CONTENTS

CERTIFICATE DECLARATION ACKNOWLEDGEMENT PRFACE

INTRODUCTION OF INSURANCE COMPANY INTRODUCTION COMPANY PLANS RESEARCH METHODOLOGY OBJECTIVE DATA ANALYSIS LIMITATION CONCLUSION BIBLIOGRAPHY QUESTIONNAIR

CERTIFICATE
DATE: __________

The

project

report

entitled

on

study

of

Promotional Policies of Birla Sun Life

by SWATI

TRIPATHI, under the guidance and supervision of MS. RITU KHATRI (Lecturer OF BBA Deptt. Of SVNIT.,

Sagar) for the partial fulfillment of the degree of Bachelor of Business Administration is satisfactory in respect of :-

Signature of Examiner Supervisor

Signature

of

Signature of H.O.D.

DECLARATION BY CANDIDATE

DATE: __________

I declare that the Project report on A study of

Promotional Policies of Birla Sun Life is my own

work, conduct under the supervision of MS. RITU KHATRI

(Lecturer

OF

BBA

Deptt.

Of

SVNIT,

Sagar)

Affiliated to Dr. Hari Singh Gour University, Sagar. To the best of my knowledge the report does not contain any work which has been submitted for the award of any degree, anywhere.

Signature of the Candidate SWATI TRIPATHI BBA 4TH Sem

ACKNOWLEDGEMENT
I would like to pay my sincere thanks to Dr. Pramesh Gautam Head of the Dept., SVNIT. Sagar for providing me the opportunity of doing the project report. I would to express my deep sense of gratitude to MS. RITU

KHATRI (Lecturer OF BBA Deptt. Of SVNIT, Sagar)

for her valuable guidance, advises, Cooperation & Constant encouragement during the project preparation. She is very supporting and without her help I would not have completed my project report successfully.

It would be unfair on my part if I do not thank my colleagues for their continuous help without which this work could never have been accomplished. They made me realize the importance of teamwork and also the leadership skills. I am grateful to all of them standing with me and supporting me in this project.

Date: Place:

Swati Tripathi
BBA 4th Sem.

PREFACE
The project report has an objective to get the BBA student familiar with real life business situation and gives an opportunity to the student of understand the theoretical concepts of marketing and finance in practical way. In todays world Consumer is the King consumer test and preference go alone way in the actual sales of the product. Every research work has to deal with various people in concern organization and each of them have their own opinion and thinking about various topics. The main aim of the survey report was to determine the A study of Promotional Policies of Birla Sun Life. I tried my best to express the report through satisfactional representation, graphs, pie diagrams etc. and it helped me to

enhance my knowledge I am extremely happy to place before our esteemed teachers.

BIRLA SUN LIFE INSURANCE

INTRODUCTION
Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between the Aditya Birla Group and Sun Life Financial Inc., a leading international financial services organization. The local knowledge of the Aditya Birla Group combined with the expertise of Sun Life Financial Inc., offers a formidable value proposition to customers. Sun Life Financial and its partners today have operations in key markets worldwide, including India, Canada, the United States, the United Kingdom, Hong Kong, Philippines, Japan, Indonesia, China and Bermuda. Sun Life Financial Inc. had assets under management of over US$ 386.82 billion, as on 31 March 2007. Sun Life Financial Inc. is a leading performer in the life insurance market in Canada. BSLI in its five successful years of operations has contributed significantly to the growth and development of the life insurance industry in India. It pioneered the launch of Unit Linked Life Insurance plans amongst the private players in India. It was the first player in the industry to sell its policies through the Bank assurance route and through the internet. It was also the first private sector player to introduce a pure term plan in the Indian market. This was supported by sales practices, which brought a degree of transparency that was entirely new to the market. The process of getting sales illustrations signed by customers, offering a free look period on all policies, which are now industry standards were introduced by BSLI. Being a customer centric company, BSLI has invested heavily in technology to build world class processing capabilities. BSLI has covered more than one and a half million lives since inception and its customer base is spread across 100 cities in India. All this has assisted the company in cementing its place amongst the leaders in the industry in terms of new business premium

income. Birla Sun Life Insurance (BSLI), one of the leading private life insurers in India today announced the inimitable achiever, cricketer Kapil Dev as their corporate brand ambassador. The cricketing supreme will be endorsing BSLI in all its marketing initiatives. Birla Sun Life Insurance is a value-driven brand which has a national brand recall of 70 per- cent. The objective of appointing a brand ambassador is to grow its brand recall as it goes national in its distribution reach and fuel business growth. As a brand ambassador, Kapil Dev will play a key role in the brand and product marketing and promotional activities. BSLI has always used an integrated marketing approach, which will be strengthened further. Commenting on the association with Kapil Dev, Mr. S. K. Mitra, Director, Financial Services, Aditya Birla Group and currently in charge of BSLI expressed, "The Birla Sun Life Insurance business distribution network is national in nature covering more than 1000 points across the country .We have made our entry in several tier I and tier II towns. It is therefore very important for the brand to connect at the grass root level and create trust. We believe that our association with Kapil Dev as our brand ambassador will help us create this connects in a shorter period of time. We therefore now have two strong connects our parent brand Birla and our brand Ambassador Kapil Dev". Kapil Dev, also known as the Haryana Hurricane, was born on 6 January 1959 in Chandigarh. He played his first competitive game of cricket at the age of 13 years and made his test debut on 16 October 1978 at Faisalabad against Pakistan. Kapil Dev remained India's top strike bowler for almost 15 years. His extraordinary test match figures of more than 5000 runs and 434 wickets along with 64 catches show that he was a world class cricketer and an all-rounder. He has raised the mantle of India to sporting glory by winning us the World Cup. In a study conducted by BSLI, Kapil Dev connected extremely well with the life insurance category and had high acceptance by the masses. Our survey suggests that he is seen as a very good fit for the BSLI brand. He is very much loved and respected by a vast majority of the population. On 26 November 2006, Birla Sun Life hosted the annual golf tournament at the Chembur Golf Club in Mumbai where Kapil Dev participated.

About Birla Sun Life Insurance

Birla Sun Life Insurance Company Limited is a joint venture between the Aditya Birla Group, one of the largest business houses in India and Sun Life Financial Inc., a leading international financial services organization. The local knowledge of the Aditya Birla Group combined with the expertise of Sun Life Financial Inc., offers a formidable protection for your future. Birla Sun Life Insurance (BSLI), in its five successful years of operations, has contributed significantly to the growth and development of the life insurance industry in India. It pioneered the launch of unit linked life insurance plans amongst the private players in India. It was the first player in the industry to sell its policies through the banc assurance route and through the internet. It was the first private sector player to introduce a pure term plan in the Indian market. This was supported by sales practices which brought a degree of transparency that was entirely new to the market. The process of getting sales illustrations signed by customers and offering a free look period on all policies, which are now industry standards, were introduced by BSLI. Being a customer-centric company, BSLI has invested heavily in technology to build world class processing capabilities. BSLI has covered more than a million lives since inception and its customer base is spread across more than 1000 towns and cities in India. All this has assisted the company in cementing its place amongst the leaders in the industry in terms of new business premium income. The company's current capital base is Rs.520 crore.

About the Aditya Birla Group

The Aditya Birla Group has a turnover close to Rs.38,000 crore (as on 31 March 2008) and is one of the largest business houses in India. It enjoys a leadership position in all the sectors in which it operates. With over 75 business units spanning the South East Asian belt, Africa, Canada and the UK among others, it is reckoned as India's first multinational corporation. The group is anchored by 72,000 employees and has seven lakh shareholders, with a market capitalization of Rs.53,400 crore.

About Sun Life Financial Inc.

Sun Life Financial Inc. is a leading international financial services organization providing a diverse range of wealth accumulation and protection products and services to individuals and corporate customers. Tracing its roots back to 1865, Sun Life Financial and its partners today

have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. As of 31 March 2008, the Sun Life Financial group of companies had total assets under management of US$ 343 billion. Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under ticker symbol "SLF".

MANAGEMENT & ORGANIZATION Key peoples of organisation Board of Directors Mr. Kumar M Birla Mr. Donald A Stewart, Mr. Bishwanath N Puranmalka Mr. Ajay Srinivasan Mr. Gary M Comerford Mr. Suresh N Talwar Mr. Gian P Gupta His Highness Maharaja G Singh Mr. Stephan Rajotte Dr. Bharat K Singh

Investment Committee Mr. B. N. Puranmalka Mr. Eugene Lundrigan Mr. Ajay Srinivasan Mr. Vikram Mehmi Mr. Mayank Bathwal Mr. Fabien Jeudy Mr. Vikram Kotak Ms. Keerti Gupta

Management Team Mr. Vikram Mehmi President & Chief Executive Officer Mr. Mayank Bathwal

Chief Financial Officer Mr. Mario Braganza Chief Operating Officer Mr. E.N. Goveia Head - Direct Sales Force Mr. Amit Punchhi Senior Vice President - Third Party Distribution Mr. Bhavesh Sanghvi Head - Group Life & Pensions Mr. Snehal Shah Senior Vice President - Operations Ms. Anjana Grewal Senior Vice President - Marketing & Communications Mr. Rajesh Bhojani Senior Vice President - DSF Expansion Mr. K.H. Venkatachalam Vice President Human Resource Mr. Fabien Jeudy Vice President, Chief & Appointed Actuary Mr. Lalit Vermani Vice President - Compliance Mr. Melvyn D'souza Vice President Risk Management and Internal Audit Mr. Vikram Kotak Vice President - Investments Mr. Bhalachandra Nayak Vice President Strategy

Competitors: Life insurance corporation ING vysya life insurance Max network life insurance MetLife insurance Aviva life insurance Bharathi Axa life insurance Bajaj Allianz life insurance Tata AIG life insurance ICICI Prudential Life Insurance Reliance life insurance Kotak Mahindra life insurance

Competitors in Detail: Aviva life insurance: Aviva Life Insurance Company India Pvt. Ltd. is a joint venture between Aviva of UK and Dabur, one of India's leading producers of traditional healthcare products. Aviva holds a 26 per cent stake in the joint venture and the Dabur group holds the balance 74 per cent share. Bajaj Allianz: Bajaj Allianz is a joint venture between Allianz AG one of the world's largest insurance companies, and Bajaj Auto, one of the biggest 2 and 3 wheeler manufacturers in the world. Bajaj Allianz is into both life insurance and general insurance. Allianz Group is one of the world's leading insurers and financial services providers. Founded in 1890 in Berlin, Allianz is now present in over 70 countries HDFC Standard Life Insurance Co. Ltd: is a joint venture between HDFC Ltd., India's largest housing finance institution and Standard Life Assurance Company, Europe's largest mutual life company. It was the first life insurance company to be granted a certificate of registration by the IRDA on the 23rd of October 2000.

 ING Vysya Life Insurance Company Limited: is a joint venture between Vysya Bank and ING Group of Holland, the world's 4th largest financial services group, with presence across 50 countries, and a heritage of over 150 years. Kotak Mahindra Old Mutual Life Insurance Ltd: is a joint venture between Kotak Mahindra Bank Ltd. (KMBL), and Old Mutual plc. Kotak Mahindra is one of India's leading financial institutions and offers a range of financial services such as commercial banking. Life Insurance Corporation of India: (LIC) is an autonomous body authorized to run the life insurance business in India with its Head Office at Mumbai. It has been established by an act of the Parliament and started functioning from 1/9/1956. ICICI Prudential Life Insurance : ICICI Prudential life insurance is a part of ICICI Bank. Max New York Life Insurance Company Limited is a joint venture between Max India Limited, a multi-business corporate, and New York Life International, a global expert in life insurance. New York Life is a Fortune 100 company that has over 160 years of experience in the life insurance business. MetLife India Insurance Co. Pvt Ltd is a joint venture between MetLife Group and its Indian partners. The Indian partners include J&K Bank, Dhanalakshmi Bank, Karnataka Bank, Karvy Consultants, Geojit Securities, Way2Wealth, and Mini Muthoothu. Reliance Life Insurance Company Limited is a part of Reliance Capital Ltd. of the Reliance - Anil Dhirubhai Ambani Group. The company acquired 100 per cent shareholding in AMP Sanmar Life Insurance Company in August 2005. Taking over AMP Sanmar Life provided Reliance Life Insurance a readymade infrastructure and a portfolio. SBI Life Insurance is a joint venture between the State Bank of India and Cardiff SA of France. SBI Life Insurance is registered with an authorized capital of Rs 500 crore and a paid up capital of Rs 350 cores. Tata AIG Life Insurance Company Limited is a joint venture between Tata Group and American International Group, Inc. (AIG). Tata Group is one of the oldest and leading business groups of India. Tata Group has had a long association with India's insurance sector having been the largest insurance company in India prior to the nationalization of insurance. The Late Sir Dorab Tata was the founder Chairman of New India Assurance Co. Ltd., a group company incorporated way back in 1919.

 Shriram Life Insurance Company Ltd is a joint venture between the Chennai-based Shriram Group and the South African insurance major Sanlam. The company launched its operation in India in December 2005

DETAILS OF PRODUCTS
PRODUCTS Life is unpredictable. But in face of adversity, our responsibilities towards our parents, children and loved ones need not be compromised. Insurance planning equips you to smooth out the uncertainties and adversities that life might send your way, so that the best that life has to offer, secure in the knowledge that your beloved ones are well provided for. BSLI offers a complete range of insurance products

1. Protection Plans 2. Savings Plans 3. Child Plans 4. Investment Plans 5. Retirement Plans 6. Group Plans 7. Rural Plans

Insurance Plans BSLI offers Lifeguard - a set of pure protection plans. Choose from amongst three different product structures to insure your life and provide total security to your family, at a very affordable cost. Level Term Assurance with return of premium On death the entire sum assured will be paid. On maturity, all the premiums paid will be returned. Level Term Assurance without return of premium

 On death the entire sum assured will be paid. No survival or maturity benefits. You can also enhance the above two policies by adding Accident & Disability Benefit Rider and Waiver of Premium Rider (WOP)

Level Term Assurance - Single premium: On death the entire sum assured will be paid. No survival or maturity benefits. Protection Plans BSLI offers a variety of policies that give you the benefits of protection and the opportunity to save for important assets or events, like a home, a car or a wedding. A regular premium unit-linked insurance plan with an assurance of Capital Guarantee# with the added advantage of flexible liquidity option. An ideal plan for long term planning with the benefit of liquidity. The key features of the plan are: Flexibility to choose a specific level of protection (Sum Assured), based on a multiple of the annual premium. You can also choose the term of the plan. At the end of the term, the higher of the value of units or the guaranteed value is paid. On death, Sum Assured along with the higher of value of units or the guaranteed value is payable. Facility to make withdrawals from the 6th policy year onwards till the end of the policy term. Every year withdraw up to 10% of the value of units. Additional credits payable as a percentage of the initial annual premium are paid along with the death or maturity benefit. Additional insurance for 10 years after the maturity, for an amount of 50% of the Sum Assured Savings Plans

 Flexibility to make additional investment with the help of the top-up facility. Flexibility to increase / decrease your annual premium Amount Facility of Automatic Premium Payment- With this facility you can take a temporary break from premium payment. Total transparency with the premium allocations, and other charges declared upfront. The guaranteed value of the unit fund is the value of all invested premiums (premiums net of all charges) along with the declared bonus interests. With Automatic Premium Payment facility, you can avail a temporary break from premium payment for a maximum of 1 year. This facility is available once if the premium paying term is less than 15 years and twice, if it is 15 years or more. You can also enhance your policy by adding Accident & Disability Benefit Rider , Waiver of Premium Rider and Critical Illness Rider .A regular premium unit-linked insurance plan with an assurance of Capital Guarantee# An ideal plan for your long-term savings and protection requirement. The key features of the plan are: Flexibility to choose a specific level of protection ( Sum Assured), based on a multiple of the annual premium. You can also choose the term of the plan. At the end of the term, the higher of the value of units or the guaranteed value is paid. On death, Sum Assured along with the higher of value of units or the guaranteed value is payable Additional credits payable as a percentage of the initial annual premium are paid along with the death or maturity benefit. Additional insurance for 10 years after the maturity, for an amount of 50% of the Sum Assured. Flexibility to make additional investment with the help of the top-up facility. Flexibility to increase / decrease your annual premium amount Facility of Automatic Premium Payment- With this facility you can take a temporary break from premium payment. Total transparency with the premium allocations, and other charges declared upfront. The guaranteed value of the unit fund is the value of all invested premiums (premiums net of all charges) along with the declared bonus interests.

With Automatic Premium Payment facility, you can avail a temporary break from premium payment for a maximum of 1 year. This facility is available once if the premium paying term is less than 15 years and twice, if it is 15 years or more. The capital guarantee is applicable only on the invested premium and the declared bonus interests. You can also enhance your policy by adding Accident & Disability Benefit Rider, Waiver of Premium Rider and Critical Illness Rider. A unit-linked insurance plan with an assurance of Capital Guarantee which offers you the benefit of a limited premium payment term. An ideal plan for protection with wealth creation that offers the flexibility of a limited premium paying term. Flexibility to choose a premium payment term of 5, 7 or 10 years for a maturity term of 10, 15 or 20 years respectively. Flexibility to choose a specific level of protection (Sum Assured), based on a multiple of the annual premium. At the end of the term (maturity), the higher of the value of units or the guaranteed value is paid. On death, Sum Assured along with the higher of value of units or the guaranteed value is payable. Additional credits payable as a percentage of the initial annual premium are paid along with the death or maturity benefit. Facility to make withdrawals from the 6th policy year onwards till the end of the policy term. Every year withdraw up to 10% of the value of units Flexibility to make additional investment with the help of the top-up facility. Flexibility to increase / decrease your annual premium amount
Total transparency with the premium allocations, and other charges declared upfront.

The guaranteed value of the unit fund is the value of all invested premiums (premiums net of all charges) along with the declared bonus interests. The capital guarantee is applicable only on the invested premium and the declared bonus interests. You can also enhance your policy by adding Accident & Disability Benefit Rider and Critical Illness Rider. Presenting Premier Life The Preferred plan for the Preferred Customer. The key features of the plan are:

 Limited premium payment option: Choose from among a 3, 5, 7 or 10 year premium paying term. Choice of sum assured: Choose a sum assured, which is a minimum multiple of 1 and a maximum multiple of 25 times the annual contribution. Additional allocation of units on a periodic basis. Facility to top-up your investment any time you have surplus funds. Choose from among four funds, based on your investment objective and risk appetite. Flexibility to decrease your sum assured. Add-on riders to protect you against any eventuality. Loans against the policy. You can also enhance your policy by adding Critical Illness Rider, Accident & Disability Benefit Rider. Presenting Life Time unit linked plans that meet your changing needs over a lifetime. These solutions have been developed to meet your savings, protection and investment needs at every stage in life. Protection Choose a specified level of protection (available only with Lifetime). Two levels of Sum Assured to choose from (available only with Lifetime II). Flexibility to increase or decrease your sum assured. Add-on riders to protect you against any eventuality. Savings Flexibility to increase or decrease your contribution. Facility of Premium Holiday, wherein the policy continues even if there is a temporary break in the payment of annual contribution (available only with Life Time). Facility of Automatic Cover Continuance, wherein the policy continues even if there is a temporary break in the payment of annual contribution Facility to top-up your investment any time you have surplus funds. Additional allocation of units on a periodic basis.

 Loans against the policy. Investment: Choose from among four funds, based on your investment objective and risk appetite. Choice to switch between investments options (4 free switches every policy year). You can also enhance your policy by adding Critical Illness Rider, Major Surgical Assistance Rider, Accident & Disability Benefit Rider, Accident Benefit Rider (available only with Life Time) and Waiver of Premium Rider. An insurance plan that gives added protection, savings and multiple options, all in one! The flexibility to choose your premium contribution. The flexibility to choose amongst three levels of cover (in the form of sum assured) for the same amount of total annual contribution. The flexibility of shifting between the three levels of cover, as you require. The flexibility of receiving your maturity proceeds as a lump sum or in equal annual installments over 3 or 5 years. You can also enhance your policy by adding Variety of Riders An insurance plan that gives you added protection, savings, multiple options, plus the power of liquidity. The flexibility to choose your premium contribution. The flexibility to choose amongst three levels of cover (in the form of sum assured) for the same amount of total annual contribution. The flexibility of shifting between the three levels of cover, as you require. The flexibility of receiving your maturity proceeds as a lump sum or in equal annual installments over 3 or 5 years. The flexibility of withdrawing up to 10% of the accumulated value of your policy, after the first 5 policy years. You can also enhance your policy by adding Variety of Riders An ideal plan for those who want to accumulate funds on a regular basis while enjoying insurance protection. Guaranteed Benefits: Guaranteed additions @ 3.5% of the Sum Assured, compounded annually for the first 4 years of the policy. Extended Life Cover: An extended cover for 5 years after the maturity of the policy, for 50% of the sum assured, at no extra cost.

 Maturity Benefit: At the end of the term, the policyholder receives the full sum assured, the guaranteed additions and the vested bonuses. Death Benefit: The beneficiary receives the sum assured, the guaranteed additions and the vested bonuses in case the life assured were to meet with an unfortunate event. In case the life assured is aged 7 years or less, the basic premium paid will be returned. You can also enhance your policy by adding Critical Illness Rider, Major Surgical Assistance Rider, Accident & Disability Benefit Rider, Waiver of Premium Rider (WOP) As a responsible parent, you will always strive to ensure a hassle-free, successful life for your child. However, life is full of Uncertainties and even the best-laid plans can go wrong. Heres how you can give your child a 100% safe and assured tomorrow, whatever the uncertainties. Smart Kid is especially designed to provide flexibility and safeguard your childs future education and lifestyle, taking all possibilities into account. Choose from amongst a basket of 4 plans: Smart Kid regular premium Smart Kid unit-linked regular premium Smart Kid unit-linked regular premium II Smart Kid unit-linked single premium II CHILD PLANS All these plans offer you: Financial Benefits: Regular payments at critical stages in your childs life, like Board examinations, Graduation and Post-graduation. Total peace of mind, even if you are not around Sum Assured is paid immediately: Ensures that your loved ones stay financially secure, even in your absence. All future premiums are waived: Ensuring that your family is not financially burdened in your absence. Policy benefits continue: The educational benefits of the policy continue, ensuring that your child can realize his or her dreams without any hassles.

 Development Allowance: Smart Kid guarantees regular income to secure your childs educational career and also ensures his or her all-round development, for a nominal additional amount. The Income Benefit Rider takes care of this through an annual payment of 10% of the sum assured, to your child, till the maturity of the policy, in the unfortunate event of the death of the parent. All Smart Kid plans can be enhanced with the Accident & Disability Benefit Rider and Income Benefit Rider . You can also an Accident Benefit Rider to a Smart Kid Regular Premium policy, and a Waiver of Premium Rider (WOP) to Smart Kid unit-linked regular premium policy. Life Link II is a unique plan that combines the security of a life insurance policy with the opportunity of enjoying high returns on your investments, without the market risks compromising on the protection of your family! Death Benefit: The Sum Assured under the product has 2 options, either 500% of the initial premium or 105% of the initial premium. In the event of an unfortunate death, the beneficiary will receive higher of the value of units or the initial death benefit, less any withdrawals. Withdrawal Benefit: One can make partial withdrawals from the accumulated value of the policy after completion of one policy year. Flexibility: Choose from four fund options, based on your investment objective and risk appetite. If at a later stage your financial priorities change, you can switch between the various fund options, absolutely free, 4 times a year. Investment Plans Life Expectancy has been rising rapidly and today you can expect to live longer than your earlier generations. For you, this increase will mean a longer retirement life, stretching into a couple of decades. BSLI Retirement Solutions that combine the best of insurance and investment. These solutions are developed to ensure your peace of mind for the years to come. 1. Why plan for retirement? 2. How much should I set aside for retirement? 3. The impact of inflation on your retirement savings 4. Why plan early? 5. About Annuities

Why plan for retirement? For too many people, the joy of retirement after years of hard work is eclipsed by the financial uncertainties that it brings. Despite all the planning and saving, you can never sure whether your money will last a lifetime. Retirement planning offers a way to ensure a more enjoyable, stress free tomorrow. A prudent plan will ensure that increasing life expectancy, higher inflation and increasing taxes do not eat away into your hard earned savings.

Retirement Plans How much must I set aside for retirement? To ensure a comfortable retired life, you would be wise to invest money into additional avenues like pension plans. How much you need to invest can be answered by answering some questions such as: 1. How long do you have to save that amount before retirement? 2. Where can you invest your retirement money? 3. How much risk are you willing to take on your investments? In an era of competitive parity, the only asset that makes a decisive difference between corporate success and failure is the quality of human capital. Employee benefits have proven to be an excellent tool to optimize the retention of talent and improve an organizations bottom-line. The quality of an organizations employee benefits establishes and maintains a company's image as a caring employer. Optimum care of employees is a long-term investment that results in a sustained competitive advantage for an organization in the times to come. BSLI Group Solutions Advantage: An integrated basket of employee benefits solutions that offer incomparable flexible benefits. Sound investment management that focuses on safety, stability and profitability of the portfolio. Personalized financial planning for your employee that takes care of his/her changing financial needs at every stage of life. Quality service initiatives and transparency across all operations, promising superlative operational efficiency. Group Solutions Group Term Assurance: Helps provide affordable cover to members of a group. Group Gratuity Plan: Helps employers fund their statutory gratuity obligation in a flexible and hassle-free manner. Group Superannuation Plan: A flexible scheme (defined benefit and defined contribution) to provide a retirement kitty for each member of the group.

Group Term Assurance: BSLI flexible group term solution helps provide affordable cover to members of a group. The cover could be uniform or based on designation/rank or a multiple of salary, and can be extended to all employees between the ages of 18 and 65 years. The benefit under the policy is paid on the event of the members death to the beneficiary nominated by the member. It is a one-year renewable policy where one master policy covers all proposed employees comprising the group, with a minimum group size of 25 persons. New members can join the group and outgoing members can leave the group at any point during the policy term. Highlights include: Greater convenience for the employees with relaxed underwriting and medical requirements. "Free Cover Limits" with simplified underwriting depending upon the number of employees in the group and the level of cover chosen. Guaranteed benefit: On death during the term of the contract (while in Service), the sum assured will be paid to the beneficiary of the employee. Choice of additional coverage in form an Accident and Disability Benefit Rider and Critical Illness Cover Premium is viewed as a business expense in the year of payment.

Group Gratuity Plan: BSLI group gratuity plan helps employers fund their gratuity obligation in a scientific manner. Employers can avail of the tax benefits as applicable to approved gratuity funds. The plan can also be customized to structure schemes that can provide benefits beyond the statutory obligations. Highlights include: Wider choice of investments with Market Linked Plans - to meet the diverse financial goals. We offer 4 investment options (short-term debt, debt and balanced and capital guarantee plan) where investments will be made in accordance with the fund objectives. Transparency through Daily disclosure of Unit Value and regular disclosure of the portfolio of each of the investment option

 Flexibility through switching and contribution redirection option to enable reshuffling of portfolio Bundled Life Cover greater value to the employee by packaging life insurance covers with the gratuity, with minimal amount of underwriting. Actuarial services to provide a scientific estimation of the gratuity liability. Low explicit charge structure with the conditions for exit specified upfront. Enhanced service levels through faster claim settlement, easier access to information and regular statements.
Complete end to end solution in the legal and regulatory approval process for scheme set up or transfer

Employee Benefits: The contribution made by the employer is not included in the value of taxable perquisites in the hands of the employee. Gratuity received up to Rs 350000 is exempt from Income tax under Sec 10(10) Annual contribution up to 8.33% of salary bill in a financial year is allowed a deduction for the purpose of computation of profits and gains of business. Contribution towards past service liability is allowed as deduction as per the Income Tax rules.

Group Superannuation Plan: BSLI Superannuation Scheme (for both Defined Benefit and Defined Contribution funds) offers substantial benefits to both employers and employees. The employer and employee can avail of tax benefits applicable to an approved superannuation trust. The scheme will provide for a retirement fund for each participating employee. An employee would be able to choose from various annuity options or opt for partial commutation of corpus at retirement.

Highlights include: Wider choice of investments with Market Linked Plans to meet the diverse financial goals. We offer 5 investment options (short-term debt, debt, balanced, growth and capital guarantee plan) where investments will be made in accordance with the fund objectives.

 Control - Each member/employer can exercise greater control over investments by choosing one or more of the investment options. Multiple Annuity Options - 5 annuity options and open market option Transparency - Transparency through Daily disclosure of Unit Value and regular disclosure of the portfolio of each of the investment option Flexibility - Flexibility through switching and contribution redirection option to enable reshuffling of portfolio Low explicit charge structure with conditions for exit specified upfront. Enhanced service levels through faster claim settlement, easier access to information and regular statements. Complete end to end solution in the legal and regulatory approval process for scheme set up or transfer BSLI Rural Products are designed to meet the needs of the rural consumers. These products offer the following features: 1. Low and Affordable Premiums 2. Life Cover 3. Savings Option 4. Hassle free procedure BSLI offers 2 specially designed rural plans. a) BSL I Endowment Plan b) BSLI - Regular Premium BSLI Endowment Plan: BSLI offers the following features: Rural Plans Life Cover and Savings Regular Premiums Age at entry 18 - 45 Yrs Premium Mode Half Yearly / Yearly Term 5,10,15 Yrs

 Sum Assured Rs.5,000 -20,000 Premium / Year Rs. 507 - 553 ( SA: Rs.10,000) Maturity/Death benefit Sum Assured

BSLI - Regular Premium: BSLI is a regular premium policy with the following features: Individual policy Only Life cover Term - 3 & 5 Yrs Age independent premium Age at entry 18 - 45 Yrs Sum Assured Single Premium / Year Rs 50 200 Maturity/Death benefit Rs.5,000 - 20,000 Death Benefit Sum Assured

IRDA:
The insurance sector has been opened up in India, as there was an urgent need. The international experience indicates those country with a liberalized insurance sector have witnessed a rapid growth in premium volumes enhancing the domestic saving rate. This happened in China, Malaysia and Singapore where a competitive market has led to improvement in Services and quicker settlement of claims. It is also important to note that competition will bring about advancement in information, communication and technology. And rightly therefore a decision was taken by the Government of India to open up Insurance sector. The establishment of IRDA in the month of April 2000 has been important development in this direction, making the end of monopoly in the insurance sector. WHY INSURANCE IN INDIA: Only 22% of the insurance population has been extended cover. Market penetration is low and the potential to exploit is high. Insurance premium per capita is very low. Lack of comprehensive social system benefit and welfare means that demand for pension products is high. Huge middle class of approximately 300 Million. Existing insurance company score low on customer service front. The insurance market registered growth in the Asian region even though Indias share in global insurance is less than 0.5% (1988) as compared to USA (24.2%) and Japan (21%). Studies have revealed that in an emerging market, as disposable income rises, Insurance premiums as a ratio of GDP shoots up. The confederation of Indian Industry projected a growth of Life Insurance premiums from Rs.350 Billion at present to Rs.140 Billion. The Growth of non-life insurance premium is expected to increase from 75 billion to 375 billion. Out of which, only 10% is tapped by the existing insurer.

Insurance even more than banking is a volume game. A very exclusive approach in view is unlikely to provide meaningful numbers. Currently, insurance is bought for the purpose of taxbenefits. A higher percentage of business is in the rural market. The share of rural new Business insurance total new business is 55% in terms of policies and 47% in terms of sum assured. However, this needs to be viewed in the light of some recent issues that have been raised regarding as to what constitutes the rural market. Therefore, private insurers will be best served by middle market approach, targeting the customer segments that are presently unexploited. How many Indians are aware that LIC has more than 60 Products and GIC has more than 180 Products? Not only there is a reduction in the premiums of Life Insurance products have long overdue since Indian morality rate has decreased three folds in the last 50 years. There is also scope to increase the yield on life insurance policies (presently 6%) with proper risk management in place. It is been debated that insurance business does not produce profit in the first five years cross subsidization is a feature of Indian market. Even the first portfolio vote that is considered profitable, cross subsidizes other departments. Tariffs reduction is likely to reduce profits; further insurers have to institute proper claims management progress in order to extract efficiencies. At present life insurance business in the country is taxed at 12.5% of the profit in financial year. The government is soon to present a new model of taxing life insurance companies at international rates. New entrants should be well advised to look ahead to the stage where brand strength will be a competitive advantage and sketch their alliances accordingly. In fact, we believe that alliance related to distribution rather than to produce or technology will prove most valuable in the long run. Banks and financial companies will emerge, as attractive distribution channel for this insurance trend will be led by two factors, which already apply in other world market. First Banking food insurance, fund management and other financial services companies are being to increase their profitability and provide maximum value to their customers. Therefore, they are themselves looking for a range of products to distribute. In other market notably Europe; this has resulted in bank assurance. Bank entering into the insurance business in India to bank hope to maximize expensive existing network by selling a range of products more of a loss alliance between

insurance and bank than a formal ownership. Some Indian entrants like ICICI, HDFC and Reliance hope to ride their existing network and customer bases.

3. NEED SCOPE & OBJECTIVE OF THE STUDY

NEED
Life insurance is chiefly a risk management tool, meant to offer financial protection to your dependents in the unfortunate event of your death. But in India, as the most other developing market, life insurance has come to present more than just risk cover. This particular study is conducted on the topic titled to study customer perception regarding Birla sun life insurance company. The aim of this research study is to know about life insurance. It is done to know the banc assurance in India. Banc assurance has mostly been a phenomenal success and, although slow to gain pace, is now taking across Asia, especially now that banks are starting to become more diverse financial institutions, and the concept of universal banking is being accepted. In India, the signs of initial success are already there despite the fact that it is a completely new phenomenon.

SCOPE
The study is restricted to Navi-Mumbai region only. The study also analyses the preferences regarding different life insurance policies of Birla-sun life insurance. For this study 100 respondents of Navi-Mumbai are chosen. Now days there are lot of private companies in market so its important to know what motivates the customer to buy the policy. Birla sun life is the fastest growing private insurance company in India. It determines market share of the various private companies in India.

OBJECTIVES
To determine and analyze the Market Potential of the Birla Sun Life Insurance Company. To determine whether the customers are satisfied with the policies of the company. To know the the customer awareness regarding the Birla-sun life insurance and its products. To study and determine the competitor position in the market.

 To know the future plans of the people for buying the policies. Proper understanding and analysis of life insurance industry.
Conduct market survey on a sample selected from the entire population and derived opinion

on that research

Research methodology
Research means a search for knowledge or gain some new knowledge and methodology can properly refer to the theoretical analysis of the methods appropriate to a field of study or to the body of methods and principles particular to a branch of knowledge. Research Design : A research design is the arrangement of conditions for the collections and analysis of data in a manner that aims to combine relevance to research purpose with economy in procedure. Sample Method The sampling method used is non-probability convenience sampling Methods of data collection

Data collection
The word data means any raw information, which is either quantitative or qualitative in nature, which is of practical or theoretical use. The task of data collection begins after a research problem has been defined and research design chalked out. While deciding about the method of data collection, the researcher should keep in mind that there are two types of data primary and secondary.

Primary data
This is those, which are collected afresh and for the first Time, and thus happen to be original in character. There are many ways of data collection of primary data like observation method, interview method, through schedules, pantry Reports, distributors audit, consumer panel etc. The Team Managers and employees of both the Department were consulted to get information about procedure of both the online and off line share trading. But the method used by us for the primary data collection was through questionnaires.

Secondary data

These are those data, which are not collected afresh and are used earlier also and thus they cannot be considered as original in character. There are many ways of data collection of secondary data like publications of the state and central government, reports prepared by researchers, reports of various associations connected with business, Industries, banks etc. And the method, which was used by us, was with the help of reports of the company.

LIMITATIONS OF INSURANCE
Lack of awareness among the people This is the biggest limitation found in this sector. Most of the people are not aware about the importance and the necessity of the insurance in their life. They are not aware how useful life insurance can be for their family members if something happens to them. Perception of the people towards Insurance sector People still consider insurance just as a Tax saving device. So today also there is always a rush to buy an Insurance Policy only at the end of the financial year like January, February and March making the other 9 months dry for this business. Insurance does not give good returns Still today people think that Insurance does not give good returns. They are not aware of the modern Unit Linked Insurance Plans which are offered by most of the Private sector players. They are still under the perception that if they take Insurance they will get only 5-6% returns which is not true nowadays. Nowadays most of the modern Unit Linked Insurance Plans gives returns which are many times more than that of bank Fixed deposits, National saving certificate, Post office deposits and Public provident fund. Lack of awareness about the earning opportunity in the Insurance sector People still today are not aware about the earning opportunity that the Insurance sector gives. After the privatization of the insurance sector many private giants have entered the insurance sector. These private companies in order to beat the competition and to increase their Insurance Advisors to increase their reach to the customers are giving very high commission rates but people are not aware of that. Increased competition Today the competition in the Insurance sector has became very stiff. Currently there are 14 Life Insurance companies working in India including the LIC (life insurance Corporation of India). Today each and every company is trying to increase their Insurance Advisors so that they can increase their reach in the market. This situation has

created a scenario in which to recruit Life insurance Advisors and to sell life Insurance Policy has became very- very difficult.

FINDINGS
To be successful in marketing of insurance products, the entire business scenario has to be taken into account. During the study to be found that majority of people are aware of life insurance sector. During the survey it was observed that major source of information for consumer are television and newspaper and least preference are given to magazines, agents and friends. Attractive schemes and brand image are the most important factor that influences the buying behavior of the consumers. Majority of respondents will shift to any other insurance company. People are not satisfied with the opted insurance. It was found that the reason for the dissatisfaction of consumer is high premium, delay in claim settlement and poor after sale service. So to achieve a greater insurance penetration, insurance sector companies have to create a more vibrant and competitive industry, with greater efficiency, choice of products and value for customers.

CONCLUSION
The market potential for private insurance companies is found to be greater in the long run as most of the Indians are of the opinion that, private insurance companies would be able to perform well in the future. The private and foreign insurance companies have to take immediate steps in appointing more number of agents and/or advisors in addition to the employees as it has been found out that agents are the best channel to reach the general public regarding selling of insurance products. The private and foreign insurance companies have to concentrate on the factors like 'Prevention of Loss', 'Assured Returns' and 'Long term Investment'. They can also focus on an insurance amount of Rs. 1 2 lakhs with 'money back policies'. Hence, the market has potential. The private and foreign insurance companies that are taking immediate steps can tap it easily & rapidly.

RECOMMENDATIONS

1) Even though most of the policy holders are satisfied with policies, plans they have but some new attractive insurance plans should be introduce to bind them not to switch over to other companies insurance plans. 2) The company should find out the no. of people who are not having any of the insurance plans through an intensive market research and motivate them to get insured. 3) Leveraging technology to service customers quickly, efficiently and conveniently. 4) Developing and implementing superior risk management and investment strategies to offer sustainable and stable returns to our policyholders. 5) Company should target each and every class of the society 6) Company should provide full information to the customers before targeting so they can take interest.

BIBLIOGRAPHY

Books :

Kothari C.R. (1990) Research Methodology : Method and Techniques, Wishva Parkashan, New Delhi. PP115-117 Bodie. Z, Kane. A & Marcus. J : Essentials of Investments PP242-243

Websites :

http://www.economywatch.com/indianeconomy/indian-insurance-sector.html www.birlasunlife.com/birlasunlife/insurance/bsli.../index5.aspx http://www.indianmba.com/Occasional_Papers/OP85/op85.html http://www.banknetindia.com/finance/insure2011.htm http://www.financialexpress.com/news/the-indian-insurance-sector-ii/181428/

Journals :

Lect. D.ramkumar(2003), Relationship Marketing The new tantra for life insurance sector. Department Of Management Studies, N.M.S.S. Vallaichamy Nadir College, Nagamalai, Madurai 625019 available at http://www.google.co.in/interstitial? url=http://www.indiaschools.com/marketing_029.htm last accessed on 07-08-2009.

Dr. Ch.rajesham (2004), changing scenario of india insurance sector, department of commerce & Business Management, University P G college, Kakatiya University Khammam, Andhra Pradesh available at

http://www.insuranceinstituteofindia.com/insuranceinst/publication/uploads/journal-janjun-04/chapter10..pdf last accessed on 14-08-2009 J.Mehra (2005), innovations in life insurance industry, the financial express, new delhi available at http://www.financialexpress.com/news/innovations-in-life-insurance-industry last accessed on 15-08-2009.

Training in Insurance Sector

In the Insurance sector also, rapid expansion has created about 5 lakh job opportunities approximately in the past five years. These openings are mainly in the field of insurance advisors or marketing agents. The eligibility criteria for these jobs is graduation with some experience in marketing or become insurance agents after completing school but this needs some relevant training.

Earlier there were no training programs as such for insurance agents but on-the-job training only that was given once the new agent was appointed. But now the scenario has been changed, with the coming up of big players like ICICI Life Insurance, ICICI Lombard, HDFC Life Insurance, Tata AIG General Insurance, Birla Sun Life, etc in this sector, people who've had some formal training are preferred while recruitment because it can be helpful in the insurance field. However, only the insurance degree in this field does not guarantee success. To be successful an agent must have strong interpersonal, networking, and communication skills. Number of opportunities in Banking and Insurance sector has increased than ever

before. With this rapid expansion and coming up of major players like ICICI, HDFC, UTI, Bajaj Allianz, etc in the sector, the need of human resource development has increased.

Career for Trainers in Insurance Sector

Preferred Educational Qualification for Trainers Any Graduate B.A English M.A English BA/MA in Linguistics M.A - Communication MBA/PGDM - Finance, International Business MBA in HR/Industrial Relations/Finance/Marketing Certifications in training delivery, design and documentation Training certification of BFSI domainSkills and Attributes Required Skills and attributes required to become a successful trainer are: Strong team player Knowledge of various computer applications (PowerPoint, Excel) Excellent written and verbal communication skills, including public speaking Presentation Skills Accent Neutralization Flexibility and readiness to continuously improve and update self with latest knowledge on markets and products Culture Sensitization Time Management Planning and Execution skills Ability to receive and provide feedback in a positive manner Strong understanding of Finance must Coaching and mentoring skill Interacting with diversity of people and people intensive industries Policy making ability

Knowledge Required Knowledge required in the Banking and Finance sector for training and development are: Knowledge of preparation of training modules and content development Funds Management Financial markets Knowledge of Computer based training tools Wealth Management Private Banking Banking Credit & Banking Operations Variation of Salary with Experience Salary offered to the trainers according to the relevant experience fall in the range of:

Nature of Work Providing sales & product training to clients from BFSI domain Online Sales and Operations Training Specialist Serve as a primary resource and expert on Business English for a sales and operations team Design and deliver training documents

Training curriculum development and delivery Manage multiple curriculums according to level of language skill Evaluation of candidates; Conducting periodical assessments to ascertain the retention levels Responsible for Voice and Accent and Soft Skills Training Need Analysis (TNA) and draw up training plans Mapping the Training needs of Sales Team Designing the Sales Training Modules and the Strategies for Training

PREFACE

The student of B.B.A. 5th Course. The

Sem.

(1st batch) has to for

undergo project Report as a part of their academic Employment Opportunity Management Student in the Insurance Sector is a part of this project. The main purpose of undergoing such a searching is to know the training & placement opportunity in Birla Sun Life. The searching was conduct of the Birla Sun Life website. This report profile presents of Birla the Sun introduction Life along of management with

limitation, suggestion and conclusion. The field searching was conduct with help of personal information of Birla Sun Life through the Internet.

DECLARATION BY THE CANDIDATE

Date.

declare

that

the

Project for

report

Entitled

Employment

Opportunity

Management

Student in the Insurance Sector is my own work conducted under the Supervision of MRS. SHIKHA URMIL KHAN Lecturer, Department of Business

Management, Govt. Autonomous Girls PG College of Excellence, Sagar.

To the best of my knowledge the report does not my work, which has been submitted for the award of any degree, anywhere.

Signature of Candidate PREETI DHANAK

BBA 5TH Semester

ACKNOWLEDGEMENT
I would like to pay my sincere thank to DR. ANAND TIWARI Head of Department, Govt. Autonomous Girls PG College of Excellence, Sagar based on Employment for providing me with Opportunity for the opportunity of doing the project Report. This report is Management Student in the Insurance Sector which I will an asset through out my life.

At last I would like to thank all staff members of my department, parents and friends for their kind support and suggestions.

PREETI DHANAK

BBA 5TH

Semester

CERTIFICATE
DATE

The period report title Employment Opportunity for Management Student in the Insurance Sector, prepared by PREETI DHANAK under the guidance and supervision of MRS. SHIKHA URMIL KHAN Lecturer, Department of Business Management, Govt. Autonomous Girls PG College of Excellence, Sagar for the partial

fulfillment

of

the

degree

of

Bachelor

of

Business

Administration is satisfactory.

<

Signature of Supervisor

Signature of H.O.D.

<

Signature of Examiner

Data Analysis

Age Group 21-30 31-40 41-50 Total

No. of Respondents 14 2 4 20

Percentage 70 10 20 100

From the above data indicates that 70% of respondents are of 21-30 age group, 10% of respondents are of 31-40 age group and 20% of respondents are of 41-50 age group. Gender-

Gender Male Female Total

No. of Respondents 12 8 20

Percentage 60 40 100

The above data indicates that 60% of respondents are male, rest 40% of respondents are female. Qualification-

Qualification Diploma Graduate Post Graduate Total

No. of Respondents 2 6 12 20

Percentage 10 30 60 100

In the above data, it is seen that 10% of respondents are diploma in qualifications, 30% of respondents are graduates and rest 60% of respondents are post graduate.

Designation-

Designation Manager Officer Junior Officer VP Total

No. of Respondents 4 10 4 2 20

Percentage 20 50 20 10 100

From the above data, it is seen that 20% of respondents are Managerial post, 50% of respondents are at officer post, 20%