A PROJECT REPORT of Slic

A PROJECT REPORT
ON
“Consumer buying behavior towards life insurance in Shriram Life Insurance Company”
AT
Submitted to
Jiwaji University
Gwalior
For the partial fulfillment of the award of Bachelor of commerce
2018-21
Submitted BY
Kanchan Tiwari
Declaration by the Candidate
I hereby declare that the training report entitled, “Consumer buying behavior towards life
insurance in Shriram Life Insurance Company” submitted by me to Prestige Institute of
Management, Gwalior in fulfillment of the requirement for the award of masters of Business
Administration is a record of my original work carried out by me under the guidance of Asst.
Prof. Shaifali Chauhan. I, further declare that the work reported in this report has not been
submitted, and will not be submitted, either in part or in full, for the award of any other
degree or diploma of this University or to any other institute or university.
Date:
Place: Gwalior
Signature of the candidate
Kanchan Tiwari
CERTIFICATE FROM FACULTY GUIDE
This is to certify that Ms. Kanchan Tiwari Student of B.Com (honors) program has completed
his/her summer training of 6 Weeks from 04/01/2021 to 20/02/2021 and prepared this report
entitled “Consumer buying behavior towards life insurance in Shriram Life Insurance
Company” under my guidance.
His/ her performance during the training was excellent.
Date:
Signature of Faculty Guide
Asst. Prof. Shaifali Chauhan
ACKNOWLEDGEMENT
I Kanchan Tiwari, grateful to Director Dr. Nishant Joshi, for giving me the opportunity for
summer training.
I would also like to express my sincere gratitude to Asst. Prof. Shaifali Chauhan, for giving
me the guidance on the report entitled “Consumer buying behavior towards life insurance
in Shriram Life Insurance Company”
I am also thankful to all the Faculty Members, friends and other staff that guided and helped
me very kindly at each and every step whenever I required.
I also acknowledge & convey thanks to the library staff, computer department of PIMG for
their kind and valuable support.
TABLE OF CONTENT
S.NO. PARTICULARS PAGE

NO.
1. CHAPTER-1 (ABOUT THE ORGANIZATION)
1.1 Introduction and History of the organization

1.2 Objective of the Organization
1.3 Organizational structure
1.4
2. CHAPTER-2 (SWOT ANALYSIS)
2.1 strength and weakness of SLIC

S.NO. PARTICULARS PAGE NO.
CHAPTER-5 Conclusion
DAILY/ WEEKLY RWPORT

CHAPTER – 1
1.1 Introduction and History of the Organization
Shriram Life Insurance Company Limited is a Non-govt company, incorporated on 15 Mar,

2005. It's a public unlisted company and is classified as company limited by shares.
Company's authorized capital stands at Rs 25000.0 lakhs and has 71.75% paid-up capital
which is Rs 17937.5 lakhs. Shriram Life Insurance Company Limited last annual general
meet (AGM) happened on 23 Jul, 2018. The company last updated its financials on 31 Mar,
2018 as per Ministry of Corporate Affairs (MCA).
Shriram Insurance Company Limited is a joint venture between leading business groups–
Sanlam Group and Shriram Group. It has emerged as a reputed name in the life insurance
segment. The effective leveraging of the system and brand value of this Company is a main
reason for a consistent development of this insurance company. In this chapter, i included
important details about the SLIC in brief.
Shriram Capital Limited, was set up in 1974. The company offers a wide range of financial
services from insurance, commercial vehicle finance, consumer and enterprise finance, to
wealth advisory services, along with domestic and overseas investment solutions. It has
strategic partnerships with Sanlam and Santam. Headquartered in Chennai, it has 3000
offices, over 60,000 employees, and a customer base of 12 million.
Shriram Chits began operations in 1974 with a single branch and has since then grown into a
trusted household name, making Chits a viable form of saving and borrowing for all
segments of society. With a network of 465 branches spread across Tamil Nadu, Andhra
Pradesh, Karnataka and Maharashtra; Shriram Chits employs close to 5000 people. The
company has successfully built a reputation for timely disbursement and excellent customer
service.
Shriram Transport Finance Company was founded in 1979 with the aim to finance the much-
overlooked Small Truck Owner. It is registered as a ‘Deposit-Taking NBFC’ with the
Reserve Bank of India under section 45IA of the RBI Act, 1934. The Shriram Group had the
foresight to base their marketing based on aspiration, much before the concept became a
well-known one.
Shriram City established in 1986 is India’s premier financial services company specializing
in retail finance. Its Consumer Finance business unit was set up in 2002 to cater to chit fund
customer needs. The company offers a comprehensive range of products making it a
dominant player. With over 1000 business outlets country-wide, it is listed on the BSE, NSE,
Madras Stock Exchanges and enjoys a high credit rating.
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 demog Established in 2006, SFSL is a premier financial distribution
company that offers a plethora of financial planning solutions, primarily through Mutual
Funds, Life Insurance, General Insurance and Deposits. They are championed by the
expertise of 53,863 loyal Business Associates and 1146 employees, with a direct presence of
72 plus branches and an indirect presence in 289 locations. raphy. It has a network of over
455 offices across India.
Identifying the opportunities coupled with India’s flourishing consumer markets, Shriram
Group made a foray into General Insurance in 2009. SGI’s focus on addressing customer
needs, nurturing talent and developing a home-grown technology platform for the
underserved segments of the economy has ensured the group’s sustainable growth for over
three decades. SGI received the Excellence In Growth Award in 2011 and 2012
Today, Shri ram life Insurance Ltd is one of the largest providers of life insurance in South
Africa with 3.2 million individual policies under administration. It has a significant presence
across South Africa, the UK and Namibia. It has a 26 per cent stake in the holding company,
Shriram Capital.
Shriram Life Insurance Company Limited is majorly in Insurance business from last 16 years
and currently, company operations are active. Current board members & directors are
TAPAS KUMAR BANERJEE, RAMAKRISHNAN SUBRAMANIAN, TARUVAI
SUBBAYYA KRISHNAMURTHY, UMESH GOVIND REVANKAR, AKHILA
SRINIVASAN, GAURAV TREHAN, STEPHANUS PHILLIPUS MOSTERT,
LAKSHMINARAYANAN SUBRAMANIAN, MANOJ KUMAR JAIN and RATNAGIRI
SIVARAM KRISHNAN.
1.1.1 OBJECTIVE OF THE ORGANISATION
The Shriram Life Insurance Company was founded to reach 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, offering him high quality and cost-effective products and services, are the core values
that drive the organization. These values have been strongly adhered to over the decades and
are now an integral part of the organization’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.
• Financial Protection: Plans which provide financial protection to your family.
• Flexibility: Flexible premium and payout options.
• Online plans: Specifically designed online plans that cost 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 payouts under section 80C and 10(10D) of
Income Tax Act, 1961.
1.2 ORGANIZATIONAL STRUCTURE
BOARD OF DICERTORS
MR. TS KRISHNA MURTHY
(CHAIRMAN)
MR. CASPURAS J H KROMHOT
(MANAGING DIRECTOR AND CEO)
MR. MANOJ JAIN
(MANAGING DIRECTOR)
SMT. AKHILA SRINIVASAN
(DIRECTOR)
MANAGEMENT TEAM
MR. G VAIDYANATHAN
CHIEF FINANCIAL OFFICER
MR. S.P RAGHUNATHAN
CHIEF UNDERWRITER
MR. JOHANNES G V HELSDINGEN
APPOINTED ACTUARY AND CHIEF RISKOFFICER
MR. AJIT BANERJEE
CHIEF INVESTMENT OFFICER

1.2.1 About Shriram Life Insurance Company Ltd.
Shriram Group is an Indian conglomerate founded on 5th April 1974 by Ramamurthy

Thyagarajan. Shriram Life Insurance Company Incorporated in 2005 and commenced
operations in 2006. Shriram Life Insurance Company is a joint venture between Shriram
Group, headquartered in Chennai and Sanlam, a leading financial services group based in
Cape Town, South Africa. It is well known for its efficient use of capital and low operational
cost. Shriram focus on “AAM ADAMI”, Tier 2 & Tier 3 cities. started operations with a
minimum investment of Rs. 125 Crores (Currently 175 Crores). Company stands Fifth today
among 24 companies.
Shriram Life Insurance Company Ltd. Details
CIN U66010TG2005PLC045616
Date of Incorporation 15 Mar, 2005
Status Active
Company Category Company limited by Shares
Company Sub-category Non-govt company
Company Class Public
Business Activity Insurance
Authorized Capital 25000.0 lakhs
Paid-up Capital 17937.5 lakhs
Paid-up Capital % 71.75
Registrar Office City Hyderabad
Registered State Telangana
Registration Number 45616

Registration Date 15 Mar, 2005
Listing Status Unlisted
AGM last held on 23 Jul, 2018
Balance Sheet last updated on 31 Mar, 2018
1.2.2 MISSION AND VISION:
The Shriram Life Insurance Company was founded to reach 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, offering him
high quality and cost-effective products and services, are the core values that drive the organization.
These values have been strongly adhered to over the decades and are now an integral part of the
organization’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.
• Financial Protection: Plans which provide financial protection to your family.
• Flexibility: Flexible premium and payout options.
• Online plans: Specifically designed online plans that cost 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 payouts under section 80C and 10(10D) of
Income Tax Act, 1961.
Network at a Glance – Financial Services Entities
Branch Network (Nos.) Over 3,500

Manpower Strength (Nos.) Over 75,000
Customer Base (Nos in lacs.) Around 200
1.2.3 The Sanlam Group
The Sanlam Group entered into a partnership with the Shriram Group to set up Shriram Life
Insurance Company Limited; and subsequently the Sanlam Group has partnered with Shriram
Capital, which is the holding company of all the other financial services businesses within the
Shriram Group. The Sanlam Group continues to provide technical, support and assistance to
the insurance venture.
The Sanlam Group, a leading financial service group and one of the largest insurers in South
Africa, was established in 1918. The Sanlam group conducts its business through Sanlam
Ltd., the corporate head office and five business clusters. The corporate head office is
responsible for the group’s centralised functions such as strategic direction, financial and risk
management, marketing and communications, group human resources and corporate social
investment. The Sanlam Group consists of the following 5 operating business clusters:
• Sanlam Personal Finance (SPF): SPF drives the Group’s retail business in South
Africa using market segmentation as a key enabler to deliver on its strategy. The SPF
business model is founded on a client-centric approach, whereby it provides clients with a
comprehensive range of appropriate and competitive financial solutions, designed to facilitate
long-term wealth creation.
• Sanlam Emerging Markets (SEM): SEM drives the Group’s financial services offering
in emerging markets outside of South Africa, with the aim to ensure sustainable delivery and
growth across its various businesses. Focus areas include: retail and group life insurance and
related business; credit and banking; general insurance and investment management.
• Sanlam Investments (SI): SI provides individual and institutional clients in South

Africa, the United Kingdom and elsewhere in Europe access to a comprehensive range of
specialized investment and risk management expertise. Focus areas include: investment
management, wealth management, international investments, and capital management.
• Santam: Santam, a listed general insurer with a market share in excess of 22% in South
Africa, is a subsidiary of the Sanlam Group, which holds an effective 61% of Santam’s
shares. The Santam Group provides a diversified range of general insurance products and
services in South Africa and internationally to clients, ranging from individuals to
commercial and specialist business owners and institutions. Santam’s international
diversification strategy focuses on reinsurance business, specialised insurance products, and
its role as technical partner and co-investor in SEM’s expansion into Africa, India and
Malaysia.
• Sanlam Corporate (SC): A recently formed business, targeting chosen corporate clients
and offering financial solutions underpinned by Employee Benefits (Providing risk and
investment solutions and administration services to institutions and retirement funds), Health
solutions and products and Institutional offerings sourced from other clusters.
CHAPTER – 02
2.1 FINANCIAL PERFORMANCE OF SLIC
SHRIRAM LIFE INSURANCE
Shriram Life Insurance is a private company and a conglomerate industry. It was established
in 2005 and the commencement of operations started in 2006 as Shriram Financial Services
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, 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.
Private sector Shriram Life Insurance registered a five-fold increase in its net profit at 88crore
in 2017-18 compared to 17crore in 2016-17.The insurer, which is the eight largest among
private life insurers, also posted a 37 per cent increase in individual renewal premium
collection in the fiscal. Gross premium grew by 23 per cent to exceed 1,500crore in 2017-18.
2.2 RECRUITMENT PROCESS
Company is registered in Hyderabad (Telangana) Registrar Office. Shriram Life Insurance

Company Limited registered address is RAMKY SELENIUM, PLOT NO 31 & 32,
FINANCIAL DISTRICT, GACHIBOWLI, HYDERABAD Hyderabad TG 500032 IN.
1- Understanding reporting requirement and preparation reports. Escalating to 5

branches or bank for pending credit.
2- Maintaining quality and time lines for submission of report. Debit identification for
all pay-outs such as redemptions/dividend/brokerage.
3- Coordinating with the clients for various MIS reports.
2.3 PRODUCTION AND OPERATION
Presenting Shriram Life Assured Income Plan (UIN 128N053V03), which assures your
family of the Income you have planned for them even in your absence. This plan not only
helps you secure your family financially but also provides you assured returns on maturity.
With regular income option under this plan you will receive your maturity amount in
periodical payments of assured amount to help you fulfill your financial responsibilities and
dreams with ease.
Not only that, under this plan you can also opt for multiple riders by paying a nominal
amount which will provide you and your family additional protection in case of Death,
Accidental Death/Disability and Critical Illness.
PLAN ELIGIBILITY
Eligibility Criteria Limits
Minimum: 30 days
Age at Entry Maximum: 55 years (age last birthday)
Maximum Maturity Age 70 years (age last birthday)
Policy Term 8 / 10 / 12 / 15 years
Premium Paying Term Same as Policy Term
Benefit Payout Period Equal to Policy Term
Premium Mode Yearly, Half-Yearly, Quarterly, Monthly
Annualised Premium Minimum: Rs 15,000
Maximum: No limit, subject to Board

approved underwriting Policy
Basic Sum Assured (Policy Minimum: Rs. 1,20,000

Term X Annualised
Maximum: No limit, subject to Board
Premium)
approved underwriting Policy
Key Features
 Choice of Policy Term – 8/10/12/15 years
 Higher returns for higher premiums
 Additional protection through riders
 Assured Income benefits after the policy term
 Higher returns for higher terms
Assured Annual Income % payable on Death / Maturity (as a % of Annualised Premium)
Annualised Premium < 40,000 Annualised Premium >= 40,000
Policy Term 8 10 12 15 8 10 12 15
→ Age ↓
10 134.0% 151.5% 173.5 209.0% 137.0% 155.0% 177.5% 214.0%

%
20 133.0% 150.0% 172.0 206.5% 136.0% 153.5% 176.0% 211.5%

%
30 133.0% 150.0% 171.5 205.5% 136.0% 153.5% 175.5% 210.0%

%
40 132.0% 148.0% 168.5 199.5% 135.0% 151.5% 172.0% 204.0%

%
50 128.0% 141.5% 157.5 181.5% 131.0% 145.0% 161.5% 186.0%

%
Lump Sum Payout % payable on Death / Maturity (as a % of Basic Sum

Assured)
Annualised Premium < 40,000 Annualised Premium >= 40,000
Policy Term 8 10 12 15 8 10 12 15
→ Age ↓
10 110.5% 118.5% 129.0 144.5% 112.5% 121.0% 132.0% 147.5%

%
20 110.0% 117.5% 127.5 142.5% 112.0% 120.0% 130.5% 145.5%

%
30 109.5% 117.5% 127.5 141.5% 112.0% 120.0% 130.5% 145.0%

%
40 109.0% 116.0% 125.0 137.5% 111.0% 118.5% 128.0% 140.5%

%
50 105.0% 110.5% 117.0 125.0% 108.0% 113.0% 120.0% 128.0%

%
Benefits of Assured Income Plan(AIP)
Death Benefit
In case of death of the life assured during the policy term, provided all the due premiums till
the date of death have been paid, Death Sum Assured will be paid.
Death Sum Assured I.e. Sum assured payable on death is defined as highest of –
• For Policy term 8: 8 times Annualised Premium
For Policy term 10 & above: 10 times Annualised Premium if age is less than 45 years
& 7 times annualised premium if age is 45 years and above.
• 105% of Total Premiums Paid till the date of death
• Maturity Sum Assured payable on death or maturity (which is defined as basic sum
assured * Lump-sum Payout%)
Annualised Premium means the premium amount payable in a year chosen by the
policyholder excluding the taxes, rider premiums, underwriting extra premiums and loadings
for modal premiums, if any.
Total Premiums Paid is the total of all the premiums received excluding any extra premiums,
any rider premiums, and taxes.
The death benefit will be paid to the nominee(s) or beneficiary(ies) in any of the following
option chosen by them:
i. Assured Income Payouts

ii. Lump sum Payout
iii. 50% Death benefit as lump sum and remaining 50% as regular payouts i.e. the
payouts will be 50% of the original payouts
The amount and number of payouts payable in case of death are same as that for maturity.
The payouts in case of death will be paid at the start of each year from the year following the
death and the number of payouts payable will be equal to the policy term chosen.
Maturity Benefit
In case of survival of the life assured up to the end of the policy term and receipt of all the
due premiums, the assured income payouts will be paid as scheduled at the start of each year
after the end of the policy term during the Benefit Payout Period.
However, the policyholder can also opt to receive the maturity benefit in lump sum at the
time of proposal. The Lump Sum Payout is same as Maturity Sum Assured. The policyholder
can change the option to receive the maturity benefit any time during the policy term, but
preferably at least three months before the date of maturity.
If the life assured dies after commencement of the assured income, the outstanding assured
income payouts will continue as scheduled to the nominee(s) or beneficiary(ies).
Tax Benefits
Tax benefits may be available 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.
2.4 MARKETING
Benefits and highlights of Shriram Life Insurance

Some of the notable achievements of the company are as follows –
1. The company has won the Indian Insurance Award for offering Non-urban coverage
in the life insurance segment
2. In the private life insurance sector, the company has also won the award for the best
life insurance policy
3. The company’s mission is to offer cost-effective insurance solutions to all individuals
of the country
4. Shriram Life Insurance offers a range of life insurance plans. each plan has attractive
coverage benefits and an affordable premium rate
CHAPTER – 03
3.1 SWOT ANALYSIS OF SHRIRAM LIFE INSURANCE
STRENGTHS:
1.New Products-
➢ A range of new products had been launched to cater to different segments of the market,
while traditional agents were supplemented by other channels including the internet and bank
branches.
2. Business Growth-
➢ These developments were instrumental in propelling business growth, in real terms, of
19% in life premiums and 11.1%innonlife premiums between 1999 and2003.
3. Rise in per capita Income-
➢ India has a large population with an increase in in its per capita income.
WEAKNESS:
1.Low investment-
➢ India is among the lowest-spending nations in Asia in respect of purchasing
2.The dominance of the Public sector-
➢ Even after the liberalization of the insurance sector, the public sector insurance companies
have continued to dominate the insurance market.
3.Promotion as a Barrier-
➢ In the long run, other forms of non-price competition like aggressive advertisement wars
are likely to lead to increasing costs, eventually harming the interests of the consumers.
3.2 OTHER SPECIAL POINTS
OPPORTUNITIES:
1.Creation of stronger demand-
➢ India’s improving economic fundamentals will support faster growth in per capita income
in the coming years, which will translate into stronger demand for insurance products.
2.Strong future growth-

➢ Strong growth can be sustained for 30-40 years before the market reaches saturation.
There is plenty of room for growth in personal accident, health, and other liability classes.
3.Rise in Income and Awareness-
➢ Rising household income and risk awareness will be the key catalysts to spurring more
demand for these lines of business in the future.
4.Health insurance-
➢ Health insurance could potentially have an important role in driving the insurance market
development forward.
THREATS:
1. New entrants
➢ Insurance companies have remained relatively constant. Most of them have been in
business for a good hundred years. Recently, however, there has been a rise in the number of
new entrants marketing, selling, or servicing insurance products or providing new capital.
2. Lack of trust
➢ This is a reason why many individuals don`t bother with insurance. Many insurance firms
fail to pay claims, and they don`t own up to offering some benefits. Therefore, most people
just see insurance as one of the unnecessary expenses. Many insurance firms do shut down
because of financial challenges and individuals who are the victims of the loss don`t even
think twice about purchasing insurance policies.
3. Economic instability
➢ When the country`s economy is down all insurance companies will be affected. At such
situations, the rates can be affected such that the insurance companies might be forced to
increase their rates, just like interest rates on credit facilities provided by financial
institutions. such situations might create a bad image for a company since costumers can
spread the information about a service or products, they were not happy with amazingly fast.
CHAPTER – 04
4.1 Introduction:
Life is full of risk and uncertainties. Since we are the social human being we have certain
responsibilities too. Indian consumers have big influence of emotions and rationality on their
buying decisions. They believe in future rather than the present and desire to have a better
and secured future, in this direction life insurance services have its own value in terms of
minimizing risk and uncertainties. Indian economy is developing and having huge middle
class societal status and salaried persons. Their money value for current needs and future
desires here the pendulum moves to another side which generate the reasons behind holding a
policy. Here 2 the attempt has been made in this research paper to study the buying behavior
of consumers towards life insurance services.
HISTORY OF LIFE INSURANCE
1818 saw the advent of life insurance business in India with the establishment of the Oriental
Life Insurance Company in Calcutta. This Company however failed in 1834. In 1829, the
Madras Equitable had begun transacting life insurance business in the Madras Presidency.
1870 saw the enactment of the British Insurance Act and in the last three decades of the
nineteenth century, the Bombay Mutual (1871), Oriental (1874) and Empire of India (1897)
were started in the Bombay Residency. This era, however, was dominated by foreign
insurance offices which did good business in India, namely Albert Life Assurance, Royal
Insurance, Liverpool and London Globe Insurance and the Indian offices were up for hard
competition from the foreign companies.

In 1914, the Government of India started publishing returns of Insurance Companies in India.
The Indian Life Assurance Companies Act, 1912 was the first statutory measure to regulate
life business. In 1928, the Indian Insurance Companies Act was enacted to enable the
Government to collect statistical information about both life and non-life business transacted
in India by Indian and foreign insurers including provident insurance societies. In 1938, with
a view to protecting the interest of the Insurance public, the earlier legislation was
consolidated and amended by the Insurance Act, 1938 with comprehensive provisions for
effective control over the activities of insurers.

The Insurance Amendment Act of 1950 abolished Principal Agencies. However, there were a
large number of insurance companies and the level of competition was high. There were also
allegations of unfair trade practices. The Government of India, therefore, decided to
nationalize insurance business.

An Ordinance was issued on 19th January, 1956 nationalising the Life Insurance sector and
Life Insurance Corporation came into existence in the same year. The LIC absorbed 154
Indian, 16 non-Indian insurers as also 75 provident societies—245 Indian and foreign
insurers in all. The LIC had monopoly till the late 90s when the Insurance sector was
reopened to the private sector.
HISTORY OF GENERAL INSURANCE
The history of general insurance dates back to the Industrial Revolution in the west and the
consequent growth of sea-faring trade and commerce in the 17th century. It came to India as a
legacy of British occupation. General Insurance in India has its roots in the establishment of
Triton Insurance Company Ltd., in the year 1850 in Calcutta by the British. In 1907, the
Indian Mercantile Insurance ltd. was set up. This was the first company to transact all classes
of general insurance business.1957 saw the formation of the General Insurance Council, a
wing of the Insurance Association of India. The General Insurance Council framed a code of
conduct for ensuring fair conduct and sound business practices.

In 1968, the Insurance Act was amended to regulate investments and set minimum solvency
margins. The Tariff Advisory Committee was also set up then.

In 1972 with the passing of the General Insurance Business (Nationalization) Act, general
insurance business was nationalized with effect from 1st January, 1973. 107 insurers were
amalgamated and grouped into four companies, namely National Insurance Company Ltd.,
the New India Assurance Company Ltd., the Oriental Insurance Company Ltd and the United
India Insurance Company Ltd. The General Insurance Corporation of India was incorporated
as a company in 1971 and it commence business on January 1sst 1973.
IRDAI
The Insurance Regulatory and Development Authority of India (IRDAI) is an

autonomous, statutory body tasked with regulating and promoting the insurance and re-
insurance industries in India.[1] It was constituted by the Insurance Regulatory and
Development Authority Act, 1999,[2] an Act of Parliament passed by the Government of
India. The agency's headquarters are in Hyderabad, Telangana where it moved from Delhi in
2001.
IRDAI is a 10-member body including the chairman, five full-time and four part-time
members appointed by the government of India.
LIST OF LIFE INSURANCE COMPANY

NAME OF THE COMPANY CHAIRMAN/MD – ESTABLISH YEAR
CEO
LIFE INSURANCE COMPANY MR. M R KUMAR 1 September 1956
HDFC Life insurance co. ltd Ms VIBHA PADALKAR 12 October 2000
ICICI Prudential Life Insurance Mr. N s Kannan 12 December 2000
Bajaj Allianz Life Insurance Mr. TarunChugh 12 March 2001
Exide Life Insurance Mr. kshitij Jain 2001
Kotak Life Insurance Mr. G Murlidhar 2001
Aditya Birla Sun Life Insurance Mr. kamlesh Rao 2000
PNB MetLife Insurance Mr. Ashish kumar 2001
Reliancenippon Life Insurance Mr. Ashish vohra 14 May 2001
SBI Life Insurance Mr. Mahesh kumar March 2001

Sharma
Tata AIA Life Insurance Mr. Naveen Tahilyani 2000
Aviva Life Insurance Mr. Amit Malik 2002
Sahara Life Insurance Mr. A K Dasgupta 30 October 2004

Shriram Life Insurance Mr. Caspuras j h kromhot 2005
Future Generali India Life Insurance Mr. Munish Sharda 2006
AEGON Life Insurance Mr. SatishwarBalkrishnan 2008
Bharti AXA Life Insurance Mr. Parag Raja 2005
Canara HSBC OBC Life Insurance Mr. Anuj Mathur 2008

Max Newyork Life Insurance
DHFL Pramerica Life Insurance Mr. Anoop Kumar Pabby 2008
IDBI Federal Life Insurance Mr. Vighneshsahane March 2008
Star Union Dai-Ichi Life Insurance Mr. Girish Kulkarni 2009
IndiaFirst Life Insurance Company Ms R M Visakha November 2009

Ltd.
Edelweiss Tokio Life Insurance MrSumit Rai 2009
Max Life Insurance Mr. Prashant Tripathy 2001
4.2 APPLICATIONS OF THE CONCEPT IN ORGANISATION

People Aware of Shriram life insurance
According to my survey 53.8% people are aware of shriram life insurance. Respondent are
not strongly agree with that because of their less advertisement and rest of the respondent are
not aware of shriram life insurance.
Investor choice for shriram life insurance
Shriram life insurance new policy are different from other company. Only 42.1% people are
interested to buy shriram life insurance according to my survey. And 45.6% of the respondent
is interested in other company insurance. And 12.3% are choose strongly disagree they are
not interested in any of life insurance.
Investor believe in shriram life insurance policy or LIC policy
According to survey most of the people are believe in LIC policy. Because LIC is a govt.
Company so people are believe in LIC. Less people are believes in shriram policy because
it’s a private company.
How many people cover with life Insurance
94.6% respondent are covered through life insurance policy which says that they invest their
little part of their earning in insurance and see as investment and only 5.4% are not covered
with life insurance policy.
Invest in FD and life insurance
58.4% Respondent are interested to invest in life insurance policy because they says that life
insurance cover their life for a specific time. And 41.6 % people are interested to invest in
FDs because they think whenever they need money they broke their FD.
CHAPTER – 05
5.1 LEARNINGS
The 45 days of virtual internship program at Sriram Life Insurance Company made me gain
more insights about insurance products and apply my knowledge and skills in the practical
manner. At the right place with the right digital elements supporting the sales process,
companies will not be far from achieving their desired sales results. With the sufficient
knowledge about product, ability to understand customer needs, ability to use the opportunity
and best digital asset adoption will help to reap meaningful outcomes from digital sales.
Some learnings and key lessons that I could learn from my works are as follows: In the
internship, selling was a one-week activity or the platform to show our performance in the
real business world by experiencing to deal with the customer. During this period, I learnt
how to pitch the product, how the customers are approached and convinced while selling the
life insurance product.
During this period, I contacted nearly 10-15 people to sell the insurance plan named Assured
Income Plan. Details of Shriram Life Insurance company and the product description shared
with the customer through phone call and WhatsApp. Finally, successfully achieved save a
life for the product Assured Income Plan for the 5 customer. I faced many obstacles during
the sales period of internship of listening too much ‘no’ and ignorance from the customer but
I overcame this with a positive attitude. As a sales representative, we must be able to present
relevant and compelling content (Unique selling point) to the customer throughout the sales
interaction, with the conversation first focusing on product content and value. Our verbal
presentation and the content are the major components to pitch the product. Pricing should be
touched on after the product has been configured, and the value is clear to the customer. It is
important that sales reps are able to defend the price and features of their products against
their competitors. Sales representatives who employ a digitally supported, professional sales
approach with a specific pattern and steps involved in the selling process achieve better
results in every area. These sales professionals have a higher likelihood of scoring a sale,
selling more premium policies, and having more relevant cross-selling conversations, and in
turn, be able to gain more loyal customers. Establish a data-driven concept for recommending
products for the whole insurance portfolio. This should be supported by the actual needs of
the customer in terms of a product category, and also within that product category. At the
first, offer should suit the customer needs and expectations as much as possible, and to
achieve this, insurers need to be able to harness the power of data in a way which value-adds.
By eliminating irrelevant options for the customer, it enables individualized product
configurations and obviously enhances the customer experience. Each and every customer
wants to listen in a different way, and communication it may be alerts, tips, newsletters,
campaigns, offers etc needs to be tailored according to the behavioral patterns of the
customer, so that customer receives a specific experience based on their business or personal
needs.
5.2 Conclusion
Shriram life insurance has a well-managed digital channel which performs all its activities
efficiently and effectively. It has emerged as a reputed name in the life insurance segment.
The effective leveraging of the system and brand value of Shriram Group and vital direction
by Sanlam Group have encouraged a consistent development of the insurance company.
Digital sales channel of Shriram life insurance is a well-established, work-oriented platform
where we could gain real working experience in the corporate world. Over the years,
Company has achieved good growth and financial positions in the industry. Therefore, the
company has to take actions to maintain and improve these capabilities. Even the company
has a variety of products which fulfils all types of needs of the customers. It offers the plans
that gives a good return on the investment and manage the customer through the digital
channel very effectively. Therefore, taking into consideration all other aspects covered such
as claim settlement ratio, current financials and growth etc, it can be determined that the
overall performance of the company sounds good and it is trending upward. The organization
has a good potential to improve to a great extent in the future.
REFERENCES
https://shriramlife.com/
https://shriramlife.com/individual-plans/savings-plans/shriram-life-assured-income-
plan/
https://shriramlife.com/individual-plans/savings-plans/shriram-life-super-income-plan/
https://www.coverfox.com/life-insurance/life-insurance-companies/shriram-life-
insurance/
https://shriramlife.com/about-us/#our-team
https://www.irdai.gov.in/ADMINCMS/cms/NormalData_Layout.aspx?
page=PageNo4&mid=2
https://www.irdai.gov.in/ADMINCMS/cms/NormalData_Layout.aspx?
page=PageNo129&mid=3.1.9
WWW.irdai.gov.in
https://www.ijemr.net/DOC/
AStudyOnConsumerBehaviourOnLifeInsuranceProductsWithReferenceToPrivateBankEmpl
oyeesinChennai(644-651).pdf
http://data.conferenceworld.in/GNCG/P304-311.pdf
ANNEXURE
Name of the Student: Kanchan Tiwari
Course: Bcom (honours)
Section: A
Mentor Name: Asst. Prof. Shaifali Chauhan
Home Town: Guna
Scholar No.: 41250507391
Section.: A
Specialization: Finance and Marketing

Percentage 10th: 70%
Percentage 12th: 72%
Percentage/ course Graduation: 65%
Experience If Any:
Mobile No.: 7067521377
Email ID: tiwarik717@gmail.com
PROFORMA FOR CONSENT LETTER FROM

ORGANIZATION
To,
The Director
Prestige Institute of Management,
Gwalior
Subject: Approval for doing Summer Internship from our Organization
Respected Sir,
With Reference to the above subject kindly note that we have given our consent to Kanchan
Tiwari from B.Com (honors) from Prestige Institute of Management, Gwalior for doing her
summer internship from our Organization. Kindly note that Duration for the same will be 05
Jan 2021 to 20 Feb 2021 in Marketing Department.
Kindly consider.
Thanks and Regards,
Date:
Authorized Signatory along with Seal of the Organization
REGISTRATION OF TOPIC FOR SUMMER INTERNSHIP
To,
Training and Placement Department

Prestige Institute of Management
Gwalior
Sub: Registration of Topic for Summer Training Report
Respected Ma’am
With reference to the above subject Kindly note that my Topic for Summer training report is
“Consumer buying behavior towards life insurance in Shriram Life Insurance Company”
Looking at the area of my specialization above topic was approved by my Industry/ Faculty
guide . I would like to request you to kindly register my topic for the same so, that I will be
able to start working on my summer training work.
Thanks and Regards,

Date:
Sincerely Yours
Kanchan Tiwari
B.Com (Honors)
2018-21
A
Finance and Marketing
DAILY WORK SHEET FOR SUMMER TRAINING REPORT
Course and Semester: B. Com (Hons.) 3rd Year
Batch: 2018-2021
Specialization: Marketing and Finance
Name of Summer Training Organization: SHRIRAM LIFE INSURANCE

Day Date Description of Work
1 4/1/2021 Normal Introduction
2 5/1/2021 Basic of Insurance and History of Insurance
3 6/1/2021 Basic Terminology in Insurance Sector
4 7/1/2021 Basic of stock Market, BSE and NSE & Its Function,
5 8/1/2021 Types of Insurance in Detail
6 9/1/2021 What is KYC, Types of KYC, KIN No., E-Nach and CERSAI
7 10/1/2021 Sunday off
8 11/1/2021 Human Life Importance
9 12/1/2021 Animation Video Show
10 13/1/2021 Distribution Channel in Insurance Sector
11 14/1/2021 Holiday
12 15/1/2021 Holiday
13 16/1/2021 Product Details and Calculation
14 17/1/2021 Sunday off
15 18/1/2021 Product of AIP (Assured Income Plan)
16 19/1/2021 Calculation of AIP
17 20/1/2021 Role Play
18 21/1/2021 Role Play
19 22/1/2021 Role Play
20 23/1/2021 Role Play
21 24/1/2021 Sunday off

22 25/1/2021 Product Selling Phase (AIP)
23 26/1/2021 Holiday
25 28/1/2021 1st Policy Sale
28 31/1/2021 Sunday off
35 7/2/2021 Sunday off
42 14/2/2021 Sunday off

Asst. Prof. Shaifali Chauhan
Signature of Faculty Guide:
Remark:
WEEKLY WORK REPORT FORMAT
Course and Section: B.com(Hons.) 3rd Year “A”
Weekly report for (Duration of Week): 6 DAYS
WEEK FROM TO DESCRIPTION OF WORK

Normal Introduction
1 4 JAN 2021 9 JAN 2021 Basic of Insurance and History of Insurance
Basic Terminology in Insurance Sector
Basic of stock Market, BSE and NSE & Its Function,
Types of Insurance in Detail
What is KYC, Types of KYC, KIN No., E-Nach and

CERSAI
Sunday off
2 10 JAN 2021 16 JAN 2021 Human Life Importance
Animation Video Show
Distribution Channel in Insurance Sector
Holiday
Holiday
Product Details and Calculation.
Sunday off
3 17 JAN 2021 23 JAN 2021 Product of AIP (Assured Income Plan)
Calculation of AIP
Role Play
Role Play
Role Play
Role Play
Sunday off
4 24 JAN 2021 30 JAN 2021

Product Selling Phase (AIP)
2 policies sale on zero day (25/01/2021)
Sunday off
5 31 JAN 2021 6 FEB 2021 Product Selling Phase (AIP)
3 policies sale on 5th feb,2021
Sunday off
6 7 FEB 2021 13 FEB 2021 Product Selling Phase (AIP)
7 14 FEB 2021 19 FEB 2021 Product Selling Phase (AIP)
Thanks and Regards,
Yours Sincerely
Kanchan Tiwari
STUDENTS PERFORMANCE EVALUATION FORM
Name of Student: Kanchan Tiwari

Duration for Summer Training: 45 days
Department: Marketing
Course: B.Com(h)
Batch: 2018-2021
You are requested to give your valuable feedback on following parameters on a scale of 1 to
5 where 1 indicates the strongly disagree for the statement and 5 indicates for maximum
agreement for the student’s performance who has undergone training in your valuable
guidance.
Regularity and Punctuality during training

1 2 3 4 5
Openness for Learning and Acceptability of task allotted

1 2 3 4 5
Able to work in team

1 2 3 4 5
Behavior in the Organization

1 2 3 4 5
Quality in work allotted

1 2 3 4 5
Any other observation
Date:
Place:
Name and Signature of Industry Guide
UNDERTAKING FOR THE SUBMISSION OF TRAINING

CERTIFICATE
To,
The Training and Placement Officer
Prestige Institute of Management
Gwalior
Sub: Undertaking for the submission of training certificate
Respected Sir/ Ma’am
With reference to the above cited subject kindly note that I have not received my summer
Training certificate from the organization. Kindly note that I will submit my Certificate on or
before ……………………………. failing to which Training and Placement department have
full authority to cancel my summer training.
Kindly consider and Oblige.
Thanks and Regards,
Date:
Yours Sincerely
STUDENT EVALUATION FORM FOR FACULTY GUIDE
Name of the Student:
Course:
Specialization:
Section:
Batch:
Date and Day when student reported first time :
Kindly give feedback for the following points
1. Whether the student have reported before he/she proceeded for summer training .
a. YES
b. NO
2. Whether the Student get the approval for Topic of Summer Training
a. YES
b. NO
3. Kindly mark the performance of the student for following Parameters on a scale of 1
to 5
a. Regularity and Punctuality during training including reporting and submission of

Weekly wok report
1 2 3 4 5
b. Openness for Learning and Acceptability of task allotted
1 2 3 4 5
c. Able to work in team
1 2 3 4 5
d. Behavior
1 2 3 4 5
e. Quality in work allotted
1 2 3 4 5
Overall Remark on Student performance
…………………………………………………………………………………………………
…………………………………………………………………………………………………
…………………………………………………………………………………………………
………………
Date:
Place:
Name and Signature of Faculty Guide

A PROJECT REPORT of Slic

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A PROJECT REPORT

For the partial fulfillment of the award of Bachelor of commerce

Signature of the candidate

His/ her performance during the training was excellent.

S.NO. PARTICULARS PAGE

1. CHAPTER-1 (ABOUT THE ORGANIZATION)

1.1 Introduction and History of the organization

2. CHAPTER-2 (SWOT ANALYSIS)

2.1 strength and weakness of SLIC

DAILY/ WEEKLY RWPORT

Shriram Life Insurance Company Limited is a Non-govt company, incorporated on 15 Mar,

Incorporated in 2005, Shriram Life Insurance commenced operations in 2006. Synonymous

• Financial Protection: Plans which provide financial protection to your family.

• Flexibility: Flexible premium and payout options.

• Online plans: Specifically designed online plans that cost lower

• Variety: Offers a variety of online as well as offline plans

• Customer Service: Offers good, hassle-free pre-sales and post-sales services.

1.2 ORGANIZATIONAL STRUCTURE

MR. TS KRISHNA MURTHY

(MANAGING DIRECTOR AND CEO)

MR. MANOJ JAIN

SMT. AKHILA SRINIVASAN

CHIEF FINANCIAL OFFICER

MR. S.P RAGHUNATHAN

MR. JOHANNES G V HELSDINGEN

APPOINTED ACTUARY AND CHIEF RISKOFFICER

MR. AJIT BANERJEE

CHIEF INVESTMENT OFFICER

Shriram Group is an Indian conglomerate founded on 5th April 1974 by Ramamurthy

Shriram Life Insurance Company Ltd. Details

Date of Incorporation 15 Mar, 2005

Company Category Company limited by Shares

Company Sub-category Non-govt company

Company Class Public

Business Activity Insurance

Authorized Capital 25000.0 lakhs

Paid-up Capital 17937.5 lakhs

Paid-up Capital % 71.75

Registrar Office City Hyderabad

Registered State Telangana

Registration Number 45616

Listing Status Unlisted

AGM last held on 23 Jul, 2018

Balance Sheet last updated on 31 Mar, 2018

1.2.2 MISSION AND VISION:

• Financial Protection: Plans which provide financial protection to your family.

• Flexibility: Flexible premium and payout options.

• Online plans: Specifically designed online plans that cost lower

• Variety: Offers a variety of online as well as offline plans

• Customer Service: Offers good, hassle-free pre-sales and post-sales services.

Network at a Glance – Financial Services Entities

Branch Network (Nos.) Over 3,500

Customer Base (Nos in lacs.) Around 200

1.2.3 The Sanlam Group

• Sanlam Investments (SI): SI provides individual and institutional clients in South

SHRIRAM LIFE INSURANCE

Company is registered in Hyderabad (Telangana) Registrar Office. Shriram Life Insurance

1- Understanding reporting requirement and preparation reports. Escalating to 5

2.3 PRODUCTION AND OPERATION

Age at Entry Maximum: 55 years (age last birthday)

Maximum Maturity Age 70 years (age last birthday)

Policy Term 8 / 10 / 12 / 15 years

Premium Paying Term Same as Policy Term