A

PROJECT REPORT
ON
CONSUMER BEHAVIOR TOWARDS BIRLA SUNLIFE INSURANCE
LTD.
A training report submitted in partial fulfillment of the requirement for the degree of
MASTERS OF BUSINESS ADMINISTRATION
(2013-2015)

Sub. By : Navdeep Goyal
MBA II
Roll No.: 13!"#3$


BABA FARID COLLEE OF MANAEMENT AND
TECHNOLO! DEON" BATHI NDA
1
T# $%#& '( &)* +#,+-.,
This is to certify that the project report titled CONSUMER BEHAVIOUR
TOWARDS BIRLA SUNLIFE INSURANCE LTD./ carried out by
NAVDEEP O!AL has been accomplished under the guidance and
supervision of M.. MUNISH SHARMA and M.0. INN!.
This project is being submitted by him in the partial fulfillment of
requirements for the award of the Master of Business Administration from
Baba farid college of management and technology, bathinda
This is an original wor! and has not been submitted by her anywhere
else for the award of any degree All sources of information and help have
been duly mentioned and ac!nowledged
"ignature of faculty guide#
$ate#
%
AC1NOWLEDEMENT
& feel immense pleasure to give the credit of my project wor! not only to one
individual as this wor! is integrated effort of all those who are concerned
with it & want to than!s to all those individuals who guided me to move on
the trac!
This report entitled '()*"+M,- B,.A/&)+- T)0A-$" B&-1A "+*
1&2, &*"+-A*(, 1&M&T,$3 is the outcome of my summer training at
B&-1A "+*1&2, &*"+-A*(, (o 1udhiana
& sincerely e4press my gratitude and lot of than!s to Mr Munish
"harma 5 Mrs 6inny and other staff members of B&-1A
"+*1&2, &*"+-A*(, (), 1udhiana for helping me in
completing my project wor! and ma!ing it a great success
& would li!e to e4press my deep sense of gratitude to staff of Baba farid
college of management who introduced me to the subject and under whose
guidance & am able to complete my project
1ast but not least, & would than! all my friends, faculty members and all
respondents who rendered their precious time for contributing their s!ills
and fill the questionnaire, which made my project more appealing and
attractive
NAVDEEP O!AL
7
PREFACE
After having undergone the practical training with 'B&-1A "+*1&2,
&*"+-A*(, 1T$3 & have been able to understand the importance and
necessity of obtaining a professional degree in management The wor!ing of
various organs of organi8ation is captured over here which correlates with
one another as it further adds the vastness of my study
.ence my attempt is to cover all the organi8ational activities and related
facts so as to have better control over my primary subject of study The
increased significance of understanding pivot for modern researches
$ynamic behavior of human resources shows a greater comple4ity to be
overcome by researches and there is a vast scope left to be undergone
Todays
(omple4 organi8ation structure
&ncreasing importance of human resources
&ncreasing comple4ity of job designing and organi8ation
.ence my study includes human related aspects with reference to
organi8ational functioning
1 &n9depth Analytical study and observation of procedures and system
of mar!eting which are prevalent in common environment
% Management policies and practices determine the success of entire
organi8ational functioning *o matter whether it is recruitment policy
or related to other department, it has a significant impact over
recruitment
This project gives us an opportunity to get !nowledge how business can
effected and how to handle different situations which organi8ation faces
:
Table of Contents
A............................................................................................................................... 1
PROJECT REPORT................................................................................................. 1
Table of Contents............................................................................................................. 5
EXECUTIVE SUMMARY.................................................................................................. 6
CHAPTER -1.................................................................................................................. 1
I!TRO"UCTIO!............................................................................................................ 1
A#OUT........................................................................................................................... 1
PROJECT TOPIC........................................................................................................... 1
CHAPTER -$.............................................................................................................. $
I!TRO"UCTIO!........................................................................................................ $
A#OUT....................................................................................................................... $
I!SURA!CE SECTOR............................................................................................... $
H%sto&' of %ns(&an)e.................................................................................................... $1
T'*es of %ns(&an)e..................................................................................................... $+
T'*es of %ns(&an)e )o,*an%es...................................................................................$5
S%-e of .lobal %ns(&an)e %n/(st&'................................................................................$6
0%nan)%al 1%ab%l%t' of %ns(&an)e )o,*an%es..................................................................$2
Healt3 %ns(&an)e..................................................................................................... $2
"ental %ns(&an)e..................................................................................................... $2
PRESE!T SCE!ARIO O0 I!SURA!CE I!"USTRY....................................................$4
CHAPTER -5.................................................................................................................. 51
A#OUT........................................................................................................................... 51
A"IYTA #IR6A 7ROUP................................................................................................. 51
CHAPTER -+.................................................................................................................. 5+
I!TRO"UCTIO!............................................................................................................ 5+
A#OUT........................................................................................................................... 5+
#IR6A SU! 6I0E I!SURA!CE COMPA!Y...................................................................5+
CHAPTER -5.................................................................................................................. +$
O#JECTIVE O0 THE STU"Y........................................................................................ +$
;
A!"............................................................................................................................... +$
RESEARCH METHO"O6O7Y...................................................................................... +$
CHAPTER -6.................................................................................................................. +4
I!TREPRETATIO!........................................................................................................ +4
A!"............................................................................................................................... +4
"ATA A!A6YSIS........................................................................................................... +4
CHAPTER -2.................................................................................................................. 56
SU77ESTIO!S............................................................................................................. 52
A!"............................................................................................................................... 52
RECOMME!"ATIO!S.................................................................................................. 52
CHAPTER 8 4................................................................................................................ 6
APPE!"IX..................................................................................................................... 6
A!"............................................................................................................................... 6
#I#6IO7RAPHY............................................................................................................ 6
#I#6IO7RAPHY............................................................................................................ 6$
S9OT A!A6YSIS.......................................................................................................... 65
CO!C6USIO!............................................................................................................... 65
EXECUTIVE SUMMARY
B&-1A "+* 1&2, &*"+-A*(, ()M<A*= 1&M&T,$ is a joint venture
between "un 1ife Assurance (ompany of (anada and Aditya Birla
Management (orporation 1imited Birla sun life insurance is one of the top
privately owned life insurers in the country
The company has a large number of insurance advisors who sell
company products in branches across the country Birla "un 1ife mar!ets a
full array of individual life insurance, group insurance and group savings
products throughout &ndia &nstead of this Birla "un 1ife Asset Management
(ompany 1imited >B"1AM(?, the investment managers of Birla Mutual
2und, is a joint venture between companies of Aditya Birla Management
(orporation 1imited and "un 1ife Assurance (ompany of
@
(anadaB"1AM( strives to provide transparent, ethical and research9based
investment and wealth management services
Birla "un 1ife $istribution (ompany 1imited offers investment advisory
and financial product distribution through its networ! of agents located
across the country The products offered are mutual funds, 6overnment of
&ndia -elief bonds, and bonds of public financial institutions, select fi4ed
deposits and &nitial equity and debt public offerings
The company also distributes the insurance products of Birla "un 1ife
&nsurance (ompany 1imited
Both these companies having their own status in all over the
world, both these companies are most popular companies As we !now it is
joint venture between "un 1ife Assurance (ompany of (anada and Aditya
Birla Management (orporation 1imited Aditya Birla group is very famous
company in &ndia this company e4pand their business they having their
cement factory and instead of this they having many other wor!s this detail
we get after reading this project report
The Aditya Birla 6roup is a +" A%: billion conglomerate with a mar!et
capitali8ation of +" A71; billion >as on 71st $ecember %BBC? and is one of
the largest business houses in &ndia &t enjoys a leadership position in all the
sectors in which it operates &t is anchored by a force of 1BB,BBB employees,
belonging to %; nationalities &ts operations span %B countries across si4
continents and are rec!oned as &ndiaDs first multinational corporation
.eadquartered in Mumbai, &ndia, over ;B per cent of the 6roupEs revenues
C
flow from its overseas operations The 6roup nurtures a wor! culture where
success is built on learning and innovation
The Aditya Birla 6roup was recently been adjudged 'The Best ,mployer in
&ndia and among the top %B in Asia3 by the .ewitt, ,conomic Times and
0all "treet Fournal "tudy %BBC
&ndia with about %BB million middle class household shows a huge
untapped potential for players in the insurance industry "aturation of
mar!ets in many developed economies has made the &ndian mar!et
even more attractive for global insurance majors The insurance sector
in &ndia has come to a position of very high potential and
competitiveness in the mar!et &ndians, have always seen life
insurance as a ta4 saving device, are now suddenly turning to the
private sector that are providing them new products and variety for
their choice

(onsumers remain the most important centre of the insurance sector
After the entry of the foreign players the industry is seeing a lot of
competition and thus improvement of the customer service in the
industry (omputerisation of operations and updating of technology
has become imperative in the current scenario 2oreign players are
bringing in international best practices in service through use of latest
technologies

G The insurance agents still remain the main source through which
insurance products are sold The concept is very well established in the
country li!e &ndia but still the increasing use of other sources is imperative
B"1& is growing very speedy all over the &ndia This growth rate is
increasing continuously instead of the mar!et competition now these days
there are many companies competing with each other Today there are many
companies wor!ing for insurance and these are li!e
B&-1A "+*1&2, &*"+-A*(,
BAFAF A11&A*H
I
&(&(& <-+ &*"+-A*(,
".A-A 1&2, &*"+-A*(,
1&( ,tc
J
CHAPTER -1
INTRODUCTION
ABOUT
PROJECT TOPIC
PROJECT TITLE2-
1B
The project title is in the depth study of ()*"+M,- B,.A/&)-
T)0A-$" 'B&-1A "+* 1&2, &*"+-A*(, 1&M&T,$3
INTRODUCTION2-
&n the present constantly developing scenario rapidly changing technology
and consumerEs tastes and preferences have become order of the day To
survive in the mar!et , a firm has not only to be constantly innovating for
new process , designs and materials , but also !eeping it well aware about
the latest trend and tastes (onsumer behavior provides invaluable clues and
guidelines to mar!eters on new technological and product frontiers , which
they should e4plore for survival of their business with adequate profits
The heterogeneity among people across the world ma!es understanding
consumer buying behavior is really a challenging tas! The consumer
identity ,his beliefs ,specific needs , attitudes and the !ind of product and
brands available in that product category influence his buying behavior The
mar!eting efforts of a firm have a profound impact on the buying behavior
of customers Therefore mar!eters attempt to obtain an in9depth !nowledge
of customers buying behavior The success or failure of a product or service
is directly related to the buying behavior of customer .ence to
understanding of the buying behavior of the customers helps mar!eters come
up with innovative product mi4es
2inally, buyer behavior acts as an imperative tool in the hands of mar!eters
to forecast the future buying behavior of the customers and device mar!eting
strategies accordingly in order to create long term relationship with the
customers
MEANIN OF CONSUMER BEHAVIOUR
11
(onsumer behavior is the study of how individuals ma!e decisions to spend
their available resources >time, money and effort? on consumption related
item >what they buy, when they buy, where they buy, how often they buy
and use a product or services?
There heterogeneity among people across the world ma!es understanding
consumer behavior an intricate and challenging tas! The consumerEs
identity, his beliefEs, specific needs, attitudes and the !ind of product and
brand available in that product category influence his buying behavior The
mar!eting efforts of a firm have a profound impact on the buying decisions
of the customers Therefore, mar!eters attempt to obtain an in9depth
!nowledge of customers buying behavior The success or failure of a
product or service is directly related to the buying behavior of customers
.ence, an understanding of buying behavior of customers helps mar!eters to
come up with innovative products mi4es
2inally, buyer behavior acts as an imperative rule in the hands of mar!eters
to forecast the future buying behavior of customers and device mar!eting
strategies accordingly in order to create long term relationship with
customer
BU!IN DECISION PROCESS
(onsumers pass through different stages before actually buying of products
which are as follows#
1 &dentify the problem K need recognition
% 6ather information about products and brands
7 ,valuate the alternative and select the best possible alternative
: <urchase decisionK buying the product
; <ost purchase evaluation
PROBLEM RECONITION
1%
The process of buying starts when a person relies that he has a problem or an
unsatisfied need A need can be aroused internally within the person, for
e4ample, hunger or buy an e4ternal stimulus An e4ternal stimulus such as
an advertisement or the attractiveness of the product pac!age may also
trigger a need in a person
"ources of problem recognition include#
An item is out of stoc!
$issatisfaction with a current product or service
(onsumer needs and wants
-elated productsKpurchases
Mar!eter9induced
*ew products
INFORMATION SEARCH
A consumer who reali8es a need of a product will try to gather information
regarding the product &nformation can be gathered from several sources
li!e,
1 <ersonal sources# 2amily, friends, neighbors and reference group
% (ommercial sources# Advertisement9print media, broadcasting media and
the internet and other mar!eting sources li!e departmental stores and retail
outlets
7 <ublic sources# Articles in newspapers and journals, and consumer rating
organi8ations
: ,4perimental sources# 2ree trails etc
EVALUATION OF ALTERNATIVES
17
&n this stage, customer analysis the information available with him in order
to select the right brand or product The criteria to evaluate a product may
differ depending either on the buying situation or on the level of
involvement required 2or high value and infrequently purchased items,
customers can be involved in detailed analysis of information .owever, for
low involvement or low priced product, customers can use simple criterion,
such as price (ustomers can give a certain level of attention to different
features and characteristics of a product
PURCHASE DECISION
"election or purchase of a particular brand is depending on the evaluation
criteria and ratings The purchase decision also depends upon the availability
of brands This stage also accounts for a large number of sub divisions about
purchasing a product li!e#
1 "eller and location of store
% Time of purchase
7 "i8e of the product
: <rice of the product
; $elivery and warranty
@ <ayment method li!e credit arrangements
C Ancillary services offered, li!e installation and maintenance
arrangements
POST PURCHASE BEHAVIOR
A customer evaluates the performance of a product after buying it .e will
also compare the performance of the product with that of itEs competitors
product The consumer will be either satisfied or dissatisfied after this
evaluation BuyerEs post purchase feelings are of significant importance to
mar!eters The post purchase evaluation might either lead to repeat purchase
1:
and the buyer tal!ing favorably about the product to other or the buyer may
tal! negative about the firmEs product
FACTORS INFLUENCIN CONSUMER BEHAVIOR
1 (+1T+-, 2A(T)-"
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The culture factors that influence consumer9buying behavior include the
following#
CULTURE2-
(ulture is considered as a set of rules, values, beliefs, behavior and
concepts that is common to and binds together the members of a society
&t is usually passed on from one generation to the other $uring our lives,
there is constant L conscious and unconscious L pressure on us to display
certain types of behavior
SUBCULTURE2-
,very culture has its own set of subculture A subculture is a culture
followed by a group of people within a culture that is distinctly identified
within a larger society These groups have a similar habits, behavior
patterns, shared value system, buying behavior on the basis of their age,
religion, common e4periences or even geographic location To tac!le the
problem created by subculture differences mar!eters need to understand
the requirements of the subculture groups and adopt strategies li!e
altering the product, promotion, pac!aging or price suitable to these
groups
SOCIAL CLASS2-
"ocial class refers to the classification of members of society into a
hierarchy of distinct classes so that every individual in a class has
appro4imately same position in the society Most societies in the world have
different social class structure Members of each social class are free to
move in an upward or downward direction within the social class, on the
basis of their social structure
"ocial class can be divided into following parts#9
1@
1 U33-. +4)002-
This class consists of people who are rich and posses considerable wealth,
for e4ample, people with large businesses and wealthy corporate e4ecutives
% U33-. &'554- +4)002-
This class consists of well9 educated people holding top class positions in
middle si8e firms, or professionals who are successful
7 M'554- +4)002-
This class consists of white collar wor!ers li!e middle level and junior
e4ecutives, sales people, academicians, small business owners, etc
: L#$-. +4)002-
This class consists of blue collar wor!ers li!e laborers, semi s!illed and
uns!illed in the unorgani8ed sector
B SOCIAL FACTORS2-
2amily, friends, formal social groups, colleagues at wor! and consumer
action groups influence the consumerEs buying behavior significantly An
individualEs family greatly influences the buying patterns of the individual
S#+')4 6)+(#.0 ',+475-0 6#44#$',8 6)+(#.02-
1. R-6-.-,+- .#7302-
An individualEs attitude, value and behavior are influenced by different
>small? groups and they have a direct or indirect influence on the individual
Buying behavior of consumers is largely influenced by the reference group
to which they belong or aspire to belong
2. F)&'4*2-
A family is defined as a two or more persons related by blood, marriage or
adoption and reside together A family is a small reference group but it is
prominent in influencing consumer behavior 2amilies go through various
1C
stages of life cycle 2or e4ample, the consumer demands of a bachelor are
different from those of a newly married couple, or a family with children K
no children, older couples with dependent children, older couples with no
dependent children and solitary survivors
C. PERSONAL FACTORS2-
These are different personal factors, which affect the buying decision
process These factors are as follows#9
1. A8- ),5 4'6-+*+4- 0()8-2-
(hanges in a society have led to the creation of different categories li!e
couples getting married late in life, single parents, etc, besides the
traditional life cycle stages which included young singles, married couples
and lone survivors
2. O++73)('#, ),5 F',),+')4 0()(702-
)ccupation and income level of persons have a major impact on his savings
and buying behavior 2or e4ample, blue collar will indulge in purchasing
clothes, shoes, etc, which he cam wear to wor! "imilarly,
companyEs chairman may buy clothes, accessories and other products and
services that suit his lifestyle
3. L'6- 0(*4-2
An individualEs way of leading his life will determine his lifestyle 2actors
such as wor! life, interests, social groups, etc, influence the lifestyle of an
individual
D. PS!CHOLOICAL FACTORS9-
<sychological factors that influence consumer buying behavior are as
follows#9
1. M#(':)('#,2-
A motive is a strong urge that drives a personEs activities towards unfulfilled
needs and wants (ustomers are influenced by a motive or a set of motives
when they have unfulfilled needs &n other words, needs are the motivational
1I
elements behind the purchasing decision of customers )ne of the most
widely !nown theories, the hierarchy of need, was proposed by Abraham
Maslow and e4plains why people are driven by particular need at particular
time
2. P-.+-3('#,2-
<erceptions are defined as the process by which an individual selects,
organi8es and interpret stimuli into meaningful thoughts and pictures
(ustomers base their perception on their needs, wants, past e4periences and
something that they consider to be true 2or e4ample, a sub culture K reader
who read a particular newspaper or journal might perceive it to give the true
picture of the happenings around him

3. B-4'-60 ),5 A(('(75-2-
A belief is a descriptive image or thought that an individual holds about
something <eople acquire beliefs and attitudes through e4periences as well
as learning The beliefs and attitudes held by people, in turn, influence their
buying behavior
1J
CHAPTER -2
INTRODUCTION
ABOUT
INSURANCE SECTOR
%B
INDUSTR! PROFILE
H'0(#.* #6 ',07.),+-
,arly methods of transferring or distributing ris! were practiced by (hinese
and Babylonian traders as long ago as the 7rd and %nd millennia B(,
respectively (hinese merchants traveling treacherous river rapids would
redistribute their wares across many vessels to limit the loss due to any
single capsi8ing The Babylonians developed a system which was recorded
in the famous (ode of .ammurabi, c 1C;B B(, and practiced by early
Mediterranean sailing merchants &f a merchant received a loan to fund his
shipment, he would pay the lender an additional sum in e4change for the
lenderDs guarantee to cancel the loan should the shipment be stolen
Achaemenian monarchs were the first to insure their people and made it
official by registering the insuring process in governmental notary offices
The insurance tradition was performed each year in *orou8 >beginning of
the &ranian *ew =ear?M the heads of different ethnic groups as well as others
willing to ta!e part, presented gifts to the monarch The most important gift
was presented during a special ceremony and when a gift was worth more
than 1B,BBB $erri! >Achaemenian gold coin weighing I7;9I:%? the issue
was registered in a special office This was advantageous to those presented
such special gifts 2or others, the presents were fairly assessed by the
confidants of the court Then the assessment was registered in special
offices
The aim of registering was that whenever the one who presented the gift
registered by the court was in trouble, the monarch and the court would help
him or her Fahe8, a historian and writer, writes in one of his boo!s on
ancient &ran# and whenever the owner of the present is in trouble or wants to
construct a building, set up a feast, have his children married, etc the one in
charge of this in the court would chec! the registration &f the registered
%1
amount e4ceeded 1B,BBB $erri!, he or she would receive an amount of twice
as muchN
The 6ree!s and -omans introduced the origins of health and life insurance
c @BB A$ when they organi8ed guilds called Nbenevolent societiesN which
acted to care for the families and funeral e4penses of members upon death
6uilds in the Middle Ages served a similar purpose The Talmud deals with
several aspects of insuring goods Before insurance was established in the
late 1Cth century, Nfriendly societiesN e4isted in ,ngland, in which people
donated amounts of money to a general sum that could be used in case of
emergency
"eparate insurance contracts >ie insurance policies not bundled with loans
or other !inds of contracts? were invented in 6enoa in the 1:th century, as
were insurance pools bac!ed by pledges of landed estates These new
insurance contracts allowed insurance to be separated from investment, a
separation of roles that first proved useful in marine insurance &nsurance
became far more sophisticated in post9-enaissance ,urope, and speciali8ed
varieties developed
Toward the end of the seventeenth century, the growing importance of
1ondon as a center for trade led to rising demand for marine insurance &n
the late 1@IBs, Mr ,dward 1loyd opened a coffee house which became a
popular haunt of ship owners, merchants, and shipsE captains, and thereby a
reliable source of the latest shipping news &t became the meeting place for
parties wishing to insure cargoes and ships, and those willing to underwrite
such ventures Today, 1loydDs of 1ondon remains the leading mar!et for
marine and other specialist types of insurance, but it wor!s rather differently
than the more familiar !inds of insurance
&nsurance as we !now it today can be traced to the 6reat 2ire of 1ondon,
which in 1@@@ devoured 17,%BB houses &n the aftermath of this disaster
*icholas Barbon opened an office to insure buildings &n 1@IB he established
%%
,nglandDs first fire insurance company, NThe 2ire )ffice,N to insure bric!
and frame homes
The first insurance company in the +nited "tates provided fire insurance and
was formed in (harles Town >modern9day (harleston?, "outh (arolina, in
1C7%
Benjamin 2ran!lin helped to populari8e and ma!e standard the practice of
insurance, particularly against fire in the form of perpetual insurance
&n 1C;%, he founded the <hiladelphia (ontribution ship for the &nsurance of
.ouses from 1oss by 2ire 2ran!linDs company was the first to ma!e
contributions toward fire prevention *ot only did his company warn against
certain fire ha8ards, it refused to insure certain buildings where the ris! of
fire was too great, such as all wooden houses
&n the +nited "tates, regulation of the insurance industry is highly
Bal!ani8ed, with primary responsibility assumed by individual "tate
insurance departments 0hereas insurance mar!ets have become centrali8ed
nationally and internationally, state insurance commissioners operate
individually, though at times in concert through a national insurance
commissionerDs organi8ation &n recent years, some have called for a federal
regulatory system for insurance similar to that of the ban!ing industry
&n the "tate of *ew =or!, which has unique laws in !eeping with its stature
as a global business center, Attorney 6eneral ,liot "pit8er has been in a
unique position to grapple with major national insurance bro!erages "pit8er
alleged that Marsh 5 Mc1ennan steered business to insurance carriers based
on the amount of contingent commissions that could be e4tracted from
carriers, rather than basing decisions on whether carriers had the best deals
for clients "everal of the largest commercial insurance bro!erages have
since stopped accepting contingent commissions and have adopted new
business models
%7
T*3-0 #6 ',07.),+-
Any ris! that can be quantified probably has a type of insurance to protect it
Among the different types of insurance are#
A7(#&#;'4- ',07.),+- , also !nown as auto insurance" car
insurance and in the +O )0 motor insurance, is probably the most common
form of insurance and may cover both legal liability claims against the
driver and loss of or damage to the vehicle itself )ver most of the +nited
"tates purchasing an auto insurance policy is required to legally operate a
motor vehicle on public roads -ecommendations for which policy limits
should be used are specified in a number of boo!s &n some jurisdictions,
bodily injury compensation for automobile accident victims has been
changed to *o 2ault systems, which reduce or eliminate the ability to sue for
compensation but provide automatic eligibility for benefits
C)07)4(* ',07.),+- insures against accidents, not necessarily tied to
any specific property
C.-5'( ',07.),+- pays some or all of a loan bac! when certain things
happen to the borrower such as unemployment, disability, or death
2inancial loss insurance protects individuals and companies against
various financial ris!s
H-)4(% ',07.),+- covers medical bills incurred because of sic!ness
or accidents
L');'4'(* ',07.),+- covers legal claims against the insured 1ife
insurance provides a cash benefit to a decedentDs family or other
designated beneficiary, and may specifically provide for burial, funeral and
other final e4penses
o Annuities provide a stream of payments and are generally classified as
insurance because they are issued by insurance companies and regulated as
%:
insurance Annuities and pensions that pay a benefit for life are sometimes
regarded as insurance against the possibility that a retiree will outlive his or
her financial resources &n that sense, they are the complement of life
insurance
T#()4 3-.&),-,( 5'0);'4'(* ',07.),+- provides benefits when a
person is permanently disabled and can no longer wor! in their profession,
often ta!en as an adjunct to life insurance
M).',- I,07.),+- covers the loss or damage of goods at sea Marine
insurance typically compensates the owner of merchandise for losses
sustained from fire, shipwrec!, etc, but e4cludes losses that can be
recovered from the carrier
P#4'('+)4 .'0< ',07.),+- can be ta!en out by businesses with
operations in countries in which there is a ris! that revolution or other
political conditions will result in a loss
P.#3-.(* ',07.),+- provides protection against ris!s to property,
such as fire, theft or weather damage This includes speciali8ed forms of
insurance such as fire insurance, flood insurance, earthqua!e insurance,
home insurance, inland marine insurance or boiler insurance
T*3-0 #6 ',07.),+- +#&3),'-0
&nsurance companies may be classified as
Life ',07.),+- +#&3),'-0 , who sell life insurance, annuities and
pensions products
Non-life #. general insurance companies, who sell other types of
insurance
%;
&n most countries, life and non9life insurers are subject to different
regulations, ta4 and accounting rules The main reason for the distinction
between the two types of company is that life business is very long term in
nature P coverage for life assurance or a pension can cover ris!s over many
decades By contrast, non9life insurance cover usually covers a shorter
period, such as one year
&nsurance companies are generally classified as either mutual or sto%&
companies This is more of a traditional distinction as true mutual companies
are becoming rare Mutual companies are owned by the policyholders, while
stoc!holders, >who may or may not own policies? own stoc! insurance
companies
Reinsurance companies are insurance companies that sell policies to other
insurance companies, allowing them to reduce their ris!s and protect
themselves from very large losses The reinsurance mar!et is dominated by a
few very large companies, with huge reserves
Captive Insurance companies may be defined as limited purpose insurance
companies established with the specific objective of financing ris!s
emanating from their parent group or groups This definition can sometimes
be e4tended to include some of the ris!s of the parent companyDs customers
&n short terms, it is an in9house self9insurance vehicle (aptives may ta!e the
form of a NpureN entity >which is a 1BBQ subsidiary of the self9insured
parent company?M of a NmutualN captive >which insures the collective ris!s of
industry members?M and of an NassociationN captive >which self9insures
individual ris!s of the members of a professional, commercial or industrial
association?
S'=- #6 84#;)4 ',07.),+- ',570(.*
6lobal insurance premiums grew by JCQ in %BB: to reach A77 trillion
This follows 11CQ growth in the previous year 1ife insurance premiums
grew by JIQ during the year due to rising demand for annuity and pension
products *on9life insurance premiums grew by J:Q as premium rates
%@
increased )ver the past decade, global insurance premiums rose by more
than a half as annual growth fluctuated between %Q and 1BQ
F',),+')4 :');'4'(* #6 ',07.),+- +#&3),'-0
2inancial stability and strength of the insurance company should be a major
consideration when purchasing an insurance contract An insurance premium
paid currently provides coverage for losses that might arise many years in
the future 2or that reason, the viability of the insurance carrier is very
important &n recent years, a number of insurance companies have become
insolvent, leaving their policyholders with no coverage >or coverage only
from a government9bac!ed insurance pool with less attractive payouts for
losses? A number of independent rating agencies, such as BestDs, provide
information and rate the financial viability of insurance companies
H-)4(% ',07.),+-
.ealth insurance, which is coverage for individuals to protect them against
medical costs, is a highly charged and political issue in the +nited "tates,
which does not have sociali8ed health coverage &n theory, the mar!et for
health insurance provision should function in a manner similar to other
insurance coverage, but the s!yroc!eting cost of health coverage has
disrupted mar!ets around the globe, but perhaps most glaringly in the +"
<lease see health insurance for a discussion of this category
D-,()4 ',07.),+-
$ental insurance, li!e health insurance, is coverage for individuals to protect
them against dental costs $ental insurance usually goes hand9in9hand with
health insurance, with most people in the +nited "tates receiving it included
in their health insurance plan from their employer Along with receiving
dental insurance from your employer, there are ways to receive dental
insurance through resellers and companies for individuals and familiesM
although this way tends to be too e4pensive for most people
%C
OVERVIEW OF INDIAN INSURANCE SECTOR
The &nsurance sector in &ndia governed by &nsurance Act, 1J7I, the 1ife
&nsurance (orporation Act, 1J;@ and 6eneral &nsurance Business
>*ationalisation? Act, 1JC%, &nsurance -egulatory and $evelopment
Authority >&-$A? Act, 1JJJ and other related Acts 0ith such a large
population and the untapped mar!et area of this population &nsurance
happens to be a very big opportunity in &ndia Today it stands as a business
growing at the rate of 1;9%B per cent annually Together with ban!ing
services, it adds about C per cent to the countryEs 6$< &n spite of all this
growth the statistics of the penetration of the insurance in the country is very
poor *early IBQ of &ndian populations are without 1ife insurance cover
and the .ealth insurance This is an indicator that growth potential for the
insurance sector is immense in &ndia &t was due to this immense growth that
the regulations were introduced in the insurance sector and in continuation
'Malhotra (ommittee3 was constituted by the government in 1JJ7 to
e4amine the various aspects of the industry The !ey element of the reform
process was <articipation of overseas insurance companies with %@Q capital
(reating a more efficient and competitive financial system suitable for the
requirements of the economy was the main idea behind this reform

PRESENT SCENARIO OF INSURANCE INDUSTR!

&ndia with about %BB million middle class household shows a huge
untapped potential for players in the insurance industry "aturation of
mar!ets in many developed economies has made the &ndian mar!et
even more attractive for global insurance majors The insurance sector
in &ndia has come to a position of very high potential and
competitiveness in the mar!et &ndians, have always seen life
insurance as a ta4 saving device, are now suddenly turning to the
private sector that are providing them new products and variety for
their choice
%I
(onsumers remain the most important centre of the insurance sector
After the entry of the foreign players the industry is seeing a lot of
competition and thus improvement of the customer service in the
industry (omputeri8ation of operations and updating of technology
has become imperative in the current scenario 2oreign players are
bringing in international best practices in service through use of latest
technologies
The insurance agents still remain the main source through which
insurance products are sold The concept is very well established in
the country li!e &ndia but still the increasing use of other sources is
imperative At present the distribution channels that are available in
the mar!et are listed below
$irect selling
(orporate agents
6roup selling
Bro!ers and cooperative societies
Banc assurance

(ustomers have tremendous choice from a large variety of products from
pure term >ris!? insurance to unit9lin!ed investment products (ustomers are
offered unbundled products with a variety of benefits as riders from which
they can choose More customers are buying products and services based on
their true needs and not just traditional moneybac! policies, which is not
considered very appropriate for long9term protection and savings There is
lots of saving and investment plans in the mar!et .owever, there are still
some !ey new products yet to be introduced 9 eg health products
The rural consumer is now e4hibiting an increasing propensity for
insurance products A research conducted e4hibited that the rural consumers
are willing to dole out anything between -s 7,;BB and -s %,JBB as premium
each year &n the insurance the awareness level for life insurance is the
highest in rural &ndia, but the consumers are also aware about motor,
accidents and cattle insurance &n a study conducted by MA-T the results
showed that nearly one third said that they had purchased some !ind of
insurance with the ma4imum penetration s!ewed in favor of life insurance
%J
The study also pointed out the private companies have huge tas! to play in
creating awareness and credibility among the rural populace The perceived
benefits of buying a life policy range from security of income bul! return in
future, daughterDs marriage, childrenDs education and good return on
savings, in that order, the study adds



7B
CHAPTER -3
ABOUT
ADI!TA BIRLA ROUP
PROFILE OF ADIT!A BIRLA ROUP
71
The A5'(*) B'.4) .#73 is a multinational corporation based in Mumbai,
&ndia and operations in %B countries including Thailand, 1aos, &ndonesia,
<hilippines, ,gypt, (anada, Australia, (hina, +"A, +O, 6ermany,
.ungary, Bra8il, &taly, 2rance, 1u4embourg, "wit8erland, Malaysia and
Oorea
A +"A %: billion conglomerate, with a mar!et capitali8ation of +"A %7
billion )ver ;B per cent of its revenues flow from its operations across the
world The group is a major player in all the industry sectors it operates in
The 6roup has been adjudged the best employer in &ndia and among the top
%B in Asia by the .ewitt9,conomic Times and 0all "treet Fournal "tudy
%BBC The origins of the group lie in the conglomerate once held by one of
&ndiaDs foremost industrialists Mr 6hanshyam $as Birla .e bequeathed
most of these companies to his grandson, Mr Aditya /i!ram Birla L the
father of the current (hairman of the group, Mr Oumar Mangalam Birla
Mr Oumar Mangalam Birla is the grandson of Mr Basant Oumar Birla,
who heads his own independent business conglomerate "everal other
members of the Birla 2amily, own and run their independent business
groups
The group has diversified business interests and is dominant player in all
the sectors in which it operates such as viscose staple fiber, metals, cement,
viscose filament yarn, branded apparel, carbon blac!, chemicals, fertili8ers,
insulators, financial services, telecom, B<) and &Tservices
The origins of Aditya Birla 6roup can be traced bac! to the 1Jth century
when "eth "hiv *arayan Birla started trading in cotton in the town of <ilani,
-ajasthan &n the early part of the %Bth century, 6roupDs founding father,
6hanshyamdas Birla, e4panded the group and set up industries in critical
sectors such as te4tiles and fiber, aluminium, cement and chemicals &n
1J@J, Aditya Birla, the then (hairman of the 6roup, put the group on the
global map .e set up 1J companies outside &ndia, in Thailand, Malaysia,
&ndonesia, the <hilippines and ,gypt +nder Aditya BirlaDs leadership, the
7%
group attained new heights and it became worldDs largest producer of viscose
staple fiber, the largest refiner of palm oil, the third largest producer of
insulators and the si4th largest producer of carbon blac! After Aditya BirlaDs
demise his son Oumar Mangalam Birla too! over the charge of the group
and under his leadership the group has sustained the numero uno position in
the sectors in which it operates
M)>#. A+%'-:-&-,(0 #6 A5'(*) B'.4) .#73
1argest single location copper smelter
1argest aluminium rolling company
*o1 in viscose staple fibre
The third largest producer of insulators
The fourth largest producer of carbon blac!
The eleventh largest cement producer and the second largest in &ndia
Among the best energy efficient fertili8er plants
Among the worlds top 1; and &ndiaDs top three B<) company
77
CHAPTER -?
INTRODUCTION
ABOUT
BIRLA SUN LIFE INSURANCE COMPAN!


7:
COMPAN! PROFILE
This company is a merge between two companies Aditya Birla 6roup Both
these companies are famous
About this company it is also !nown as B"1& in mar!et this company spent
their carrier just C years in mar!et but now this company stand in mar!et in a
remar!able position
1 Birla "un 1ife &nsurance pioneered the unique U,'( L',<-5 L'6-
I,07.),+- S#47('#,0 in &ndia
% 0ithin : years of its launch, B"1& has cemented itsposition as a
leading player in the <rivate 1ife &nsurance &ndustry
7 There has been focus on &nvestment 1in!ed &nsurance <roducts,
supported with protection products to maintain leadership in product
innovation
: Multi $istribution (hannels9 $irect "ales 2orce, Alternate (hannels
and 6roup offering convenient channels of purchase to customers
; 0eb9enabled &T systems for superior customer services
@ 2irst to have issued policies over the &nternet
C (orporate governance and a high degree of transparency in all
business practices and procedures
I 2irst to have an operational Business (ontinuity <lan
J "trong fundamentals based on the Aditya Birla groupDs local insight
and "un 1ife financialsDs global e4pertise
7;
BIRLA SUN LIFE INSURANCE
Birla sun life insurance company limited is a joint venture between the
Aditya Birla 6roup and the sun 1ife 2inancial services of (anada &t started
its operations in March %BB1 after receiving its registration license in
Fanuary %BB1
B"1&Es core strategy since inception has been toE create valueE for all its
sta!eholders This has been driven through innovative and customer focused
products and a multi channel distribution capability in individual and group
insurance The company started its operations with the launch of innovative
unit9lin!ed insurance products, being the first private life insurance company
in &ndia to do so The company has geared up through superior value
creation and technology in fulfilling its aims to provide multiple products
and benefits greater investment opportunities and to provide the vast
investor popular in &ndia with better liquidity and security
The transition of the insurance industry in &ndia from a public monopoly to a
competitive environment presents interesting opportunities both to the
insurance players as well as to the customers B"1& plans to spot emerging
trends and capitali8e on these opportunities for the benefit of its customers
B"1& aims at being a leader in product innovation with new products
designed to cater to specific customer needs
The company has a clear thrust on investment lin!ed insurance products and
believes in ma4imi8ing investment returns for the policyholders &ts unit9
lin!ed products offered varied investment options for policyholders to
choose, based on their ris! appetite B"1& has been fully complying with its
rural services networ! of the group is being tapped for this purpose
&ts clients have already appreciated the companyEs superior underwriting
processes and infrastructure &ts direct sales force of more than @B,BBB high
quality licensed insurance advisors in major cities and towns in &ndia are the
companyEs flag bearers The companyEs insurance advisors in major cities
and towns in &ndia are the companyEs flag bearer The companyEs insurance
advisors have qualified for the prestigious Million $ollar -ound Table
7@
>M$-T?, ()T and T)T, one of the highest international honors in the life
insurance industry, in all the years of its operations
Birla sun life insurance pioneered the unique +nit 1in!ed 1ife &nsurance
"olutions in &ndia
0ithin : years of its launch, B"1& has cemented its position as a leading
player in the private life insurance industry
There has been focus on &nvestment 1in!ed &nsurance <roducts, supported
with protection products to maintain leadership in product innovation
Multi $istribution channels 9 $irect "ales 2orce, Alternate (hannels
and 6roup offering convenient channels of purchase to customers
0eb9 enabled &T systems for superior customer services
2irst to have issued policies over the &nternet
(orporate governance and a high degree of transparency in all
business practices and procedures
2irst to have an operational Business (ontinuity <lan
"trong fundamentals based on the Aditya Birla groupDs local insight
and "un 1ife financials global e4pertise
VISION
To create long term value along with mar!et leadership
MISSION
To help people mitigate ris!s of life, accident, health and money at all stages
and under all circumstances ,nhance the financial future of our customers,
including enterprises
7C

M)>#. P4)*-.0 O6 B'.4) S7, L'6- I,07.),+-
VALUES
7I
R &ntegrity
R (ommitment
R <assion
R "eamlessness
R "peed
V).'#70 3.#57+(0 #66-.-5 ;* BSLI ).-2
7J
74%
26%
100%
Equity Share
22 2le4i 1ife 1ine
22 2le4i (ash 2low
22 2le4i "ave <lus
22 2le4i "ecure1ife
22 (lassic 1ife <remier
22 Birla "un 1ife Term 5 <remium Bac! Term <lan
22 1ife (ompanion
22 <rime 1ife 5 <rime 1ife <remier
22 6old <lus
22 "imply 1ife
22 "ingle <remium Bond
22 "upreme 1ife
22 (hildrenEs $ream <lan, $ream <lan
22 Birla "un 1ife &nsurance 6old9<lus <lan
22 Birla "un 1ife Bima Oavach =ojana
22 Birla "un 1ife 6roup <rotection "olutions
22 Birla "un 1ife "ocial $evelopment <lan
22 Birla "un 1ife 6roup 6ratuity <lan
22 Birla "un 1ife 6roup "uperannuation <lan
22 Birla "un 1ife 6roup &nterest (redit <lan
BSLI A+%'-:-&-,(0
B"1& !nown for best practices that were adopted by &-$A for the industry
B"1& pioneered +1&<Es in &ndia and is !nown for its innovative products
B"1& has the best claim ratio in the industry9 An outstanding B7%Q
B"1& is the 7
rd
largest in the group segment
:B
B"1& has been considered a role model for Banc assurance in the industry 5 has
C ban! relationships
B"1& is rapidly developing its alternate channels, with 1JCS relationships,
includes premier relations li!e A- insurance, +T& securities 5 -eliance retail
I&3.#:-5 &).<-( 0%).-2 "ales growth of 17IQ =T$ 2ebEBI against private
industry growth of J:Q and top C playersE growth of 1BBQ, ',+.-)0',8 &).<-(
0%).- 6.#& 5.3@ (# A.3@.
S(.#,8 67,5 3-.6#.&),+-2 1% month &nvestment performance best in &ndustry
for most of the leading funds
:1
CHAPTER -5
OBJECTIVE OF THE STUD!
AND
RESEARCH METHODOLO!
RESEARCH2
-esearch refers to the systematic method consisting of
enumerating of problem, formulating the hypothesis, collecting the facts or
data, analy8ing the facts and reaching certain conclusions either in the form
of solutions towards the concerned problem or in certain generali8ations for
some theoretical formulation
:%
NEED FOR RESEARCH
,very mar!et has to be competitive in his operation to survive and also able
to ma!e more profits To achieve their objectives they must be careful about
their customers They must !now the satisfaction level of the customer
(ustomer is the !ing of the mar!et TodayEs mar!et is directed by the
customer, so it is necessary for each and every type of business to !now
about the varying nature of their customers, by which they can provide best
services to them By this they will be able to retain the customer for a long
period All this results in increased sales, higher mar!et share and more
profits
&f a company !nows about the needs and behavior of its customers,
then it can develop its strategies according to their need &t is also said that
the cost of attracting a new customer is five times more than as e4isting
customer "o a company should try to satisfy its customers
"o thatEs why 'B&-1A "+*1&2, &*"+-A*(, 1T$3 has decided to
do a research to !now the buying behavior of its customers, because they
want to !now about the view point of its customers
OBJECTIVES OF THE RESEARCH
The objectives of the research are as follows#9
1 To access the awareness of the people about the policies of the
sun life
:7
% To !now about the view points of the customers towards the
B&-1A "+*1&2, &*"+-A*(, 1T$
7 To access the level of satisfaction towards the policies of
B&-1A "+*1&2, &*"+-A*(, 1T$
: To !now about the e4pectation of the customers towards the
different policies
RESEARCH METHODOLO!
M-),',8 #6 R-0-).+% M-(%#5#4#8*9-
::
A research methodology defines what the activity of research is, how to
proceed, how to measure progress, and what constitutes success
M-(%#5#4#8* is defined as
1 Nthe analysis of the principles of methods, rules, and postulates
employed by a disciplineN or
% Nthe development of methods, to be applied within a disciplineN
7 Na particular procedure or set of proceduresN
-esearch methodology is a way to systematically solve the research
problem &t may be understood as a science of studying how research is
done scientifically &t is necessary for the researcher to !now not only the
research methodsK techniques but also the methodology -esearcher not
only need to !now how to develop certain indices or tests, how to
calculate the mean, median, mode or the standard deviation or chi9square,
how to apply a particular research technique, but they also need to !now
which of these methods or techniques, are relevant and which are not
R-0-).+% &-(%#5#4#8* (# ;- )5#3(-5 6#. (%- 0(75* '0 )0 6#44#$02-
I5-,('6'+)('#, #6 (%- 3.#;4-&2-
The research project relates to ()*"+M,- B,.A/&)- T)0A-$"
B&-1A "+*1&2, &*"+-A*(, 1T$E &n it the problem proposed is to be
researched is find outM what is the behavior of the consumer towards the
different policies or the investment plans of the B&-1A "+*1&2,
&*"+-A*(, 1T$
P4),,',8 (%- .-0-).+% 5-0'8,2-
A suitable design has to be planned for any mar!et research &t is the mar!et
plan specifying the procedure for collecting 5 analy8ing the needed
information As per objective of the study mainly there are four types of
research design vi8# e4perimental, diagnostic, descriptive 5 e4ploratory
:;
.ere e4ploratory research design is proposed with focus on discovering of
ideas 5 insight about the particular problem
P4),,',8 (%- 0)&34- 5-0'8,2-
The target for the study was consumers of 1udhiana "urvey has been done
using questionnaire method, open and close9 ended questions being included
in the questionnaire The secondary data for the research study has been
collected from various maga8ines, newspapers, journalsE, boo!s and
websites
Major mar!et players in the products the relevant areas have also been
consulted for the research
S)&34- 0'=-2-
The sample si8e of the research project has been ta!en 1BB of the customers
of 1udhiana
D)() +#44-+('#,2-
The relevant data for the research project is hybrid of primary and secondary
data
P.'&).* 5)()2-
+sing personal interview technique, survey, questionnaire 5 observation
method the data has been collected from targeted focus groups, which are
customers The primary data collection for judgment sampling has done
This purpose has been formatted with both open 5 close ended structured
questions
S-+#,5).* 5)()2-
&n addition to the reactions of the selected consumers segments, the factual
information historic bac!ground including the sales volume by various
manufactures of the product has been collected with the help of various
tradeKbusiness journals, company maga8ines, brochures, and company
reports and concern trade association reports
:@
LIMITATIONS OF THE STUD!
1imitations of the study are as follows#9
1 The preparation and interpretation of data may not be 1BBQ free from
errors and may be effected by the respondents biased mindset to some
e4tend
% "ampling si8e of targeted customer is small, so the response may not
give true reflections of the mental framewor! of the population
7 FudgmentK convenience sampling will be used, so the data may not be
of that quality level as obtained by complete enumeration survey
which is not possible due to financial and time constraints
:C
CHAPTER -A
INTREPRETATION
AND
DATA ANAL!SIS
ANAL!SIS
T1 Are you aware about B&-1A "+*1&2, &*"+-A*(, 1T$U
=," > ? *) > ?
:I
YES
NO
TOTAL
YES
NO
TOTAL
0
20
40
60
80
100
120
YES NO TOTAL
response
n
o
.

o
f

r
e
s
p
o
n
d
e
n
t
s
Series1
Series2
I,(-.3.-()('#,2
The above analysis shows that all the respondents are aware about Birla "un
1ife &nsurance ltd
T% .ow do you come to !now about B&-1A "+*1&2, &*"+-A*(,
1T$U
I,(-.3.-()('#,2
The above table shows that out of the 1BB respondents ;% respondents came
to !now about Birla "un 1ife from agents, %: from newspapers, 17 from
T/, J from friends and % from any other sources
T7 Are you satisfied with the policies provided by B&-1A "+* 1&2,
&*"+-A*(, 1T$U
:J
T.V
13%
NEWSAE
!
24%
A"ENTS
#2%
$!%EN&S
'%
ANY OT(E!
2%
T.V
NEWSAE!
A"ENTS
$!%EN&S
ANY OT(E!
Sstisfation !e"e!
YES
74%
NO
26%
YES
NO
INTERPRETATION2
2rom the above analysis we came to !now that out of 1BB respondents C:
respondents are satisfied with the policies provided by Birla "un 1ife
insurance and %@ respondents are not satisfied with the policies provided by
Birla "un 1ife insurance &t means that mostly people are satisfied with the
policies provided by B"1&
T: .ow you rate the policies provided by B&-1A "+*1&2,U
INTERPRETATION2
The above analysis shows that out of 1BB respondents ;; rate the policies of
Birla "un 1ife &nsurance as very good, 1@ rate it as average, J rate it as good
and %B rate it as e4cellent
T; 0hat you li!e in the policies of B&-1A "+*1&2, &*"+-A*(,U
;B
Ratin# t$e po!iies
"OO&
'%
AVE!A"E
16%
VE!Y "OO&
##%
E)*ELLENT
20%
"OO&
AVE!A"E
VE!Y "OO&
E)*ELLENT

INTERPRETATION2
The above table shows that out of 1BB respondents :; respondents li!e the
policy because of low premium allocation charges, 7I li!e it because of rate
of return, J li!e it because of surrender value and I li!e it because of
affordable premium
T@ .ow you feel the behavior of B"1&Es employers while interacting with
themU
INTERPRETATION2
The above analysis shows that out of 1BB respondents : respondents feel the
behavior of B"1&Es employers as good, 1% feel the behavior of B"1&Es
employers as average, :C feel the behavior of B"1&Es employers as very
good, and 7C feel the behavior of B"1&Es employers as e4cellent
TC $o you thin! that B"1& is reliable in the coming futureU
;1
"OO&
4% AVE!A"E
12%
VE!Y "OO&
47%
E)*ELLENT
37%
Be$a"ior of BS%I&s e'p!o(ers
"OO&
AVE!A"E
VE!Y "OO&
E)*ELLENT
YES
8'%
NO
11%
Re!ia)i!it( of BS%I
YES
NO
INTERPRETATION2
The above table shows that out of the 1BB respondents IJ respondents feel
that the B"1& is reliable in the coming future and 11 respondents feel that
B"1& is not reliable in the coming future
TI $o you thin! that B&-1A "+*1&2, is wor!ing better than its
competitorsU
INTERPRETATION2
The above table shows that out of 1BB respondents C: respondents thin! that
B"1& is wor!ing better than its competitors and %@ respondents thin! that
B"1& is not wor!ing better than its competitors
TJ Are you satisfied with the after sales services provided by B"1&U
;%
YES
74%
NO
26%
YES
NO
INTERPRETATION2
2rom the above analysis & came to !now that out of 1BB respondents II
respondents are satisfied with the after sales services provided by Birla "un
1ife &nsurance ltd and 1% respondents are not satisfied with the after sales
services provided by Birla "un 1ife &nsurance ltd This means that mostly
people are satisfied with the after sales services provided by Birla "un 1ife
&nsurance ltd
T1B $o you thin! that the plans provided by B&-1A "+*1&2, are
beneficialU
;7
YES
88%
NO
12%
Satisfation a)o*t after sa!es ser"ies
YE
S
YES
78%
NO
22%
YES
NO
INTERPRETATION2
The above table shows that out of 1BB respondents CI respondents thin! that
the plans provided by Birla "un 1ife are beneficial and %% respondents thin!
that the plans provided by Birla "un 1ife are not beneficial
FINDINS OF THE STUD!
2indings of the research study are as follows#9
2rom the survey, we came to !now that most of the people are
aware about the 'B&-1A "+* 1&2, &*"+-A*(, 1&M&T,$3
;:
2rom the survey, we came to !now that most of the people those
who are insured are satisfied with the policies provided by B&-1A
"+* 1&2, &*"+-A*(, 1&M&T,$
The survey shows that most of the people rate the policies of
B&-1A "+* 1&2, &*"+-A*(, are very good but not e4cellent
This means that they want something e4tra in their policies
The survey shows that mostly people li!e low premium allocation
charges and rate of return in the policies of B&-1A "+* 1&2,
&*"+-A*(, 1&M&T,$
2rom the survey, we came to !now that most of the people li!e the
behavior of the B"1&Es employees as very good This means that
they treat their customers well
2rom the survey, we came to !now that most of the people have
reliability in 'B&-1A "+* 1&2, &*"+-A*(, 1&M&T,$3
2rom the survey, we came to !now that 'B&-1A "+* 1&2,
&*"+-A*(, 1&M&T,$3 is wor!ing better than its competitors or
in the other words it is satisfying the customers
The survey shows that most of the people thin! that the plans of
B"1& are beneficial
;;
2rom the survey, we came to !now that people want the policies
which have maturity period of above 1; years This means that
customers want long term policies
2rom the survey, we came to !now that 'B&-1A "+* 1&2,
&*"+-A*(, 1&M&T,$3 has a very good image among the
people This shows that people believe in brand name of 'B&-1A
"+* 1&2, &*"+-A*(, 1&M&T,$3
CHAPTER -B
;@
SUESTIONS
AND
RECOMMENDATIONS
SUESTIONS AND RECOMMENDATIONS
The suggestion and recommendations are as follows
&t is suggested that company need to establish new branches
in villages and small cities by this company can move more
better
;C
There should be cash deposit facility in each and every
branch of the company so that customer can get better
services
There should be limit of financial advisor under agency
manager and the limited amount of these advisor can handle
it easily
The company should also need to begin some small duration
and small amount of investment because in &*$&A there are
many peoples who are wor!ing in poor line or below poverty
line
The company has to start monthly premium plans to attract
the customers
They need to ma!e some presentation among the small
villages this ma!e people education about insurance sector
Their is need to use proper advertisement channels to ma!e a
good brand image
There should need to attract the advisors there is need to pay
some basic salary
&n this survey & also get that ma4imum customers changing
their mind now they going to prefer B"1& products
;I
2rom this survey & also get now B&-1A "+*1&2,
&*"+-A*(, having a good brand image in the eyes of
customers
;J
CHAPTER C
APPENDID
AND
BIBLIORAPH!
EUESTIONNAIRE
PERSONAL DETAIL
@B
*AM,VVVVVVVVVVVVVVVVVVVVVVV
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VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV
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)((+<AT&)*VVVVVVVVVVVVVVVVVVVVVVVVV
",-/&(, > ?
B+"&*,"" > ?
"T+$,*T > ?
<-)2,""&)* > ?
T1 Are you aware about B&-1A "+*1&2, &*"+-A*(, 1T$U
=," > ? *) > ?
T% .ow do you come to !now about B&-1A "+*1&2, &*"+-A*(,
1T$U
T/ > ?
*,0"<A<,- > ?
A6,*T > ?
2-&,*$ > ?
A*= )T.,- > ?
T7 Are you satisfied with the policies provided by B&-1A "+*1&2,
&*"+-A*(, 1T$U
=," > ? *) > ?
T: .ow you rate the policies provided by B&-1A "+*1&2,U
6))$ > ? A/,-A6, > ?
/,-= 6))$ > ? ,W(,11,*T > ?
T; 0hat you li!e in the policies of B&-1A "+*1&2, &*"+-A*(, U
-AT, )2 -,T+-* > ?
A22)-$AB1, <-,M&+M > ?
1)0 <-,M&+M A11)(AT&)* (.A-6," > ?
"+--,*$,- /A1+, > ?
@1
T@ .ow you feel the behavior of B"1&Es employers while interacting with
themU
6))$ > ? /,-= 6))$ > ?
A/,-A6, > ? ,W(,11,*T > ?
TC $o you thin! that B"1& is reliable in the coming futureU
=," > ? *) > ?
TI $o you thin! that B&-1A "+*1&2, is wor!ing better than its
competitors U
=," > ? *) > ?
T J $o you thin! that the plans provided by B&-1A "+*1&2, are
beneficial U
=," > ? *) > ?
T1B Any suggestions and recommendation U
VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV
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T.A*O"
BIBLIORAPH!
http#KKwwwadityabirlacomKourVcompaniesKjointVventuresKbirlasun
lifeVinsurancehtm
@%
http#KKenwi!ipediaorgKwi!iK(onsumerVbehaviour
http#KKwwwbirlasunlifecomKBirla"un1ifeK&nsuranceKB"1&VM<KB"1&VAbo
utusK(ompanyV<rofileKabtusVcomprofileasp4
http#KKwwwbirlasunlifecomKbirlasunlifeKinde4asp4
http#KKwwwbirlasunlifecomKBirla"un1ifeK&nsuranceKB"1&VM<KB"1&V&ns<l
ansK&ndividualK<rotectionKbslVtermplanasp4
http#KKwwwbirlasunlifecomKBirla"un1ifeK&nsuranceKB"1&VM<KB"1&V&ns<l
ansK&ndividualK"avingsKbslVgoldplusV&&asp4
http#KKwwwcsindianaeduKmitresearchhowtoKsection71%html
http#KKencyclopediathefreedictionarycomK-esearchSmethodology
B##<02
<hilip !ottler, 'Mar!eting Management3
-ajan sa4ena 'Mar!eting Management3
-esearch Methodology by Oothari
SWOT ANAL!SIS
"T-,*6T."
1 2inancial "oundness
% 1arge (ustomer Base
@7
7 Brand *ame
: (ustomer loyalty
; 2le4ibility
@ (ontinues 6rowth
C 6ood &mage
WEA1NESS
1 1ac! of branches in rural areas
% Because of non availability of electronic cash services the
monthly premium facility can not be provided to the spo!e
branch customer
7 *on availability of cash deposit in spo!e branches
: *on availability of intranet facility
; 1ac! of traditional plans
OPPURTUNTIES
1 1oo!ing to establish their branches in small cities and
villages
% 1oo!ing to cover large insured people
7 1oo!ing to launch new products in mar!et to attract customer
: 1oo!ing to reach at first position
; <lan to produce more M$-T people
THREATS
1 Mutual funds
% 1&(
7 Ma4 new =or! life insurance
@:
: "hare Mar!et
; <eople are not &nterested ma!ing investment in insurance
sector
@ Oota! Mahindra life insurance
C &(&(& <rudential life insurance
CONCLUSION
The training period has been a very valuable e4perience for me from the
entire study conducted & became well acquainted with the 'B&-1A "+*
@;
1&2, &*"+-A*(, 1&M&T,$3 and the various processes followed by it
The mar!et share of 'B&-1A "+* 1&2, &*"+-A*(, 1&M&T,$3 is :B Q
for the last quarter $uring the training period we came to !now that
'B&-1A "+* 1&2, &*"+-A*(, 1&M&T,$3 has a very strong customer
base The employees of 'B&-1A "+* 1&2, &*"+-A*(, 1&M&T,$3 are
very dedicated towards their wor! and wor!ing for the betterment of the
organi8ation The policies provided or offered by the 'B&-1A "+* 1&2,
&*"+-A*(, 1&M&T,$3 are very beneficial for the various type of
customers $uring the survey of our project report we came to !now that
people are very satisfy with the policies of the company and they have the
reliability regarding their investments
0or!ing with the 'B&-1A "+* 1&2, &*"+-A*(, 1&M&T,$3 we came
to !now that people want low premium and monthly premium plans Most
of the people are aware about the 'B&-1A "+* 1&2, &*"+-A*(,
1&M&T,$3 but the people of villages are not too much aware about it, so
company should try to advertise itself through the radio by which the people
of villages can also come to !now about it Through the survey we also
came to !now that 'B&-1A "+* 1&2, &*"+-A*(, 1&M&T,$3 has a very
strong brand image among the people and it is the major competitor of 1&(,
MAW *,0 =)-O, and BAFAF A11&A*H
@@