Summer Training Project Report On "Awareness of Insurance Policies in Shri Ram Life Insurance" at Shriram Life Insurance Company Prayagraj

SUMMER TRAINING PROJECT REPORT
On
“Awareness of Insurance Policies in Shri Ram Life Insurance” At

Shriram Life Insurance Company Prayagraj
SUBMITTED IN PARTIAL FULFILMENT OF THE REQUIREMENTS FOR THE AWARD

OF THE DEGREE OF
Masters of Business Administration
(2021-2023)
Submitted By: Submitted To:
Harshit Tiwari Mr. Prakash Kundnani
MBA 3rd Semester (Assistant Professor)
Roll No- 2100110700084
UNITED INSTITUTE OF MANAGEMENT
UPSIDC INDUSTRIAL AREA, NAINI PRAYAGRAJ UP

CERTIFICATE
SUMMER TRAINING PROJECT REPORT
This is to certify that Mr. Harshit Tiwari Roll no 2100110700084.student of MBA 3rd semester of
our institute has undergone summer training for the duration of 6 weeks during August-October 2022
as per detail mentioned below
 ORGANIZATION : Shriram Life Insurance Company
 PROECT TITLE : Awareness of Insurance Policies in Shri Ram Life Insurance.
He /She has carried out the training under my and has completed the same in conformance with/partial
fulfillment of the provision of AKTU Lucknow. The work is original and has not been submitted
anywhere else in any manner.
Signature : …………………………
Name :
Date : …………………………
Department Of Business Administration
Counter sign
Signature:
(Prof K K Malviya)
Principal Date…………..
……..……
YOUR PARTNER FOR PROSPERITY
Certificate of Internship
This is to certify that Mr. Harshit Tiwari from United Institute of
Management has successfully completed the Internship with Shriram
Life Insurance Company – DSO Channel for a period of Aug 22nd – Oct 15th 2022.
During this Internship his performance was satisfactory and best to the industry. We wish him all
the best for future endeavors.
For Shriram Life Insurance Company.
Bhanu
Prathap
DGM-S & D
Shriram Life Insurance Company Limited
ACKNOWLEDGEMENT
Concentration dedication and application are necessary, but they are not the only
sufficient to achieve any goal. They need to be awarded by guidance, assistance and
kind cooperation of some people to make possible. No work can be accomplished
without taking guidance from people. It is only the critiques of the Ingenious
intellectual that helps transform a production to a quality product.
I would like to thank my principal sir of UIM, Mr. Prof. K K Malviya sir and my HOD
Dr. Vishnu Prakash Mishra.
This was really a good way of learning and I really a lot from this project.
I would also thank my mentor Mr. Prakash Kundnani for rendering their valuable time
and providing me full knowledge which was needed in order to successful completion
of this report.
PREFACE
Management students must possess certain practical knowledge apart from their
conceptual knowledge. For this purpose, it is important that they undergo practical
training to polish their knowledge regarding the current business scenario.
I have carried out my project on “A study on analysis of different Insurance policies in

Shriram Life Insurance Company India Ltd.” at Prayagraj
Today all the decision of a company relies on the market. Market is the place where
actual transaction between the consumer and company take place. Consumers decides
what a company should produce in turn company gets various benefits like good
consumer relationship, long time stay in the market, monetary benefits etc.
One should not forget the objective even while preparing for the research. He should
keep objective in mind while framing sample size or questionnaire, a slight diversion
from the objective may create blunders. So one should have objective in mind at each
and every step. During this research, we have tried to know the behaviour of the
consumers towards Services provided by Shriram Life Insurance Company India Ltd
Date:
Candidate’s signature
Harshit Tiwari
MBA 3rd Sem Sec - B
University Roll No – 2100110700084
DECLARATION
I hereby declare that the project, which is being presented in this report, entitled“Awareness of
Insurance Policies in Shri Ram Life Insurance” in Shriram Life Insurance Company
Prayagraj unit, is an Authentic record of my own work during the period of 45 DAYS from 26th
AUGUST 2022 to 8 OCTOBER 2022 as a part of MBA course of UNITED INSTITUTE OF
MANAGEMNT NAINI PRAYAGRAJ.
The information which is given by me in this report is exclusively for the concerned organization. It could
not be submitted by anywhere else.
Harshit Tiwari
MBA 2nd Year Sec. B
Roll No.
2100110700084
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 marginalized 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.
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.
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.
TABLE OF CONTENT
S.No. Title Page No.
CHAPTER 1 Objectives of the study 1
CHAPTER 2 Review of Literatures 2-5
CHAPTER 3 Profile of the Company 6-19
CHAPTER 4 Description of the Organization 20-75
CHAPTER 5 Research Methodology 76-83
CHAPTER 6 Data Analysis & Interpretation 84-90
CHAPTER 7 Findings 91-92
CHAPTER 8 Recommendations 93
CHAPTER 9 Conclusions 94
CHAPTER 10 Bibliography 95-99
CHAPTER 11 Annexure 100-103

CHAPTER -1
OBJECTIVE OF STUDY
 To study about the awareness of insurance as a platform for investment.
 To know the reach of Shri Ram Life Insurance products among people .
 To find and analyze the factors affecting the investor’s choice in selecting life
insurance in private industry.
1
CHAPTER -2
REVIEW OF LITERATURE
The review of literature has been made to find out the research gap and to identify the
relevant issues on the topic. It is important for a researcher to review the related literature in
order to have a clear knowledge about the topic and understand the research gap in order to
draw the scope for the study.
 Batth, Kulvinder Kaur,(2016), studied the impact of demographic variables on
behaviour of the insurance buyers of Moga district, Punjab and got a result that
there is no impact of age, sex, income level or education over buying behaviour.
 Mahajan Kavita, (May 2013), studied the purchase decision behaviour of the
customer from the concept of marketing and came to the conclusion that the decision
process of purchasing life insurance policies are as good as other consumer durables.
 Jothi A Lenin, (2012), identified that majority of the investors are aware of both the
profile before repurchase decision. But the same is not available when they
purchase first Life insurance products. He also received a high impact of gender
and marital status over the purchase decision of these products.
2
 Athma. P and Kumar. R (2007) in the research paper titled “an explorative study of
life insurance purchase decision making: influence of product and non-
product factors". The empirical basedstudy conducted on 200 sample size comprising
of both rural and urban market. The various product and non
product related factors have been identified and their impact on life insurance purchas
e decision-making has been analyzed. Based on the survey analysis; urban market
is moreinfluenced with product based factors like risk coverage, tax benefits, return
etc. Whereas rural population is influenced with non- product related factors such
as: credibility of agent, company’s reputation, trust, customer services. Company
goodwill and money back guarantee attracts many people for life insurance.
Girish kumar and eldhose
(2008), published in insurance chronicle icfai monthly magazineaugust 2008 in their
paper titled "customer perception on life insurance services: a comparativestudy of
public and private sectors", well explained the importance of quality services and
itssignificance in raising customer satisfaction level. A comparative study of public and
privatesectors help in understanding the customer perception, satisfaction and awareness
on various lifeinsurance services
3
Sahu et al, (2009); conducted a survey on 150 respondents to determine the attributes
affecting buying behavior of consumers, investment pattern in life insurance services
and compare thedifferences in consumer perception of male and female consumers. In
their study they found thatthere 6 factors which affect the buying behavior while
purchasing life insurance policies namelyconsumer loyalty, service quality, ease of
procedures, satisfaction level, company image andcompany client relationship. There is
no difference between the perception of male and female preferences.
Yadav and Tiwari (2012); the study area is limited to Jabalpur district, of Madhya Pradesh
andsample size of 150 policyholders is taken and the sample have been selected through a
satisfied
and purposive sampling method. The study has been conducted to find out factors
influen cingcustomer investment decision, impact of various demographic factors,
preferences of customerswhile taking the decision, and ranking of factors responsible for
the selection life insurance as aninvestment option. The study was conducted on 150
respondents in their study on factors affectingcustomer investment in life insurance
policies and found the age, gender and income level. Out of150 samples 54.6% of policy
holders
have invested in LIC followed by SBI life insurance amongst private players.
4
Singh (2014); conducted a sample survey on 255 respondents of Uttar Pradesh to analyze
lifeinsurance consumer behavior. Main purpose for which the study was conducted was
to assess thesocio-economic status of respondents and to examine the impact of status
on insurance purchasingcapacity. The study shows that maximum people invest for the
purpose of tax rebates and familysafety. He found that major insurance products be
child plan and pension plan. He even found thatmaximum people like to get insurance
product directly from insurance agents followed by banks,financial institutions, and
brokers. It was found that government servicemen of 26-45 years of age buy more
insurance products and middle income group 100000-300000 people buy more
insurance policies.
Sandeep Chaudhary (2016); has extracted six factors that influencing consumer
behaviornamely customized and timely services, better company reputation, customer
convenience, betterservice quality, tangible benefits and effective customer relationship
management. This studyrevealed that new and innovative products will enhance better
customer relationship management basing on sample study of 100 respondents.
5
CHAPTER - 3
PROFILE OF THE COMPANY
Shriram Life Insurance, made profits in the first three consecutive
years — becoming the only private life insurer to have achieved the distinction. Compared to
industry peers after 10 years of operation, Shriram Life insurance was the most profitable life
insurance company in the country. The company’s performance stands out in efficient use of
capital and low cost of operations. In line with group philosophy, Shriram Life has significantly
focussed on Inclusive growth by taking life insurance to the section where it is needed the
most
— The ‘AAM AADMI’ (Common Man). The Founders have always maintained a firm focus
in the rural market since they put their first step in 1974 towards building the group.
The standing committee of Parliament on Insurance, Headed by Honourable member of Rajya-
Sabha Dr. Maya Singh has applauded Shriram Life’s sincerity towards business through
socially weaker segment and policies sold in rural areas. Shriram Life generates more than 40%
of its business through the segment, again a confirmation of the business model. The company
6
also has
7
an outstanding Underwriting Record; Underwriting Profits have emerged every year without a
break. Shriram Life was awarded the best “Underwriting Initiative of the Year ” at ‘Stars of the
Industry awards by 94.3 My FM’ for innovation in relaxing the underwriting standards to suit
the customer base. The Company is poised to make further growth and achieve bigger
milestones in the years to come.
About Shriram Life Insurance

Shriram Life Insurance was incorporated in 2005 and it commenced business in 2006. Since the
first year of operations, the company made profits in the first three consecutive years-
becoming the only private life insurer to have achieved the distinction. Compared to industry
peers after 7 years of operation, Shriram Life insurance was the most profitable life insurance
company in the country. The company’s performance stands out in efficient use of capital and
low cost of operations.
Life insurance arm of Shriram Group has carried forward the group philosophy of financial
inclusion by penetrating the unexplored segments. Shriram Life has significantly focused on
Inclusive growth by taking life insurance to the section where it is needed the most -The ‘AAM
AADMI’ (Common Man)
Sanlam, the second largest insurer in South Africa and Shriram’s Insurance partner, is working
closely with the group to take the Insurance Businesses to the next level in the coming years.
About Shriram Group
Padma Bhushan Mr. R.Thyagarajan founded the Rs 90,000 Cr. Shriram Group, headquartered in
Chennai. Established in 1974, the Group caters to the needs of the mass segment, and has evolved
8
as a premium financial services network. Over the last ten years, Shriram Group has grown at
an enviable rate, with a CAGR of over 40%. The group has over 2600 branches, with more
than 60,000 employees. The group plans to expand its businesses into non- financial services in
the near future.
The Group, and is well known for its philosophies which have been imparted by Mr
Thyagarajan. These philosophies and values have been methodically instilled and
institutionalized into the Shriram group over the last 3 decades- Serve the Underserved thereby
creating wealth in the community. Shriram Group Website: www.shriram.com
About Sanlam
Sanlam is a leading financial services group, originally established as a life insurance company
in 1918.Their head office is in Bellville near Cape Town in South Africa and they have offices
throughout South Africa and business interests elsewhere in Africa, Europe, India, the USA
and Australia.
The relationship started in 2005 with emergence of Shriram Life Insurance Company (SLIC), a
part of diversified Shriram Group, where SANLAM has 26% stake. In last 8 years the strength
of relationship has grown impressively and now SANLAM has 26% stake in the holding
company Shriram Capital, which owns companies like Shriram Transport Finance and Shriram
City Union Finance (SCUF). Sanlam
9
The Shriram Life insurance company works with the purpose - To bring every family in the
Indian society, especially the segment most vulnerable to the financial impacts of the loss of a
breadwinner, into the safety net of Life Insurance.
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
BOARD OF DIRECTORS
CHAIRMAN : MR. T. S. KRISHNA MURTHY
Mr. T. S. Krishna Murthy, an IRS officer is the Chairman of SLIC. He was appointed as the
Election Commissioner in January 2000 after a long stint of over 36 years in civil services. He
10
is the first officer from the Indian Revenue Service (IRS) to become a Secretary to the
Government of India (1997-2000) and later the Election Commissioner (2000-2004). He was
also appointed as the Chief Election Commission of India from February 2004 to May 2005.
MANAGING DIRECTOR & CHIEF EXECUTIVE
OFFICER MR CASPARUS JACOBUS HENDRIK
KROMHOUT
Managing Director & Chief Executive Officer
An industrial engineer with ISCOR mining, Mr. Kromhout joined Sanlam in 1997. His work
largely focused on project portfolio value management. Since his appointment as COO of
Shriram Life in 2010, he has driven all the key projects in building organisational capabilities
and preparing the company for a better future. Mr. Kromhout was appointed Managing
Director, CEO and Principal Officer in December, 2015.
11
MR MANOJ KUMAR
JAIN MANAGING
DIRECTOR
As the MD of Shriram Life Insurance Ltd, Mr. Manoj Jain has led the company’s success in
recent years. He has over 27 years of experience in financial services, with over 15 years in life
insurance. He has worked with HDFC Standard Life, Tata Motor Finance and 20th Century
Finance Group. He was awarded‚ ‘CEO of the year‘ at ABP News – Banking,
Financial Services & Insurance Awards, in February 2015.
SMT. AKHILA SRINIVASAN
12
SMT. AKHILA SRINIVASAN DIRECTOR
OTHER DIRECTOR
MR. S
LAKSHMINARAYANAN MR.
R S KRISHAN
MR STEVEN PHILLIPUS
MOSTERT MR UMESH GOVIND
REVANKAR
Description of the organization

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
13
the policy.
Insurance is a tool by which fatalities of a small number are compensated out of funds
(premium payment) collected from plenteous. Insurance is a safeguard against
uncertain
events that may occur in the future. It is an arrangement where the losses experienced by a few
14
are extended over several who are exposed to similar risks. It is a protection against financial
loss arising on the happening of an unexpected event. Insurance companies collect
premium to provide security for the purpose. Loss is paid out of the premium collected
from people and the insurance companies act as trustees to the amount so collected. These
companies have proposal forms which are filled to give details of insurance required.
Depending upon the answers in the proposal from insurance companies assess the risk and
decide on the premium Insurance is a tool by which fatalities of a small number are
compensated out of funds(premium payment) collected from plenteous. Insurance is a
safeguard against uncertain events that may occur in the future. It is an arrangement where the
losses experienced by a few are extended over several who are exposed to similar risks. It is a
protection against financial loss arising on the happening of an unexpected event.
Insurance companies collect premium to provide security for the purpose. Loss is paid out
of the premium collected from people and the insurance companies act as trustees to the
amount so collected. These companies have proposal forms which are filled to give details of
insurance required. Depending upon the answers in the proposal form insurance companies
assess the risk and decide on the premium Insurance companies are risk bearers. They
underwrite the risk in return for an insurance premium. the function of insurance is to
provide protection, prevent losses, capital formation etc. hence insurance can be defined as a
tool in which a sum of money as a premium is paid by the insured inconsideration of
the insurer’s bearing the risk of paying a large sum .it may also be defined as a
contract wherein one party (insurer) agrees to pay the other party (insured) or his beneficiary,
a certain sum upon a

15
given contingency against which insurance is required. Insurance industry commands massive
16
funds through sales of insurance products to large number of clients. Insurers also create
liabilities and commit themselves to compensate for losses occurring to the policyholders on
future date. It also plays an important role in process of capital formation.
Insurance companies are risk bearers. They underwrite the risk in return for an
insurance premium. the function of insurance is to provide protection, prevent losses,
capital formation etc. hence insurance can be defined as a tool in which a sum of money as a
premium is paid by the insured inconsideration of the insurer’s bearing the risk
of paying a large sum .it may also be defined as a contract wherein one party (insurer)
agrees to pay the other party (insured) or his beneficiary, a certain sum upon a given
contingency against which insurance isrequired.Insurance industry commands massive
funds through sales of insurance products to large number of clients. Insurers also create
liabilities and commit themselves to compensate for losses occurring to the policyholders on
future date. It also plays an important role in process of capital formation.
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
17
welfare practices also got more and more refined. With the discovery of new lands, sea routes
18
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. 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 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
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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.
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.
20
21
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
22
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
23
CHAPTER - 4
OVERVIEW OF THE COMPANY

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 Life Insurance Company Limited is majorly in Insurance business from last 17 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 .
Company is registered in Hyderabad (Telangana) Registrar Office. Shriram Life Insurance
Company Limited registered address is RAMKY SELENIUM, PLOT NO 31 & 32,

24
FINANCIAL DISTRICT, GACHIBOWLI, HYDERABAD Hyderabad TG 500032 IN. Shriram
Life Insurance Company, also known as (SLIC) was founded in the year 2005 and
commenced operations in the year 2006. SLIC is well known for their efficient use of capital
and low operational costs.
Total number of insured lives is more than 26 lakh.
Shriram Life Insurance Company is a joint venture between Shriram Group founded in 1974,
headquartered in Chennai and Sanlam, a leading financial services group based in Cape Town,
South Africa. Together, Sanlam and Shriram’s group aims to provide the best life insurance
products to cater different segments of Indian market. In 2016, Shriram Life Insurance
Company received the Bizz Americas 2016 Awards. The company’s objective aims in
‘reaching out to the common man with products and services that would be helpful to him/her
as they set out on the path to prosperity.’
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.’
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 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.
Benefits of Shriram Life Insurance
 Financial Protection: Plans which provide financial protection to your family.
 Flexibility: Flexible premium and payout 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 payouts under the section 80C
and 10(10D) of Income Tax Act, 1961.
 Documentation needed to apply for a Shriram Life Insurance 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
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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.
Life Insurance Plans by Shriram Life Insurance Company
Shriram Life Family Protection Plan: This plan caters to the needs of people who want to
protect their families in case of an untimely death. It offers flexibility in paying premiums –
Monthly (only by ECS) or Annually. The insured has the option to select to whom the ‘Death
Sum Assured’ has to be paid in case of an untimely death.
Death Benefit Payout option – The policyholder can opt for either a lump sum option or
installment option. In case of a lump sum payout, the death sum assured is paid at once and
the policy terminates. If, on the other hand a policyholder opts for an installment option, then
the 50% of the sum assured is paid as a lump sum amount and the rest is paid in 5 equal
annual installments. There are no survival benefits. The minimum eligibility age is 18 years
while maximum is 60 years with a sum assured ranging between INR. 15,00,000 to 5 crores.
Shriram Life Cash Back Term Plan: The Shriram Life Cash Back Term Plan featuresa
lump sum payout in case of an unfortunate death of the insured in order to protect the
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financial
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security of his/her family members. It offers flexibility in paying premiums – yearly, half
yearly, quarterly and monthly with an option to choose policy term as per 10/15/20/25 years.
Death Benefit Payout option – The sum assured on death is paid only if all the premiums
have been met. The death benefit will be higher of basic sum assured or at least 105% of all the
premiums paid. The minimum eligibility age is 12 years while the maximum is 50 years with a
sum assured ranging between INR. 2,00,000 to INR. 20,00,000.
Add on benefits include Rider options:
Accident Benefit Rider: In the event of death of the life assured due to an accident or
accidental permanent disability, the rider sum assured is paid. In the case of a permanent
disability, the future premiums are waived.
Family Income Benefit: Under this rider, 1% of sum assured will be paid every month for a
guaranteed period of 10 years or till the end of the rider term whichever is higher, if the life
assured dies due to an accident or becomes totally and permanently disabled due to an accident.
Critical Illness Cover: This rider covers 6 major critical illnesses – Cancer, Heart Attack,
Stroke, Kidney Failure, Coronary Artery Bypass Surgery and Major Organ Transplant. On the
first diagnosis of any of the six critical illness, the rider benefit will be paid as a lump sum
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benefit.
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Shriram Life Secure Plus Plan: This plan is similar in function to the ones mentioned above
where you have flexibility in paying premiums – yearly, half yearly, quarterly and monthly
with an option to choose policy term as per 10/15/20 years. Rider options comprise of
Accidental Benefit, Family Income Benefit and Critical Illness Cover.
Death Benefit Payout option: The death benefit will be higher of basic sum assured or maturity
sum assured or at least 105% of all the premiums paid. The minimum eligibility age is 18 years
while the maximum is 50 years with a sum assured ranging between INR. 5,00,000 to
INR. 20,00,000.
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Shriram Group
Type Conglomerate
Industry Financial services, insurance, real estate
Founded 5 April 1974; 48 years ago in Chennai, Tamil Nadu, India
Headquarters Chennai, Tamil Nadu,
India
Area served India
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Key people R. Thyagarajan
(Chairman)[1]
Revenue ₹1.06 lakh crore (US$14 billion) (2020)
Number of 55,000[2] (2020)
employee
s
Unit Linked Insurance Plans (ULIPs) by Shriram Life Insurance
Company
A unit linked insurance plan is a plan, which is a combination of investment and insurance.
The performance of these plans are the linked to the market, as a part of the premiums is
invested in market securities – equity, debts, hybrid, based on the investor’s choice that helps
to build funds and the remainder of the premiums is kept to provide life cover.
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Shriram Life Growth Plus V2: This plan offers multiple choices in respect of premium
payment, fund classes and flexibility of investment. The policy can also be taken on your
significant other’s name – spouse, child and grandchild.
Key features of this Plan include:
 Guaranteed Loyalty Additions
 Additional life cover with Riders
 Nil fund switching & redirection charges
 Profit generating fund options
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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 are as follows:

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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.
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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.
NATURE OF INSURANCE
Risk sharing and risk transfer: Insurance is used to share the financial losses that might occur
to an individual or his family on the happening of specified events. The loss arising from such
events are shared by all the insured in the form of premium.Example: suppose in a village,
there are 250 houses, each valued at Rs.200000.Every year one house gets burnt, resulting into
a total loss of Rs 200000.If all the250 owners come together and contribute Rs.800 each,the
common fund would be Rs200000.This is enoughto pay to the owner whose house gets burnt.
Thus therisk of one owner is spread over 250 house owners ofthe village.b) Risk assessment in
advance: Insurance companiesare risk bearers. They assess the risk before insuring tocharge the
amount of premium2. NATURE OF INSURANCEa) Risk sharing and risk transfer: Insurance
is usedto share the financial losses that might occur to anindividual or his family on the
happening of specifiedevents. The loss arising from such events are shared by all the insured in
the form of premium.Example: suppose in a village, there are 250 houses,each valued at
Rs.200000.Every year one house getsburnt, resulting into a total loss of Rs 200000.If all the250
owners come together and contribute Rs.800 each,the common fund would be Rs200000.This
is enough to pay to the owner whose house gets burnt. Thus therisk of one owner is spread over
250 house owners

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ofthe village.b) Risk assessment in advance: Insurance companiesare risk bearers. They assess
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the risk before insuring tocharge the amount of premiumc) Its not gambling or charity: The
uncertainty ischanged to certainty by insuring property and lifebecause the insurer
promises to pay a definite sum atdamage or death. Insurance is antithesis of gambling.Failure
of insurance amounts to gambling because theuncertainty of loss is always looming.
Moreoverinsurance is not possible without premium. So it isdifferent from charity because
charity is given withoutconsideration.d) Huge number of insured people: It is essential toinsure
larger number of people or property to makecost of insurance less consequently premium
wouldalso be less.e) Assists in capital formation: Insurance providescapital to society.
Accumulative funds are invested inproductive channels.
Shriram Group
Shriram Group, established in 1974, is among the leading corporate houses in India and is a major
player in the Indian financial services sector. Shriram Group focuses on financial services that
reach out to a large number of common people providing them opportunities to improve their
prosperity. With its philosophy of "Customers Are Really Everything" (C.A.R.E.), Shriram
Group has taken the financial services to the doorsteps of the common man.
This focus on the common man has proven to be a profitable business strategy and has resulted
in millions of win-win relationships for the Group. Shriram Capital Limited (SCL) is the
overarching holding arm of the financial services entities of the Group.
Financial Services constitute the core business of the Group. Shriram Group’s presence in
financial services is diverse ranging from Commercial Vehicle Finance, Retail Finance,
Enterprise Finance to small business, Housing Finance, Equipment Finance, Life
Insurance,
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General Insurance, Retail Stock Broking, Distribution of Financial Products and Wealth Advisory
Services. Financial Services Companies in the Group manage assets of around INR 1,750
billion. Shriram Transport Finance Co. Ltd. (a listed entity), the flagship company of the Group
is one of the largest Asset Financing NBFC in the country and a leading player in the pre-
owned commercial vehicle financing
segment. Shriram Group has a presence all over India in retail finance through Shriram City
Union Finance Ltd. (a listed entity) which is also a leading NBFC. Shriram City has a dominant
presence in small enterprise finance segment and is a market leader in two wheeler financing.
Shriram Group entered the insurance business to serve people in bottom of the pyramid and
provide better value and wider range of services to its customers. Sanlam, a leading financial
services group and one of the largest insurers in South Africa has partnered Shriram Group in
both its Life and Non- Life Insurance ventures.
The effective leveraging of the network and brand equity of Shriram Group and strategic guidance
by Sanlam Group have facilitated a steady growth of the insurance companies.
The Group’s consistent strong growth pattern and track record have attracted a large number of
private equity funds and strong partners. The Group also enjoys the patronage of a large
number of banks and financial institutions. The Sanlam Group and the Piramal Group hold an
effective beneficial interest of 26% and 20% in SCL, respectively. Shriram Network is one of
its kind in India having a pan-India presence.
Network at a Glance – Financial Services Entities
Branch Network (Nos.) Over 3,950
Manpower Strength (Nos.) Over

40
74,500
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Customer Base (Nos in lacs.) Around 218
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
Incase of survival of the life assured, the fund value will be payable where fund value is
total of base premium fund value and top up premium fund value, if any.
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Incase of death of the life assured, under option 1 – the sum assured plus top-up sum assured
(if any), plus fund value where fund value is total of base premium fund value and top up
premium fund value, will be paid to the nominee and the policy terminates. Under option 2
– Higher of Sum Assured and Top-up Sum Assured or Base premium fund value Plus Top-
up premium fund value will be paid.
The minimum eligibility age Is 30 days while the maximum is 55 years with a sum assured
ranging between INR. 1,00,000 to INR. 10,00,000 over a policy term of 10-20 years.
Shriram Life Insurance Savings Plans
Shriram Life Insurance provides a huge range of savings and endowment plans. These
plans provide death, maturity and survival benefits along with optional riders. The
policyholder also has an option to accumulate cash bonuses, which can be collected later
at the time of maturity. These plans present multiple options of receiving benefits
whether as lump sum or in installments, as per the choice of the policyholder.
Shriram Life Early Cash Plan
Key Features:
 Life cover with assured cash bonus at minimum 3.5% of the sum assured.
 Option to gather cash bonuses, if declared at compounding rates.
 Two bonus options: Early Cash and Super Growth.

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 Guaranteed benefits from the first year of policy inception.
 Receive death, maturity and survival benefit.
Shriram Life Assured Income Plan
Key Features:
 Receive death and maturity benefit but no survival benefit.
 The policyholder has the option to change the mode to receive the maturity benefit.
 Lump sum payouts and assured income payouts after the policy term.
 Enhance the protection through riders such as accident rider, critical illness rider, family
income rider and extra insurance cover rider.
Shriram Life Super Income Plan
Key Features:
 Designed for fulfilling the long-term financial needs of an individual and their family.
 Option to choose life coverage up to 75 years or receive guaranteed monthly income till
75 years and receive the lump sum payout at maturity.
 Wide range of premium payment terms and the flexibility to change the term.
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Shriram Life New Shri Vidya
Key Features:
 This plan is designed to fulfill the child’s education needs.
 Receive the sum assured and regular monthly income on the death of the policyholder.
 Discounts on higher sum assured amount.
 Option to enhance coverage for a child’s educational requirement.
 Reversionary Bonuses to enhance the coverage amount.
 Receive death, maturity and survival benefit.
 Minimum sum assured is INR 1 lakh.
 Enhance the protection through riders such as accident rider, critical illness rider and
extra insurance cover rider.
Shriram Life POS Assured Savings Plan
Key Features:
 The sum assured range is INR 40,000- INR 10 lakh.
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 Plan options: Life cover without any medicals and life cover with in-built accidental
death benefit.
 Receive death and maturity benefits.
 The maturity benefit is higher for a larger sum assured amount.
 The policy term is 10 and 15 years.
Shriram Life Golden Premier Saver Plan
Key Features:
 The sum assured range is INR 2 lakh to an unspecified limit.
 Life cover for chosen policy term.
 Receive assured maturity benefit along with bonus.
 Option to extend the life cover till 80 years.
 Flexibility to choose the way to receive the maturity benefit either lump sum or income
plus lump sum.
 Receive death, maturity and extended cover benefit.
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Shriram Life Genius Assured Benefit Plan
Key Features
 The sum assured range is INR 2 lakh to an unspecified limit.
 The policy term is 10 to 18 years.
 Receive death and maturity benefits as lump sum or installment option.
 Guaranteed maturity benefits to fulfill the need of a child’s higher education.
 Flexibility in receiving education support benefit on maturity
 Enhance the protection through two riders such as accident rider and critical illness
riders.
Shriram Life Assured Income Plus
Key Features:
 The sum assured range is INR 1.5 lakh to an unspecified limit.
 Receive life coverage for 10 years.
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 Pay the premium amount only for five years.
 Receive assured regular income for five years post maturity.
Shriram Life Assured Advantage Plus
Key Features
 The sum assured range is INR 1.25 lakh to an unspecified limit.
 The policyholder has the option to invest only for a minimum fixed period and receive
annual benefits even after maturity.
 The plan comes with two options:
1. Life cover is 10 times the price of a single premium.
2. Life cover is 1.25 times of single premium.
 The plan offers three payout options for maturity benefit:
1. Receive lump sum on maturity date.
2. Receive annual income for 10 years from maturity date.
3. Receive monthly income for 10 years from maturity date.
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Shriram Life New Akshay Nidhi
Key Features:
 The sum assured range is INR 1 lakh to no limit.
 Offers periodical survival benefits apart from the maturity and death benefits.
 Receive reversionary and terminal bonuses which enhances the life coverage amount.
Shriram Life New Shri Life
Key Features:
 The sum assured range is INR 50,000 to no limit.
 The reversionary bonuses get added to the life cover year after year and also the maturity
benefit.
 Receive reversionary and terminal bonuses which enhances the life coverage amount.
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 Receive assured maturity and death benefit.
Shriram Life Insurance Investment Plans
Shriram Life Insurance Investment plans are designed in a best way to provide the dual
benefits of insurance and investment under the single plan. The policyholder has an
option to invest in multiple funds as per their choice and also top-up the coverage
amounts as per their requirement. These plans also provide you the life cover along with
accidental death and critical illness riders. These investment plans provide an unlimited
number of switches at zero cost.
Shriram Life Growth Plus
Key Features
 Allows unlimited switching and premium redirection at zero cost.
 Option to invest in multiple funds and choose from various investment strategies.
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 The minimum annualized sum assured is INR 62,500.
 Riders available such as accidental death and disability riders and critical illness riders.
 Choices in opting for premium payment, fund classes and flexibility of investment.
Shriram Life Fortune Builder
Key Features:
 Single premium policy with minimum amount of INR 25,000.
 The policy term is 10, 15 and 20 years.
 Unlimited free switches of investment funds.
 Riders available such as accidental death and disability and critical illness riders.
Shriram Life Wealth Plus
Key Features:
 Allows unlimited switching and premium redirection at zero cost.

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 The policy term is 10, 15 and 20 years.
 Minimum annualized premium is INR 12,000.
Shriram Life Insurance Retirement Plans
Shriram Retirement Insurance policies provides annuity or regular income for the lifetime
along with life coverage. So, if something happens to the policyholder, then the nominee
would be entitled to receive the death benefit payout as per the policy. However, there are
no maturity benefits in these plans. The policyholder also has the option to cover their
spouse under the same policy.
Shriram Life Saral Pension
Key Features:
 Single premium policy.
 Receive lifetime annuity with 100% return of purchase price.
 Under the joint life last survivor annuity, there is return of 100% of purchase price on
death of the last survivor.
 No maturity benefits.
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 Minimum annualized annuity is INR 12,000 per annum.
Shriram Life Pension Plus
Key Features
 Invest in four types of funds.
 No limit on topping up the premium amount.
 Allows unlimited free switches.
 Choice of policy term is 10, 15 and 35 years.
 Receive vesting and death benefit.
 Minimum annualized premium is INR 25,000.
 There are no riders available with this plan.
Shriram Life Immediate Annuity Plus
Key Features
 Flexibility to choose from nine annuity payout options such as regular income for life-
time, plans including inbuilt riders or one has the option to choose regular income plans
along with annual compounding and simple interest up to 3%.
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 There is no maturity benefit under the plan.
 Option to choose from single or joint life cover.
Shriram Life Fortune Builder Insurance Plan : A Single premium ULIP designed for
individuals who do not have a regular cash flow to sustain premium payments each year on the
due date or for those who have a lump sum amount available to complete their insurance
requirement in one time. It has a single one-time payment with options of 6 funds to invest in.
Death Benefit Option – The death benefit will be higher of the value of units or the basic sum
assured plus additional sum assured (if any) due to top-up premiums.
The minimum sum assured shall be:
125% of the single premium if the insured is below the age of 45 years.
110% of the single premium if the insured is above the age of 45 years.
The Survival or Maturity Benefit will be paid to the life assured at the end of the policy term, it
will be a sum of fund value and top-up premium fund value (if any). In case of death of the life
46
assured of a discontinued plan, the fund value subject to a minimum guaranteed interest will be
paid to the nominee.
The minimum eligibility age is 0 years while the maximum is 65 years with a policy term of 10
/ 15 / 20 Years (Fixed).
Shriram Life Ujjwal Life Plan: This is a regular premium unit linked plan designed to help you
meet your financial goals such as your child’s education, child’s marriage or a peaceful
retirement. It offers flexibility in paying premiums as annualised regular payment over the
policy term.
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Death Benefit Option: The death benefit will be Sum Assured plus fund value plus top up sum
assured along with top up fund value if any or at least 105% of all the premiums paid including
the top-up premiums paid.
The sum assured shall be higher of:
Ten times annual premiums if the insured is below the age of 45 years. And 7 times of annual
premiums if the age is above 45 years of age.
Basic sum assured.
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The Survival or Maturity Benefit will be paid to the life assured at the end of the policy term. It
will be a sum of fund value and top-up premium fund value (if any). In case of death of the life
assured of a discontinued plan, the fund value subject to a minimum guaranteed interest will be
paid to the nominee.
The minimum eligibility age is 7 years while the maximum is 65 years with a policy term of 10
Years (Fixed).
Online Term Plans by Shriram Life Insurance Company
Shriram Life Online Term Plan: A term life insurance plan has 3 options for comprehensive
coverwhich comes with flexible premiums based on choice of the benefit options and
affordable premiums as low as INR. 7,343 p.a. for a cover of INR. 1 Crore. You can avail a
discount in the premium rate if you opt for a higher sum assured.
The minimum eligibility age Is 18 years while the maximum is 55 years with a sum assured
ranging between INR. 25 lacs to INR. 10 crore over a policy term of 10-57 years. This
planprovides a life cover up to 75 years
Rider options include Accident Death Benefit and Critical Illness Cover.
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Shriram Life Assured Income Plus: A non-linked, non-participating traditional endowment plan
which caters to customers who wish to invest only for a minimum fixed duration. It offers flexible
premium payment – limited pay, with payment options of yearly, half yearly, quarterly and
monthly.
Death Benefit Option – Incase the life assured dies:
During premium payment term: The nominee or legal heir will receive the sum assured as a
lump sum amount.
After the premium payment term: The nominee or legal heir will receive the sum assured as a
lump sum amount.
If the policyholder dies after policy term and after the commencement of the installments: Only
the installments will be paid to the nominee with no lump sum option.
The death benefit will be higher of sum assured or maturity sum assured or 105% of all the
premiums paid till the time of death of the life assured. Incase the life assured is alive, the maturity
benefit as sum assured in five equal annual installments will be paid at the end of every year
after maturity.
The minimum entry age is 8 years, and maximum age is 60 years with the sum assured ranging
between INR. 1.5 lakhs to INR. 5 crore.

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Plans for Women by Shriram Life Insurance Company
These are life insurance plans especially designed for women. Such insurance plans are made
after considering their financial requirements.
Shriram New Shri Vivah Plan: As the name suggests, this plan is designed to provide
financial aid to meet wedding expenses. The Shriram Life New Shri Vivah plan entitles the
insured an adequate double life insurance cover plus regular income apart from the maturity
benefits. It offers flexible premium payment – limited payor regular pay, with payment options
of yearly, half yearly, quarterly and monthly.
Death Benefit Option – The death benefit paid to the nominee will be the basic sum assured
and the accrued reversionary bonus and terminal bonus (if any). It will be at least Sum assured
on death plus Accrued Reversionary Bonuses plus Terminal Bonus, if any, immediately on
death. An additional death benefit can be taken as lump sum or as basic sum assured payable at
the end of the policy term and family income benefit as 1.5% of the basic sum assured at the
end of every month following the date of death till the end of the policy term but not less than
36 monthly payments. In case of death of the life assured of a discontinued plan, the fund value
subject to a minimum guaranteed interest will be paid to the nominee. Additional rider options
include Accidental Benefit, Extra Insurance and Critical Illness Cover.
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Child Plans by Shriram Life Insurance Company
A child plan helps to build funds for your child’s education, college education, and marriage.
Shriram Life Genius Assured Benefit Plan: Shriram Life Genius Assured Benefit Plan is an
endowment cum savings plan that offers guaranteed benefits for your child’s future. After
paying premium for a minimum number of two years, if you are unable to pay the premium
within the grace period, you will be eligible for an auto cover of one year.This benefit is
available only once during premium paying term.
Death Benefit Option – The death benefit payout can be either as a lump sum payout or an
installment.
The death benefit as lump sum benefit will be highest of:
 10 times the annualised premium for all ages
 Sum assured payable to be paid in case of the death of the life assured
 Guaranteed maturity sum assured
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 105% of the all the premiums paid till the time of death.
The death benefit as an installment option:
 Sum assured benefit will be paid immediately.
 Family support benefit shall be paid on monthly basis.
 Education support benefit shall be paid as per the option chosen by the policyholder.
The maturity benefit will be paid as a lump sum plus education support benefit in installment
as flat or increasing payout. In case of death of the life assured of a discontinued plan, the fund
value subject to a minimum guaranteed interest will be paid to the nominee. Additional rider
options include Accidental Benefit and Critical Illness Cover.
The minimum entry age Is 18 years, and maximum age is 45 years with the minimum sum
assured of INR. 2,00,000 with no such limit on the maximum sum assured.
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Pension Plans by Shriram Life Insurance Company
A pension plan ensures that you continue to receive a regular income post your retirement
years.
Shriram Life Pension Plus V2: The Shriram Life Pension Plus helps you meet your
retirement goals by building a large corpus during retirement. Therefore, enabling a
policyholder to have a steady regular income for life through an immediate annuity policy.
The policy term can be 10 or 15 to 35 years with a flexible premium payment option of
regular, limited or single pay.
Death Benefit Option – The death benefit paid will be higher of the total fund value or
assured death benefit. The vesting benefit will paid to the life assured if the life assured
survives the policy term, it will be paid as the higher of the total fund value or Assured vesting
benefit.
The minimum entry age is 20 years, and maximum age is 65 years.
Benefit of Shriram Life Insurance company
 Granting Security To People
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Insurance primarily serves the purpose of granting security against losses and damages to
people. It is an agreement enters into by two parties in which one promises to protect other
from losses in return for premium paid by other party. One party is insurance company and
other one is insured. Insurance companies guarantee the insured of compensation in case
of any unfavourable contingency. Insured need to pay premium to insurance companies in
return for guarantee of compensation.
 Minimisation Of Losses
Insurance aims at minimisation of losses arising from future risks and uncertainties. It adds
certainty of payments to people for happening of uncertain events. Insurance assures the
individuals for compensation of losses. It minimises the risk through proper planning and
administration. Insurance companies suggest people for taking safety measures like
installation of fire detection devices, alarm and cameras system etc. They also join hands
with various organisations like fire brigade, health and various organisations which work
for reducing losses and damages. This way insurance works toward minimising the
happening of various losses.
 Diversifying The Risk
Insurance works towards diversifying the risk among large number of people. It aims at
reducing the adverse effects of any future contingency by spreading the overall risk
associated with it. It is medium through which people share their risk with others. Insurance
companies compensate the insured for losses out of premium they charged from their
55
different policy holders. The loss incurred by single individual is diversified among large
peoples by insurance companies by utilising the collected premium amount for paying
compensations. Reduces The Anxiety And Fear Insurance policies relieves the individuals
of any tension and fear regarding the future risks and uncertainties. It guarantees them of
compensation in occurrence of any unfavourable contingencies. Assurance of compensation
is the most relieving factor for tensed and worried people. They are certain of payment on
occurrence of various uncertain events. It makes them confident and they focus on their
activities with full attention.
 Mobilises The Saving
Mobilisation of savings is another important objective of insurance. It attracts people for
investments by presenting them with numerous insurance policies guarantying of
compensation for losses. Large number of people takes this insurance policy in order to
insure them against losses and damages. Insurance companies are able to generate large
amount of funds in the form of premium that they charged from their policy holders
regularly. These funds are then invested by these companies into securities and stock in
market and earn incomes. Ideal lying resources with public are employed by insurance
companies towards income generating sources.
 Generation Of Capital
56
Insurance companies leads to capital generation by collecting large amount of funds from
public. They regularly charges premium from their large customers for providing them
protection against losses. These funds are invested for industrial development by
subscribing to shares of companies. Companies are able to get their required capital through
insurance industry as this invests in companies for earning dividends and other incomes.
This boosts the industry performance and economic growth of country. Also, bigger
investments lead to creation of various employment opportunites.
57
58
Reach of the company
Shriram Life Insurance has a wide network of offices across the country, more than 550 offices
to serve its customers better. Shriram Life Insurance policyholders can visit the nearest branch
office to have their queries and grievances addressed.
Life Insurance Companies in India Claim Settlement
Ratio 1 Aditya Birla Sun Life Insurance
Company 97. 15 %
2 AEGON Life Insurance Company 96. 45 %
3 Aviva Life Insurance Company 96.
06% 4 Bajaj Allianz Life Insurance
Company 95. 01%
5 Bharti AXA Life Insurance Company 97 . 28%
6 Canara HSBC OBC Life Insurance Company 94. 04 %
7 Edelweiss Tokio Life Insurance Company 95. 82 % 8
Exide Life Insurance Company 97. 03 %
S. No. Life Insurance Companies in India Claim Settlement
Ratio
1 Aditya Birla Sun Life Insurance Company 97.15%
2 AEGON Life Insurance Company 96.45%
3 Aviva Life Insurance Company 96.06%
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4 Bajaj Allianz Life Insurance Company 95.01%
5 Bharti AXA Life Insurance Company 97.28%
6 Canara HSBC OBC Life Insurance Company 94.04%
7 Edelweiss Tokio Life Insurance Company 95.82%
8 Exide Life Insurance Company 97.03%
9 Future Generali Life Insurance Company 95.16%
10 HDFC Life Insurance Company 99.04%
11 ICICI Prudential Life Insurance Company 98.58%
12 IDBI Federal Life Insurance Company 95.79%
13 IndiaFirst Life Insurance Company 92.82%
14 Kotak Life Insurance Company 97.40%
15 Life Insurance Corporation of India Company 97.79%
16 Max Life Insurance Company 98.74%
17 PNB MetLife Insurance Company 96.21%
18 Pramerica Life Insurance Company 96.80%
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Corporate Office
Shriram Life Insurance Company
Limited, Ramky Selenium,
61
Plot No.31 and 32,
Beside Andhra Bank Training
Center, Financial District,
Gachibowli,
Hyderabad-500032
Email ID:
customercare@shriramlife.in Toll free
number: 1800-3000-6116
Endowment Policy
62

Premiums as low as Rs.17/day for sum assured of Rs.1 crore*

Claim up to Rs. 1,50,000 deduction under section 80C**

Choose between annual and monthly premium payment options
Endowment Plans not only offer you protection but also helps you to save your money and
help it grow over a period of time. You get a lump-sum amount called the maturity benefit
after the policy term comes to an end.
An endowment policy is a form of life insurance coverage that combines the benefit of life
insurance and savings under a single policy. The death benefit offered under an endowment
plan helps policyholders protect their families from unforeseen circumstances. Unlike a term
insurance cover, endowment policies provide maturity benefits if the insured person outlives
the policy term. With regular investments, policyholders can build a corpus large enough to
take care of specific milestones like retirement, children’s education, buying a house, etc.,
while also having the added advantage of life coverage.
Being a savings-oriented life insurance plan, most of the endowment policies in the market
provide guaranteed returns for policyholders along with additional bonuses. The savings
portion of the money invested in an endowment policy is invested in bonds and other
securities to generate returns. Endowment policies are ideal for investors who prefer risk-
free, long-term investments. Most of the top insurers in the market have endowment plans
in their product lineup. The benefits and returns may vary from one policy to another. If
you are looking for an endowment policy to invest, you need to do quick research about the
products available in the market and pick the best one suitable for you.
63
The sum assured offered by a term insurance policy is paid only if the insured person dies
within the policy term. However, this is not the case with an endowment policy. A plan
that gives you both maturity benefits and death benefits is better in case you outlive the
policy. An endowment policy not only helps your family in case of your demise, but also
helps you take care of large expenses that come later in life, such as education of children
or grandchildren, children’s wedding, medical procedures, retirement needs, buying a
house, etc.
Money Back Policy



Choose between annual and monthly premium payment options
64
What is a Money Back Policy?
A life insurance policy offers life cover to the person who purchases it i.e. a person pays certain
amounts of money consistently towards a policy so that his/her family member, known as the
beneficiary, is given the sum of money promised when the policyholder expires.
A money back plan is a type of life insurance plan that allows the policyholder to receive
payouts at regular intervals during the policy term as part of the survival benefit. Insurance
companies offer a survival benefit as a reward for survival. While this benefit is availed at the
end of the policy term in most life insurance policy types, the money back policy has the
unique feature of providing regular payouts during the policy tenure, to the policyholder.
A money back policy iinstallmentsent plan that gives you some part of the maturity benefit in
regular instalments before the scheme period ends. The policyholder will receive regular
payouts as long as he or she is alive, instead of a single lump sum at the end of the policy
period or at death. However, once the death benefit payout is done or the maturity is reached,
no further payments will be made through the policy. It is an investment-cum-insurance
scheme which also has the advantage of liquidity after a few years. Money back policy is
known as an Anticipated Endowment Plan in insurance parlance.
65
Whole Life Insurance Plans



Choose between annual and monthly premium payment option.
What Is A Whole Life Policy?
Whole Life Insurance Plans are insurance plans which provide cover to you for the rest of
your life provided you pay the premium on time. You receive maturity benefit in case you
survive the policy term. The nominee appointed by you receives the death benefit in case of
your death.
A whole life policy is a type of life insurance that provides guaranteed death benefits during
the entire life of the policyholder. The coverage is extended for as long as the insured lives, as
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long as the premiums are paid up and the policy is not surrendered. These plans are designed
to cater
67
to those who do not want a fixed tenure, but rather have insurance cover till whenever they
meet their demise. The policy will also build up a cash value which makes the premiums
higher than some other plans.
Know About Pure Term Insurance Plans Offering High Coverage

Reduce taxable income by up to Rs. 1,50,000 deduction under section 80C**

Convenient payment options - annual, half-yearly, quarterly or monthly
premium payments

Do more with plans that offer pure protection, retirement planning and
investment options
67
Term insurance is a type of life insurance policy that offers a high sum assured amount at low
premium rates. It is one of the most affordable plans available in the market and are a viable
investment option for individuals look for an effective life cover. The cost of term plans is
mainly based on the applicant’s age, gender, sum assured, and other similar factors.
What is Term Insurance?
Term insurance plans can usually be purchased for a policy tenure ranging anywhere between
5 years and 40 years. The catch to this kind of insurance is that usually it provides pure life
insurance coverage without offering any maturity benefits at the end of the policy term
Term insurance plans are much cheaper compared to whole life insurance plans because these
plans carry no cash value with a sole aim to provide pure financial protection benefits. This
means that if the life insured dies during the policy term, the beneficiary will receive the death
benefit, provided all premiums are paid and the policy is in force. If the person survives until
the end of the policy term, no benefits are payable to anyone.
In most cases, term insurance plans offer a level premium rate, wherein the policyholder is
charged the same premium for the duration of the policy tenure. However, in such cases the
premium payable will increase during renewal of the policy based on the concerned
individual’s age at the time. While the coverage provided by a term plan is more or less fixed,
most life insurance providers offer a number of riders that policy buyers can choose to
purchase along with a term policy.
Below are some of the Insurers available in India
68
Online premium calculation
100%Grievances Solved95.67%Claim Settlement Ratio*
No upper limitMaximum Cover (Sum Assured)80 yearsMaximum Maturity Age*
Edelweiss Tokio Life Insurance
Online tracking of applications
Future Generali Life Insurance
Presence in over 75 locations in India
HDFC Life Insurance
Exclusive plans for women and children
99.85%Grievances Solved97.80%Claim Settlement
Ratio*
ICICI Prudential Life Insurance
Claims can be registered online

69
99.97%Grievances Solved97.88%Claim Settlement Ratio*
Max Life Insurance
Hassle-free claims settlement
100 croresMaximum Cover (Sum Assured)85 yearsMaximum Maturity Age*
Types of Term Insurance Plans in India
The following types of term insurance policies are available in India:
 Renewable: These plans can be renewed at the end of the policy term. The insured may
have to provide a proof of good health before renewal.
 Convertible: It allows customers to exchange their policy for a cash-value plan.
However, switching to a traditional plan may increase the premiums.
 Level :The premiums and sum assured are stable throughout the policy term under this plan.
70
 Decreasing: The premiums in such plans remain stable whereas the sum assured decreases
at a steady rate over a specific period of time.
 Increasing: In such plans, the sum assured increases at a steady rate but the premium
amount remains constant.
 Return of Premium: These plans provide a return of the premium if the insured survives
the policy period.
How Does Term Insurance Work?
If you apply for a term insurance plan, you will be required to pay a premium. If the life
insured
dies during the coverage period, then the person nominated will receive the death benefits.
There are a variety of term plans in the market ranging from 1-year coverage up to 40 years.
Term plans are usually renewable once the policy term ends.
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Eligibility Criteria for Term Insurance Plans
All insurance companies lay down certain requirements that individuals need to meet in order
to be approved for a term plan. Some of the general requirements are listed below, however,
this
may vary between different insurers:

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Minimum entry age 18 years
Maximum entry age 60 years to 70 years
Maximum age at maturity 80 years
Minimum sum assured Rs.10 lakh
Maximum sum assured Rs.100 crore
Term Insurance Plan Benefits
Term plans have a number of benefits. The main benefit is that the pre miums are cheap
while the financial protection offered is much larger than regular
plans.
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 Financial Protection – Term insurance plans are a great way to ensure that one’s
dependents are financially protected, in the event of an unfortunate eventuality. With a term
plan, if the life assured dies while the policy is in full-force, the nominee will receive the
benefit in order to live comfortably in the absence of the life insured’s income.
 Affordable Premiums - Term plans offer higher coverage at lower prices when compared
to traditional plans.
 Flexible Payouts - Term plans usually have the option to get a lump sum or get
monthly income, or even get both.
 Grace period - Insurers usually grant a period of 30 days from the due date to pay the
premium. Taking into consideration that people may have their own financial expenses
that are of high priority than the life insurance, insurers grant this grace period.
 Flexible Policy Tenure - Term plan policy tenures range between 5 years and 40 years.
Customers can choose their desired policy term according to their requirements.
 Availability of Online and Offline Purchase Channels - Several insurance firms offer
term insurance plans that can be purchased through both online and offline channels. Thus,
you can either choose to purchase a policy through the insurer’s official website, through
third- party websites, or you can directly walk into the insurer’s branch and meet with an
insurance advisor who will help you purchase the right policy.
 Option to Purchase Riders/Add-Ons – Insurance providers also offer riders that a
policy buyer can purchase with their base term insurance plan. The exact riders offered
will vary from plan to plan and from insurer to insurer, but purchasing a rider is a smart
way to
enhance your plan’s coverage.

74
 Choice of Plans– All leading life insurance firms in the country offer term plans to
policy buyers. Thus, based on your requirements you can opt for a suitable term
insurance policy.
 Tax Benefits - Premiums paid towards these plans are eligible for tax deductions under
Section 80C of the Income Tax Act, 1961. The benefits received from these plans are
also eligible for tax benefits.
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CHAPTER - 5
RESEARCH AND 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.
76
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.
77
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.
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.
SOURCES OF DATA COLLECTION
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PRIMARY DATA
Primary data were collected through observation and personal interview
SECONDARY DATA
Secondary data were collected through literature review which includes publications, annual
reports, journal, , website (official and others) etc.
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
79
SAMPLING SIZE
The sampling size of the study is 50.
METHODS OF SAMPLING -:
 PROBABILITY SAMPLING :
80
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:
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.
LIMITATIONS OF THE STUDY
1. The research done is in a limited area only.
2. The study represents Prayagraj market situation only. Whereas the company operates not
only throughout India but also abroad.
81
3. Sample size is limited to 50
4. Some agents may have rendered wrong information about the product either because of lack
of knowledge or due to some personal grudges with company in the past i.e. biased nature of
the respondents might have crept in while conducting the research.
82
Chapter 6
Data Analysis & Interpretation
 This chart shows age comparison of participated in the survey;
Age Group
Below 20 Years Between 20-30 Years
Between 30-40 YearsAbove 40 Years
6%
9% 11%
74%
 In chart qualification of customer are mentioned ;
Qualification
Under graduateGraduate Post graduate Other
6%
8%
29%
57%
83
 This chart shows the awareness about insurance company;
Are you aware about Insurance

Company
yesNoMaybe
14%
14%
72%
 In this chart occupation of customers are given;
Occupation
StudentPrivate EmployeeGovernment EmployeeBuisnessRetired
3%
17%
3%
51%
26%
84
 It shows the coparision of earnings of the customers;
Annual Income
Below INR 300000INR 300000-INR 500000
INR500000-INR700000Above INR 700000
6% 11%
17%
66%
 Perception toward insurance;
Are you familiar with insurance

services
YesNoMaybe
11%
22%
67%
85
 Average term policy that is more liked by the customers ;
Average term Of Policies

Upto 5 year10-15 YearAbove 20 YearNone
20%
37%
26%
17%
 In this chart show who already purchase the insurance policy and having benefits
or not;
Receiving of Benefits
yesnoMaybe
14%
43%
43%
86
 This shows the reason of buying insurance ;
Purpose behind buying insurance

Tax Saving Family Safety
Wealth Creation Less Risk Minimization
Don't know
6%
14%
14%
9%
57%
 Opinion towards not buying of insurance policy;
Main reason to not buy insurance

Inconvenience Too Expensive
Unnecessary Thing I don't belive in Insurance
Did not think about it Others
3% 6%
23%
23%
11% 34%
87
 This chart shows the need generation of customers;
What influenced you to buy insurance

Insurance Agents Family, Family & Collegues
Media/Advertisments Internet
Healthcare
3%
14%
3%
37%
43%
 This shows chart shows which is more preferable policy among;
Which Insurance you bought

Car InsuranceHealth Insurance
Life InsuranceHome Insurance Phone/Laptop InsuranceTravel Insurance

3%
11%
17%
11%
6%
52%
88
 This chart shows the ratings for Shriram life insurance policy ;
Responces of Ratings
Series1
37.10% 37.10%
17.10%
8.60%
0%
1 2 3 4 5
 This chart shows whethere the customer recommend other for insurance policy
or not;
Respondents will recommend to friends or not

YesNoMaybe
32%
57%
11%
89
CHAPTER 7
Findings
 The purchase decision for Insurance Policy is dependent upon different
psychographic variables of the customer like awareness, perception and preference/
benefits.
 These psychographic variables further dependent upon different demographic
variables, like Awareness relates to Annual Income and sometimes qualification.
Sometimes they are reluctant to be aware also.
 Similarly, Perception is dependent upon marital status and their relationship can
be explained through the model equation.
 Further Preference/benefits is dependent upon occupation and their relation can
be established in terms of mindsets with respect to the occupation.
90
 Now a day, people are more concern about life and their life wealth. They concern
about their family protection and fulfillment of their needs.
 Before choosing any kind of life insurance policy 34% people will concern about
the safety of their investment principal.
 Advertising will help to change the mindset of people by showing various kinds of
adds on the television or poster holders.
 Majorly respondents said maybe they would choose Shriram Life Insurance for
buying new policy.
91
CHAPTER 8
Recommendations
 SLIC uses only online channel to sale his policies to customers they should use
offline channel as well.
 Good image in transportation but customer are not aware of insurance of Shriram.
 From time to time companies need to introduce new scheme in insurances plans
to increase investment.
 The company advertisement should be more in local TV channel and newspaper.
 The company should open more branches in zonal area.
 Attractive gift package should be given by company to customer on the basis of

lottery system in every year.
92
CHAPTER 9
Conclusion
 This study gives us a unique relation that the purchase decision of consumer towards
purchase of any life insurance product is governed by different psychographic factors.
The ultimate guiding factor is his/ her perception about the product based on which
the customer took the decision to purchase the product or not. But to develop
perception about Life Insurance, the role of other psychographic factors like
awareness and preference/benefits are important.
 After this basic awareness, the consumer makes a comparison of the benefits given by
different products sets his/her preference about the products. Now both these awareness
and preference further develop the perception about purchase or not to purchase a
Insurance Policy. This study, therefore, identified the important psychographic as well
demographic variables which lead to the decision of purchase of a Insurance Policy
from the bucket of several investment opportunities.
93
CHAPTER 10
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Quality and Product Quality and Their Influences on Bank Reputation: Evidence From the Banking
Industry in China”, Managing Service Quality, Vol. 13, No. 1, pp. 72-83.52. Westbrook R A and Oliver
R L (20016), “The Dimensionality of Consumption Emotion Patterns and Consumer Satisfaction”,
Journal of Consumer Research,Vol. 18, No. 1, pp. 84-91.
97
Websites :
 www.Shriramlifeinsurance.com
 www.irda.org
 www.slideshare.net
 www.academia.edu
 https://www.investopedia.com/terms/i/insurance.asp
98
CHAPTER 11
Annexure
1. Name -
2. Mobile no. -
3. Occupation
• Private job
• Government job
• Entrepreneur
• Student
• Other
4. Gender
• Female
• Male
• Others
99
5. Age group
• Up to 30 years
• 31-40 years
• 41-50 years
• 51-60 years
• 60 years and above
6. Marital status
• Married
• Unmarried
• Other
7. Annual income8. Do you have life insurance policy?
• Yes
• No
• Maybe
9. From which insurance company you are insured?
• LIC
100
• ICICI Prudential
• Shriram Life Insurance
• Bajaj Allianz
• Other
10. How many insurance policies you have?
• One
• Two
• Three
• More than three
11. For what you have insured yourself?
• For savings
• For tax benefit
• For covering risk to life
• For security to family
• All of the above
101
12. How would you like to pay premium?
• Monthly
• Quarterly
• Half yearly
• Year
102
103

Summer Training Project Report On "Awareness of Insurance Policies in Shri Ram Life Insurance" at Shriram Life Insurance Company Prayagraj

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Summer Training Project Report On "Awareness of Insurance Policies in Shri Ram Life Insurance" at Shriram Life Insurance Company Prayagraj

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SUMMER TRAINING PROJECT REPORT

“Awareness of Insurance Policies in Shri Ram Life Insurance” At

SUBMITTED IN PARTIAL FULFILMENT OF THE REQUIREMENTS FOR THE AWARD

Masters of Business Administration

Submitted By: Submitted To:

Harshit Tiwari Mr. Prakash Kundnani

MBA 3rd Semester (Assistant Professor)

Roll No- 2100110700084

UNITED INSTITUTE OF MANAGEMENT

UPSIDC INDUSTRIAL AREA, NAINI PRAYAGRAJ UP

SUMMER TRAINING PROJECT REPORT

as per detail mentioned below

 ORGANIZATION : Shriram Life Insurance Company

 PROECT TITLE : Awareness of Insurance Policies in Shri Ram Life Insurance.

anywhere else in any manner.

Department Of Business Administration

This is to certify that Mr. Harshit Tiwari from United Institute of

Management has successfully completed the Internship with Shriram

For Shriram Life Insurance Company.

kind cooperation of some people to make possible. No work can be accomplished

intellectual that helps transform a production to a quality product.

Dr. Vishnu Prakash Mishra.

I have carried out my project on “A study on analysis of different Insurance policies in

AUGUST 2022 to 8 OCTOBER 2022 as a part of MBA course of UNITED INSTITUTE OF

MANAGEMNT NAINI PRAYAGRAJ.

not be submitted by anywhere else.

Group functions. Its humble environment with no monumental expenditure on luxury is

approach. R.Thyagarajan, the founder of Shriram Group, Padma Bhushan awardee, is

risks, uncertainty etc.

CHAPTER 1 Objectives of the study 1

CHAPTER 2 Review of Literatures 2-5

CHAPTER 3 Profile of the Company 6-19

CHAPTER 4 Description of the Organization 20-75

CHAPTER 5 Research Methodology 76-83

CHAPTER 6 Data Analysis & Interpretation 84-90

CHAPTER 7 Findings 91-92

CHAPTER 10 Bibliography 95-99

CHAPTER 11 Annexure 100-103

 To study about the awareness of insurance as a platform for investment.

draw the scope for the study.

 Batth, Kulvinder Kaur,(2016), studied the impact of demographic variables on

and marital status over the purchase decision of these products.

life insurance purchase decision making: influence of product and non-

as: credibility of agent, company’s reputation, trust, customer services. Company

Girish kumar and eldhose

(2008), published in insurance chronicle icfai monthly magazineaugust 2008 in their

paper titled "customer perception on life insurance services: a comparativestudy of

itssignificance in raising customer satisfaction level. A comparative study of public and

privatesectors help in understanding the customer perception, satisfaction and awareness

on various lifeinsurance services

affecting buying behavior of consumers, investment pattern in life insurance services

and compare thedifferences in consumer perception of male and female consumers. In

purchasing life insurance policies namelyconsumer loyalty, service quality, ease of

procedures, satisfaction level, company image andcompany client relationship. There is

no difference between the perception of male and female preferences.

influen cingcustomer investment decision, impact of various demographic factors,

respondents in their study on factors affectingcustomer investment in life insurance

to assess thesocio-economic status of respondents and to examine the impact of status

product directly from insurance agents followed by banks,financial institutions, and

behaviornamely customized and timely services, better company reputation, customer

convenience, betterservice quality, tangible benefits and effective customer relationship

customer relationship management basing on sample study of 100 respondents.

PROFILE OF THE COMPANY