Abhijeet Anand

PERCEPTION OF CONSUMER BEHAVIOUR

PLACE: MUZAFFARPUR STATE: BIHAR A SUMMER TRAINING REPORT SUBMITTED IN PARTIAL FULMILMENT FOR THE AWARD OF THE DEGREE OF

BACHELOR OF BUSINESS ADMINISTRATION 2007-2010 GUIDED BY:

SUBMITTED BY:

Ms ANSHUL SHRIVASTAVA (HOD) MANAGEMENT DEPARTMENT

MR ABHIJEEET ANAND

SUBMITTED TO

DEPARTMENT OF MANAGEMENT JAIN COLLEGE GWALIOR (AFFLIATED TO JIWAJI UNIVERSITY GWALIOR)

STUDENT DECLEARATION

I ABHIJEET ANAND hereby declare that this Summer training report entitled,Perception of Consumer Behaviour” is carried out by me at BSLI

MUZAFFARPUR under t he guidance of Mr AMIT KUMAR for partial fulfillment for the award of the degree of, Bachelor of Business Administration at Department of Management Jain College, Gwalior(M.P).

DATE PLACE

ABHIJEET ANAND

GUIDE CERTIFICATE It is certified that the Summer training report entiteled, Perception of consumer behavior’ is submitted by Mr. ABHIJEET ANAND for partial fulfillment for the award of the degreeof Bachelor of Business Administration at Department of Management, Jain College,Gwalior(M.P).It is a record of candidate’s own work carried out at BIRLA SUNLIFE INSURANCE, MUZAFFARPUR(BIHAR)

(AMIT KUMAR) Area Trainee Manager(Birla sun life insurance) Muzaffarpur (BIHAR)

ACKNOWLEDGEMENTS The completion of Summer training report entitled ‘Perception of Consumer Behaviour’ give me an opportunity to convey my gratitude’s to all those who have helped me to complete this research work successfully and well within time.

I would like to express my deep sense of gratitude to AMIT KUMAR to give me an opportunity to do my project work at BSLI, Muzaffarpur I am sincerely thanks to my guide for his ideas and suggestion during my project work which inspired me to put in best my efforts in the research work. I would be failing in my duties if I do not express my overwhelming sense of gratitude to Mr. Manoj Jain ,Chairman, Mr. Sanjay Jain and Ms. Mayuri Chaudry, Director, Jain College, Gwalior(M.P). I owe utmost thanks, Ms. Anshul Shrivastav H.O.D MGMT DEPT. Jain College, Gwalior(M.P). for their valuable suggestion and discussion made throught my research work.

In the last I would like to thank all individuals known or unknown who have helped me directly or indirectly during the research fellowship period. I must say that all of those great people have done their social job, which I will also like to obilige others in from of similar or even better support throught my life.

Ms. Anshul Shrivastav

Abhijeet Ananad

INTRODUCTION OF PROJECT Life insurance Life insurance (Life Assurance in British English) is a type of insurance. As in all insurance, the insured transfers a risk to the insurer. The insured pays a premium and receives a policy in exchange. The risk assumed by the insurer is the risk of death of the insured.

How life insurance works There are three parties in a life insurance transaction; the insurer, the insured, and the owner of the policy (policyholder), although the owner and the insured are often the same person. For example, if John Smith buys a policy on his own life, he is both the owner and the insured. But if Mary Smith, his wife, buys a policy on John's life, she is the owner and he is the insured. The owner of the policy is called the grantee (he or she will be the person who will pay for the policy). Another important person involved is the beneficiary. The beneficiary is the person or persons who will receive the policy proceeds upon the death of the insured. The beneficiary is not a party to the policy, but is designated by the owner, who may change the beneficiary unless the policy has an irrevocable beneficiary designation. With an irrevocable beneficiary, that beneficiary must agree to changes in beneficiary, policy assignment, or borrowing of cash value. The policy, like all insurance policies, is a legal contract specifying the terms and conditions of the risk assumed. Special provisions apply, including a suicide clause wherein the policy becomes null if the insured commits suicide within a specified time for the policy date (usually two years). Any misrepresentation by the owner or insured on the application is also grounds for nullification. Most contracts have a contestability period, also usually a two-year period; if the insured dies within this period, the insurer has a legal right to contest the claim and request additional information before deciding to pay or deny the claim.

The face amount of the policy is normally the amount paid when the policy matures, although policies can provide for greater or lesser amounts. The policy matures when the insured dies or reaches a specified age. The most common reason to buy a life insurance policy is to protect the financial interests of the owner of the policy in the event of the insured's demise. The insurance proceeds would pay for funeral and other death costs or be invested to provide income replacing the deceased's wages. Other reasons include estate planning and retirement. The owner (if not the insured) must have an insurable interest in the insured, i.e. a legitimate reason for insuring another person’s life. The insurer (the life insurance company) calculates the policy prices with an intent to recover claims to be paid and administrative costs, and to make a profit. The cost of insurance is determined using mortality tables calculated by actuaries. Actuaries are professionals who use actuarial science which is based in mathematics (primarily probability and statistics). Mortality tables are statistically based tables showing average life expectancies. The three main variables in a mortality table are age, gender, and use of tobacco. The mortality tables provide a baseline for the cost of insurance. In practice, these mortality tables are used in conjunction with the health and family history of the individual applying for a policy in order to determine premiums and insurability. The current mortality table being used by life insurance companies in the United States and their regulators was calculated during the 1980s. There is currently a measure being pushed to update the mortality tables by 2008. The current mortality table assumes that roughly 2 in 1,000 people aged 25 will die during the term of coverage. This number rises roughly quadratic ally to about 25 in 1,000 people for those aged 65. So in a group of one thousand 25 year old males with a $100,000 policy, a life insurance company would have to, at the minimum, collect $200 a year from each of the thousand people to cover the expected claims. The insurance company receives the premiums from the policy owner and invests them to create a pool of money from which to pay claims, and finance the insurance company's operations. Contrary to popular belief, the majority of the money that insurance companies make comes directly from premiums paid, as money gained through investment of premiums will never, in even the most ideal market conditions, vest enough money per year to pay

out claims. Rates charged for life insurance increase with the insured's age because, statistically, a people are more likely to die as they get older. Since adverse selection can have a negative impact on the financial results of the insurer, the insurer investigates each proposed insured (unless the policy is below a companyestablished minimum amount) beginning with the application, which becomes part of the policy. Group Insurance policies are an exception. This investigation and resulting evaluation of the risk is called underwriting. Health and lifestyle questions are asked, and the answers are dutifully recorded. Certain responses by the insured will be given further investigation. Life insurance companies in the United States support The Medical Information Bureau, which is a clearinghouse of medical information on all persons who have ever applied for life insurance. As part of the application, the insurer receives permission to obtain information from the proposed insured's physicians. Life insurance companies are never required by law to underwrite or to provide coverage on anyone. They alone determine insurability, and some people, for their own health or lifestyle reasons, are uninsurable. The policy can be declined (turned down) or rated. Rating means increasing the premiums to provide for additional risks relative to that particular insured. Many companies use four general health categories for those evaluated for a life insurance policy. These categories are Preferred Best, Preferred, Standard, and Tobacco. Preferred Best means that the proposed insured has no adverse medical history, is not under medication for any condition, and his family (immediate and extended) have no history of early cancer, diabetes, or other conditions. Preferred is like Preferred Best, but it allows that the proposed insured is currently under medication for the condition and may have some family history. Most people are in the Standard category. Profession, travel, and lifestyle also factor into not only which category the proposed insured falls, but also whether the proposed insured will be denied a policy. For example, a person who would otherwise be in the Preferred Best category will be denied a policy if he or she travels to a high risk country.

Upon the death of the insured, the insurer will require acceptable proof of death before paying the claim. The normal minimum proof is a death certificate and the insurer's claim form completed, signed, and often notarized. If the insured's death was suspicious and the policy amount warrants it, the insurer may investigate the circumstances surrounding the death, before deciding whether there is a legal obligation to pay the claim. Proceeds from the policy may be paid in a lump sum or as an annuity paid over time in regular recurring payments for either for the life of a specified person or a specified time period.

COMPANY PROFILE

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 organisation. 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 supremo 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 incharge 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 grassroot level and create trust. We believe that our association with Kapil Dev as our brand ambassador will help us create this connect 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 was host the annual golf tournament at the Chembur Golf Club in Mumbai where Kapil Dev was participate.

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 organisation. 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 customercentric 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 organisation 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".

VISION

To be a world class provider of financial security to individuals and corporates and to be amongst the top three private sector life insurance companies in India

MISSION To be the first preference of our customers by providing innovative, need based life insurance and retirement solutions to individuals as well as corporates. These solutions will be made available by well-trained professionals through a multi channel distribution network and superior technology. Our endeavour will be to provide constant value addition to customers throughout their relationship with us, within the regulatory framework. We will provide career development opportunities to our employees and the highest possible returns to our shareholders

OBJECTIVE

Integrity Commitment Passion Seamlessness Speed

ORGANIZATIONAL STRUCTURE

The structure of the insurance companies build in the light of current legislation and the most subordinate territorial principle. If a company is a joint stock company, its supreme authority is the shareholders' meeting. The executive functions confer on the board of directors elected assembly and its chairman, who are nominated by the Director from among themselves. Chairman of the insurance company may also hold the CEO, but often has little powers and perform representational functions, and coordinates the interaction with the legislative and executive bodies. President - the supreme leader of the insurance company after the chairman of the board. However, if it is, and chief executive officer, the rank sometimes surpasses chairman. Vice President - Chief Financial Officer of an insurance company, because it is dominated financial activities. Secretariat t is a permanent body under the Board of Directors, President and Vice-President for the execution of their decisions. The Secretariat is composed of Public Relations. The Executive Director led the major activities of the company, headed by the department or office for each type of insurance. The president, vice-president, the executive director has in his subordination of certain services. Thus, the president report directly to human resources and legal departments, vice-president - the actuarial calculations, economic analysis, accounting.

FINANCE DEPARTMENT Birla Sun Life Insurance Co. Ltd. is a joint venture between Aditya Birla Group, an Indian multinational corporation, and Sun Life Financial Inc, a leading global insurance company. Birla Sun Life Insurance is distinguished as the first company in the sector of financial solutions to begin Business Continuity Plan. This insurance company has pioneered the unique Unit Linked Life Insurance Solutions in India. Within 4 years of its launch, BSLI became one of the leading players in the industry of Private Life Insurance Scheme. Birla Sun Life Insurance believes in passion, integrity, speed, commitment and seamlessness. The mission of the company is to help people with risk management. It also helps in managing the financial situation of firms as well as individuals. Here is given a comprehensive list of policies and products offered by Birla Sun Life Insurance Co. Ltd. Protection Plans :• Birla Sun Life Insurance Term Plan • Birla Sun Life Insurance Premium Back Term Plan

Saving Plans :• Birla Sun Life Insurance Guaranteed Bachat Plan • Birla Sun Life Insurance Money Back Plus Plan • Birla Sun Life Insurance Gold-Plus II • Birla Sun Life Insurance Saral Jeevan Plan • Birla Sun Life Insurance Supreme-Life • Birla Sun Life Insurance Dream Plan • Birla Sun Life Insurance ClassicLife Premier • Birla Sun Life Insurance SimplyLife • Birla Sun Life Insurance PrimeLife Premier • Birla Sun Life Insurance PrimeLife • Birla Sun Life Insurance Flexi Cash Flow • Birla Sun Life Insurance Flexi Save Plus • Birla Sun Life Insurance Flexi Life Line • Birla Sun Life Insurance Single Premium Bond

Health Solution Plans :• BSLI Health Plan • BSLI Universal Health Plan

Retirement Plans :• Birla Sun Life Insurance Freedom 58 • Birla Sun Life Insurance Flexi SecureLife Retirement Plan II

Children Plans :• Birla Sun Life Insurance Children's Dream Plan

Rural Plans :• Birla Sun Life Insurance Bima Suraksha Super • Birla Sun Life Insurance Bima Dhan Sanchay • Birla Sun Life Insurance Bima Kavach Yojana

Group Plans :• Birla Sun Life Insurance Group Unit Linked Plan • Birla Sun Life Insurance Group Protection Solutions • Birla Sun Life Insurance Group Superannuation Plan • Birla Sun Life Insurance Group Gratuity Plan • Birla Sun Life Insurance Credit Guard Plan • Birla Sun Life Insurance Single Premium Group Term Plan

NRI Plans :• Birla Sun Life Insurance PrimeLife Premier • Birla Sun Life Insurance PrimeLife • Birla Sun Life Insurance Flexi Life Line Plan • Birla Sun Life Insurance Flexi Save Plus • Birla Sun Life Insurance Flexi Cash Flow • Birla Sun Life Insurance ClassicLife Premier • Birla Sun Life Insurance Single Premium Bond • Birla Sun Life Insurance SimplyLife

HUMAN RESOURCE DEPARTMENT The Human Resources department of BSLI had an induction manual on the intranet to initiate new employees into the organization. The manual had reams and reams of text running into hundreds of pages. The volume of information made it difficult for the user to assimilate company policies and operating procedures. BSLI partnered with Indigo Consulting to transform a standard induction manual into a fun and lively user experience. The Indigo Consulting team developed a strategy and outlined the contours of a solution: i) Reader-friendly - The solution required to be innovative in presenting text, text and more text. ii) Holds the user's attention till the end - The proposed solution had to ensure that HR could track usage and the user completed reading the entire manual. iii) Maintenance-friendly - The new induction manual required updating from time to time. The solution had to account for a content management system.

The Solution To overcome the challenge of presenting lots of textual information in an interesting and user-friendly fashion, the idiom of motorcar rally was used. This creative concept was finalised over many others keeping in mind the young target audience, and their interests. Each department was presented as a metophor for a racing situation. For instance, the Finance department was a 'petrol pump' in the course of the Rally - where the driver (employee going through the module) stops to refuel. The importance of the function, along with its structure, was presented at the stop. For the legal department, the car drove towards a check post. The solution offered the user the option to determine the type and order of sections to be accessed, while quizzes along the way ensured attention & assimilation. On completion of the quiz, the score was mailed to the department head. When the user completed the manual, a registration form with details of the user was submitted to generate an employee ID. This ensured that the entire course was completed. An elementary content management system was provided that enabled the client to update the manual. The module was developed in Flash and XML. Flash Scripting made it possible to track user movement, his score and time spent in the various sections. XML was consciously chosen to overcome the 'complex future maintenance' trap that most Flash projects fall in to after initial development. 3-D graphics were used to set the context and recreate a specific environment.

MARKETING DEPARTMENT

The Insurance Marketing Department Limited offers you more than 30 years experience of insurance and financial services, including: Business to business promotion - promoting your services and products to other businesses, whether they are introducers, sellers or corporate clients; Business to consumer promotion - getting your message across to the end user in such a way that encourages them to do business with you; Product development - identifying consumer and business needs and then developing products and services to meet those needs; Strategic planning and implementation - developing plans that work within your corporate goals and then delivering them, working as part of your management team. No matter who you are, if you are in the insurance or financial services industry, we can help you market your business.

PRODUCTION DEPARTMENT

Risk management against a huge loss is very necessary, and insurance is transfer of risk from one entity to another. Several companies have come up these days with life, health, medical and travel insurance. One such company is Birla Sun Life Insurance. Providing a number of insurance products, Birla Sun Life is a prestigious company to bond with. Birla Sun Life Insurance Company Limited is a joint venture between the Sun Life Financial Inc and the Aditya Birla Group. Birla Sun Life Insurance was the first company in the sector of financial solutions to begin Business Continuity Plan. In fact, policies were first issued by this insurance company on the Internet. This insurance provider company has pioneered the unique Unit Linked Life Insurance Solutions in India. It is one of the top players in the industry of Private Life Insurance Scheme. The company believes in passion, integrity, speed, commitment and seamlessness. The mission of the company is to help people with risk management. It also helps in managing the financial situation of firms as well as individuals. Some of the Birla Life Insurance products include: Insurance for protection Insurance for retirement Insurance for saving Insurance for children Insurance for riders Insurance for rural Birla Sun Life Insurance for Protection includes insurance such as Birla Sun Life Insurance Term Plan and Birla Sun Life Insurance Premium Back Term Plan. Birla Sun Life Insurance Term Plan is apt for those seeking insurance benefits at economic costs. The plan covers all the liabilities and provides absolute security. The minimum age limit for acquiring the insurance is 18 years and maximum is 55 years. One can pay the premium either annually, monthly, quarterly or semi-annually. One can pay it through the ECS mode of payment or on a one-time basis. The Birla Sun Life Flexi SecureLife II- Retirement Plan is segregated into 2 sections. One is the Accumulation or build up phase and the other is the Annuity or the payout phase. With this plan one can enjoy tax benefits. Surrender scheme is also applicable to this plan. One can give up the policy after

the 3 years of policy till the vesting age. Other Birla Sun Life Insurance for Savings include: Birla Sun Life Insurance Flexi Save Plus Birla Sun Life Insurance Dream Plan Birla Sun Life Insurance Gold-Plus II Birla Sun Life Insurance ClassicLife Premier Birla Sun Life Insurance PrimeLife Premier Birla Sun Life Insurance Saral Jeevan Plan Birla Sun Life Insurance PrimeLife Birla Sun Life Insurance LifeCompanion Birla Sun Life Insurance SimplyLife Birla Sun Life Insurance Flexi Cash Flow Birla Sun Life Insurance Flexi Life Line Birla Sun Life Insurance Supreme-Life Birla Sun Life Insurance Single Premium Bond

OBJECTIVE OF PROJECT 

To determine and analyze the Market Potential of the Birla Sun Life Insurance

Company in Muzaffarpur city.



To analyses the policy BIRLA SUN LIFE insurance company pvt. Ltd.



To study the overall scenario currently prevailing in the market, namely, the per capital

income, purchasing power, occupation, literacy rate, etc.



To study and determine the competitor position in the market.



To know what consumer look for while policy of their share being purchased



To know the satisfaction /dissatisfaction level towards the insurance company



To create familiar and motivate individual to insurance company



To provide information related to product and policies of insurance company

RESEARCH METHODOLOGY

While making a study we very often look for what type of research methodology is to be used in this type of study. For implementation of a proper research methodology we have to first understand the meaning of research. Research is a process with the help of which new concepts arises. It is the increase in the actual knowledge stock. It can be called as movement from known to unknown and viceversa. It is also a continuous process. It is a scientific as well as systematic process, which includes defining and redefining the problem to develop hypothesis, to collect and define the information/data, to analysis the information and bring out the mother of Discovery. An individual makes the effort in research and society or public takes its benefits because the results are usually generalized.

TYPES OF RESEARCH •

Descriptive V/s Analitical

•

AppliedV/s Fundamental

•

Quantitive V/s Qualititative

•

Conceptual V/s Empirical

•

Simulation Research

•

Exploratory Research

•

Historical Research

TYPES OF DATA

The word data Mpesceans 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 govt., 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

DATA ANALYSIS TOOLS Sample Size We have meet 250 peoples during requirement Advisor and policy selling after that I have taken 25 Peoples they have fill up the questionnaire and given response

INFORMATION AND DATA RELATED TO TOPIC Data 1. Which Birla Sun Life Scheme does you have?

No of Peoples Have BSLI Plan

Health, 10% Retierment , 22%

Health Retierment Life

Life, 68%

Inference On the basis of above analysis it has been concluded that around 68% of the policy holders are having life plan, 22% of them are having Retirement plan and rest of them are having the health plan.

Data 2. Are you satisfied with the Insurance plan you have?

No. of people satisfied with the plan

28% Yes No 72%

Inference On the basis of the analysis it has been concluded that around 72%of the people are satisfied with plan they and rest if them are not satisfied.

Data 3. Are you satisfied with the services provided by the company regarding new plans and schemes?

No. of people satisfied with the services provided by the company 18% Yes No 82%

Inference On the basis of the above analysis it has been concluded that around 82% of the policy holders are satisfied with the services provided by the company and rest of them are not satisfied.

Data 4. Are you interested to make more investments in BSLI ?

No. of Peoples want to more investment in BSLI

33% Yes No 67%

Inference On the basis of the above analysis it has been concluded that around 67% of the policyholders are interested to make more investments in BSLI and rest of them are not interested.

Data 5. Have you any other Insurance Plan apart from BSLI?

No. of Peoples have other Insurance Plan apart from BSLI?

22%

Yes No 78%

8% 11% 9%

LIC

12%

BSLI BAJAJ ALIYANZ 60%

ICICI Others

Inference From the above analysis it has been concluded that around 89% of policy holders are having other insurance plans apart from BSLI , in which around 60 % are having LIC insurance plans, 11% are having Bajaj Allianz, 9% are having Birla Sunlife, 8% are having ICICI Pru. and 12% are having other company insurance plans.

Data 6. If you get any attractive plan than are you ready to switch over?

People ready to switch to attractive Schemes if offered by other companies 18% Yes No 82%

Inference On the basis of the above analysis it has been concluded that around 82% of the policy holders are ready to switch over if they get good attractive insurance plan and rest of them don’t.

GRAPHICAL REPRESENTATION OF COLLECTED DATA

Male Vs Female Respondence 27%

Male Female 73%

Marital Status of Respondent

39% 61%

Married Unmarried

Age of Respondent 18%

2% 53%

27%

Less 25

25-35

35-45

Above 55

Qualification Of Respondent

27%

16%

57% 12th Graduation Post Graduation

Dependent Of Respondent 15% 23%

62%

None

Two

Above Two

FINDINGS

Finding-1 shows the difference between the male & female respondent who are selected as a new advisor the male dominant over female. There is a big difference between the male & female advisor.

Finding –2 shows the martial status of new advisors. Out of 100 advisors selected 61 are one married which is a good sign because they are much more aware insurance and 39 unmarried .

Finding-3 shows the age group of selected advisors are quiet encouraging. 53 % are over age of 55 years which is quite good for company because they much more trusted by the prospect than the other age group.

Finding-4

shows

most

of

the

selected

advisors

have

a

good

qualification. Most of them are graduate and post graduate.

Finding-5 shows, because 61% advisors are married so the dependent person on them are same.

Finding-6 shows most of the new advisors are engaged in different fields. Some are govt. employee, some are engaged in private service and some have their own business.

Finding-7 All most 50% of the new advisors give full

time to their

profession. This shows how new advisors are dedicated towards their new profession.

Finding-8 Most of the new advisors have a very good family support. The annual family income of most of the new advisors are over 10,000 which is very encouragement

Finding-9 Most of the new advisors belong to a middle income group so they are not in a position to join any club or social organization. The percent of joining such club or organization is just 22%.

Finding-10 shows selection is advisors in base on commission basis so there is always a big possibility of extra income. Hard working advisors can earn more then expectation, because their is no limit of earning. If a advisors sell more policy he can get more commission so there know limitation on earnings. .

RECOMMANDATION 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. 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. Leveraging technology to service customers quickly, efficiently and conveniently. Developing and implementing superior risk management and investment strategies to offer sustainable and stable returns to our policyholders. 1)

Company should target each and every class of the society

2)

Company should provide full information to the targeting so they can take interest

CONCLUSION

customers before

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

BIBIOLIOGRAPHY

www.BirlaSunlife.com www. irda. gov. in Birlasunlife New Advisor Book www.google.com .

APENDIX

Questionnaire

Name:...............................

Age:……………..

Occupation:…………………..

Ques.1 Which Birla Sun Life Scheme does you have? (a) Life

(b) Retirement

(c) Health

Ques.2 Are you satisfied with the Insurance plan you have? (a) Yes

(b) No

Ques.3 What attract you towards Birla Sun Life Plans? (a) (b) (c) (d) Ques.4 Are you satisfied with the services provided by the company regarding new plans and schemes? (a) Yes

(b) No

Ques.5 Are you interested to make more investments inBirla Sun Life ? (a) Yes

(b) No

Ques.6 Have you any other Insurance Plan apart from Birla Sun Life? (a) Yes

(b) No

Ques.7 If yes, then of which Life Insurance Company? (a) LIC (c) Birla Sunlife (e) Others

(b) Bajaj Allianz (d) Reliance

Ques.8 If you get any attractive plan than are you ready to switch over? (a) Yes

(b) No

Suggestions: …………………………………………………………………………… …………………………………………………………………………… …………………………………………………………………………… ……………………………………………………………………………

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