currently ranks amongst the top 7 private life insurance companies in the
country.

Known for its innovation and creating industry benchmarks, BSLI has several
firsts to its credit. It was the first Indian Insurance Company to introduce "Free
Look Period" and the same was made mandatory by IRDA for all other life
insurance companies. Additionally, BSLI pioneered the launch of Unit Linked
Life Insurance plans amongst the private players in India. To establish
credibility and further transparency, BSLI also enjoys the prestige to be the
originator of practice to disclose portfolio on monthly basis. These category
development initiatives have helped BSLI be closer to its policy holder’s
expectations, which gets further accentuated by the complete bouquet of
insurance products (viz. pure term plan, life stage products, health plan and
retirement plan) that the company offers.

25
Sun Life in India

Sun life’s Indian insurance operations with the the A.V. Birla group may be just
four years young, but it was more than 110 years to be precise that sun life
insurance appointed its first agent in Mumbai (then of course known as
Bombay), a gentlemen by the name of Ira B. Thayer. In May 1892, Sun Life
issued its first policy, therein the policy number 23200, and soon opened its
first office on Esplanade Road. The Canadian Company has never looked back
ever since. The foundation of the aesthetic Canada Building was laid in May
1902, when the board of Directors approved the purchase of a building to house
Sun Life’s operation in the subcontinent. A year later, Lot 71 on Horns by Road
was purchased to build the structures. A popular architectural firm, Gostling,
chambers and Fritchely, was pressed in to action and Canada Building with its
awe-inspiring yellow and white stone façade came into being in 1905.

Intricacies like the maple leaf, beaver and rising sun logo couples with the
chariot of the Sun logo added to the beauty of this grand structure.

26
MAJOR PLAYERS IN THE INDUSTRY/COMPETITORS

1. LIC (Life Insurance Corporation)

Life Insurance Corporation of India (LIC) is an Indian state-owned insurance
group and investment company headquartered in Mumbai. The Life Insurance
Corporation of India was founded in 1956 when the Parliament of India passed
the Life Insurance of India Act that nationalised the private insurance industry
in India. Over 245 insurance companies and provident societies were merged to
create the state owned Life Insurance Corporation.

2. Reliance Life Insurance

Reliance Life Insurance is a part of the Reliance group. It is one of the partners
of Reliance Capital Ltd which is a Anil Dhirubhai Ambani Group. Reliance
Capital is one India's most dominant private sector financial services
companies. They offer insurance products which help you with savings as well
as give you protection.

3. Canara HSBC Life Insurance

Canara HSBC Life is a joint venture of Canara Bank, HSBC Insurance (Asia
pacific) & Oriental bank of Commerce. The Company got its approval from
IRDA in June 2008 and from that commencing its business. They have more
than 4100 branches all over India.

4. MetLife Insurance

MetLife One of the fastest growing insurance company in India is MetLife. The
company started its operations in between 2000-2001. They have a range of
various products to offer.

5. ICICI Prudential Life Insurance

ICICI Prudential ICICI Bank with Prudential plc, both well known & strong
financial institutions came together in December 2000 to form an insurance
company - ICICI Prudential Life Insurance.

6. Max New York Life

Max New York Life Max India’s leading multi business corporation & New
York Life joined there hands in 2000.The company started there operations in
2001. The company is involved in Life & health products.

27
 7. Bajaj Allianz

Bajaj Allianz Bajaj who are into iron & steel, finance, insurance & etc and
Allianz who provides financial services when came together they formed Bajaj
Allianz Life Insurance Company.

8. Bharti AXA Life Insurance

Bharti AXA Bharti AXA Life Insurance is a joint venture between Bharti &
AXA. The company started its functionality in December 2006 and they always
believe to be a strong financial institute.

9. HDFC Standard Life

HDFC Standard Life HDFC Standard Life Insurance is a joint venture between
Housing Development Finance Corporation Limited & a Group of Standard
Life Plc.The Company started commencing its business in December 2000.

10.Kotak Mahindra

Kotak Mahindra A joint venture of Kotak Mahindra group & Old Mutual plc is
known as Kotak Mahindra Old Mutual Funds. The Company started
commencing its business in 2001. The company aim is to help customers in
making there financial decisions.

11. SBI Life Insurance

SBI Life SBI Life Insurance Company Limited is a joint venture between State
Bank of India and BNP Paribas Assurance. It is present in more than 41
countries across the world. SBI Life offers a variety of plans in life insurance
and pension.

12. TATA AIG

TATA AIG The TATA Group and American International Group Inc together
formed Tata AIG Life Insurance Co. Ltd.Tata Group holds 74% stake in the
insurance venture with AIG holding the balance 26%. They started their
operations in April 2001

28
 13. AVIVA Life Insurance

Aviva Aviva, one of UK's largest insurance company and world's 5th largest
insurance group. It was one of the first international insurance company to set
up its office in India in the year 1995. They introduced the concept of banc
assurance in India.

VISION, MISSION & VALUES:

Vision:
To be a leader and role model in a broad based and integrated financial services
business.

Mission:

To help people migitate risks of life, accident, health and money at all stages
and under all circumstances enhnace the financial future of our customers
including enterprises.

Values:

 Integrity : Acting and taking decisions in a manner that is fair and

honest.
 Commitment : On the foundation of Integrity, doing all that is needed to
deliver value to all stakeholders.
 Passion : An energetic, intuitive zeal that arises from emotional
engagement with the organization that makes work joyful and inspires
each one to give his or her best.
 Seamlessness : Thinking and working together across functional groups,
hierarchies, businesses and geographies.
 Speed : Responding to internal and external customers with a sense of
urgency. Continuously striving to finish before deadlines.

29
SCOPE AND IMPACT OF INDUSTRY ON INDIAN ECONOMY
 Contribution of Life Insurance Sector in the Economy
 Flow of Insurance Industry in India
 Aggregation of long term savings
 Spread of financial services in rural Areas
 Long term funds for infrastructure development of capital Markets/
Economic Growth
 Employment generation
 Growth Potential

30
 GROUP COMPANIES

Birla Sun Life Assets Management Company Ltd.

A collaboration of the US $ 8.3 Billion Aditya Birla Group and the CDN $400
billion Sun life financial of Canada brings together global and Indian expertise
to the areas of financial services.

Birla Sun Life Assets Management Company Ltd., the investment managers of
Birla Mutual fund, is a joint venture between the Aditya Birla Group and the
Sun Life Financial Services Inc. of India. The joint venture brings together the
Aditya Birla Group’s experience in the Indian market and Sun Life’s global
experience.

Since its inception in 1994, Birla Mutual fund has emerged as one of India’s
Leading Mutual Funds managing assets of a large investor’s base. The fund
offers a range of investment options, which include diversified and sector
specific equiy schemes, fund of fund schemes, hybrid and monthly income
funds, a wide range of debt and treasury products and offshore funds.

Birla Sun Life Insurance

Birla Sun Life Insurance Co. Ltd, is a joint venture between Aditya Birla Group,
an Indian multinational corporation, and Sun Life Financial Inc., a leading
global insurance company. Birla Sun Life Insurance is distinguished as the first
company in the sector of financial solutions to begin Business Continuity Plan.
This insurance company has pioneered the unique Unit Linked Insurance
Solutions in India. Within 4 years of its launch, BSLI became one the leading
players in the industry of Private Insurance Scheme.

Birla Sun Life Insurance believes in passion, integrity, speed, commitment and
seamlessness. The mission of the company is to help people with risk
management. It also helps in managing the financial solution of firms as well as
individuals.

31
 PROMOTERS

Board Of Directors

Mr. Kumar Mangalam Birla

Chairman

Mr. Donald A. Stewart

Mr. Pankaj Razdan

Chief Executive Officer, MD & Director

Mr. Ajay Srinivasan

Non-Executive Director

Mr. Bishwanath Puranmalka

Non-Executive Director

Mr. Kevin Strain

Non-Executive Director

Mrs. Tarjani Vakil

Independent Director

Mr. Sandeep Asthana

Non-Executive Director

Mr. Colem Freyne

Non-Executive Director

Mr. Haigreve Khaitan

Independent Director

Mrs. Pinky Atul Mehta

Non-Executive Director

Mr. Shobhan Thakore

Independent Director

Management Team

32
Mr. Pankaj Razdan
MD & Chief Executive Officer, Birla Sun Life Insurance
Dy. Chief Executive – Financial Services, Aditya Birla Group

Mr. Amit Jain

Chief Financial Officer (CFO) & Head – Group Business

Mr. Anil Kumar Singh

Chief Actuarial Officer

Mr. Devendra Singhvi

Chief Investment Officer – Debt

Mr. Deven Sangoi

Chief Investment Officer – Equity

Mr. Parag Raja

Chief Distribution Officer (CDO)

Mr. Rajesh Nambiar

Chief Marketing Officer (CMO)

Mr. Rajesh Varrier

Chief Technology and Digital

Mr. Shailendra Kothavale

Chief Compliance & Risk Officer

Ms. Shobha Ratna

Head – Human Resource & Training

33
 ORGANIZATIONAL STRUCTURE

C.E.O (Chief Executive Officer)

C.F.O (Chief Financial Officer)

C.D.O (Chief Design Officer)

H.O.S (Head of Sales)

Z.M (Zonal Manager)

R.M (Regional Manager)

T.M.S (Territory Managers)

B.H (Branch Head)

B.M (Branch Managers)

B.D.M/B.P (Business Development Manager/Business Partner)

S.A.M (Senior Agency Manager)

A.M (Agency Manager)

A.A.M (Assistant Agency Manager)

I.A (Insurance Advisors)

34
PRODUCTS AND SERVICES

PROTECTION
Secure your family’s future in this increasingly
uncertain world and don’t leave their dreams to fate.

HEALTH & WELLNESS

Plan and ensure that you spend time with your loved
ones when they need you the most rather than worrying
about medical expenses.

CHILDREN’S FUTURE
Give your child the freedom to pursue his/her real
passion by ensuring that you give him the right
financial support.

RETIREMENT
Plan your retirement well to build a good corpus
because during retired life, income stops but expenses
don’t

WEALTH WITH PROTECTION

Secure your family’s dreams and live through life’s
highs and lows with confidence while you reach your
financial milestones as planned.

SAVINGS WITH PROTECTION

Strike the right balance between living
comfortably today and staying financially secure in
the future with small disciplined savings at regular
intervals.

35
 PRODUCTS AND SERVICES

1. Protection Solutions
Secure your family’s future in this increasingly uncertain world and
don’t leave their dreams to fate.
 BSLI Protector Plus Plan
 BSLI Future Guard Plan
 BSLI Protect@Ease

2. Health & Wellness

Plan and ensure that you spend time with your loved ones when they
need you the most rather than worrying about medical expenses.
 BSLI Hospital Plus Plan
 BSLI Cancer Shield Plan
 BSLI CritiShield Plan

3. Children’s Future
Give your child the freedom to pursue his/her real passion by ensuring
that you give him the right financial support.
 BSLI Vision Star Plan

4. Retirement
Plan your retirement well to build a good corpus because during retired
life, income stops but expenses don’t.
 BSLI Empower Pension Plan
 BSLI Immediate Annuity Plan
 BSLI Empower Pension – SP Plan

5. Wealth with Protection

Secure your family’s dreams and live through life’s highs and lows with
confidence while you reach your financial milestones as planned.
 BSLI Wealth Max Plan
 BSLI Wealth Secure Plan
 BSLI Wealth Assure Plan
 BSLI Fortune Elite Plan
 BSLI Wealth Aspire Plan

36
6. Savings with Protection
Strike the right balance between living comfortably today and
staying financially secure in the future with small disciplined savings
at regular intervals.
 BSLI Vision MoneyBack Plus Plan
 BSLI Vision Life Income Plan
 BSLI Endowment Plan
 BSLI Savings Plan
 BSLI Vision LifeSecure Plan
 BSLI Income Assured Plan
 BSLI Vision Regular Returns Plan
 BSLI Vision Endowment Plus
 BSLI Guaranteed Future Plan
 BSLI SecurePlus Plan

37
GEOGRAPHICAL SPREAD

38
 MARKET SHARE of COMPETITORS & BSLI

FY(2016-2017)

Reliance Life,
1.12%
Birla Sunlife, 1.60%
Max Life, 2.08% Others,
8.06%
Bajaj Allianz, 2.08%

HDFC, 4.08%

ICICI, 4.88%

SBI, 5.10%

LIC, 70.40%

39
 SWOT ANALYSIS

Strength –
 Carry Goodwill of Aditya Birla Brand backed by Sun Life fin. Ser.
 Transparent functioning
 Very strong capital base
 Customer satisfaction

Weakness –
 Less presence in rural market
 Number of advertisements is very less
 No plan for lower income group

Opportunities –
 Huge potential in rural market
 Create awareness about life insurance
 Build brand trust through investment in promotional activities

Threats –
 Stiff competition from LIC
 Entry of new firms in insurance sector
 Government insurance schemes being launched at very low rates

40
 PORTERS’S 5 FORCES ANALYSIS

Competitive Rivalry
• Insurance industry is becoming highly competitive with 53
players operating in the industry
• Companies are competing on price and also using low price
and high returns strategy for customers to lure them

Threat of New Entrants

• Other financial companies can enter the industry
• Overall threat is medium given that entry is subject to license
and regulations

Substitute Products
• Similarity in services makes switchover a potent threat
• Investment oriented customers have switched to other avenues.

Bargaining Power of Suppliers

• Supplier being the distributor or agent have high bargaining power
because they have customer database and can influence customers in
making choices

Bargaining Power Of Buyers

• Bargaining power of customers especially corporate is very high because
they pay huge amount of premium

41
INITIATIVES TOWARDS BETTER CUSTOMER SATISFACTION

1. Treat Customers Like You Would Want to be Treated

“Remember that your customer wants to see the sunny side of you and your
business, so have your filter on and put yourself in their shoes.
A good way to instill this attitude among your staff is to do some simple role
play in which they act out a few scenarios that involve both easy-going and
difficult customers. Observe how they handle the situation and coach them on
areas to improve.”

2. Provide Multichannel Support

“With newer communications channels such as social, mobile, web chat, and
email becoming increasingly important to customers, companies must develop
an Omni channel approach to their customer service in order to connect with
customers on the channels they prefer to use. Multichannel support not only
offers customers a seamless transition between channels; it also prevents them
from having to repeat information they may have already provided to different
call center agents, which can be both irritating to customers and potentially
damaging to a company’s reputation.”

3. Make Employee Satisfaction a Priority

“Simply put, when your employees are happy, they can provide better customer
service. Studies have proven that employees often perform better at the jobs
when they feel appreciated. Give each employee a personalized ‘thank you’
every now and then, and introduce an employee of the month program, if you
don’t have one already. If you can help your employees take pride in their jobs,
their work performance will also improve.”

4. Encourage Agents to Take Ownership of Problems

“Encourage operators to take ownership of problems and spend time dealing
with the customer, rather than escalating or passing over the problem. This
gives advisors a real sense of pride in their job and means they are taking their
own action and really shows excellent customer service.”

42
 5. Figure Out What the Customer Really Wants
“Figure out what the customer really wants, if you can solve the problem they
will pay; the value is often not in the discount you can offer but rather in the
solution you can provide.”

6. Stay Current on Customer Reviews

“In a world that is heavily dependent on the internet, consumers are quick to
hop online and share how they feel about a product or service. Take the time to
log onto the internet and observe what people are saying about your business.
Find out what people enjoy, as well as what they’d like to see improved. The
reviews you stumble across might surprise you and introduce you to areas of
improvement that you had not previously considered. An expert from Meyers
Transport Ltd says problems with shipping and receipt of goods, especially, can
often be identified through customer reviews. Being aware of these issues is the
first step towards resolving them.”

7. Offer Proactive Customer Service

“The key here is to contact your customers before they need to pick up the
phone and contact you! To be effective, these contacts should be timely,
personalized and relevant to the consumer.
The best proactive strategies make regular contact throughout the consumer
lifecycle. Examples include: payment reminders, fraud monitoring, and
personalized loyalty and reward schemes. This strategy can reduce inbound
calls and improve agent efficiency. This proves that offering great customer
service isn’t just good for the consumer, it’s good for the business as well.”

8. Slash Wait Times

“Everyone is busy, and if your company can’t provide the highest levels of
service your customers won’t hesitate to find someone who can. Customer wait
time needs to be eliminated or managed. Bureaucracy needs to be replaced with

43
customer-friendly processes. Be easy to do business with, and your customers
will reward you over and over again.”

9. Demonstrate Product Knowledge

“One of the most important aspects of successful customer service revolves
around product knowledge. In other words, any and all agents who have direct
customer contact should know the company’s product and/or service inside and
out.
In many cases, developing robust product knowledge involves managers
helping agents build their confidence so they’re motivated to succeed. To do
this, managers might try mapping out their assessment of an agent’s product
knowledge and compare it against the agent’s, identifying any gaps that exist
and making it easier to put together a professional development plan for the
future.”

10. Set Clear Expectations and Exceed Them

“Nothing is more frustrating for a consumer than wandering around in a digital
world unsure of what to expect from a business, or when. Let customers know
up front what your standards and practices are. How long will they wait for a
response or a callback? Will that response truly be on target and accurate?
Removing the customers’ uncertainty about such common issues in customer
service lets them know that a company is committed to their success and
satisfaction, especially when the business builds in enough leeway that it can
routinely exceed expectations.”

44
NEW INITIATIVES THAT WILL IMPACT THE INSURANCE
MARKET IN 2017

1. Artificial Intelligence
Machines will take over the mundane jobs, including asking routine questions,
submitting requests, filing paperwork and even talking to customers – as
machines grow in intelligence, they provide efficiencies and new levels of
insights for the insurance industry. However insurers with AI capabilities have
a distinct competitive advantage with the ability to appreciate real-time
behavior of prospects and analyze changes in market forces and react
appropriately.

2. Internet of Things

The total IoT market is estimated to grow from £126.56 billion in 2016 to
£533.38 billion by 2021. Imagine the fridge in a flooding home alerting the
burst pipe to turn off – then alerting the family, the neighbor, the utilities
company, the insurance company. 2017 is the year where devices will start to
communicate with each other and help each other make decisions.

3. ChatBots

Chatbots are under the “AI umbrella” and are

single-handedly making their mark on the
industry. With the ability to provide 24 hour
support, real-time feedback and insurance
consulting, chatbots are helping to improve
customer service.
The age of apps are over – the average person
only uses 5 of their downloaded apps regularly
and with storage limitations on devices, they just
aren’t needed. Chatbots ensure that engagement
with insurers continues despite this downwards
trend, as they do not need an app to work. A
great example is Spixii - A chatbots which
behaves like an online conversation with a real-
life insurance agent showcased in the image.

45
The growth of chatbots in the insurance industry is inevitable in 2017 and is
further supported by Facebook’s latest change to its messenger platform
enabling any company to develop and deploy chatbots directly to their target
market. A market which is estimated to hit £500 billion by 2020.

4. Collaboration
This year the world’s biggest insurers committed more than $1bn into
investing in technology start-ups in an attempt to boost their own digital
services and profitability. These start-ups are becoming well-known for
prioritizing customer experience and larger insurers are learning to collaborate
and support one-another.
This trend is set to continue into 2017, however interestingly enough; the
investment in 2016 wasn’t necessarily with insurance focused startups. Instead
firms partnered with external start-ups which could add value. For example
Aviva has invested in Cocoon, a home security business whilst Axa has
backed a start-up which forecasts the price of airline tickets.

5. Ability to Turn Insurance Cover On and Off

The rise of on demand insurance cannot be denied. Millennials want it, and are
willing to pay for it! Linking to our previous point, insurers are looking to
connect with start-ups who provide on-demand coverage for ride-sharing
drivers and home-sharing owners.
The demand for convenience has seen a trend in car insurance that does not
need payment when the car is not in use and pay-as-you-stay home insurance.
One company leading the market includes Cuvva, who insure car from the
moment it starts driving until it reaches its destination.

6. Cyber Insurance
Cyber insurance is becoming the “must buy” for 2017. Increase hacking and
attacks is making this a vital priority for large corporations. It’s forecasted that
cyber insurance premiums will grow globally from $2billion annually to over
$20 billion in the next decade.
The aim is to ensure that purchasers understand the value of cyber insurance -
something which is said to be lacking. This can be solved by using data
analytics to try to anticipate attacks or address them as they are happening
showcasing their real value in prevention rather than cleaning up after the

46
attack. Aon has recently created a Cyber Risk Management Advisory Group
with over 550 employees to push this initiative.

ORGANIZATIONAL BUDGET 2017-18

Budget 2017 focused on the overall theme of "Transform, Energise and Clean
India" (TEC India). Under TEC India, the government has introduced 10
different sub-themes to transform various sectors in India, as well as to energise
and empower the youth, women and the underprivileged sections of society. A
GDP growth rate pegged at 6.75-7.5% for 2017-18 is encouraging. The Finance
Minister has ensured adherence to economic growth by targeting to keep the
fiscal deficit to 3.2% of the GDP.

Coming to the insurance sector, the budget had little to offer. We expected
continuity of reforms in order to encourage the distribution channel and boost
the digital revolution. The life insurance penetration in India stands abysmally
low at less than 4% and a few sops would have helped in improving the overall
social security aspect.

The income tax scenario is more positive, though, with praiseworthy reforms
particularly for people falling into the lower income slab; it will provide them
much desired relief. However, this could have been bolstered with an increase
in the health insurance tax exemption limit. A relook here was imperative for
people to get the right cover for their parents' medical needs, which is much
required because of rising medical expenses.

More was expected to streamline and encourage retirement savings, especially

around insurance and NPS. The new scheme announced by the Finance
Minister, promising to give 8% to senior citizens is a welcome move but no
initiative was announced to encourage the younger population to build a
retirement nest egg. There is no doubt that the sector requires a shift in
perception and a little push by the government to bring much-desired change
would have done wonders.

47
 CSR PRACTICES

Introduction:

In accordance with the notification issued by the Ministry of

Corporate Affairs dated 27th February 2014 under Section 135 of the
Companies Act 2013, the Company’s Corporate Social Responsibility
(CSR) is enunciated. Our Corporate Social Responsibility policy also
conforms to the National voluntary Guidelines on Social,
Environment and Economic Responsibilities of Business released by
the Ministry of Corporate Affairs, Government of India in collaboration
with FICCI Aditya Birla CSR Centre for Excellence (July 2011).

Our CSR Policy:

For every Company in the Aditya Birla Group, reaching out to

underserved communities is part of our DNA. We believe in the
trusteeship concept. This entails transcending business interests and
grappling with the “quality of life” challenges that underserved
communities face, and working towards making a meaningful difference to
them.

Our Vision

“To actively contribute to the social and economic development of

the communities in which we operate. In so doing build a better,
sustainable way of life for the weaker and marginalized sections of
society and raise the country’s human development index” (Mrs.
Rajashree Birla, Chairperson, Aditya Birla Centre for Community
Initiatives and Rural Development).

Implementation process: Identification of projects

All projects are identified in consultation with the community in a

participatory manner, literally sitting with them and gauging their basic
needs. We recourse to the participatory rural appraisal mapping process.
Subsequently, based on a consensus and in discussion with the village
panchayats, and other stakeholders, projects are prioritized.

48
Arising from this the focus areas that have emerged are Education, Health
care, Sustainable livelihood, Infrastructure development, and espousing
social causes. All of our community projects/programmes are carried
out under the aegis of The Aditya Birla Centre for Community
Initiatives and Rural Development.
The activities are in line with Schedule VII of the companies Act, 2013 as
indicated –

In Education, our endeavour is to spark the desire for learning and

knowledge at every stage through • Formal schools • Balwadis • Quality
elementary education • Aditya Bal Vidya Mandirs • Girl child education •
Non formal education.

In Health care our goal is to render quality health care facilities to people living
in the villages and elsewhere through our Hospitals. • Primary health care
centres • Mother and Child care projects • Immunization programmes with a
thrust on polio eradication •Programmes to address malnutrition. •
Anganwadi • Adolescent health • Health care for visually impaired, and
differently abled • Preventive health care through awareness programmes
• Non communicable diseases.

In Sustainable Livelihood our programmes aim at providing

livelihood in a locally appropriate and environmentally sustainable
manner through • Formation of Self Help Groups for women
empowerment • Skill Enhancement and Vocational training • Partnership
with Industrial Training Institutes • Agriculture development and better
farmer focus • Animal Husbandry • Soil and Water conservation •
Watershed development. •Agro Forestry

In Infrastructure Development we endeavour to set up essential

services that form the foundation of sustainable development through •
Basic infrastructure facilities • Housing facilities • Safe drinking water •
Sanitation & hygiene • Renewable sources of energy.

49
To bring about Social Change, we advocate and support • Dowry less
marriage • Widow Remarriage • Awareness programmes on anti social
issues • De-addiction campaigns and programmes • Espousing basic moral
values. • Gender equality •

Activities, Setting Measurable Targets with Time Frames and Performance

Management

Prior to the commencement of projects, we carry out a baseline study of

the villages. The study encompasses various parameters such as –
health indicators, literacy levels, sustainable livelihood processes, and
population data - below the poverty line and above the poverty line, state of
infrastructure, among others. From the data generated, a 1-year plan and
a 5-year rolling plan are developed for the holistic and integrated
development of the marginalized. These plans are presented at the
Annual Planning and Budgeting meet. All projects/programmes are
assessed under the agreed strategy, and are monitored every quarter,
measured against targets and budgets. Wherever necessary, midcourse
corrections are affected. The surplus arising out of the
projects/programmes does not form part of the business profit of the
Company.

Organizational Mechanism Responsibilities

The Aditya Birla Centre for Community Initiatives and Rural Development
provides the vision under the leadership of its Chairperson, Mrs. Rajashree
Birla.
The CSR Committee of Directors at the Board level of Birla Sun Life
Insurance Company Ltd (‘BSL/Company’) shall comprises of:

Members:

1. Ms. Tarjani Vakil(Independent Director)

2. Mr. Ajay Srinivasan
3. Mr. Sandeep Asthana

50
Permanent Invitee:
1. Mrs. Rajashree Birla (Chairperson - Aditya Birla Centre for
Community Initiatives and Rural Development)
2. Dr. (Mrs.) Pragnya Ram (Group Executive President, Corporate
Communications and CSR - Aditya Birla Group)
3. Mr. Pankaj Razdan ( MD & CEO - BSLI)

All projects/programmes are placed before the CSR committee,

specifying modalities of execution of such projects/programmes and the
implementation schedules.

A robust implementation structure, monitoring process and a team of

professionals is in place at the Company units.

The Company takes all actions to comply with Section 135 of the
Companies Act, 2013 and the rules made thereafter.

To measure the impact of the work done, a social satisfaction social

audit / impact assessment study is carried out by a third party.

Partnerships

Collaborative partnerships are formed with the Government, the

District Authorities, the village panchayats, NGOs and other like-
minded stakeholders. This helps
widen the Company’s CSR reach and leverage upon the collective
expertise, wisdom and experience that these partnerships bring to the table.

In collaboration with FICCI, we have set up Aditya Birla CSR Centre for
Excellence to make CSR an integral part of corporate culture.

The Company engages with well established and recognized

programs and national platforms such as the CII, FICCI, ASSOCHAM
to name a few, given their commitment to inclusive growth.

51
 Budgets

A specific budget is allocated for CSR activities. This budget is

project/programme driven.

Information Dissemination

The Company’s engagement in this domain will be disseminated on its

website, Annual Reports, in house journals and through the media.

Management Commitment

Our Board of Directors, our Management and all of our employees

subscribe to the philosophy of compassionate care. We believe and
act on an ethos of generosity and compassion, characterized by a
willingness to build a society that works for everyone. This is the
cornerstone of our CSR policy.

AWARDS FOR CSR ACTIVITIES (ADITYA BIRLA GROUP)

2016

Mrs. Rajashree Birla honoured with the Lifetime Achievement Award 2015-
2016 by the Ladies’ Wing of the Indian Merchants’ Chamber Mrs. Rajashree
Birla honoured with the Lifetime Achievement Award 2015-2016 by the
Ladies’ Wing of Indian Merchants’ Chamber.

2015

 Mrs. Rajashree Birla named the 'Doyenne of Benevolence' by the Rotary Clubs
for the phenomenal contribution and engagement in the polio eradication drive
in India and for the commitment to ensure the non-resurgence of polio.
52
 Birla White wins an award for its incredible contribution to the socio-economic
development of Rajasthan from the Employer Association of Rajasthan
.
 Reddipalayam Cement Works wins the prestigious 'Challengers Award – 2015
(Medium Business)' at Frost & Sullivan's Green Manufacturing Excellence
Award.
 Essel Mining wins the FICCI CSR Award 2015 for its innovative triple crop
cultivation process.

 Mrs. Rajashree Birla conferred with the ‘Champion of Humanity’ award by the
Hindustan Chamber of Commerce.

 Aditya Birla Nuvo’s Indian Rayon wins Golden Peacock Environmental

Management Award.

2014

 Novelis is honoured as the winner of the Minister of Environment Award at the

2014 Korea Lifestyle of Health and Sustainability (LOHAS) Awards.

 Novelis wins Edison Green Award Silver Trophy (April 2014); Aluminium
Industry Leadership Award at Platts Global Metals Awards (May 2014) and
Clean Tech Innovation Award at Metro Atlanta Chamber E3 Awards (May
2014).

 Mrs. Rajashree Birla accorded the CSR Leader award — a Jury award — at the
CEO India Awards 2014.

 Mrs. Rajashree Birla receives the 'Exceptional Leader – Social and Rural
Development' award from the ASSOCHAM Ladies League.

 The American Chamber of Commerce in Thailand (AMCHAM) bestows the

'AMCHAM Award' on the Aditya Birla Knowledge Centre, the first centre of its
kind set up by the Group in South East Asia to provide community service
through vocational training.

53
 The Corporate Social Responsibility (CSR) team at Grasim Industries Limited
(Grasim), a global leader in viscose staple fibre manufacturing, wins the first
'CSR Activist of the Year Award' instituted by the Federation of Madhya
Pradesh Chamber of Commerce & Industries for its work in uplifting the
marginalised.

 Vikram Woollens, a unit of Grasim Industries Limited, is named the overall

winner at the 'Amity CSR Conclave 2013'.
 Novelis is honoured with 'Best Report' award in PR Daily's 2013 CSR Awards.

 The CSR team at Indian Rayon, Veraval is awarded the 'Greentech CSR Award'
for a sustainable development project empowering 400 marginalised women
through extensive training in tailoring.

 Novelis is awarded the 'Climate Leadership Award' by the US Environmental

Protection Agency for exemplary leadership in reducing carbon pollution and
addressing climate change.

2013

 Madura Clothing won the 2013 Golden Peacock Award for Corporate Social
Responsibility
 UltraTech wins Intel-AIM Corporate Responsibility Award — Governance and
Society: Asian CSR Awards 2013, for its work among the underprivileged and
highest standards of governance

 Asian Centre Awards 2012 – Awards for Corporate Governance, Sustainability

& Leadership' commended the Aditya Birla Group as the 'Company with Best
CSR and Sustainability Practices

54
 AWARDS OF BIRLA SUN LIFE INSURANCE

Year Awarded from Title

2012 The Institute of ‘Golden Trophy” for

Chartered Accountants Financial Reporting
of India(ICAI)

2012 The South Asian Best Presented Accounts

Federation of and Corporate
Accountants(SAFA) Governance Disclosures
Awards

2012 Golden Peacock Award Excellence in Corporate

Governance

2012 Effies Gold the ‘Services

Category’

2012 Kaan Awards Best use of Radio

2012 Asian Confederation of Best Employer Brand

Businesses Award

2012 Golden Peacock HR Golden Peacock HR

Excellence Excellence Award

2011 Golden Peacock Global Golden Peacock Award

Awards Secretariat

2011 Internet Advertising Best Insurance Integrated

Competition(IAC) ad campaign
Awards 2011

2011 Advertising Agencies Bronze – Media Abby

Association of India and Awards at Goa Fest 2011
Advertising Club as Best Never Before use

55
 Bombay of Media

2011 Advertising Agencies Gold – Creative Abby

Association of India and Awards at Goa Fest 2011
Advertising Club – Direct Marketing
Bombay Dimensional Mail

2011 Advertising Agencies Best use of Outdoor and

Association of India and Ambient Media Awards
Advertising Club at Goa Fest 2011 –
Bombay Direct Marketing Flat
Mail

2011 BBC.com – Campaign Gold – ‘financial

India Digital Media services website’
Awards 2011 category for Birla Sun
Life Insurance

2010 APPIES 2010 – Asia Silver Medal and a letter

Pacific Advertising and of appreciation for -
Marketing Congress Wealth with Protection
Solutions Campaign

2010 14th Annual Webby Official Nominee – BSLI

Awards 2010 Email Marketing
Campaign – ‘Save
Forest’

2009 Institute of Chartered ICAI Awards for

Accountants of Excellence in Financial
India(ICAI) Reporting – Silver in
Insurance Category

2009 - Recruiting and Staffing

Best in Class Awards

56
2007 Anil Sachdev (Chairman ‘The Great Place to
and MD of Grow Talent Work Seminar Series
Company Ltd), Robert 2007’
Levering (Co-founder
Great Place to Work
Institute) and Jehangir
Pocha (Business World
Magazine)

2006 Dr. Bhishma Narain The Bhartiya Shiromani

Singh (Former Governor Puraskar for Enhancing
of Tamil Nadu & Assam) the image of India
in association with the
"Institute of Economic
Studies (IES)"

2005 The Indo-Canadian ‘Successful

Business Chamber Performance’ for 4 years
April 2005

2004 Outlook Money Awards Best Life Insurer

2004 (Runner Up) 2004
TROPHY

2004 The 8th Asia Insurance Top five nominees in the

Industry Awards 2004 category

2004 Hewitt Hewitt Best Employers

in India 2004

2004 Asia Insurance Review Sponsorship

Acknowledgement for –
The Asia Insurance
Review

57
 RESEARCH PROJECT

Objectives of the Study

 To study an overview of the general insurance industry

 To understand SWOT analysis of the organization

 To determine whether the customers are satisfied with the policies of the
company.

 To know the future plans of the people for buying the policies.

 Proper understanding and analysis of life insurance industry.

Limitations of the Study

 The time allotted for conducting the market survey was only 30 days. It is
not enough for understanding about the customer’s needs, taste and
preferences in detail

 The clients were busy in their work/schedule so they could not give more
information

 Some clients were not interested in listening about the BSLI

 The study is limited to my knowledge

 There may be errors due to the bias of the respondents

58
 RESEARCH METHODOLOGY

“The research design is the conceptual structure with in which research is

conducted it consists the blue print of the collection measurement and analysis
of data.”

In that project research design was adopted for the “Descriptive research study”
the exploratory research studies are also termed as formulate research studies.
The main purpose of such studies is that of formulating a problem for more
precise investigation or of developing the working hypothesis from an
operational point of view.

The main purpose of the study was to tell the consumer perception in a
Research Methodology. The major emphasis was on the discovery of the ideas
and the opinions of the consumers at different levels in the existing
environment.

Two methods that are used for the study are: -

1. The survey of concerning literature

2. The experience study

Sample Design

A sample design is a definite plan for obtaining a sample from a given

population. It refers to the technique or the procedure the researcher would
adopt in selecting items for the sample. The sample design is determined before
data are collected.

The sampling used for the study is “Convenience Sampling”. Under this
sampling design every item has equal chance or inclusion in the sample because
this is Consumer Perception survey so we give each person at any place an
equal probability of getting into the sample.

59
Data Collection

Collecting the data through different resources. In the survey two types of data
are collected:

1. Primary Data: These data’s are those which are collected for the first time
and therefore original in nature.
2. Secondary Data: Data, which have already been collected by someone else
and hence passed through the statistical process.

Data Source

1. Primary Data Collection

For the collection of the primary data following methods were used:

1. Interview Method: Personal interview of the customers are taken at different

levels to get their opinions and suggestions, and the interview was
structured in nature.
2. Questionnaire Method: Structured questionnaire on the basis of information
collected from different sources. The questionnaire contains both open and
ended questions

2. Secondary Data Collection

Secondary Data were collected from the following sources:

1. Books related to topic

2. Magazines
3. Websites
4. Different files over the internet

Research Instrument

1. Questionnaire
2. Focus Group
3. Observation
4. Direct and Indirect Method

60
Mechanical Instrument

 Telephonic Method

Population:

1. Sampling Unit: Comparative Study between Birla Sun Life and Other
Insurance Companies
2. Sample Size: Approximately 100
3. Sample Selection Procedure: Probability
4. Contact Method
5. Direct Method
6. Telephonic

Sample Size

The Sample Size was 100

We have met 100 people during the survey and policy selling after that, I have
met/taken 10 people they have filled up the financial plans and given response.

61
 REVIEW OF LITERATURE

Here in review of literature 1 studied the role of relationship marketing in life

insurance sector. In today’s impersonal marketplace, customer satisfaction,
retention and loyalty are rapidly become the thing of the past. Relationship
marketing brings them back to forefront, providing easy to apply solutions and
strategies for establishing meaningful bonds with customers and turning them
into reliable, life-long partners. Relationship marketing can be defined as the
process to “identify and establish, maintain and enhance and, when necessary,
terminate relationships with customers and other stakeholders at a profit so that
the objectives of all parties involved are met and this is done by mutual
exchange and fulfillment of promises”. The important objectives of relationship
marketing are to acquire new customers maintain and enhance existing
relationship with existing customers, re-activation of ex-customers and handling
of customer terminations. The key objective of relationship marketing is to
establish a one to one relationship with all the customers. This may sound like a
daydream few years ago; but thanks to the technology breakthrough and
technological solutions providers it is very much of reality.

Insurance is a must because of the uncertain future adversities of life. Accidents,

illnesses, disability etc. are facts of life that can be extremely devastating. Other
than the hospitalization, medication bills these may run up it’s the aftermath of
the incident, the physical wellbeing of the individual that has to be taken into
consideration. Will the individual be in a position to earn as before? A pertinent
question, but what if he is not? Disability can be taken care of by insurance.
Your family will not have to go through the grind due to your present inability.

You think twice before taking the plunge into buying insurance. Is buying
insurance a necessity now? Spending an 'extra' amount as premium at regular
intervals where you do not see immediate benefits does not seem a necessity at
the moment. May be later well you could be wrong. Buying Insurance cannot be
compared with any other form of investment. Insurance gives you a lifelong
benefit and the returns will definitely come but only when you need it the most
i.e. at the right time. Besides buying insurance early in life is one of the wise
decisions you could take. Because the premium you would be paying would be
comparatively lower.

62
The relevant Literature Review for the present study is described as under:

LAWERENCE A. GOSBY and NANCY STEPHENS (1987): Updated those

complex and highly intangible services such as life insurance consist largely of
credence properties. Insurance providers engage in relation building activities
that emphasize buyer seller interaction and communication. Economists
contend, consumers are prone to make quality generalization based on the
strength of these relationships, perhaps to the detriment of price competition.
The authors quote contrary results.

ZEITHAML (1988): Defines values as the consumer’s overall assessment of the

utility of the product, based on the perception of what is received and what is
given. He conjectured that there must be different stages involved in developing
a new product, they are need-identification, product development, product
testing and finally product launch. Price strategies must be according to the
needs of the customers because what we are producing, doing it for the
customer. Branding strategies are increasing to enhance market share of the
product.

FAULKER and BOWMAN (1997): Defined perceived use value as the

satisfaction experienced by a buyer in purchasing and using a product or the
services. They adjudged that intermediaries who are sincere and keen in selling
the product should also be keen in educating and updating the knowledge of the
customers. They must be ready to be brain stormed by the customers and,
equipped with specific and clear solutions.

ANANTH (1998): in his study of LIFE INSURANCE COORPORATION OF

INDIA, highlighted the spectrum of corporate finance during 1975-1990. He
pointed out different problems faced by the organization in handling the
corporate finance such as time of procurement and investment of funds. He
suggested that organization must relate itself with the needs of changing
environment by taking good decisions through professionally trained people.

63
 FINDINGS AND ANALYSIS

Q1). Approx Household Monthly Income ?

Household Monthly Income

5%

23%

Below 10,000
10,000 - 24,999
25,000 - 49,999
46%
50,000 - Above
26%

Q2). Where do you get investment Information ?

Investment

8%
Friends
Relatives
20% 40% Newspapers
Consultants
0% TV
1%
Ads
10%
Internet

8% Others
13%

64
Q3). Who influence you in investment decisions ?

Investment Decision

22% Family Members

33% Relatives
Friends
5% Colleagues
3% Agents
Experts
2%
12% No one
23%

Q4). What is the proportion of savings and expenditure in your earnings ?

Savings and Expenditure

18%
27%
1090
2080
10%
30:70
40:60
50:50:00
19%
26%

65
Q5). What is the Normal Time Horizon of Your Internship ?

Normal Time Horizon

29%
36%
Short Term (Upto 1 Year)
Medium Term (1 to 3 Years)
Long Term (More than 3 Years)

35%

Q6). Do you have a Retirement Plan ?

Retirement Plan

18%

Yes
No

82%

66
Q7). Do you have a Term Plan ?

Term Plan

19%

Yes
No

81%

Q8). Do you have a Mediclaim ?

Mediclaim

38%
Yes
No
62%

67
Q9). Do you have a Child Plan ?

Child Plan

23%

Yes
No

77%

Q10). Do you have a Financial Planner (Like a Family Physician) ?

Financial Planner

13%

Yes
No

87%

68
 FINDINGS

 Most investors opt for two or more sources of information to make

investment decisions.

 Most of the investors discuss with their family and friends before making
an investment decisions.

 Percentage of income that they invest depend on their annual income,

more the income more percentage of income they invest.

 The investors decisions are based on their own initiative.

 Most Investors prefer to park their funds in avenues like Life Insurance,
FD, Gold and Real Estate.

 71% of the people preferred investment in the Short Term and Medium
Term.

 Almost all the people surveyed doesn’t have knowledge about Term Plan

 Most of the investors get their information related to investment through

electronic media (TV) next to print media (Newspapers/Magazines).

 Most of the investors are financial illiterates.

69
 SUGGESTIONS

 Increasing awareness level by increasing number of hoardings in prime areas

such as Bank Square Sector, railway station, bus stand and industrial area.

 The company should intensively promote the products.

 It is recommended that investors decision should be based on their broker

advice

 Risk and return should be evaluated before making an investment decision

 Those investors who want to avoid risk should invest in treasury notes or
high-rated municipal bonds and debentures etc.

 Put up ATM’s in different areas so that premium can be collected across the
country.

 There should be a particular product, which can be termed as Fixed Deposit

Insurance product, where life insurance policy can act as a fixed deposit for
the customer, which can be encased whenever required up to a certain
percentage of sum assured.

 The company should also make effort in advertising through city Cable
Channel as wide is covered by its banners on the highway or other crowded
area should be setup

 The company should cover various risks in one policy with same premium

70
 CHALLENGES

 Some of the respondents were not cooperative.

 Some respondents were scared that if they share their details they might get
in trouble.

 Lack of awareness regarding insurance was a major challenge.

 It was tough to ask questions to women and senior citizen. Either they asked
so many questions or would not reply at all.

 It was tough to make people realise that I was only taking a survey, they
always thought that I am some agent of Birla Sun Life Insurance who was
trying to sell them a policy.

 Some people I attended were illiterate or semi-literate, they did not

understand few things and few questions.

 It was also challenging to go and ask people to help fill the questionnaire as
they all were busy in their work.

 Few respondents had a policy but they did not know which plan do they
have? They knew nothing about the different plans available in the market.

LEARNINGS

 During the study to be found that majority of people are aware of life
insurance sector.

 During the survey, it was observed that major source of information for
consumer are television, newspaper, internet and least preference are given
to magazines, agents and friends.

 Attractive schemes and brand image are the most important factor that
influences the buying behavior of the consumers.
71
 Majority of respondents will shift to any other insurance company. People
are not satisfied with the opted insurance.

 It was found that the reason for the dissatisfaction of consumer is high
premium, delay in claim settlement and poor after sales service.

 The insurance sector companies have to create a more vibrant and

competitive industry, with greater efficiency, choice of products and value
for customers.

72
 CONCLUSION

Over the past three years, around 40 companies have expressed interest in
entering the sector and many foreign and indian companies have arranged
anticipatory alliances. The threat of new players taking over the market has been
overplayed. 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 hold strong market share positions and to
be profitable in future.

Opening up the sector will certainly means new products, better packaging and
improved customer service. Potential buyers for most of this insurance lies in
the middle class which they have to focus in those areas.

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. Financial Organization like
ICICI, HDFC or BIRLA intend to tap the thousands of customers who already
buy their deposits, consumer loans or housing finance.

73
 BIBLIOGRAPHY

 www.google.com

 www.scribd.com

 http://www.birlasunlife.com/

 www.policybazaar.com

 https://www.ibef.org/industry/insurance-sector-india.aspx

 https://www.investopedia.com

74
75
 WEEKLY DESCRIPTION OF ACTIVITIES

Weekly Report 1

1. Introduction: -
Birla Sun Life Insurance Company Limited (BSLI) is a joint venture
between the Aditya Birla Group and Canadian financial firm Sun Life
Financial Inc. With over 2.5 million customers, BSLI is one of the leading
life insurance companies and fund managers in India. The company has over
600 branches spread over 500 cities and pioneered the launch of Unit Linked
Life Insurance plans. BSLI provides a complete range of insurance services
including protection solutions, health and retirement solutions, wealth with
protection, children’s future solutions, life stage products and customized
group insurance solutions for employees of various organizations.

Main Products of Birla Sun Life Insurance: -

1. Birla Sun Life Vision Life Secure Plan
2. Income Assured Plan
3. Wealth Aspire Plan
4. Secure Plus
5. Vision Star Plan
6. Protect at Ease (Term Plan)
7. Future Plan (Term Plan with return of premium)
8. Vision Endowment Plan

Major Competitors: -

Birla Sun Life Insurance mainly has 3 main competitors who are having a high
market share in the insurance sector. They are:

 LIC
 SBI Life Insurance
 HDFC Standard Life

76
Market Share: -

Market Share (%) FY 15 FY 16 Bps Change

LIC 53.4 52.3 -110

SBI Life 14.2 17.2 300

HDFC Life 12.8 12.7 -10

Birla Sun Life 7.6 7.7 10

60
53.4 52.3

50

40

30 FY 15
FY 16

20 17.2
14.2
12.8 12.7

10 7.6 7.7

0
LIC SBI Life HDFC Life Birla Sun Life

STP: -

Segment: - Personal and Group Assets Management

Targeting: - Urban and Rural Investors

Positioning: - Complete insurance and financial solutions

77
Best Life Insurance Companies Based on Claim Settlement Ratio: -

Life Insurance Companies Claim Settlement Ratio

Birla Sun Life Insurance 88.45 %

LIC 98.33 %

SBI Life Insurance 93.39 %

HDFC Standard Life 95.02 %

78
 Weekly Report 2

1. Introduction: -

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

between the Aditya Birla Group and Canadian financial firm Sun Life
Financial Inc. With over 2.5 million customers, BSLI is one of the leading
life insurance companies and fund managers in India. The company has over
600 branches spread over 500 cities and pioneered the launch of Unit Linked
Life Insurance plans. BSLI provides a complete range of insurance services
including protection solutions, health and retirement solutions, wealth with
protection, children’s future solutions, life stage products and customized
group insurance solutions for employees of various organizations.
2. Main Products of Birla Sun Life Insurance: -
9. Birla Sun Life Vision Life Secure Plan
10.Income Assured Plan
11.Wealth Aspire Plan
12.Secure Plus
13.Vision Star Plan
14.Protect @ Ease Plan (Term Plan)
15.Future Guard Plan (Term Plan with return of premium)
16.Vision Endowment Plan

1. Birla Sun Life Vision Life Secure Plan

It is a participating whole insurance plan that offers protection as well as

pays out regular bonuses from the first policy year.

2. Income Assured Plan

This plan is of a traditional nature providing savings and protection. It gives

assured income benefits payable from the end of the premium paying period
and life insurance benefits.

79
3. Wealth Aspire Plan

It is a unit linked insurance plan that provides the insured life cover along
with the chance to build on their wealth. The BSLI plan offers personalized
wealth creation option to the insured. The insured can choose from a wide
range of policy terms and 4 investment options to build on their wealth.

4. Secure Plus

It is best suited for individuals who are looking at life insurance as option
to meet their dual needs to security and guaranteed income. This plan can
help customers who are looking at securing their families financial well-
being, looking at building a fund for themselves or their children's
education and ensuring additional post-retirement income for themselves
or their parents.

5. Vision Star Plan

It is a traditional Money Back Child Plan designed to secure the child’s

future if the parents is not around thus giving the parents peace of mind.

6. Protect @ ease Plan (Term Plan)

We all want the best for our families by keeping them safe, secure and
protected even in our absence. Birla Sun Life Insurance (BSLI) Protect @
Ease is a term insurance that helps you to secure your family’s future
without compromising on their dreams and aspirations. In this fast paced
world convenience is the key to every single aspect, from shopping online, to
ordering food online. BSLI offers you the same kind of convenience with
insurance as well; any time insurance policy for your near and dear one with
just a few clicks. This plan provides high coverage at very low rates.

7. Future Guard Plan

This plan provides complete financial freedom even when you are not
around. This plan is ideal if you want an economic way of providing for
cover and would like to protect your family you also get back all your
premiums back on your maturity. So you can enjoy life knowing that your

80
 family’s future is secured and guaranteed even in your absence and your
premiums are yours on your survival

8. Vision Endowment Plan

This plan assures you that your savings are absolutely safe and moreover it
starts giving you growth in your savings with accrued bonus from the first
year itself.

Birla Sun Life Plan Type Entry Age Maximum Policy Minimum
Plans Maturity Term Sum
Age Assured

Birla Sun Life Participating

Vision Life Whole
1 to 60 years 75 years 15-35 Rs.
Secure Plan Insurance
years 200,000
Plan

Income Traditional 8-60 years 75 years 15, 17, 20, Rs.

Assured Nature Plan 22 and 25 100,000
Plan years

Wealth Unit Linked 30 to 60 18 to 70 10 to 40 Rs.

Aspire Plan Insurance years years years 300,000
Plan

81
Secure Plus Traditional 5 to 50 years 63 years 13 years Rs.
Plan Non- 725,000
participating
Insurance
Plan

Protect @ Online Term 18 to 65 80 years 5 to 40 Rs.

ease Plan Plan years years 3,000,000

Future Complete 18 to 65 75 years 10, 15, 20, Rs.

Guard Plan Financial years 25 and 30 500,000
Freedom years
Plan

-
Vision Participating 1 to 55 years 20 years Rs.
Endowment Endowment 100,000
Plan Plan

3. Learnings

Understanding the behavior of the Indian investors who has invested or is

planning to invest in certain financial instruments with the help of market
survey of various individuals. By doing the survey I came to know about the
various queries and requirements that the investors are looking when they invest
funds in a financial instrument and also I have understood about the 9 insurance
policies that the Birla Sun life Insurance Co. Ltd. is offering to its customers.

82
 Weekly Report 3

1. Introduction: -

Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between
the Aditya Birla Group and Canadian financial firm Sun Life Financial Inc.
With over 2.5 million customers, BSLI is one of the leading life insurance
companies and fund managers in India. The company has over 600 branches
spread over 500 cities and pioneered the launch of Unit Linked Life Insurance
plans. BSLI provides a complete range of insurance services including
protection solutions, health and retirement solutions, wealth with protection,
children’s future solutions, life stage products and customized group insurance
solutions for employees of various organizations.

2. Market Survey: -

Q1. Name –

Q2. Date of Birth –

Q3. Mobile Number –

Q4. Email Id –

Q5. Communication Address –

Q6. Profession –

Q7. Company Name –

Q8. Department –

Q9. Designation –

Q10. Approx. Household Monthly Income?

1) Below 10,000/-
2) 10,000/- to 24,999/-
3) 25,000/- to 49,999/-

83
 4) 50,000/- and Above

Q11. Where do you get investment Information?

1) Friends
2) Relatives
3) Newspapers
4) Consultants
5) TV
6) Ads
7) Internet
8) Others

Q12. Who Influence you in Investment Decision?

1) Family Members
2) Relatives
3) Friends
4) Colleagues
5) Agents
6) Experts
7) No One

Q13. What is the proportion of savings and expenditure in your earnings?

Savings: Expenditure

1) 10:90
2) 20:80
3) 30:70
4) 40:60
5) 50:50

Q14. What is the Normal Time Horizon of Your Investment?

1) Short Term (Up to 1 Year)

2) Medium Term (1 to 3 Year)
3) Long Term (More than 3 Year)

84
Q15. What is the Objective of your Investment Rank (1, 2, 3, and 4)

1) Safety –
2) Liquidity –
3) Return –
4) Reliability –

Q16. What are the Features that you would look for, in a Financial Product?

Q17. What rate of Return on Investment you expect?

Q18. What is your Most Preferred Form of Investment?

Q19. Do you have a Term Plan?

1) Yes
2) No

Q20. Do you have a Mediclaim?

1) Yes
2) No

Q21. Do you have a Retirement Plan?

1) Yes
2) No

Q22. Do you have a Child Plan?

1) Yes
2) No

Q23. Do you have a Financial Planner (Like a Family Physician)?

1) Yes
2) No

Q24. Do you require a Financial Health Checkup and a Model Financial Plan?

1) Yes
2) No
85
Q25. Any Specific Query –

Other Questions: -

Q1. Which of the following type of Insurance do you currently have?

Q2. If you are looking for an Insurance, which type of insurance would you
prefer the most?

Q3. Do you have any Insurance? If Yes, How much money do you spend on
your insurance policy?

Q4. What are the sources of information do you use while choosing an
insurance policy?

Q5. Which type of Insurance is important to you?

Q6. Are you satisfied or dissatisfied with your insurance plan that you have
taken for your family or Health Insurance Agent?

Q7. How likely is that you recommend your insurance policy to your friend or
colleague?

Q8. After having bought this information would you like to discuss your new
investment plan with your agent or advisor?

3. Learnings

While conducting the markest survey with the help of questionnaire I came to
know that most of the investors with whom I have interacted were reluctant to
plan their investments with the help of a Financial Planner but after explaining
them about the Financial Plan which ensures them that the money invested are
in safe hands and will generate good returns, and the amount can be used by the
investor for fulfilling his future goals as a result quite a good number of them
accepted the concept of Financial plan.

86
 Weekly Report 4

1. Introduction: -

Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between
the Aditya Birla Group and Canadian financial firm Sun Life Financial Inc.
With over 2.5 million customers, BSLI is one of the leading life insurance
companies and fund managers in India. The company has over 600 branches
spread over 500 cities and pioneered the launch of Unit Linked Life Insurance
plans. BSLI provides a complete range of insurance services including
protection solutions, health and retirement solutions, wealth with protection,
children’s future solutions, life stage products and customized group insurance
solutions for employees of various organizations.

2. Comparative Analysis of BSLI, LIC and HDFC Standard Life

Insurance: -

BIRLA Flexi
Secure Life
Features HDFC SLI Retirement LIC Bima Plus

Age 18 - 60 years 18 - 60 years 12 - 55 years

Term 10 - 30 years Minimum Term of

10 years

10 years

Sum Assured Only 5, 10, 20 Minimum Sum Maximum limit

(age-based) Assured is Rs. up to Rs. 2 lakhs

87
 multiples are 50,000. Zero Death
allowed as Benefit is also
Sum Assured. available.

Survival Value of units Unit Value is used to

benefit partly in cash purchase an annuity
partly
converted to Bid Value of the
annuity. fund units

Death benefit Value of units, Value of units in this Death during the
no sum case the Sum first 6 months -
assured is Assured is zero. 30% of SA +
given. value of units,
next 6 months -
60% of SA +
value of units.
Death after 1st
year - SA + value
of units. Death
during the 10th
year - 105% of
SA + value of
units.

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 Weekly Report 5

1. Introduction: -

Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between
the Aditya Birla Group and Canadian financial firm Sun Life Financial Inc.
With over 2.5 million customers, BSLI is one of the leading life insurance
companies and fund managers in India. The company has over 600 branches
spread over 500 cities and pioneered the launch of Unit Linked Life Insurance
plans. BSLI provides a complete range of insurance services including
protection solutions, health and retirement solutions, wealth with protection,
children’s future solutions, life stage products and customized group insurance
solutions for employees of various organizations.

2. Main Products of Birla Sun Life Insurance: -

17.Birla Sun Life Vision Life Secure Plan
18.Income Assured Plan
19.Wealth Aspire Plan
20.Secure Plus
21.Vision Star Plan
22.Protect @ Ease Plan (Term Plan)
23.Future Guard Plan (Term Plan with return of premium)
24.Vision Endowment Plan

3. Why Insurance is Beneficial for a Person?

 Insurance provides risk coverage for an individual
 Insurance Ensures Family and Business Stability
 Insurance Grants Peace of Mind
 It helps an individual to avail tax benefits under Section 80C

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4. Documentation Required to Avail a Life Insurance Policy
1. 2 Passport Size Photo.
2. Identity Proof
3. Age Proof (Pan Card & Passport)
4. Address Proof
5. Income Proof (For Annual Premium above 95k)
6. 3Months Salary Slip / 6Months Salary Account Statement / 3yrs IT Relation
(Both Salaried and Businessman) / 3yrs Form 16.
7. Premium Cheque + Bank Statement (If Name Not Printed in Cheque)

5. Learnings from the Activities: -

Briefing session on the future course of action and discussion of problems
faced while doing the research activity for which few sessions were held on
how to approach clients for research work and financial planning which was
conducted on 5th and 6th June, 2017. From this session I learnt that I need to
build a connection with the clients by trying to know the investment areas in
which they are interested. This will help me in preparing the financial plan
for the clients. Discussion on Financial Planning and Product Training
session was conducted in Birla Sun Life Insurance, Nehru Place Branch on
7th and 8th June, 2017. In Product Training session I came to know about the
15 insurance policies and their features in details offered by Birla Sun Life
Insurance Co. Ltd. and how each of them is beneficial for the insured and
about the risk coverage each of these provide to the customers. The
documentation process required to avail a life insurance policy was also
explained which will help me to convey it to the clients if someone is
interested to apply for an insurance policy.

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ANNEXURE

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