INTERNSHIP REPORT

Submitted by

Abhishek Bidhan
2020MBA020

Under the guidance of

Aarchi Jain & Vaishnavi Mehra
Intern Trainee

Submitted in Partial Fulfillment of the

Requirements
Of Jagran Lakecity university for the award
Of the degree in
Master of Business Administration

Jagran Lakecity Business School

Jagran Lakecity University
Bhopal-462001
August, 2021

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 ACKNOWLEDGEMENT

Mine internship with Shriram Life Insurance was a great opportunity for
learning and professional development. As a result, I consider myself extremely
lucky to have been given the opportunity to be a part of it. I'm also grateful for
the opportunity to meet so many wonderful people and professionals who
directed me through this internship period.
I offer my warm thanks to Ms. Archi Jain & Vaishnavi Mehra for their guidance
& teaching throughout the Internship.
Thankful to you.

Mr. Abhishek Bidhan

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 DECLERATION

I Khushboo Chouhan, hereby declare that the presented report of internship

under Shriram Life Insurance is uniquely prepared by me after the completion
of 45 days.
I also confirm that, the report is only prepared for my academic requirement not
for any other purpose. It might not be used with the interest of opposite party of
the corporation.

Signature:

Name: Abhishek Bidhan

Course: MBA
JLUID: JLU05162
ROLL NO: 2020MBA020

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CERTIFICATE FROM THE COMPANY

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 Table of Content

S. No Title Page No.

01 Acknowledgement Letter 02
02 Declaration 03
03 Certificate given by the Company 04
04 Table of Content 05
05 List of Graphs & Tables 06
06 Executive Summary 07
Introduction of Internship
07 (Internship Overview) 08 – 12
(Insurance Plans)
(Salient Features)
Industry Profile
(About Industry)
08 (Types of Insurance) 13 - 25
(Types of policies)
(Important Terms)
(CSR)
Company Profile
(Mission & Vision)
(SWOT Analysis)
09 (Competitor Companies) 26 - 39
(Departments in the Company)
(Past CSR trends of the company)
10 KRAs/Job Description 40
11 Observation & Challenges 41
12 Learning Lessons 42
Conclusion
13 (Reflection on the internship experience) 43
(Suggestions)

14 References 44

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 List of Tables

S. No Title Page No
01 IRDA LOGO (Photo) 09
02 Companies Logo 10
03 Chart showing CSR 25
04 Chart Showing the names of Key players 26
05 Chart Showing Past CSR trends 39

List of Graphs

S. No Title Page No
01 Graph showing Brand analysis 28
02 Graph showing STP of Company 29
03 SWOT Analysis 30 - 33
04 Competitors in Market 34
05 Flow chart of how organization works 37

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 Executive Summary
Shriram Life's motto is "Insuring Dreams."
Shriram Life arose from a parent firm whose philosophy is founded on the Aam
Aadmi (common man), not merely on paper, but also in reality. Every member
of the Shriram family works to make the world a better place for those who are
marginalized, both for himself/herself and those around him/her, with the only
purpose of helping. Our work ideals may appear too far in a world where
business is defined by profits and self-centered service. There is,
understandably, genuine and undeniable doubt. So, let's take a look at Shriram
Life and the Shriram Group's background. Shriram Life was established in 2005
and commenced operations in 2006, with ongoing assistance from the Shriram
Group and the Sanlam Group, a 90-year-old South African insurance
corporation. We want to make a good difference in the lives of our fellow
beings while maintaining high service standards.
The Shriram Group operates under the guiding principle of putting the common
man first. Its basic surroundings, with no lavish spending on luxury, reflect its
working ethic. In acknowledgement of our efforts, we have received numerous
distinctions.
The Shriram family, like any other, has elders on whom we rely to lead us
through each and every stage of our journey, ensuring a smooth and effective
functioning. The leaders are also well-known for their candor and down-to-earth
approach. R. Thyagarajan, founder of the Shriram Group and recipient of the
Padma Bhushan, is a living example of ethical and effective business practices.
The current study has been chosen with the goal of examining consumer
behaviour and various factors influencing life insurance purchasing behaviour
in Shriram Life Insurance. The study's data is primary data, and the sample size
is 50 respondents. Insurance policies should raise awareness about their
policies, returns, premiums, and goodwill, among other things, and they should
also have innovative products that incorporate information from previous
research papers. Insurance is important not only for tax purposes, but also for
financial security, risk management, and uncertainty management.

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 INTRODUCTION
(Internship Overview)

I worked in Shriram life insurance for 45 days as an Intern from 10th May – 24th
June. It was an Online Internship. My role in internship was of Marketing &
Sales. During the internship I got to know many things about the life insurance
that I was unaware of. In the First week of the internship, we were taught about
the:
My internship was distributed in 5 Parts.
1st week- During the 1st week we were taught about some basic concept for
giving us an idea about the insurance sector that how insurance sector works &
what are most important thing for insurance sector. And what our work will be
throughout the internship.
2nd week- In the 2nd week the trainee teaches us about the insurance sector
about the company, some important terms that are used in insurance sector like:
- Sum Assured, Premium paying term, Maturity, Claim settlement ration.
3rd week- In the 3rd week of the internship they teach us about the two products
or we can say two insurance plans first one was Assured income plan & second
one was Super income plan. The trainees also teach us how to calculate the
return baking taking the age of the person & paying amount of the person.
4th week- In the 4th week we were prepared for pitching the customers, Group
discussions were there in the classes. Th trainee randomly picked 2 students &
make one of them the customer & another one is seller & give them any product
then the seller has to pitch to the customer for the product.
Then the rest of the time of internship were given us to achieve the sales target
of generating 100k Revenue.

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The Insurance Regulatory and Development Authority (IRDA) of India is the supervisory
body that regulates and commands all insurance companies in the country, both life insurance
companies and general insurance companies. The Indian Insurance Regulatory and
Development Authority (IRDA) is the governing body that establishes the rules and
regulations that govern the Indian insurance industry. IRDA regulates and oversees the
development of these industries while monitoring the activities of insurance companies.
The autonomous body IRDA's sole responsibility is to regulate fair practices in the insurance
market in order to prevent customer loss. The way the nation's banking system operates
according to the guidelines set by the RBI, leaving no room for monopolies to take over,
IRDA, along the same lines of industrial practice, plays an important role in controlling the
insurance sector.

The following are IRDA's major responsibilities:

 Encourage and ensure the systematic growth of the insurance industry to benefit
customers who invest in policies seeking safety.
 Protect the policyholders' interests.
 Encourage market righteousness and fair dealing.
 Expedite claim settlement and resolve disputes.
 Set standards and exercise awareness to keep scams and frauds at bay.
The IRDA's scope of work is broad, and it adheres to its restrictions without promoting any
specific insurance firm. To maintain growth, the IRDA's efforts and acts are as follows:
1) IRDA ensures that no insurance firm may refuse a claim on their own choice unless it is
outside the limits of the policy. Thus, policyholders' interests are protected throughout
the issuing of policy claims and termination of the policy.
2) The rule of behaviour for all insurance firms, price is below the equilibrium, and
surveyors is explicitly stated by IRDA. As a result, players band together to work on a
single song and compete only on the basis of discounts.
3) IRDA conducts investigations and requests both yearly and need-based audits in order to
avoid fraud.
4) To achieve customer equality The Insurance Regulatory and Development Authority
(IRDA) oversees the conditions and prices given by insurance firms.
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5) The IRDA provides a settlement in the event of a disagreement between the insurer and
the policyholder.
6) IRDA prohibits insurers from quoting rates at their leisure, therefore limiting the primary
risks to the Tariff Advisory Committee.
The IRDA establishes the minimum percentage limit that insurers must carry for both life and
non-life

Companies Under Shriram Group

Shriram Transport Finance: Shriram Transport Finance Company is India's largest

financier of commercial vehicles. It makes loans for new and used commercial vehicles,
passenger vehicles, tractors, and construction machinery.

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Shriram City Union Finance: Shriram City Union Finance company specializing in
small and medium-sized business lending as well as retail financing, including two-wheeler
loans.

Shriram Housing Finance: Shriram Housing Finance is a division of Shriram City

Union Finance that primarily offers home loan services.

Shriram Capital: Shriram Capital is the holding company for the Shriram Group, and it
owns a number of group companies.

Shriram Life Insurance: Shriram Life Insurance is the group's life insurance arm, a
joint venture between Shriram Capital and the South African company Sanlam.

Shriram General Insurance: Shriram General Insurance provides commercial and

retail vehicle insurance, as well as home and travel insurance. It is a collaboration between
Shriram Capital and Sanlam.

Shriram Properties: Shriram Properties is a South Indian real estate developer that
focuses in mid-income housing projects.

Shriram Fortune: Shriram Fortune is the group's financial services distribution arm.
Shriram AMC: Shriram AMC is a mutual fund-focused asset management firm.
Shriram Insight: Shriram Insight operates as a retail stockbroker.
Shriram Wealth: Shriram Wealth offers wealth management consulting services.

We were introduced by 2 plans out to all the plans of Shriram life

Insurance

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1) Assured Income Plan: Assured Income Plan, which ensures that your
family will receive the income you have planned for them even if you are not
present. This plan not only helps you financially protect your family, but it
also offers you with guaranteed profits upon maturity. With the regular
income option, you will get your maturity amount in periodic instalments of
an assured amount, allowing you to easily meet your financial duties and
dreams.

Plan Eligibility

Age at Entry: Min: 30 days – Max: 55 Years (age last birthday)

Minimum Maturity age: 70 years (age last birthday)
Payment modes: Annual, Half- Yearly, Quarterly or Monthly.
Sum Assured: 10 times annualized premium.
Policy Term: 8/10/12/15 years.
Premium Paying Term: Same as policy term.

Key Features

2) Super Income Plan: Shriram Life Insurance introduces the Super

Income Plan, which is specifically designed to meet an individual's and his
family's long-term financial demands. 

Plan Eligibility
Age to enter: 25 years – 50 years.
Maturity Age: 75 years (fixed).
Policy Term: 75 minus Age at entry.

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Premium Paying Term: 10 – 25 years (PPT + Age at entry should not exceed
65 years.)
Payment modes: Annual, Half- Yearly, Quarterly or Monthly.
Sum Assured: 10 times annualized premium.
Key features of SIP

The Salient features of doing this Internship

During the internship. I realised that this internship will help in to improve
myself & also help me to prepare for my future.
Before this internship I was totally unaware of the insurance sector or Industry.
I didn’t know anything about the insurance. But while doing the internship I got
to know many things about insurance sector & also understood that in how
many ways that this internship can help me
During the internship I learned many things that will surely help me in my
future.
 I got brief information about insurance that will surely help me in my future
as personally or maybe professionally both.
 This internship boosted my confidence.
 By doing this internship I learned how to pitch any customer for the product
& as I’m an MBA student pitching the customer will surely help me in
future.

INDUSTRY PROFILE
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 Insurance Sector
Insurance is a contract between an organization and its customer, the
policyholder, in which the policyholder receives financial support or
compensation for the amount agreed upon when the policyholder acquired a
policy from the specific company. The Insurance Sector was founded
particularly for the purpose of regulating all of these insurances and policies.
These plans help clients share their financial risks by making payments at the
conclusion of the insurance period or when the client experiences some
uncertainty.
The main types of Insurances in Insurance Sector

 Life Insurance.
 Motor insurance.
 Health insurance
 Travel insurance.
 Property insurance.
 Mobile insurance.

Life insurance is an agreement between an insurance policyholder and an

insurance company in which the insurer promises to pay an amount of money in
return for a premium upon the death of an insured person or after a certain
length of time.

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Motor Insurance is a form of insurance coverage that financially protects
your cars from any dangers. The policyholder's automobile or two-wheeler is
financially protected against damages caused by accidents and other risks.
Health Insurance: Health insurance is a type of insurance that pays for an
insured person's medical and surgical expenditures. It deducts expenditures
incurred as a result of illness or accident or pays the covered individual's
medical provider directly.

Travel insurance is a policy that you acquire to protect you from financial
risks and losses that may arise while travelling. These losses might be modest,
such as a delayed luggage, or major, such as a last-minute travel cancellation or
an international medical emergency.

Property insurance is insurance that protects the physical items and

equipment of a business or house against loss due to theft, fire, or other dangers.
In general, property insurance covers the risks of all losses caused by fire, theft,
wind, smoke, snow, lightning, and other natural disasters.

Mobile Insurance: A mobile insurance policy, on the other hand, adds an

extra layer of security to your phone because it is an All-Risk Cover and covers
damages resulting from any accident, Act of God Perils, theft, or burglary. The
Coverage can also be expanded to include liquid damage or mechanical and
electrical failure

Shriram Life Insurance only provides Life Insurance products and

services. This company is entirely based on Life Insurance products. In this
section, we will only discuss the Life Insurance products that we will be
pitching in the market assists the organization in generating revenue.

Important Terminology used in Life Insurance Sector

There are two types of policy: -
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 Traditional Policy
 ULIP Policy (Unit Linked Insurance Policy)

Traditional Policy: - Traditional life insurance policies are those in which

the policyholder pays a set premium for a set period of time and then receives a
return with interest when the policy matures. The policyholder receives the
calculated guaranteed returns on his or her insurance in this scenario. The return
on investment in a traditional insurance is determined using statistics based on
the policy holder's age, but the returns stated when the policy was purchased are
assured and fixed. These policies are referred to as traditional policies.

ULIP Policy: - ULIP Policy are also known as Unit Linked Insurance Policy
in these types of policies the return on the investment is not fixed as well as not
guaranteed and there is lots of risk in this policy because the money is that we
invest or the company is going invest in the mutual funds and stock market This
raises the risk, thus ULIP policyholders are warned ahead of time that the
returns on their investment are not guaranteed or fixed; it might be a big return
on investment or a very low return on investment. These types of policies are
known as ULIP policies since the returns are not fixed or guaranteed.

Difference between Traditional Policy and ULIP Policy:

The primary distinction between traditional and ULIP policies is that traditional
policies provide a fixed or guaranteed return, whereas ULIP policies do not. The
investment is secure, whereas the returns on ULIP policies are neither fixed nor
guaranteed. This means that the investment is fraught with danger.

The Shriram Life Insurance basically deals in the Traditional Policies and the
policies are designed in such a nice manner which are beneficial for common
manor we can say the families which are belong to the middle-class.

There are some Important terms that I learned through my Internship

about the Insurance sector

 Insurance Premium
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 Policy Term/Maturity Period
 Premium Paying Term
 Sum Assured
 Claim Settlement Ration (CSR)

Insurance Premium: The amount we will pay to the insurer in favour of the policy we
have acquired is referred to as the insurance premium, and it is calculated on a yearly, half-
yearly, quarterly, or monthly basis. The policyholder has the option of paying the sum in
whatever way he or she choose.

Example: Mr. Arvind bought a policy from Shriram Life Insurance and wishes to pay the
premiums on a yearly basis. As a result, the premium would be fixed, and he would have to
pay the fixed price every year on the same date until the premium period ended. This is
referred to as the Insurance Premium

Maturity Period: Maturity Period is the period when our policy period ends and we begin
receiving returns on our investments, or when we begin receiving benefits if the Insurance
policy is our Policy Term or Maturity Period.

Example: Mr. Ramesh buys a Shriram Life Insurance plan that lasts ten years and is called
the Assured Income Plus Plan. In this plan, Rahul must pay the premium for the first five
years and then keep the money for the remaining five years.

Premium Paying Term: The Premium Paying Term is the period during which we pay
the policy's premium.

Example: Mr. Suresh purchases a Shriram Life Insurance Assured Income Plus Plan for a
period of 15 years, and he is responsible for paying the plan's premiums for the first five
years (years 1 to 5) and for the next five years (years 6 to 15). Five years, from 6 to 10 years,
the relaxation period or holding period begins, and in the following five years, he will receive
his pay out or returns on investment, which range from 11 to 15. In this scenario, Suresh's
premium-paying period is the first five years, numbered 1 to 5. This is known as the Premium
Paying Term.

Sum Assured: Sum Assured is the amount that an insurance company promises to pay the
policyholder at maturity or when anything happens to the policyholder during the policy
period, or when the Premium policy term expires, or when the amount is transferred to the
policyholder's nominee at the end of the policy.

Example: Mr. Vishal bought a Shriram Life Insurance plan, and if something goes wrong
with him while he is paying the premium, the nominee will receive the same amount even if
they do not have to pay any premium. If Yogesh pays the entire premium and nothing
happens to him, he will receive the same pay out at maturity. If Vishal pays the entire policy
premium and some uncertainty occurs, the nominee will receive the same amount. If the
uncertainty occurs during the policy, the amount is transferred to the policyholder's nominee.
If the uncertainty occurs after the policy term, the amount is transferred to the policyholder's
nominee. SUM Assured is the amount we will receive as a return on our investment.

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Claim Settlement Ration: The claim settlement ratio is a measure that compares the
proportion of life insurance claims that an affiliated insurance company has settled over the
course of a financial year to the total number of claims it receives, including unfinished
claims from the previous year.

How to Calculate CSR: The claim settlement ratio is determined by dividing the total
number of claims settled by the total number of claims received in a particular financial year,
including those that were outstanding at the start of the year. The claim settlement ratio is a
percentage figure.

Important Factor to Design the Plan or Policy

Department: - When a firm wants to introduce a new product, scheme, plan,

or policy, it basically tells the Actuary Department that we want this type of
plan or that the market demands are these based on that company's or market
requirement. The products were designed by the Actuary Department after
careful consideration of all factors, including the company's financial
requirements as well as the needs of the customers. They conduct a detailed
examination of the problem while keeping the following points in mind:

• Do buyers buy this type of product?

• What is an appropriate customer premium? As a result, they will be able to
purchase this plan or insurance.
• Is this Plan bringing in money for the company?
The Actuary Department will begin creating the plan and policies once all of
these decisions have been made. Based on the following criteria:
Age: - They designed the policies based on age factors and calculated the
premiums and returns accordingly. They also create a periodic table that aids in
the calculation of customer premiums based on age. For example, if the
customer is between the ages of 0 and 20, the premium is low and the return is
high, whereas if the customer is between the ages of 21 and 40, the premium is
high and the return is lower than if the customer is between the ages of 0 and
20.

Premium: - They decide the premium based on the age, and after analyzing
everything, they design the periodic table or calculation table for that specific
plan.

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Location, Geography, Climatic Condition: - These are also some of the
parameters on which they focus when designing their product or plan. For
example, if someone lives in a high-risk area, the premium will be higher
because the person's or the person's life is in jeopardy. So, based on these
factors, they determine the premium or the return on investment, and then
design the policy.

Basically, there are two types of Insurance: -

 Life Insurance
 Non-Life Insurance
Life Insurance are further divided in two types of Plans: -
 Traditional Plans/Policies
 ULIP Plans/Policies
There are many types of Non-Life Insurance Plans/Policies. Some of the
common are as follow: -
 Auto Insurance
 Property Insurance
 Health Insurance
 Mortgage Insurance
 Travel Insurance

Important Process, Terms, and Ratios in Insurance Sector

Underwriting Process: - Underwriting simply means that your loaner

verifies your income, assets, debt, and property details before approving your
loan. Underwriting happens in the background, but that doesn't mean you won't
be involved that your lender, like any bank, may request additional documents
and answers. Deposits were made, or you were asked to produce proof of
additional assets.

What is the Role of Underwriter?

While your future home is being appraised, a financial expert known as an
underwriter examines your finances and determines how much risk a loaner can
tolerate if they plan to provide you with a loan. The Underwriter assists the
loaner in determining whether you will receive authorization and may be

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willing to collaborate with you. To ensure that you simply submit all of your
work. Finally, the underwriter can confirm that you do not close on a mortgage
that you cannot afford.
An Underwriter can: -
 Investing your Credit History: - Underwriters impact your credit and pull
your credit score report that appear at your overall credit score and search
for things like: late payment, bankruptcies, overuse of credit and extra.
 Order an Appraisal: - Your underwriter can request an appraisal to ensure
that the amount offered by the lender matches the home's actual value.
 Verify your Income and Employment: - Your underwriter will request
documentation to prove your income and employment.
 Check-out your Debt-to-Income Ratio (DTI): - Your DTI could be a
percentage that tells lenders how much money you pay versus how much
income you use. You will be able to calculate DTI by dividing it by your
monthly pretax income and adding up your monthly minimum debt
payments income to ensure you have more than enough income to cover
your monthly mortgage payments, taxes, and insurance.
 Verify your Deposits and Savings: - The underwriter will also look into
your savings account to ensure that you have enough money to supplement
your income or use as a deposit at closing.

Customer Services
In the insurance industry, customer service and thus the customer experience are
becoming important competitive differentiators. To build a successful
relationship between insurance companies and their customers, companies must
first meet the needs of their customers at each stage of the customer journey.
Customer desires are the result of modifying or digitizing customer
relationships, and the establishment of a successful customer journey has been
the primary focus in the insurance sector when it comes to customer service.
However, inquiries in the insurance industry are primarily issue-driven, and
customers only reach out when they have a problem with their policy or plans
and are already likely dissatisfied with services.

There are some important things before a customer buying a product: -

• Right to Information
• Benefits and Features

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• Pricing of a product
Also, there are some important things after customer buying: -
• Right to hear
• Feedback from a customer
• Retention- to provide customer service 24/7
Instead of insurance companies seeking to create demand in the market, they
must communicate with customers, because communication with customers in
various other insurance companies on a large scale only begins when a need
arises. Many insurance companies are unable to actively promote their new
products or services to customers, as a result of which customers begin
interactions with insurance companies out of necessity and without cause,
occurring haphazardly. In the last 18 months, 44 percent of customers
worldwide had no interactions with insurance companies. Instead of insurance
companies relying on customers to communicate with them, insurance
companies should take more control and ownership by making their customers
aware of financial risks or any uncertainty that may occur in the future and the
need to protect against them.
As customers progress through the buying process, the customer experience
becomes even more intertwined with, if not completely integral to, the
relationship. With the rise of digital channels, a customer has a plethora of
options for purchasing an insurance company's policy or plan, such as personal
sales, an agent of the company, the company's website, or through references.
While more than 80% of customers are willing to use digital and other channel
options to purchase insurance or conduct transactions, it is extremely difficult to
meet customers across multiple channels with a highly personalized approach
without paying attention to the purchase platform. Customers place a high value
on a simple process and personalized options, and they prefer to buy from
insurance companies that provide very little return policy information tailored to
their specific situation. The human factor (or personal contact) is very easy to
convert a lead into a customer across all purchasing options.
Personal guidance is still important, but consumers or customers now want to
reach you quickly via mediators or agents, service centers, or digital channels.
Insurance companies must provide personal consulting services that are
supported by other channels to communicate the value of products and services
in order to provide both detailed and personalized communications.
Renewals
Our lives are full of unknowns, and no amount of planning will keep us safe and
secure. Despite knowing this, we all use completely different methods and
techniques to protect ourselves and our loved ones and minimize the risk.

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Taking out an insurance policy, a type of insurance policy, is one such method
that most people use. It is one of the best insurance products on the market. The
insurance arrangement is a pure insurance product that provides the most
monetary profit at the lowest price. It is specifically designed to financially
protect one's family in the event of the insured's death, and it is also simple for
them to be a unit.
Aside from the bare minimum of documentation, simply paying your premiums
on time can help you create a continuous financial safety net for your family.
Failure to renew an insurance policy has a severe negative impact. It not only
lapses, but your family also faces a greater risk of financial loss in the event of
the insured person's death.

Importance of Renewal of Insurance Policy: -

There should be no relaxation when it comes to renewing life insurance policies
as well as an insurance plan. It's just as crucial as buying because refusing to
renew can result in your insurance expire, and you won't be able to receive any
profit.

Disadvantage of Not Renewing Insurance Policy: -

 Insurance policy lapse due to non-renewal defeats the entire purpose of
purchasing the insurance policy in the first place. In other words, if there is
no active policy, there is no coverage.
In the event of the insured's untimely death, living dependents or relatives will
receive no monetary benefits. Similarly, in the event of a major illness
diagnosis, your family only incurs significant monetary liabilities in addition to
the large expense. Thus, renewing your insurance plan before the maturity date
will not only keep you safe, but will also secure the financial future of your
loved ones.

 When establishing insurance, the insurance company considers a number of

factors in determining the premium amount. This includes information such
as your age, gender, weight, anamnesis, lifestyle, and overall coverage. If
your policy expires due to non-renewal, the insured will not only lose the
premium advantages, but also the low-risk designation. However, failing to
renew your policy or taking the policy at a later stage may entail paying the
higher premium amount as well as being forced to undergo mandatory
medical tests, which can be costly.

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 If you do not renew your insurance, it will automatically lapse. However, if
you choose to shop for a new term set up the following time, you'll have to
start over and will even have a multiplied waiting period. You must realize
that an irreligious insurance policy cannot be revived, and you must apply
for a new one. Insurance plans may have a waiting period ranging from one
to three months to four years. The length of the wait is determined by the
individual's age and anamnesis. There is a specific waiting period for
various essential diseases before the individual receives full coverage under
the term set up.

Claim Settlement Ratio

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The claim settlement ratio is calculated by dividing the total number of settled
claims by the total number of claims received in a given fiscal year, including
outstanding claims at the start of the fiscal year. The claim settlement ratio is
given in percentage form.

Claim settlement ratio = Total claims settled / Total claims

received
Where Total claims received = (Claims received in the financial year +
Claims pending at the start of the year)

Importance of Claim Settlement Ratio: -

 The Claim Settlement Ratio may be a vital component of the insurance

industry. This ratio informs us about the number of claims settled out of the
total number of claims received by the insurance company. The claim
settlement ratio company emphasizes the company's trustworthiness in
sinking its claims.

 A high ratio indicates that the corporation settles the majority of its claims,
which may be a plus. It implies that your claim has a better chance of being
settled.

 A low magnitude relation, on the other hand, may be a warning sign

because it indicates that the underwriter only settles a limited number of
claims. This could jeopardize your claim settlement and should be avoided.
Thus, the claim settlement ratio assists you in determining which insurance
company is healthier than others in terms of claim settlements.

Claim Settlement Ratio of Various Life Insurance Companies

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 Company Profile
Shriram Life Insurance
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Shriram Life Insurance is a joint venture of Shriram Groups that was established
in 1974. The Shriram Groups' headquarters are in Chennai, and Sanlam is a
leading financial group based in Cape Town, South Africa. The Shriram Group
and Sanlam founded the Shriram Life Insurance Company in 2005, also known
as SLIC (Shriram Life Insurance Company), and it began operations in 2006
with the goal of reaching out to the “Common Man” and providing him with
products and services that will assist him in establishing a path to “prosperity.”
The company's headquarters are in Hyderabad.

The Board of Directors of the Shriram Life Insurance are Mr. T.S Krishan
Murthy (Chairman), Mr. Casparus J H Kromhout (Managing Director And
CEO), Mr. Manoj Jain (Managing Director), Smt. Akhila Srinivasan
(Director). Some of the other Director in different departments are as follow Mr.
S Lakshminarayanan, Mr. R S Krishnan, Mr. Steven Phillipus Mostert, Mr.
Umesh Govind Revankar, Mr. Duruvasan Ramachandra, Mr. Daniel Hermanus
Gryffenberg, and Mr. Sanjeev Mehra. Some of the Key Person in the Company
are Mr. Casparus Jacobus Hendrick Kromhout (Managing Director & CEO),
Mr. Manoj Kumar Jain (Managing Director), Mr. Brahmaiah Telaprolu (Chief
Financial Officer), Mr. Johannes Gilliam van Helsdingen (Appointed Actuary &
Chief Risk Officer), Mr. Ajit Banerjee (Chief Investment Officer), and Ms.
Samatha Kondapally (Company Secretary & Chief Compliance Officer).

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 Mission & Vision
The company's mission and vision are to reach out to all "AAM Aadmi"
implies. To provide products and services that will assist the common man or
middle-class families as they begin on the path to "Prosperity."
Operational efficiency, unity, and a strong emphasis on addressing the
requirements of affluent Indians by providing high-quality, cost-effective
products and services are essential. These are the guiding principles of the
organization. These values are now engrained in the DNA of the organization.
The company takes pride in having a thorough knowledge of client needs and
has tailored its goods to fulfil the customer's goals and needs in terms of
financial savings. The organization goes above and above to guarantee that
clients are entirely satisfied with the products and services they receive.

SWOT Analysis of Shriram Life Insurance

We will discuss the Company brand and its Strengths, Weaknesses,
Opportunities, and Threats in this SWOT analysis. Shriram Life insurance's
internal elements are Strength and Weakness, while its external factors are
Opportunities and Threat.
SWOT analysis is a tried-and-true management framework that enables a firm,
such as Shriram Life Insurance, to identify its business and performance in
reference to its competitors in the market or in the insurance industry. In the
banking and financial services sectors, Shriram Life Insurance is a market
leader.

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 Shriram Life Insurance Brand Analysis

Parent Company

Shriram Group & Sanlam Life Insurance

Sector

Banking & Financial Services

Tagline/Slogan

Putting People First

Shriram Life Insurance Segmentation, Target

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 Market, and positioning also known as STP

Shriram Life Insurance Segementation

Personal and Institutional Insurance

Shriram Life Insurance Target Market

Urban and Rural Investors

Shriram Life Insurance Positioning

Complete Insurance and Financial

Solutions

SWOT Analysis of Shriram Life Insurance

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 Strenghths Weaknesses

Opportunities Threats

Strengths Of Shriram Life Insurance

Page | 30
 Insurance policies for all level
of society.
Policies with consideration for
social impact.
International Expertise of
Sanlam Group.
Spread of 750 offices across India.

More than 75,000 loyal a dedicated agents and

has a customer base of more than 30 lacs chit
subscriber and investors.

Low key I.T. infrastructure as compared

to big brand.
Low Marketing and brand presence as
compared to other competitors.
Page | 31
Insurance companies have poor image
when it comes to payment of dues.
Weaknesses of Shriram Life Insurance
Opportunities Of Shriram Life Insurance

Threats Of Shriram Life Insurance

Stringent Economics
Growing rural market. measures
by Government and RBI.
Earning Urban Youth looking for
investment.
Entry of new NBFCs in the sector.
Cross selling through financial services
such as Banking.

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 Competitors Of Shriram Life Insurance

HDFC Life ICIC

Pension Insurance Prudential
Corporation Life
Insurance

Page | 33
Different Departments in Shriram Life Insurance
 Fund Managers Department
 Sales Department
 Digital Marketing Department
 Operation Department
 IT Department
 Actuary Department
Fund Managers Department: - Essentially, this department manages the
company's fund. They assist the company in determining where to invest, how
to invest, and when to invest. The Fund Managers also provide the highest
revenue or we can provide the highest revenue profits or returns to the
company.

Sales Department: - Basically, this department is divided into two parts-

 Direct Sales
 Indirect Sales

Direct Sales: - It refers to employees who directly pitch the market via their
agents and leads obtained from the company.
Indirect Sales: - It is the department owned by the CRM and various
marketing employees that generates revenue for the company by selling the
product indirectly rather than directly. The highest amount of revenue generated
by the Sales Department. In an indirect sale, the third party who does the sales
are trainees or interns who are trained by the company and are required to sell
the product.

Digital Marketing: - Digital Marketing departments manage the online

platform and assist the organization with lead generation, brand awareness, and
online product sales. This department also assists the organization in generating
revenue by providing leads to the sales department, which converts them into
sales.
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Operation Department: - This department assists in lining up the product
and ensuring that everything is in accordance with the product's flow, as well as
completing all of the documents required by the customers, as well as
generating the plan paper and dispatching it to the customer's location. This
department indirectly generates revenue for the organization.

IT Department: - This department provides assistance to the organization in

the form of a backend team. This department is responsible for investigating all
technical issues and resolving them so that time is saved and the system
functions properly. It assists the organization by looking at all of the technical
works on which the organization works on a regular basis. Indirect revenue is
also generated by this department. For example, if there is a technical issue with
the system or websites that are not functioning properly, the work flow is
disrupted. To maintain the work flow, they regularly check all the systems and
websites so that the work flow is not disrupted by any technical issues and the
company can generate more revenue without any technical interruption.

Actuary Department: - The Actuary Department primarily designed

products or plans for the company based on fund requirements, customer
requirements by keeping all things in mind age of the customers, income of the
customers, and designed a calculation table based on the returns that customers
receive based on their premium. After designing the product based on an
analysis of all the things funds required by the organization, market or customer
requirements, their returns so that they can buy the product, and premium that
customers can easily pay and the company get the funds The Actuary
department is in charge of all of this.
For example, if an organization requires funds, it must first assess the
customers' purchasing power and what they actually require to meet their
financial needs in return, as well as how much they require in terms of returns
on investment. Whether or not this product meets the customer's needs and
generates additional revenue for the company is determined. They analyzed
everything and then designed the product using statistical calculations. This
department also indirectly contributes to the company's revenue generation.

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Flowchart Of How Organization Works

IT
Department
FundActuary
Manager
Operation
Digital
Sales
Department
Department
Department
Marketing
Department

Page | 36
 The fund manager explains the amount of money needed to create revenue.
 The Actuary Department then analyses the data to establish how the policy
should be constructed, as well as the requirements and amount of returns we
can offer in order for our product to be the best-in-class market.
 The Plan and Policy are delivered to the digital and sales teams for
promotion and revenue generation. • The sales department delivers
customer data to the operations department, which produces their policy and
distributes it to customers
 All of these divisions' money is given to fund managers, who invest it in the
market and distribute it according to the needs of the firm and its clients. 
 The IT Department collaborates with all departments to handle technical
challenges.

Shriram Life Insurance Claims Settlement Efficiency (2019-20)

Shriram Life Insurance Company does not want their nominees to be kept
waiting for the claim amount, especially when customers purchase term
insurance.
So, before deciding on the company's term policy, claims efficiency is the most
important factor to consider, particularly the metric based on the average
number of days it takes to settle a claim. This figure reflects the company's
priority for processing claims. The fewer the number of days taken, the greater
the efficiency and confidence level when purchasing a policy from the
company. A shorter average claim processing time also indicates that the life
insurance company is not solely concerned with increasing sales but also with
providing genuine service during the' moment of truth,' when a death claim is
filed.

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Past CSR Trends for Shriram Life Insurance: -

Financial Year Claim Settlement Ratio (%)

2014-2015 65.60%

2015-2016 60.60%

2016-2017 63.53%

2017-2018 80.23%
2018-2019 85.30%

2019-2020 91.61%

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 KRAs / Job Description

I worked as an intern of Marketing (Sales) in Shriram life insurance for 45

days. Throughout the internship my work was distributed in 5 weeks.

1st week- During the first week, we were taught some basic concepts to give us
a sense of how the insurance sector operates and what the most important things
are for the insurance business. And what we will be doing throughout the
internship.
2nd week- In the second week, the trainee teaches us about the insurance
industry and the company, as well as several significant words used in the
insurance industry, such as: Sum Assured, Premium Paying Term, Maturity, and
Claim Settlement Ratio.
3rd week- In the 3rd week of the internship they teach us about the two products
or we can say two insurance plans first one was Assured income plan & second
one was Super income plan. The trainees also teach us how to calculate the
return baking taking the age of the person & paying amount of the person.
4th week- In the 4th week we were prepared for pitching the customers, Group
discussions were there in the classes. The trainee randomly picked 2 students &
make one of them the customer & another one is seller & give them any product
then the seller has to pitch to the customer for the product.
The rest of our internship time was then given to us in order for us to
accomplish our sales goal of producing 100,000 Rs in revenue.

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 Observation & Challenges
Challenges: -
 The hardest thing I faced during my internship is achieving the target of
sales. Due to pandemic no one was ready to spend their money on policy. I
tried my very best but just because of pandemic no one was currently
interested to buying any policy.
 And also, the other competitor companies like: LIC, HDFC was one of the
reasons of not buying the policy of Shriram Life insurance.
 As being an introvert person talking to the unknown or less known peoples
about buy the policy from me was a big challenge for me.
 Many of the persons with whom I talked for the insurance were not aware
of the company Shriram Life insurance. Explaining them about the
company & the product was also the big challenge.
 The company didn’t provide us the leads. So, finding the perfect man who
may be interested in buying insurance out of my known peoples was also a
challenge.

Observation: -

 The first thing I noticed during my internship was that before beginning to
work with any organisation, we should be informed of what the organisation
does, such as the product of the organisation, and how to behave in an
organisation.
 If we are working with any organisation, we must respect their regulations
and be honest with them, such as: - During my internship, our trainee took
our 1-1/5-hour session daily. There was also the rule that everyone should
have their cameras turned on. And everyone who did not turn on their
camera or did not respond to the trainee was removed from the class.
 This internship was related to marketing (sales), and it taught me that in
order to progress in sales, we must create relationships with our customers
 Throughout the internship, both of our Trainees were really helpful.

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 Learnings Lessons

My 45-day internship at Shriram Life Insurance Pvt. Ltd. provided me with an

understanding of what the firm is all about and how it operates. The hours I
spent in the industry taught me that each industry has its own procedure.
Not only the methods, but also the orientation, gave me a sense of the business's
connection with customers and the market, providing me with a broad domain
to comprehend the industry. In this company, I have the opportunity to learn
how to sell the product in the market and how to persuade people to become
premium customers of the organisation, as well as what factors revolve around
it, and so on. Also, because the Insurance India industry is wide and demand is
high.
The company has developed such items that can cover middle-class families,
and the plan's quality and returns are also high. What I did was pitch the
supplied product in the market, and I had to clinch the deal, which helped me
improve my reasoning, communication, negotiating, and understanding of
market needs. The company's products are built in such a way that they are very
useful in both urban and rural locations, and youth are also interested in such
investment products.
Most importantly, every organisation, large or little, can provide us with a
number of areas in which we might improve. We can learn new things because
real-life experience supplements our theoretical understanding. I mostly learned
about Time Management, Execution, Feasibility, User-Friendly, Production
Process, Market Survey, and Customer Profile Analysis.

Page | 41
 Conclusion

Suggestions on how to make it more meaningful:

 Premium Paying Term should be less than of 8 years:

The name of one of the above plans is Assured Income Plus Plan, and the
holding time is 8 years. If the company reduces it to 5-6 years, we can
increase the number of consumers.
 Plans not up to expectations:
The customers have more expectations as compare to of returns they think
that in lumpsum amount the company is giving less return in second plan
that is Assured Income Plan.
 Monthly Updates on the policy, about renewal dates and notification on the
new updated products: The organization should have a regular update on the
policy about renewal dates and notification on the new updated products
which may increase the relationship with our customers.

Reflection on the internship experience:

Reflecting on my 45-day internship at Shriram Life Insurance Pvt. Ltd. During

this time, I realised how valuable the experience had been. This internship aided
in the development of my skills and the expansion of my practical knowledge.
There was a huge frequency mismatch between market thinking and market
requirements, which I uncovered. Unfortunately, because to Covid, I had to
complete this all online, and I did not take advantage of the internship's practical
exposure.
There were also specific standards that had to be followed while performing an
internship in the Insurance Industry, which helps me understand how we can
pitch the product in the market and close transactions with clients in both rural
and urban areas, as well as understanding both customers.
My entire project was riddled with obstacles that drove me to be the best
version of myself. I learned not only about the insurance industry, but also
about how it works in general. Every difficulty was easily handled, making it a
very pleasant experience. I am truly thankful to the entire Shriram Life
Insurance team.

Page | 42
 References
https://www.shriramlife.com/
https://www.mbaskool.com/brandguide/banking-and-financial-services/1246-
shriram-life-insurance.html
https://en.wikipedia.org/wiki/Shriram_Group

https://www.shriramgi.com/AboutUs.html

https://www.stfc.in/about-us/

https://www.shriramcity.in/about-us
https://www.shriramfortune.in/about-company.aspx
https://www.shriramcity.in/
https://shriramhousing.in/
https://www.owler.com/company/shriramlife

Page | 43