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A

SUMMER INTERNSHIP REPORT

On

Distribution Channel Management and Agency Network

Development in Rural Areas: A study ofSBILife Insurance

SUBMITTED TO

KURUKSHETRA UNIVERSITY, KURUKSHETRA

IN PARTIAL FULLFILMENT FOR THE DEGREE OF

BACHELOR OF BUSINESS ADMINISTRATION

Session (2013-2014)

Submitted To: Submitted By:

Kurukshetra University Ravinder Narwal

Kurukshetra ROLL NO.

BBA-4TH SEM

NARAINI GROUP OF INSTITUTION CHIRAO, KARNAL

(Affiliatedto Kurukshetra University, Kurukshetra and approved by AICTE)

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DECLARATION

I, hereby declare that the project titled Distribution Management and

Developing Agency Channel in Rural Areas: A study of SBI Life Insurance

is a record of critical and independent work carried out by me under the

supervision and guidance of experts. This has not been previously submitted for

the award of any other diploma, degree or other similar title.

(Ravinder Narwal)

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ACKNOWLEDGEMENT

Theory is the first and important step which acts as a base, but practical

knowledge is that aspect which bridges the gap between imaginations and realities.

Research is the integral part of the work situations and is closely related to the career and

promotion structures. So practical knowledge is very important for development of

thoughts and giving shape to them. Thus practical training could be taken as a beginning

of a process of indoctrination into the ways of a business organization and it is the first

positive step which would be helpful in future prospect. No dissertation is complete

without a mention of all those who contributed its very existence. However an

expression of thanks, no matter how extensive it is, is never complete or adequate. This

acknowledgement is no exception. I wish to express my appreciation to all those, with

whom I have worked, interacted and whose thoughts and insights have helped me in

furthering my knowledge and understanding of subject.

I wish to express my gratitude and sincere thanks to my guide Mr. Davinder

Kapoor for his keen interest and guidance offered in an amicable and pleasant manner

through this project work.

I express my utmost sense of gratitude to MR.PANKAJ SHARMA .Director,

NECs Group of Institution and Dr. R.S. Kundu, (Principal) Mr. Gurmit (H.O.D),

NECs College Of Management. who had been a pillar of support for me. I owe much to

my family and friends for their blessings and encouragement.

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Executive Summary

The project titled Distribution Management & Developing Agency Channel in Rural

Areas Undertaken in SBI life insurance, Karnal Branch.

The Project contains:

Developing Agency Channel in Rural Areas.

Training and Selection Process.

Retaining and Rejoining Process.

Developing Agency Channel in Rural Areas: This part of the project include the

marketing survey in Rural Areas. This is the Personal form of survey done in the

villages which are under Dt. Karnal. The Primary data collection is done through

Questionnaire.

Selection and Training Process: This part of the project includes the invitation to those

sample population who were ready to work with SBI Life as a response of marketing

survey under project 1. The Training includes the IC33 Exam and SBI LIFEs

Product Training. Those who clear the IC33 exam are eligible for financial advisor

post and would undergo product training.

Retaining and Rejoining Process: This part of the project includes:

To find out the reasons for Termination of the Advisors.

To motive them to rejoin SBI Life.

To remove any Grievances between UMs and their Advisors.

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The project report is about Recruitment & Selection Process + Retaining Process

which is an important part of any organization. In fact, recruitment and selection gives a

home ground to the organization acumen that is needed for proper functioning of the

organization. It gives a organizational structure of the company. It.s a methodology in

which the particular organization works and how a new candidate could be recruited in

such a way that he/she would be fitted for the right kind of career.

There are two types of factors that affect the Recruitment of candidates for the company

. Internal factors

. External factors

The objective of selection decision is to choose the individual who can most successfully

perform the job from the pool of qualified candidates. Selection process or activities

typically follow a standard patter, beginning with an initial screening interview and

concluding with final employment decision.

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CONTENT

Page No.

Acknowledgements i

Declaration ii

Executive summary iii

CHAPTER I

Introduction to Life Insurance 1

Company Profile 6

CHAPTER II

Research Methodology 23

Chapter III

Data Analysis and Interpretation 29

Chapter IV

Findings 38

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Bibliography 40

Annexure

Questionnaire

1.1 Objectives of the Study

To create an awareness about insurance company and policies.

To identify the potential policy holders among end users and to create a

relationship between the companies and potential customers.

To find out the customer satisfaction level among the go with their respecting

insurance companies in which they hold the polices.

To find out the awareness of people about insurance policies.

To offer suggestions based on findings

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INTRODUCTION

TO LIFE

INSURANCE

LIFE INSURANCE

The business of insurance is related to the protection of the economic values of

assets. Every asset is expected to last for a certain period of time during which it will

perform. After that the benefit may not be available. There is a life time for a machine in

a factory or a cow or a motor car. None of them will last for ever. The owner is aware of

this and he can so manage his affairs that by the end of that period or lifetime, a

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substitute is made available. Thus, he makes sure that the value or income is not lost.

However, the asset may get lost earlier. An accident or some other unfortunate event

may destroy it or make it non functional. In that case the owner and those depriving

benefits there from would be deprived of the benefits and the planned substitute would

not have been ready. There is an adverse or unpleasant situation. Insurance is a

mechanism that helps to reduce the effect of such adverse situations.

Need for insurance:

Modern life insurance caters to multiple needs for insurance, which can

be broadly classified as under:

Cash and income needs on an immediately following death.

Family income needs.

Income needs of a widow on the death of her husband.

Cash and income needs of a husband on the death of his wife.

Retirement income needs.

Education needs.

BRIEF HISTORY OF INSURANCEThe business of insurance started with marine business. Traders, who used to

gather in the Lloyds coffee house in London, agreed to share the losses to their goods

while being carried by ships. The losses used to occur because of pirates who robbed on

the high seas or because of bad weather spoiling the goods or sinking the ship. The first

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insurance policy was issued in 1583 in England. In India, insurance began in 1870 with

life insurance being transacted by an English company, the European and the Albert.

LIC Act, 1956, with a capital contribution of Rs. 5 crore from the Government of India. Today

LIC functions with 2048 fully computerized branch offices100, 21,449 Agents,

109 divisional of fices, 8zonal offices, 992 satellite offices and the corporate office.

LICs Wide Area Network covers109 divisional offices and connects all the branches

through a Metro Area Network.

Info Centers have been commissioned at Mumbai, Ahmadabad, 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

What is contract of insurance?

A contract of insurance is a contract of utmost good faith, technically known as

uberimafides. The doctrine of disclosing all material facts is embodied in this important principal

that applies to all forms of insurance. The purpose, who is one of the parties to the contract, is

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loss and make good to person who lost. All people who send goods by ships are exposed

to the same risks, which are related to water damage, sinking of vessel, piracy, etc. In

other words, the risk is spread among the community and the likely big impact on one is

reduced to smaller manageable impacts on all. Insurance helps to spread the costs or

risks.

The Human Asset

A human being is an income generating asset. Ones income generating ability

depends on ones skills, (manual, professional, problem solving, entrepreneurial, etc).

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These are assets. The value of the asset can be measured by considering the income hat

is generated by the persons concerned. The concept of Human Life Values, provides

scientific ways to determine the asset value of the human life and therefore, the amount

of life insurance required. These techniques, kike other techniques related to selling, will

have to be leant on the job.

These assets also can be lost through unexpectedly early death or through

sickness and disabilities caused by accidents. Accidents may or may no happen. Death

will happen, but he timing is uncertain. If it happens around the time of ones retirement,

when it could be expected the income will normally cease, the person concerned could

have made some other arrangements to meet the continuing needs. But if it happens

much earlier when the alternate arrangements are not in place, there can be losses to

person and dependents. Those dependent on the income are helped to overcome their

difficulties, by insurance.

Living too long can be as much a problem as dying too young

Thus, the risks in the case of a human being are related to

Early death

Living too long

Disabilities

Sickness

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COMPANY

PROFILE

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Company Profile:

SBI Life Insurance is a joint venture between State Bank of India and BNP

Paribas Assurance. SBI owns 74% of the total capital and BNP Paribas Assurance the

remaining 26%. SBI Life Insurance has an authorized capital of Rs. 2,000 crores and a

paid up capital of Rs 1,000 crores.

SBI Life Insurance has:

More than 40,000 insurance advisors work with SBI Life Insurance in India.

SBI Life Insurance is known for qualities like trustworthiness, ambition,

innovation, dynamism and excellence in its area of specialization.

The SBI Group owns more than 14,500 branches located across the country of

India.

The corporate headquarters of SBI is located in Mumbai

ROLE OF LIFE INSURANCE:

An act to provide for the establishment of an authority to protect the interests

industry and for matters connected therewith for incidental thereto and further to amend,

the Life Insurance Corporation Act, 1956 and the insurance Act, 1938 and General

Insurance Business Act 1972. Spread Life Insurance much more widely and in particular

to the rural areas and to the socially and economically backward classes with a view to

reaching all insurable persons in .the country and providing them adequate financial

cover against death at a reasonable Cost. Maximize mobilization of people's savings by

making insurance Linked savings adequately attractive. Bear in mind, in the investment

of funds, the primary obligation to its policyholders, whose money it holds in trust,

without losing sight of the interest of the; community as a whole; the funds to be

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deployed to the best advantage of the investors as well as the community as a whole,

keeping in view national priorities and obligations of attractive return.

Act as trustees of the insured public in their individual and collective capacities. Meet

the various life insurance needs of the community that would arise in the changing social

and economic environment. Involve all people working in the Corporation to the best of

their capability in furthering the interests of the insured public by providing efficient

service with courtesy. Promote amongst all agents and employees of the Corporation a

sense of participation, pride and job satisfaction through discharge of their duties with

ded1cat1on towards achievement of Corporate Objective

The Insurance Players

SBI Life Insurance Company Limited

HDFC Standard Life Insurance Company Limited

Birla Sun Life Insurance Company Limited

TATA AIG Life Insurance Company Limited

Max New York Life Insurance Company Limited

Kodak Mahindra Old Mutual Life Insurance Limited

ING Visy Life Insurance Company Limited

Bajaj Allianz Life Insurance Company Limited

ICICI Prudential Life Insurance Company Limited

MetLife Life Insurance Company Limited

Aviva Life Insurance Company Limited

Reliance Life Insurance Company Limited

Sahara India Life Insurance Limited

Shri ram Life Insurance Company Limited

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SBI Life Guiding Principles

Recruit the best.

Accept Personal Responsibility.

Build an empowered Team.

Build a shared vision and Purpose.

Leadership Development.

Reward and Recognition.

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8

Introduction

ofState Bank of India

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State Bank of India enjoys the largest banking franchise in India. Along with its 6

Associate Banks, State Bank Group has the unrivalled strength of over 16,000 branches

across the country, arguably the largest in the world.

BNP Paribas is the 1st largest French company and ranks 5th in the banking

industry worldwide, 1st bank in Euro Zone as per Global 2000 Forbes' 2008. It is 6th

most valuable international banking brand as per Brand Finance 2008.BNP Paribas

Assurance is the insurance arm of BNP Paribas - Euro Zone's leading Bank. BNP

Paribas, part of the world's top 10 group of banks by market value and part of Europe top

3 banking companies, is one of the oldest foreign banks with a presence in India dating

back to 1860. BNP Paribas Assurance is the fourth largest life insurance company in

France, and a worldwide leader in Creditor insurance products offering protection to

over 50 million clients. BNP Paribas Assurance operates in 41 countries mainly through

the banc assurance and partnership model.

SBI Life Insurance is registered with an authorized capital of Rs 2000 crores and a Paid-

up capital of Rs 1000 Crores. SBI owns 74% of the total capital and BNP Paribas

Assurance the remaining 26%.State Bank of India enjoys the largest banking franchise in

India. Along with its 7Associate Banks, SBI Group has the unrivalled strength of over

14,500 branches across the country, arguably the largest in the world.BNP Paribas

Assurance is the life and property & casualty insurance unit of BNP Paribas- Euro

Zones leading Bank. BNP Paribas, part of the worlds top 6 group of banks by market

value and a European leader in global banking and financial services, is one of the oldest

foreign banks with a presence in India dating back to 1860.

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BNP Paribas Assurance is the fourth largest life insurance company in France, and a

worldwide leader in Creditor insurance products offering protection to over 50 million

clients. BNP Paribas Assurance operates in 41 countries mainly through the banc

assurance and partnershipmodel.SBI Life has a unique multi-distribution model

encompassing Banc assurance, Agency and Group Corporate.SBI Life extensively

leverages the SBI Group as a platform for cross-selling insurance products along with its

numerous banking product packages such as housing loans and personal loans.

9

Key Milestone

Financial Year 09-10:

Reported a robust Net Profit of Rs.276 Crores.

Crossed Rs.10,000 Crores in Gross Written Premium (GWP).

Ranked No.1, in New Business Premium, amongst private life insurance

companies.

Assets Under Management (AUM) grew by 96% to Rs.28, 551 Crores.

Globally topped the prestigious MDRT 2009 for having Maximum number of

MDRT Members.

ICRA reaffirmed iAAA rating to SBI Life indicating highest claims paying

ability.

Awarded ISO Certification (ISO/IEC 27001:2005) for Information Security

Management System (ISMS).

Retained ISO 9001:2000 certificate for superior claim settlement process.


Ranked among global top three in terms of number of Million Dollar Round

Table (MDRT) members.

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Bagged the coveted personal finance award-Outlook Money NDTV Profit "Best

Life Insurer 2008".

CRISIL, country's leading rating agency, reaffirmed its highest financial rating

AAA/Stable to SBI Life. In 2007, SBI Life became the first life insurer in India

to receive this rating from CRISIL.

ICRA assigned iAAA rating indicating highest claims paying ability to SBI Life

Insurance. 10

Retained ISO 9001:2000 certificate for superior claim settlement process.


Ranked amongst global top five life insurance companies in the number of

MDRT members.

Rated as the 'The Most Trusted Private Life Insurer' according to a survey

conducted by Brand Equity in association with AC Nielsen ORG-MARG and the

Economic Times Intelligence Bureau.

Became first life insurer in India to receive the highest financial rating 'AAA'

from CRISIL, the countries best known rating agency in 2007.

Forayed into micro insurance with the launch of 'Grameen Shakti' in

Bhubaneswar, Orissa for the economically underprivileged sections of society.

Received ISO 9001: 2000 certification for superior claim settlement process.

Became the only domestic life insurer to achieve CMMI Level 3 certification forIT processes and software development capabilities.


Second consecutive year of Profitability

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Leads Private Life Insurance Companies in Lives covered: 6.49 Million lives

covered


Became the first Life Insurer to make Profits

11

Multi-distribution Channel

SBI Life has a unique multi-distribution model encompassing vibrant Banc assurance,

Retail Agency, Institutional Alliance and Corporate Solutions distribution channels.

SBI Life extensively leverages the State Bank Group relationship as a platform for cross-

selling insurance products along with its numerous banking product packages such as

housing loans and personal loans. SBIs access to over 100 million accounts across the

country provides a vibrant base for insurance penetration across every region and

economic strata in the country, thus ensuring true financial inclusion. Agency Channel,

comprising of the most productive force of over 65,000 Insurance Advisors, offers door

to door insurance solutions to customers.

Mission and Values

Mission:

"To emerge as the leading company offering a comprehensive range of life insurance

and pension products at competitive prices, ensuring high standards of customer

satisfaction and world class operating efficiency, and become a model life insurance

company in India in the post liberalization period".

Values:

Trustworthiness

Ambition

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Innovation

Dynamism

Excellence

12

17

INDUSTRY

PROFILE

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INDUSTRY PROFILE

Insurance sector in India is one of the booming sectors of the economy and isgrowing at the rate of 15-20 per cent annum. Together with banking services, it

contributes to about 7 per cent to the country's GDP. Insurance is a federal subject in

India and Insurance industry in India is governed by Insurance Act, 1938, the Life

Insurance Corporation Act, 1956 and General Insurance Business (Nationalization) Act,

1972, Insurance Regulatory and Development Authority (IRDA) Act, 1999 and other

related Acts.

The origin of life insurance in India can be traced back to 1818 with the establishment ofthe Oriental Life Insurance Company in Calcutta. It was conceived as a means to provide

for English Widows. In those days a higher premium was charged for Indian lives than

the non-Indian lives as Indian lives were considered riskier for coverage. The Bombay

Mutual Life Insurance Society that started its business in 1870 was the first company to

charge same premium for both Indian and non-Indian lives. In 1912, insurance

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regulation formally began with the passing of Life Insurance Companies Act and the

Provident Fund Act.

By 1938, there were 176 insurance companies in India. But a number of frauds during

1920s and 1930s tainted the image of insurance industry in India. In 1938, the first

comprehensive legislation regarding insurance was introduced with the passing of

Insurance Act of 1938 that provided strict State Control over insurance business.

Insurance sector in India grew at a faster pace after independence. In 1956, Government

of India brought together 245 Indian and foreign insurers and provident societies under

one nationalised monopoly corporation and formed Life Insurance Corporation (LIC) by

an Act of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs.5 crore.

The (non-life) insurance business/general insurance remained with the private sector till

1972. There were 107 private companies involved in the business of general operations

and their operations were restricted to organised trade and industry in large cities. The

General Insurance Business (Nationalisation) Act, 1972 nationalised the general

insurance business in India with effect from January 1, 1973. The 107 private insurance

companies were amalgamated and grouped into four companies: National Insurance

Company, New India Assurance Company, Oriental Insurance Company and United

India Insurance Company. These were subsidiaries of the General Insurance Company

(GIC).

In 1993, the first step towards insurance sector reforms was initiated with the formation

of Malhotra Committee, headed by former Finance Secretary and RBI Governor R.N.

Malhotra. The committee was formed to evaluate the Indian insurance industry and

recommend its future direction with the objective of complementing the reforms initiated

in the financial sector.

Key Recommendations of Malhotra Committee

Structure

Government stake in the insurance Companies to be brought down to 50%.

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Government should take over the holdings of GIC and its subsidiaries so that

these subsidiaries can act as independent corporations.

All the insurance companies should be given greater freedom to operate.

Competition

Private Companies with a minimum paid up capital of Rs.1billion should be

allowed to enter the industry.

No Company should deal in both Life and General Insurance through a single

Entity.

Foreign companies may be allowed to enter the industry in collaboration with the

domestic companies.

Postal Life Insurance should be allowed to operate in the rural market.

Only one State Level Life Insurance Company should be allowed to operate in

each state. 20

Regulatory Body

The Insurance Act should be changed.

An Insurance Regulatory body should be set up.

Controller of Insurance should be made independent.

Investments

Mandatory Investments of LIC Life Fund in government securities to be reduced

from 75% to 50%.

GIC and its subsidiaries are not to hold more than 5% in any company.

Customer Service

LIC should pay interest on delays in payments beyond 30 days

Insurance companies must be encouraged to set up unit linked pension plans.

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Computerization of operations and updating of technology to be carried out in

the insurance industry.

Malhotra Committee also proposed setting up an independent regulatory body - The

Insurance Regulatory and Development Authority (IRDA) to provide greater autonomy

to insurance companies in order to improve their performance and enable them to act as

independent companies with economic motives.

Insurance sector in India was liberalized in March 2000 with the passage of the

Insurance Regulatory and Development Authority (IRDA) Bill, lifting all entry

restrictions for private players and allowing foreign players to enter the market withsome limits on direct foreign ownership. There is a 26 percent equity cap for foreign

partners in an insurance company. There is a proposal to increase this limit to 49 percent.

The opening up of the insurance sector has led to rapid growth of the sector. Presently,

there are 16 life insurance companies and 15 non-life insurance companies in the market.

The potential for growth of insurance industry in India is immense as nearly 80 per cent

of Indian population is without life insurance cover while health insurance and non-life

insurance continues to be well below international standards.

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22

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REASEARCH

METHODOLOGY

REASERCH METHODOLOGY

In everyday life human being has to face many problems viz. social, economic,

financial problems. These problems in life call for acceptable and effective solutions and

for this purpose, research is required and a methodology applied for the solutions can be

found out.

Research was carried out In Rural Areas to find out the next best force of financial

advisors. Basically the purpose to select rural areas is to target the whole range of NRIs

living in the villages and to provide self employment to the villagers.

DATA COLLECTION:

Primary Data:

Primary data was collected through survey method by distributing Questionnaires. The

questionnaires were carefully designed by taking into account the parameters of study.

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Secondary Data:

Data was collected through the records of the organization. It is the data which has been

collected by individual or someone else for the purpose of other than those of our

particular research study. Or in other words we can say that secondary data is the data

used previously for the analysis and the results are undertaken for the next process

AIM: Developing Agency Channel in Rural Areas.

Process:

We start with the marketing survey in Rural area, for that we selected the population for

survey then define the Research Design

Research Design

o Descriptive Design 23

POPULATION SPACE

o Jundla, Thari, Shekhpura

o Ravar, Amritpur, Ganjugari

o Pundri, Dabri, Sitamah

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Sample Design

o Survey Design

Non Probability Sampling

Sample Space

o Sikh Community

Biased Sampling

At RAWAR Road

The journey started with the first part of the project i.e. Development of Agency

Channel in Rural Areas. We have started our journey from Ranwar Road, and the

villages are selected according to density of Sikh Community.

We selected three villages:

Ranwar 24

Amritpura

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Ganjugari

Some facts which were disclosed are:

They are to work for SBI.

They are to work within the premises of their respective villages.

There is no need of special qualification.

Though we managed to fill 32 Questionnaire but only 25 of them were ready to work

with S.B.I Life Insurance. While filling Questionnaire we have not told them that they

have to work as financial advisor. But still the response was poor.

Response Check

The quintessential reason for the poor response in these villages is:

Most of them Landlord

Interaction problem

illiteracy

Bar Chart Showing Responses

25

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The survey was conducted on ad hoc or practical approach and though the result are poor

but the purpose of the survey was to reach to the illiterate people with so much

opportunity in their hands even they himself dont know about them.

Flicert Scale:

(High Intd.) (less Intd.) NC (less non-intd.) (Non-

intd.)

\

Index for villages situated at Rawer Road

At ASSAND Road

The next sample spaces were taken from as sand Road, and the villages taken are those

which is dense in Sikh Community.

We selected three villages. Those were:

Jundla

Thari

Shekpura

Some facts which were disclosed are:

They are to work for SBI.

They are to work within the premises of their respective villages.

There is no need of special qualification.

12 8 5 7

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Though I managed to fill 30 Questionnaire but only 22 of them were ready to work with

S.B.I Life Insurance. While filling Questionnaire I have not told them that they have to

work as financial advisor. But still the response was good

Response Check

The quintessential reason for the poor response in these villages is:

Most of them Landlord

Interaction problem

illiteracy

Bar Chart Showing Responses

The survey was conducted on ad hoc or practical approach and though the result are poor

but the purpose of the survey was to reach up to illiterate people with so much

opportunity in their hands even they himself dont know about them.

Flicert Scale:

(High Intd.) (less Intd.) NC (less non-intd.) (Non-

intd.)

\14 6 3 7

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Index for villages situated at Rawar Road

AT NISSING Road

The next sample space was taken from Nissing Road, and the villages taken are those

which is dense in Sikh Community.

Three villages selected were:

Pundari

Dabri

Sitamahi

Note:The project was stopped because of the flood at that time but now

this project started again with the help of Unit mangers as said by Asst.

Branch Manager. So we would analyze only the previous data taken from

survey

28

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Data Analysis

&Interpretation

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ANALYSIS AND INTERPRETATION

The primary data collected through the questionnaire from government officials

were complied using spss package and the analysis are presented below.

TABLE 4.1

RESPONDENTS PROFILE OF AGE

Age(In Years)

Frequency/

Percentage25-35

35-45

45-55

>55

4

25

66

5

Total 100(Source: Primary Data)

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Table 4.1 shows, among the 100 sample respondents, the majority of 66% of the

respondents fall in the age group of 45-55 years. Another 25% fall in the category of 35-

45 years. There are 5% of the respondents who fall in the age group of above 55 years,

while the remaining 4% are in the age group of 25-35 years. Thus, from the analysis it

can be concluded that the majority (66%) of respondents fall in the age group of 45-55.

TABLE 4.2

GENDER PROFILE OF RESPONDENT

Gender Frequency/

PercentageMale

Female

73

27

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20-30

>30

57

5

Total 100

(Source: Primary Data)

As it could be seen in Table 4.4, among the 100 sample respondents, the highest

of 57% of the respondents fall in the experience group of 20-30 years. Another 27% fall

in the category of 10-20 years. There are 11% of the respondents who fall in the

experience group of less then 10 years, while the remaining 5% are in the experience

group of above 30 years. Thus, majority (57%) of respondents are in the experience

group of 20-30.

TABLE 4.5

ANNUAL INCOME LEVEL OF RESPONDENTS

Annual income

Frequency/

percentage

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Less Than 180000

180000-300000

300000-420000

>420000

27

50

14

9

Total 100


Table 4.5 shows, out of 100 sample respondents, the majority 50% of the

respondents earn annual income between 180000-300000.Another 27% of respondents

are less than 180000. There are 14% of the respondents who earn between 300000-

420000, the remaining 9% among the respondents earn above 420000. Thus, from the

analysis it can be concluded that the respondents who earn between 180000-300000

constituted the major position (50%).

TABLE 4.5

HOLDING OF INSURANCE POLICY

Particulars Holding Policies

Yes

No

98

2

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Total 100


98

2

CURRENT POLICY

YES

NO

As it could be seen in Table 4.23 among the 100 sample respondent 98% of

respondents are currently having policies and 2% of the respondents are not having

policies. Thus from the analysis it can be concluded that 98% of respondents are currently

having policies.

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TABLE 4.6

AWARENESS ABOUT LIFE INSURANCE POLICIES

Awareness Frequency/

percentageYes

No

100

0

Total 100


As it could be seen in table 4.6 among the 100 sample respondent all of them

were aware of the life insurance policies, (i.e.) 100%. Thus from the analysis it can be

concluded that 100% of respondents are aware of the life insurance policies.

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TABLE 4.7

SOURCE OF INFORMATION

SOURCE YES NOAgent

Employer

Press

Relatives

T.V

Internet

Bankers

Brokers

Friends

Mobile

85

15

24

10

37

10

21

4

23

3

15

85

76

90

63

90

79

96

77

97(Source: Primary Data)

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YES

NO

Rows

AGE NT Coun t

EMPLOYER Count

PRESS Count

RELATIVES Count

TV Count

INTERNET Count

BANKERS Count

BROKERS Count

FRIENDS Co unt

MOBILE Count

source

0

25

50

75

100

respondent

As it could be seen in table 4.7, among the 100 sample respondent, it is clear that

most of the respondents came to know about the insurance through agents (85%) and the

second highest source are the T.V (37%). None of the respondents have come to know

about the insurance through mobile. Thus, from the analysis it can be concluded that 85%

of the respondents came to know about insurance polices through agents.

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TABLE 4.8

AWARENESS ABOUT THE INSURANCE COMPANY

Company name Yes NoLIC

Birla

SBI

Bajaj

ICICI

HDFC

Sriram

Kotak

Aviva

Reliance

Tata AIG

Metlife

Max Newyork

Sahara

Barathi

ING Vysya

100

26

75

27

55

55

18

6

3

12

19

0

5

3

0

16

0

74

25

73

45

45

82

94

97

88

81

100

95

97

100

84


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YES

NO

Rows

0 25 50 75 100

respondent

LIC

BIRLA SUNLIFE

HDFC STANDARD LIFE

BAJAJ ALLIANZ

ICICI PRUDENTIAL

SBI LIFE

SHRIRAM LIFE

OTHER

companies

As it could be seen in table 4.8 among the 100 sample respondent, it is clear that 100%

of the respondents are aware of LIC. And SBI has ranked first (75%) and followed by

ICICI (55%), BAJAJ (27%), BIRLA (26%). None of the respondent has come to know

about Metlife and Max Bharati AXA life insurance. Thus most of the respondents are

aware of LIC and in the SBI Life insurance

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TABLE 4.9

PURPOSE OF TAKING POLICIES

Purpose Yes Notax saving

investment

life risk

regular returns

health maintenance

retirement benefits

Others

57

38

46

22

19

6

1

43

62

54

78

81

94

99


YES

NO

Rows

0 25 50 75 100

RESPONDENT

TAX SAVING Count

INVESTME NT Count

LIFE RISK COVERAGE Count

REGULAR RETURNS Count

HEALTH MAINTANANCE Count

RETIREMENT BENEFITS Count

OTHERS Count

PURPOSE

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As it could be seen in table 4.9 among the 100 sample respondents, 57% have

opted Tax saving as the major purpose of taking life insurance policies and Life risk

coverage, Investment are also the purpose of taking life insurance policies. Thus from

the analysis it can be concluded that most of the respondents are preferred to take

policies for the purpose of Tax Savings.

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TABLE 4.10

AWARENESS OF THE POLICIES

Policies Name Yes NoEndowment

Whole life

Money back

With profit

Joint life

Children's

Convertible

Without profit

Variable Insurance

Annuity policy

Retirement policy

Salary saving schemeNON ULIP

83

41

84

24

30

41

2

2

0

7

24

3618

17

59

16

76

70

59

98

98

100

93

76

6682


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YES

NO

Rows

0 25 50 75

RESPONDENT

ENDOWMENT P OLICY Count

WHOLE LIFE POLICY Count

MONEY BACK POLICY Count

WITH PROFIT POLICY Count

JOINT LIFE POLICY Count

CHILDREN'S POLICY Count

OTHERS Count

POLICIES

Table 4.10, shows among the 100 sample respondents, 84% of the respondent are

preferred money back policy and 83% of respondent are preferred endowment policies.

None of the respondents are preferred to Variable insurance, without profit policy and.

Thus from the analysis it can be concluded that most of the respondents arepreferred to

takemoney back and endowment policies

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TABLE 4.11

RANKING FOR POLICIES

POLICIES RANK

1

RANK

2

RANK

3

RANK

4

RANK

5

RANK

6

RANK

7

Endowment

Whole life

Money back

With profit

Joint life

Children's

Others

21

8

46

5

4

5

12

27

15

15

8

9

13

13

20

8

10

1

12

27

21

11

8

12

16

18

17

21

15

34

7

13

21

7

3

3

22

9

36

17

11

1

3

5

1

21

19

20

29


RANK1

RANK2

RANK3

RANK4

RANK5

RANK6

RANK7

Rows

10 20 30 40

RESPONDENT

ENDOWMENT POLICY Count


M ONEY BACK POLICY Cou nt

WITH PROFIT POLICY Count


CHILDREN'S POLICY Co unt

OTHERS Count

POLICIES

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As it could be seen in table 4.11 among the 100 sample respondents, the

respondents preferred Money Back policy as rank 1 (46%) and Endowment policy has

been ranked as 2 (27%) and Children's policy has ranked as 3 (27%). Thus from theanalysis it can be concluded that most of the respondents areranked money back policy

as first.

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TABLE 4.12

PREFERRED PREMIUM PERIOD

Period Frequency/

PercentageAnnual

Half yearly

Quarterly

Monthly

21

16

15

48

Total 100


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ANNUAL HALFYEARLY QUARTERLY MONTHLY

PREMIUM PAYMENT PERIOD

0

10

20

30

40

50

RESPONDANT

21

1615

48

Table 4.12 shows, among the 100 sample respondents, 48% of the respondents

preferred monthly premium payment period and 21% of the respondents preferred

annual premium payment period. Thus from the analysis it can be concluded that 48% of

the respondents preferred monthly premium payment period.

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TABLE 4.13

PREFERRED PREMIUM PAYMENT

Mode Frequency/

PercentageSalary deduction

Through agent

By cashBy cheque

Online payment

58

11

718

6

Total 100


SALARY

DEDUCTION

THROUGH

AGENT

BY CASH BY CHEQUE ONLINE

PAYMENT

MODE OF PAYMENT

0

10

20

30

40

50

60

RESPONDANT

58

11

7

18

6

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Table 4.13 shows, 4.7 among the 100 sample respondents, 58% of the

respondents preferred Salary Deduction as mode of payment and 18% of the respondents

preferred cheque as the mode payment. Thus from the analysis it can be concluded that58% of the respondents preferred Salary Deduction as mode of payment.

TABLE 4.14

PREFERRED DELIVERY OF POLICY DOCUMENTS

Policy Documents Frequency/

Percentage

Online

By post

Through agent

Personally at insurance company's

3

22

43

32

Total 100


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ONLINE BY POST THROUGH AGENT PERSONALLY AT

INSURANCE

COMAPNY'S

OFFICE

MODE OF DELIVERY

0

10

20

30

40

50

RESPONDANT

3

22

43

32

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Table 4.14 shows, among the 100 sample respondents, 43% of the respondents

preferred to get the documents through agent and 32% of the respondents preferred to

get the documents from the insurance office itself. Thus, from the analysis it can be

concluded that 43% of the respondents preferred to get the documents through agent.

TABLE 4.15

PREFERRED MODE OF SETTELEMENT

Mode Frequency/Percentage

By cash

By cheque

On account transfer

19

75

6

Total 100


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BY CASH BY CHEQUE ON ACCOUNT TRANSFER

MODE OF SETTLEMENT

0

20

40

60

80

RESPONDANT

19

75

6

Table 4.15 shows, among the 100 sample respondents, 75% of the respondentspreferred to get the claims settlement through by cheque and 19% of the respondents

preferred to get the claims settlement through cash. Thus from the analysis it can be

concluded that 75% of the respondents preferred to get the claim settlement through

cheque.

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TABLE 4.16

RANKING THEDETAILS EXPECTED FROM AGENT

DETAILS R1 R2 R3 R4 R5 R6 R7 R8

Features of policy

Premium amount

Period of premium

Mode of payment

Terms & condition

Other benefits

Other services

Settlements

21

24

21

9

21

1

1

3

13

30

27

7

20

0

0

4

24

14

18

18

17

2

0

7

17

16

12

17

13

11

0

15

16

8

11

23

13

15

9

6

5

2

3

17

9

28

23

12

3

2

6

5

4

32

40

6

1

4

2

4

3

11

27

47


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RANK1

RANK2

RANK3

RANK4

RANK5

RANK6

RANK7

RANK8

Rows

10.00 20.00 30.00 40.00

RESPONDENT

FEATURES OF THE POLICY Count

PREMIUM AMOUNT Count

PEROID OF PAYMENT Count

MODE OF PAYMENT OF PREMIUM Count

TERMS AND CONDITIONS Count

OTHER BENEFITS Count

OTHER SERVICES Count

SETTLEMENT OF CLAIMS AND ITS CONDITIONS Count

DETAILS

Table 4.16 shows, among the 100 sample respondents, the respondents are

expecting the details about premium amount because it has been ranked as 1 (24%) and

period of premium has been ranked as 2 (27%) and features of policy has ranked as 3

(24%). Thus from the analysis it can be concluded that most of the respondentsranked

premium amount as first detail followed by period of premium and feature of policy.

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TABLE 4.17

PREFERRED INSURANCE COMPANY

Sector Frequency

Public sector

Private sector

75

25

Total 100


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75

25

PREFERRED

SECTOR IN

INSURANCE

COMPANY

PUBLIC SECTOR

PRIVATE SECTOR

Table 4.17 shows, among the 100 sample respondent 75% of respondents are

preferred public sector and 25% of the respondents are preferred private sector. Thus

from the analysis it can be concluded that 75% of respondents are preferred public

sector.

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TABLE 4.18

RANKINGFOR SELECTING AN AGENT

Details R1 R2 R3 R4 R5 R6 R7

Knowledge of policy

Investment advice

Convincing approach

Premium details

Handling documents

Nominee details

Claim settlement

41

21

13

21

0

2

1

24

20

29

17

5

0

6

9

33

19

16

6

5

12

22

16

13

27

7

5

10

2

3

12

11

41

19

12

1

4

6

8

22

46

13

1

2

8

0

19

23

46


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RANK1

RANK2

RANK3

RANK4

RANK5

RANK6

RANK7

Rows

10.00 20.00 30.00 40.00

RESPONDANT

KNOWLEDGE ABOUT THE POLICIES Count

INVESTMENT ADVICES FOR SELECTING APPROPRIATE POLICIES Count

CONVINCING APPROACH Coun t

PAYMENT OF PREMIUM Count

HANDLING OVER OF POLICY DOCUMENT Count

CHANGE OF NOMINEE SERVICES Count

CLAIM SETTLEMENT S ERVICES Count

DETA

ILS

As it could be seen in table 4.18 among the 100 sample respondents,

the respondents are selecting the agent first to know about the

knowledge of the policy because it has been ranked as 1 (41%) and

convincing has been ranked as 2 (29%) and investment advice has

ranked as 3 (33%). Thus from the analysis it can be concluded that

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most of the respondents are selecting the agent's by knowledge of

policy followed by convincing approach and investment advice

TABLE 4.19

PREFERENCE FOR FUTURE POLICY

Particulars No. of

Respondents

Yes

No

34

66

Total 100


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66

34

PREFERENCE

FOR FUTURE

POLICY

YES

NO

Table 4.20 shows, among the 100 sample respondent 66% of respondents are

preferred to take policy in future and 34% of the respondents are not preferred to take

policies in future. Thus from the analysis it can be concluded that 66% of respondents are

preferred to take policy in future.

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TABLE 4.20

PREFERRED INSURANCE COMPANY IN

FUTURE

Company Respondent

LIC

SBI

BAJAJ

ICICI

55

9

1

1

Total 66


Table 4.22 shows, among the 66 sample respondents, 55 respondents are

preferred to take LIC as there company and 9 respondents are preferred to take HDFC as

there company. Thus from the analysis it can be concluded that 55 of the respondents

preferred to take LICas there companyand among the private company HDFC as their

company.

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TABLE 4.24

CURRENT INSURANCE COMPANY

Current company Respondent

LIC

LIC AND HDFC

LIC AND ICICI

HDFC

OTHERS

64

27

4

1

2

Total 98


Table 4.24 among the 98 sample respondents, 64 respondents is having policies

in LIC and 27 of respondents are having policies in both LIC and HDFC and 4

respondents are having in HDFC. Thus from the analysis it can be concluded that 64 of

the respondents are having policies in LIC and HDFC is in the second place when

compared to others private players.

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TABLE 4.25

NO. OF POLICIES

No. of Policies Respondent

1

2

3

4

6

45

36

11

Total 98

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Table 4.25 shows, among the 98 sample respondents, 45 respondents are having

two policies and 36 of respondents are having three policies. Thus from the analysis it

can be concluded that 45 of the respondents having two policies.

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TABLE 4.26

CURRENT TYPE OF POLICY

Policies Yes No

Endowment

Joint Life

Whole Life

Children

Money Back

ULIP

57

28

14

50

54

24

41

70

84

48

44

74


Table 4.26 shows, among the 98 sample respondents, 57 respondents are having

Endowment policies and 54 respondents are having Money Back policies and 50

respondents are having Children's policy. Thus from the analysis it can be concluded that

57 respondents having Endowment policy.

FIGURE 4.15

CURRENT TYPE OF POLICY

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YES

NO

NIL

Rows

ENDOWMENT POLICY Count



CHILDREN'S POLICY Co unt

MONEY BACK POLICY Count

UNIT LINKED INSURANCE POLICY Count

POLICIES

0

25

50

75

RESPONDANT

TABLE 4.28

CURRENT PREMIUM PAYMENT PERIOD

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Period Respondent

Annual

Half yearly

Quarterly

Monthly

One time

13

13

20

51

1

Total 98


Table 4.28 shows, among the 98 sample respondents, 51 respondents are paying

monthly premium payment and 30 respondents are paying quarterly premium payment.

Thus from the analysis it can be concluded that 51 respondents are paying monthly

premium payment.

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TABLE 4.29

CURRENT PREMIUM AMOUNT PAID ANNUALLY

Amount Respondent

< 3000

3000-5000

5000-7000

>9000

23

34

22

19

Total 98


Table 4.29 shows, among the 98 sample respondents, 34 respondent's annual

premium payment is in between Rs 3000-5000 and 23 respondent's annual premium

payment is below Rs 3000. Thus from the analysis it can be concluded that 34

respondent's annual premium payment is in between Rs 3000-5000.

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TABLE 4.30

SATISFACTION LEVEL FOR PRESENT AGENT

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Agent Service H.

S

S C.

S

D H.

D

Tot

al

Knowledge about policies

Investment advices

Convincing approach

Payment of premium

Claim settlement

Change of nominee

Handling over the documents

42

8

4

9

6

6

4

50

83

82

83

37

68

34

4

5

10

5

55

21

60

1

1

2

1

0

2

0

1

1

0

0

0

1

0

98

98

98

98

98

98

98



satisfied with agent services like Knowledge about the policies, Investment Advices,

Convincing Approach, Payment of Premium and Change of Nominee but the

respondents are not aware of their own Claim settlement and Handling over the

Documents, so its comes under can't say category. Thus from the analysis it can be

concluded that the respondents are satisfied with the current agent services.

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TABLE 4.31

SATISFACTION LEVEL SCORES FOR AGENT SERVICE

Satisfaction

Level

Scores No. of

Respondents

Highly Dissatisfied

Dissatisfied

Can't Say

Satisfied

Highly Satisfied

Exactly 7

8 14

15 21

22 28

29 35

0

0

1

86

11


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Table 4.31 clearly shows that 86 respondents are got scores in

between 22 28, thus, the respondents are satisfied with the agent service.

TABLE 4.32

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SATISFACTION LEVEL FOR INSURANCE COMPANY

Insurance company H.

S

S C.

S

D H.

D

Tot

al

Brand name

Product & service

Customer needs

Attractive advertisement

Terms & procedures

Sales promotion

Premium amount

Period of premium payment

Mode of payment of premium

Availability of rider clause

Online service

Loans against policies

Settlement of claims

34

17

9

6

9

1

17

15

18

4

2

3

3

56

80

81

81

80

67

74

79

70

42

31

27

26

6

1

5

8

8

30

6

4

10

50

65

67

69

1

0

2

3

1

0

1

0

0

2

0

1

0

1

0

1

0

0

0

0

0

0

0

0

0

0

98

98

98

98

98

98

98

98

98

98

98

98

98



satisfied with the company services like Brand name, Availability of Product and

Services, Fulfillment of Customer needs, Attractive advertisement, Terms and

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Procedures, Sales Promotion measures, Premium amount, Period of premium payment,

Mode of payment of premium but the respondents are not aware of Claim settlement,

Loans against policies, Online services and Availability of rider clause, so its comes

under can't say category. Thus from the analysis it can be concluded that the respondents

are satisfied with the current company services.

TABLE 4.33

SATISFACTION LEVEL SCORES FOR INSURANCE

COMPANY

Satisfaction

Level

Scores No. of

Respondents

Highly Dissatisfied

Dissatisfied

Can't Say

Satisfied

Exactly 13

14 26

27 39

40 52

0

0

0

87

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Highly Satisfied 53 65 11


Table 4.33 clearly shows that 87 respondents are got scores in

between 40 52, Thus, the respondents are satisfied with the insurance

company.

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CHAPTER V

SPECIFIC FINDINGS

Majority (66%) of respondents fall in the age group of 45-55.

The male respondents constituted the major position (73%).

Majority (99%) of respondents who are married.

Majority (57%) of respondents are in the experience group of 20-30.

The respondents who earn between 180000- 300000 constituted the major

position (50%).

100% of respondents are aware of the life insurance policies.

85% of the respondents came to know about insurance polices through agents.

Most of the respondents are aware of LIC and in SBI Life insurance.

Most of the respondents are preferred to take policies for the purpose of Tax

Savings.

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Most of the respondents are preferred to takemoney back and endowment

policies.

Most of the respondents areranked money back policy as first.

48% of the respondents preferred monthly premium payment period.

58% of the respondents preferred Salary Deduction as mode of payment.

43% of the respondents preferred to get the documents through agent.

75% of the respondents preferred to get the claim settlement through

cheque.

Most of the respondentsranked premium amount as first detail followed by

period of premium and feature of policy.

75% of respondents are preferred public sector.

Most of the respondents are selecting the agent's by knowledge of

policy followed by convincing approach and investment advice.

Most of the respondents are selecting the insurance company first to

fulfillment of customer needs followed by availability of product and

services and brand name.

66% of respondents are preferred to take policy in future.

28 respondents preferred to take Children's policy.

55 of the respondents preferred to take LICas there companyand

among the SBI.

98% of respondents are currently having policies.

64 of the respondents are having policies in LIC and SBI is in the

second place when compared to others insurance players.

45 of the respondents having two policies.

57 respondents having Endowment policy.

59 respondents are having policies for the purpose of tax savings.

51 respondents are paying monthly premium payment.

34 respondent's annual premium payment is in between Rs 3000-5000.

The respondents are satisfied with the current agent services.

86 respondents are got scores in between 22 28, so the respondents are satisfied with

the agent service.

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The respondents are satisfied with the current company services.

87 respondents are got scores in between 40 52, so the

respondents are satisfied with the insurance company.

SUGGESTIONS

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In view of the competition from LIC and other insurance players in the

market, SBI Life should organize more awareness campaigns to create

awareness and to promote their existing products.

More new products and services should be innovated through financial

engineering process to tap rural and social sectors.

To retain old customers and to attract new customer's products with

adds-on features should be introduced besides attractive

advertisements.

To reach out more customers, tie-ups with companies, in various

sectors can be arranged to cover the insurance needs of their

employees.

As the awareness level among the government officials for some

insurance policies like ULIP, Money back plan, Endowment plan,

Children's plan, Protection plan, etc. are very low, periodical

awareness programs in the respective government officials with

concurrence of higher officials should be conducted.

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Limitation

Limitations:

1. The scope of the project is limited to conceptual and marketing aspects of Life

Insurance Companies and doesnt include Claim Settlement and the underwriting

part of the operations which are equally important aspect of learning.

2. Project is limited to sadder branch of SBI Life Insurance Company Ltd at,

Nagpur.

3. The major limitation was in terms of collecting the right information as the

insurance players resist in revealing their marketing strategies, etc.

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38

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Bibliography

Books

Khan. M. Y, FINANCIAL SERVICES, Tata Mcgraw Hill, New Delhi

Gordon and Natarajan, Financial Markets and Services, Himalaya

Publishing House, Mumbai

V.A Avadhani, Marketing of Financial Services, Himalaya Publishing

House, Mumbai

WEBSITES

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www.sbilifeinsurance.com

www.irda.com

REPORTS

IRDA Reports
http://www.sbilifeinsurance.com/http://www.irda.com/http://www.sbilifeinsurance.com/http://www.irda.com/