Internship Project Report Shriram Life Insurance

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An Internship report on
“Consumer Buying Behaviour towards Life
Insurance in Shriram Life Insurance”
Submitted in partial fulfilment of the requirement of the

Master of Business Administration program
Offered by Jain (Deemed-to-be University) during the year 2019 – 21
Submitted by
Harshaa Modi
USN NO: 19MBAR0276
SECTION: MHR
Under the Guidance of
Dr. Nishant Singh

Assistant Professor (OB & HRM)
No.17, Sheshadri Road, Gandhi Nagar, Bengaluru – 560009, India

Tel: +91 80 4684 0400
E-mail: bschool@cms.ac.in, Website: www.cms.ac.in

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ACKNOWLEDGMENT
I take this opportunity to express my gratitude to everyone who supported me

throughout the course of the Internship at Shriram Life Insurance. I am thankful for
their valuable guidance, constructive criticism and friendly advice during the project
work. I am sincerely grateful to them for sharing their truthful and illuminating views
on a number of issues related to the study.
I gratefully acknowledge my indebtedness to my mentor Dr. Nishant Singh,

Professor, CMS Business School for his meticulous guidance and support throughout
the study.
I express my sincere thanks to Mr. Manish Jha Vice President of SLIC Digital
Channel, Mr.Vikas Surendran AGM-Digital Business, Mr.Dilip Kumar, Area
Manager – AP & T and Ms. Shikha Upadhyay, mentor during the internship for
providing me with valuable insights and required facilities for the successful
completion of my study. Their support and guidance at Shriram Life Insurance.,
helped me understand and learn how the digital platform has a long way in the
coming years.
I express my deep gratitude to my family and dear friends for their co-operation
and support.
Name: - Harshaa Modi

Reg.No: 19MBAR0276

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TABLE OF CONTENT
S.NO TITLE PAGE NO

1. Executive Summary
2. Industry Profile
1. History of Insurance
2. Types of Insurance
3. List of Insurance Companies
4. Market in Life Insurance
3. Company Profile – Shriram Life Insurance
1. Shriram Group
2. Vision Mission of Shriram Group
3. History of SLIC
4. Vision & Mission of SLIC
5. Foreign Partner of SLIC
6. Benefits of SLIC
7. Documentation of SLIC
8. STP of SLIC
9. SWOT Analysis of SLIC
10.Porters Five Force Model
11.Products by SLIC
4. Research Methodology
1. Objectives of study
2. Sources of Data

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3. Sampling Technique
4. Sample design
5. Sample Size
5. Data Analysis and Interpretation
6. Results and Learning Outcomes

1. Results
2. Conclusion
7. Bibliography
8. Annexure -1

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EXECUTIVE SUMMARY
“Insuring Dreams”, this is exactly what we at Shriram Life do.
Shriram Life has emerged out of a parent company whose philosophy revolves around the Aam
Aadmi (common man), not in papers, but in actuality. With a sole motivation to serve the
marginalised section, every single member of the Shriram family strives towards creating a better
world, for himself/herself and for those around him/her.
For a world, where business means profits and self-centric service, our work-values might sound a
bit farfetched. Understandably, the doubt is genuine and undeniable. So here, let us have a glance
into the background of Shriram Life and the Shriram Group.
Commencing business in 2006, Shriram life was incorporated in the year of 2005, with constant
support from Shriram Group and Sanlam Group, a 90-year-old South African Insurance firm.
We work with the primary intention of bringing a positive change in the lives of our fellow beings
while adhering to high service standards at the same time.
The philosophy of putting the common man first is apparent in the way the Shriram Group
functions. Its humble environment with no monumental expenditure on luxury is in sync with its
working culture. Acknowledging our efforts, many accolades have been bestowed upon us.
Like every other family, the Shriram family also has elders whom we look upon, who guide each
and every step of ours, ensuring smooth and effective functioning. The leaders are also known for
their simplicity and down-to-earth approach. R.Thyagarajan, the founder of Shriram Group, Padma
Bhushan awardee, is the living example of honest and effective business principles.
With the same unwavering commitment and equal enthusiasm, Shriram Life is stepping into the
online world, making the process of buying insurance even simpler and customer-centric.
Under the impactful leadership and visionary approach of Mr. Manoj Jain, Mr. Cassie Kromhout
and Mrs. Akhila Srinivasan, the family of Shriram Life is working towards making insurance
buying simpler, faster and easier and to help customers in the better management of their funds and
in increasing their funds through the beneficial and suitable life insurance plans.

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Life of human is a completely essential asset and existence insurance is very essential as it
insures the life of human i.e. Offers protection to an individual and his circle of relatives when
uncertainty arises. Life Insurance is not only a protection it is also a savings. Shriram Life
Insurance plays a very critical position in the person welfare by way of offering coverage to
thousands and thousands of people while the human life is at hazard or at uncertainty time. The
study at present has been selected with an objective of examining the consumer behaviour and
various factors affecting the buying behaviour of Life insurance in Shriram Life Insurance. The
data collected for the study is a primary data and the sample size is 50 respondents. Insurance
policy should spread awareness about their policy, returns, premium, goodwill etc. and also they
should have innovative products where this information was provided by the previous research
papers. Insurance is not only for tax saving but also for financial security, risks, uncertainty etc.

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CHAPTER -1
OVERVIEW OF INDUSTRY

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1. INDUSTRY PROFILE
1.1 WHAT IS INSURANCE

Insurance may be described as a social device to reduce or eliminate risk of loss to life and
property. Insurance is a collective bearing of risk. Insurance spreads the risks and losses of few
people among a large number of people as people prefer small fixed liability instead of big
uncertain and changing liability. Insurance is a scheme of economic cooperation by which
members of the community share the unavoidable risks. Insurance can be defined as a legal
contract between two parties whereby one party called Insurer undertakes to pay a fixed amount
of money on the happening of a particular event, which may be certain or uncertain. The other
party called Insure or Insurant pays in exchange a fixed sum known as premium. The insurer and
the insurant are also known as Assurer or Underwriter and Assurant, respectively. The document
which embodies the contract is called the policy.
1.2 ORIGIN OF INSURANCE

Almost 4,500 years ago, in the ancient land of Babylonia, traders used to bear risk of the caravan
trade by giving loans that had to be later repaid with interest when the goods arrived safely. In
2100 BC, the Code of Hammurabi granted legal status to the practice that, perhaps, was how
insurance made its beginning. Life insurance had its origins in ancient Rome, where citizens
formed burial clubs that would meet the funeral expenses of its members as well as help
survivors by making some payments. As European civilization progressed, its social institutions
and welfare practices also got more and more refined. With the discovery of new lands, sea
routes and the consequent growth in trade, medieval guilds took it upon themselves to protect
their member traders from loss on account of fire, shipwrecks and the like. Since most of the
trade took place by sea, there was also the fear of pirates. So these guilds even offered ransom for
members held captive by pirates. Burial expenses and support in times of sickness and poverty
were other services offered. Essentially, all these revolved around the concept of insurance or risk
coverage.

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That's how old these concepts are, really. 10 In 1347, in Genoa, European maritime nations
entered into the earliest known insurance contract and decided to accept marine insurance as a
practice.
THE FIRST STEP

Insurance as we know it today owes its existence to 17th century England. In fact, it began taking
shape in 1688 at a rather interesting place called Lloyd's Coffee House in London, where
merchants, ship-owners and underwriters met to discuss and transact business. By the end of the
18th century, Lloyd's had brewed enough business to become one of the first modern insurance
companies.
ENTER COMPANIES
The first stock companies to get into the business of insurance were chartered in England in
1720. The year 1735 saw the birth of the first insurance company in the American colonies in
Charleston, SC. In 1759, the Presbyterian Synod of Philadelphia sponsored the first life insurance
corporation in America for the benefit of ministers and their dependents. However, it was after
1840 that life insurance really took off in a big way. The trigger: reducing opposition from
religious groups.
THE GROWING YEARS
The 19th century saw huge developments in the field of insurance, with newer products being
devised to meet the growing needs of urbanization and industrialization. In 1835, the infamous
New York fire drew people's attention to the need to provide for sudden and large losses. Two
years later, Massachusetts became the first state to require companies by law to maintain such
reserves. The great Chicago fire of 1871 further emphasized how fires can cause huge losses in
densely populated modern cities. The practice of reinsurance, wherein the risks are spread among
several companies, was devised specifically for such situations. There were more offshoots of the
process of industrialization. In 1897, the British government passed the Workmen's
Compensation Act, which made it mandatory for a company to insure its employees against
industrial accidents. With the advent of the automobile, public liability insurance, which first
made its appearance in the 1880s, gained importance and acceptance.

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In the 19th century, many societies were founded to insure the life and health of their members,
while fraternal orders provided low-cost, members-only insurance. Even today, such fraternal
orders continue to provide insurance coverage to members as do most labour organizations.
Many employers sponsor group insurance policies for their employees, providing not just life
insurance, but sickness and accident benefits and old-age pensions. Employees contribute a
certain percentage of the premium for these policies.
IN INDIA
Insurance in India can be traced back to the Vedas. For instance, Yogakshema, the name of Life
Insurance Corporation of India's corporate headquarters, is derived from the Rig Veda. The term
suggests that a form of "community insurance" was prevalent around 1000 BC and practised by
the Aryans. Burial societies of the kind found in ancient Rome were formed in the Buddhist
period to help families build houses, protect widows and children. Bombay Mutual Assurance
Society, the first Indian life assurance society, was formed in 1870. Other companies like
Oriental, Bharat and Empire of India were also set up in the 1870- 90s. It was during the
Swadeshi movement in the early 20th century that insurance witnessed a big boom in India with
several more companies being set up. As these companies grew, the government began to
exercise control on them. The Insurance Act was passed in 1912, followed by a detailed and
amended Insurance Act of 1938 that looked into investments, expenditure and management of
these companies' funds. By the mid- 1950s, there were around 170 insurance companies and 80
provident fund societies in the country's life insurance scene. However, in the absence of
regulatory systems, scams and irregularities were almost a way of life at most of these
companies. As a result, the government decided nationalise the life assurance business in India.
The Life Insurance Corporation of India was set up in 1956 to take over around 250 life
companies. For years thereafter, insurance remained a monopoly of the public sector. It was only
after seven years of deliberation and debate – after the RN Malhotra Committee report of 1994
became the first serious document calling for the re-opening up of the insurance sector to private
players that the sector was finally opened up to private players in 2001. The Insurance Regulatory
& Development Authority, an autonomous insurance regulator set up in 2000, has extensive
powers to oversee the insurance business and regulate in a manner that will safeguard the
interests of the insured.

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1.3 TYPES OF INSURANCE

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1.4 LIFE INSURANCE
Life Insurance is defined as a contract between the policy holder and the insurance company,
where the life insurance company pays a specific sum to the insured individual's family upon his
death. The life insurance sum is paid in exchange for a specific amount of premium. Life is
beautiful, but also uncertain. Whatever you do, however smart and hard you work, and you are
never sure what life has in store for you.
It is therefore important that you do not leave anything to chance, especially ‘life insurance’. As
death is the only certain thing in life, apart from taxes, it pays to insure it well in advance.

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1.5 BENEFITS OF LIFE INSURANCE
Life insurance is designed to minimize the impact of the financial loss your family may incur
upon your demise. The benefits of such plans are fourfold, aptly contained within the acronym
“LIFE”:
1. Liability Free
Life insurance gives your family the power to be independent and self-reliant. A good term plan
can help them repay financial liabilities like home loan, auto loan, personal loan, or a loan on
credit card. The term plan may also cover hospitalization charges and critical illness treatment,
giving you a comprehensive protection package
2. Income Replacement
If you are the sole breadwinner in your family, a life insurance plan becomes can provide a
guaranteed income to your family every month, making sure that their everyday life is not
disrupted and they remain financially stable.
3. Education and other expenses for dependents
The pay-outs from life insurance can help to pay the bills for the education of your children, as
well as expenses for their wedding or medical costs if any.
4. Immediate Expenses after Demise
It will also help your family cover a part of essential expenses immediately after your demise,
such as funeral costs and/or medical bills.

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1.6 TYPES OF LIFE INSURANCE POLCIIES
 Term Life Insurance: - Term life insurance lasts for a set number of years before it
expires. If you die before the term is up, a set amount of money, known as the death
benefit, is paid to your designated beneficiary .Term life is considered the simplest,
most accessible insurance policy. When you make your payments (known as your
premium), you’re paying for the death benefit that goes to your beneficiaries in the
event of your death. The death benefit can be paid out as a lump sum, a monthly
payment, or an annuity. Most people elect to receive their death benefit as a lump sum.
 Universal Life Insurance: - Universal life insurance has a cash value, just like a
whole life insurance policy. Your premiums go toward both the cash value and the
death benefit. But there’s a twist: You can change the premium and death benefit
amounts without getting a new policy. Basically, although you have a minimum
premium to keep the policy in force, you can use the cash value to pay that premium.
That means if you have enough money in the cash value, you can use that to skip
premium payments entirely, letting the accrued interest do the work.
 Variable Life Insurance: - Variable life insurance is similar to whole life

insurance in that they both have a cash value, but the functions of the cash values are
quite different. With a whole life insurance policy, the cash value component is a
savings account. That’s why, although the growth might be small compared to other
investment options, there is a guaranteed minimum rate. It also includes dividend
payments from the life insurance company.
 Simplified Issue Life Insurance: - Typically when you apply for life insurance,
you go through a paramedical exam as part of the underwriting process so the insurer
can find out how risky you are to insure. The exam helps them set your premium rate.

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With simplified issue life insurance you can skip the medical exam. That’s the "simplified" part
of this policy type. This is also known as a "no exam policy.” You’re not out of the woods
completely, though. You don’t need to go through the medical exam, but you do need to fill out
a health questionnaire, answering questions like if you smoke, have been diagnosed with
serious illnesses, and so on.
 Guaranteed Issue Life Insurance: - Guaranteed issue life insurance takes the
concept of simplified issue life insurance — forgoing the health exam — a step further
in that you don’t have to answer any questions about your health, either. As long as you
can pay the premium, the insurer will cover you, needing only your age, sex, and state
of residence.
 Endowment Plan: It is a life insurance policies which is payable to the insured if

he/she is alive till the policy maturity date. These endowment plans also offer benefits
like bonus monthly, which is paid in maturity or else to the nominee under the death
benefit. It is also known as traditional insurance and the risk involved is lower.
 ULIP: In this, the part of insurance plan will go towards the mutual fund investments
and remaining will be going to the death benefit purpose. An individual also can invest in
different funds offered by the company depending on his risk management or involved.
 Whole Life Insurance: It is not for a specified term; instead it covers the whole life
of an individual in this. The sum assured is decided when the policy is being purchased
and is paid to the nominee when the insured person will die. In this, withdrawal can also
be done after the premium payment period.
 Child’s Policy: It provides financial protection to the children throughout their lives by
Investment + insurance policies. It helps to secure the child’s future for their education
and marriages. During the policy term, if the insured child’s parent dies then the payment
is done immediately by the insurance company.

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 Money-Back: After the payment of policy, it provides certain percentage on sum

assured which is also known as survival benefit. They are also eligible to receive.
 Retirement Plan: It is also called as a Pension plans. It is a policy where it combines

both investment and insurance. A little portion of amount is used for the retirement
purpose of the policyholder and the remaining lump-sum amount or monthly payment
will be given to the policyholder when he retires.
1.7 LIST OF LIFE INSURANCE COMPANIES
Life Insurance Companies in India Claim Settlement

S. No.
Ratio
Aditya Birla Sun Life Insurance 97.15%

1
Company
2 AEGON Life Insurance Company 96.45%
3 Aviva Life Insurance Company 96.06%
Bajaj Allianz Life Insurance 95.01%

4
Company
Bharti AXA Life Insurance 97.28%

5
Company
Canara HSBC OBC Life Insurance 94.04%

6
Company
Edelweiss Tokio Life Insurance 95.82%

7
Company
8 Exide Life Insurance Company 97.03%

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Future Generali Life Insurance 95.16%

9
Company
10 HDFC Life Insurance Company 99.04%
ICICI Prudential Life Insurance 98.58%

11
Company
IDBI Federal Life Insurance 95.79%

12
Company
13 IndiaFirst Life Insurance Company 92.82%
14 Kotak Life Insurance Company 97.40%
Life Insurance Corporation of India 97.79%

15
Company
16 Max Life Insurance Company 98.74%
17 PNB MetLife Insurance Company 96.21%
18 Pramerica Life Insurance Company 96.80%
19 Reliance Life Insurance Company 97.71%
20 Sahara Life Insurance Company 90.16%
21 SBI Life Insurance Company 95.03%
22 Shriram Life Insurance Company 85.30%
Star Union Dai-ichi Life Insurance 96.74%

23
Company
24 Tata AIA Life Insurance Company 99.07%
*(Table has been taken from source: - https://www.policybazaar.com/insurance-

companies/life-insurance-companies-in-india/ )*

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1.8 LIFE INSURANCE MARKET SHARE
*(https://www.ibef.org/industry/insurance-sector-india/infographic - SOURCE)*

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1.9 REGULATORY BODY – IRDAI

IRDA is the supervisory body in India that regulates and commands all the insurance companies
in the country, both Life Insurances and General Insurance companies.
IRDA is the head organization that sets rules and guidelines to run the Indian Insurance Industry.
While monitoring the activities of the insurance companies, IRDA also regulates and sees the
development of these industries.
The whole and sole responsibility of the autonomous body IRDA is to regulate fair practices in
the insurance market to impede the loss of customers.
The way the banking system of the nation works as per the guidelines set by the RBI, leaving no
scope for the monopoly to take over, IRDA on the same lines of industrial practice plays an
important role to control the insurance sector.
Major responsibilities of IRDA is as follows:
 Urge and ensure the systematic growth of the insurance industry to benefit the customers
who invest in policies seeking safety.
 Safeguard the interest of the policyholders.
 Foster righteousness and fair dealings in the market.
 Expedite the claim settlement and overcome the disputes
 Keep a check on scams and frauds by setting standards and conduct vigilance.
The scope of work for IRDA is wide and it abides by its limitations without favoring any
particular insurance company. To keep up the growth, the work and acts of IRDA are as
mentioned below:
1. IRDA monitors that no insurance company can deny the claim on their free will unless it
falls beyond the scope of the cover. Thus, protecting the interest of policyholders at the
time of issuance of the policy claims, and cancellation of the policy.
2. IRDA clearly states the code of conduct for all insurance companies, loss assessors and
surveyors. Thus, players come together to work on a single tune and compete with each
other simply on the basis of discounts.
3. IRDA conducts investigations, calls for both annual and need-based audit so as to prevent
any misdeed.
4. To bring equality for customers IRDA, regulates the terms and rates offered by the
insurance companies.
5. IRDA provides a resolution in case of any disputes emerged between the insurer and the
policyholder.
6. IRDA prevents insurers from quoting rates as per their convenience and hence it limits the
major risks to the Tariff Advisory Committee.
7. IRDA sets the minimum percentage limit for the insurers to carry for both life and non -
life business. Thus, helps in the development of both rural and urban sectors.
*(https://www.irdai.gov.in/ADMINCMS/cms/NormalData_Layout.aspx?page=PageNo1332
&mid=1.9)*

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CHAPTER – 2
COMPANY PROFILE

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2.1 SHRIRAM GROUP
The 76,000 Cr Shriram Group had its humble beginnings in the Chit Fund business over three
decades ago in Chennai. Mr. R. Thyagarajan, Mr.A.V.S. Raja and Mr. T. Jayaraman were the
“three musketeers” who ventured into these businesses. Not many in the financial services
industry thought at the time that this small Chit Fund business in Chennai would become the
foundation for the financial conglomerate that Shriram is today.
Shriram Group’s businesses strive to serve the largest number of common people through its
pioneering and customised financial services. For more than 3 decades the tireless efforts for
facilitating financial access to small and medium entrepreneurs through loans and chits has
carved a niche for the Shriram Group in South India.
Shriram Capital
Shriram Capital Limited (SCL) is the overarching holding company for the Financial Services
and Insurance entities of the Shriram Group. Shriram Capital was created with the primary
objective of optimizing synergies across Group companies, apart from playing a significant role
in the Risk Management and Leadership development of these entities.
SCL is the main promoter of the two high-growth listed companies of Shriram Group, namely
Shriram Transport Finance Company Ltd, the largest asset financing company in India, and
Shriram City Union Finance Ltd, a leader in Retail Finance across a wide range of products. SCL
is also the promoter of Shriram Life Insurance Company Ltd, and more recently, Shriram General
Insurance Ltd, Shriram Fortune Solutions, Shriram Insight Share Brokers and Shriram Wealth
Management. SCL’s main role is to promote these companies, induct and strengthen leadership
teams, provide strategic inputs and direction to help and nurture them to grow into large and
profitable enterprises.
On a consolidated basis, SCL has an overall customer base of 7.5 million, 35,000 employees
across 2,800 offices, with Assets under Management (AUM) of around US$ 11 billion.

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2.2 EVOLUTION OF SHRIRAM GROUP
2011 - Commencement of
1974 - Shriram capital & 2005 - Shriram Life Business - Shriram
Shriram Chit Fund Insurance was introduced Housing Finance Ltd. in
December.
2006 - Shriram Life

1979 - Shriram Transport
Insurance was established
Finance Company in
as Shriram Financial
South India
Services Limited.
2009 - Non Convertible

1986 - Shriram City for Debenture &
specializing in Retail Commencement of
Finance Shriram Wealth Advisors
Ltd.

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2.3 VISION & MISSION STATEMENT OF SHRIRAM GROUP

'Serving the under-served’, ‘addressing the bottom of the pyramid’, ‘Inclusive financing’ are all
phrases that have become common place in the corporate world today. Whether it is the Chit
Fund business, Transport & Equipment Finance business, Consumer Finance business or even the
huge deposit customer base of Shriram, over 90% of the 10.2 million customers of the group
come under the purview of the under-served.
They always believe in “People First” (Aam Adami)
2.4 SHRIRAM LIFE INSURANCE (SLIC)
Incorporated in 2005, Shriram Life Insurance commenced operations in 2006. Synonymous for
its efficient use of capital and low operational costs, SLIC has been true to the Group‘s
philosophy of financial inclusion. SLIC’s aim is to offer life insurance plans and solutions that
cater to a wider demography. It has a network of over 550 offices across India.
Limited headquartered in Hyderabad with the partner Sanlam Group. The Managing Director and
CEO is Mr. Casparus J H Kromhout, Chairman is MR. T. S. Krishna Murthy, and Managing
Director is Smt. Akhila Srinivasan and Mr. Manoj Jain. It has a wide network of over 550 offices
in India. After the operations have started they made profits for the three consecutive years and
have become the only private insurance company which have achieved distinction performance.
Their main aim is to offer plans of life insurance and provide solutions which serve the wide
location. In 2006, the financial services operations was started in order to provide solutions to the
financial planning through mutual funds, General insurance, deposits and Life insurance. When
compared to the other industry, SLIC is the most profitable made business in the country in the
first 7 years of operations. Shriram Life Insurance earned more than 40% of its business
providing life insurance for “AAM ADMI”, a weak part of rural areas and individuals. SLIC
stands for very efficient use of capital and less cost of operations. They also have started Digital
Marketing 2017. They have 11% growth in new business premium in FY 2018-19.

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SHRIRAM LIFE INSURANCE TEAM – KEY PERSONS
2.5 THE VISION & MISSION STATEMENT OF SLIC
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”.
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.
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.

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2.6 SANLAM GROUP – SLIC FOREIGN PARTNER

Sanlam was established as a life insurance company in South Africa but has since transformed
into a diversified financial services group that operates across the African continent, India,
Malaysia and selected developed markets, with listings on the Johannesburg, A2X and Namibian
stock exchanges. In 2018, the Group celebrated its centenary as well as 20 years since
demutualisation and listing in South Africa and Namibia.
Our vision is to be the leader in client-centric wealth creation, management and protection in
South Africa, to be a leading player in Pan-African financial services with a meaningful presence
in India and Malaysia and to play a niche role in wealth and investment management in specific
developed markets.
Sanlam operates through a number of subsidiaries, associated companies and joint ventures.
Sanlam Life is the largest operating subsidiary and the holding company of most of Sanlam’s
operations in emerging markets.
2.7 BENEFITS - SLIC
 Financial Protection: Plans which provide financial protection to your family.
 Flexibility: Flexible premium and pay-out options.
 Online plans: Specifically designed online plans that costs lower
 Variety: Offers a variety of online as well as offline plans
 Customer Service: Offers good, hassle-free pre-sales and post-sales services.
 Tax benefits: Save tax on all premiums and pay-outs under the section 80C and 10(10D)
of Income Tax Act, 1961.

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2.8 DOCUMENTATION NEEDED TO APPLY FOR SHRIRAM LIFE

INURANCE POLICY
The most common type of documentation comprises of the following, the information on the
same is available on the official website of SLIC shriramlife.com/download-forms.
 Proposal Form: The form which is to be filled in by the insured in written or electronic
or any other format as approved by the authority, for furnishing all material information
as required by the insurer in respect of a risk, in order to enable the insurer to take
informed decision in the context of underwriting the risk, and in the event of acceptance
of the risk, to determine the rates, advantages, terms and conditions of the cover to be
granted.
 Know Your Customer (KYC): Identity, address, income and age proof.
2.9 HIGHLIGHTS OF SHRIRAM LIFE INSURANCE
 Shriram Life has more than 528 branches with over and above 1.45 crore customers.
 Shriram Life clocked Rs.1020 crore gross premium in 2015-2016.
 The company has a network of 609 offices and 75,000 agents across India.
 Shriram has an outstanding Underwriting Record and has awarded as ‘Underwriting
Initiative of the Year.’
 Shriram Life Insurance generates more than 40% business through providing insurance to
rural area and weaker segment individuals - ‘AAM AADMI’ of India.
 The Founder of Shriram Group, Mr R Thyagarajan, has been awarded with Padma
Bhushan award.

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2.10 AWARDS WON BY SHRIRAM LIFE INSURANCE

1. The Bizz Americas 2016 Award - Shriram Life Insurance.
2. Best Life Insurance Company- BFSI Award, ABP News.
3. International Arch of Europe’ award - Frankfurt 2015.
4. Indian Insurance Award for Non-Urban Coverage - Life Insurance - Finetelekt, SP Media
Pvt. Ltd.
5. Managerial Excellence Award 2015 - For excellence in diverse areas - Madras

Management Association.
*(https://www.coverfox.com/life-insurance/life-insurance-companies/shriram-life-
insurance/#:~:text=Benefits%20of%20Shriram%20Life%20Insurance&text=Flexibility%3
AFlexible%20premium%20and%20payout%20options.&text=Customer%20Service%3A
Offers%20good%2C%20hassle,of%20Income%20Tax%20Act%2C%201961.)*
2.11 SLIC – MARKET SEGMENTATION, TARGETING,POSITIONING
SEGMENTATION TARGETING POSITIONING
• Targeting on Rural and

Urban Investors
• One personal and especially youths. • Complete insurance
Institutional Insurance and financial solutions.
• AAM ADAMI

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2.12 SWOT ANALYSIS
STRENGHTS WEAKNESS
 Policy is covered to all types of societies.  They have low marketing and don't have
 They have expertise in foreign group such brand presence when compared to other
as they are partnered with Sanlam Group. competitors.
 They have across 750 offices in India and 30  When compared to big companies they
lakh customer base and 75000 loyal agents. have poor IT Infrastructure.
 The continuous growth of the business in

the last 45 years.
OPPORTUNITIES THREATS
 They have rural market growth and good  There will be entry from new competitors.
reach of AAM AADHMI. Aam Aadhmi is  There may be new rules and regulations
where they are focusing on the growth by from the Government and IRDAI.
taking life insurance whom it needs the
 The impact of COVID-19.
most.
 Companies issuing new policies and
 To target the youths of urban area.
payment policies.
 Selling to an existing customer through
financial services like banking

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2.13 POTERS FIVE FORCE MODEL – SLIC

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1. Competition in the Industry
The first of the five forces refers to the number of competitors and their ability to undercut a
company. The larger the number of competitors, along with the number of equivalent products
and services they offer, the lesser the power of a company. Suppliers and buyers seek out a
company's competition if they are able to offer a better deal or lower prices. Conversely, when
competitive rivalry is low, a company has greater power to charge higher prices and set the terms
of deals to achieve higher sales and profits.
For SLIC being an in the insurance industry, there are 24 competitors that are currently
competitive and highly competitive. There are many insurance companies that offer similar
products, and they will increase their competitiveness with low cost, high operational efficiency
and excellent customer service.
2. Potential of New Entrants Into an Industry
A company's power is also affected by the force of new entrants into its market. The less time
and money it costs for a competitor to enter a company's market and be an effective competitor,
the more an established company's position could be significantly weakened. An industry with
strong barriers to entry is ideal for existing companies within that industry since the company
would be able to charge higher prices and negotiate better terms.
Many large companies, such as banks and financial institutions, offer the same insurance
products. The overall threat is not high if new participants are carried out under licenses and
regulations. This might be a threat for SLIC from the new entrants.

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3. Powers of Suppliers
The next factor in the five forces model addresses how easily suppliers can drive up the cost of
inputs. It is affected by the number of suppliers of key inputs of a good or service, how unique
these inputs are, and how much it would cost a company to switch to another supplier. The fewer
suppliers to an industry, the more a company would depend on a supplier. As a result, the
supplier has more power and can drive up input costs and push for other advantages in trade. On
the other hand, when there are many suppliers or low switching costs between rival suppliers, a
company can keep its input costs lower and enhance its profits.
Because the agent has a high power of the customer database, i.e. the agent, he can control the
customer's decision making. Players can hire expert and executive talents.
4. Power of Customers
The ability that customers have to drive prices lower or their level of power is one of the five
forces. It is affected by how many buyers or customers a company has, how significant each
customer is, and how much it would cost a company to find new customers or markets for its
output. A smaller and more powerful client base means that each customer has more power to
negotiate for lower prices and better deals. A company that has many, smaller, independent
customers will have an easier time charging higher prices to increase profitability.
The company's customer bargaining power is high because it pays high premiums. If competitors
offer similar products, the cost will shift.
5. Threat of New Substitutes
The last of the five forces focuses on substitutes. Substitute goods or services that can be used in
place of a company's products or services pose a threat. Companies that produce goods or
services for which there are no close substitutes will have more power to increase prices and lock
in favourable terms. When close substitutes are available, customers will have the option to forgo
buying a company's product, and a company's power can be weakened. Understanding Porter's
Five Forces and how they apply to an industry, can enable a company to adjust its business
strategy to better use its resources to generate higher earnings for its investors. If the product has
similarity, the customer can switch to another product.

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2.14 PRODUCTS OFFERED BY SLIC
 Child Life Insurance Plans

 Term Life Insurance Plans
 Pension Life Insurance Plans
 Investment linked Life Insurance Plans
 Combi Life Insurance Plans
 Endowment Life Insurance Plans
 Group Life Insurance Plans
 Micro Life Insurance Plans
 Savings Plans
 Women Life Insurance Plans
*(https://www.policybazaar.com/insurance-companies/shriram-life-insurance/)*
2.15 PRODUCTS EXPLAINED DURING INTERNSHIP
1. Shriram Assured Income Plan
It is a plan for an individual who wants to pay the premiums for 5 years and get the benefits for
the 5 equal instalments after maturity.
Key Features:
 It is a premium pay for 5 years.
 It is a life cover for 10 years.
 It is assured income for 5 years.
 In this, the premium you pay is lower and the benefit you receive is higher.
 Also there is additional benefit through riders.

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Necessities for Assured Income Plan:-
 Age - Minimum is 8 years and Maximum is 65 years.
 Minimum premium is Rs. 20000 and Maximum there is no limit.
 Sum Assured – Below 55 years it is 10 times the yearly premium paid and Above 55 years it is 7 times
the yearly premium paid.
 Policy term is for 10 years – 5 years pay the premium and 5 years for relaxation.

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Benefits – Shriram Assured Income Plan
• Returns are 20% of the sum assured.
• Tax Saving policy.
• Short term and risk free.
• In case of death or total and permanent disability due to accident during the rider term, we
will pay 100% of the rider sum assured. Also, if the life assured becomes totally and
permanently disabled in an accident, we will waive off all the future premiums under the
policy. The benefit under this rider is applicable only once during the rider term.
• In case of unfortunate event of death of the life assured during the rider cover term, sum
assured under rider will be paid to the nominee.
2. Super Income Plan
It is designed to satisfy the financial needs of individual and his family.
Key Features -
• Life insurance Cover till 75
• Guaranteed Maturity Sum Assured
• Flexibility to change Premium payment term
• Guaranteed Monthly Income till 75
• Wide range of Premium Payment Term
• Additional protection through Riders

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Benefits-
1. Super Income Benefit - In case of survival of the life assured till the end of the premium
paying term, provided the policy is in force, a Super Income Benefit of fixed monthly
amount will be paid from the end of the premium paying term till the end of the policy
term or until death, whichever is earlier.
2. Maturity Benefit- In case of the survival of the life assured till the end of the policy term
provided the policy is in force, “Guaranteed Maturity Sum Assured” will be paid and the
policy is terminated. “Guaranteed Maturity Sum Assured” is equal to 5 times the
Annualized Premium.
3. Death Benefit - In case of death of the life assured during the Policy Term, provided the
policy is in force, an amount equal to higher of “Death Sum Assured” or Surrender
Benefit as applicable on the date of death will be paid in lump sum to the nominee(s) or
beneficiary (ies) and the policy is terminated. Any Super Income Benefit paid will not be
recovered from the death benefit.
4. Tax Benefits - Tax benefits as per prevailing tax laws. Tax benefits are subject to changes
according to the tax laws from time to time; please consult your tax advisor for details.

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Specifications:
 Age - Minimum is 25 years and Maximum is 50 years.
 Minimum premium is Rs. 30000 and Maximum there is no limit.
 Maturity age is 75 years fixed.
 Premium paying term is 10-25 years.
 Policy term is 75 minus the age of entry.
 Sum assured is 10 times the annual premium
2.16 SLIC DEPARTMENT

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CHAPTER – 3
RESEARCH METHODOLOGY

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3.1 RESEARCH METHODOLOGY

Research is a common language refers to a search of knowledge. Research is scientific &
systematic search for pertinent information on a specific topic, in fact research is an art of
scientific investigation. Research Methodology is a scientific way to solve research problem. It
may be understood as a science of studying how research is doing scientifically. In it we study
various steps that are generally adopted by researchers in studying their research problem. It is
necessary for researchers to know not only know research method techniques but also
technology. The research problem consists of series of closely related activities. At times, the
first step determines the native of the last step to be undertaken. Why a research has been
defined, what data has been collected and what a particular methods have been adopted and a
host of similar other questions are usually answered when we talk of research methodology
concerning a research problem or study.
3.1.1. RESEARCH DESIGN
A research design is defined as the specific methods and procedures for acquiring the information
needed. It is a plant or organizing framework for doing the study and collecting the data.
Designing a research plan requires decisions all the data sources, research approaches, research
instruments, sampling plan and contact methods.
Research design is mainly of following types:
1. Exploratory research
2. Descriptive research
3. Casual research
EXPLORATORY RESEARCH
The major purposes of exploratory studies are the identification of problems, the more precise
formulation of problems and the formulations of new alternative courses of action. The design of
exploratory studies is characterized by a great amount of flexibility and ad-hoc veracity.

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DESCRIPTIVE RESEARCH
Descriptive research in contrast to exploratory research is marked by the prior formulation of

specific research questions. The investigator already knows a substantial amount about the
research problem. Perhaps as a result of an exploratory study, before the project is initiated.
Descriptive research is also characterized by a pre-planned and structured design.
CASUAL OR EXPERIMENTAL DESIGN
A casual design investigates the cause and effect relationships between two or more variables.
The hypothesis is tested and the experiment is done. There are following types of casual designs:
I. After only design
II. Before after design
III. Before after with control group design
IV. Four groups, six studies design
V. After only with control group design
VI. Consumer panel design
VII. Exposit factor design
3.2 PURPOSE OF STUDY

To know how many people are aware of Shriram Life Insurance
To find and analyse the factors affecting the investors choice in selecting life insurance in
private industry.
To analyse the services quality offered by the company that satisfies the needs of
customer and give suggestions to improve their marketing strategies.

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3.3 SOURCES OF DATA COLLECTION
Data collection sources are basic data. These are the first data that researchers have gathered to
achieve their research goals. In this particular study, primary data were collected from 30
respondents with the objectives of the study in mind.
3.3.1 PRIMARY DATA
Primary data were collected through observation, personal interview, discussion with managers
and employees of the various departments of the organization.
3.3.2 SECONDARY DATA
Secondary data were collected through literature review which includes company’s internal
records, publications, annual reports, journal, statutory report, website (official and others) etc.
3.3.3 ANALYSIS & INTERPRETATION
The data collected must be properly analysed to evaluate and enhance the data quality. The
analysis is done to identify the actual meaning of the data which helps in proper interpretation.
Data analysis involves working to uncover patterns and trends in data sets and data interpretation
involves explaining those patterns and trends.

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3.3.4 SAMPLING DESIGN
The random sampling is done because any probability sampling procedure would require detailed
information about the universe, which is not easily available further, as it is being an exploratory
research.
3.3.5 SAMPLE PROCEDURE
In this study “random sampling procedure is used. Random sampling is preferred because of
some limitation and the complexity. Area sampling is used in combination with random sampling
so as to collect the data from different regions of the city.
3.3.6 SAMPLING SIZE
The sampling size of the study is 50.
3.4 METHODS OF SAMPLING
3.4.1 PROBABILITY SAMPLING
It is also known as random sampling. Here, every item of the universe has an equal chance or
probability of being chosen for sample. Probability sampling may be taken inform of:
SIMPLE RANDOM SAMPLING
A simple random sample gives each member of the population an equal chance of being chosen.
It is not a haphazard sample as some people think. One way of achieving a simple random sample
is to number each element in the sampling frame (e.g. give everyone on the Electoral register a
number) and then use random numbers to select the required sample.
Random numbers can be obtained using your calculator, a spreadsheet, and printed tables of
random numbers, or by the more traditional methods of drawing slips of paper from a hat, tossing
coins or rolling dice.
SYSTEMATIC RANDOM SAMPLING
This is random sampling with a system from the sampling frame, a starting point is chosen at
random, and thereafter at regular intervals.

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STRATIFIED RANDOM SAMPLING
With stratified random sampling, the population is first divided into a number of parts or 'strata'
according to some characteristic, chosen to be related to the major variables being studied. For
this survey, the variable of interest is the citizen's attitude to the redevelopment scheme, and the
stratification factor will be the values of the respondents' homes. This factor was chosen because
it seems reasonable to suppose that it will be related to people's attitudes.
CLUSTER AND AREA SAMPLING
Cluster sampling is a sampling technique used when "natural" groupings are evident in a
statistical population. It is often used in marketing research. In this technique, the total population
is divided into these groups (or clusters) and a sample of the groups is selected. Then the required
information is collected from the elements within each selected group. This may be done for
every element in these groups or a subsample of elements may be selected within each of these
groups.
3.4.2 NON PROBABILITY SAMPLING
It is also known as deliberate or purposive or judgemental sampling. In this type of sampling,

every item in the universe does not have an equal, chance of being included in a sample.
It is of following type:
CONVENIENCE SAMPLING
A convenience sample chooses the individuals on the basis of easiness to reach or convenience.
Convenience sampling does not represent the entire population so it is considered bias.
QUOTA SAMPLING
In quota sampling the selection of the sample is made by the interviewer, who has been given
quotas to fill form from specified sub-groups of the population.
JUDGMENT SAMPLING
The sampling technique used here in probability > Random Sampling.

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3.5 DATA COLLECTION, INTERPRETATION & ANALYSIS
The data was collected through structured questionnaire.
 DEMOGRAPHIC CHARACTERISTICS
GENDER
This is the gender of respondents which is taken into the study of the survey. It indicates that
Male candidates are the highest respondent to the study.
AGE
From the survey the age group which respondent to the survey were between 31-45 years which
is usually the working people and those planning down their future.

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INCOME LEVEL
From the survey the income level of 50 respondents vary and the major share is 10,000-20,000.
OCCUPATION
From the survey the majority of the respondent are student and in service industry.

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 INSURANCE POLICY
From the survey it is clear that majority of the respondents have an insurance policy
 AWARNESS OF INVESTMENT PLAN
The respondents are very well aware about the investment plans which are offered by the
insurance company / agent.

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 AWARNESS OF SHRIRAM LIFE INSURANCE COMPANY
The respondents are aware about Shriram Life Insurance Company and few have some
knowledge on the same.
 PREFER BUYING SHRIRAM LIFE INSURANCE

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From the survey it is clear that many would prefer buying Shriram Life Insurance Policy and
many even respondent saying they might buy SLIC policy/plan.
 EXPECTATION FROM INSURANCE COMPANY/AGENT
From the survey we can understand that the people are looking for Long term Investment /
returns followed by Toll to protect the family. Some even want tax saving scheme from their
company/agent.
 AUTHENTICITY OF ONLINE INFORMATION

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The respondents feel that the authenticity of online information by the insurance company / agent
may be authentic and many feel it not be. Since they don’t know how safe and trust worthy the
company is.
 COVID-19 BENEFIT BY INSURANCE COMPANY
Majority of the respondents are receiving COVID-19 benefits from their insurance company/
agent.

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 KIND OF BENEFITS
Many of the respondents receive benefits such as new schemes to protect their family and easy
premium payment option during this COVID-19 period.
 MODE OF PREMIUM PAYMENT
Majority of the respondent pay yearly premium and many pay Quarterly as per their convince
and their monthly income.

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 CLARIFY QUERY
The respondents usually contact their agent to clarify their query and many check with the
advisor followed by customer care service and hardly people visit the company website.
 SATISFACTION WITH SERVICE
Majority of the respondents are almost satisfied with their Insurance Company provider and their
services.

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3.6 RESULTS
The findings which can be drawn from the survey conducted by me is summarised as follows:
 Majority of the respondents are male who have taken the survey and majority are in the
age group of 31-45 years which indicate they have started working or run business and
have plans to protect family and look for long term investment.
 60.8% of the respondents have insurance policy and the rest don’t have. The reason
maybe they are not aware of the company or didn’t find a trust worthy company.
 58.8% of the respondent are aware about the investment plan which are available with the
insurance company/ agent and 27.5% of them are not aware about the same.
 51% of the respondent are aware of Shriram Life Insurance Company and 35.3% of them
are not aware about SLIC and 13.7% of them have some knowledge about the company.
 As per the respondent 52.9% maybe buy Insurance policy from Shriram Life Insurance,
37.3% of them won’t purchase policy/plan from Shriram Life Insurance Company and
finally 9.8% of them will buy from SLIC.
 Majority of them ie 70.6% of the respondent except long term investment / return from
the company , 56.9% want it as a tool to protect their family and 29.4% want the company
to provide them from tax savings scheme.
 43.1% of the respondent feel that authenticity of online insurance maybe true not fully,
37.3% of the respondents feel no it’s not authentic and 19.6% feel it’s authentic.
 52.9% of the respondent are receiving COVID-19 benefits. And 47.1% of them don’t
receive.
 The benefit they are currently receiving are other benefits, 25.6% of them are getting easy
premium payment, and 20.5% of them are getting new schemes during this worldwide
pandemic situation.
 52.9% of the people pay the premium yearly , 19.6% of them pay Quarterly, 13.7% pay
Monthly and 13.7% of them Half-Yearly premium depending on their income level and
convenience.
 37.3% of the people clarify their query through their agents, 21.6% through their advisor,
15.7% of them through customer care service and 15.7% of them through branch manager
and 9.8% of them through the company profile.

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 43.1% of them are almost satisfied with their insurance company services and benefits,
15.7% of them are highly satisfied and 31.4% are not almost satisfied.
3.7 CONCLUSION
Insurance is a safeguard during uncertainty which occurs in future. When Shriram Life Insurance
was started they made profits in three consecutive years which says that being a private industry
player they have achieved the distinction. When compared to competitors after the 7 years of
operation, Shriram Life Insurance was the most profit making life insurance industry which
indicates the increase in company image. They have products which are of low premium and
premium paying term is very less where they have focused on meeting the basic requirements.
They also have an additional rider which is optional it is protect against disability and
compensate during the time of critical illness or surgeries. The competition in insurance industry
is rising day by day. Consumers look for the product which have different and flexible options
and customize according to the needs of the consumer.
Many of the consumers are planning to have a safeguard to their life in future coming days
mostly for their retirement period. Insurance industry should change their product plans
according to the changing needs or requirement of the consumer.
Therefore I would like to conclude by saying that people want insurance policy / plan which will
secure their family in the long run and provide them with benefits during crisis. And also get
them satisfactory returns. They want the company to be transparent and share all details with
them during the time of selling policy.

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BIBLIOGRAPHY

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 http://shriramcapital.com/
 https://www.shriramcity.in/corporate/shriram-group
 https://shriramlife.com/
 https://www.irdai.gov.in/Defaulthome.aspx?Page=H1
 https://www.sanlam.com/Pages/default.aspx
 https://www.coverfox.com/life-insurance/life-insurance-companies/shriram-life-
insurance/#:~:text=Benefits%20of%20Shriram%20Life%20Insurance&text=Flexibi
lity%3AFlexible%20premium%20and%20payout%20options.&text=Customer%20
Service%3AOffers%20good%2C%20hassle,of%20Income%20Tax%20Act%2C%2
01961.
 https://www.investopedia.com/terms/p/porter.asp
 https://www.policybazaar.com/insurance-companies/shriram-life-insurance/
 https://en.wikipedia.org/wiki/Methodology

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business (Utkal University)

StuDocu is not sponsored or endorsed by any college or university

Submitted in partial fulfilment of the requirement of the

Under the Guidance of

Dr. Nishant Singh

No.17, Sheshadri Road, Gandhi Nagar, Bengaluru – 560009, India

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I take this opportunity to express my gratitude to everyone who supported me

I gratefully acknowledge my indebtedness to my mentor Dr. Nishant Singh,

Name: - Harshaa Modi

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S.NO TITLE PAGE NO

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5. Data Analysis and Interpretation

6. Results and Learning Outcomes

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1.1 WHAT IS INSURANCE

1.2 ORIGIN OF INSURANCE

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THE FIRST STEP

THE GROWING YEARS

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1.3 TYPES OF INSURANCE

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1.4 LIFE INSURANCE

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1.5 BENEFITS OF LIFE INSURANCE

3. Education and other expenses for dependents

4. Immediate Expenses after Demise

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1.6 TYPES OF LIFE INSURANCE POLCIIES

 Variable Life Insurance: - Variable life insurance is similar to whole life

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 Endowment Plan: It is a life insurance policies which is payable to the insured if

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 Money-Back: After the payment of policy, it provides certain percentage on sum

 Retirement Plan: It is also called as a Pension plans. It is a policy where it combines

1.7 LIST OF LIFE INSURANCE COMPANIES

Life Insurance Companies in India Claim Settlement

Aditya Birla Sun Life Insurance 97.15%

2 AEGON Life Insurance Company 96.45%

3 Aviva Life Insurance Company 96.06%

Bajaj Allianz Life Insurance 95.01%

Bharti AXA Life Insurance 97.28%

Canara HSBC OBC Life Insurance 94.04%

Edelweiss Tokio Life Insurance 95.82%

8 Exide Life Insurance Company 97.03%

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Future Generali Life Insurance 95.16%

10 HDFC Life Insurance Company 99.04%

ICICI Prudential Life Insurance 98.58%

IDBI Federal Life Insurance 95.79%

13 IndiaFirst Life Insurance Company 92.82%

14 Kotak Life Insurance Company 97.40%

Life Insurance Corporation of India 97.79%

16 Max Life Insurance Company 98.74%

17 PNB MetLife Insurance Company 96.21%