GL BAJAJ INSTITUTE OF MANAGEMENT AND RESEARCH

GREATER NOIDA
SUMMER INTERNSHIP REPORT

ON

A Study of Customer Awareness of Insurance products in Delhi NCR Region for Shriram
Life Insurance Pvt.Ltd.

Submitted in the partial fulfillment of the requirements for the award of degree of

P.G.D.M (2018-2020)

Submitted to: Submitted by:

Ms. Daitri Chatterjee Mohd Shorab Khan

Associate Professor GM18128

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 ACKNOWLEDGEMENT
It gives immense pleasure that, I have completed my Summer Project report, therefore, I would
like to thank my college GL Bajaj Institute of Management And Research, our CRC Head Mr.
Arvind Bhatt and our honorable Director Dr. Ajay Kumar for encouraging me to take up my
Summer Project in Marketing Sector. I am also very thankful to all my faculty members for their
extensive support by imparting in me the practical approach of corporate sector,
and their valuable backing of getting ourselves involved with the functioning of the company
rather than just involve us in our project.

I would also wish to acknowledge my profound gratitude to Shriram Life Insurance Pvt.Ltd  who

allowed me to do Summer Training and helped me in the completion of this project. I am
extremely grateful to all the concerned employees for their full support and guidance despite
their tight and busy schedules.

I would like to express my special and sincere thanks to Ms. Preeti kumari (Relationship
Manager) who happened to be my industry guide for rendering valuable guidance andnecessary
suggestions in bringing out this project report.

I would also like to thank my faculty guide Assistant Professor Daitri chatterjee who was
always there to support me and without whom it wasn’t possible.

Last but not the least; I shall fail in my duty, if I don’t thank all those concerned people who
have directly or indirectly contributed in the completion of this entire Summer Internship Project.

Signature:

Mohd Shorab Khan

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 DECLARATION

I Mohd shorab khan I student of PGDM from GL Bajaj Institute of Management and
Research, Greater Noida hereby declare that I have completed summer internship on the project
titled “A Study of Customer Awareness of Insurance products in Delhi NCR Region for
Shriram Life Insurance Pvt.Ltd. ” as part of the course requirement. The project duration was
from 15th May 2019 to 15th July 2019.

I further declare that the information presented in this project is true and original to the best of
my knowledge.

Mohd shorab khan

Place :- Greater noida

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Industry Guide Certificate

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 Faculty Guide Certificate

This is to certify that the work embodied in this summer training report entitled “A Study of
Customer Awareness of Insurance products in Delhi NCR Region for Shriram Life
Insurance Pvt.Ltd.” being submitted by Mr. Mohd Shorab khan towards the partial
fulfillment of the requirement for the award of “Post Graduate Diploma in Management”
during 2018-20 is a record of original piece of work, carried out by him under my supervision
and guidance in GL Bajaj Institute of Management and Research, Greater Noida (U.P).

Faculty Guide
Associate Professor
Daitri Chatterjee
Date:
GL Bajaj Institute of Management and Research, Greater Noida (U.P)

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 Abstract

This project is done on insurance topic in the area of “A Study of Customer Awareness of

Insurance products in Delhi NCR Region for Shriram Life Insurance Pvt.Ltd.” The most

challenging job for any organization is to understand customer’s need and satisfy them. The era has come

where every customer wants more benefits. The report is done basically to know the awareness level of

customers for insurance products of shriram life insurance.

The study is conducted to check the awareness of customers so that company can work on those points

and can promote more and more for their products. Moreover, study on the awareness level of customers

helps shriram life insurance to understand the mindset of customers whether they are interested for the

policies or not. The aim of survey is to analyze perception of customers regarding the products offered by

Shriram life insurance.

By the end of the report and survey conducted, it is expected to get all the information and findings

related to awareness of customers for wide range of policies of shriram ram life insurance.. However,

there are many different aspects of findings in report and various dimensions like age, gender, occupation.

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Different people have different perception for different policies. It is mostly seen that millennial are more

engaged in buying insurance products.

Table of content
Chapter PARTICULAR PAGE
No. NO.

Acknowledgement 2
Declaration 3
Industry guide certificate 4
Faculty guide certificate 5
Abstract 6
List of Figures
1. INRODUCTION
1. Introduction of insurance
2. How does insurance work
3. Introduction and types of life insurance

2. COMPANY PROFILE
1. History of insurance

2. Introduction and IRDA

3. Over view of shriram life insurance company
4. Shriram life insurance products

3. LITERATURE REVIEW
4. OBJECTIVE AND HYPOTHESIS
1. Objective of research plan

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5. RESEARCH METHODOLOGY
1. Methodology used in study

6. DATA ANALYSIS AND INTERPETATION OF FINDINGS

1. Interpretations of findings

7. CONCLUSION
1. Findings of the study
2. Limitations of the study

8. RECOMMENDATIONS & SUGGESTIONS

1. Recommendations
2. Bibliography
3. Annexure
1) Questionnaire

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 List Of Figure

S NO. NO. OF FIGURE NAME OF FIGURE PAGE

1 1.1 Types of insurance 14
policy
2 2.1 History of insurance 16
32
3 6.1 Gender 44

4 6.2 Age 45

5 6.3 Occupation 46

6 6.4 Marital 47
Status
7 6.5 Customer have a 48
insurance policy
8 6.6 Customer aware 49
shriram life
insurance policy
9 6.7 Total number of 50
policies bought till
date

10 6.8 What kind of 51

investment do you
prefer
11 6.9 What kind of policy 52
period do you prefer
12 6.10 Buy a new policy 53
with shriram
13 6.11 Other than shriram 54
which company do
you prefer
14 6.12 Hypothesis 1 55
15 6.13 Hypothesis 2 57
16 6.14 Hypothesis 3 58

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 Chapter: 1
Introduction

As we all know there is lots of competition in insurance industry in the current market and
Shriram life insurance is one of them.

In the current scenario it is very important for insurance company to check the satisfaction level
of the customer. In the research, awareness of customer for Shriram life insurance is identified.
Awareness of customers is widely checked to understand the presence of the company in the
market.

Customers now days have become smart enough to take the right decision so that they get value
for the money.

And the project is about A Study of Customer Awareness of Insurance products in Delhi
NCR Region for Shriram Life Insurance Pvt.Ltd.”

Threre are many companies providing insurance service to consumers so the aim of the project is
to know about customer awareness in insurance sector and brand awareness of Shriram life
insurance Pvt.Ltd. company

Purpose of the project:-

Customer awareness means to have information about insurance and different policies available
in the market.

Customer response is to know customers are findings the service provided by the company and
their preferences, like and dislike.

The purpose of the project is to study if the customer is aware about Shriram life insurance
company and different policies provided by the company and the customer service provided and
the returns.

How does insurance work

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We can move on to understanding how insurance works exactly.

Case study:-

Ajay is 35 years old and works for a multinational corporation (MNC). He has a 10 year old son,
Vijay, whom he dreams will one day become a doctor. Ajay’s spouse is a housewife, and his
parents are retired and depend on him. Ajay has a home loan and is making monthly investments
for Vijay’s higher studies and marriage and his own retirement. Ajay wants to ensure that Vijay
gets the best of everything and that he himself is not depend on Vijay during his retirement in the
way that Ajay’s parents are on him. So far everything is going well with Ajay’s plans. But
imagine what will happen in the following scenario.

One day while returning home from the office Ajay has an accident and dies. What will happen?
Who will take care of the family, Vijay’s education and marriage, the home loan etc? What are
options available to Ajay so that his family can be taken care of in his absence?

Life insurance provides protection to a family on the untimely death of income provider. If Ajay
has adequate life insurance cover, then should he die, the money received from the life insurance
company can help to support his family. The insurance money will help to take care of the
family’s living expenses, Vijay’s education and marriage, and the cost of the home loan etc.

Let us continue with our case study of Ajay. The risk of premature death described above is only
one of the risks that Ajay faces. He faces any other risks – that he will need medical care at some
point ,that his home may burn down, for instance. Ajay can handle these risks in different ways:

 Risk retention: One, not very wise way, of handling these risks is to retain them, i.e. for
Ajay to bear the risk that he will have to provide these situations himself, and so do nothing
about them. While times are good and none of these events happen, Ajay need not be worried.
But the moment any one of them does happen, Ajay will be in trouble. So it is definitely not wise
for Ajay retain, or handle, these risks himself.

. Risk transfer: the other way of handling these risks is to transfer them to someone who can
handle them properly. In simple words, the process of transferring risks from one person who
does not have the capacity to bear them to someone who does have the capacity for them, is
known as insurance.

At this point, it may be useful to return to our definition of insurance:

Insurance is a contract between the insurance company (insurer) and the policyholder (insured).
In return for a consideration (the premium), the insurance company promises to pay a specified
amount to the insured on the happening of a specified event.

So, from the above explanation we can see that insurance is:

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 The process of transferring the risk from the owner (insured person);
 To another party (insurer) who can bear that risk;
 In for a consideration (premium).

Role of financial services and insurance: we can see from all of this that a well – developed
and evolved insurance sector benefits economic development and at the same time strengthens
the risk – taking ability of the country.

Some of the benefits for the policyholder are shown below:

Investment option Insurance products are an excellent investment option where the
policyholder not only gets the advantage of insurance cover, but
also a return on their investments based on their risk appetite.
Protection of financial Insurance companies provide compensation in case something
security happens to the assets or the individual insured, as per the terms and
conditions of the policy. Life insurance protects the family against
the loss of the income provider, helping to provide for the family’s
needs and the children’s education and marriage. Hence the effect
of loss is considerably reduced for and individual.
Tax benefits Insurance offers considerable tax benefits under the income tax
act 1961. Premium paid up to Rs. 1,00,000 qualifies for education
from taxable income under section 80C of the Act, subject to
certain terms and conditions. The death benefit or the maturity
benefit received by the nominee or the policyholder is tax – free
under section 10 (10D) of the Act, as per prevailing laws, before
premium paid up to Rs. 1,00,000.
Planning for life stage Today the insurance products that are being offered by insurance
needs companies are designed to suit the needs of individuals in different
age groups. This allows individuals to invest in insurance policies
to meet their various and changing priorities.
Develops the habit of An individual learns to save a certain amount of money from their
saving income in order to pay their insurance premium. This encourages
the habit of saving among individuals.
Loan against insurance Individuals can also take out a loan against their insurance
policy policies, subject to the conditions and privileges of the policy,
without affecting any policy benefits.
Releases capital and When the management of a company knows that many of the risks
management faced by the company are covered by insurance, they no longer
need to set funds aside to cover the impact of those risks taking
place. They are also free to concentrate on developing and growing
their business. This makes the company more effective, which in
turn helps to improve the overall economy of the country.

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 Introduction of Life insurance Business
Life insurance companies risks that relate to human lives. They offer different benefits
under different types of products and cover the risk of early death, as well as the risk of living
into old age. Under traditional plans, like term insurance plans, insurance companies provide
death cover. If the insured person dies within the term of policy then the nominee\beneficiary
amount (also known as sum assured).

The key objectives of the IRDA include the promotion of competition with a view to
increasing customer satisfaction through more consumer choice and lower premiums, while
insuring the financial security of the insurance market. The IRDA has the power to make
regulations under section 114A of the insurance Act 1938. Since 2000 it has introduced various
regulations ranging from the registration of companies for carrying on insurance business to the
protection of policyholder’s interests.

The insurance Act 1938 and GIBNA were amended which removed the exclusive
privilege of GIC and its four subsidiaries to write general insurance in Indi. As a result, general
insurance business was opened up to the private sector.

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 n
L
IN
R
r
f
-
o
u
is
e
c
a Types of Insurance Organizations

Insurance organizations are divided into three main categories, as the following figure
shows. We will look briefly at the various products the different types of insurance organizations
offers in below sections:

Fig 1.1

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 Life insurance companies

Life insurance companies cover risks that relate to human lives. A professional market insures
that the customer gets what they are looking for rather than what the company wishes to sell
them. This is called ‘needed – based selling’. A customer who is confident that they will only be
sold a product that meets their needs is more likely to buy again, and recommended insurance to
others. The insurance industry’s regulator (the IRDA) has been proactively trying to address
concerns about miss-selling, which is where a customer has been sold a policy that does not meet
their needs in some way. When this happens the public becomes wary and cynical about the
value of insurance.

Non – life insurance companies

Non – life insurance companies generally cover risks other than those relating to human
lives. The exceptions to this are personal accident and health insurance, which are provided by
non – life insurance companies. Any assets their gives a monetary return (such as house given on
rent), or offers convenience can be insured. All assets are exposed to various risks: they can be
damaged or destroyed by fire, earthquake, riot, flooding, theft, cyclones etc. non – life insurance
companies offer product that cover these risks and compensate the owner should the assets be
damaged by one of them. It is a product from this type of company that an individual would buy
to protect their assets.

Reinsurance companies

We saw in section A2 earlier that insurance is a risks transfer mechanism. Risk is transferred
from those who are unable to bear it to those who can. However, insurance companies can only
take on so much risk. Once that limit is reached, the insurer itself is exposed to the risk of loss.
When this happens insurer look to transfer some of their risks to someone else to shield
themselves from over exposure. This is where reinsurance companies come into use. A
reinsurance company is an insurer for the insurance company. Reinsurance companies take on a
certain percentage of the risks on the insurance company’s book, in return for the payment of a
consideration.

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Iti
L
h
a
r
e
lib
-
t
s
o
P
n Company Profile

History of insurance

The history of insurance in India is deep – rooted. Since the earliest times insurance has
been carried out in some from or other. Insurance in India has developed over time and has taken
ideas from countries – England particular.

The history of insurance in India can be divided into three phases as follows:

Fig 2.1

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 Phase I – Pre – liberalization
1818-1829 First insurance company: in 1818 the oriental life insurance in Kolkata
(then Calcutta) was the first company to start a life insurance business in India.
However, the company failed in 1834. In 1829 he Madras Equitable had
begun transacting life insurance business in Madras Presidency.
1870 Following the enactment of the British insurance Act 1870, the last three
decades of the 19th century saw the creation of the Bombay mutual (1871),
oriental (1874) and empire of India (1897) in the Bombay residency.
1912 The Indian life assurance Companies act 1912 was the first statuary measure to
regulate life business.
1928 The Indian insurance companies Act 1928 give the government the power to
collect statistical information about both life and non – life business transacted
in India by Indian and foreign insurers, including provident insurance societies.

1938 To protect the interest of the insuring public, the earlier legislation was
consolidated and amended by the insurance Act 1938 which gave the
government effective control over the activities of insurers.
1950 In the 1950s, competition in the insurance business was very high and there
were allegation of unfair trade practices. The government of India therefore
decided to nationalize insurance business.
1957 Formation of the general insurance council (GIC): GIC presents the collective
interests of the non – life insurance companies in India. The council speaks out
on issues of common interest participate in discussion related to policy
formation, and Acts as an Advocate for high standards of customer service in
the insurance industry.
1972 The general insurance business (nationalization) Act 1972 (GIBNA) was
passed. The general insurance corporation of Indian (GIC) was formed in
pursuance of section 9(1) of GIBNA. It was in corporate on 22 november. 1972
under companies Act. 1956as a private company limited by shares.

Phase II – Liberalization

The international payment crisis of the 1990s forced the government to we think its industrial
policies and regulations. The government only had enough foreign currency reserves to finance a
few days of imports.

1993 Malhotra committee: In 1993 the government set up a committee under the
chairmanship of R.N.Malhotra, the former governor of RBI, to make

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 recommendations for the reform of the insurance sector. In its report in 1994,
the committee recommended, among other things, that the private sector and
foreign companies ( but only through a joint venture with an Indian partner) be
permitted to enter the insurance industry
1999 Formation of IRDA: following the recommendations of the Malhotra
committee report, the insurance regulatory and development authority (IRDA)
was constituted as an Autonomous body in 1999 to regulate and develop the
insurance industry. The IRDA was incorporated as a statuary body in April
2000

Phase III – Post – liberalization

As we have seen, following the recommendations of the Malhotra committees, the insurance
sector was opened to private companies. Foreign companies were also allowed to participate in
the Indian insurance market through joint ventures (JVs) with Indian companies. Under current
regulations the foreign partner can’t hold more than 26% stake in the joint venture.

Recent development in the Insurance Industry

By 2010 India was the fifth largest insurance market in the world and it is still growing rapidly:

Growing importance of IT All insurance companies now use information technology to

benefit their business and to improve convenience for their
customers. Today, customers can pay their premiums and
check the status and other details of their policies company’s
website. Updates relating to the receipt of premiums or
changes to their policy or sent to the customer through mobile
SMS.
Bancassurance Many banks have joined with insurance companies to cross –
sell insurance products to their customers. Insurance
companies benefit from the wide network and loyal customers
base of banks, and the contribution that Bancassurance makes
to insurance sells has steadily grown over the last few years.
The banks benefit through being able to provide value added
products to their customers and from the fee income they
received in return from the insurance companies. Many banks
have started their own life insurance subsidiaries.
Online sells Most of the insurance companies have now started selling
insurance products online. This eliminates the needs for an
intermediary and reduces costs. The saving can be passed to
customers in the firm of reduced premium.

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Micro – insurance Micro insurance guidelines were issued by the IRDA in 2005.
Micro – insurance products provide insurance protection to
people in lower income groups, such as self – help group
(SHG)s members, formers, rickshaw pullers and others
against the risks that they and their assets are exposed to. The
premiums for these products I am as low as Rs. 15 and am
collected on a weekly basis. The minimum life insurance
cover specified by the regulator for this category is rupees
5.000 and the maximum cover that can be provided is rupees
50.000 people work in agriculture and allied activities are
exposed to the Hazards of nature so they need protection
against risks like monsoon failure, floods etc. this is where
micro – insurance can come to their rescue.

Grievance redressal Whenever any industry is experiencing fast growth there are
bound t be concerns, and the insurance industry is no
different. There has been an increase in complaints from
customers about the settlement their claims and customer
service in general. As we saw earlier, the IRDA has taken
steps to protect the interest of the policyholders. It has asked
insurance companies to set – up internal customer grievance
redressal sells/departments, and an insurance ombudsman has
been established.
The latest initiative from the IRDA is the setting – up of a call
centre which an insured can contact to seek the resolution of a
grievance they have against their insurer. The unhappy
customer can either call a toll free number (155255) or e –
mail: complaints@irda.gov.in to register their complaints.

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 What is IRDA:

MISSION STATEMENT OF THE AUTHORITY:

  To protect the interest of and secure fair treatment to policyholders; 

 To bring about speedy and orderly growth of the insurance industry (including
annuity
and superannuation payments), for the benefit of the common man, and to provide long
term funds for accelerating growth of the economy;
 To set, promote, monitor and enforce high standards of integrity, financial soundness,
fair dealing and competence of those it regulates;
 To ensure speedy settlement of genuine claims, to prevent insurance frauds and other
malpractices and put in place effective grievance redressal machinery;
 To promote fairness, transparency and orderly conduct in financial markets dealing
with insurance and build a reliable management information system to enforce high
standards of financial soundness amongst market players;
  To take action where such standards are inadequate or ineffectively enforced; 
  To bring about optimum amount of self-regulation in day-to-day working of the
industry consistent with the requirements of prudential regulation.

IRDA’s members:

1. A Chairman,

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 2. Five whole – time members,
3. Four part – time members.

Duties, powers and functions of IRDA

Section 14 of IRDA Act, 1999 lays down the duties, powers and functions of IRDA.
Subject to the provisions of this Act and any other law for the time being in force, the Authority
shall have the duty to regulate, promote and ensure orderly growth of the insurance business
and re-insurance business.
1.      Without prejudice to the generality of the provisions contained in sub-section (1), the powers
and functions of the Authority shall include, - issue to the applicant a certificate of registration,
renew, modify, withdraw, suspend or cancel such registration; 
        protection of the interests of the policy holders in matters concerning assigning of policy,
nomination by policy holders, insurable interest, settlement of insurance claim, surrender value
of policy and other terms and conditions of contracts of insurance; 
        specifying requisite qualifications, code of conduct and practical training for intermediary or
insurance intermediaries and agents
  Specifying the code of conduct for surveyors and loss assessors; Promoting efficiency in the
conduct of insurance business;  promoting and regulating professional organizations connected
with the insurance and re-insurance business; 
        Levying fees and other charges for carrying out the purposes of this Act; 
  calling for information from, undertaking inspection of, conducting enquiries and investigations
including audit of the insurers, intermediaries, insurance intermediaries and other organizations
connected with the insurance business;
        Control and regulation of the rates, advantages, terms and conditions that may be offered by
insurers in respect of general insurance business not so controlled and regulated by the Tariff
Advisory Committee under section 64U of the Insurance Act, 1938 (4 of 1938); 
o

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 Over view of Shriram Life insurance Pvt. Ltd.:

Company profile:

Shriram Group is a
financial services
corporation
founded on April 5, 1974 by Ramamurthy Thyagarajan, AVS Raja and T. Jayaraman. Shriram
life insurance has their headquarters in Chennai, Tamil Nadu, India. Shriram group did chit funds
business before launching their group business and later on came into the lending business in a
big way through Shriram Transport Finance (Commercial Vehicle Finance) and Shriram City
Union Finance (Consumer and MSME Finance).R. Thyagarajan also won Padma Bhushan award
in 2013.

Some of the group companies of Shriram are - Shriram Chits Tamil Nadu Pvt Ltd , Shriram City
Union Finance Ltd., Shriram EPC, Shriram Properties Pvt. Ltd., Shriram Fortune Solutions Ltd.,
SHRIRAM chits, Shriram Financial Services Ltd., Shriram Housing Finance Ltd., Shriram Asset
Management Company Limited., Shriram Foundation., Shriram Capital., Shriram Distribution
services., Shriram Venture Ltd., Shriram Equipment Finance Co. Ltd., Shriram Insurance
Broking Ltd., Shriram Automall India Ltd., Shriram Industrial Holdings Ltd., Shriram SEPL
Composites Pvt. Ltd, Shriram Life Insurance, Shriram General Insurance, Shriram Transport
Finance.

Shriram Life Insurance Plans

1. Child Life Insurance Plans

2. Term Life Insurance Plans
3. Pension Life Insurance Plans
4. Investment linked Life Insurance Plans (ULIP)
5. Combo Life Insurance Plans
6. Endowment Life Insurance Plans
7. Group Life Insurance Plans

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 8. Micro Life Insurance Plans
9. Savings Plans
10. Women Life Insurance Plans

1. Shriram Life Insurance Child Plans

Child Life insurance plans are need based insurance cover primed for achieving the financial
goals and ambitions of children post maturity. This could be for any financial objective such as
higher education, marriage. Various types of child plans offered by Shriram finance are

New Shri Vidya Plan

An investment cum insurance based plan from Shriram Life Insurance with maturity benefit and
regular surge of monthly income in the event of death of on death to compensate any monetary
losses.

New Shri Vivah Plan

An reasonable premium based insurance plan from Shriram Life Insurance with double
protection and regular monthly source of income in case of any misfortune event.

2. Shriram Life Insurance Term Plans

This is low cost insurance plan which has been exclusively premeditated to provide economical
constancy and protection to the insurer’s family, in the event of any misfortune in future.

Shriram Life Cash Back Term Plan

A simple and hassle free cover plan at affordable premium. In case of fateful event such as death,
a lump sum payment is paid towards the financial assistance to insurer’s family. The death
benefits are offered @ 10 times annual premium if age is less than 45 years and 7 times annual
premium if age is 45 years and above.

Shriram Group Term Life Insurance

A One Year Renewable Group Term Assurance plan incorporated with the death benefit on lump
sum payment or monthly regular payment to insurer’s family members. The plans come with a
wonderful feature of setting up and monitor the schemes at a low cost.

Shriram Group Term Life Insurance in lieu of EDLI

A substitute to Group Term Life Insurance with enhanced life insurance benefit to all employees
irrespective of their PF balances, salary level and service.
Shriram Life Secure plus Plan- a plan premeditated to cater the need of financial obligation or
debt of the insured’s family in the event of any misfortune. The sum assured is paid in lump sum

23
to the family of insured after his death. The other features include Maturity sum assured & 105%
of the premiums paid till the date of death.

3. Shriram Life Insurance Pension Plans

To make life enjoyable even after retirement from work, Shriram life insurance Pension plans are
the perfect financial tools. It gratifies the financial obligations, once the regular source of income
is discontinued post retirement.

Shriram Immediate Annuity Plan

A Traditional Life Insurance plan from Shriram life insurance to keep the stream of regular
income flowing for lifetime and offers return of sun assured in the event of death of the life
insured.

4. Shriram Life Insurance ULIP Plans

Shriram Investment Life Insurance Plans are best suited product for those who want to earn
through systematic investment in capital market and avail the benefit of insurance protection at
the same time.

Wealth Plus

A Unit Linked Insurance Plan that provide the insurance cover against any misfortune event in
future along with the joy of rewarded earning through investment. The key highlights of this plan
from Shriram life insurance are short premium payment term and auto transfer and switch
options to alleviate the risk on investment capital.

Fortune Builder

A unit linked insurance plan with lump sum premium payment option. The plan ideal for those
who cannot make premium payment on a fixed interval and hence can have complete peace of
mind for insurance need by paying a single premium amount.

Ujjwal Life

A unit linked regular premium insurance plan for those who wants to achieve a long term
financial objective such child’s education, marriage in family or post retirement financial needs.

Ujjwal Life (sp)

The plan is an extension of Ujjwal Life plan with the feature of single premium payment mode.
Apart from the Dual benefit of market linked return and insurance protection under one
umbrella, the plan offer six different fund option for investment as per risk appetite.

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 5. Shriram Combi Life Insurance Plans
Combi Life Insurance Plans are comprehensive insurance plans from Shriram life insurance
premeditated to cater the needs of both life and health protection cover. Various type of Combi
Life Insurance Plans offered by Shriram finance are

Star Shri Family Care

In today’s age we all are vulnerable towards life threatening diseases and the swelling medical
expenses. Star Shri Family Care offers complete coverage for our life and take care of healthy
expenses at the same time. The benefits include regular hospitalization benefits on floater basis
and provides lump sum assured payment in the event of death.

Star Shri Individual Care

In partnership with Star Health and Allied Insurance Co. Ltd., this plan assures all medical
expenses such as Hospitalization Cover, nursing, surgeon expenses all are taken care of while a
sum assured in integrated in the event of death of person insured.

6. Shriram Life Insurance Endowment Plans

Shriram Endowment Life Insurance Plan is a unique combination of triple benefit of saving,
insurance and tax benefits with assured return. Various type of endowment plans offered are

New Shri Life

A participating endowment plan from Shriram life insurance offering systematic savings option
and unswerving protection cover against any misfortune event in future. Apart from enhanced
return on investment due to compounding reversionary bonuses, the plan proffer return on
maturity as well.

New Shri Raksha

A non-linked participating plan from Shriram life insurance with integrated double insurance
protection during the term and traditional life coverage after the maturity of plan term. Sum
assured on survival is another luminous benefit of the plan.

New Shri Vidya

An Endowment plan from Shriram life insurance designed to accomplish the dream of children.
Adjustable survival benefit as per the financial requirement of child’s education and insurance

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cover for continuity of education in event of any misfortune event of any calamity are the key
advantage of the plan.

New Shri Vivah

An Investment based plan from Shriram life insurance to make the marriage of our loved one
most memorable of their life. With expert guidance from Shriram insurance the financial
requirement for marriage is taken care of.

7. Shriram Group Life Insurance Plans:

To strengthen the relationship of Employer and employee and other groups with members under
same set of contract, Shriram Group Life Insurance Plans are best suited product. The group
insurance is most cases are a part of employee benefit package, wherein the major chunk of
premium is paid by the employer or company.

Eligibility of Group plans

 Employer- Employee Group

 Creditor- Debtor Groups
 Professional Groups
 Miscellaneous Groups such as SHC etc

8. Shriram Micro Life Insurance Plans

Micro Life Insurance Plans are designed to meet the insurance requirement of those who cannot
afford the regular premium plans due to their financial limitations.
Various type of plans under this category are

Shri Sahay

A Micro Insurance plan from Shriram life insurance offered in two premium variants as single
premium or special premium (one time ). The premium is paid either one time or for particular
term , however offers insurance cover for life time to the weaker section of society.

Shriram Grameena Suraksha

A non linked non participating term insurance plan from Shriram life insurance which provides
insurance cover to the rural segment of economy at an affordable premium.

9. Shriram Life Insurance Savings Plans

The convention & comfort Savings is an integral part of financial planning for most of the Indian
Consumers. At Shriram Life insurance, the products for saving cum insurance plans are tailor-
made to encourage the same.

26
New Shri Life

A participating endowment plan offering systematic savings option and unswerving protection
cover against any misfortune event in future. Apart from enhanced return on investment due to
compounding reversionary bonuses, the plan proffer return on maturity as well.

New Shri Raksha

A non-linked participating plan from Shriram life insurance with integrated double insurance
protection during the term and traditional life coverage after the maturity of plan term. Sum
assured on survival is another luminous benefit of the plan.

New Shri Vidya

An Endowment plan from Shriram life insurance designed to accomplish the dream of children.
Adjustable survival benefit as per the financial requirement of child’s education and insurance
cover for continuity of education in event of any misfortune event of any calamity are the key
advantage of the plan.

New Shri Vivah

An Investment based plan from Shriram life insurance to make the marriage of our loved one
most memorable of their life. With expert guidance from Shriram insurance the financial
requirement for marriage is taken care of.

New Akshay Nidhi Plan

A savings cum investment plan from Shriram life insurance with triple benefit of savings,
investment and insurance. The plan offers periodical survival benefits apart from the maturity
and death benefits.

Shriram Secure Investment Plan

A one time investment cum insurance plan from Shriram life insurance with double benefit of
life protection and earning on capital investment. Customer can avail the tax benefit as per IT
rules.

10. Shriram Women Life Insurance Plans:

Shriram insurance salutes the spirit of womanhood by offering customized options in their
bouquet of plan. The options are provided basis the category to which they belong i.e.
 Working women, who have a regular source of income.

 Women who gets their earnings via various interests, rent, dividend, etc. Their incomes
from these sources are also taxable.

27
  Home-makers, who do not have any fixed source of regular income.

 Term Insurance Plans: the traditional plans to offer financial protection to self and the
family. Part from protection cover on life, it ensures the life of family and other
dependents is unscathed even when they are not around.

 Retirement Insurance Plans: for working women, to lead a contented and pleasant life
style even post retirement. Retirement Insurance Plans make certain the financial
obligation such as medical expenses etc are not a matter of fret after the regular income
source is clogged.

 Child Insurance plans: Being a mother, brings higher degree of responsibility and Child
Insurance plans in Shriram insurance for women share the load of this responsibility. All
the way from their higher education to daughter’s marriage and any further expenses,
every bend of expenses is taken care of.

 Health Insurance Plans: Different kinds of health insurance plans have been designed to
especially cater to women’s health requirements. These insurance plans provide cover for
a wide range of critical illnesses for singles mothers, working mothers, single ladies and
married women. There are also other insurance plans that offer cover for personal
accident and risks pertaining to travelling.

Online Life Insurance Plans from Shriram Life Insurance

Shriram insurance offers online platform for the purchase of plans online. Enrolling plans online
are not hassle free process, but it also brings transparency into the entire process. Some of the
key benefits of online conscription of Shriram life insurance plans are:-

 Lower enrollment cost as the customer can enroll directly without the involvement of any
third party .As there are no intermediaries the commission charges are not applied on the
cost of purchasing the plans.

 Larger Cover: Because of the lesser add-on costs on the company, it provides more
insurance coverage to the online policy buyer in comparison to the one who buys plans
via traditional methods.

 Greater Transparency: Policyholder can review their plans periodically and monitor
them. All the access all the information regarding the insurance plan such as its terms and
conditions, features, etc., is duly placed on the company’s website. They can also
compare between various plans and features with the help of information available,
making the evaluation more accurate and easier.

 Multiple option and easy comparison: The buyer can compare instantly amongst various
plans based on the past records of the insurance company and the collective experience of
the people and then choose the best suited plan as per their requirement

28
  More opportune and tranquil: It is relatively much uncomplicated to buy an insurance
plans online. Post evaluation, one can buy plans with few steps and clicks.

Other Online facilities from Shriram life Insurance

1. Online renewal of policies

2. Premium payment online
3. Calculators such as
4. Premium Calculator
5. Human Life value calculator
6. Minimum life value calculator

Vision

Operational efficiency, integrity and a strong focus on catering to the needs of the average Indian
, by offering him high quality and cost-effective products and services, are the core values that
drive the organisation.These values have been strongly adhered to over the decades and are now
an integral part of the organisation’s DNA

Mission

The Shriram Life Insurance Company was founded with the objective of reaching out to the
“common man” with products and services that would be helpful to him as he sets out on the
path to “prosperity”.
Values
 

The company prides itself on its deep understanding of the customer. Each product or service is
tailor-made to specifically suit the needs of the customer. It is this guiding philosophy of putting
people first that has brought the group company closer to the grassroots and has made it the
preferred choice for all truck financing requirements amongst the customers.

29
 Competitors of Shriram Life Insurance Pvt. Ltd.:

1. AEGON Religare Life Insurance

2. Aviva India
3. IDBI Federal life insurance
4. Bajaj Allianz Life Insurance
5. Bharti AXA Life Insurance Co Ltd
6. Birla Sun Life Insurance
7. Canara HSBC Oriental Bank of Commerce Life Insurance
8. Star Union Dai-ichi Life Insurance
9. DLF Pramerica Life Insurance
10. Edelweiss Tokio Life Insurance Co. Ltd
11. Future Generali Life Insurance Co.
12. Ltd
13. HDFC Standard Life Insurance Company Limited
14. ICICI Prudential
15. IDBI Federal Life Insurance
16. India First Life Insurance Company
17. ING Vysya Life Insurance
18. Kotak Life Insurance
19. Max Life Insurance
20. PNB MetLife India Life Insurance

Chapter:3
Literature review

REVIEW OF LITERATURE
Introduction Review of literature is a critical summary of researches on a topic of interest, often
prepared to put a research problem in a context. No effective research can be carried out without
critically studying the literature that already exists in relation to it in the form of general

30
literature and specific studies. A review included a research report, which include a brief
literature reviews with their introduction. To provide readers with a quick overview of the being
addressed document the need for the new study & demonstrate how it will contribute to existing
evidence. Review of literature is conducted to generate a theoretical and scientific knowledge
about particulars phenomenon and results in a synthesis of what is known and unknown about
that phenomenon. The primary purpose of literature is to gain a broad background that available
related to problems in conducting research. Review of literature facilitates selecting a problem
and purpose, developing a framework, and formulating a lesson plan. Literature review is a key
step in research process. Review of relevant literatures is an analysis and synthesis of research
sources to generate a picture of what was known about a particular situation and knowledge gaps
that exist in the situation. In order to attempt the goal in the present study, an attempt has been
made to review and discuss the literature

The literature on Indian life insurance industry includes books, theses, dissertations, study
reports and articles published by researchers and academicians in different periodicals. The
available literature for the present study is given below:

RanadeAjit and Rajeev Ahuja (1999 presented an overview of life insurance operations in India
and identified the emerging strategic issues in the light of liberalization and the impending
private sector entry into insurance. The need for private sector entry has been justified on the
basis of enhancing the efficiency of operations, achieving a greater density and penetration of
life insurance in the country and for greater mobilization of long terms savings for long gestation
infrastructure projects. In the wake of such coming competition, the LIC, with its 40 years of
experience and wide reach, is at an advantageous position. However, unless it addresses strategic
issues such as changing demography and demand for pensions, demand for a wider variety of
products and having greater freedom in its investments. LIC may find it difficult to adapt to
liberalized scenario.

Pant Niranjan (1999) by considering the impact of liberalization and Insurance Bill 1999 on
insurance sector stated that this would result in increasing involvement of the large and powerful
insurance companies of the world in the Indian insurance industry. The effect was uncertain as
this could work as an opportunity as well as a challenge for the life insurers. So it was stressed
that it is essential to take this in an encouraging manner for turning this involvement of private
sector players into a positive factor of overall growth. It was also mentioned that such an effort
would, however, require the support of a clearer and more cogent legislation than the Insurance
Regulation and Development Bill 1999.

Rao D. Tripati (1999) developed a proper perspective of the ongoing debates on the privatisation
and globalisation of the insurance sector. A systematic study of the structure and pattern of
growth of the Indian insurance industry is essential. An analysis of pattern of growth of life
insurance industry since its nationalisation in 1956 has been carried out. This article goes into the
operating results of the Life Insurance Corporation and their macro economic importance. The

31
study highlighted the pattern and growth of life insurance business in India. Specifically, it deals
with the analysis of growth of new business, business in force, income and outgo (financial
outflow) Life Fund i.e. institutionalisation of savings and business by different zones of LIC.
Finally, these indicators are compared with the related macro variables. The analysis reveals that
average sum assured per policy has declined in real terms. The increase in the rural business
might involve higher transaction costs in the absence of adequate infrastructure facilities in rural
areas. But income and outgo has shown that even with lower sum assured and increase in rural
business the LIC has succeeded in converting a growing amount of annual premium income in to
life insurance fund. The outgo as a proportion of income declined partly due to the decline in
death benefits and expense in management.

Biresh K. Sahoo (2005) applies a new variant of data envelopment analysis model to examine the
performance of Life Insurance Corporation (LIC) of India for a period of nineteen years. The
findings show significant heterogeneity in the cost efficiency scores over the observation period.
A decline in performance after 1994–1995 may be due to the huge initial fixed cost undertaken
by LIC in modernizing its operations. A significant increase in cost efficiency in 2000–2001 may
prove to be a cause for optimism that LIC may now be realizing a benefit from such
modernization.

Sinha Ram Pratap (2007) compared thirteen life insurance companies in respect of technical
efficiency for the period 2002-2003 to 2005- 2006 using the assurance region approach of DEA.
The comparison of mean technical efficiency scores reveal that mean technical efficiency has
improved in 2003-2004 relative to 2002-2003, remained on the same level in 2004-2005 and
declined in 2005-2006. This is likely because of divergence in the 61 performance across the life
insurers. In the last two years, most of the life insurers have exhibited increasing returns to scale.
This is indicative of the wide opportunities that the insurers have for them.

Sinha Ram Pratap (2007) estimated cost efficiency of the life insurance companies operating in
India for the period 2002-03 to 2006-07 using the new cost efficiency approach suggested by
Tone (2002) and suggested an upward trend in cost efficiency of the observed life insurers
between 2002-03 and 2004-05. However, the trend was reversed for the next two years i.e. 2005-
06 and 2006-07.This has been so because of the fact that during the initial years of observation
mean cost efficiency of the private life insurers was rising but the trend was reversed in 2005-06
and 2006-07.

Rao M.V.S. Srinivasa (2009) analyzed the impact of life insurance business in India and
concluded that, India’s insurance industry accounted for twelve percent of total Gross Domestic
Product (GDP) in 2000-01. It was the year in which the insurance sector was liberalized. The
percentage increased to 20.1 percent in 2005-06. The market share of the private insurers and
LIC in terms of policies underwritten was 10.92 percent and 89.08 percent in 2005-06 as against
8.52 percent and 91.48 percent respectively in 2004-05. Total pay-out by the life insurance
industry towards commissions in 2005-06 was Rs. 8,643.29 crore as against Rs. 7,104.46 crore in

32
2004-05. With a population of more than one billion, sixteen percent of the rural population was
insured at that time whereas average population insured in India was twenty percent. Since,
seventy percent of the Indian population lives in rural areas, the potential is very attractive.

DebabrataMitra&AmlanGhosh (2009) stated that life insurance is of paramount importance for

protecting human lives against accidents, causalities and other types of risks. Life insurance has
been dominated by public sector in India; however, with the liberalization of Indian economy,
private sector entry in life insurance has got momentum. The public sector insurance companies,
particularly, LIC of India has emphasized on exploiting the potential of rural India as it provides
immense scope even in the post globalised era. Therefore, the paper highlighted emerging trends
and patterns in Indian insurance business during post globalised era. It also focuses on the role of
private partners in life insurance in India.

Sinha Ram Pratap (2010) compared fifteen life insurance companies operating in India from
2005-06 to 2008-09 using the old and new Revenue Maximizing Approach. The 69 difference
between the two approaches lies in the specification of the production possibility set. In both the
approaches, only the Life Insurance Corporation of India (LIC) was found to be efficient for the
observed years followed by Sahara life very closely. However, since in the old approach, the
technically inefficient firms are penalized very harshly, the grand mean technical efficiency
score is less than fifty percent to that in the new approach.

Charumathi B. (2012) tried to model the factors determining the profitability of life insurers
operating in India taking return on asset as dependent variable. All the twenty three Indian life
insurers (including one public and twenty two private) were included in the sample for study and
the data pertaining to three financial years, viz., 2008-09, 2009-10 and 2010-11 was used. For
this purpose, firm specific characteristics such as leverage, size, premium growth, liquidity,
underwriting risk and equity capital are regressed against return on assets. This study led to the
conclusion that profitability of life insurers is positively and significantly influenced by the size
(as explained by logarithm of net premium) and liquidity. The leverage, premium growth and
logarithm of equity capital have negatively and significantly influenced the profitability of Indian
life insurers. The study did not find any evidence for the relationship between underwriting risk
and profitability.

SrivastavaArnika, Tripathisarika, Kumar Amit (2012) explained the contribution of insurance

industry to the financial sector of an economy. It was explored that the growth of the insurance
sector in India has been phenomenal. The insurance industry has undergone a massive change
over the last few years. There are numerous private and public sector insurance companies in
India that have become synonymous with the term insurance over the years. Offering a
diversified product portfolio and excellent services, many of the insurance companies in India
have managed to make their way into almost every Indian household.

33
Sharma Vikas, ChowhanSudhinder Singh (2013) made an attempt to analyse the performance of
public and private life insurance companies in India. The data used in the paper covers the period
from 2006-07 to 2011-12.For the analysis of data, statistical tools like percentages, ratios, growth
rates and coefficient of variation have been used. The results showed that the LIC continues to
dominate the sector. Private sector insurance companies also tried to increase their market share.
Private life insurers used the new business channels of marketing to a great extent when
compared with LIC. Investment pattern of LIC and private insurers also showed some
differences. Solvency ratio of private life insurers was much better than LIC in spite of big losses
suffered by them. Lapsation ratio of private insurers was higher than LIC and servicing of death
claims was better in case of LIC as compared to private life insurers.

Sinha Ram Pratap (2013) estimated cost efficiency of the life insurance companies operating in
India for the period 2005-06 to 2009-10 using Farrell and Tone's measure. In both the
approaches it was found that the mean cost efficiency exhibit significant fluctuations during the
period under observation implying significant divergence from the frontier. The study also
decomposes the Farrell measure of cost efficiency into input oriented technical efficiency and
allocative efficiency. Further the cost efficiency estimates were related (through a censored tobit
model) to product and channel composition of the in-sample insurance players.

T. HymavathiKumari (2013) aimed at understanding the life insurance sector in India and
flagging issues relating to competition in this sector. Therefore, an attempt has been made to
study the performance of life insurance industry in India in post liberalization era. The
performance of public as well as private sector in terms of market share and growth has been 73
analyzed and it is stated that rapid rate of India’s economic growth has been one of the most
significant developments in the global economy. This growth has its roots in the introduction of
economic liberalization of the early 1990s which has allowed India to exploit its economic
potential and raise the population’s standard of living. Opening up of the financial sector is one
of the financial reforms which the government was to implement as an integral part of structural
reforms and stabilization process of the economy. Insurance has a very important role in this
process. Government allowed the entrance of private players into the industry. As a result, many
private insurers also came into existence.

NenaSonal (2013) evaluated the performance of Life Insurance Corporation of India. The major
source of income (Premium Earned) and the significant heads of expenses (Commission &
Operating Expenses) of LIC are analyzed in order to measure the performance during the period
of study. The study period consists of five years i.e. 2005- 2010. The performance evaluation
showed consistent increase in the business of LIC. During the period of the study, no major
change in the performance of the LIC is observed. So it clarifies that the performance is
unchanged and LIC has maintained the market value of their products.

GulatiNeelam (2014) analyzed the productivity in this paper. Different variables have been used
to calculate the productivity, viz- New Business Procured per Branch, New Business Per Active

34
Agent, Number of Policies Per Branch, Number of Policies Per Agent, Premium Income Per
Branch, Premium Income Per Agent, Ratio of Expenses to Premium Income, Complaints per
Thousand Mean Number of Policies in Force, Percentage of outstanding Claims to total Claims
Payable. The study is based on secondary data. The data has been drawn from annual reports of
LIC and IRDA and further have been tabulated and subject to statistical calculations like t-value
and CGR. It is therefore concluded that LIC has been able to earn higher rate of return as
selected variables (except expenses) have increased significantly. The Compound Growth Rate
has been found positive for income values and negative for expense and claims payable. As a
result customer centered approach is going to be the most compelling agenda for LIC in the
coming years.

Chapter:4
Research Objective and hypothsis

OBJECTIVE OF THE STUDY

1. To know the awarness of Shriram life insurance products amongst people in Delhi NCR.
2. To understand the awareness of insurance as a platform for investment

35
 3. To understand the buying behavior of Shriram life insurance products.

HYPOTHESIS

Hypothesis: - 1

H0: There is no sig. association between age of customers and awareness of shriram life
insurance.

H1: There is a sig. positive association age of customers and awareness of shriram life insurance.

Hypothesis: - 2

H0: There is no sig. association between occupation of customers and kind of investment they
prefer.

H2: There is a sig. positive association occupation of customers and kind of investment they
prefer.

Hypothesis:- 3

H0: There is no sig. association between marital status of customers and kind of policy period
they prefer.

H3: There is a sig. positive association between marital status of customers and kind of policy
period they prefer.

Chapter:5
Research methodology

36
Introduction

Research methodology is a way to systematically solve the research problem. It is understood as

a science of studying how systematically a research is done scientifically. In it we study steps
that are generally adopted by the researcher in studying the research problem along with the
logic behind them.

Research Instrument and Statistical Techniques

  Normally two types of data are used for the purpose of carrying out research. For this survey

also I have collected these data i.e.

a. Primary data 

b. Secondary data

Primary Data:

Primary data is one, which is collected from fresh sources and for the first time while conducting
the research. For the project, primary survey has been undertaken through a survey instrument
consisting of structured questionnaire filled by employees by the way of personal interviewing.

Secondary data:

Secondary data is that data which has been collected for some other purpose. There are two types
of sources for collecting secondary data: a. Internal sources b. External sources Internal sources
of secondary data includes the data generated within the organization E.g. Employee
Engagement Survey Result External sources of secondary data are the sources outside the
organization E.g. Annual Publications, Books, Magazines and Internet etc.

Research methodology

The methodology used for my project is as follows:

Research approach method-

Survey Method

Area of study-

The survey was carried Delhi NCR. A survey was effective to study the Consumer Awareness
regarding Insurance products.

Research-

Exploratory and Descriptive

37
Data Source-

Primary Data and Secondary Data

Sampling tool-

Online questionnaire

Time period of study-

2 months (15th may- 15thJuly )

Target respondents-

Delhi NCR Customers and their family members .

Sample size-

The sample is 100.

Sampling method-

Sampling procedure used for this study is Simple Random Sampling

Sample of study-

The sample is a basic unit consisting of the elements of the population to be sampled. Sample
population includes Customers and family members of Delhi NCR.

Sample design-

To select the samples, the sampling technique used was Simple Random Sampling.
Themain benefit of Simple Random Sampling is that it guarantees that the sample chosen is are
presentative of the population. This ensures that the statically conclusions will be valid. In this
technique each member of the population has an equal chance of being selected as subject. The
entire process of sampling is done in a single step with each subject selected independently of the
other member of the population.

Tool for data collection-

The research instrument used in this study is structured questionnaire which consists of
14questions. It was predetermined before conducting the survey. The questions are open ended.

Chapter: 6 Data Analysis & Interpretation of Findings

38
 Interpretations of Finding

Gender Male Female

100 84 16

Finding-

According to the given data out of 100% people

84% are male and 16% female.

Fig6.1

39
 Age group Below 30 31-40 years 41-50 years 51-60 years 60 years and
above

100 76 12 5 2 0

Finding-

According to given data 76% of the customer’s age is below 30 years and around 20%
people age between 31 to 40 years.

Fig6.2

40
 Occupation private job Government Entrepreneur Student Others
job

100 20 9 8 53 0

Finding-

According to given data 53% of the customers are students where around 20% customers
are in private job.

Fig6.3

41
Marital status Married Unmarried

100 17 83

Finding-

According to the given data around 83% customers are unmarried and 17% customers are
married.

Fig6.4

42
 Do you have life insurance Yes No
policy?

100 90 10

Finding-

According to the given data 90% customers have a insurance policy and 10% customers

Don’t have a policy.

Fig6.5

43
Are you aware of shriram life Yes No
insurance?
100 59 41

Finding

According to given data 59% customers aware about shriram life insurance and 41%

Not aware.

Fig6.6

Total number of One Two more than two No policies

44
policies bought
till date

100 45 18 26 11

Finding-

According to given data 45% customers bought a one policy and 18% customers bought a
two policies and also 26% bought a more than 2 policies and 11% not bought a policies.

Fig6.7

45
 What kind of Short term Long term Both
investment do you
prefer?

11 32 57

Finding-

According to given data 32% customers buy a long term policies and 11% customers

Purchased the short term policies.

Fig6.8

46
 What kind of 5 years 5 to 15 years 15 to 25 years Above 25 years
policy period do
you prefer?
100 18 71 8 3

Finding-

According to given data 71% customers prefer 5 to 15 years of insurance period as

comparison of other time periods.

Fig6.9

47
 If you buy a new policy would Yes No
you like to go shriram life
insurance?

100 80 20

Finding-

According to given data 80% customers ready to buy shriram life insurance products

But 20% not ready to buy.

Fig6.10

48
Other than LIC Birla sun life HDFC life IDBI federal Others
shriram
which
insurance
company do
you prefer?
100 59 9 13 16 2

Findings-

According to given data 59% customers more prefer Life Insurance Company and 16%
customer prefer IDBI federal as comparison of other company.

Fig6.11

49
 HYPOTHESIS
HYPOTHESIS: -1
H0: There is no sig. association between age of customers and awareness of shriram life insurance.

H1: There is a sig. positive association between age of customers and awareness of shriram life insurance.

Group Statistics
age N Mean Std. Deviation Std. Error Mean

1.00 75 1.3867 .49027 .05661

Awareness
2.00 17 1.4118 .50730 .12304

Independent Samples Test

Levene's Test for t-test for Equality of Means

Equality of
Variances

F Sig. T df Sig. (2- Mean Std. 95% Confidence

tailed) Differen Error Interval of the
ce Differen Difference
ce Lower Upper

a Equal variances .123 .727 -.189 90 .850 -.02510 .13252 -.28837 .23818
w assumed
a -.185 23.26 .855 -.02510 .13544 -.30509 .25490
r 6
e
Equal variances
n
not assumed
e
s
s

Fig 6.12

50
INTERPRETATION OF HYPOTHEISIS 1
Calculated Sig. Value of T-test = .727 P value = 0.05

Since the Sig. Value of T-test (0.727) is greater than the critical value of T-test (0.05), So Null hypothesis
is accepted. H0 is accepted.

Hence, it can be suggested that, there is no association between age of customers and awareness of
shriram life insurance.

Hypothesis: - 2
H0: There is no sig. association between occupation of customers and kind of investment they prefer.

H1: There is a sig. positive association between occupation of customers and kind of investment they
prefer.

Group Statistics

OCCUPATION N Mean Std. Deviation Std. Error Mean

KIND OF 1.00 63 2.2063 .91860 .11573

INVESTMENT 2.00 20 2.1500 .98809 .22094

Independent Samples Test

Levene's Test for t-test for Equality of Means

Equality of
Variances

F Sig. t df Sig. (2- Mean Std. 95% Confidence Interval of the

tailed) Differe Error Difference
nce Differe Lower Upper
nce

51
 Equal 1.056 .307 .235 81 .815 .05635 .24007 -.42131 .53401
variances
KIND OF assumed
INVESTMENT Equal .226 30.1 .823 .05635 .24942 -.45292 .56562
variances not 61
assumed

Fig 6.13

INTERPRETATION OF HYPOTHEISI 2
Calculated Sig. Value of T-test = .307 P value = 0.05

Since the Sig. Value of T-test (0.307) is greater than the critical value of T-test (0.05), So Null hypothesis
is accepted. H0 is accepted.

Hence, it can be suggested that, there is no association between occupation of customers and kind of
investment they prefer

Hypothesis:- 3

H0: There is no sig. association between marital status of customers and kind of policy period they prefer.

H1: There is a sig. positive association between marital status of customers and kind of policy period they
prefer.

Group Statistics

MARITALSTATUS N Mean Std. Deviation Std. Error Mean

1.00 83 1.9036 .59703 .06553

KINDOFPOLICY
2.00 17 2.2353 .66421 .16109

Independent Samples Test

Levene's Test for t-test for Equality of Means

Equality of
Variances

F Sig. t df Sig. (2- Mean Std. 95% Confidence Interval of the

tailed) Differe Error Difference
nce Differe Lower Upper
nce

52
 Equal .757 .386 - 98 .043 -.33168 .16200 -.65315 -.01020
variances 2.04
KIND
assumed 7
OF
Equal - 21.6 .070 -.33168 .17391 -.69273 .02937
POLICY
variances not 1.90 18
assumed 7

Fig.6.14

INTERPRETATION OF HYPOTHEISI 3

Calculated Sig. Value of T-test = .757 P value = 0.05

Since the Sig. Value of T-test (0.757) is greater than the critical value of T-test (0.05), So Null hypothesis
is accepted. H0 is accepted.

Hence, it can be suggested that, there is no association between marital status of customers and kind of
policy period they prefer.

Chapter: 7

53
 Conclusion

Findings of the study

1. H1: we find that generally, people were aware of the life insurance policy where at the
same point of time they desire to open an account in banks rather than Insurance
Company.
2. H2: Most of the customer are aware of the LIC as in Insurance companies where as 59%
are also aware of the Shriram life insurance company. LIC for the investment as they
were more aware of on the other hand preferred Shriram life insurance company provides
to invest. Hence, there is significant relationship between the desire and preference of the
company to invest.
3. H3: people find LIC being minimum charges company for their services as compare to
Shriram life insurance. On the other hand, more no. of people use to buy Income
Insurance rather than Life Insurance.

4. We find that the peoples investment in insurance products are less as compared to their
awareness.

5. The customers desire to invest in income insurance rather than life Insurance.

Limitations of the study

1. The present study is based on 100 sample size and convenient sampling is used for the
same.
2. Some respondent due to unawareness about new terms they were unable to respondent
properly.
3. Lack of resources.

4. Lack of time.

Chapter: 8

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 Suggestions & Recommendations

Suggestions & Recommendations

1. To Give Suggestions are very easy; but Implementation is very difficult.
2. The company’s advertisement should be more in Local TV channel and News Paper.
3. The company should be open more branches in, zonal areas.
4. The policies amount should be taken by the company, in small installment, so that more
and more investor’s can take the policies of the company.
5. The company should be developed more attractive product plan or policies.
6. Attractive gift packages should be given by, company to customer, on the basis of lottery
system in every year.
7. Attractive package of salary should be given by, company to the employee so, that they
can motivate towards hard work.
8. Attractive training facility should be developed for financial adviser.
9. Transparency should be there if the insurance company wants to create good image in the
eyes of policy holder.

10. Insurance company should be adopts modern method in place of traditional method,
which create maximum satisfaction to policy holder.

Bibliography

 
Refrences:

1. I.M Pandey: Basic Text   Book of Financial Management : 9thEdition(2008): Vikash

Publication

2. C.B.Gupta: H uman Resource Management : 4thEdition(2007): Sultan chand and Sons

3. Kotler, Keller, Koshy and Jha: Marketing Management  : 6thEdition(2007): Pearson

Education

4. C.R Kothari:  Research Methodology: 4th Edition (2004): New Age International Limited

5. Khan and Jain:  Financial Management : 4thEdition (2004): Tata McGraw Hill

55
 6. Cooper and Schindler: Business Research Method : 9thEdition (2006): Tata McGraw
Hill

Magazines & Journals:

1. Walden, Michael L. (1985); The Journal of Risk and Insurance:³Whole life policy is
a package of options³ (Vol.52 no.1,pp44-58).

2. Slovic, Fischhoff, Lichtenstein, Corrigan and Combs, (1977) Decision

Research:³Insurance against small, high-probabilitylosses´ (vol.2, issue 2, pp83-93).

3. Formisano, Roger A. (1981); The Journal of Risk and Insurance: ³Awareness of

the provisions of the regulation´ (Vol.48 no.1, pp59-79)

4. Smith, Michael L.(1982); The Journal of Risk and Insurance,³Policy owner

behavior towards life insurance´ (Vol.49 no.4, pp583-601)

5. Kirchler and Angela Christian Hubert:³Spouses µrelative dominance in decisions

concerning different forms of investment´ (.1999; accepted 1999; Available online1999);
Institute of Psychology, University of Vienna.
Websites:
www.shriram.com www.irda.com
Reading Materials:
The Hindu- Business Line, Catalogs, Broachers, Business Operation Prospects

Annexur
Questionnaire

1. Name
………………………………………….

2. Mobile number

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 ………………………………………….

3. Email ID

…………………………………………..

4. Gender
a) Male
b) Female
c) Other

5. Age group

a) Below 30
b) 31-40 years
c) 41-50 years
d) 51-60 years
e) 60 years and above

6. Occupation

a) Private job
b) Government job
c) Entrepreneur
d) Student
e) Other

7. Marital status

a) Married
b) Unmarried

8. Do you have life insurance policy?

a) Yes
b) No

9. Are you aware of shriram life insurance?

a) Yes
b) No

10. Total number of policies bought till date

a) One
b) Two

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 c) More than two
d) No policies

11. What kind of investment do you prefer?

a) Short term
b) Long term
c) Both

12. What kind of policy period do you prefer?

a) 5 years
b) 5 to 15 years
c) 15 to 25 years
d) Above 25 years

13. If you buy a new policy would you like to go shriram life insurance?

a) Yes
b) No

14. Other than shriram which insurance company do you prefer?

a) LIC
b) Birla sun life
c) HDFC life
d) IDBI federal
e) Other

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