SBI LIFE

INSURANCE

OUR OBJECTIVE:

To emerge as the leading company offering a comprehensive range of life insurance and
pension products at competitive prices, ensuring high standards of customer satisfaction and
world class operating efficiency thereby becoming a model life insurance company in India
in the post liberalization period.

BY,
ABHIMANYU PAUL

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 B2B3, UID NO: 2019-0406-0001-0004

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TABLE OF CONTENTS:

Contents
BUSINESS SUMMARY.............................................................................................................................3
Our Company.....................................................................................................................................3
Marketing Leaders.............................................................................................................................3
SWOT Analysis...................................................................................................................................3
BCG Matrix........................................................................................................................................3
Market Mapping................................................................................................................................4
BUSINESS INITIATIVES:..........................................................................................................................5
TARGET MARKET...................................................................................................................................6
COMPETITIVE ANALYSIS........................................................................................................................7
MARKET STRATEGY................................................................................................................................8
PRODUCT...........................................................................................................................................8
PRICE.................................................................................................................................................8
PEOPLE..............................................................................................................................................8
PROCESS............................................................................................................................................8
THEME...................................................................................................................................................9
BUDGET...............................................................................................................................................10

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BUSINESS SUMMARY

Our Company
SBI Life insurance is a company headquartered in Mumbai, India with offices in Kolkata, Delhi,
Bangalore.

Marketing Leaders
CHAIRMAN: Mr. Rajnish Kumar
DIRECTOR: Mr. Dinesh Khara
MANAGING DIRECTOR AND CEO: Mr. Sanjeev Nautiyal
INDEPENDENT DIRECTOR: Mr. Nilesh Vikamsey
Mr. Ravi Rambabu
Ms. Joji Sekhon Gill

SWOT Analysis

STRENGTH WEAKNESS OPPORTUNITY THREAT

 Huge customer  Managing a  Growing rural  Economic

base huge market slowdown
 SBI life has number of potential.  Entry of
over 7,000 on- people is a  People different BFSI
roll employees concern. willing to sector in the
and 75,000  Cases of interest more market.
agents. fraud have in this
 Over 18,000 brought company.
branches down the
across the image of
country the
company.

BCG Matrix

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 Market Mapping

Product: SBI LIFE- SMART POWER INSURANCE

An Individual, Unit Linked, Non - Participating, Life Insurance insurance Product.

"The Unit Linked Insurance products do not offer any liquidity during the first five years of
the contract. The policyholders will not be able to surrender or withdraw the monies invested
in unit Linked Insurance Products completely or partially till the end of fifth year "
With SBI Life – Smart Power Insurance, begin your wealth creation journey with the help of
reasonable premiums. Also obtain returns in tune with the current investment scenario.

This plan offers –

 Security – to ensure your family is protected financially
 Reliability – by meeting your changing financial needs
 Flexibility – to manage the invested money as per your choice
 Affordability – through affordable premiums
 Liquidity – partial withdrawals to meet your expenses from the 6th policy year
Age at entry Minimum: 18 years Maximum: 45 years

Maximum age of 65 years

Maturity
Policy term 10 to 30 years

Premium payment Same as policy term

term
Basic Sum Annualized premium
Assured
The maximum basic sum assured shall be as per Board approved underwriting
policy
Sum assured at any point of time. For both level and increasing cover options,
will not exceed ₹5,00,000
Premium Yearly/ half yearly/ quarterly/ monthly
frequency
Minimum Maximum
Yearly: ₹ 15,000
Half yearly: ₹ 9,500 No limit
Quarterly: ₹ 5,500
Monthly: ₹ 2,000

This policy can be marketed to people of any age from 18 years to 45 years, especially the
working class youths from the age of 24. Monthly premiums as mentioned starts from ₹
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2,000 monthly up to ₹ 15,500 yearly. Premium frequency being yearly, half yearly, quarterly
and monthly policy holder gets a huge number of choices to choose from.

BUSINESS INITIATIVES:
INITITATIVE 1:
EDUCATION
SBI Life supported the cost of education and overall development of the underprivileged
children to ensure that they are not dropped out of the school due to lack of financial
resources. This also included supporting students with basic educational and stationery
essentials
SBI life has helped more than 50 schools across states to build / improvise their infrastructure
facilities.
SBI Life has provided support towards the cost of education, infrastructure improvement,
therapy aids and overall development of differently abled children, to give equal opportunity
of learning.
Support to Udayan for education and holistic development of underprivileged children from
Musahar community, West Bengal
Supports to Smile Foundation for education of underprivileged children in Maharashtra,
Jammu, Karnataka & Delhi
Support towards construction of School, Nai Dharati, Bihar.

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INITIATIVE 2:
HEALTH CARE
SBI Life’s interventions aim to provide basic healthcare facilities available to poorest of the
poor. CSR activities in the healthcare sector included upgrading infrastructure facilities at
hospitals and medical institutes, providing medical aid to underprivileged people and health
prevention programs through screening, awareness sessions.
Support to Action against Hunger to eradicating Malnutrition in Rajasthan & Madhya
Pradesh
Supports towards healthcare and education of differently abled children, Muskan,
Maharashtra
Support to Red Cross School of Blind , Odisha

INITITATIVE 3
RURAL DEVELOPMENT AND ENVIRONMENT
Support towards maintaining green belt in Odisha.

INITITATIVE 4
DISASTER RELIEF
SBIL partnered with Smile Foundation to provide immediate relief (cloths, medicines and
other essentials) to the people affected by floods in Kodagu, Karnataka.

TARGET MARKET

Targeting India’s predominant youth population, SBI Life Insurance, the most trusted and
preferred life insurer, prepares to launch the “SBI Life Smart Power Insurance” Plan on 7th
October, 2013. This product is an affordable entry-level premium for youth of age group
18-45 years.
Smart Power Insurance Plan comes with two options to choose from; the first: Level Cover
option, in which Sum Assured chosen at inception remains the same throughout the policy
term, and the second: Increasing Cover option where, The initial Sum Assured increases by
10%, without any additional underwriting, starting from 6th policy year and after every 5
years. Smart Power Insurance also has two Fund options to choose from:

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  Trigger Fund option, a unique fund option with the advantage of ‘Buying Low
and Selling High’.

 Smart Funds option which gives the option to choose from 7 varied funds. The
buyer will have the flexibility to switch between these options twice during the
policy term.

The policy term options are 10, 15 or 30 years. The minimum sum assured will work out to
either ten times of the annual premium or 0.50 multiplied by the term and annual premium,
whichever is higher. The maximum sum assured will be the annual premium multiplied by
20.

The minimum premium payable works out to ₹ 2,000 monthly, ₹ 5,500 quarterly, ₹ 9,500
half yearly and ₹ 15,000 annually.

COMPETITIVE ANALYSIS
Following are the competitors of SBI Life Insurance
 LIFE INSURANCE CORPORATION (LIC)
LIC is the government owned insurance group. It is one of the toughest competitors of all
the private owned insurance companies including SBI Life insurance
 HDFC LIFE INSURANCE
HDFC Life Insurance Company Ltd.) is a long-term life insurance provider with its headquarters
in Mumbai, offering individual and group insurance.
It is a joint venture between Housing Development Finance Corporation Ltd (HDFC), one of India's
leading housing finance institution and Standard Life Aberdeen PLC, leading well known provider of
financial savings & investments services in the United Kingdom.
 ICICI PRUDENTIAL LIFE INSURANCE
ICICI Prudential Life Insurance Company Limited (ICICI Prudential Life) is promoted by
ICICI Bank Limited and Prudential Corporation Holdings Limited. ICICI Prudential Life
began its operations in fiscal year 2001 and has consistently been amongst the top players* in
the Indian life insurance sector. The Assets under Management (AUM) as on 31 March 2019
were ₹1604.10 billion. ICICI is the first insurance company in India to be listed on NSE and
BSE
 MAX FINANCIAL SERVICE
MAX Life Insurance company is the subsidiary of the publicly listed MAX Financial
Services Limited and not only this it is a largest Non – Bank private sector insurance
company. It offers a wide variety of policy and plans to all age groups people.

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MARKET STRATEGY

PRODUCT
SBI LIFE- SMART POWER INSURANCE.
SBI Life Insurance, the most trusted and preferred life insurer, prepares to launch the “SBI
Life Smart Power Insurance” Plan on 7th October, 2013. SMART POWER INSURANCE
is an UNIT LINKED POLICY, Therefore this policy is not only for insurance but an
investment cum insurance policy. The age group targeted is from 18 years to 45 years
therefore anyone from this age group can opt for this policy.
This product is an affordable entry-level premium for youth of age group 18-45 years.
Smart power insurance is of 2 types
Level cover option: in this type the which Sum Assured chosen at inception remains the same
throughout the policy term
Increasing cover option: The initial Sum Assured increases by 10%, without any additional
underwriting, starting from 6th policy year and after every 5 years.
PRICE
With an affordable premium of starting for 2,000 monthly to 15,500 yearly this policy is very
affordable a working individual.
PROMOTION
This product can be promoted via agents, from the activities that the company is involved in.
This policy can also be promoted with the help of doctors. Also in any CSR activities this
product can be launched explaining all the features of the product.
PEOPLE
The person in digital marketing have to play a huge role because a visual representation is the
first impression of any product in front of the customers. The sales head of the company has
to be energetic enough to sell the product with passion. Indian people don’t tend to show
interest in policies and life insurance so the sales executives of the company will have a huge
load on to them as they have to convince the customers with the exclusive features that the
product is offering.
PROCESS
Sales executive can visit the customer to sell the product, in other words personal selling is
one of the process of selling the product. Also the product is available to buy online from the
website itself.

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 Category
Target Market
Positioning Statement
Offering to customers
Price Strategy
Distribution
Sales Strategy
Service Strategy
Promotion Strategy
Marketing Research
Any other component of your
marketing plan
Strategy
Middle working class
SBI Life - Smart Power Insurance, an Individual, Unit
linked, Non-Participating Life Insurance Product which
takes care of your insurance as well as investment needs
Insurance cum investment
Affordable premium
Online
Offline via executives
Events and CSR activities

THEME

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BUDGET

Marketing Expense Estimated Price

Marketing Software

Event 1 [Hosting]

Event 2 [Attending]

Content Sponsorship [time period of campaign]

Pay-per-click (Google)

[To add more rows to this table, right-click a

cell, then select Insert > Rows Above / Rows
Below]
Total [Total Marketing Team Expense for Current
Year]

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