SUMMER TRAINING REPORT

CODE: BBA 313

GURU GOBIND SINGH INDRAPRASTHA UNIVERSITY, DWARKA

In partial fulfilment of the requirement for the degree of
Bachelors Of Business Administration
Batch (2020 – 2023)

Submitted to Submitted by
M ARYAN SEHRAWAT
ASSISTANT PROFESSOR 01535101720
SECTION – D
TH
5 SEMESTER

MANAGEMENT EDUCATION AND RESEARCH INSTITUTE,

JANAKPURI, NEW DELHI
 COMPLETION CERTIFICATE

Date: 29 Aug, 2022

This is to certify that Mr. Aryan Sehrawat has successfully completed his Summer Internship
with project title "Marketing And Hr Stratgies" under the guidance of Mr. Chinmay Tiwari.
The duration of the project was from 15 Jun, 2022 to 15 Aug, 2022
The internship on evaluation fulfils all the stated criteria and student's findings are his original
work.
I hereby certify his work satisfactory to the best of my knowledge with an aggregate grade: A.

Location for internship: New Delhi/Work from Home

We wish him all the best for future endeavours.

Warm Regards

(Authorized Signatory)

Head HR
Insplore Consultants Pvt. Ltd.
 CERTIFICATE

TO WHOM SO EVER IT MAYCONCERN

This is to certify that the project work “sales and marketing strategies
of insplore consultant pvt ltd” made by ARYAN SEHRAWAT, BBA
,5TH SEM, SECTION D, 01535101720 is an authentic work carried out
by her under the guidance and supervision of D.
The project report submitted has been found satisfactory for the partial
fulfilment of the degree of Bachelors of Business Administration.

PROJECT SUPERVISOR

SIGNATURE:
 ACKNOWLEDGEMENT

It is in particular that I am acknowledging my sincere gratitude towards

my mentors who graciously gave me their time and expertise.
They have provided me with the valuable guidance, sustained efforts and
friendly approach. It would have been difficult to achieve the results in
such a short span of time without their help.
I deem it my duty to record my gratitude towards the Project supervisor
M, who devoted her precious time to interact, guide and gave me the
right approach to accomplish the task and also helped me to enhance my
knowledge and understanding of the project.

SIGNATURE:

NAME OF STUDENT: ARYAN SEHRAWAT

ENROLMENT NO: 01535101720
COURSE: BBA
5TH SEMESTER
SECTION- D
 DECLARATION

Hereby declare that the following documented Project report titled “sales
and marketing strategies of Insplore consultant pvt ltd” is an original
and authentic work done by me for the partial fulfilment of Bachelors of
Business Administration Degree program.
I hereby certify that all the Endeavour put in the fulfilment of the task
are genuine and original to the best of my knowledge & I have not
submitted it earlier elsewhere.

SIGNATURE:

ARYAN SEHRAWAT
BBA,
5TH SEMESTER, II SHIFT
01535101720
 TABLE OF CONTENTS

S.NO. PARTICULARS PAGE NO.

 EXECUTIVE SUMMARY
This is an attempt to know how the theories can be applied to practical situations. As a
student of MERI COLLEGE, it is a part of the study for everyone to undergo a summer
project at some good institute or organization. So, for this purpose, I got the opportunity of
summer training at Insplore Consultant Pvt Ltd.

INSPLORE is the choice of Multinationals and leading Indian Businesses because it is the
preferred talent acquisition partner for them. Their Experts are helping the talent seeker and
the Job Seeker to find each other.

We Inspire, You Explore

Insplore Consultant has three ventures and is a wealth management and consultancy firm
which delivers a one-stop solution/ service to achieve financial independence. Our principle
is to deliver high returns to our clients through our network of government sector banks in
India. Talking about its other ventures Insplore is dedicated to empowering people with
relevant jobs and development opportunities. We serve small, medium & large organizations
across all industry sectors.
We have a Team of Professionals working every day to provide HR solutions to the
companies. Our Sole objective is to bridge the gap between the Talented Candidate and the
Talent Seeker.
The objective of my internship was to explore the field of marketing, learning the work in
different sectors, choose my field wisely as well as undergo project work in the field of
marketing.

The background of my internship is market research which included data mining of different
companies of different sectors as well as sales in the insurance sector which included a life
cover security scheme, a medical insurance policy as well as term loans.

The Methodology used is both secondary, that is, the backend work which included the data
mining of the information of different companies in different sectors as well as contacting the
HR of the respective companies and taking a regular follow up i.e., B2B as well as primary
which included the sales of the insurance policy in which we were supposed to perform a
direct sale, i.e., B2C.

The learning experience I gain from the internship is immense. Till now, I can understand the
importance of customer relationships for any company. I have completed the project
satisfactorily to my belief as well as collected a survey on the same.

The Limitations of the project was firstly the fieldwork as it was a tedious task to deal with
different types of customers as well as to understand their mentality towards the insurance
policy.

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 INTRODUCTION
UNDERSTANDING ABOUT THE COMPANY
Insplore Consultant Pvt Ltd: My experience with Insplore Consultant Pvt Ltd has
been an eye-opening one in terms of teaching me the various complexities the
insurance company undergoes in creating a perfect financial product, pitching it to
potential consumers, and yet unable to match the consumer's abstract needs.

Insplore Consultant Pvt Ltd is a third-party agent company that provides the insurance
“INDIA FIRST LIFE CO.” to potential consumers. The whole work methodology of the
organization rotates on the shifts and all year hiring of the interns. The main work of the firm
is “Wealth Management” i.e., “Helping the individual reach the state of financial
independence”. To do this they assist insurances to the clients.

They believe in timely adaptation with the dynamic environment to deal with any challenges
ahead with utmost enthusiasm because they understand the importance of taking the right
action at the right time to cope with the dynamic environment. Their tag line is;

We Inspire, You Explore

In brief, Insplore Consultant Pvt Ltd provides exemplary insurance service extension to the
consumers. Insplore Consultant deals in life insurance.

In the initial period of our internship, we were taught various aspects to be aware of while a
consumer invests, these are:

Lock-in Period
Value for money
Goodwill
Protection of Loved one
Privacy statement
USPs
Market Stability
Rights of Policy Holder
Types of Death covered
NRI Applicability

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Identity, Mission, and Vision Statement of the Insplore consultant: -

Identity: - According to the official website, Insplore is dedicated to empowering with

relevant Jobs & Growth Opportunities.

We are a successful Conglomerate with the experts of Financial Advisors on our panel. We
have a Team of Professionals working every day to provide HR as well as Financial Solutions
to the Companies/ Clients.

Mission Statement: - According to the official website of INSPLORE CONSULTANT, the

mission statement states, “We thrive to provide best Wealth Management advice through the
honest financial solution as well as inspire the candidates to explore job opportunities across
the various industrial sector.”

Vision Statement: - The official website of the firm states the vision statements like the
following- “Our vision is to become the most trusted financial advisors as well as a most
valuable recruitment service provider.”

The services provided by Insplore Consultant Private. Ltd. are: -

• Portfolio

• Financial Analysis

• Recruitment

• Internship Programme

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 ABOUT THE PROJECT
1. SIP PROPOSED: -

In my project, I was asked to perform a 30 Days fieldwork Virtually in which I was asked to
sell the product MAHAJEEVAN which is a life cover insurance of INDIA FIRST LIFE
INSURANCE COMPANY which is a joint venture of two banks:

 BANK OF BARODA

 ANDHRA BANK

My topic of the project is “SALES AND MARKETING STRATEGIES OF INSPLORE

CONSULTANT PVT LTD” which tells us that as soon as a company enters a new market,
it strives for market penetration.

Marketing is a widely used term to describe the means of communication between the
company and the consumer audience. Marketing is the adaptation of the commercial activities
and use of institutions by the organizations with a purpose to induce behavioural change on a
short-term or permanent basis. The American Marketing Association most recently defined
Marketing as "the activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers, clients, partners, and
society at large."

The techniques used in marketing include choosing target markets through market analysis
and market segmentation, as well as understanding methods of influence on consumer
behaviour. The marketing planning creates strategies for the company to place advertising to
the dedicated consumers.

The main objective is to enter the market as swiftly as possible and finally, capture a sizeable
market share. Market penetration is also, sometimes used as a measure to know whether a
product is doing well in the market or not.

Marketing is the study and management of exchange relationships that is used to create, keep
and satisfy the customer. It is defined as "the activity, set of institutions, and processes for
creating, communicating, delivering, and exchanging offerings that have value for customers,
clients, partners, and society at large.”

Philip Kotler defines marketing as: - Marketing is about Satisfying needs and wants
through an exchange process.

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 2. DESCRIPTION OF INTERNSHIP IN BRIEF: -

Insplore Consultants Pvt Ltd is the choice of Multinationals and leading Indian Businesses
because it is the preferred talent acquisition partner for them. Their Experts are helping the
talent seeker and the Job Seeker to find each other: We Inspire, You Explore. Insplore
Consultants Private Limited is a Private incorporated on 01 January 2018 and Directors of the
company are Mr. Inder Sharma and Mr. Himalaya Sethi. At further, as an expert in financial
advisory, they realise the need of every customer who is looking for financial independence
and help them to reach that level of financial freedom. Insplore as a Company extend a
helping hand to customers by assisting them in making crucial financial decisions and
managing their wealth effectively to ensure that their customers stay stress free and get rid of
their financial worries. During my internship I intend to learn about the Sales and Marketing
Strategies of the Product, the Company is using to enhance sales and Marketing. I would be
going for Primary and Secondary data collection about the sales and marketing strategies of
Product and would arrange a short review on how customer is responding on the product
promotions and strategies.

3. OBJECTIVE OF THE SIP: -

 to focus and discuss the Sales and Marketing Strategies of Insplore Consultants Pvt
Ltd.
 to give an overview of Insplore Consultants Pvt Ltd.
 to focus on the various services, work environment and facilities provided by Insplore
Consultants Pvt Ltd.
 to focus on the importance, benefits, reasons of Sales and Marketing Strategies of
Insplore Consultants Pvt Ltd.
 Distribution of the insurance policies.
 Understanding the various uses of Insurance as a Product.
 Proper understanding and analysis of insurance industry.
 Knowledge about the financial Industry.
 Generating and analysing leads for the sales.
 Doing the basic market analysis for all the three verticals.
 to understand the consumers perception in all the verticals.
 to bring about changes in the product as per the current market situation for effective
and
 Efficient stabilization of the company in order to achieve the above objectives.
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 4. METHODOLOGY:

 the internship has been conducted in a systematic procedure starting from selection of
the topic to final report preparation so that a well-organized internship report can be
prepared.

 the topic of the report is the Sales and Marketing Strategies of Insplore Consultants
Pvt Ltd.
 the topic was thoroughly discussed with both of my supervisors from my university as
well as from Insplore Consultant Pvt Ltd.

 Both Primary Data and Secondary Data has been collected through different sources.

 Primary Data will derive from the practical deskwork which I had been doing in my
three months long internship program.

 Different documents which will be provided by my supervisor and other senior

employees and information provided by my supervisor.
 Data will be collected with the help of customers point of view and company’s
strategies.
➢ PRIMARY DATA: -

To collect primary data best way is to interact with people directly it can be through direct
questionnaires. This method is used for the collection of primary data.
➢ SECONDARY DATA: -

Secondary data is collected from company websites and various websites of IRDA and
company websites also give insightful information about the product and also about the
company which is equally important for making these surveys.
➢ SAMPLING PLAN: -

The sampling plan for this project is divided into 3 steps: -

a. Sample size: A sample size of 120 respondents was chosen. Though small sample size
but it consists of varied respondents to overcome any error at the time of generalization
of the result.

b. Sample unit: Insplore Consultant was allotted as a sample unit. Survey was conducted
in July-August 2022
c. Communication method: The questionnaire method was used to view the responses
of respondents. (Refer to Annexure)

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 5. SCHEDULE: -

SIP covers 9 weeks of training period from 15th June, 2021 to 15th August, 2022.

 Stage 1 - SIP proposal, 15th June, 2022

 Stage 2 - SIP Interim Evaluation, 17th June - 4th July, 2022

 Stage 3 – SIP Specific Evaluation, 5th - 31st July, 2022

 Stage 4 – SIP Final Evaluation, 1st - 15th August, 2022

6. SERVICES PROVIDED: -

 Growth prospects

 Transparency

 Flexibility

 Ownership transferability

 Door service

7. BENEFITS: -

I have given them 1 client and it was very difficult to pitch them by doing work on the sales
profile. I understood how much it is difficult to pitch any of the clients;

I have completed the 15000 contests so these are the benefits I have got it matters a lot in
internship only we are getting so many benefits.

 Amount Required-15000

 Certificate

 KPIs

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 INSPLORE CONSULTANT PRODUCTS
INSPLORE CONSULTANT Pvt Ltd deals with the consumer on the sale of India First Life
Insurance company’s products. The various financial products that company sells are;

→ “India First Life Company” Mahajeevan Plan

→ “Term life insurance”

→ “Mediclaim product of Star Health company”

We were briefed with the history of India's first Life Company which is JOINT VENTURE
between “Bank of Baroda” & “Andhra Bank”.

The major competitors for our company are LIC, HDFC Life Insurance, Aviva Life
Insurance, Bajaj Life Insurance, LIC, etc.

1) MAHAJEEVAN PLAN: - This is a traditional plan i.e., non-linked insurance plan

which offers both deaths as well as maturity benefits to the insurer. It offers life
protection plus saving and equally provides revisionary bonuses to enhance the policy
holder’s wealth. In an occurrence of the untimely demise of the life insured, death
benefits are offered. In case the period is over, the maturity benefits are offered.

The policyholders receive “Terminal bonuses” as well as “Revisionary bonuses”.

VARIOUS KEY POINTS OF THIS POLICY ARE AS FOLLOWS

Rider benefit: A rider option is also provided to insured life.

The maturity benefit is equal to the guaranteed sum assured plus the bonuses.

The death benefit is the assured sum i.e., equal to sixteen times the first premium paid plus
accrued revisionary bonus and terminal bonus. But usually, this “sixteen-time” index is also
dependent on age. The younger the life insured is higher is the probability to receive the sum
closer to sixteen times.

Under the sections of Income Tax of the Indian Constitution, the specific tax benefits are
offered via Income Tax Act 80C and full tax saving on the maturity amount on 10(10(D)).

The Entry age is 5 years of the life assured and the policy term is 15 years.

The lock-in period of the plan is 3year. However; the co has provided a loan feature for
utilization of cash invested in case of any work. Post two years, the proposer can take 90% of
the sum money as a loan, which would be free of interest, and next year it has to be paid via
renewal.

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 EMI feature is available to the proposer to put in the premium from the second year
without any hassle of interest payments.

Any person with an Indian passport can buy this product.

This is a traditional plan fee of market risks.

Types of death covered include suicide as well but only after the lock-in period is
completed and scrutiny report is submitted over by concerned officials.

The market return is 8% (4% + 2% + 2%).

There is a provision to expand it to 25 years.

There is an ownership transfer scheme provided.

Flexibility is provided pan India for nominee change.

In the case of Divorce cases, this plan comes under the “Marriage Human Act”, whereby
the liability to pay for the spouse is no more.
THE PITCHING OF THE PRODUCT WAS TAUGHT ON THE CATEGORIZATION OF

▪ CHILD CATEGORY

▪ YOUNGSTER PLAN

▪ RETIREMENT PLAN

The CHILD pitching consists of the age benefit whereby the proposer can continuously keep
investing even after the maturity occurs via taking out some funds and reinvestment.

For the YOUNGSTERS, the pitching could involve “Good return”, “Tax benefit”, “and Life
Security”, “Ownership transfer”, “Loan feature”.

For the ELDERLY, the plan could be rolled out to someone around 40-45 years. There is the
provision of investment for 15year and at the end, the maturity amount could be either
blocked for 8 years which would give double money at end of the interest on the whole
amount if kept with the company can be provided as monthly premiums.

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 2) TERM PLAN: -

This is the second plan we have been introduced to. Just like any motor insurance,
it only comes into existence if any accident occurs else it expires. It covers the
clause that if the person smokes, the premium is slightly higher than a non-
smoker. So, for the elderly people and one with medical histories and serious
backgrounds such as diabetes, genetic problems etc.

There is no maturity benefit, it only has a death benefit. The term plan can’t be
extended. The benefit is less as compared to the Traditional plan of Mahajeevan.

3) MEDICLAIM PLAN: -

This is the third plan, which is actually of “Star Health” Company. The plan
covers the disease and medical emergencies, surgeries cover up for the person and
family insured under certain acceptable terms and conditions. This is a
comprehensive plan. There is no capping. There is the provision of Floater system
and one can effectively change premium each year leading to change in the
coverage spans.

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 PRODUCTS - FEATURES & BENEFITS
MAHAJEEVAN: -

India First MahaJeevan Plan is a profit, non-linked, endowment insurance plan. Under this
plan, you can choose how much you would like to insure yourself based on your
requirements. We suggest you make sure this amount is what your family needs to avoid cash
flow problems in case of the untimely demise of the Life Assured. This is a regular premium
plan with the option of choosing from 15 to 25-year plan term.

This plan may include the ‘Life Assured’, the ‘Policyholder’, the ‘Nominee’, and the
'Appointee’.

Key Features India First Mahajeevan Plan;

 Plan your future needs by deciding exactly when you need the assured amount –
anytime between 15 – 25 years

 Ensure your prosperity with the assurance of a guaranteed maturity amount (sum
assured) along with the bonus, if any

 We prosper only if you prosper. We will share terminal bonus, if any, at the end of the
plan term

 Accumulate your savings systematically, through regular premium contributions based

on your income and needs

 The plan offers a death benefit equal to the sum assured in case of the life assured’s
untimely demise. Enhance your life cover through India First Term Rider offered
under the plan

 Under Section 80C you can enjoy tax benefits on the premium you invest. You can
also get tax benefits on the benefits you receive at the maturity of your plan, under
Section 10(10D) of the Income Tax Act, 19.

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BENEFITS OF INDIA FIRST MAHAJEEVAN PLAN: -

Death Benefit: A lump sum amount will be paid to the nominee/ legal heir/ appointee in the
untimely demise of the Life Assured. The lump-sum amount payable will be as mentioned
below:

Less than 45 years 45 years or more

Death Benefit provided the Higher of (10 times Higher of (7 times

plan is in force Annualized Premium or
Guaranteed Sum Assured
on maturity), Accrued
Bonus till death (if any) as
well as Term Rider Sum
Assured, if opted
Annualized Premium or
Guaranteed Sum Assured
on maturity), Accrued
Bonus till death (if any) as
well as Term Rider Sum
Assured, if opted

The death benefit payable will not be less than 105% of the total premiums paid, at any point
in time.

Tax Benefit: - You can enjoy tax benefits on the premium you invest under Section 80(C). As
per Section 10(10D) of the Income Tax Act, 1961, you can also get tax benefits on the
benefits you receive at the maturity of your plan.

Terminal Bonus: - The Company will announce this bonus at the end of the financial year.
At the end of the plan term, this bonus amount will be credited to the plan.

This is all about my company product and I have been working on this product only and
pitching clients to invest in these and these are marketing strategies they have been following
so that clients invest in this product.

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COMPETITORS OF INDIA FIRST LIFE INSURANCE COMPANY

 LIC India Life Insurance

 New India Assurance
 National Insurance
 Bajaj Allianz Life Insurance
 United India Insurance
 Oriental Insurance
 ICICI Prudential Life Insurance
 HDFC Life Insurance
 Max life insurance
 SBI Life Insurance
 Birla Sun Life Insurance
 Apollo Munich Insurance
 IFFCO Tokyo Insurance
 Bharti AXA Life Insurance
 HDFC Ergo Insurance
 Tata AIA Life Insurance
 Max Bupa Insurance
 PNB MetLife Insurance
 Kotak Mahindra Insurance
 Future Generali Insurance
 Reliance Life Insurance
 United India Insurance
 Star Health Insurance
 Cigna TTK Insurance
 Aviva India Insurance
 India first Insurance
 Exide Life Insurance

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 AN EXAMPLE OF VARIOUS FINANCIAL PRODUCT COMPARISONS: -

Year Premium FD LIC OUR PORTFOLIO LIFE COVER

1 10000 10600 10400 10800 100000
2 10000 21836 21216 22464 100000
3 10000 33746.16 32464.64 35061.12 100000
4 10000 46370.9296 44163.2256 48666.0096 100000
5 10000 59753.18538 56329.75462 63359.29037 100000
6 10000 73938.3765 68982.94481 79228.0336 100000
7 10000 88974.67909 82142.2626 96366.27629 100000
8 10000 104913.1598 95827.95311 114875.5784 100000
9 10000 121807.9494 110061.0712 134865.6247 100000
10 10000 139716.4264 124863.5141 156454.8746 100000
11 10000 158699.412 140258.0546 179771.2646 100000
12 10000 178821.3767 156268.3768 204952.9658 100000
13 10000 200150.6593 172919.1119 232149.203 100000
14 10000 222759.6988 190235.8764 261521.1393 100000
15 10000 246725.2808 208245.3114 293242.8304 100000

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COMMON PROPOSAL FORM OF INDIA FIRST LIFE INSURANCE

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