TRAINING AND DEVELOPMENT AT Bvirla HR Projects

A
SUMMER TRAINING PROJECT REPORT
ON
“TRAINING AND DEVELOPMENT AT BIRLA SUN LIFE”
Submitted in partial fulfillment of the requirement
for the award of degree

of
MASTER’S OF BUSINESS ADMINISTRATION, UTTARANCHAL
UNIVERSITY (UIM)
SESSION (2014-2016)
SUBMITTED TO: SUBMITTED BY:-

MS. NEHA CHOUDHARY PARVEZ MALIK
FACULTY – UIM MBA 3rd SEM
UTTARANCHAL INSTITUTE OF MANAGEMENT,

DEHRADUN
1
CERTIFICATE
This is to certify that the Summer Internship Project titled “TRAINING AND
DEVELOPMENT AT BIRLA SUN LIFE, DEHRADUN” a bona fide work of PARVEZ
MALIK. This report neither full nor in part has ever before been submitted for awarding of any
degree of either this university or any other university. I am pleased to say that his performance
during the period was extremely satisfactory.
MS. NEHA CHOUDHARY

FACULTY - UIM
2
DECLARATION
De
I hereby certify that the work which is being presented in the project entitled, “TRAINING
AND DEVELOPMENT AT BIRLA SUN LIFE” in partial fulfillment of the requirements for
the award degree of Master of Business Administration, is an authentic record of my own work.
The matter presented in this Project Report has not been submitted by me for the award of any
other degree of this or any other University.
PARVEZ MALIK
MBA – III SEM
3
ACKNOWLEDGEMENT
The successful completion of my project and execution of job depends upon the hard work,
dedication and enthusiasm of individual towards the project.
At the very outset I wish to express my gratitude to those entire peoples who have given their
kind help, guidance and suggestion for the successful completion of this project.
I am very much thankful to my guide MS. NEHA CHOUDHARY for the valuable and
enlightened during this project.
I am also very thankful to all my faculty members and staff members of library as well as my
friends for their precious and worthy guidance. Without which it would have been difficult in
completion of this project.
I am also very grateful to my parents and friends for their everlasting love and support; last but
not the least I am grateful to almighty (god) who gave me courage to do my job efficiently.
PARVEZ MAILK
4
EXECUTIVE SUMMARY
It was the obligatory requirement of the UIM, Dehradun that after the completion
of M.B.A III sem, student have to go for a corporate exposure. I did my summer
training at Birla Sun Life Insurance Co.. Basically, the data collection is the first
step in the preparation of any project report. research methodology is collected
through two ways. firstly from primary data and secondly from secondary data.
Therefore, I collected primary data from structured questionnaire& interview and
secondary data through sources like newspapers, magazines, company records
etc.
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INDEX
CHAPTER – 1
 TRAINING AND DEVELOPMENT

 IMPORTANCE OF TRAINING
CHAPTER-2
 ABOUT THE COMPANY
 BACKGROUND OF PROMOTERS
 FINANCIAL HIGHLIGHTS & INFRASTRUCTURE OF BIRLA SUN LIFE
INSURANCEPVT. LTD.
 PRESENT SCENARIO OF THE COMPANY
 CURRENT PRODUCTS OF THE COMPANY
 OBJECTIVES OF THE COMPANY
 VALUES OF BIRLA SUN LIFE INSURANCE
 POLICIES OF THE COMPANY
 QUALITY POLICY OF THE COMPANY
 ORGANIZATION STRUCTURE
 DEPARTMENTS OF THE COMPANY
 SWOT ANALYSIS
CHAPTER-3
 RESEARCH METHODOLOGY
 RESEARCH OBJECTIVES
 SOURCES OF DATA COLLECTION
 RESEARCH DESIGN
CHAPTER-4
 DATA INTERPRETATIONS
 FINDINGS
 CONCLUSION & RECOMMENDATION
 SUGGESTIONS
 BIBLIOGRAPHY
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CHAPTER-1
INTRODUCTION
OF
TRAINING
&
DEVELOPMENT
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TRAINING
The term training refers to the learning process involves the acquisition of knowledge, shaping
of skills, competancies, concepts, rules, or changing of attitudes & behavior to enhance the
performance of employees
Training is activity leading to skilled behavior.
• It’s not what you want in life, but it’s knowing how to reach it
• It’s not where you want to go, but it’s knowing how to get there
• It’s not how high you want to rise, but it’s knowing how to take off
• It may not be quite the outcome you were aiming for, but it will be an outcome
• It’s not what you dream of doing, but it’s having the knowledge to do it
• It's not a set of goals, but it’s more like a vision
• It’s not the goal you set, but it’s what you need to achieve it
Training is about knowing where you stand (no matter how good or bad the current situation
looks) at present, and where you will be after some point of time.
Some commentators use a similar term for workplace learning to improve performance: training
and development. One can generally categorize such training as on-the-job or off-the-job:
On-the-job training takes place in a normal working situation, using the actual tools,
equipment, documents or materials that trainees will use when fully trained. On-the-job training
has a general reputation as most effective for vocational work.
Off-the-job training takes place away from normal work situations implying that the employee
does not count as a directly productive worker while such training takes place. Off-the-job
training has the advantage that it allows people to get away from work and concentrate more
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thoroughly on the training itself. This type of training has proven more effective in inculcating
concepts and ideas.
Training has specific goals of improving one's capability, capacity, and performance.
Training is about the acquisition of knowledge, skills, and abilities (KSA) through professional
development.
TYPES OF TRAININGS
Physical training
Physical training concentrates on mechanistic goals: training-programs in this area develop
specific skills or muscles, often with a view to peaking at a particular time. Fartlek training offers
flexible techniques which trainers can adapt to suit almost any athlete.
In military use, training means gaining the physical ability to perform and survive in combat, and
learning the many skills needed in a time of war. These include how to use a variety of weapons,
outdoor survival skills, and how to survive capture by the enemy, among others. See military
education and training.
For psychological or physiological reasons, people who believe it may be beneficial to them can
choose to practice relaxation training, or autogenic training, in an attempt to increase their ability
to relax or deal with stress. While some studies have indicated relaxation training is useful for
some medical conditions, autogenic training has limited results or has been the result of few
studies.
Religion and spirituality
In religious and spiritual use, training may mean purifying mind, heart, understanding and
actions to obtain a variety of spiritual goals such as closeness to God or freedom from suffering.
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Note for example the institutionalized spiritual training of Buddhism, the Threefold Training, or
discipleship in Christianity.
Artificial-intelligence feedback
Researchers have developed training-methods for artificial-intelligence devices as well.
Evolutionary algorithms, including genetic programming and other methods of machine learning,
use a system of feedback based on "fitness functions" to allow computer programs to determine
how well an entity performs a task. The methods construct a series of programs, known as a
“population” of programs, and then automatically test them for "fitness", observing how well
they perform the intended task. The system automatically generates new programs based on
members of the population that perform the best. These new members replace programs that
perform the worst. The procedure repeats until the achievement of optimum performance. In
robotics, such a system can continue to run in real-time after initial training, allowing robots to
adapt to new situations and to changes in themselves, for example, due to wear or damage.
Researchers have also developed robots that can appear to mimic simple human behavior as a
starting point for training.
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ROLE OF TRAINING:
Activities designed to facilitate the learning and development of new and existing skills, and to
improve the performance of specific tasks or roles. Training may involve structured programs or
more informal and interactive activities such as group discussion or role playing which promote
experiential learning. A wide variety of activities, including classroom-based courses, on-the-job
training, and business or simulation games, are used for training. Audio-visual and multimedia
aids such as videos and CD-ROMs may also be employed. Training may be provided by an
internal training officer or department, or by external training organizations. The effectiveness of
training can be maximized by conducting training needs analysis beforehand, and following up
with evaluation of training. Training should result in individual learning and enhanced
organizational performance.
Training targets behavior directly, and might indirectly influence thought processes. Training
might start by specifying steps needed to accomplish a particular task, but more than this is
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needed to assure that certain skills or procedures are learned. Participants in a training course
should practice the desired behavior and receive pertinent feedback to support what's right and
correct what's wrong. If feedback is given genuinely in a trusting and caring atmosphere,
behavior might not only be directly improved, but one's thinking or attitude associated with the
behavior might be positive.
Conversely, education focuses on trying to influence participants' cognitive or thinking
processes. This kind of education might increase profound knowledge or critical thinking skills
and this could lead to behavior change.
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TRAINING AND DEVELPOMENT
Every organization needs the services of trained people for performing the activities in a
systematic way. Training is a collection of actions, which enables the organization to
achieve its goals. “Training needs can be identified by deducting the existing skills from
the job requirements.”
The term training has been traditionally used to describe the acquisition of technical
knowledge and skills. Therefore, “Training is the systematic development of the
knowledge, skills and attitudes required by an individual to perform a given task or job.”
Training is the act of increasing the knowledge and skills of an employee for doing a
specified job. It can be viewed as a systematic planning process which has its
organizational purpose to impart and provide learning experience. This is done with a
view to bring about improvement in an employees and thus enabling him to make his
contribution in greater measure in meeting the goals and objectives of the organization.
Training is also an organized procedure for increasing the knowledge and skills of people
for a specific purpose. It helps the trainees acquire new skills, technical knowledge,
problem- solving ability etc. It also gives an awareness of the rules and procedures to
guide their behavior thereby improving the performance of employees on present
prepares them for taking up new assignments in future.
DEFINITIONS OF TRAINING
To have a realistic and clear perception and understanding of what training entails, some
of the definitions propounded by different distinguished writers are given below:
 Planty, Cord M.C and Efferson
“Training is the continuous, systematic development among all levels of employees of
that knowledge and those skills and attitudes which contribute to their welfare and that of
the company.”
 Richard P. Calhoon
“The process of aiding employees to gain effectiveness in their present and future work.”
 Michael Armstrong
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“The systematic development of the knowledge, skills and attitudes required by an
individual to perform adequately a given task or job.”
 Edwin B Flippo
“The act of increasing knowledge and skills of an employee for doing a particular job.”
NEED FOR TRAINING
1. Job Requirements: - Employees selected for a job might lack the qualification required
performing the job effectively. New and inexperienced employees required detailed
instructing for effective performance on the job. In some cases, the past experience,
attitudes and behavior pattern of experienced personal might be inappropriate to the new
organization. Remedial training should be given to such people to match the needs of the
organization. New employees need to provide orientation training to make them familiar
with the job and the organization.
2. Technological Changes: - Technology is changing very fast. Now automation and
mechanization are being increasingly allied in the offices and services sector. Increasing
use of fast changing techniques required training due to computerization of banking
operations. No organization can take advantage of latest technology without well trained
personnel. A new job required new skills. Thus, both new and old employees require
training.
3. Organization Viability: - In order to survive and grow an organization must continually
adopt itself to the changing environment.
4. Experiencing Expansion: - Growth and diversification, in order to face international
competition, the fir must upgrade their capabilities. Existing employees need refresher
training to keep them abreast of new knowledge. Training programmers foster the
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initiative and creativity of employees and help to prevent obsolescence of skills. An
organization can build up a second line of command through training in order to meet its
future needs for human resources. Trained staff is the most valuable asset of the
company.
5. Internal Mobility: - Training becomes necessary when an employees moves from one
job to another due to promotion and transfer.
Employees chosen for higher level jobs need to be trained before they are asked to
perform the higher responsibilities. Training is widely used to prepare employees for
higher-level jobs.
Thus there is an ever-present need for training people so that new and changed techniques
may be taken advantage and improvements in old methods are effected. Need for training
has increased due to growing complexity of jobs, increasing professionalisation of
management, growing aspirations, west untapped human potential, ever-increasing gap
between plans and result and sub optimal performance levels.
IMPORTANCE OF TRAINING
1. Higher Productivity: - Training helps to improve the level of performance. Trained
employees perform better by using better method of work improvement in manpower
productivity in developed nations.
2. Better Quality of work: - In formal training, the best methods are standardized and taught
to employees. Uniformity of work methods and procedures helps to improve the quality of
product or service. Trained employees are less likely to make operational mistakes.
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3. Less Learning Period: - A systematic training programme helps to reduce the time and cost
involved in learning. Employees can more quickly reach the acceptable level of performance.
They need not waste their time and efforts through trail and error.
4. Cost Reduction: - Trained employees make more economical use of materials and
machinery. Reduction in wastage and spoilage together with increase in productivity help to
minimize cost of operations per unit maintenance cost in also reduced due fewer machine
breakdowns and better handling of equipment.
5. Reduced Supervision: - Well-trained employees tend to be self reliant and motivated. They
need less guidance and control. Therefore, supervisor burden is reduced and the span or
supervision can be enlarged.
6. Low Accident Rate: - Trained personnel adopt the right work method and make use of the
prescribed safety devices. Therefore, the frequency of accidents is reduced. Health and safety
of employees can be improved.
7. High Morale: - Proper training can develop positive attitudes among employees. Job
satisfaction and moral are improved due to a rise in the earning and job security of
employees. Training reduced employee grievances because opportunities for internal
promotion are available to well train personal.
8. Personal Growth: - Training changes the knowledge and skills of the participants.
Therefore, well-trained personnel can grow faster in their career. Training prevents
obsolescence of knowledge and skills. Trained employees are more valuable assets to any
organization. Training helps to develop people for promotion to higher posts and to develop
future managers.
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9. Organization Climate: - A sound training programmed helps to improve the climate of an
organization. Industrial relations and discipline are improved.
Therefore, decentralization of authority and participative management can be introduced.
Resistance to change is reduced. Organizational having regular training programmers can fulfill
their future needs for personnel from internal sources. Organizational stability is enhanced
because training helps to reduce employee’s turnover and absenteeism. Training is an investment
in people and no organization can afford to train employees. The only choice left to management
is whether training shall be made a carefully planned part of an integrated programmed of
personnel administration.
TYPES OF TRAINING
Training is required of several proposes. Accordingly training programmers may be of the
following types: -
1. Orientation Training: - Induction or orientation seeks to adjust newly appointed
employees to the work environment. Every new employee needs to be made fully
familiar with his job, his superiors and subordinates and with the rules and regulation of
the organization. Induction training creates self-confidence in the employees. It is also
known as pre-job training. It is brief and informative.
The following subjects will be covered during INDUCTION TRAINING :
1. General information about the SARA GROUP and a briefing on higher
appointments &organisations.
2. Rules & regulations for staff.
3. Rules & Regulations for workers.
4. Social behaviour & etiquettes
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5. Office procedures (letter writing norms)
6. Labour laws
7. Material management (demand & supply)
8. Logistics (storage & dispatch procedures )
9. Quality control (norms&procedures)
10. Finances (briefing on documentation &procedures)
2. Job Training: - To the training provided with a view to increase the knowledge and
skills of an employees for improving performance on the job. Employees may be taught
the correct methods of handling equipment and machines used in a job. Such training
helps to reduce accidents waste and inefficiency in the performance of the job.
3. Safety Training: - To the training provided to minimize accidents and damage to
machinery to know as safety training. It involves instruction in the use of safety and in
safety consciousness.
4. Promotional Training: - It involves training of existing employees to enable them to
perform higher- level jobs. Employees with potential are selected and they are given
training before their promotion, so that they do not find it difficult to shoulder the higher
responsibilities of the new positions to which they are promoted.
5. Refresher Training: - When existing technique become obsolete dot to the
development of better technique, employees have to be trained in the use of new methods
and techniques. With the passage of time employees may forgot some of the methods of
doing work. Refresher training is designed to revive and refresh at knowledge and to
update the skills of the existing employees. Short-term refresher courses have become
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popular on account off rapid changes in technology and work methods. Refresher or re-
training programmes is conducted to avoid obsolescence of knowledge and skills.
6. Remedial Training: - Such training is arranged to overcome the shortcoming in the
behaviors and performance of old employees. Some of the expected employees might
have picked up appropriate methods and styles of work. Such employees are identified ad
correct work methods and procedures are taught to them. Psychological experts should
conduct remedial training.
METHODS OF TRAINING
UPGRADATION TRAINING
Upgradation training is given to the company’s employees by means of In House Training
and Training with outside agencies.
1) IN HOUSE TRAINING: In House Training is given through either, On The Job
Training or Off The Job Training.
(A) On the Job Training Methods: - Trainees earn as they learn under the watchful eyes of
a master mechanic or craftsmen , receive immediate feedback , practise in the actual work
environment , and associate with the same people they will work with after training. This
type of training is simple and economical. No special place, equipment, or instructor is
required. The training is suitable where a few employees are to be trained in the real job
environment and no expert instructor is required. Popular on the job training methods are
given below: -
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*Coaching BY SUPERVISORS: - Under this method, the trainees received personal
guidance and instruction from his superior. This method is effective when the superior is
well trained and has sufficient time to provide coaching.
*Under Study: - Here the trainee works as an assistant to a superior manager. He learns
through observations and experience. The trainee is expected eventually, to occupy the
job o senior manager. The objective is to develop a successor to the retiring manager.
*Job Rotation: - It involves a systematic transfer of the trainees from one job to another
so as to broaden his knowledge and attitudes.
B) OFF -THE JOB TRAINING: Off-the job training simply means that the training is not
a part of everyday job activity to upgrade his/her knowledge in the related field. The
company organises off-the job training for the existing employees as well as for the
newly inducted employees. Under these methods, training is given outside and external
agency arranges the training programme. The focus is more on learning than doing. Off-
the-job training enables training to concentrate better because they are free from job
pressure. It is suitable when the large numbers of employees are to be trainees over a long
time period. Some methods are as follows:-
 Class Room Lectures: - Professional experts instruct through a series of lectures to
impact knowledge and skills about a job. Some organizations like Hindustan Lever Ltd.,
State Bank of India and LIC conduct special course for their employees. In these courses,
film and T.V shows user to supplement lectures.
 Conference: - In a conference, employees of the same organization or different discuss
together the various aspects of the particular subject. Discussions among the participants
20
take place on the basis of lectures given by experts. This method helps to widen the
outlook and knowledge of the trainees.
 Case Discussion: - A case studies is a written description of an actual or hypothetical
situation. A capable instructor presents the fact of the case. The participants discuss the
case and arrive at conclusions. This method helps to develop analytical reasoning and
other mental qualities of the participants.
 Role playing: - Under this method, the participants in acts a number of roles to
understand the problem.
 Sensitivity Training: - Under this method, a training group consisting of five to ten
person is formed. The members of the group freely express their ideas, beliefs and
attitudes. Such an open discussion enables a trainee to appreciate the problems of others
and adjust accordingly.
2) TRAINING WITH OUTSIDE AGENCIES:
The company ,sometimes sends its employees to outside agencies for performing
training. They are sent to BARC BOMBAY, CTR LUDHIANA, ISNT etc. , the
employees are also sent to abroad for training purposes.
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METHODS OF DETERMINING TRAINING NEEDS
The total needs can be determined by analyzing the situation in respect of each skill that
is job requirement, employee’s present job skills and training needs of each member of
the work force. This can be done in the following ways:
1. Analysis of an activity: - List in a logical sequence, the activities in producing a
product or service of part there of, and determine new knowledge of insights are
required to handle it.
2. Analysis of Problems: - To analyze the problem and determine what additional
skills knowledge or insights are required to handle it.
3. Analysis of behavior: - To analyze typical behavior by individual or groups and
determine if someone should get something, be it additional knowledge, skill or
attitude.
4. Analysis of an Organization: - To analyze organizational weakness to produce
clues both individual and group training needs.
5. Appraisal of performance: - To analyze performance and to determine if
someone should get something but it additional knowledge, skill or
understanding.
6. Brain storming: - To bring together a homogenous group and to ask individuals
in the group to call out any ideas they have for answering a ‘how to question’ and
identify items, which call for an additional knowledge, skills or attitude.
7. Buzzing: - To ask an audience of supervisors, professionals, personnel’s or others
as to what the desirable next steps are in the organization’s training programme or
what additional areas of knowledge do we need to handle our work better.
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8. Card Sort: - To write statements or potential training needs on cards, hand them
over to persons whose ideas are sought to arrange these cards in what they feel is
their order of importance for various training needs.
9. Check List: - To break down a job, process, programme, activity or area of
responsibility in a list of detailed part or steps arranged in logical sequence then to
have checked off by each employee.
10. Interview: - To arrange a formal meeting with the person or group concerned
employing the interview technique.
11. Comparison: - To compare what an individual is doing with what others are
doing or have done to handle old programme keep up to date new technique and
procedure and fight his own obsolescence.
12. Observation: - To observe such things s many have values as indicators of
training needs, specially needs which are just under the surface or emerging
13. Survey: - To undertake survey that can be used to take inventory operation,
employee attitudes, implication of advanced planning etc.
14. Test: - To perform test, to measure the skills, knowledge or attitude and to
identify gaps.
15. Questionnaire: - To develop the questionnaire, to collect information, which
can be used to determine training needs, confirm the scope of the training,
identify course content etc.
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TRAINING PROCESS
24
DEVELOPMENT
Development relates to the development and growth of the employees in an organization
through a systematic process. This development is future-oriented and prepares managers
for a career of valuable contribution to the organization.
It is a key component of an organization’s efforts to prepare its employees to successfully
handle new challenges. Development helps managers to understand new cultures and
customs that have become an integral part of the global market. It helps managers equip
themselves with the latest technologies, tools and techniques for improved quality and
performance.
Development is an intricate and difficult process. The employees occasionally come
across challenging situations. These provide opportunities, at least to some, to rise to the
occasion and unfold their qualities. In normal work life, employees some times are
confronted with problems that require more that ordinary qualities to deal with them.
Problems, difficulties, challenges and other like situations help in the development of the
latent potentials in the employees.
Therefore, development is a long-term educational process utilizing a systematic and
organized procedure by which trainees can learn conceptual and theoretical knowledge
for general purpose.
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OBJECTIVES OF DEVELOPMENT
1. Improving the performance of the managers.
2. Enabling the senior managers to have an overall perspective about the organization and
also equipping them with the necessary skills to coordinate the various units of the
organization.
3. Identifying employees with executive talent and developing them so that they can occupy
managerial positions in the future.
4. Motivating the managers to perform more effectively in accordance with the
organizational goals.
5. Updating managers from time-to-time about the latest changes and developments in their
respective fields.
6. Improving the analytical and logical skills of employees.
7. Improving human relations skills and encourage creative thinking.
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PREREQUISITES OF A SUCCESSFUL DEVELOPMENT PROGRAM
1. Development should be identified as an important and continuous activity in the
organization.
2. Managers must take up the responsibility of developing their subordinates for greater
responsibilities.
3. Development must match the needs of the organization and the individual.
4. Managers must be motivated to invest time in the development of themselves and their
subordinates, using special reward systems.
5. Development starts with the selection of the right candidates for managerial ranks.
The development program should be based on a definite strategy, which should spell out
the type, coverage and objectives of the program.
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OBJECTIVES OF STUDY
1. Make learning one of the fundamental values of the company.
2. Ensure value addition through training to the over all business process.
3. Institutionalize learning opportunities that supplement work experience.
4. Integrate organizational and individual development needs.
5. Enable employees to keep abreast with the latest knowledge and skills and able them to
undertake current and future responsibilities in a more effective manner.
6. Provide linkage between the different functionaries of training activity.
7. Provide linkage of activity with overall human resources.
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CHAPTER-2
COMPANY PROFILE
30
ABOUT BIRLA SUN LIFE INSURANCE :
Birla Sun Life Insurance Company Limited is a joint venture between The Aditya Birla
Group and sun life financial inc.(canada). BSLI is a joint Venture which is 74% owned by
Birla group and 24% sun life finance inc. Birla Sun Life Insurance (BSLI) in its 7 successful
years 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 India market.
ABOUT ADITYA BIRLA GROUP:
The Aditya Birla Group is a US $24 billion conglomerate with a market capitalization of
US $31.5 billion (as on 31st December 2007) and is one of the largest business houses in
India. It is anchored by a force of 100,00 employees, belonging to 25 nationalities.
Its operations span 20 countries across six continents and is reckoned as India's first
multinational corporation.
Headquartered in Mumbai, India, over 50 per cent of the Group’s revenues flow from its
overseas operations.
The Aditya Birla Group was recently been adjudged “The Best Employer in India and
among the top 20 in Asia” by the Hewitt, Economic Times and Wall Street Journal.
ABOUT SUN LIFE FINANCIAL Inc.:
Sun Life Financial Inc. is a leading international financial services organization providing a
diverse range of wealth accumulation and protection products and services to individuals and
corporate customers.
Tracing its roots back to 1865, Sun Life Financial and its partners today have operations in
key markets worldwide, including Canada, U.S, the U.K, Hong Kong, the Philippines, Japan,
Indonesia, India, China and Bermuda.
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As of March 31st, 2007, the Sun Life Financial group of companies had total assets under
management of US$386.82 billion.
Sun Life Financial Inc. trades on the Toronto (TSX), (NYSE) and Philippine (PSE) stock
exchanges under ticker symbol "SLF".
Vision
To create long term value along with market leadership
Mission
To help people mitigate risks of life, accident, health and money at all stages and
under all circumstances
Enhance the financial future of our customers, including enterprises.
Values
Integrity
Commitment
Passion
Seamlessness
Speed
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Key People
Board of Directors Investment Committee

Mr. Kumar M. Birla Mr. B. N. Puranmalka
Mr. Ajay Srinivasan Mr. Eugene Lundrigan
Mr.Bishwanath N. Mr. Ajay Srinivasan
Puranmalka Mr. Vikram Mehmi
Mr. Donald A. Stewart Mr. Mayank Bathwal
Mr. Venkatesh S. Mysore Mr. Fabien Jeudy
Mr. Gian P. Gupta Mr. Vikram Kotak
Mr. Stephan Rajotte Ms. Keerti Gupta
Mr. Suresh N. Talwar
Dr. Bharat K. Singh
Audit Committee ShareAllotment Committee

Mr. Bishwanath N. Mr. B. N. Puranmalka
Puranmalka Mr. Venkatesh S. Mysore
Mr. Gian P. Gupta Mr. Suresh N. Talwar
Mr. Venkatesh S. Mysore Mr. Gian P. Gupta
Mr. Ajay Srinivasan
Mr. Stephan Rajotte
Finance Committee Risk Review Committee

Mr. Ajay Srinivasan Mr. Ajay Srinivasan
Mr. Bishwanath N. Mr. Gian P. Gupta

Puranmalka Mr. Venkatesh S. Mysore
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Mr. Gian P. Gupta
Mr. Stephan Rajotte
Management Team
Mr. Vikram Mehmi Mr. Mayank Bathwal
President & Chief Executive Chief Financial Officer
Officer
Mr. Amitabh Verma Mr. Fabien Jeudy

Chief Operating Officer Chief Actuarial Officer &
Appointed Actuary
Mr. Vikram Kotak Mr. Chander Chellani

Chief Investment Officer Chief Distribution Officer
Ms. Anjana Grewal Mr. Saurov Ghosh

Senior Vice President - Head - Human Resources
Marketing & Communications
Ms. Vinni Soni Mr. Lalit Vermani

Head - Group Business Vice President - Compliance
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PRODUCT OF BSLI
WHAT IS ULIPS -All Unit Linked life insurance plans are different from traditional
insurance plans and are subject to different risk factors. The name of the investment funds
and that of this plan do not in any way indicate the quality of the plan or future returns.
In this plan, the investment risk in the investment funds chosen by you is borne by you.
Investment funds are subject to investment risks and unit prices may go up or down
reflecting the market value of the underlying assets. Past performance is no guarantee of
future results.
Birla Sun Life Insurance Gold-Plus II Plan
In this policy the investment risk in investment portfolio is borne by the policyholder.
Highlights
Manage your investment fund portfolio: Free unlimited switches and premium
redirection - The plan allows you to monitor your investment fund performance and change its
portfolio according to your preferences at different stages through free unlimited switches and
premium redirection.
This plan is a unit linked, non-participating, insurance plan for duration of 8 years. A simple,
hassle free plan it helps you strike the right proportion between protection and savings. Our
plan offers you the convenience of paying for a limited period of 3 years with the flexibility to
reduce premium (subject to minimum of INR 10000) from the second policy year onwards
without reduction in sum assured. The plan, also offers you the benefits of top-up besides
providing liquidity in the form of partial withdrawals and surrender benefits.
Our plan has eight fund options, which empowers you with the flexibility of allocating
premiums in varying proportions into different fund options and achieves superior investment
returns. Free unlimited switches and premium redirection give you an opportunity to optimize
your returns.
35
Eligibility
Entry Age: 18 yrs to 70 years.
Minimum Premium: INR 50, 000.
Minimum Sum Assured: 5 x annual premium.
Premiums
You can choose your desired premium and the sum assured.
Premium Payment Frequency

You can pay the policy premium monthly (through ECS only), quarterly, half-yearly
or annually.
Premium Paying Mode
You can pay your policy premium by cash (up to INR 50,000), cheque, credit card,
salary deduction, ECS and direct debit.
Top-Up Premium
You can top-up the fund whenever you have additional savings prior to the maturity
of the policy. The minimum top-up premium is INR 5,000. The sum assured in the
plan will increase if the top-up amount exceeds 25% of the policy premium paid till
date. The additional sum assured will be 125% of the excess top- up premium and is
subject to the administrative and underwriting rules of the company.
Investing Your Premiums
Partial Withdrawals:
You are allowed to make unlimited partial withdrawals after 3 policy years, free of cost.
The minimum withdrawal amount is INR 5,000. The maximum partial withdrawal you
36
can make is the excess, if any, of the fund value over the higher of:INR 30000..
Top-up premiums paid by you during the three years preceding the partial
withdrawal date.
Policy Surrender
The policy can be surrendered any time during the tenure of the policy subject to a
surrender charge. The surrender charges will be zero from the 4th policy year. In case
of surrender in the first 3 policy years the benefits will be paid out only after the 3rd
policy year. The surrender value as of the date of your surrender remains constant till
paid to you.
Policy Loans
We do not offer this facility on this plan.
37
Benefits
Maturity Benefit
On maturity, your fund value will be paid to you.
Death Benefit
In the unfortunate event of the death of the life insured prior to the maturity date of the
policy, we will pay to the nominee the greater of (a) the fund value or (b) the sum assured
reduced for partial withdrawals as follows:
Before the life insured attains the age of 60, the sum assured payable on death is reduced
by partial withdrawals made in the preceding two years.
Once the life insured attains the age of 60, the sum assured payable on death is reduced
by all partial withdrawals made from age 58 onwards.
Policy Charges
Premium Allocation Charge

Premium allocation charge is deducted from your policy premium when received and
before units are allocated. It is guaranteed to never increase. See Schedule B.
Fund Management Charge
A fund management charge not exceeding 1.75% p.a. of the fund value will be charged by
adjustments of the daily unit prices. The charge is 1% p.a. for funds Assure, Protector,
Builder, and Enhancer for Creator, Magnifier, Maximiser funds it is 1.25% p.a. for
Multiplier fund it is 1.50%
Policy Administration Charge
38
A policy administration charge will be recovered by canceling units on a monthly basis
proportionately from each investment fund. See Schedule B for the annual rate per 1000 of
sum assured. We may increase this charge at any time after the 3rd policy year, subject to
a maximum increase of 5% p.a. since inception.
Mortality Charge
Mortality charge will be deducted on a monthly basis. We will take these charges by
canceling units proportionately from each of the investment funds at that time
The annual rates per 1000 of sum at risk (sum assured less fund value) for sample ages are
provided in table below for your reference. Please visit our website or ask your financial
advisor for the rates applicable to you. It is guaranteed never to increase
Sex/Age (in years) 25 35 45 55 65
1.02 1.16 2.38 6.44 15.9

Female
3 2 5 1 2
1.08 1.36 3.11 8.57 21.0

Male
3 3 0 1 6
Surrender Charge
The surrender charge is applied if and when you surrender your policy in the first 3 policy
years. The surrender charge as a percentage of the annual policy premium chosen at issue
is shown in Schedule B.
39
Schedule A
Investment
Risk
Fund Asset Allocation * Min. Max.
Profile
Option
100 100
Debt Instruments, Money Market & Cash
Assure Very Low % %
Equities & Equity Related Securities 0% 0%
100
Debt Instruments, Money Market & Cash 90%
Protector Low %
Debt Instruments, Money Market & Cash 80% 90%

Builder Low

Enhancer Medium

Creator Medium

Magnifier High
Maximiser High 100

Equities & Equity Related Securities 80%
%
Multiplier High 100

Equities & Equity Related Securities 80%
%
40
Schedule B
Policy Years
Policy Charges
1 2 3 4+
Premium Allocation Charge on policy premium 8% 4% 4% ---
2
Premium Allocation Charge on top-up premium 2% 2% 2%
%
19 19 14.
Policy Administration Charge* 19.4
.4 .4 4
15 12.5 10
Surrender Charge Nil
% % %
* per 1000 sum assured up to INR 50,000. An additional 5 per 1000 will be charged in
the first three policy years only on any excess sum assured over INR 50,000.
41
Birla Sun Life Insurance Term Plan
Highlights
Large life cover at low cost
Ideally suited for covering all your liabilities
Complete security for your loved ones
Entry age 18-55 years
Minimum Face Amount (Sum Assured) Rs.2,50,000 in case of single premium & Rs.2,00,000 in
case of regular premium for a person fulfilling the
eligibility criteria.
Benefit Period As per policy terms 5,10, 15, 20 or 25 years
Premium Paying Period Single pay or over the duration of the plan.
Premium Payment Frequency Annually, semi-annually, quarterly,Monthly (through ECS)

or one-time payment
Grace Period Pay your premium within 30 days after the premium due
dates
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Amount due to nominee in event of death Face Amount
of the life insured
Maturity benefit Nil
Riders Accidental Death and Dismemberment rider and Critical

illness rider, Waiver Of Premium riders, but only at the
time of purchase of policy.
* Tax Benefits Under Sec 80C and Sec 10 (10D) of the Income Tax Act
1961**
Birla Sun Life Insurance Children's Dream Plan
More Information
Accidental Death & Dismemberment Benefit Rider
You have the option to add this rider to your plan. It provides 100% of cover in case of\
death due to accident; loss of more than one limb; loss of sight in both eyes; or
loss of one limb and loss of sight in one eye. It provides 50% of cover in case of loss
of one limb; or loss of sight in one eye.
Current Tax Benefits
You will be eligible for tax benefits under Section 80C and Section 10(10D) of the
Income Tax Act, 1961.
43
Under Section 80C, premiums up to Rs. 100,000 are allowed as a deduction
from your taxable income each year.
Under Section 10 (10D), the benefits you receive from this plan are exempt
from tax, subject to mentioned exclusions.
Service Tax
Service Tax and other levies, as applicable, will be levied as per the extant tax laws.
SOME LIC,S PLAN
Jeevan Anurag Komal Jeevan

CDA Endowment Vesting At
Marriage Endowment Or
21
Educational Annuity
CDA Endowment Vesting At
Plan
18
Jeevan Kishore Jeevan Chhaya
Child Career Plan Child Future Plan
Jeevan Aadhar
Jeevan Vishwas
44
Jeevan Shree-I
Jeevan Pramukh
The Money Back Policy-20 Years

The Money Back Policy-25 Years
Jeevan Surabhi-15 Years
Bima Bachat
Jeevan Bharati - I
The Whole Life Policy

The Whole Life Policy- Limited Payment
The Whole Life Policy- Single Premium
Jeevan Anand
Jeevan Tarang
45
Two Year Temporary Assurance Policy
The Convertible Term Assurance Policy
Anmol Jeevan-I
Anmol Jeevan
Term Age Sum

Minimum 10 18 500000
Maximum 20 50 30000000
Premium Ceasing Age : 60 Premium Ceasing Term : 0
Plan Highlights
Features
LIC's Anmol Jeevan is a unique plan of assurance policy, by far the cheapest policy to buy;
cheaper than even a whole life policy to start with. This plan is allowed to standard and sub-
standard lives (upto Class VI EMR). In case of female lives, this plan will be restricted to
Category I and II lives only. Physically handicapped persons will not be eligible for this plan.
46
Special Features
Persons following hazardous occupations attracting an Occupation Extra of Rs.4/- or more
per Rs.1000/-
Sum Assured will not be eligible for the plan. Cost of medical examination will be borne by
the Corporation.
• Standard age proof will have to be submitted along with the proposal form.
• Proposals will be considered on the basis of Medical Reports and Special reports (if any).
• Cost of medical examination (including Special reports, if any) will be borne by the LIC as
per rules.
• The basic Sum Assured under this plan will be the basis for medical examination and SUC.
Benefits
Survival Benefits:
This being a pure term assurance policy, no maturity proceeds are payable.
Death Benefits:
On the other hand, the risk of premature death is fully covered to the extent of the sum
assured.
LIC's Fortune Plus ULIP Plan
Term Age Sum

Minimum 5 12 100000
Maximum 20 60 1999999999
47
Plan Highlights :
For only those, interested in making a Fortune of a Lifetime!!!

LIC’s Fortune Plus, a Unit Linked Limited Endowment plan, (ULIP+Endowment) which
provides twin benefits of insurance and capital market return. Brief stint with premium
liability and longer period to stay invested makes it a worthy of note. It has entire range of
fund options to accommodate both risk averse and aggressive investors. This plan has been
designed to ensure that your money earns you handsome returns. Thus with a host of
innovative options placed in front of you, Fortune Plus is definitely the right kind of
insurance solution you could aim at. An investment plan where you pay premiums only for 5
years.
Premium amount reduces to 25% after first year. Policy term or first yearTs annual premium
determines your sum assured. No limit for maximum premium Premium can be paid in
yearly, half yearly, quarterly and monthly (ECS) installments. Minimum and Maximum age
to purchase policy under this plan is 12 and 60 years respectively. You can choose policy
term between 5 to 20 years.Funds available under this plan are: Bond, Secured, Balanced and
Growth.
Policyholder can switch between any fund types during the policy term. 4 switches will be
allowed free. Flexibility of partially withdrawing the units after 3 policy years.
In case of maturity the policyholder will get an amount equal to the value of the units. In case
of death the policyholder is eligible to get higher of sum assured or the value of the units.
Maturity returns can be amplified by exercising Settlement Option wherein the
policyholder can encash the units in regular installments. If premiums are not paid after
paying at least 3 years premium then also the policyholder enjoys life cover and accident
benefit (only if opted) subjected to conditions. Accident benefit rider option can be availed
under this plan Enjoy tax benefit under section 8OCCE. Great mixture of ULIP+Endowment
Insurance plan.
48
Jeevan Chhaya
Term Age Sum

Minimum 18 18 50000
Maximum 25 47 No Limit
Plan Highlights
Features
•LIC's Jeevan Chaaya Policy is Ideal for parents having less than a year old child.
• Makes provision for education! marriage of the baby boy girl child/ daughter.
• Extra benefit of waiver of premium in case of death of the policy holder.
Special Features
This policy is given under non-medical scheme up to sum assured of Rs.1 lakh, if the
prospect is having a child of less than one year of age as on date of registering the proposal.
This non-medical is exclusive for other policies.
Benefits
Short term needs like family provision in case of premature death of the policyholder and
long term needs like education and marriage of dependents are simultaneously fulfilled by
this policy. This policy is a right choice if a person wants to provide for the marriage of his
daughter. The term can be fixed so as to receive the maturity benefit when the daughter is of
marriageable age. For e.g. If the policy is for 20 years then:
49
• At the end of 17th year - 25% of Sum assured is payable provided the policy is in force.
Survival Benefits:
Maturity : At the end of 20th year - Balance 25% Sum Assured plus bonus plus additional
final bonus if any.
Fixed Benefits : 25% of the Sum assured payable each year at the end of last 3 years
provided the policy is in full force.
Death Benefits:
Natural : Besides the fixed benefits, an additional amount equal to the Sum assured will be
paid on the death of the policy holder. Further premiums waived
Accidental : Payment of double the Sum assured plus fixed benefit. Further premiums due
from the policy anniversary following the date of death will stand waived.
Suitable For:
Couples having a less than one year child (not an adopted child) can avail themselves of this
plan, in order to ensure that an adequate financial planning provision is made for the higher
education of the child/ Kids Baby boy Girl . The child should not have completed one year of
age on the date of registration of the proposal. Either father or mother or each one of them
individually can take policies under this plan under Non-medical Scheme. This plan is also
allowed to others subject to medical examination.
50
LIC's Jeevan Kishore
Term Age Sum

Minimum 8 0 50000
Maximum 35 12 10000000
Plan Highlights
Features
• LIC's Jeeavn Kishore Life Insurance Policy: Under this children’s plan the child becomes
the owner of the policy automatically the age of 18 years. The plan offers high bonus from
day one itself and the risk on the policy commences after 2 years of policy or on completion
of 7 years of age, whichever is later.
• Also no medical examination of the child is required if his/her age is below 10 year
51
Snecial Feature
This is a with profit policy, but bonus for the waiting period will vest immediately on the
policy anniversary from when risk is covered or at the end of 5 years from commencement of
the policy whichever is later, provided the policy is in force.
No medical examination is necessary if the age of the child is less than 10 years (last
birthday). Else medical examination will be necessary
Benefits
Survival Benefits:
Upon survival the policy holder will get, the full sum assured plus accrued bonus and the
final addition bonus.
Death Benefits:
The sum assured along with vested bonuses and final additional bonus, if any, will be
payable on maturity or on earlier death provided death occurs on or after commencement of
risk.
Suitable for:
Parents of children who want to provide a lump sum amount at a particular age of the child.
The amount can be used for any given need of the child such as marriage or start in life.
52
LIC's New Jeevan Saral Monthly Recurring Scheme
Sum
Limits Term Age
Assured
Minimum 10 12 62500
Maximum 35 60 No Limit
Plan Highlights
Cheapest LIC's New Jeevan Saral Monthly Recurring Type Saving Schemes/ Plan
Life Insurance is a unique plan having good features of the conventional plans and the
flexibility of unit linked plans. To the policyholder it provides -
Higher Cover,
smooth returns,
liquidity and
a lot of flexibility Savings
BENEFITS:
On Death:
250 times the monthly premium, plus
return of premiums excluding extra/rider premium and first year premium, plus the
loyalty addition, if any.
On Maturity:
Maturity sum assured, plus
The Loyalty Additions, if any
SPECIAL FEATURES:
High risk cover at low premium
Extended risk cover for one year after 3 years premium payment.
Optional higher cover through Term Riders
The policyholder can choose a maximum term but can surrender at any time without any
53
surrender penalty or loss after 5 years
Any number of withdrawals through partial surrendering
OTHER ELIGIBILITY CONDITIONS:
Premium : Minimum premium of Rs.250/- per month for entry age upto 49 years. and
Rs.400/- per month for entry age 50 years and above.
No Limit for the maximum premium per month.
Mode : Yearly, Half-yearly, Quarterly and Monthly under Salary Saving Scheme
In case of term rider, minimum and maximum age at entry will be 18 and 50 years
respectively.
Further minimum sum assured will be Rs.1 lakh.
LIC's New Jeevan Bharti- I
LIC'S JEEVAN BHARATI-I (PLAN No. 192): launched on 30th July 2008, Plan has
been designed exclusively for females. This is a money back plan having optional
Accident Benefit, Critical Illness Benefit and Congenital Disability Benefit as Riders.
Plan will be available in 15 & 20 Term and Yearly mode only.
Plan No.192 Benefits:

a) Death Benefit
An amount equal to the Sum Assured under the basic plan along with Reversionary
Bonuses, and Final Addition Bonus, if any, will be payable.
b) Survival Benefits
Survival benefits will be payable 20% of Sum Assured at end 5th year during the Policy
Term.
54
c) Maturity Benefit
For policy term of 15 years: 60% of the Sum Assured under the basic plan along with
vested Reversionary Bonuses and Final Additional Bonus, if any, will be payable.
For policy term of 20 years: 40% of the Sum Assured under the basic plan along with
vested Reversionary Bonuses and Final Additional Bonus, if any, will be payable.
Special Features Free

Insurance Cover: Provided at least two years' premiums have been paid under a policy,
full death cover (irrespective of survival benefits payment made) will admissible for
period of three years from the date of first unpaid premium.
Encashment of survival benefits as and when needed: A policyholder can take the
survival benefits on or after the due dates, but before the date of maturity.
Accident and Disability Benefit (optional): Accident Benefit can be availed under this
plan, subject to the payment of an additional premium of Re.1/- per thousand Sum
Assured. This is inclusive of the maximum limit of Rs.50,00,000 placed under other life
insurance plans taken from Life Insurance Corporation of India.
Critical Illness Rider (Optional): Critical Illness Benefit is payable for any of the
critical illness (as listed by LIC) occurrence during the rider term.
Premium Waiver under Critical Illness (Optional): If opted will waive all the
future premiums on the occurrence of the critical illness.
Congenital Disabilities Benefit (CDB) (Optional):

An amount equal to 50% of the Sum Assured (subject to a maximum of Rs 5 lakh) will
be payable under the plan on the birth of the child with any one or more of the Congenital
Disabilities listed below. This benefit is available for two children only and will not be
payable if the birth of the child occurs after the proposer attains the age of 40 years. This
benefit will be payable only if age at entry is upto age 35 years.
55
Eligibility Conditions and Restrictions
Basic Plan
a) Minimum Sum Assured : Rs.50,000/-
b) Maximum Sum Assured : Rs 25,00,000/-
c) Minimum age at entry : 18 years completed.
d) Maximum age at entry : 55 years nearest birthday
e) Maximum age at maturity : 70 years nearest birthday
f) Policy Term : 15 & 20 years
The Sum Assured shall be in multiples of Rs. 5,000
Accident Benefit Rider:

a) Minimum Sum Assured : Rs. 50,000
b) Maximum Sum Assured : An amount equal to the Sum Assured under the
Basic Plan subject to the maximum of Rs.50 lakh overall limit considering the
Accident Benefit Sum Assured in respect of all existing
The Sum Assured shall be in multiples of Rs. 5,000.
c) Minimum Entry Age : 18 years completed
d) Maximum Entry Age : 55 years nearest Birthday
e) Policy Term : 15 & 20 years
f) Maximum Maturity Age : 70 years nearest Birthday
Critical Illness Rider

a) Minimum Sum Assured : Rs. 50,000
b) Maximum Sum Assured : An amount equal to Critical Illness Rider Sum Assured
subject to the maximum of Rs.5 lakh overall limit taking all critical illness riders under
all existing policies of the life assured and the critical illness rider option under the new
proposal into consideration.
The Sum Assured shall be in multiples of Rs.10,000/-.
d) Maximum Entry Age : 50 years nearest Birthday
e) Policy Term : Same as basic plan or till age 60 years nearest birthday
56
whichever is earlier.
f) Maximum Maturity Age : 60 years nearest Birthday
If PWB is opted for, then the term of the rider should be same as that of the term of the
basic plan.
If PWB (under the Critical Illness Rider) is opted for, then the following
conditions apply:
(i) The term of all the riders opted for must be same as that of the basic plan.
(ii) The Sum Assured of all the riders opted for must be same as that of the
basic plan.
Congenital Disability Benefit Rider:

a) Minimum Sum Assured : Rs.50,000
b) Maximum Sum Assured : Rs 500,000
Rs.5 lakh is the maximum limit taking all Congenital Disability Benefit Rider
under all policies of the life assured including the new proposal into
consideration.
d) Maximum Entry Age : 35 years nearest birthday
e) Maximum Benefit Ceasing Age : 40 years nearest birthday
f) Terms allowed : Same as the basic plan or till age 40 years
nearest birthday, whichever is earlier.
Sum Assured will be in multiples of Rs 5000 only.
Market Plus-1
LIC's Market Plus - I (Plan 191): , launched on 17th

June 2008, is a Unit Linked Deferred Pension plan where the policy holder can choose the plan
with or without risk cover.
57
Benefits
On death of the policyholder within the deferment term where Life cover is opted for and is in
force, the nominee is eligible to get the Sum Assured under the Basic Plan together with the
Policyholder's Fund value
On death of the policyholder where the policy is taken without life cover, then the Policyholder's
Fund value, is payable to the nominee.
On the policyholder surviving upto the date of vesting, the Policyholder's Fund value will
compulsorily be utilised to provide an annuity based on the then prevailing immediate annuity
rates under the relevant annuity option.
Top-Up (Additional Premium)

The policyholder can pay Top-up in multiples of Rs.1,000/- without any limit at anytime during
the term of the policy.
Eligibility & Conditions:
For Basic Plan without Life Cover
a)Minimum Sum Assured : NIL.

b)Maximum Sum Assured : NIL.
c)Minimum Premium : Rs. 5,000 p.a. for Regular premium (other than monthly (ECS) mode)
Rs. 1,000 p.m. for monthly (ECS) mode, increasing thereafter in multiples of Rs. 250. thereafter
in multiples of Rs. 250.
d)Maximum Premium : No Limit.
e)Minimum Entry Age : 18 years last birthday.
f)Maximum Entry Age : 74 years nearest birthday.
g)Minimum Deferment Team : 5 years.
h)Minimum Vesting Age : 40 years completed.
i)Maximum Vesting Age : 79 years completed.
Annualized premiums (other than monthly (ECS)) is payable in multiples of Rs. 1,000.
58
For Basic Plan with Life Cover
a)Minimum Sum Assured : NIL.

b)Maximum Sum Assured : NIL.
Single Premium : Equal to single premium.
Regular Premium :
If Critical Illness Benefit Rider is opted for -
10 times of the annualized premium if age at entry is upto 40 years.
5 times of the annualized premium if age at entry is 41 years and above.
If Critical Illness Benefit Rider is not opted for -
20 times of the annualized premium if age at entry is upto 40 years.
10 times of the annualized premium if age at entry is 41 years and above.
c) Minimum Premium : Rs. 5,000 p.a. for Regular premium.
Rs. 25,000 for Single premium.
d) Maximum Premium : No Limit
e) Minimum Entry Age : 18 years last birthday.
f) Maximum Entry Age : 65 years nearest birthday.
g) Minimum Deferment Term : 5 years.
h) Minimum Vesting Age : 40 years completed.
i) Maximum Vesting Age : 75 years nearest birthday.
j) Maximum LifeCover Ceasing Age : 75 years nearest age.
Sum Assured is available in multiples of Rs. 5,000 and Annualized premiums is payable in
multiples of Rs. 1,000.
For Accident Benefit
a) Minimum Sum Assured : Rs. 25000

b) Maximum Sum Assured : An amount equal to the Sum Assured under the Basic Plan, subject
to maximum of Rs. 50 lakhs overall limit considering the Accident Benefit Sums Assured in
respect of all existing policies on the life of the Life Assured under individual and group schemes
including the policies with Life Insurance Corporation of India and other insurance companies
59
and the Accident Benefit Rider Sum Assured under new proposal into consideration.
The Sum Assured is in multiples of Rs. 5,000.
c) Minimum/Maximum Premium : No separate limit.
d) Minimum Entry Age : 18 years completed.
e) Maximum Entry Age : 65 years nearest birthday.
f) Minimum Policy Term : 5 years.
g) Maximum Accident cover Ceasing Age : 70 years nearest birthday.
For Critical Illness Rider Benefit
a) Minimum Sum Assured : Rs. 50000

b) Maximum Sum Assured : An amount equal to the sum assured under Basic Plan subject to
the maximum of Rs.10 lakh overall limit taking all critical illness riders under all existing
policies of the life assured and the critical illness rider option under the new proposal into
consideration.
The Sum Assured is available in multiples of Rs. 10,000.
c) Minimum/Maximum Premium : No separate limit.
d) Minimum Entry Age : 18 years completed.
e) Maximum Entry Age : 50 years nearest birthday.
f) Policy Term : 10 to 35 years.
g) Maximum Critical Illness Ceasing Age : 60 years nearest birthday.
Modes of Payment
The policyholder has the choice either to pay Single Premium (in one lump sum) or Regular
premium (yearly, half-yearly, quarterly or monthly (through ECS only)). The minimum
Annualised Premium will be Rs. 5,000 increasing thereafter in multiples of Rs. 1,000. There will
be no mode specific charges/ rebates.
Single premium can be paid subject to a minimum of Rs. 10,000 if not opted for life cover and
Rs. 25,000 if opted for life cover and thereafter in multiples of Rs. 1,000.
60
HUMAN RESOURCE DEPARTMENT
The human resources or the people at work are considered the most vital resource in any
organisaton. “Good management means getting effective results with people”. The
human factor forms so important a component of the process of management that some
people consider management and personnel management as one and the same thing.
Lawrence A. Appley observed, “Management is personnel administration”.
The term ‘human resources’ is wider than the term ‘personnel’. Human resources include
all the dynamic components of all the people at all levels in the organization whereas
personnel means the employees working in the organisaiton.
PERSONNEL MANAGEMENT/HUMAN RESOURCE MANAGEMENT
“Personnel Management is the recruitment, selection, development , utilization of and

accommodation to human resources by organizations.”
It is that phase of management which deals with the effective control and use of
manpower as distinguished from other sources of power. According to Edwin B. Flippo,
“Personnel Management is the planning organizing, directing and controlling of the
procurement, development,, compensation, integration and maintenance and separation of
human resources to the end that individual, organizational and societal objectives are
accomplished.” Personnel management is that phase of management which has to do with
planning, organizing, directing and controlling various operative function of procuring,
developing, maintaining and utilizing labour force, such that the :
(a) Objectives for which the company is established are attained economically and
effectively
(b) Objectives of all levels of personnel are served to the highest possible degree; and
(c) Objectives of the community are duly considered and served. Personnel management is
concerned with both the managerial functions and operative functions. Managerial
functions include planning, organizing, directing and controlling, whereas operative
functions of personnel management include procurement, development , compensation
maintenance and utilization of people for the effective achievement or organizational
objectives.
61
MEANING OF HUMAN RESOURCE MANAGEMENT :
Human resource management may be described as that activity in an enterprise which
strives to mould the human resources into an effective organization, provides opportunity
for maximum individual contributions under healthy working conditions, promotes
individual development and encourages mutual confidence and understanding between
the employees and the employers and between the employees themselves. It is
responsible for maintaining god human relations in the organization. It is also concerned
with development of individuals and achieving integration of goals of the organization
and those of the indivudals. Human Resources Management aims at achieving maximum
contribution of individual and groups working in the organization for the effective
achievement of organizational goals.
John Storey has specified four elements of Human Resource Management (HRM) as
follows :
(i) A set of beliefs and assumptions.
(ii) A strategic thrust embodying decisions about people management.
(iii) The central involvement of the management.
(iv) Dependence upon asset of levels to determine the employment relationships.
Human resource management is the reincarnation of personnel management. This is why,
many people don’t make any distinction between the two terms and use them
interchangeably. However, there is no doubt about the fact that managing human
resources or personnel is an integral part of the job of any manager.
OBJECTIVES OF HUMAN RESOURCE MANAGEMENT:
(i) To help the organization attain its goals by providing well-trained and well
motivated employees.
(ii) To employ the skills and knowledge of employees efficiently and effectively, i.e.,
to utilize human resources effectively.
(iii) To achieve and maintain good human relationships within an organization.
(iv) To enable each person to make his maximum personal contribution to the
effective working of the organization.
(v) To ensure respect for human personality and the well being of each individual.
(vi) To ensure maximum individual development of personnel.
62
(vii) To ensure satisfaction of various needs of individuals for achieving their
maximum contribution towards organizational goals.
(viii) To secure integration of all the individual and groups with the organization by
reconciling individual/groups goals with those of the organization.
(ix) To develop and maintain quality of work life (QWL) in the organization.
NATURE OF HUMAN RESOURCE MANAGEMENT

The essential features of HR/Personnel management are below :
(a) Concerned with Human Element.
(b) Integral Part of Management.
(c) Wide Range of Activities.
(d) Motivation of human resources
(e) Pervasive Function
(f) Continuous function.
DIFFERENCE BETWEEN HRM AND PERSONNEL MANAGEMENT.
The terms “Personnel Management’ and “Human resource management are used
interchangeably in practice. However, the following points must be carefully noted:
(i) Human resource management is primarily a philosophy, an attitude, an approach,
a policy and a practice; while personnel management is a function area of
management.
(ii) Human resource management must remain at the centre of management itself,
while personnel management is one of the functional areas of management.
(iii) HRM represent the humanization of management, while personnel management is
concerned with managing personnel.
(iv) HRM is the concern of all managers from top to bottom in an organization, while
personnel management is mainly the concern of the personnel manager.
(v) HRM makes efforts primarily to satisfy the needs of the people at work for the
achievement of organizational goals and objectives, but personnel management is
concerned with the formulation and administration of personnel policies and
programmes.
63
(vi) HRM concentrates more on motivation, morale – boosting and job satisfaction,
while personnel management is primarily concerned with selection, recruitment and
appraisal of personnel.
(vii) HRM intervention is more concerned with working with people, team building and
team – work; while personnel management is interested in the orderly way of
administration.
(viii) Human resource Development (HRD) is at the centre, of HRM, while managing
people for maximizing output is the basic job of personnel management.
HUMAN RESOURCE DEVELOPMENT (HRD)
Human Resource Development signifies a continuous process to ensure the development
of employee competencies, dynamism, motivation and effectiveness in a systematic and
planned way.
Human Resource Development may be defined as development of people by providing
the right environment where each individual may grow to his fullest potentialities.
According to Ishwar Dayal, HRD involves:
(a) Ways to better adjust the individual to his job and the environment.
(b) The greatest involvement of an employee in various aspects of his work;
(c) The greatest concern for enhancing the capabilities of the individual
SCOPE OF HUMAN RESOURCE MANAGEMENT :

(i) Welfare Aspect
(ii) Personnel Aspect
(iii) Industrial Relations aspect
64
INSURANCE
INTRODUCTION
Insurance is basically a sharing device. The losses to assets resulting from natural
calamites like fire, flood, earthquake, accidents, etc are met out of the common pool contributed
by large number of persons who are exposed to similar risks. This contribution of many is used
to pay the losses suffered by unfortunate few. However the basic principle is that loss should
occur as a result of natural calamites or unexpected events, which are beyond the human control.
Secondly insured person should not make any gains out of insurance.
It is natural to think of insurance of physical assets such as vehicle insurance or fire

insurance but often we forget that creator of all these assets is the human being whose efforts
have gone a long way in building up the assests.Unlike the physical assets, which decrease in
value with passage of time, the individual becomes more experienced and matured as he
advances in age.
This raises his earnings capacity and the propose of life insurance is to protect the income
of individual and provide financial security to his family, which is dependent on his income in
the event of his becoming death. The individual himself also needs financial security for the old
age or on his becoming permanently disabled when his income will stop. Insurance also has an
element of savings in certain cases.
HISTORY OF INSURANCE
Insurance has been an institution of human society for thousands of years, having been practiced
by Babylonian traders as long ago as the 2nd millennium BCE. Eventually it was given legal
mention in the Code of Hammurabi, and practiced by early Mediterranean sailing merchants.
The Greeks and Romans had "benevolent societies" which acted to care for the families and
funeral expenses of members upon death. Guilds in the middle ages served a similar purpose.
Insurance became much more sophisticated in post-Renaissance Europe, and specialized
varieties developed. In America, Benjamin Franklin helped to popularize and make standard the
practice of insurance, particularly against fire.
65
The 19th century saw a rise in the government regulation of insurance, and the 20th
century saw further specialization and, in the United States, a bit of deregulation that allowed
other financial institutions, such as banks, to offer insurance. The ever-increasing ability of
science to predict catastrophes of any measure or variety continues to affect the way insurance is
conducted.
CLASSIFICATION OF INSURANCE
Three types of insurance is there:
 Life insurance
 General insurance
 Social insurance
Life insurance is concerned with making provision for a specific event happening to the
individual, such as death whereas non-life (or general insurance) is more commonly concerned
with the provision for a specific event, which affects a property, such as fire, flood, theft etc.
At this stage it is preferable to know the distinction between Life insurance and General
insurance (non-life)
Social insurance is to provide protection to the weaker section of the society who is unable to
pay the premium for adequate insurance. Pension plans, disability benefits, unemployment
benefits, sickness insurance and industrial insurance are the various forms of social insurance.
66
CHAPTER – 3
RESEARCH
METHODOLOGY
67
RESEARCH METHODOLOGY
PROBLEM FORMULATION
In today’s scenario the company can not excel and globally compete unless it has proper
and effective Training & Development module. My company guide observed that the
BIRLA SUN LIFE INSURANCE, Dehradun branch require new and advance training
and development program. So to overcome from this problem the task to know the
effectiveness of training & development program for BIRLA SUN LIFE INSURANCE,
Dehradun was given to me.
RESEARCH OBJECTIVES
To know the effectiveness of the Training & Development program from various position
of employees in BIRLA SUN LIFE INSURANCE, Dehradun branch was my prime
objective so that it can help to recognize the appropriate training &development module
for the organization.
DATA COLLECTION METHOD
The data collection methods used are: -

PRIMARY DATA
The primary data collected for my project was through a Questionnaire survey, which
was carried out in most of the cases to find some of the important information. In order to
find out answers to some of the very important aspects, Close-end questions were put in
the questionnaire survey. In this respondent were given the limited number of alternative
responses from which they have to select the one that closely matches his opinion.
Basically, primary data is the data which is collected for the first time by the investigator.
SECONDARY DATA
Secondary data is the data collected through sources which are already available like
through Company Records, Government Publications, Reports, Journals, Libraries and
Company Brochures.
68
The main reason for collecting secondary data was to compare the past performance of
the company with present so as to know how the company is performing on the various
grounds such as: - service quality, service expectance, diversification, distribution
channels, awareness, etc.
RESEARCH DESIGN
A research design is simply the framework or plan for a study that guides the collection
and analysis of data. It is a blueprint that is followed in completing the study. It specifies
the details of the procedures necessary for obtaining the information needed to structure
the BIRLA SUN LIFE INSURANCE.
The project work is based on a Descriptive Research Design, which is concerned with
describing or explaining the characteristics of a certain phenomenon.
The project describes the current state of the organization existing in the company. It is
also concerned with determining the frequency with which the organization’s services are
used.
SAMPLING
SAMPLE SIZE: - The sample size of the survey was 100.
SAMPLE AREA: - BIRLA SUN LIFE INSURANCE
69
CHAPTER – 4
DATA ANALYSIS &
INTERPRETATION
70
QUESTIONNAIRE
1. Are you aware of various Training and Development programs of BIRLA SUN LIFE
INSURANCE?
Yes 80
No 15
Can't Say 5
Yes
No
Can't Say
This graph clearly shows that out of 100 respondents 80% of the respondents are aware of
various training and development programs and rest 15% are not aware and 5% can’t say.
71
2. Do you feel that Training and Development program improves the efficiency of the
employees?
Yes 95
No 5
Can't
Say 0
Yes
No
Can't Say
The graph clearly shows that 95% of the employees agree that training and development
program improves the efficiency.
72
3. Do you think that aptitude of the employees should also be considered while assessing
training needs?
Yes 70
No 20
Can't Say 10
Yes
No
Can't Say
This graph clearly shows that the 70 % of respondents are agreeing that aptitude of the
employees should be considered while assessing training needs and rest 20 % are not in favour of
this and 10% can’t say.
73
4. How do you find the idea of development through job rotation?
Excellent 50
Good 20
Satisfactory 20
Not
Satisfactory 10
Excellent
Good
Satisfactory
Not Satisfactory
The above graph shows that 50% employees find the idea of development through job rotation
Excellent, 20 % Good, 20 % Satisfactory and 10 % employees says not satisfactory.
74
.5. Are you being involved while deciding upon any training programme ?
Yes 85
No 10
Cant Say 5
Yes
No
Cant Say
The above graph shows that employees being involved while deciding upon any training
programme 85 % agree and 10 % doesn’t agree and 5% cant say.
75
6. Do you think time duration for training in enough to learn the required course?
Yes 90
No 5
Cant Say 5
Yes
No
Cant Say
This graph shows that 90% employees think time duration for training in enough to learn the
required course, 5% do not agree and 5% cant say .
76
Q.7 Are you satisfied with the training aids used by the training at the time of training
delivery.
Yes 85
No 10
Cant Say 5
Yes
No
Cant Say
The above graph shows that 85 % employees are satisfied with the trainer at the time of training
delivery and rest 10 % doesn’t agree and 5% cant say.
77
Q.8 Do you feel that there is any need of providing training to improve interpersonal
relationship ?
Yes 80
No 10
Cant Say 10
Yes
No
Cant Say
The above graph shows that 80 % employees feel that there is a need of providing training to
improve interpersonal skills and rest 10 % doesn’t agree and 10% cant say.
78
Q.9 Do you think that good performance in Training and Development program should be
rewarded?
Yes 90
No 10
Cant Say 0
Yes
No
Cant Say
The above graph shows that 90 % employees think that good performance in training and
development program should be rewarded and rest 10 % doesn’t agree.
79
Q.10 Management sharing games, role playing and case studies should be included in training
program?
Yes 75
No 15
Cant Say 10
Yes
No
Cant Say
The above graph shows that 75 % employees feels that there is a need of management sharing
games , role playing and case studies should be included in training program and rest 15 %
doesn’t agree and 10% cant say.
80
Q.11 Whether BIRLA SUN LIFE INSURANCE have an effective Training & Development
evaluation model:
Yes 80
No 10
Can't
Say 10
Yes
No
Can't Say
The above graph shows that 80% employees agree to have an effective training and development
evaluation model, rest 10% doesn’t agree and 10% cant say.
81
CHAPTER-5
ANNEXURE
82
CONCLUSION
The study which has been conducted on Training & Development in BIRLA SUN LIFE
INSURANCE shows that its present training and development policy have been able to get man
power in quality and quantity. The employees in the corporation are totally satisfied with their
job and they belive that the company’s training and development policy have been able to
improve the person competency, skills, knowledge ability and this think makes the T&D
programme of BIRLA SUN LIFE INSURANCE more effective and efficient .
The only loop whole which BIRLA SUN LIFE INSURANCE have in the Training &
Development evaluation. Model which ultimately effective success of training and development
programme.
83
RECOMMENDATIONS
1. BIRLA SUN LIFE INSURANCE has shown that it is very strong competitor in oilfield
drilling equipment sector.
2. Oilfield drilling equipment can be said as true fruitful business for BIRLA SUN LIFE
INSURANCE from last many years.
3. Overall all ratios of the company are good and company need to work with more
efficiency.
4. Lack of advertisement can be said as weak point of the BIRLA SUN LIFE
INSURANCE.
5. Position of the stock is increasing per year that is good sign to face the competition
coming ahead.
6. Competitors of BIRLA SUN LIFE INSURANCE are big foreign companies so in order
to compete with them company need to increase its production capacity.
7. Sara industry is one of the major player in India and worldwide. The company has
maintained its customer relation management and supply chain management but the
management of inventories is not given any importance.
8. Company is not able to attract other oil and gas drilling companies which is area of
concern.
84
SUGGESTIONS FOR COMPANY
 MANDATORY UNIFORM: IN BIRLA SUN LIFE INSURANCEPVT. LTD.
Uniforms are provided to worker class only, and uniform is not mandatory for engineers
and other staff. From my point of view,
A particular uniform should be mandatory for every level of employee because it
increases the willingness and consciousness of employee towards the company.
 TRANSPORT FACILITY FOR WORKERS: company is providing transport(bus)
facility to workers of DIVISION-2 only. in my view, it should be same for DIVISION-1.
85
SATISFACTION SURVEY ABOUT TRAINNG AND DEVELOPMENT POLICY OF
BIRLA SUN LIFE INSURANCE
Designation……………………… Department……………………….
Experience……………………….
Educational Background………………………..
1. Are you aware of various Training and Development programs of BIRLA SUN
LIFE INSURANCE?
a. Yes
b. No
c. Can’t say.
2. Do you feel that Training and Development program improves the efficiency of
the employees?
a. Yes
b. No
c. Can’t say
3. Do you think that aptitude of the employees should also be considered while
assessing training needs?
a. Yes
b. No
c. Can’t say
4. How do you find the idea of development through job rotation?
a. Excellent
b. Good
c. Satisfactory
d. Not Satisfactory
5. Are you involved while deciding upon any training programme.

a. Yes
b. No
c. Can’t say.
6. Do you think time duration for training in enough to learn the required course?
a. Yes
b. No
86
c. Can’t say.
7. Are you satisfied with the Training aids used by the training at the time of
training delivery.
a. Yes
b. No
c. Can’t say.
8. Do you feel that there is any need of providing training to improve
interpersonal relationship?
a. Yes
b. No
c. Can’t say.
9. Do you think that good performance in Training and Development

Program should be rewarded?
a. Yes
b. No
c. Can’t say.
10. Experience sharing, games, role-playing and case studies should be

included in training program?
a. Yes
b. No
c. Can’t say.
11. Whether BIRLA SUN LIFE INSURANCE have an effective Training &
Development evaluation model:
a. Yes
b. No
c. Can’t say.
THANKS
87

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SUMMER TRAINING PROJECT REPORT

“TRAINING AND DEVELOPMENT AT BIRLA SUN LIFE”

Submitted in partial fulfillment of the requirement

for the award of degree

SUBMITTED TO: SUBMITTED BY:-

UTTARANCHAL INSTITUTE OF MANAGEMENT,

MS. NEHA CHOUDHARY

 TRAINING AND DEVELOPMENT

Training is activity leading to skilled behavior.

• It's not a set of goals, but it’s more like a vision

has a general reputation as most effective for vocational work.

concepts and ideas.

Physical training concentrates on mechanistic goals: training-programs in this area develop

education and training.

Religion and spirituality

Researchers have developed training-methods for artificial-intelligence devices as well.

starting point for training.

experiential learning. A wide variety of activities, including classroom-based courses, on-the-job

internal training officer or department, or by external training organizations. The effectiveness of

behavior might be positive.

Conversely, education focuses on trying to influence participants' cognitive or thinking

and this could lead to behavior change.

of the definitions propounded by different distinguished writers are given below:

 Planty, Cord M.C and Efferson

“Training is the continuous, systematic development among all levels of employees of

individual to perform adequately a given task or job.”

with the job and the organization.

2. Technological Changes: - Technology is changing very fast. Now automation and

use of fast changing techniques required training due to computerization of banking

3. Organization Viability: - In order to survive and grow an organization must continually

adopt itself to the changing environment.

4. Experiencing Expansion: - Growth and diversification, in order to face international

job to another due to promotion and transfer.

has increased due to growing complexity of jobs, increasing professionalisation of

management, growing aspirations, west untapped human potential, ever-increasing gap

between plans and result and sub optimal performance levels.

1. Higher Productivity: - Training helps to improve the level of performance. Trained

employees perform better by using better method of work improvement in manpower

productivity in developed nations.

breakdowns and better handling of equipment.

supervision can be enlarged.

of employees can be improved.

employees. Training reduced employee grievances because opportunities for internal

promotion are available to well train personal.

organization. Industrial relations and discipline are improved.

Therefore, decentralization of authority and participative management can be introduced.

is whether training shall be made a carefully planned part of an integrated programmed of

Training is required of several proposes. Accordingly training programmers may be of the

1. Orientation Training: - Induction or orientation seeks to adjust newly appointed

the organization. Induction training creates self-confidence in the employees. It is also

known as pre-job training. It is brief and informative.

The following subjects will be covered during INDUCTION TRAINING :

1. General information about the SARA GROUP and a briefing on higher

2. Rules & regulations for staff.

3. Rules & Regulations for workers.

4. Social behaviour & etiquettes

7. Material management (demand & supply)

8. Logistics (storage & dispatch procedures )

9. Quality control (norms&procedures)

10. Finances (briefing on documentation &procedures)

3. Safety Training: - To the training provided to minimize accidents and damage to

4. Promotional Training: - It involves training of existing employees to enable them to