23428110 birla sun life insurance
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Project report
On
Performance evaluation of Birla Sun Life Insurance products in
comparison with Life Insurance Corporation (LIC)
C.T INSTITUTE OF MANAGEMENT AND I.T
{Affiliated to Punjab Technical University, Jalandhar}
In Partial fulfillment of requirement of degree of
MBA (2008-2010)
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SUBMITTED TO:
SUBMITTED BY:
Mr. HARISH MEHTA RAHUL
ARORA
(Projects Guide) MBA-3RD
SEM.
Roll
no. 81407317128
GUIDES CERTIFICATE
This is to certify that the project entitled Performance evaluation of Birla Sun Life
Insurance products in comparison with Life Insurance Corporation (LIC)
is being submitted in partial fulfillment of the requirement for the award of masters
degree of business administration of Punjab technical university. It is a confined research
work carried out by RAHUL ARORA under my supervision. Any part of research work
has not been submitted for any other degree. The assistance and help received during the
execution of the project has been fully acknowledged.
MR. HARISH MEHTA
CTIMIT, JALANDHAR
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ACKNOWLEDGEMENT
I take this opportunity to express my acknowledgement and deep sense of gratitude
for rendering valuable assistance and guidance to me by following personality for
successful completion of my project.
I am highly obliged to my project guide Prof. Harish Mehta for his personal
encouragement, prompt assistance and help provided to me in completion of my
project. He has helped me a lot by giving suggestions and guidance whenever needed.
His contribution has been extremely useful and is greatly appreciated. I honor his
knowledge and competence in the field of management.
RAHUL ARORA
81407317128
MBA-3RD SEM
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PREFACE
To achieve partial and concrete results, it is necessary that theoretical knowledge
must be supplemented with practical environment.
Keeping this view in mind, I have
completed my research work regarding Performance evaluation of Birla Sun Life
Insurance products in comparison with Life Insurance Corporation (LIC) By
doing this research work I have learnt a lot of things which would be really helpfulfor me in future. This experience in decision making and practical application of
knowledge has contributed greatly to my growth.
RAHUL ARORA
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DECLARATION
I hereby declare that the survey entitled, Performance evaluation of Birla Sun Life
Insurance products in comparison with Life Insurance Corporation (LIC), that no
part of research work has been submitted for any other degree. I also undertake that work
is purely academic and no part has been copied or taken from any where. The motive
behind the research project was Performance evaluation of Birla Sun Life Insurance
products in comparison with Life Insurance Corporation (LIC)
RAHUL ARORA
81407317128
MBA 3rd SEM.
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INDEX
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Serial
No.
Particulars Page No.
1 Introduction to Insurance 8
2. Company profile 15
3. Major competitor LIC 24
4. Various life insurance plans
of BSLI 25
5. Various plans of LIC 27
6. Major plans of BSLI 30
7. Major plans of LIC 37
8. Objectives 45
9. Research Methodology 46
10. Data Analysis 49
11. Findings 60
12. Suggestions 62
13. Limitations 64
14. Conclusion 66
15. Bibliography 68
16. Annexure 70
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INSURANCE
The meaning of insurance: Insurance is a policy from a large financial institution that offers a person,
company, or other entity reimbursement or financial protection against possible future losses or damages.
A simple example will make the meaning of insurance easy to understand. A biker is always subjectedto the risk of head injury. But it is not certain that the accident causing him the head injury woulddefinitely occur. Still, people riding bikes cover their heads with helmets. This helmet in such cases actsas insurance by protecting him/her from any possible danger. The price paid was the possibleinconvenience or act of wearing the helmet; this i.e. equivalent to the insurance premiums paid.
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Major types of insurances are as mentioned below:
Life insurance: Descendants family receives financial benefits. Life insurances also offer paidproceeds to the beneficiary.
Automobile insurance: Usually automobile insurances cover damages and legal financialexpenditures of the automobile driver.
Health insurance: Health insurance covers the expenditures associated to treatment and medicalexpenditures.
Credit insurance: Borrowers often fail to repay debts, loans and mortgages due to certainunavoidable circumstances, credit insurances can be of great help during such crisis.
Property insurance: Property protection insurance provides protection from risks associated totheft, fire, floods etc.
Life insurance
Life insurance orlife assurance is a contract between the policy owner and the insurer, where theinsurer agrees to pay a sum of money upon the occurrence of the insured individual's or individuals' death
or other event, such as terminal illness or critical illness. In return, the policy owner agrees to pay a
stipulated amount called a premium at regular intervals or in lump sums.
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 Mr. Rajan
buys a policy on his own life, he is both the owner and the insured. But if Mrs. Anita, his wife, buys a
policy on Rajans 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
thebeneficiary. The beneficiary is the person or persons who will receive the policy proceeds upon the
death of the insured. The beneficiary is not a party to the policy, but is designated by the owner, who may
change the beneficiary unless the policy has an irrevocable beneficiary designation. With an irrevocable
beneficiary, that beneficiary must agree to changes in beneficiary, policy assignment, or borrowing of
cash value.
The policy, like all insurance policies, is a legal contract specifying the terms and conditions of the risk
assumed. Special provisions apply, including a suicide clause wherein the policy becomes null if the
insured commits suicide within a specified time for the policy date (usually two years). Any
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misrepresentation by the owner or insured on the application is also grounds for nullification. Most
contracts have a contestability period, also usually a two-year period; if the insured dies within this
period, the insurer has a legal right to contest the claim and request additional information before
deciding to pay or deny the claim.
The face amount of the policy is normally the amount paid when the policy matures, although policies
can provide for greater or lesser amounts. The policy matures when the insured dies or reaches a
specified age. The most common reason to buy a life insurance policy is to protect the financial interests
of the owner of the policy in the event of the insured's demise. The insurance proceeds would pay for
funeral and other death costs or be invested to provide income replacing the deceased's wages. Other
reasons include estate planning and retirement. The owner (if not the insured) must have an insurable
interest in the insured, i.e. a legitimate reason for insuring another persons life. The insurer (the life
insurance company) calculates the policy prices with an intent to recover claims to be paid andadministrative costs, and to make a profit.
MAJOR PLAYERS OF INDIA IN INSURANCE
Reliance Life Insurance is a part of the Reliance group. It is one of the partners of Reliance Capital Ltd
which is a Anil Dhirubhai Ambani Group. Reliance Capital is one India's most dominant private sector
financial services companies. They offer insurance products which help you with savings as well as give
you protection.
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Canara HSBC Life is a joint venture of Canara Bank, HSBC Insurance (Asia pacific) & Oriental bank
of Commerce. The Company got its approval from IRDA in June 2008 and from that commencing its
business. They have more than 4100 branches all over India.
DLF pramerica Life Insurance Company Ltd. is a joint venture between DLF Limited & Prudential
International Insurance Holdings Limited. DLF Pramerica believes in delivering a secure & enrich life to
there customers.
MetLife One of the fastest growing insurance company in India is MetLife. The company started its
operations in between 2000-2001. They have a range of various products to offer.
ICICI Prudential ICICI Bank with Prudential plc, both well known & strong financial institutions came
together in December 2000 to form an insurance company - ICICI Prudential Life Insurance.
Max New York Life Max Indias leading multi business corporation & New York Life joined there
hands in 2000.The company started there operations in 2001. The company is involved in Life & health
products.
Bajaj Allianz Bajaj who are into iron & steel, finance, insurance & etc and Allianz who provides
financial services when came together they formed Bajaj Allianz Life Insurance Company.
Bharti AXA Bharti AXA Life Insurance is a joint venture between Bharti & AXA. The company started
its functionality in December 2006 and they always believe to be a strong financial institute.
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HDFC Standard Life HDFC Standard Life Insurance is a joint venture between Housing Development
Finance Corporation Limited & a Group of Standard Life Plc.The Company started commencing its
business in December 2000.
AEGON Religare AEGON Religare Life Insurance Company Ltd is a joint venture with AEGON,
Religare and Bennett, Coleman & Company a part of Times Group. AEGON Religare Life Insurance
company was launched in July 2008.
Kotak Mahindra A joint venture of Kotak Mahindra group & Old Mutual plc is known as Kotak
Mahindra Old Mutual Funds. The Company started commencing its business in 2001. The company aim
is to help customers in making there financial decisions.
Future Generali Life Future Generali is a joint venture between Future Group of India & Italy based
Generali Group.Future Generali in India is into both Life & Non Life businesses in India. The company
wants to provide a financial security to all.
SBI Life SBI Life Insurance Company Limited is a joint venture between State Bank of India and BNP
Paribas Assurance. It is present in more than 41 countries across the world. SBI Life offers a variety of
plans in life insurance and pension.
Shriram Life Shriram Life Insurance Company is a joint venture between Shriram Group and Sanlam
Group.Shriram Group is one of Indias most esteemed financial services & Sanlam Group is one of the
largest life insurance providers of South Africa.
TATA AIG The TATA Group and American International Group Inc together formed Tata AIG Life
Insurance Co. Ltd.Tata Group holds 74% stake in the insurance venture with AIG holding the balance
26%. They started their operations in April 2001
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Aviva Aviva, one of UK's largest insurance company and world's 5th largest insurance group. It was one
of the first international insurance company to set up its office in India in the year 1995. They introduced
the concept of banc assurance in India.
IDBI Fortis IDBI Fortis Life Insurance Co. Ltd is a joint venture between three financial institutes; they
are IDBI Bank, Federal Bank and Fortis. They introduced there plans in March 2008. IDBI owns 48%
equity while Federal Bank and Fortis own 26% equity each.
Sahara The Sahara Pariwar stepped into the insurance business by launching Sahara India Life Insurance
Co. Ltd. They received the IRDA license in February 2004 and started their operations in October 2004.
They are the first solely owned private sector insurance company in India.
ING VYSYA ING Life was established in 2001 as a joint venture between ING Insurance International
B.V. (INGI), ING Vysya Bank Limited and GMR Industries Limited. At present, INGI, Exide Industries
Limited, Ambuja Cement Ltd, Enam Group are the joint venture partners.
Star Union Star Union Dai-ichi Life Insurance Co.Ltd. is formed by three various financial institutions.
Bank of India, Union Bank of India and Dai-ichi Mutual Life Insurance Company This firm was
incorporated in the year 2007 and got their IRDA license on the 26th Dec 2008.
Some of the important milestones in the life insurance business in India are:
1818: Oriental Life Insurance Company, the first life insurance company on Indian soil startedfunctioning.
1870: Bombay Mutual Life Assurance Society, the first Indian life insurance company started itsbusiness.
1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurancebusiness.
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1928: The Indian Insurance Companies Act enacted to enable the government to collect statisticalinformation about both life and non-life insurance businesses.
1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective ofprotecting the interests of the insuring public.
1956: 245 Indian and foreign insurers and provident societies are taken over by the central governmentand nationalised. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a capital contribution ofRs. 5 crore from the Government of India.
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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 financialservices organisation. The local knowledge of the Aditya Birla Group combined with the expertise of SunLife Financial Inc., offers a formidable protection for your future.
The Aditya Birla Group has a turnover of close toRs. 119000 crores, with a market capitalisation of Rs.133875 crores (as on 31st March 2008). It has over100,000 employees across all its units worldwide. Itis led by its Chairman - Mr. Kumar Mangalam Birla. Some of its key companies are Hindalco, Grasimand Aditya Birla Nuvo.
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Sun Life Financial
Sun life financial based in Canada-started in 1865.
It operates in all the important markets of the world like Canada, the United States, the United Kingdom,Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda .
Sun Life Financial Inc. has assets under management of over US$404.7 billion (as on 31st March, 2008).It is a leading performer in the life insurance market in Canada.
Brands Of Aditya Birla Group
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Birla Sun Life Insurance (BSLI) has been operating for 9 years. It has contributed significantly to thegrowth and development of the life insurance industry in India. It pioneered the launch of Unit LinkedLife Insurance plans amongst the private players in India. It was the first player in the industry to sell itspolicies through the Bancassurance route and through the Internet. It was the first private sector player to
introduce a Pure Term plan in the Indian market. BSLI has covered more than 2 million lives since itcommenced operations. And its customer base is is spread across more than 1500 towns and cities inIndia. The company has a capital base of Rs. 1274.5 crores as on 31st March 2008.
With an experience of over 9 years, BSLI has contributed significantly to the growth and development of
the life insurance industry in India and currently ranks amongst the top 5 private life insurance companies
in the country.
Known for its innovation and creating industry benchmarks, BSLI has several firsts to its credit. It was
the first Indian Insurance Company to introduce Free Look Period and the same was made mandatory
by IRDA for all other life insurance companies. Additionally, BSLI pioneered the launch of Unit LinkedLife Insurance plans amongst the private players in India. To establish credibility and further
transparency, BSLI also enjoys the prestige to be the originator of practice to disclose portfolio on
monthly basis. These category development initiatives have helped BSLI be closer to its policy holders
expectations, which gets further accentuated by the complete bouquet of insurance products (viz. pure
term plan, life stage products, health plan and retirement plan) that the company offers.
Add to this, the extensive reach through its network of 600 branches and 1,75, 000 empanelled advisors.
This impressive combination of domain expertise, product range, reach and ears on ground, helped BSLI
cover more than 2 million lives since it commenced operations and establish a customer base spread
across more than 1500 towns and cities in India. To ensure that our customers have an impeccableexperience, BSLI has ensured that it has lowest outstanding claims ratio of 0.00% for FY 2008-09.
Additionally, BSLI has the best Turn around Time according to LOMA on all claims Parameters. Such
services are well supported by sound financials that the Company has. The AUM of BSLI stood at Rs.
8165 crs as on February 28, 2009, while as on March 31, 2009, the company has a robust capital base
ofRs. 2000 crs.
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Achievements of BSLI
1st to introduce ULIP fund options.
1st to launch illustrations so that customers understand the products better before they buy.
1st to issue NAVs of funds for better transparency.
1st to disclose portfolio on a monthly basis.
1st to introduce Free Look Period and the same was made mandatory by IRDA for all other Life
Insurance Companies.
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SWOT ANALYSIS OF BSLI
STRENGTH:
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Multi -channel d is tr ibut ion and one of the largest d is tr ibut ion
networks in India.
1 Million Policies sold within 3 and half years.
Training process of the company is very strong.
According to the change in surrounding environment like changes in
customer requirement.
WEAKNESS:
Company does not penetrate on the rural market at a time.
There is no plan for the low income group.
Fees for the advisor is high than the other companies.
OPPORTUNITY:
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Insurance market is very big, where company can expand its business easily.
It has many ULIP plans so it can grow in near future.
THREATS:
OLD HABITS DIE HARD: Its still difficult task to win the confidence of
public towards private company.
The company is facing major threats f rom LIC etc. -which i s an
government company.
Plans for all income groups are not available which can create adverse effect lateron the market share of the company.
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MAJOR COMPETITOR AT A GLANCE LIC (LIFE INSURACE
CORPORATION)
LIC had 5 zonal offices, 33 divisional offices and 212 branch offices , apart from its corporate office in
the year 1956. Since life insurance contracts are long term contracts and during the currency of the policy
it requires a variety of services need was felt in the later years to expand the operations and place a
branch office at each district headquarter. re-organization of LIC took place and large numbers of new
branch offices were opened. As a result of re-organisation servicing functions were transferred to the
branches, and branches were made accounting units. It worked wonders with the performance of the
corporation. It may be seen that from about 200.00 crores of New Business in 1957 the corporation
crossed 1000.00 crores only in the year 1969-70, and it took another 10 years for LIC to cross 2000.00
crore mark of new business. But with re-organisation happening in the early eighties, by 1985-86 LIC
had already crossed 7000.00 crore Sum Assured on new policies.
Today LIC functions with 2048 fully computerized branch offices, 100 divisional offices, 7 zonal
offices and the Corporate office. LICs Wide Area Network covers 100 divisional offices and connects
all the branches through a Metro Area Network. LIC has tied up with some Banks and Service providers
to offer on-line premium collection facility in selected cities. LICs ECS and ATM premium payment
facility is an addition to customer convenience. Apart from on-line Kiosks and IVRS, Info Centres have
been commissioned at Mumbai, Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, New Delhi, Pune
and many other cities. With a vision of providing easy access to its policyholders, LIC has launched its
SATELLITE SAMPARK offices. The satellite offices are smaller, leaner and closer to the customer. The
digitalized records of the satellite offices will facilitate anywhere servicing and many other conveniences
in the future.
LIC continues to be the dominant life insurer even in the liberalized scenario of Indian insurance and is
moving fast on a new growth trajectory surpassing its own past records. LIC has issued over one crore
policies during the current year. It has crossed milestone of issuing 1,01,32,955 new policies by 15thOct, 2005, posting a healthy growth rate of 16.67% over the corresponding period of the previous
year.
From then to now, LIC has crossed many milestones and has set unprecedented performance records in
various aspects of life insurance business.
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Birla Sun Life Insurance Co. Ltd
Following are the Life Insurance plans that Birla Sun life Insurance Company Ltd.
1.)Birla Sun Life Insurance Term Plan - This plan can take care of your financial commitments ofyours towards your family by providing large cover at low cost. Minimum age of entry for this plan is
18-55 and maximum maturity age is 70 years.
2. Birla Sun Life Insurance Premium Back Term Plan - This is a low cost life cover promises youto refund the entire premium on maturity or death. Two options are also there to choose 100%premium back or 125% premium back. Maximum term period for this plan is 20 years.
3. Birla Sun Life Insurance Guaranteed Bachat Plan - Its an non participating endowment planoffers you guaranteed returns and chance to earn survival benefit from the 3rd year onwards. You canwithdraw this benefit each tear or can use it as to pay the premium dues.
4. Birla Sun Life Insurance Money Back Plus Plan - This is also a non-participating endowment
plan, which gives you maturity and survival both benefits. One remarkable point is that on everypolicy anniversary it increases your cover by an equal amount of your base premium.
5. Birla Sun Life Insurance Gold-Plus II - Its an investment plan offering nine-funding option tochoose and 100% equity fund option also. Free unlimited switches are given to you to manage yourinvestments. This plan offers good liquidity to you.
6. Birla Sun life insurance Platinum Plus - It is a unit linked, non participating insurance plan. Inthis plan, the investment risk is borne by the policyholder but not if this policy is detained tillmaturity.
7. Birla Sun Life Insurance Saral Jeevan Plan - In todays fast life its really easy to buy aninsurance plan, which you immediately can purchase just by providing three health statements to thecompany. Bsli Saral Jeevan is the best option to go for.
8. Birla Sun Life Insurance Supreme-Life - Its a unit linked non-participating plan providing 8-fund options to choose. It gives a choice of two death benefits.
9. Birla Sun Life Insurance Dream Plan - Its a unit-linked policy, which provides you guaranteedreturns, 0% allocation charges, and option to double or triple the guaranteed maturity.
10. Birla Sun Life Insurance ClassicLife Premier - It will give you guaranteed additions in the
form of guaranteed units and a good choice of 8 investment funds are also there. You are free tochoose the term period of 10,20,30 or whole life.
11. Birla Sun Life Insurance SimplyLife - It ensures a lifetime of tax-free investments to fulfill theneeds of your dear ones. Its a market related plan provides you a good death benefit amount.
12. Birla Sun Life Insurance PrimeLife Premier - Its a single time investment with top up options.It keeps you hassle free and provides you guaranteed returns at regular intervals.
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13. Birla Sun Life Insurance PrimeLife - It is a single premium policy gives you the benefit of lifeinsurance and investments as well. Its a non-participating ULIP policy.14. Birla Sun Life Insurance Flexi Cash Flow - For this policy you can pay lump sum premiumpayment at regular intervals. It will give you 3% guaranteed returns on net policy charges.
15. Birla Sun Life Insurance Flexi Save Plus - This plan will give you the choices of 3 fundoptions, maturity ages & guaranteed returns of 3%.
16. Birla Sun Life Insurance Flexi Life Line - This would provide you a life long cover till 100years of age and will give you the option of tax-free partial withdrawals.
17. Birla Sun Life Insurance Single Premium Bond - This plan gives you the opportunity to makeone time investment with no medical tests and will also gives you the facility of high entry age. Its ashort term investment plan provides you the option of 5 years or 10 years term period.
18. Birla Sun Life Insurance Freedom 58 - Its a non- participating ulip plan. It helps youaccumulate your premiums and the investment return there of into a corpus of your retirement.
19. Birla Sun Life Insurance Flexi Secure Life Retirement Plan II - This will provide you theoption to take a life cover or not. You can choose your retirement age yourself whether you want toprepone/postpone it.
20. Birla Sun Life Insurance Children's Dream Plan - Its a unit-linked policy, which provides youguaranteed returns, 0% allocation charges, and option to double or triple the guaranteed maturity.
Various Plans offered by LIC are as follows :
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Endowment Assurance Plans
1. Jeevan Amrit: This plan is designed for a higher cover at a lower cost. In this plan premium payment
is limited to 3 or 4 or 5 years and the premium payable during the first year is higher than the premiums
payable in subsequent years.
2. New Janaraksha Plan : Is an Endowment Assurance plan that provides financial protection againstdeath throughout the term of plan. It pays the maturity amount on survival to the end of the term.
3. Jeevan Mitra(Double Cover Endowment Plan) : Is an endowment plan which takes care of thefinancial needs even if death of the policyholder for the whole term of the plan.
4. Jeevan Mitra (Triple Cover Endowment Plan) : Is an endowment plan where thrice the SumAssured plus all bonuses on the basic sum assured to date is payable in a lump sum upon the death of thelife assured.
5. The Endowment Assurance Policy : This policy has a provisions for the family of the Life Assuredin event of his early death and also assures a lump sum at a desired age.
6. The Endowment Assurance Policy-Limited Payment : In this policy the payment of premium can
be limited either to a single payment or to a term shorter than the policy.
Children Plans
1. Jeevan Anurag : Is plan designed for the children educational requirements . This plan can be taken
on the parents life. The basic sum assured is given immediately on the death of the life assured duringthe term of the policy.
2. Jeevan Kishore : Is a plan which can be availed by the parent or grand parents of the children. It is anendowment assurance plan for children of less than 12 years of age.
3. Jeevan Chhaya : It is a plan where financial protection is given against death during the term of theplan. It is an Endowment Assurance plan. Besides this benefit one-fourth of Sum Assured is payable atthe end of each of last four years of policy term irrespective if the life assured dies or survives theduration of the policy.
4. Komal Jeevan : Is a Money Back Plan which can be bought by the parent or grand parent for theirchild from the age of 0-10years. This plan gives financial protection against death during the duration ofthe plan with periodic payments on survival at specified durations.
5. Child Future Plan : A policy where the future needs like education, marriage and other requirementsare taken care of. This plan provides a benefit which not only takes care of the risk cover of the childduring the policy but also after 7 years of the policy being expired.
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6. Child Career Plan : A plan to meet the educational and other needs of the child. It provides the riskcover on the life of child during the policy term as well as 7 years after the policy has expired. There arealso Survival benefits given to the life assured at the end of a specific duration.
7. Child Fortune Plan : Is a unit linked plan which offers long term capital appreciation.
8. Marriage Endowment Or Educational Annuity Plan : This is an Endowment Assurance plan that
provides for benefits on or from the selected maturity date to meet the Marriage/Educational expenses of
the named child.
Money Back Plan
1. Bima Bachat : Is a money-back policy which offers financial security and assurance to the policy
holder and his family. The policy holder has to pay only one premium.
2. Money Back-20 years : Is an endowment plan where periodic payments of partial survival benefitsare paid during the term of the policy till the policy holder is alive.As the policy name goes this plan 20%of the sum assured is payable after 5,10,15 years and the balance 40% accrued bonus is payable at the20th year.
3. Money Back 25 years : Is the same as the above plan only in this plan the 40% accrued bonus ispayable at the 25th year.
Pension plans
1. New Jeevan Dhara - I : is a Deferred Annuity plans that allows the policyholder to make provision
for regular income after the selected term.
2. New Jeevan Suraksha - I : Is a deferred annuity plan.
3. Jeevan Nidhi : Is a deferred annuity plan with profits.
4. Jeevan Akshay - VI : By paying a lump sum amount this immediate annuity plan can be bought.
Unit Plans
1. Child Fortune Plus : Is a plan for children and to meet their educational needs. Its a unit linked plan
with long term capital appreciation.
2. Fortune Plus : It is a unit linked assurance plan where premium payment term (PPT) is 5 years andthe premium payable in the first year will be 50% of total premium payable under the policy.
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Entry age 18-70
Minimum annual premium Rs. 50000
Minimum sum assured 5*annual premium
Policy term 10 years
Premium paying term 3 years
Premium and sum assured
You can pay your policy premium annually, half-yearly, quarterly or monthly, subject to a minimum
installment premium of:
Rs. 50,000 per annum
Rs. 25,000 half-yearly
Rs. 15,000 quarterly; or
Rs. 10,000 per month (3 monthly installments required at issue)
You choose your Sum Assured (minimum 5 x annual premium).
Risk profile
0-40% in money market & cash
0-100% in debt instruments & derivatives
0-100% in equities & equity related securities.
Maturity Benefit
On maturity, your Fund Value will be paid to you.
In addition, we will pay an amount equal to:
the number of units under your policy at that time; times
the excess, if any, of the Guaranteed Maturity Unit Price over the then prevailing unit price
Death Benefit
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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 bypartial 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 allpartial withdrawals made from age 58 onwards.
Partial withdraw
Partial withdraw after 3 complete policy years.
Minimum partial withdraw rs.5000
Policy surrender After 3 policy years and you will get 100% fund value at that time.
(2) Birla Sun Life Insurance childrens Dream Plan
Policy parameters
Entry AgesLife Insured (parent): 18 years 60 years
Nominee (child) : 30 days 13 years
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Term 18 years less the age of child at entry
Premium paying frequencyRegular policy premiums can be paid yearly, half-yearly, quarterly or
monthly (for ECS only)
Addition of riders Accidental Death & Dismemberment Benefit (ADD)
The annual policy premium is based on:
The guaranteed maturity benefit and option you choose.
The enhanced sum assured you desire.
The plan term and your gender and age at entry.
Guaranteed Fund
Value
Equals all premiums paid, less charges and guaranteed maturity benefit(s),
accumulated at 3% per annum
Partial Withdrawals Allowed after 3 complete policy years
Investment Funds Protector, Builder, Enhancer
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AT Death
Benefit
The sum assured is paid to the nominee upon the death of the life insured (parent)
The new life insured is the child and new owner is appointed as per your wishes.
The policy is continued as usual except:
All riders and risk charges will cease
Only the policy administration charge and fund management charge continue, and
BSLI will start paying the Maturity Continuation Benefit on a monthly basis until the
policy matures.
In case of death of the new life insured (child) prior to the end of the Term, higher of
105% of the Fund Value or the Guaranteed Fund Value will be paid and the policy will be
terminated.
Charges of policy
Premium allocation charges
Fund management charges
Mortality charges
Surrender charges etc.
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(3)Birla Sun Life Insurance Saral Jeevan Plan The saral jeevan plan providesthe dual benefit of protection and investment. So it is the ideal policy if you want to secure your life
and build wealth at the same time.
Poicy parameters
Entry age 18-55
Policy term 10, 15, and 20 years
Age at maturity 65 or less
Mode of Premium Payment - Annual, Semi Annual, Quarterly, Monthly.
Maturity Benefit
Maturity benefit will be sum assured plus fund value at the end of maturity time.
Death Benefit Your nominee will receive both sum assured and fund value in the unfortunate event of
death.
Investment Funds
Protector Builder
Enhancer
Charges of Policy
Premium Allocation Charge- Nil (This means all of your policy premium will be invested inthe investment funds of your choice).
Fund Management Charge
Mortality charges
Surrender charges etc.
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(4) Birla Sun Life Universal Health Plan-
The universal health plan is in addition to the benefit amount payable under each health benefit. This
unique benefit helps you and your family with out of pocket health related expenses.
Policy parameters
Entry Ages18 years 65 years
Term 3 years
Premium paying frequency policy premiums can be paid yearly, half-yearly, quarterly or monthly
Premium
According to age of the insured person. (e.g. for 25 Rs. 4756 p.a., for
45- Rs. 6725 p.a., for 55- Rs. 9724 p.a.).
Benefits
1. BSLI pay a fixed benefit amount of Rs. 1000 per day in Hospital plus Rs. 1000 per day inIntensive Care Unit (ICU).
In case of an admission for surgical management :
2. if the surgery is listed in covered surgeries: BSLI pay a fixed benefit amount based on the grade
of the covered surgery-Rs. 100000, Rs. 50000, Rs. 25000, Rs. 15000 and Rs. 10000 for grade1(major) to 5(minor) respectively.
3. if the surgery is not listed in the covered surgeries: BSLI pay a fixed benefit amount of Rs. 2000per day in hospital plus Rs. 1000 per day in ICU.
Tax benefit
The premium paid by you up to 15000 (Rs.20000 for senior citizens) p.a. to insure yourself and/or
your family, is eligible for tax benefit under section 80D of the income Tax Act, 1961, which is
subject to amendments from to time.
Death/Maturity benefit
This plan has no death benefit or maturity benefit. Furthermore, this plan provides for no cash
surrender value nor any policy loans.
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(5)Birla Sun Life Retirement plan
Policy parameters
Entry Ages18 years 80 years
Term
Premium paying frequency policy premiums can be paid yearly, half-yearly, quarterly or monthly
Premium Minimum Rs. 9600 p.a.(premium should be multiple of Rs. 1200)
Benefits
In the unfortunate event of death of the policyholder the nominee will receive the higher of:
75% of the base premium and all renewal base premiums paid. OR the surrender value at the time plus all
accumulated survival benefits.
Tax benefits
Under section 80CCC and 10(10A)
Partially withdraw
You can do partially withdraw min. Rs.5000
Some main plans of LIC
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(1) Marriage Endowment Or Educational Annuity Plan : This is an Endowment Assurance
plan that provides for benefits on or from the selected maturity date to meet the Marriage/Educational
expenses of the named child.
Entry age 18 (min.) 60(max)
Sum assured 50000 (min) no limit (max)
Term 5 (min) 25 (max)
Mode of payment monthly, qtly, half yrly, yly,
FEATURES
The Marriage Endowment/ Educational annuity plan provides a sum assured to be kept aside for theexpenses of marriage or higher education of the policyholder's children. Premiums payable for selectedterm or till death of the life Assured. Benefits will be given only after the selected term.
Maturity benefits
Sum Assured + Bonus
Accident:
Accident benefit equivalent to basic sum assured would be available by paying appropriate additionalpremiums in that behalf. An amount equivalent to Sum Assured become payable immediately.
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(2) Jeevan saral plan of LIC
Plan Details: This plan is appropriate for employees seeking life cover through Salary Savings Schemes.
Eligibility:
Minimum Maximum
Age 12 Yrs (completed) 60 Nearest Birthday
Term 10 35
Age at maturity Maximum 70 years
In case of term rider, minimum and maximum age of entry will be 18 and 50 years respectively. Further
minimum sum assured will be Rs.1 lakh.
Premium:
Minimum premium: Rs 250 per month for entry age up to 49 years and Rs.400 per month for entry age50 years and above. The premium shall be in multiple of Rs.50 per month.
Premium Mode:
Yearly, Half yearly, Quarterly and Monthly under Salary Saving Scheme.
Survival Benefits:
The sum payable at maturity however differs for different entry ages and terms. On Maturity the
individual will receive maturity sum assured, plus Loyalty additions, if any.The specimen Maturity Sums Assured (MSAs) per Rs.100/- monthly premium are given below for someof the ages and terms:
Age at
EntryPolicy Term
10 yrs 15 yrs 20 yrs 25 yrs
20 11,156 19,628 28,039 36,839
40 10,431 17,839 24,598 30,854
50 8,442 13,444 16,164
Death Benefits:
Under this plan death cover will be same irrespective of age at entry and term. On death the nominee will
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receive 250 times the monthly premium, plus return of premiums excluding extra/rider premiumpremium.
(3) New Jeevan Suraksha Plan
This pension plan is a vehicle for planning a life long pension and is also tax deferred. Not only can youplan a pension for life with the help of these annuities but these schemes also help you reduce your taxliability.
POLICY PARAMETERS
Min Max
Entry Age 18 70
vesting age 50 79
deferment period 2 years35 years.
Premium Rs. 250 p.m.
Mode of paymentYearly, half yearly, quarterly,
monthly
Features
AMOUNT (Rs) >=1,00,000 < 2,00,000 >=2,00,000 < 5,00,000 >= 5,00,000
Rebates Available for
Single Premium3% 4% 5%
Rebates Available forAnnual Premium
6% 7% 8%
Death Benefits
If death occurs within 10 years - 3% (interest on all premium given)
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Between 11 to 20 years 4%
After 20 years 5%
(4) LIC's Market Plus Plan
It is a unit linked deferred pension plan. The policyholder can choose the plan
with or without risk cover. He can also choose the level of cover within the limits, which will depend onthe mode and amount of premium he/she desires to pay. The allocated premium will be utilized to buy
units as per the selected fund type.
The Policyholder's Unit Account will be subject to deduction of charges. Units will be allotted and
cancelled based on the Net Asset Value (NAV) of the respective fund of the date of allotment /
cancellation. There is no Bid-Offer spread (both the Bid price and Offer price of units will be equal to the
NAV). The NAV will be declared on a daily basis and will be based on the investment performance,
Fund Management Charges (FMC) and whether fund is expanding or contracting under each fund type.
Policy parameters
Entry age 18-70
Premium (Min) Rs. 5,000 p.a. for Regular premium and Rs. 10,000 for Single premium
(Max) No limit
Vesting age 40-75
Sum Assured (min) NIL- (when no life cover is opted) Rs. 25,000 for Single premium, Rs.
50,000 for Regular premium (When life cover is opted)
(Max) Regular Premium - 20 times of the annualized premium.
Minimum Deferment period 5 years
Investment fund types:
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Fund Type
Investment in Govt. /
Govt. Guaranteed
Securities / Corporate
Debt
Short-term investments such as money market
instruments(Including Govt. Securities &
Corporate Debt)
Investment in Listed
Equity Shares
Bond Fund Not less than 80% 100% NIL
Secured Fund Not less than 65% Not more than 85%Not less than 15% andnot more than 35%
Balanced Fund Not less than 50% Not more than 70%Not less than 30% and
not more than 50%
Growth Fund Not less than 20% Not more than 40%Not less than 60% and
not more than 80%
compa r ison be tween som e ma in p roducts o f BSL Iand L IC
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1) Comparison between BSLIs Children dream plan and LICsMarriage Endowment Or Educational Annuity Plan:
In BSLI plan policy term is 18 years less the age of child at entry.But in LIC plan policy term is 5-25 years.
Premium paying frequency is almost same i.e yearly , half yearly, quarterly, monthly.
In case of death benefit: in BSLI plan the sum assured is paid to the nominee upon the death ofthe life insured (parent). The new life insured is the child and new owner is appointed as per yourwishes.
In LIC plan if death occurs due to accident then basic sum assured is payable on
death immediately and further premiums are not payable.after expiry of the term again basic sum
assured + bonus is payable.
In BSLI fund value is guaranteed.o In LIC plan fund value is not guaranteed.
2) Comparison between BSLIs Saral jeevan plan and LICs Jeevan saral plan
In BSLI plan entry age is 18-55 yearsIn LIC plan entry age is 12-60 years
In BSLI policy term is 10, 15, and 20 years.In LIC policy term is 10-35 years.
In BSLI plan max. Maturity age is 65 yearsIn LIC plan max. Maturity age is 70 years.
In BSLI min. premium is 10000 p.a.In LIC plan min. premium is 5000p.a.
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3) Comparison between BSLIs Retirement plan and LICsNew Jeevan Surakshaplan.
In BSLI plan entry age is 18-80 yearsIn LIC plan entry age is 18-70 yrs.
In BSLI plan vesting age is 10-40 yrs from entry age (Max. 90yrs.)In LIC plan vesting age is 50-79 yrs.
In BSLI plan min. premium is 9600 p.a.In LIC plan min. premium is 3000 p.a.
Premium paying frequency is same i.e yearly, half yearly, quarterly, and monthly
Death Benefits:
In BSLI plan the unfortunate event of death of the policyholder the nominee will receive the higher
of:
75% of the base premium and all renewal base premiums paid. OR the surrender value at the time
plus all accumulated survival benefits.
In LIC plan
If death occurs within 10 years - 3% (interest on all premium given)
Between 11 to 20 years 4%
After 20 years 5%
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4) Comparison between BSLI Platinum plus plan and LICMarket plus plan
Entry age in BSLI and LIC is same i.e. 18-70 years.
In BSLI min. annual premium is 50000p.a.
In LIC plan premium is 10000p.a.
In BSLI plan maturity benefit is guaranteed
In LIC plan maturity benefit is not guaranteed
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RESEARCH METHODOLOGY-
MEANING OF RESEARCH-
Before understanding Research Methodology, we should understand the meaning
of research. Research in common parlance refers to a search for knowledge. One can also
define Research as a scientific and systematic search for pertinence information on a
specific topic. In fact, research is an art of scientific investigation.
DEFINITION OF RESEARCH-
Research is a systematized effort to gain new knowledge
Redmann & Mory
MEANING OF RESEARCH METHODOLOGY-
Research Methodology, it is a way to systematically solve the research Problem. It may
be understood as a science of studying how research is done scientifically. In it we study
the various steps that are generally adopted by the researcher in studying his research
problem along with the logic behind them. It is necessary for the researcher to know not
only the research.
Data Collection: - The objectives of the project are such that both primary and secondarydata is required to achieve them. So both primary and secondary data was used for the
project. The mode of collecting primary data is questionnaire mode and sources of
secondary data are various magazines, books, newspapers, & websites etc.
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Primary data
The primary data are those data which are collected afresh and for the first time, and thus
happen to be original in character.
Secondary data
The secondary data on the other hand, are those which have already been collected by
someone else and which have already been passing through the statistical process.
Sample size
100 people of MOGA City were selected
Research ----- Purposive research
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1)Do you think that investment in Insurance sector is good option?
Particulars No. of respondents
Yes 40
No 10
0 10 20 30 40 50 60
No. of respondentsYes
No
Interpretation : 90 people say that investment in insurance sector is good option and 10
are saying not.
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2) Which companys policy do you have?
Particulars No. of respondents
BSLI 15
LIC 35
0
5
10
15
20
25
30
35
No. of respondents
BSLI
LIC
Interpretation: 40 people have BSLI policies and 60 have LIC.
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3) Which type of policy you have?
Particulars No. of respondents
LIC
No. ofrespondents
BSLIWhole life plan 10 5
Retirement plan 5 2
Children plan 9 10
Health plan 3 2
Golden jubilee plan 3 0
Total 30 20
0
5
10
15
20
25
30
No. of respondents
LIC
No. of respondents
BSLI
Whole life plan
Retirement plan
Children planHealth plan
Golden jubilee plan
Total
Interpretation: 20 people of LIC and 10 of Birla have whole life plan, 18 people
birla have
Children plan.
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4) What percentage of interest you get from it?
Particulars No. of
respondents
LIC
No. of
respondents
BSLIBelow 5 % 0 0
5-8 % 7 3
8-12 % 21 14
Above12 % 2 3
Interpretation: 14 people of LIC and 6 of Birla are getting 5-8% R.O.I., 42 people of
LIC and 28 of Birla are getting 8-12% interest.
5) Why do you invest in this(LIC/BSLI) company?
Particulars No. of respondents
LIC
No. of respondents
BSLI
High interest 4 6
Good image of CO. 6 2
Growth of the CO. 9 6
Annual premium is
reasonable
5 2
Maturity benefits 6 4
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44
56
No. of respondents
Yes No
Interpretation: 44 people are saying that investment in BSLI is better than LIC, but 56are saying no.
(If NO then go to Q.N. 8 otherwise Q.N. 7)
7) If yes, then why?
Particulars No. of respondents
Guaranteed F.V. at maturity 10
Growth rate 16
More ULIP plan 8
Risk covered 4
All above 6
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No. of respondents
10
16
8
4
6 Guaranteed F.V. at
maturity
Growth rate
More ULIP plan
Risk covered
All above
Interpretation: 16 people are saying that because BSLI gives guaranteed F.V. at maturity
time, 8 are saying it has more ULIP plans.
8) If no, then why?
Particulars No. of respondents
LIC have govt. stake 24
Brand loyalty of LIC 14
Low A.P. than BSLI 12
High return 6
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LIC have govt.
stake, 24
Brand loyalty of
LIC, 14
Low A.P. than
BSLI, 12
High return, 6
LIC have govt. stake
Brand loyalty of LIC
Low A.P. than BSLI
High return
Interpretation: 24 people are saying that investment in LIC is better it has govt. stake, 14
are saying it has brand loyalty.
9) When company launch new product , then any information is given to you about
that product?
Particulars No. of respondents
LIC
No. of respondents
BSLI
Yes 24 16
No 36 24
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No.of
respondents
LIC
No.of
respondents
BSLI
Yes
No
36
2424
16
05
10
15
20
25
30
35
40
Yes
No
Interpretation: 24 people of LIC are saying yes and 36 are saying no, 16 people of BSLI
are saying yes and 24 are saying no about providing information. 67
10) In near future, do you think BSLI will have high growth
rate?
Particulars No. of respondents
Agree 20
Neutral 26
Disagree 14
Cant say 40
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2026
14
40
0
5
10
15
20
25
30
35
40
Agree Neutral Disagree Cant say
No. of respondents
No. of respondents
Interpretation: 20 people are saying that BSLI will grow in future, 26 are saying it will
be neutral, 40 cant say, and 14 are disagree.
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. Findings
90 people saying that investment in insurance sector is good option and 10 are
saying no.
40 people have BSLI policies and 60 have of LIC.
10 people of BSLI have Whole life plan, 4 have retirement plan, 22 have children
plan, 4 have health plan.
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56 people are saying that investment in LIC is better than BSLI, 44 are saying
investment in BSLI is better.
Most of the people of both LIC and BSLI are getting rate of interest 8-12%
Most of the people have children plan of BSLI.
Most of the people invest due to high interest of the policy in BSLI
People have more faith in govt. Companies than the private.
14 people invest in LIC due to its brand loyalty.
26 people saying that BSLI growth will be neutral in near future.
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SUGGESTIONS
1) Information regarding new product should be provided to the customers.
2) The company should find out the no. of people who are not having any of the
insurance plans through an intensive market research and motivate them to get insured.
3) At some level Company should provide information to the customers about the
charges of the policy.
4) Company should target each and every class of the society.
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5) Charges should be low of the policies.
6) Annual premium should be reasonable.
7) BSLI Company should work in systematic way.
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LIMITATIONS
Some of the respondents were not cooperative.
There are chances of biased information provided by the respondents.
As the sample size is small compared to the total population, therefore
there cant be full accuracy.
The time was limited.
Area was limited.
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Bibliography
www.birlasunlife.com
www.licindia.com
www.google.com
Newspapers
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ANNEXURE
NOTE: The information that you will provide will be kept confidential and will be used only for
academic Purpose.
Our questionnaire will be to those persons who have plans of BSLI orLIC.
GENERAL
Name __________________________________________________________________
Addres_________________________________________________________________
Gender_________Age ________Contact No. __________________________________
1. Do you think that investment in insurance sector is good option
(a) Yes (b) No
2. Which companys policy do you have?
(a) Birla Sun Life Insurance (b) LIC
3. Which type of policy you have?
(a)Whole Life Plan (b) Retirement Plan (c) Children Plan (d) Health Plan
(e) Golden jubilee plan (f) any other please specify___________________
4. What percentage of interest you get from it?
(a) Below 5% (b) 5-8% (c) 8-12% (d) Above 12%
5. Why do you invest in this company?
(a) High interest (b) good image (c) Company growth
(d) Annual premium is reasonable (e) due to maturity benefits
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(f) Any other please specify ______________________________
6. Do you think that investment in BSLI is better than LIC?
(a) Yes (b) No
( If your answer is no then jump to question no. 8)
7. if yes then why?
(a) Because BSLI gives guaranteed fund value at maturity time
(b) Growth rate of company is high (c) BSLI has more ULIP plans than LIC
(d) Risk factor is covered properly (e) all above
(f) Any other (please specify)_____________
8. If no then why?
(a) Because LIC is having government stake. (b) Brand loyalty of LIC
(c) It has low premium plans than BSLI (d) Investment return is higher than BSLI
(e) Any other (please specify)__________________________
9. Whenever company launch new product, then any information is given to you about that product?
(a) Yes (b) No
10. In near future BSLI is having high growth rate.
(a) Agree (b) neutral (c) disagree (d) cant say
An s ggestions