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Identification Of Potential Insurance Advisor

at Birla Sun Life Insurance

Summer Training Project Report


Submitted to
Dr. A. P. J. Abdul Kalam Technical University, Lucknow
In partial fulfillment of the requirements of the degree of
Master of Business Administration

Prepared by: Training Supervisor:


Alankrita Kharwar Mr. Awanish Rai
MBA 3rd Semester Head of Insurance Sector
Roll Number: 1504070006 Birla Sun Life Insurance, Mirzapur
Enrollment No:150407011240

2016-17

Department of Business Administration


Technical Education & Research Institute
Post-Graduate College, Ghazipur 233001 (U.P.)
Certificate

This is to certify that Alankrita Kharwar, pursuing MBA 3rd


Semester from this institute, has prepared the summer training project
report entitled Identification or Potential Insurance Advisor At
Birla Sun Life Insurance in partial fulfillment of the requirements of
the degree of Master of Business Administration from Dr. A.P.J Abdul
Kalam, Lucknow, for the session 2016-2017.
This report is based on summer training project undertaken by
Alankrita Kharwar at BSLI in Mirzapur under the supervision of
Mr. AwanishRai during the period 6 week of Training and fulfills the
requirements of regulations relating to the nature and standard of MBA
course of Dr. A.P.J Abdul Kalam Technical University.

I recommend that this project report may be sent for evaluation.

Rahul Anand Singh

Head, Dept. of Business Administration


Declaration

I, Alankrita Kharwar, hereby declare that this summer training


project report entitled Identification or Potential Insurance Advisor
At Birla Sun Life Insurance has been prepared by me on the basis of
summer training done at BSLI at Mirzapur under the during the period 6
week of training under the supervision of Mr. Awanish Rai.
This project report is my bona fide work and has not been
submitted in any form to any University or Institute for the award of any
degree or diploma prior to the under mentioned date. I bear the entire
responsibility of submission of this project report.

30th August 2016 Alankrita Kharwar


MBA 3rd Semester
Department of Business Administration
Technical Education & Research Institute
P. G. College, Ghazipur
INDEX OF CONTENTS

Preface 1-2
Acknowledgement 3

Chapter-1
Introduction of the company 4-73
Introduction of the topic

Chapter-2
Problem 74
Objective 75
Importance 76
Scope 77

Chapter-3
Research Methodology 78-82

Chapter-4
Data analysis &Interpretation 83-102

Chapter-5
Finding &Recommendation 103-104

Chapter-6
Conclusion &Limitation 105-106
Bibliography 107-108
Annexure 108-111
Acknowledgement

It is my pleasure to be indebted to various people, who directly or indirectly contributed in the

development of this work and who influenced my thinking, behavior, and acts during the course

of study.

I express my sincere gratitude to Mr. Rahul Anand Singh, ( MBA HOD Technical Education

and Institute )worthy Principal for providing me an opportunity to undergo summer training at

Business Standard.

I am thankful to Mr. Awanish Rai for his support, cooperation, and motivation provided to me

during the training for constant inspiration, presence and blessings.

I also extend my sincere appreciation to Dr. Neetu Singh (Lecturer and training and

placement Incharge )who provided his valuable suggestions and precious time in

accomplishing my project report.

Lastly, I would like to thank the almighty and my parents for their moral support and my friends

with whom I shared my day-to-day experience and received lots of suggestions that improved

my quality of work.

Alankrita Kharwar
Preface
The first real insight of an organization for management student comes only during his

preparation of project work because student first interacts with real practical work. This is first

introduction to industry and its working. This project work synthesize the theoretical concept

learn in the class room and its practical orientation in organization.

In my project I have studied the Identification or Potential Insurance Advisor At Birla Sun

Life Insurance

The First chapter introductory stage of this research report is based on introduction of

the company it founders, objective, mission, strength, technologies and services.

The Second chapter introductory stage of this research report is based on introduction of

buying behavior its problem, objective, importance, scope, limitation and method taken in Birla

sun life insurance Privet Ltd.

The Third chapter deals with research methodology. The process of carrying out the

whole research problem is defined in it. It contains information about the objectives of the

research, methods of data collection, sampling and sample design.

The Fourth chapter is data analysis and interpretation. This is the most important

section of the project work. This section contains the analysis of all the data collected so far and

they are interpreted to produce the final conclusion. It contains all the tables and charts which

depicts the result.

The Fifth chapter contains the finding and recommendation of the research. This is

based on the data analyzed and interpreted in the previous chapter. This is the most important

section of the research report for a report is evaluated on the validity ad correctness of findings.
The Sixth chapter depicted conclusion which concludes the whole report, that is, gives a

brief description of the process employed so far. And later chapters contain bibliography. Which

describes the list of sources from where the matter and information is collected? It contains the

list of books, authors, web sites use etc.

Alankrita Kharwar
Chapter-1
Introduction
Insurance Advisor
A professional who provides specialized guidance and advice for Insurance in various insurance

schemes is an insurance advisor or insurance consultant.

There is a stipulated fee or charge levied on the customer/ investor for the services offered by the

advisor who is required to have a license for the practice of the same or the concerned

qualification in this field. He is alternatively also known as insurance consultant.

An insurance advisor performs a number of functions such as intermediation, sales and other

services for various transactions, compliance management, consulting or advisory role, etc.

Todays insurance market is increasingly complicated, with a rapid trend toward the

diversification and commoditization of insurance products. As insurance companies diversify

their product portfolios, agents are pressured to become familiar with a wide variety of strategies

and products. Because many agents sell products and services from different providers,

companies are strongly motivated to provide an efficient and easy way to sell their services.

Agent loyalty is critical to the carrier who relies on independent agents.

Meanwhile, industry data shows that competitive differentiation between products continues to

decline. Who feels the strain? Both carriers and agents, who compose the key distribution

channels, faced with mounting reassures, both agents and providers must focus on gaining a

competitive advantage. In this increasingly competitive battle for market share, it is vital for

independent agencies and brokers and their carriers to position themselves as aggressive

competitors by making the needed Insurances in people, technology, branding, advertising and a

disciplined Sales process. When it comes to building and maintaining base of satisfied insurance

clients, theres no substitute for face or phone time. In fact, personal service drives profitability

for many insurance agencies and agents. In a recent survey of insurance clients, more than half of
consumers cited personalized service and human interaction as the factors driving loyalty to their

agent. Yet as more customers use alternate channels, such as the Web, call centers, and mobile

devices to research insurance options and apply for and manage policies, insurance agencies

must find new ways to achieve their ultimate goal of creating loyal and committed clients.

Independent insurance agents, also known as insurance sales agents or "producers", typically

sell a variety of insurance and financial products, including property insurance and casualty

insurance, life insurance, health insurance, disability insurance, and long-term care insurance.

Property and casualty insurance agents sell insurance policies that protect individuals and

businesses from financial loss resulting from automobile accidents, fire, theft, storms, and other

events that can damage property. For businesses, property and casualty insurance can also cover

injured Workers Compensation Insurance, product liability claims, or medical malpractice

claims.

Independent insurance agents typically represent a number of insurance companies, or "carriers",

and sell the products that most appropriately meet the needs of their clients. Independent agents

typically are very well trained and knowledgeable of the complexities of the insurance market

and insurance law. Their expertise allows them to advise their clients about appropriate amounts

of insurance and insurance coverage for their particular needs. Often, independent insurance

agents will work with insurance intermediaries, which obtain quotes from multiple insurance

providers and passes them off to the independent agent. Working with an insurance intermediary

service allows the independent agent to review many quotes and offer their clients the best policy

options available. For their efforts, independent agents are paid a commission (remuneration).[2]
In addition to insurance policies, agents often sell mutual funds, annuities, and products that

address wealth management, retirement and estate planning. Independent agents must be

licensed by the states in which they sell insurance and financial products.[2]

There are a number of major trade organizations that support the interests and needs of the

independent insurance agent, including Agents For Change, The National Organization of Life

and Health Agents (NOLHA), the Independent Insurance Agents & Brokers of America (The Big

"I"), and the National Association of Professional Insurance Agents (PIA).

Independent agents are independent contractors for the insurance companies they represent.

Several companies may authorize the agent to sell for them, but the agent remains an

independent businessperson. While the agent collects commissions, they do not collect a salary

from the companies they represent. On average, independent agents work with thirteen property

and casualty and six life and health insurance companies on a regular basis.

Independent agents own and control their accounts, policy records, and renewals. If an

independent agents contract with a particular insurance company terminates, the agent retains

the rights to active accounts and may place them with another insurer.

Competition exists between exclusive agents and independent agents. Exclusive agents, who are

salaried employees of the insurance company, write a majority of the personal lines business. [8]

However, because of the complexities involved in commercial risks, independent agents capture

approximately 80 percent of the commercial lines market. It is having access to multiple markets

that gives independent agents a competitive advantage in commercial lines.


To add to an independent agents competition pool, many insurance companies are direct

competitors to the agents they appoint. For example, Progressive Insurance spends nearly $300

million a year in advertising directly to the public. Yet, Progressive is the countrys largest writer

of private passenger auto insurance through the independent agent distribution channel.

Go beyond being an Advisor,

Be a Protection Counselor

A Protection Counselor discovers and understands the needs of the customers along with them

and co-creates the perfect solution protecting their goals and risks in life.

A Protection Counselor is an expert who listens very carefully to what the customers say and

applies the best possible solution, so that their trust in him develops even further. And, trust is not

built through behavior; it is built through strengthening and enabling the other person.

Advisor Portal

The Advisor Portal on the Birla Sun Life Mutual Fund (BSLMF) website provides you, the

Advisor,

24x7 access to your business with us.

Register now for instant access


Investor Section - This provides you information about your investors

List of your investors with their contact details

Investors portfolio

Investor transaction history

Most importantly it allows you to download your investors account Statement &Capital

Gains Statement

Privilege Club - Provides you details on your current privilege club points & status along with

the benefits available with the club. It also shows your next Privilege club points & status.

SIP Tracker - This allows you to keep track of your investors SIPs

which are about to expire in the coming three months,

currently active&

those that have expired in the last 3 months.

Reports - Allows you to analyse your business with BSLMF through various reports basis

scheme, asset class, investor, transaction type etc

My Profile - Through this section you can

View your contact details updated with CAMS,

Update & view additional data (anniversary date etc),


Subscribe to NAVs

Subscribe to account statement via email / sms on behalf of your investors and

Update your advisor portal password

On entering these two details correctly, you would need to enter / validate any 4 out of these 6

fields that you would have submitted to CAMS

ARN Email address

Pin Code

PAN

Mobile / Landline no

Bank Name and

A/C number

Problems of Insurance Advisor

Great writing Hemant but still not fully convinced (He was reading this Article Why ULIP

got banned). I being an insurance advisor can tell you from my experience in this line, for last 4

years now that whenever I am sitting with my prospective client/existing client, the first thing

THEY DONT WANT is TERM PLAN.. To them, this type of insurance concept is FOOLISH
howsoever hard I may try (This I think is also a main factor why an average Indian is under-

insured) (Must Read Psychology of an Indian When it comes to Life Insurance)

Public at large wants to invest in PLANs which give them good return at maturity (That too in

short-term period of 3 to 5 years) Nobody himself/herself is ready to look into distant future

(The reason why most of them end up their hands burnt, bcoz they check their fund value after 2

or 3 years, found it to be less than even the premium paid resulting because of upfront charges

in the initial years).. If given advice to stay put for long period, they are greatly reluctant..

On top of it, day in and day out we have to hear that agents are making a killingNow tell me,

does anyone give it a thought that how hard it is to procure even a single policy?? I meet on an

average 100 people in a month, only 17-18 are convinced to proceed further, and finally 4-5 are

converted into final policies/cases and for these 4-5 cases, I am on the phone for practically

half a day every day of the month (Working majorly on Saturdays-Sundays-Public holidays),

travelling from one part of Delhi to other (Everywhere in NCR) by my car/bike or metro.. Giving

them/sending those presentations/illustrations over mail or hard copies and in return I get 10% to

20% COMMISSION upfront and not more than 3% on renewals And in lieu of this, client

treats me like a slave (Bhai saab, POLICY nahi aayi?? mere phone number galat chhapa hai);

mere premium jama kara ke aaj hi raseed de do kyunki apne accounts department mein deni

hai After a year, calling me over to pick-deposit-return renewal premium receipt and also from

time to time, asking me to check his portfolio of other companies (I am an agent for LIC and

KOTAK) so giving them opinion, fund value etc for BAJAJ, ICICI etc.. So you think am I

making a loot???

The only thing I want to further is please make differentiation between an AGENT and

a FINANCIAL ADVISOR.. Please check if your friendly neighborhood agent is a PART-TIMER


or otherwise?? Is he working for quite some time or just started out and always bring some

SALES MANAGER with him to clear doubts or explain the product?? Or trying to pick the case

from the client only by passing on 30% of the commission or paying first monthly installment of

the policy?? If he is doing so, he is an AGENT, dont deal with him, avoid him But the first

thing he advice is TERM PLAN, working full-time for last 3-4 years, has a good client base, then

he is a FINANCIAL ADVISOR, trust him try to grasp as much from his knowledge and

proceed further..

One more point I want to add is, if Mr X wants to take a TERM PLAN for SUM ASSURED of

Rs 25 lakhs for 30 years and company Z says that premium will be Rs 8,500 and Mr X is

happy and willing to pay this much, how does it affect him if the agent is earning 20% out of

those Rs 8,500..I believe policyholder will be effect if company says that over and above this Rs

8,500, he is required to pay Rs 1000 additionally as agents commission that should be

worrisome and note otherwise..

Please note that a FINANCIAL ADVISOR of an insurance company is working as hard as

anybody but its just that his income looks like FLEECE to everybody Please dont blame the

entire FINANCIAL ADVISOR community for mis-selling or mis-deeds of few AGENTS

So we have heard story of Insurance Advisor now read the query and comment of 1 reader

who is representing Indian public. (He was readingBankers are biggest Mis-sellers)
Pain of Indian Public

Recently an LIC agent approached me and told me

that LIC has launched a new attractive plan called Retire and Enjoy. Even though I will never

buy those idiotic products, I made a search in the net about this one. LICs website didnt even

have a mention for that. But agents from all over India had advertised about this. Then I came to

know that this is a clever product made by agents by combining many LIC policies. The catch

here is that since there are many policies and each are starting on consecutive years, they

promise a good commission to the agents, unlike the direct plans which are not attractive after

the initial one or two years. A plan just made for the agents and a really big loss for the customer.

My Questions are:

1. Even though this is an agents created one, how come an all India spread has occurred.

(Read LIC Wealth Plus) Without a clever central planner and executor, this is not possible. Who

is behind this?

2. Does LIC has any roles in this?


Views from my Side : This case is like No one killed Jessica I will not add any conclusion or

decision as I have already written a lot on it.

I think let readers decide whats wrong & whats right end of the day its their financial

life. Must share your views.

Birla Sun Life Insurance Pvt. Ltd.


Introduction of insurance

Life insurance (or commonly life assurance, especially in the Commonwealth) is a contract

between an insured (insurance policy holder) and an insurer or assurer, where the insurer

promises to pay a designated beneficiary a sum of money (the "benefits") in exchange for a

premium, upon the death of the insured person. Depending on the contract, other events such as

terminal illness or critical illness may also trigger payment. The policy holder typically pays a

premium, either regularly or as a lump sum. Other expenses (such as funeral expenses) are also

sometimes included in the benefits.


Life policies are legal contracts and the terms of the contract describe the limitations of the

insured events. Specific exclusions are often written into the contract to limit the liability of the

insurer; common examples are claims relating to suicide, fraud, war, riot, and civil commotion.

Life-based contracts tend to fall into two major categories:

Protection policies designed to provide a benefit in the event of specified event,

typically a lump sum payment. A common form of this design is term insurance.

Insurance policies where the main objective is to facilitate the growth of capital by

regular or single premiums. Common forms (in the US) are whole life, universal life, and

variable life policies.

History of insurance

Insurance began as a way of reducing the risk to traders, as early as 2000 BC in China and 1750

BC in Babylon. An early form of life insurance dates to Ancient Rome; "burial clubs" covered

the cost of members' funeral expenses and assisted survivors financially.


Amicable Society for a Perpetual Assurance Office, established in 1706, was the first life

insurance company in the world.

Modern life insurance policies were established in the early 18th century. The first company to

offer life insurance was the Amicable Society for a Perpetual Assurance Office, founded in

London in 1706 by William Talbot and Sir Thomas Allen. The first plan of life insurance was

that each member paid a fixed annual payment per share on from one to three shares with

consideration to age of the members being twelve to fifty-five. At the end of the year a portion of

the "amicable contribution" was divided among the wives and children of deceased members and

it was in proportion to the amount of shares the heirs owned. Amicable Society started with 2000

members.

The first life table was written by Edmund Halley in 1693, but it was only in the 1750s that the

necessary mathematical and statistical tools were in place for the development of modern life

insurance. James Dodson, a mathematician and actuary, tried to establish a new company that

issued premiums aimed at correctly offsetting the risks of long term life assurance policies, after

being refused admission to the Amicable Life Assurance Society because of his advanced age.
He was unsuccessful in his attempts at procuring a charter from the government before his death

in 1757.

His disciple, Edward Rowe Mores, was finally able to establish the Society for Equitable

Assurances on Lives and Survivorship in 1762. It was the world's first mutual insurer and it

pioneered age based premiums based on mortality rate laying the framework for scientific

insurance practice and development and the basis of modern life assurance upon which all life

assurance schemes were subsequently based.

Mores also specified that the chief official should be called an actuary - the earliest known

reference to the position as a business concern. The first modern actuary was William Morgan,

who was appointed in 1775 and served until 1830. In 1776 the Society carried out the first

actuarial valuation of liabilities and subsequently distributed the first reversionary bonus (1781)

and interim bonus (1809) among its members. It also used regular valuations to balance

competing interests. The Society sought to treat its members equitably and the Directors tried to

ensure that the policyholders received a fair return on their respective Insurances. Premiums

were regulated according to age, and anybody could be admitted regardless of their state of

health and other circumstances.


Life insurance premiums written in 2015

The sale of life insurance in the U.S. began in the late 1760s. The Presbyterian Synods in

Philadelphia and New York City created the Corporation for Relief of Poor and Distressed

Widows and Children of Presbyterian Ministers in 1759; Episcopalian priests organized a similar

fund in 1769. Between 1787 and 1837 more than two dozen life insurance companies were

started, but fewer than half a dozen survived. As the United States grew as a nation, its military

presence increased on its own continent and became mobile on the high seas. Military officers

banded together to found both the Army (AAFMAA)and the Navy Mutual Aid Association(Navy

Mutual) after the widely publicized plight of widows and orphans left stranded in the West after

the Battle of the Little Big Horn, June 25, 1876, and U.S. sailors had died while at sea, leaving

families back home to fend for themselves.

Market Trends-According To A Study By Swiss Re, The EU Was The Largest Market For Life

Insurance Premiums In 2015, Followed By The USA And Japan.


Overview
Parties to Contract
There is a difference between the insured and the policy owner, although the owner and the

insured are often the same person. For example, if Joe buys a policy on his own life, he is both

the owner and the insured. But if Jane, his wife, buys a policy on Joe's life, she is the owner and

he is the insured. The policy owner is the guarantor and he will be the person to pay for the

policy. The insured is a participant in the contract, but not necessarily a party to it. Also, most

companies allow the payer and owner to be different, e. g. a grandparent paying premiums for a

policy on a child, owned by a grandchild.

Chart of a life insurance

The beneficiary receives policy proceeds upon the insured person's death. The owner designates

the beneficiary, but the beneficiary is not a party to the policy. The owner can change the

beneficiary unless the policy has an irrevocable beneficiary designation. If a policy has an

irrevocable beneficiary, any beneficiary changes, policy assignments, or cash value borrowing

would require the agreement of the original beneficiary.


In cases where the policy owner is not the insured (also referred to as the celli qui vat or CQV),

insurance companies have sought to limit policy purchases to those with an insurable interest in

the CQV. For life insurance policies, close family members and business partners will usually be

found to have an insurable interest. The insurable interest requirement usually demonstrates that

the purchaser will actually suffer some kind of loss if the CQV dies. Such a requirement prevents

people from benefiting from the purchase of purely speculative policies on people they expect to

die. With no insurable interest requirement, the risk that a purchaser would murder the CQV for

insurance proceeds would be great. In at least one case, an insurance company which sold a

policy to a purchaser with no insurable interest (who later murdered the CQV for the proceeds),

was found liable in court for contributing to the wrongful death of the victim (Liberty National

Life v. Weldon, 267 Ala.171 (1957)).

Contract terms

Special exclusions may apply, such as suicide clauses, whereby the policy becomes null and void

if the insured commits suicide within a specified time (usually two years after the purchase date;

some states provide a statutory one-year suicide clause). Any misrepresentations by the insured

on the application may also be grounds for nullification. Most US states specify a maximum

contestability period, often no more than two years. Only if the insured dies within this period

will the insurer have a legal right to contest the claim on the basis of misrepresentation and

request additional information before deciding whether to pay or deny the claim.

The face amount of the policy is the initial amount that the policy will pay at the death of the

insured or when the policy matures, although the actual death benefit can provide for greater
orlesser than the face amount. The policy matures when the insured dies or reaches a specified

age (such as 100 years old).

Costs, insurability, and underwriting-


The insurer (the life insurance company) calculates the policy prices with intent to fund 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 employ actuarial

science, which is based on mathematics (primarily probability and statistics). Mortality tables are

statistically based tables showing expected annual mortality rates. It is possible to derive life

expectancy estimates from these mortality assumptions. Such estimates can be important in

taxation regulation.

The three main variables in a mortality table are commonly age, gender, and use of tobacco, but

more recently in the US, preferred class-specific tables have been introduced. The mortality

tables provide a baseline for the cost of insurance, but in practice these mortality tables are used

in conjunction with the health and family history of the individual applying for a policy to

determine premiums and insurability. Mortality tables currently in use by life insurance

companies in the United States are individually modified by each company using pooled industry

experience studies as a starting point. In the 1980s and 1990s, the SOA 197580 Basic Select &

Ultimate tables were the typical reference points, while the 2001 VBT and 2001 CSO tables were

published more recently. The newer tables include separate mortality tables for smokers and non-

smokers, and the CSO tables include separate tables for preferred classes.

Recent US mortality tables predict that roughly 0.35 in 1,000 non-smoking males aged 25 will

die during the first year of coverage after underwriting. Mortality approximately doubles for
every extra ten years of age, so the mortality rate in the first year for underwritten non-smoking

men is about 2.5 in 1,000 people at age 65. Compare this with the US population male mortality

rates of 1.3 per 1,000 at age 25 and 19.3 at age 65 (without regard to health or smoking status).

The mortality of underwritten persons rises much more quickly than the general population. At

the end of 10 years the mortality of that 25 year-old, non-smoking male is 0.66/1000/year.

Consequently, in a group of one thousand 25-year-old males with a $100,000 policy, all of

average health, a life insurance company would have to collect approximately $50 a year from

each participant to cover the relatively few expected claims. (0.35 to 0.66 expected deaths in

each year x $100,000 payout per death = $35 per policy). Other costs, such as administrative and

sales expenses, also need to be considered when setting the premiums. A 10 year policy for a 25-

year-old non-smoking male with preferred medical history may get offers as low as $90 per year

for a $100,000 policy in the competitive US life insurance market.

Most of the revenue received by insurance companies consists of premiums paid by policy

holders, with some additional money being made through the Insurance of some of the cash

raised from premiums. Rates charged for life insurance increase with the insured's age because,

statistically, people are more likely to die as they get older. The insurance company will

investigate the health of an applicant for a policy to assess the likelihood of incurring a claim, in

the same way that a bank would investigate an applicant for a loan to assess the likelihood of a

default. Group Insurance policies are an exception to this. This investigation and resulting

evaluation of the risk is termed underwriting. Health and lifestyle questions are asked, with

certain responses or revelations possibly meriting further investigation. Life insurance companies

in the United States support the Medical Information Bureau (MIB),which is a clearing house of
information on persons who have applied for life insurance with participating companies in the

last seven years. As part of the application, the insurer often requires the applicant's permission

to obtain information from their physicians.

Underwriters will determine the purpose of insurance; the most common being to protect the

owner's family or financial interests in the event of the insured's death. Other purposes include

estate planning or, in the case of cash-value contracts, Insurance for retirement planning. Bank

loans or buy-sell provisions of business agreements are another acceptable purpose.

In the USA, life insurance companies are never legally required to underwrite or to provide

coverage to anyone, with the exception of Civil Rights Act compliance requirements. Insurance

companies alone determine insurability, and some people, for their own health or lifestyle

reasons, are deemed uninsurable. The policy can be declined or rated (increasing the premium

amount to compensate for a greater probability of a claim), and the amount of the premium will

be proportional to the face value of the policy.

Many companies separate applicants into four general categories. These categories are preferred

best, preferred, standard, and tobacco. Preferred best is reserved only for the healthiest

individuals in the general population. This may mean, 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-onset cancer, diabetes, or other conditions.[17] Preferred means

that the proposed insured is currently under medication for a medical condition and have a

family history of particular illnesses. Most people are in the standard category. People in the

tobacco category typically have to pay higher premiums due to the inherent health problems that

smoking tobacco creates. Profession, travel history, and lifestyle factor into whether the proposed
insured will be granted a policy and which category the insured falls. For example, a person who

would otherwise be classified as preferred best may be denied a policy if he or she travels to a

high risk country. Underwriting practices can vary from insurer to insurer, encouraging

competition.

Death proceeds

Upon the insured's death, the insurer requires acceptable proof of death before it pays the claim.

The normal minimum proof required is a death certificate, and the insurer's claim form

completed, signed, and typically notarized.If the insured's death is suspicious and the policy

amount is large, the insurer may investigate the circumstances surrounding the death before

deciding whether it has an obligation to pay the claim.

Payment from the policy may be as a lump sum or as an annuity, which is paid in regular

installments for either a specified period or for the beneficiary's lifetime.

Insurance vs. assurance

The specific uses of the terms "insurance" and "assurance" are sometimes confused. In general,

in jurisdictions where both terms are used, "insurance" refers to providing coverage for an event

that might happen (fire, theft, flood, etc.), while "assurance" is the provision of coverage for an

event that is certain to happen. In the United States both forms of coverage are called

"insurance" for reasons of simplicity in companies selling both products.[citation needed]


By some

definitions, "insurance" is any coverage that determines benefits based on actual losses whereas

"assurance" is coverage with predetermined benefits irrespective of the losses incurred.


Types

Life insurance may be divided into two basic classes: temporary and permanent; or the following

subclasses: term, universal, whole life, and endowment life insurance.

Term insurance-

Term assurance provides life insurance coverage for a specified term. The policy does not

accumulate cash value. Term is generally considered "pure" insurance, where the premium buys

protection in the event of death and nothing else.

There are three key factors to be considered in term insurance:

1. Face amount (protection or death benefit),

2. Premium to be paid (cost to the insured), and

3. Length of coverage (term).

Annual renewable term is a one-year policy, but the insurance company guarantees it will issue a

policy of an equal or lesser amount regardless of the insurability of the applicant, and with a

premium set for the applicant's age at that time.

Level premium term can be purchased in 5, 10, 15, 20, 25, 30 or 35 year terms. The premium and

death benefit stays level during these terms.

Mortgage life insurance insures a loan secured by real property and usually features a level

premium amount for a declining policy face value because what is insured is the principal and

interest outstanding on a mortgage that is constantly being reduced by mortgage payments. The
face amount of the policy is always the amount of the principal and interest outstanding that are

paid should the applicant die before the final installment is paid.

Permanent life insurance-

Permanent life insurance is life insurance that cannot be cancelled for any reason except fraud, so

long as the owner regularly pays his premiums. Any such cancellation must occur within a period

of time (usually two years) defined by law. A permanent insurance policy accumulates a cash

value up to its date of maturation, reducing the risk to which the insurance company is exposed

as well as the policy's expense to the company. Such policies will be more expensive to older

people than to younger ones. The owner can access the money in the cash value by withdrawing

money, borrowing the cash value, or surrendering the policy and receiving the surrender value.

The four basic types of permanent insurance are whole life, universal life, limited pay, and

endowment.

Whole life coverage-

Whole life insurance provides lifetime death benefit coverage for a level premium. For younger

people, whole life premiums are much higher than term insurance premiums, but because term

insurance premiums rise with increasing age of the insured, the cumulative value of all premiums

paid under whole and term policies are roughly equal if policies are maintained to average life

expectancy. Part of the insurance contract stipulates that the policyholder is entitled to a cash

value reserve that is part of the policy and guaranteed by the company. This cash value can be

accessed at any time through policy loans that are received income tax-free and paid back

according to mutually agreed-upon schedules. These policy loans are available until the insured's
death. If any loans amounts are outstanding--i.e., not yet paid back--upon the insured's death, the

insurer subtracts those amounts from the policy's face value/death benefit and pays the remainder

to the policy's beneficiary.

While some life insurance companies market whole life as a "death benefit with a savings

account", the distinction is artificial, according to life insurance actuaries Albert E. Easton and

Timothy F. Harris. The net amount at risk is the amount the insurer must pay to the beneficiary

should the insured die before the policy has accumulated premiums equal to the death benefit. It

is the difference between the policy's current cash value (i.e., total paid in by owner plus that

amount's interest earnings) and its face value/death benefit. Although the actual cash value may

be different from the death benefit, in practice the policy is identified by its original face

value/death benefit.

The advantages of whole life insurance are its guaranteed death benefits; guaranteed cash values;

fixed, predictable premiums; and mortality and expense charges that do not reduce the policy's

cash value. The disadvantages of whole life are the inflexibility of its premiums and the fact that

the internal rate of return of the policy may not be competitive with other savings and Insurance

alternatives.

Death benefit amounts of whole life policies can also be increased through accumulation and/or

reInsurance of policy dividends, though these dividends are not guaranteed and may be higher or

lower than earnings at existing interest rates over time. According to internal documents from

some life insurance companies, the internal rate of return and dividend payment realized by the

policyholder is often a function of when the policyholder buys the policy and how long that

policy remains in force. Dividends paid on a whole life policy can ..be utilized in many ways.
The life insurance manual defines policy dividends as refunds of premium over-payments. They

are therefore not exactly like corporate stock dividends, which are payouts of net income from

total revenues.

Birla Sun Life Insurance

Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between the Adyta Birla

Group and Sun Life Financial Inc., a leading international financial services organization. The

local knowledge of the Adyta 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. Birla

Sun Life Insurance Pvt. Ltd 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 Birla Sun Life

Insurance Pvt. Ltd Being a customer centric company, Birla Sun Life Insurance Pvt. Ltd has

invested heavily in technology to build world class processing capabilities Birla Sun Life

Insurance Pvt .Ltd 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 incrementing

its place amongst the leaders in the industry in terms of new business premium income. Birla

Sun Life Insurance (BSLI PVT. LTD), one of the leading private life insurers in India today

announced the inimitable achiever, cricketer KapilDev as their corporate brand ambassador. The

cricketing supreme will be endorsing Birla Sun Life Insurance pvt.Ltd

.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, KapilDev will play a key role in the brand and product marketing and promotional

activities. Birla Sun Life Insurance Pvt.Ltd has always used an integrated marketing approach,

which will be strengthened further. Commenting on the association with KapilDev, Mr. S. K.

Mitra, Director, Financial Services, Aditya Birla Group and currently in charge of BIRLA SUN

LIFE INSURANCE PVT LTD LTD. LTDexpressed, "The Birla Sun Life Insurance business

distribution network is national in nature covering more than 1000 points across the country .We

have made our entry in several tier I and tier II towns. It is therefore very important for the brand

to connect at the grass root level and create trust. We believe that our association with KapilDev

as our brand ambassador will help us create this connects in a shorter period of time. We

therefore now have two strong connects our parent brand Birla and our brand Ambassador

KapilDev".KapilDev, 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 on16 October 1978 at Faisalabad against Pakistan. KapilDev 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 BIRLA SUN LIFE INSURANCE PVT LTD LTD. LTD, Kapil Devconnected

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 BIRLA SUN LIFE INSURANCE PVT

LTD LTD. LTDbrand. He is very much loved and respected by a vast majority of the population.

On 26 November 2006, Birla Sun Life hosted the annual golf tournament at the Chembur

Golf Club in Mumbai where KapilDev participated.


About Birla Sun Life Insurance
Birla Sun Life Insurance Company Limited is a joint venture between the Aditya Birla Group,

one of the largest business houses in India and Sun Life Financial Inc., a leading international

financial services organization. The local knowledge of the Aditya Birla Group combined with

the expertise of Sun Life Financial Inc., offers a formidable protection for your future. Birla Sun

Life Insurance (BIRLA SUN LIFE INSURANCE PVT LTD LTD. LTD), 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 Birla Sun Life insurance Being a customer-centric

company, Birla Sun Life Insurance Pvt. Ltd has invested heavily in technology to build world

class processing capabilities Birla Sun Life insurance. Ltd 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.38,000crore (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 andhas seven lakh shareholders, with a market

capitalization of Rs.53,400crore.

About Sunlife Financial Inc.

Sun Life Financial Inc. is a leading international financial services organization providing a

diverse range of wealth accumulation and protection products and services to individuals and

corporate customers. Tracing its roots back to 1865, Sun Life Financial and its partners today

have operations in key markets worldwide, including Canada, the United States, the United

Kingdom, Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. As of

31March 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".

Key peoples of organization


Board of Directors
Mr. Kumar M Birla

Mr. Donald A Stewart,

Mr. Bishwanath N Puranmalka

Mr. Ajay Srinivasan


Mr. Gary M Comerford

Mr. Suresh N Talwar

Mr. Gian P Gupta

His Highness Maharaja G Singh

Mr. Stephan Rajotte

Dr. Bharat K Singh

Insurance Committee

Mr. B. N. Puranmalka

Mr. Eugene Lundrigan

Mr. Ajay Srinivasan

Mr. VikramMehmi

Mr. MayankBathwal

Mr. Fabien Jeudy

Mr. VikramKotak

Ms. Keerti Gupta

Management Team

Mr. VikramMehmi
President & Chief Executive Officer

Mr. MayankBathwal

Chief Financial Officer

Mr. Mario Braganza

Chief Operating Officer

Mr. E.N. Goveia

Head - Direct Sales Force

Mr. AmitPunchhi

Senior Vice President - Third Party Distribution

Mr. BhaveshSanghvi

Head - Group Life & Pensions

Mr. Snehal Shah

Senior Vice President - Operations

Ms. AnjanaGrewal

Senior Vice President - Marketing & Communications

Mr. Rajesh Bhojani

Senior Vice President - DSF Expansion


Mr. K.H. Venkatachalam

Vice President Human Resource

Mr. Fabien Jeudy

Vice President, Chief & Appointed Actuary

Mr. LalitVermani

Vice President - Compliance

Mr. Melvyn D'souza

Vice President Risk Management and Internal Audit

Mr. VikramKotak

Vice President - Insurances

Mr. BhalachandraNayak

Vice President Strategy

Evaluation Of Insurance

1. House/office/factory or any moveable object destroyed in life - Fire insurance

2. Shipment or transportation of goods - Marine insurance By ship, destroyed in catastrophe.


3. Jewellery /cash/ household goods - Burglar insurance Stolen or robbed

4. Goods in transit by roads or railways destroyed. - Carrier insurance

5. Theft or accident of vehicles - Vehicle insurance

6. Financial cover in ailment /surgery etc - Health insurance All these are non-life

insurance. In conclusion one can safely say that the purpose of insurance be it or

non-life is to transfer the financial loss to the insurance company who spreads in over to the

policyholders.

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 isnot 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 ecom

es null if the insured commits suicide within a specified time for the policy date (usuallytwo

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

theinsured dies within this period, the insurer has a legal right to contest the claim and

requestadditional 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 persons life. The

insurer (the life insurance company) calculates the policy prices with 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 bylife insurance companies in the United

States and their regulators was calculated during the1980s. 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 quadratically 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 Insurance 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 insureds 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

company-established 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 calle

dunderwriting. 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

onanyone. 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

meansincreasing 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 anycondition, and his family (immediate and

extended) has no history of early cancer, diabetes or other conditions. Preferred is like Preferred

Best, but it allows that the proposed insured iscurrently under medication for the condition and

may have some family history. Most people arein the Standard category. Profession, travel, and
lifestyle also factor into not only which categorythe 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.

Contribution of life insurance in development of economy


Contribution of Life Insurance Sector in the Economy

Flow of Insurance Industry in India

Structure of insurance industry: Snap Shot Industry

Aggregation of long term savings

Spread of financial services in rural Areas

Long term funds for infrastructure development of capital Markets/ Economic Growth

Employment generation

Special Future

Growth Potential
(Insurance Plans)

Insurance Plans

Life is unpredictable. But in face of adversity, our responsibilities towards our parents,

children and loved ones need not be compromised. Insurance planning equips you to smooth out
the uncertainties and adversities that life might send your way, so that the best that life has to

offer, secure in the knowledge that your beloved ones are well provided for.

Birla Sun Life insurance privet Ltd offers a complete range of insurance products

1. Protection Plans

2. Savings Plans

3. Child Plans

4. Insurance Plans

5. Retirement Plans

6. Group Plans

7. Rural Plans

8. Plans for NRIs

9. Keyman Plans

10. Riders

Protection Solutions
In an increasingly uncertain world, it is your top priority to ensure that your family continues to

enjoy financial security and a comfortable lifestyle even in your absence. Birla Sun Life Insurance

(BSLI) brings you term life insurance plans that are a simple and economic way of achieving this

objective irrespective of what the future has in store for you .Birla Sun Life Insurance Pvt. Ltd
Protection Solutions are term life insurance plans that help you meet your need of financial

security for your loved ones. We provide you life cover based on your requirements and that too,

at a reasonable premium. To calculate the appropriate life cover for you and buy a plan, call for

our financial advisor.

Plan Benefit Plan Name

A plan that assures financial security for your family while keeping BIRLA SUN LIFE
pace with your growing needs, and rewards you for a healthy lifestyle INSURANCE PVT LTD LTD.

LTDProtector Plus Plan

Your life responsibilities might either be escalating or have been BIRLA SUN LIFE

steady. Protect your family against the extra liabilities of life by INSURANCE PVT LTD LTD.

choosing the plan option best suitable for your needs. LTDEasy Protect Plan

To deal with growing expectations and secure the financial future of BIRLA SUN LIFE

your family, Birla Sun Life Insurance has come up with the perfect INSURANCE PVT LTD LTD.

protection solution for you. LTDProtect@Ease

Retirement Solutions

During retirement, income stops but the expenses dont. With inflation increasing the cost of

basic essentials, your savings today might not suffice meeting the cost of necessities throughout

the retired life. It is therefore important to start saving early and in a planned manner for a

comfortable, stress-free retired life. What is also important is to determine your goal for the

retirement corpus basis your projected needs during retired life.

Birla Sun Life Insurance Retirement Solutions ensure that you enjoy a secure and happy retired

life.Our retirement plans that help you build a corpus that lasts throughout your retired life. So,
whether you wish to retire early and start your own business or lead a leisurely retired life, you

can be sure of the funds that make it the best years of your life.

To know more about our plans and to get recommendations on the plan best suited to your needs,

call for a Birla Sun Life Insurance Financial Advisor.

Plan Benefit Plan Name

Presenting the BIRLA SUN LIFE INSURANCE PVT LTD LTD. BIRLA SUN LIFE INSURANCE

LTDEmpower Pension Plan, a plan designed especially to ensure PVT LTD LTD. LTDEmpower

that you remain in control of your destiny even during the second Pension Plan

innings of life. A unit linked, non-participating pension plan it is

simple, hassle-free and helps you accumulate your premiums and

the Insurance returns into a corpus for your retirement; so that you

can focus on your goals, and enhance your savings for a secure

future.

It enables you to convert your savings or lump sum amounts into BSLI. LTD Immediate

an instantly guaranteed lifetime income source for retirement, Plan

which you can avail anytime you choose to have it.


Children's Future Solutions

A child is a source of joy for every parent. You work towards ensuring that you have the means

to meet the big future expenses of your child, be it for higher education, marriage or any other

dreams that you have for your child.

Birla Sun Life Insurance Childrens Future Solutions are designed to help you build a corpus that

allows you to meet the major expenses of your child in future. Besides providing you life cover

to ensure that your childs dream is secured, they also offer you the choice of guaranteed returns

or the flexibility to manage your fund options to make your money grow as per your needs. To

know more about our plans and to get recommendations on the plan best suited to your needs,

call for a Birla Sun Life Insurance Financial Advisor.

Health & Wellness


With medical costs increasing considerably, most of us find ourselves unprepared for sudden medical

emergencies that tend to throw our finances out of gear.

Birla Sun Life Insurance Health & Wellness Solutions ensure that you never lack the funds to go in for

quality treatment in case of medical emergencies. Our plans help you insure yourself and your family for

an adequate sum, against major illnesses and injuries. You even have a choice of plans that offer the

cashless facility.

To know more about our plans and to get recommendations on the plan best suited to your needs, call for

a Birla Sun Life Insurance Financial Advison

Savings with Protection

Life's beautiful but also full of uncertainties and you never know what life has planned for you.

You work hard through the day to offer the very best for your family. However, you always have

this dilemma Enjoy Now vs Enjoy Later. Can we find the balance?

This is where BIRLA SUN LIFE INSURANCE PVT LTD LTD. LTDSavings with Protection

solutions come to your aid. By helping you make small savings in a disciplined manner, we help

you to create a corpus for fulfill your family's wishes in the future. Since the amount is small,
you can continue enjoying your current lifestyle without compromises. What's more, your family

will get the added security of a Life Cover & tax free returns. So go ahead, ensure your family

lives comfortably now and forever.

To know more about our Savings with Protection plans and more important to understand the

plan best suited for you, call for Birla Sun Life Insurance advisors.

Plan Benefit Plan Name

Introducing the BIRLA SUN LIFE INSURANCE PVT BIRLA SUN LIFE INSURANCE

LTD LTD. LTDVision Life Income Plan, a traditional PVT LTD Vision Life Income

participating whole life plan that helps you to not only Plan

plan your financial goals but also realize your dreams by

providing you with a steady income and whole life cover.

With survival benefits payable every year from the end of

the premium paying term till maturity and a life insurance

benefit, this plan offers a perfect blend of income and

financial protection for you and your family.

Since nothing in life is guaranteed, it is great to find some BIRLA SUN LIFE INSURANCE

things that are. Presenting the BIRLA SUN LIFE PVT LTD Vision Endowment

INSURANCE PVT LTD Vision Endowment Plan that Plan

offers you the best of both worlds since some things bring

with its promise the reassurance that you get back more

than what you have invested. This plan assures growth in

your savings and return of your money so you can build a

safe and financially sound future for your family.


Life is full of uncertainties and seldom turns out the way BIRLA SUN LIFE INSURANCE

one expects it to be. We all look for security; whether it is PVT LTD Savings Plan

for our familys future or for our savings. Given a choice,

we would leave nothing to chance when it comes to

fulfilling goals and securing familys well-being.

It allows you the flexibility to choose your policy term, BIRLA SUN LIFE INSURANCE

enjoy protection up to the age of 100 years and gain PVT LTD Vision Life Secure

steady growth in savings over time so that you can relax Plan

and enjoy life with complete peace of mind.

The BIRLA SUN LIFE INSURANCE PVT LTD Income BIRLA SUN LIFE INSURANCE

Assured Plan is suitable for you if your key objective is PVT LTD Income Assured Plan

secured savings, regular income and comprehensive

financial protection for your family.

With survival benefits payable every year from 5th policy BIRLA SUN LIFE INSURANCE

anniversary till maturity and life insurance benefit, this PVT LTD Vision Regular Returns

plan offers a perfect combination of liquidity, savings and Plan

financial protection of your family.


Wealth with Protection Solutions

We all have dreams for our lives the dream house, the luxury car, the holiday abroad and many

more. In order to achieve these dreams, it is important to have a financial goal in mind and work

towards achieving it.

With Birla Sun Life Insurance Wealth with Protection Solutions, your dream is secure. Besides

providing you a life cover, these solutions encourage you to save regularly, by offering flexible

plans suited to your goals.


To know more about our plans and to get recommendations on the plan best suited to your needs,

call for a Birla Sun Life Insurance Advisor.

Plan Benefit Plan Name

A single pay unit linked plan that allows you to choose how your BIRLA SUN LIFE

money is invested in 13 different funds INSURANCE PVT

.LTDWealth Max Plan

A life insurance plan that ensures you meet your familys dreams by BIRLA SUN LIFE

picking out an Insurance option that best suits your requirement and INSURANCE PVT LTD

also financially secures your family with Whole Life Cover. Wealth Secure Plan

Birla Sun Life Insurance Wealth Assure Plan, a protection and BIRLA SUN LIFE

savings plan, that enables your wealth to grow steadily over time, INSURANCE PVT LTD

providing you and your family with a secure financial future to meet Wealth Assure Plan

your needs at different stages of life.

YOUR BENEFIT ILLUSTRATION


Some benefits are guaranteed and some benefits are variable with bonuses based on the future

Performance of the participating business and economic conditions. If your policy offers

guaranteed returns then these will be clearly marked guaranteed in the illustration table on this

page. If your policy offers variable returns then the illustrations on this page will show two

different rates of assumed future Insurance returns. These assumed rates of return are not

guaranteed and they are not the upper or lower limits of what you might get back as the value of

your policy is dependent on a number of factors including future Insurance performance .In the

illustration below, the Sum Assured is fully guaranteed. The Total Death

YOURS OPTIONS

Surrendering your Policy Taking a Policy Loan Free-Look Period

Your policy will acquire a surrender value after all due premiums for at least three full policy

Years are paid. The Guaranteed Surrender Value is a percentage of premiums paid (excluding any

premiums paid towards rider benefit/s, underwriting extras and service tax) plus the surrender

value of accrued regular bonuses less survival benefit already paid. The Guaranteed Surrender

Value will vary depending on the premium paying term and the year the policy is surrendered.

Your policy will also be eligible for a Special Surrender Value. The surrender value payable will

be the higher of Guaranteed Surrender Value or Special Surrender Value. The policy shall be

terminated once the Surrender Value is paid. Please ask your financial advisor for an illustration

of the Surrender Values applicable to your policy or refer to your policy contract for further

details. You may take a loan against your policy once it has acquired a surrender value. The

minimum loan amount is Rs. 5,000 and the maximum is 85% of your surrender value. We shall

charge interest on the outstanding loan balance at a rate declared by us from time to time based
on then prevailing market conditions. Any outstanding loan balance will be recovered by us from

policy proceeds due for payment before any benefit is paid under the policy. Should the

outstanding policy loan balance equal or exceed the surrender value of your policy at any time,

when your policy is in reduced paid-up status, then the policy shall be terminated without any

value. Note that prior to this happening, we shall give you an opportunity to repay all or part of

your outstanding loan balance in order for your policy to continue uninterrupted. You will have

the right to return your policy to us within 15 days (30 days in case the policy (5) issued under

the provisions of IRDA Guidelines on Distance Marketing of Insurance products) From the date

of receipt of the policy. We will refund the premium paid once we receive your written notice of

cancellation (along with reasons thereof) together with the original policy documents. We will

deduct proportionate risk premium for the period of cover and expenses incurred by us on

medical examination and stamp duty charges while issuing your policy. (5) Distance Marketing

includes every activity of solicitation (including lead generation) and sale of insurance products

through voice mode, SMS electronic mode, physical mode (like postal mail) or any other means

of communication other than in person.

TERMS & CONDITIONS Grace Period and Reinstatement

Service Tax and Education case

Tax Benefits Exclusions

Nomination and Assignment

Prohibition of Rebates Section 41 of the Insurance Act, 1938


If you are unable to pay your premium by the due date, you will be given a grace period of

30days (15 days for mode) and during this grace period all coverage under your policy will

continue. If you do not pay your premium within the grace period, the following will be

applicable:

(a) In case you have not paid premiums for three full years, then all benefits under your policy

will cease immediately and your policy shall be terminated.

(b) In case you have paid premiums for at least three full years, then your policy will be

continued on a Reduced Paid-Up basis. You can reinstate your policy for its full coverage within

two years from the due date of the first unpaid premium by paying all outstanding premiums

together with interest as declared by us from time to time and by providing evidence of

insurability satisfactory to us. Upon Reinstatement, your benefits shall be restored to their full

value. Service Tax and other levies, as applicable, will be extra and levied as per the extant tax

laws .As per extant tax laws, this plan offers tax benefits under Section 80C, 80D and Section

10(10D) of the Income Tax Act, 1961, subject to fulfillment of the other conditions of the

respective sections prescribed therein. You are advised to consult your tax advisor for details. We

will pay the premiums paid to date or surrender value, if higher, in the event the life insured

dies by committing suicide, whether medically sane or insane, within one year after the issue

date or reinstatement date of the policy.

In case you, the policyholder, is also the life insured, you need to nominate a person who shall be

entitled to the death benefit in case of death. This nomination shall be in accordance with Section

39 of the Insurance Act, 1938. You also have the right to assign your policy in Accordance with

Section 38 of the Insurance Act, 1938. No person shall allow or offer to allow, either directly or
indirectly, as an inducement to any person to take or renew or continue an insurance in respect

of any kind of risk relating to lives or property in India, any rebate of the whole or part of the

commission payable or any rebate of the premium shown on the policy, nor shall any person

taking out or renewing or continuing a policy accept any rebate, except such rebate as may be

allowed in accordance with the published prospectuses or tables of the insurer. Any person

making default in complying with the provisions of this section shall be punishable with a fine

which may extend to `500.

No policy of life insurance Affected after the coming into force of this act shall, after the expiry

of two years from the date on which it was effected, be called in question by an insurer on the

ground that statement made in the proposal or in any report of a medical officer, or referee, or

friend of the life insured, or in any other document leading to the issue of the policy was

inaccurate or false, unless the insurer shows that such statement was on a material matter or

suppressed facts which it was material to disclose and that it was fraudulently made by the policy

holder and that the policyholder knew at the time of making it that the statement was false or that

it suppressed facts which it was material to disclose. Provided that nothing in this section shall

prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no

policy shall be deemed to be called in question merely because the terms of the policy are

adjusted on subsequent proof that the age of the life insured was incorrectly stated in the

application

Birla Sun Life Insurance Company Limited (BIRLA SUN LIFE INSURANCE PVT LTD ) is a

joint venture between the Aditya Birla Group, a well known Indian conglomerate and Sun Life

Financial Inc., one of the leading international financial services organizations from Canada.

With an experience of over a decade, Birla Sun Life Pvt. Ltd has contributed to the growth and
development of the Indian life insurance industry and is currently one of the leading life

insurance companies in the country. Birla Sun Life Insurance Pvt. Ltd. has a customer base of

over two and half million policy holders and has attained recognition as the 3 most Trusted Life

Insurance Company in the 'Most Trusted Brands' survey 2013 conducted by Brand Equity (The

Economic Times Group) with Nielsen. The Company offers a complete Range of offerings

comprising protection solutions, children's future solutions, wealth with protection solutions,

savings with protection solutions, health and wellness Solutions , and retirement solutions. It

has an extensive distribution reach in over 500 cities through its network of over 550 branches,

more than 1,05,000 empanelled advisors and over 100 partnerships with corporate agents,

brokers and banks. Birla Sun Life Insurance has total assets under management of `22,300

Crores and a robust capital base of over `2,200 Crores, as on 30 th September, 2013. For more

information, please visit www.birlasunlife.com. Aditya Birla Financial Services Group (ABFSG)

ranks among the top 5 fund managers in India

Non-Disclosure Section 45 of the Insurance Act, 1938 About Birla Sun Life Insurance

About Aditya Birla Financial Services Group (ABFSG) BIRLA SUN LIFE INSURANCE

A COMING TOGETHER OF VALUES

(excluding banks and LIC) with an AUM of ~$19.86 billion. Having a strong presence across the

life insurance, asset management, NBFC, private equity, retail broking, distribution and wealth

management, and general insurance broking businesses, ABFSG is committed to serve the end-

to-end financial services needs of its retail and corporate customers. The seven companies

representing ABFSG are: Birla Sun Life Insurance Company Ltd., Birla Sun Life Asset

Management Company Ltd., Aditya Birla Finance Ltd., Aditya Birla Capital Advisors Pvt. Ltd.,
Aditya Birla Money Ltd., Aditya Birla Money Mart Ltd. and Aditya Birla Insurance Brokers Ltd.

In FY 2012-13, ABFSG reported consolidated revenue from these businesses at `6,390 Crores

(1.17 billion) and earnings before tax at `761 Crores. Anchored by about 14,200 employees and

trusted by about 5.3 million customers, ABFSG has a nationwide reach through more than 1,550

points of presence and about 1,60,000 agents/channel partners. Sun Life Financial is a leading

international financial services organization providing a diverse range of protection and

wealth accumulation products and services to individuals and corporate customers. Sun Life

Financial and its partners have operations in key markets worldwide, including Canada, the

United States, the United Kingdom, Ireland, Hong Kong, the Philippines ,Japan, Indonesia ,

India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of June 30, 2013, the

Sun Life Financial group of companies had total assets under management of $591 billion. For

more information please visit www.sunlife.com. Sun Life Financial Inc. trades on the Toronto

(TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF

This policy is underwritten by Birla Sun Life Insurance Company Limited (BIRLA SUN

LIFE INSURANCE PVT. LTD ). This is a traditional participating endowment plan. All terms

and conditions are guaranteed throughout the policy term, except for the bonuses which would

be declared at the end of each financial year. Service Tax and Education Cess and any other

applicable taxes will be added (extra) to your premium and levied as per extant tax laws. An

extra premium may be charged as per our then existing underwriting guidelines for substandard

lives, smokers or people having hazardous occupations etc. This brochure contains only the

salient features of the plan. For further details please refer to the policy contract. Tax benefits are

subject to changes in the tax laws. For more details and clarification call your BIRLA SUN LIFE
INSURANCE PVT LTD Insurance Advisor or visit our website and see how we can help in

making your dreams come true.

Insurance is a subject matter of solicitation.

IRDA clarifies to public that IRDA or its officials do not involve in activities like sale of any

kind of insurance or financial products

Tax Benefits

Exclusions

Nomination and Assignment

Prohibition of Rebates Section 41 of the Insurance Act, 1938

Non-Disclosure Section 45 of the Insurance Act, 1938

As per extant tax laws, this plan offers tax benefits under Section 80C and Section 10(10D) of

The Income Tax Act, 1961, subject to fulfillment of the other conditions of the respective

sections prescribed therein. You are advised to consult your tax advisor for details. We will pay

the premiums paid to date or Surrender Value, if higher, in the event the life insured dies by

committing suicide, whether medically sane or insane, within one year after the issue date or

reinstatement date of the policy. In case you, the policyholder, are also the life insured, you need

to nominate a person who shall be entitled to the death benefit in case of death. This nomination

shall be in accordance with Section 39 of the Insurance Act, 1938. You also have the right to

assign your policy in accordance with Section 38 of the Insurance Act, 1938.
No person shall allow or offer to allow, either directly or indirectly, as an inducement to any

person to take or renew or continue an insurance in respect of any kind of risk relating to lives or

property in India, any rebate of the whole or part of the commission payable or any rebate of the

premium shown on the policy, nor shall any person taking out or renewing or continuing a policy

accept any rebate, except such rebate as may be allowed in accordance with the published

prospectuses or tables of the insurer. Any person making default in complying with the

provisions of this section shall be punishable with a fine which may extend to five hundred

rupees.

No policy of life insurance Affected after the coming into force of this act shall, after the expiry

of two years from the date on which it was effected, be called into question by an insurer on the

ground that statement made in the proposal or in any report of a medical officer, or referee, or

friend of the life insured, or in any other document leading to the issue of the policy, was

inaccurate or false, unless the insurer shows that such statement was on a material matter or

suppressed facts which it was material to disclose and that it was fraudulently made by the Policy

holder and that the policyholder knew at the time of making it that the statement was false or that

it suppressed facts which it was material to disclose. Provided that nothing in this section shall

prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no

policy shall be deemed to be called in question merely because the terms of the policy are

adjusted on subsequent proof that the age of the life insured was incorrectly stated in the

application.

Birla Sun Life Insurance Company Limited Birla Sun Life Insurance Pvt. Ltd) is a joint venture

between the Aditya Birla Group, a well known Indian conglomerate and Sun Life Financial Inc.,

one of the leading international financial services organizations from Canada. With an experience
of over a decade, Birla Sun Life Insurance Pvt. Ltd has contributed to the growth and

development of the Indian life insurance industry and is currently one of the leading life

insurance companies in the country. Birla Sun Life Insurance Pvt. Ltd has a customer base of

over two and half million policy holders and has attained recognition as the 3rd Most Trusted

Life Insurance Company in the 'Most Trusted Brands' survey 2013 conducted by Brand Equity

(The Economic Times Group) with Neilsen. The Company offers a complete range of offerings

comprising protection solutions, children's future solutions, wealth with protection solutions,

health and wellness solutions, and retirement solutions. It has an extensive distribution reach in

over 500 cities through its network of over 550 branches, more than 1,05,000 empanelled

advisors and over 100 partnerships with corporate agents, brokers and banks. Birla Sun Life

Insurance has total assets under management of `22,300 Crores and a robust capital base of over

`2,200 Crores, as on 30th September, 2013. For more information, please visit

www.birlasunlife.com

Aditya Birla Financial Services Group (ABFSG) ranks among the top 5 fund managers in India

(excluding banks and LIC) with an AUM of ~$19.86 billion. Having a strong presence across the

life insurance, asset management, NBFC, private equity, retail broking, distribution & wealth

management, and general insurance broking businesses, ABFSG is committed to serve the end-

to-end financial services needs of its retail and corporate customers. The seven companies

representing ABFSG are: Birla Sun Life Insurance Company Ltd., Birla Sun Life Asset

Management Company Ltd., Aditya Birla Finance Ltd., Aditya Birla Capital Advisors Pvt. Ltd.,

Aditya Birla Money Ltd., Aditya Birla Money Mart Ltd. and Aditya Birla Insurance Brokers Ltd.

In FY 2012-13, ABFSG reported consolidated revenue from these businesses at `6,390 Crores

(1.17 billion) and earnings before tax at `761 Crores. Anchored by about 14,200 employees and
trusted by about 5.3 million customers, ABFSG has a nationwide reach through more than1,550

points of presence and about 1,60,000 agents/channel partners.

BIRLA SUN LIFE INSURANCE A COMING TOGETHER OF VALUES About Birla

Sun Life Insurance About Aditya Birla Financial Services Group (ABFSG)

About Sun Life Financial

Sun Life Financial is a leading international financial services organization providing a diverse

range of protection and wealth accumulation products and services to individuals and corporate

customers. Sun Life Financial and its partners have operations in key markets worldwide,

including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines,

Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of

June 30, 2013, the Sun Life Financial group of companies had total assets under management of

$591 billion. For more information please visit www.sunlife.com. Sun Life Financial Inc. trades

on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker

symbol SLF.

This policy is underwritten by Birla Sun Life Insurance Company Limited (BIRLA SUN

LIFE INSURANCE PVT. LTD).

This is a traditional participating whole life insurance plan. All terms and conditions are

guaranteed throughout the policy term, except for the bonuses which would be declared at the

end of each financial year. Service Tax and Education Cess and any other applicable taxes will be

added (extra) to your premium and levied as per extant tax laws. An extra premium may be
charged as per our then existing underwriting guidelines for substandard lives, smokers or people

having Hazardous occupations, etc. This brochure contains salient features of the plan

including risk factors and terms and conditions. Please read the brochure carefully before

concluding the sale. For precise terms and conditions please refer to the policy contract. Tax

benefits are subject to changes in the tax laws. For more details and clarification, call your Birla

Sun Life Insurance Pvt. Ltd Insurance Advisor or visit our website and see how we can help in

making your dreams come true.

Insurance is the subject matter of solicitation.

IRDA clarifies to public that IRDA or its officials do not involve in activities like sale of any

kind of insurance or financial products nor invest premiums. IRDA does not announce any

bonud. Public receiving such phone calls are requested to lodge a police complaint along with

details of phone call number.

RISK FACTORS AND DISCLAIMERS

Taking a Policy Loan Free-Look Period

For higher Sum Assured, we also offer a premium rebate as follows.

Premium Rebate per 1000 SA nil 2.00 3.00 3.75Your policy will acquire a surrender value after

all due premiums for at least 3 full policy years are paid. The Guaranteed Surrender Value is a

percentage of premiums paid (excluding any premiums paid towards rider/s benefit, underwriting

extras and service tax) plus the surrender


value of accrued regular bonuses less maturity benefit already paid. The Guaranteed Surrender

Value will vary depending on the policy term and the year the policy is surrendered. Your policy

will also be eligible for a Special Surrender Value. The Surrender Value payable will be the

higher of Guaranteed Surrender Value or Special Surrender Value. The policy shall be terminated

once the Surrender Value is paid. Please ask your financial advisor for an illustration of the

Surrender Values applicable to your policy or refer to your policy contract for further details.

You may take a loan against your policy once it has acquired a surrender value and provided the

life insured is alive. The minimum loan amount is Rs.5,000 and the maximum is 85% of your

surrender value. We shall charge interest on the outstanding loan balance at a rate declared by us

from time to time based on then prevailing market conditions. Any outstanding loan balance will

be recovered by us from policy proceeds due for payment and will be deducted before any

benefit is paid under the policy. Should the outstanding policy loan balance equal or exceed the

surrender value of your policy at any time, when your policy is in reduced paid up status, then

the policy shall be terminated without any value. Note that prior to this happening, we shall give

you an opportunity to repay all or part of your outstanding loan balance in order for your policy

to continue uninterrupted

Objective
1. To study and understand about the Birla Sun Life Insurance Company.
2. To find out proper understanding and analysis of life insurance industry.
3. To find out need of the poetical adviser
4. To study and determine the competitor position in the market.
5. To know the future plans of the people for buying the policies.
Scope

The study is restricted to Mirzapur only. The study also analyses the preferences regarding

different life insurance policies of Birla-sun life insurance. For this study 100 respondents of

Mirzapur are chosen. Now days there are lot of private companies in market so its important to

know what motivates the customer to buy the policy. Birla sun life is the fastest growing private

insurance company in India. It determines market share of the various private companies in

India.

To understand the Identification Of Potential Insurance Advisor.

To understand the procedures of taking customers feedback and incorporating it with

improvement of Advisor.
Limitation

Because of time constraint sample size was the scope of this project is limited to areas in

Mirzapur only.

The estimates are done on average basis.

The project had scope for future research, which was beyond my resource due to time

constraint and work pressure.

Because of time constraint sample size was restricted on 100.

Some of the respondents did not respond due to lack of time.

Some were biased towards their brand, which might not be giving them good service.
RESEARCH METHODOLOGY

Research

Research is a process in which researchers wish to find out the end result for a give problem &

thus the solution help in a future course action . the research has been defined as A careful

investigation or enquiry through search for new fact in the branch of knowledge.

RESEARCH METHODOLOGY

The procedure using, which researchers go about their work of describing go about their work of

describing and predicting phenomena , is called Methodology . methods compromise the

procedure used for generating , collection and evaluating data .methods are the ways of

obtaining information useful for explanation.

Types of research :-

The type of research used in this project is description in nature .descriptive research is

essentially a fact finding related largely to the present, abstracting generation by cross sectional

study of the current situation. The descriptive method are extensively used in the physical and

natural section, for instance when physical measure , biology classified , zoology dissects and

geology studies the rock . but its use in social science is more common , as in socio economic

survey and job and activity analysis.


Design of descriptive studies:-

Descriptive studies aim at portraying accurately the characteristics of a particular group or

solution .one may under take a descriptive study about the work in the factory , health and

analysis . a descriptive study may be concerned with financial study, profitability and strength

and weakness of the company .

A descriptive study involve in following step-

Formulating objective of the study .

Defining the population and selection the sample.

Analysis of data .

Conclusion and recommendation for future improvement in the practices.

Data collection method:-

A thorough study of the financial statements of Texcel Engineers Private Limited (project engineering

management) using ratio analysis and comparative statements analysis.


Primary method:-

A Thorough study of the financial statements of Texcel Engineers Private Limitedusing Ratio

Analysis. The information is collected through secondary source during the project. That

information was utilized for calculating performance evaluation and based on that,

interpretations were made.


Secondary data:-

Secondary Data used is collected from the various websites such as Birla sun life

insurance Private Limited, , Internet research, library research, Newspapers, Magazines,

Journals and Periodicals.


Most of the calculations are made on the financial statements of the company provided

statements. This project referred the standard texts and referred books to collect some of

the information regarding theoretical aspects. It also includes the method to assess the

performance of the company and the method of observation of the work in finance

department in followed.

Analysis of Data:

The study is qualitative and quantitative in nature as both secondary and primary data is

there. Analytical tools (Microsoft Office Excel) will be used in the preparation. The

report will be prepared after doing a qualitative and quantitative analysis of the data

collected. Some bar charts, graphs and pie charts will be used to make the data more

understandable to the reader.


Research design

The study is carried out on the basis of information and data collection from training and

development center of Birla sun life insurance Private Limited

The following procedure are as followed

Understanding the formulas of Birla sun life insurance Private Limited

Analyzing the data.

Evaluate and calculate.

Universe of study: The universe of the study is public sector.

Locale of study: Locale of study is Birla sun life insurance Private Limited

Sample selection:

Sample design

Non Probability Convenience and Judgmental Sampling

Sampling Area Mirzapur


Data Analysis

1-Do you know Insurance advisor?

(a) Yes (b) No

Interpretation: -

Under 100 population 95% people knows that the Insurance advisor & 5% of the

population.
2- Insurance advisors are beneficial for the company?

(a) Yes (b) No

Interpretation:-

In this question I found that 90% of the population says that Insurance advisor are

beneficiary for the company and 10% of the population does not agree.
3-What are the roles of an agent on Insurance?

(a)Positive (b) Negative (c) Cant say

Interpretation:-

There are 85% of the population has positive, 5% population has negative role of

an agent on Insurance & 10% population has no idea.


4-Are you satisfied with your agents information regarding Insurance?

(a) Yes (b) No (c) Sometimes

Interpretation:-

There are 60% of the population has agreed & 10% of the population has disagree

& 30% population says sometimes satisfied the agent information regarding Insurance.
5- Which company imposed your Insurance?

(a) LIC (b) Bajaj Allianz

(c) Birla Sun Life Insurance (d) Other

60

50

40

30 Series1

20

10

0
LIC Bajaj Birla Sun Other
Allianz Life
Insurance
Interpretation:-

There are 50% of the population imposed LIC, 30% population Bajaj Allianz,

10% population Birla Sun life & 10% population imposed other Insurance.
6-Does your agent give the information relating to the Switch on time to the investors?

(a) Yes (b) No (c) Sometimes

Interpretation:-

There are 50% of the population says YES, 5% of the population says NO & 35%

population says sometimes says his/her agent give the information relating to the Switch on time

to the investors.

7-Does your agent provide the right information at the right time to the right time to the

document, premium & new scheme etc?


(a) Yes (b) No ( c) Sometimes (d) cant say

Interpretation:-

60% of the population says YES, 5% population says NO & 20% population says

sometimes his/her agent provide the right information at the right time to the document, premium

& new scheme etc.

8-Does agent maintains a regular contact with the policy holder & tries to general more

prospects?
(a) Yes (b) No (c) Sometimes
Interpretation:-

There are 70% population says YES, 5% population says NO & 25% population

says sometimes agent maintain of regular contact with the policy holder.

9-Does your agent try to see that the installment of the premiums is paid timely to the insurance

within the grace period?

(a) Yes (b) No (c) Sometimes


Interpretation:-

There are 75% population says YES, 5% population says NO & 20% population

says sometimes agent try to see that the installment of the premium are paid timely to the

insurance within the grace period.

10-Does an agent help the policy holder to fill the claim when a claim is due & expedite the

payment to the party?

(a) Yes (b) No (c) Sometimes


Interpretation:-

There are 60% of the population says YES, 5% population says NO & 35%

population says sometimes & agent help the policy holder to fill the claim when a claim

is due & expedite the payment to the party.

Finding

1. Under 100 population 95% people knows that the Insurance advisor & 5% of the population.

2. I found that 90% of the population says that Insurance advisor are beneficiary for the

company and 10% of the population does not agree.


3. There are 85% of the population has positive, 5% population has negative role of an agent on

Insurance & 10% population has no idea.

4. There are 60% of the population has agreed & 10% of the population has disagree & 30%

population says sometimes satisfied the agent information regarding Insurance.

5. There are 50% of the population imposed LIC, 30% population Bajaj Allianz, 10%

population Birla Sun life & 10% population imposed other Insurance.

6. There are 50% of the population says YES, 5% of the population says NO & 35% population

says sometimes says his/her agent give the information relating to the Switch on time to the

investors.

7. 60% of the population says YES, 5% population says NO & 20% population says sometimes

his/her agent provide the right information at the right time to the document, premium & new

scheme etc.

8. There are 75% population says YES, 5% population says NO & 20% population says

sometimes agent try to see that the installment of the premium are paid timely to the

insurance within the grace period.

9- There are 70% population says YES, 5% population says NO & 25% population says

sometimes agent maintain of regular contact with the policy holder.

10- I found that 90% of the population says that Insurance advisor are beneficiary for the

company and 10% of the population does not agree.


Conclusion
In this study I am find to many knowledge with regarding our topic Identification Of Potential

Insurance Advisor at Birla Sun Life Insurance When we survey, I Found that, the role of

Insurance advisor in insurance company is very important & I am also see the many people know

the Insurance advisor very well. So we can very easily understood the role of invest advisor in

the life of investors. Many people have a different knowledge regarding the role of Insurance
advisor because different company provides different facilities on different rules regarding the

Insurance.

I am finding the conclusion about the role of Insurance advisor in insurance company is

useful regarding the Insurance. An Insurance advisor performs all the functions for safe

Insurance as well as to gain full return thus regarding mental stress. Insurance advisor helps in

providing the correct information regarding the prevailing market conditions & also an Insurance

advisor provide good information regarding to the insurance policy. So I can say an Insurance

advisor, we need the Insurance in future aspects & uncertainties.

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 Insurance'. They can also focus on an insurance

amount of Rs. 1 2 lacks 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.
Suggestions

In my topic Identification Of Potential Insurance Advisor at Birla Sun Life Insurance I

asked to every responded to have a suggestion about the improvement of the roles of an agent on

Insurance then by the help of my respondent, I got lots of suggestion relating to my topic.

I want to suggest every Company agents who imposed the Insurance they must be

gathered information about the Insurance procedure so that consumers are totally satisfied to his

Insurance.
The Insurance Advisor of a life insurer is authorized only to forward the proposal form

along with the documents to the insurance company. Other than this, he has no authority or

power to conclude the contract with the buyer of the insurance. The insurance company is solely

competent with the life assured.

Now a day, the role of agent on Insurance increasing day by day but in Mirzapur it is not become

so much increase be case of the communication skill no so much properly in Mirzapur city &

most important suggestion the agent that they should be the right information relating to the

SWITCH on time the Insurance & they should be reached information relating to the new

scheme & the document premium etc.

There are currently 13 Indian insurance companies in the life side and 13 Indian insurance

companies operating in general insurance. General Insurance Corporation has been approved as

the Indian insurer for underwriting only insurance business. I also suggest to Bajaj Allianz , Birla

Sun Life Insurance , & Other insurance company agent to imposed his / her Insurance because

my some respondent are not satisfied this.

Limitations of the Study

The research is confined to a certain parts of Mirzapur and does not necessarily shows a pattern

applicable to all of Country.

1. Some respondents were reluctant to divulge personal information which can affect the

validity of all employees.


2. In a rapidly changing industry, analysis on one day or in one segment can change very

quickly. The environmental changes are vital to be considered in order to assimilate the

findings.

3. Sometime the employees did not give right information about himself.

4. Sometime the gap of communication was come in between the interaction.

5. The study is confined to the existing customers of BSLI only.

Bibliography

Books/Magazines Referred:-

Kotler, Philip & Armstrong, Graw- Principle of Marketing, Pearson

Education, New Delhi 2007.Publisher- Dorling Kindersley (India) Pvt. Ltd.


Kotler, Philip- Marketing Management: Analysis, planning,

Implementations & control, Pearson Education, New Delhi 2003, 11 t h

Edition.

Kothari C. R. Research Methodology 2 n d revised edition 2004

published by New Age International Ltd.

Beri- Marketing Research (Tata Mc Graw-Hill), 1993 2 n d Edition.

Marketing Strategy and Management- Mr. Michael J. Baker.

Gupta CB-An Introduction to Statistical Method (Vikas) , 1995, 9 t h

Edition.

Eveready In-house Newsletters.

BUSINESS MAGAZINE & NEWS PAPER:

The Times of India

The Economic Times

4Ps, Pitch, Business & Economy


Business Word& Business Standard

Business Today

Business

Internet:

www.google.com

www.birlasunlife.com

www. scribd.com
Annexure

Questionnaire

Name...........................................................
Age...........................................................
Occupation.............................................................
Address............................................................
Phone number............................................................
1-Do you know Insurance advisor?
(a) Yes [ ] (b) No [ ]
2-Insurance advisors are beneficier for the company?
(a) Yes [ ] (b) No [ ]
3-What are the roles of an agent on Insurance?
(a)Positive [ ] (b) Negative [ ] (c) cant say [ ]

4-Are you satisfied with your agents information regarding Insurance?

(a) Yes [ ] (b) No [ ] (c) Sometimes [ ]

5- Which company imposed your Insurance?

(a) Lic [ ] (b) Bajaj Allianz [ ]

(c) Birla Sun Life Insurance [ ] (d) Other [ ]

6-Does your agent give the information relating to the Switch on time to the investors?

(a) Yes [ ] (b) No [ ] (c) Sometimes [ ]


7-Does your agent provide the right information at the right time to the right time to the

document, premium & new scheme etc?


(a) Yes [ ] (b) No [ ] (c) Sometimes [ ] (d) cant say [ ]
8-Does agent maintains a regular contact with the policy holder & tries to general more

prospects?
(a) Yes [ ] (b) No [ ] (c) Sometimes [ ]

9-Does your agent try to see that the installment of the premiums is paid timely to the insurance

within the grace period?

(a) Yes [ ] (b) No [ ] (c) Sometimes [ ]

10-Does an agent help the policy holder to fill the claim when a claim is due & expedite the

payment to the party?


(a) Yes [ ] (b) No [ ] (c) Sometimes [ ]

11-Give the suggestion for, why you need the Insurance Advisor in Insurance ?

--------------------------------------------------------------------------------------------
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12-Do you think the on agent can make Insurance valuable?

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--------------------------------------------------------------------------------------------THANK YOU