A PROJECT REPORT ON A Comparative Study of Birla Sun Life, LIC of India & ICICI Prudential

Submitted By:
Nilabjo Kanti Paul MBA 1st Semester SEC- D; Roll no.-170

Submitted To:
Mrs. Maha Laxmi (Lecturer)
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DEPARTMENT OF MANAGEMENT STUDIES

ICBM-School Of Business Excellence.

ACKNOWLEDGEMENT
This project report is a result of endless effort & immense degree of toil by many great minds. I would like to thank all those people who graciously helped me by sharing their valuable time, experience & knowledge. I also express my heartiest thanks to my guide Mr. Shailendra Mishra Unit Manager of Birla Sun Life Insurance & extremely grateful to Vivek Kumar Manager of to help me in this Project and gain valuable insights into the enticing world of LIFE INSURANCE. I thank entire team of Birla Sun Life and their Clients who influenced me to work positively at each step by giving their precious time to discuss and to provide relevant information and providing me co-operation and cordial environment for making me comfortable during my Project Report. I would like to dedicate this work to my revered institute ICBM- School Of Business Excelence where I am getting the shape of future business manager. I express my sincere gratitude to honorable Prof. S. Zarar Director of ICBM-SBE for their support and guidance. I also Thankful to Mrs. Maha Laxmi Lecturer (Department of Business Management) ICBM-SBE for their guidance on the ground of which I have acquired a new field of knowledge Lastly, I express my gratitude to my Parents and Friends who financed this project and have been a moral support to me during this project.

TABLE OF CONTENTS Acknowledgement 1. Introduction 2. Objectives 3. Company Profile a. ICICI Prudential Life Insurance Co. Ltd b. LIC of India c. Birla Sun Life Insurance Co. Ltd. 4. Research Methodology 5. Limitations of the Study 6. Data Analysis & Interpretation 7. Conclusion 8. Suggestions 9. Bibliography 10.Annexure: Questionnaire

INTRODUCTION
Insurance is an upcoming sector, in India the year 2000 was a landmark year for life insurance industry, in this year the life insurance industry was liberalized after more than fifty years. Insurance sector was once a monopoly, with LIC as the only company, a public sector enterprise. But nowadays the market opened up and there are many private players competing in the market. There are fifteen private life insurance companies have entered the industry .After the entry of these private players, the market share of LIC has been considerably reduced. In the last five years the private players are able to expand the market (growing at 30% per annum) and also has improved their market share to 18%. In the past five years private players have launched many innovations in the industry in terms of products, market channels and advertisement of products, agent training and customer services etc.

The various life insurers that entered India:-

1. 2. 3. 4. 5. 6. 7. 8. 9.

HDFC Standard Life Insurance Company Ltd. Max New York Life Insurance Co. Ltd. ICICI Prudential Life Insurance Company Ltd. Kotak Mahindra Old Mutual Life Insurance Limited. Birla Sun Life Insurance Company Ltd. Tata AIG Life Insurance Company Ltd. SBI Life Insurance Company Limited. ING Vysya Life Insurance Company Private Limited. Met life India Insurance Company Ltd.

10. Royal Sundaram Life Insurance Company Limited. 11. Aviva Life Insurance Co. India Pvt. Ltd. 12. Sahara India Insurance Company Ltd. 13. Shriram Life Insurance Company 14. Life Insurance Corporation of India.

15. Reliance life insurance company limited 16. Bharti AXA life insuarance company limited

Through this project I want to study about the life insurance industry and also doing the comparative analysis between three insurance players in this industry. They are, ICICI Prudential Life Insurance Life insurance corporation of India Birla Sunlife

OBJECTIVES
The entry of foreign MNCs and the conductive business environment fostered by the government, it is no wonder that the re-entry of private insurance has marked a second coming for the sector. In just five years, the sector has undergone a makeover, offering more choice, better services, quicker settlement, tighter regulation and greater awareness s the environment becomes more and more competitive and services and products become alike, creating a differentiation is becoming extremely tough.

Thus, this project objective is as follows : To know where Birla sun life insurance, Life insurance Corporation of India and ICICI prudential life insurance companies stand in the market. Find out the strength and the weakness of their plans. And making comparative analysis between the products of Birla sun life insurance, Life insurance Corporation of India and ICICI prudential life insurance companies of India.

INDUSTRY PROFILE
Insurance is a contract between two parties whereby one party called insurer undertakes in exchange for a fixed amount of money on the happening of a certain event. Insurance is a protection against financial loss arising on the happening of an unexpected event. The primary purpose of Life Insurance is the protection of the family. Insurance in its various forms protects against such misfortunes by having the losses of the unfortunate few paid by the contribution of the many that are exposed to the same risk. This is the essence of insurance- the sharing of losses and substitution of certain for uncertainty. Insurance companies collect premiums to provide for this protection. A loss is paid out of the premiums collected from the insuring public and the insurance companies act as trustees of the amount collected. In is a system by which the losses suffered by a few are spread over many, exposed to similar risks. In the western world, life insurance evolved mainly from the maritime industry. Started by private financiers who used to gamble with the lives of seafarers by offering five times the money deposited with them in case of certain contingencies? In its present form, life insurance has its origin in England and made its debut in India in the year 1818.Initially, the Indians were not considered on par with Europeans as far as their insurability was concerned. There were also many other failures. It was in the early part of the 20th century that some kind of legislation was made to regulate the industry. From then on life insurance made great strides in the country. At the time of independence and thereafter, there were more than 200 companies operating in India and not all of them on sound ethical principles. Many factors combined together to prompt the then government to nationalize the life i n s u r a n c e industry in 1956 to form the Life Insurance Corporation of India. The years from 1956 to 1999 saw the life insurance corporation of India emerge as a giant financial institution and the lone organization purveying life insurance, if we ignore the minimal presence of postal life insurance. The institution succeeded in penetrating in many areas and segments of the population and in garnering public money for public welfare. It was in the 1990s that the winds of change started sweeping over India and brought in their wake many changes in the economy. Liberalization ensured competition in many fields and

there was a clamor that the insurance industry too is opened up to Private Indian and foreign players to provide the customer with a choice. The Malhotra committee, appointed in 1993 was given the mandate to study the industry and to suggest the changes that were necessary to make it modern and in tune with peoples aspirations. The report submitted by the committee was the precursor of the IRDA Bill. By the passing of the IRDA Bill, the Insurance sector has been opened up for the private companies to carry on insurance business. Now the life insurance industry in India is rapidly evolving and growing. It has witnessed a big growth as many Indian and foreign were entered into the Indian insurance sector. The life insurance industry in India has become fiercely competitive with the entry of several new players including major multinational insurers after the deregulation of the sector. It has opened up a range of untapped opportunities for new entrants into the industry, as the potential market for buyers is high for the emerging market in India has a low insurance penetration and high growth rates.

TYPES OF INSURANCE
There are a number of different types of insurance: Automobile insurance, also known as auto insurance, car insurance and in the UK as motor insurance, is probably the most common form of insurance and may cover both legal liability claims against the driver and loss of or damage to the vehicle itself.

Property insurance provides protections against risks to property, such a fire, theft or
weather damage. This includes specialized forms of insurance such as fire insurance, flood insurance earthquake insurance, home insurance or boiler insurance.

Casualty insurance insures against accidents, not necessarily tied to any specific
piece of property.

Liability insurance covers legal claims against the insured. For example, a doctor
may purchase insurance to cover any legal claims against him if he were to make a mistake in treating a patient.

Financial loss insurance protects individuals and companies against various

purchase cover to product it from loss of sales if a fire in a factory prevented it form
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carrying out its business for a time. Insurance might also cover failure of a credit to pay money it owes to the insured. Fidelity bonds and surety bonds are include in this category.

Title insurance provides a guarantee on research done on public records affecting title
to real property, usually in conjunction with a search done at the time of a real estate transaction, such as a sale, or a mortgage.

Health insurance covers medical bills incurred because of sickness or accidents. Life insurance provides a benefit to a decedents family or other designated
beneficiary, usually to make up to for their loss of his or her income.

Annuities provide a stream of payments and are generally classified as insurance

because they are issued by insurance companies and regulated as insurance. Annuities and pensions that pay a benefit for life are something regarded as insurance against the possibility that a retiree will outlive his or her financial resources. In that sense, they are the opposite of life Insurance.

Credit insurance pays some or all of a loan back when certain things happen to the
borrower like unemployment, disability, or death.

Terrorism insurance Political risk insurance can be taken out by business with operations in countries in
which there is a risk that revolutions or other political conditions will result in a loss

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COMPANY PROFILE

ICICI Prudential Life Insurance:

Overview
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank one of India's foremost financial services companies-and Prudential PLC - a leading international financial services group headquartered in the United Kingdom. Total capital infusion stands at Rs. 47.80 billion, with ICICI Bank holds a stake of 74%and Prudential PLC holding 26%.

We began our operations in December 2000 after receiving approval from the Insurance Regulatory Development Authority (IRDA). Today, Our nationwide team comprises of over 2100 branches (inclusive of 1,116 micro-offices), over 290,000 advisors; and18 bank assurance partners. ICICI Prudential is the first life insurer in India to receive a National Insurer Financial Strength rating of AAA (Ind) from Fitch ratings. For three years in a row, ICICIPrudential has been voted as India's Most Trusted Private Life Insurer, by TheEconomic Times - AC Nielsen ORG Marg survey of 'Most Trusted Brands'. As wegrow our distribution, product range and customer base, we continue to tirelesslyuphold our commitment to deliver world-class financial solutions to customers all over India.

Our vision:
To be the dominant Life, Health and Pensions player built on trust by world-classpeople and service. This we hope to achieve by:

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 Understanding the needs of customers and offering them superior products and service. Leveraging technology to service customers quickly, efficiently and conveniently. Developing and implementing superior risk management and investment strategies to offer sustainable and stable returns to our policy holders. Providing an enabling environment to foster growth and learning for our employees. And above all, building transparency in all our dealings.

The success of the company will be funded in its unflinching commitment to 5 core values -Integrity, Customer First, Boundaryless, Ownership and Passion. Each of the values describes what the company stands for, the qualities of our people and the way we work. We do believe that we are on the threshold of an exciting new opportunity, where we can play a significant role in redefining and reshaping the sector. Given the quality of our parentage and the commitment of our team, there are no limits to our growth.

Our values :
Every member of the ICICI Prudential team is committed to 5 core values: Integrity,Customer First, Boundaryless, Ownership, and Passion. These values shine forth in allwe do, and have become the keystones of our success.

Management Profile:
Board of Director The ICICI Prudential Life Insurance Company Limited Board comprises reputed people from the finance industry both from India and abroad. Mr. K.V. Kamath, Chairman Ms. Chanda Kochhar, Director Mr. Barry Stowe, Director
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Mr. Adrian OConnor, Director Prof. Marti G. Subrahmanyam, Director Mr. Mahesh Prasad Modi, Director Ms. Rama Bijapurkar, Director Mr. Keki Dadiseth, Director Ms. Shikha Sharma, Managing Director Mr. N.S. Kannan, Executive Director Mr. Bhargav Dasgupta, Executive Director

Management Team
The ICICI Prudential Life Insurance Company Limited Management team comprises reputed people from the finance industry both from India and abroad. MS. Sikha Sharma,Managing Director & CEO Mr. N. S. Kannan, Executive Director Mr. Bhargav Dasgupta, Executive Director Ms. Anita Pai, Executive Vice President Customer Service & Technology Dr. Avijit Chatterjee, Appointed Actuary Mr. Puneet Nanda, Executive Vice President & Chief Investment Officer

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Life insurance Corporation of India

LIC of India is one of Indias leading financial institutions, offering complete financial solutions that encompass every sphere of life. From commercial banking to stock broking to mutual funds to life insurance to investment banking, the group caters to the financial needs of individuals and corporate. The LIC has a net of over Rs. 1,800 crore and employs over 7,500 employees in its various businesses. With a presence in 82cities in India and it services a customer base of over 20,00,000.

Date of Establishment:

1 Sep. 1956

Address: 1st Floor,West Wing, Mumbai Do-Iv, Yogakshema, Jeevan Bima Marg, Mumbai 400021, India

Branches: 8 Zonal Offices and 101 Divisional Offices

Management Team
T.S. Vijayan Chairman D.K. Mehrotra - MD, LIC Thomas Mathew T - MD, LIC A K Dasgupta - MD, LIC Arun Ramanathan - Secretary, Financial Services, Dept. of Financial Services, Ministryof Finance, Govt of India Sindhu shree Khullar - Addl. Secretary, Dept of Economic Affairs, Ministry of Finance
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Yogesh Lohiya - Chairman cum MD, GIC of India T.C. Venkat Subramanian - Chairman & MD, Export Import Bank of India.

Overview :
The largest life insurance company in India, Life Insurance Corporation is fully ownedby the government. It provides individual life insurance, group insurance and pensionplans. Its subsidiaries include Life Insurance Corporation of India International, LICNepal, LIC Lanka, LIC Housing Finance and LICHFL Care Homes. It has over 12million policy holders and over 9 lakh agents. It has underwritten more than 120 millionpolicies.LIC saw computers in 1964. Today the company is on the Internet and is utilizingInformation Technology in servicing its clients. It has bagged various award including Loyalty Awards 2008 in Insurance Sector, NDTV Profit Business Leadership Award 2007, CNBC Awaaz Consumer Awards 2007 and Outlook Money NDTV ProfitAwards 2007.LIC provides a rewarding career as sales agents. It offers world class training, the freedom to work and unmatched financial strength.

COMPANY PRODUCT
Product of Life Insurance Corporation of India Children's Policy:
Komal Jeevan - Plan No. 159 Children Deferred - Plan no.41 Jeevan Kishore - Plan no.102 Jeevan Chhaya - Plan no.103 Marriage Endowment/Educational Annuity - Plan No. 90 Jeevan Anurag - Plan no.168

Endowment Policy:
Endowment with Profits - Plan no.14 Limited Payment Endowment with Profits - Plan no.48 Jeevan Mitra - Plan no.88 New JanaRaksha Policy - Plan no.91
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 Jeevan Anand Plan no. 149 Jeevan Mitra Triple Cover - Plan no.133

Group Insurance Policy:

Janashree Bima Yojana Group Insurance Scheme in lieu of EDLI Group (Term) Insurance Scheme Group Savings Linked Insurance Scheme Group Superannuation Scheme Group Mortgage Redemption Assurance Scheme Shiksha Sahayog Yojana

Joint Life Policy:

Jeevan Saathi - Plan no.89

Money Back Policy:

Money Back with Profit - Plan no.75 New Money Back - Plan no.93 Jeevan Surabhi 15 yrs - Plan no.106 Jeevan Surabhi 20 yrs - Plan no.107 Jeevan Surabhi 25 yrs - Plan no.108 Jeevan Bharati Plan No 160 Jeevan Samriddhi Plan No 154, 155, 156 157 Bima Bachat- Plan no.175

Pension Plans or Annuities:

New Jeevan Dhara - Plan no.148 New Jeevan Suraksha Plan no. 147 Jeevan Akshay II Plan no. 163 Jeevan Nidhi Plan no. 169 Jeevan Akshay V Plan no. 183

Special Plans:
Term Assurance - Plan no.43 Mortgage Redemption - Plan no.52
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 Jeevan Aadhar - Plan no.114 Market Plus - Plan No 181 Jeevan Vishwas Plan No. 136 Jeevan Saral Plan No. 165 Jeevan Pramukh Plan No. 167 Bima Nivesh 2005 Plan No 171 Money Plus-Plan No 180

Term Policy:
Convertible Term Assurance - Plan no.58 New Bima Kiran Term Assurance Anmol Jeevan I Plan No- 164 Amulya Jeevan-Plan No-177

Whole Life Policy:

Whole Life with Profits - Plan no.2 Limited Payment Whole Life with Profits - Plan no.5 Single Premium Whole Life - Plan no.8 Jeevan Tarang- Plan no.178

PENSION PLAN PRODUCTS OF LIC INDIA & ITS FEATURES

LIC of India retirement income plan LIC of India retirement income plan (unit linked)

What is the LIC of India retirement income plan?

The LIC of India retirement Income plan is a saving plan designed to meet your post retirement needs. It is a plan that gives you jeene ki azaadi". It gives you the choice to remain independent even after retirement. The LIC of India retirement income plan is a participating plan. The plan comes in two forms: One with cover and one without cover Who can avail of the LIC of India retirement income plan?

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How old do you have to be to avail of this plan? Minimum age -18 years Maximum age 60 years

For what term can choose to pay the premiums?

5 years 30 years

At what intervals can you pay premiums?

Quarterly Half yearly Annually

What are the advantages of this plan?

You can choose to retire at any age between 45 years and 65 years. On retirement Annuity option Early retirement benefits

Other products are:

Money plus Auto plus Child plan Health plan

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Company Profile
Established in 2000, Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between the Aditya Birla Group, a well known and trusted name globally amongst Indian conglomerates and Sun Life Financial Inc, leading international financial services organization from Canada. The local knowledge of the Aditya Birla Group combined with the domain expertise of Sun Life Financial Inc., offers a formidable protection for its customers' future.

With an experience of over 10 years, BSLI has contributed significantly to the growth and development of the life insurance industry in India and currently ranks amongst the top 6 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 Linked Life 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 a 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 133,572 empanelled advisors. This impressive combination of domain expertise, product range, reach and ears on the ground, helped BSLI cover more than 2.5 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 impeccable experience, BSLI has ensured that it has lowest outstanding claims ratio of 0.00% for FY 2011-12. Additionally, BSLI has the best Turn Around Time according to LOMA on all claims Parameters. Such services are well supported by sound
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financial that the Company has. The AUM of BSLI stood at 21062crs as on March 31, 2012, while the company has a robust capital base of Rs. 2450 crs.

Vision
To be a leader and role model in a broad based and integrated financial services business.

Values
Integrity Commitment Passion Seamlessness Speed

About Birla Sun Life Insurance

Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between the Aditya Birla Group, a well known Indian conglomerate and Sun Life Financial Inc, one of the leading international financial services organizations from Canada. With an experience of over a decade, BSLI has contributed to the growth and development of the Indian life insurance industry and currently is one of the leading life insurance companies in the country. BSLI offers a complete range of offerings comprising of protection solutions, children's future solutions, wealth with protection, health and wellness as well as retirement solutions and has an extensive distribution reached over 500 cities through its network of around 600 branches, over 119,200 empanelled advisors and over 200 partnerships with Corporate Agents, Brokers and Banks. The AUM of Birla Sun Life Insurance is close to Rs 21,834 crs and it has a robust capital base of over Rs. 2450 crs as on Aug 31, 2012.

About Aditya Birla Financial Services Group (ABFSG)

About Aditya Birla Group
A US $35 billion corporation, the Aditya Birla Group is in the league of Fortune 500. It is anchored. By an extraordinary force of 133,000 employees, belonging to 42 different

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nationalities. The group Operates in 36 countries across six continents truly India's first multinational corporation.

About Aditya Birla Financial Services Group

Aditya Birla Financial Services Group (ABFSG) ranks among the top 5 fund managers in India (excluding banks and LIC) with an AUM of ~USD 17.5 billion. Having a strong presence across the life insurance, asset management, NBFC, private equity, retail broking, distribution & wealth management and general insurance broking businesses, ABFSG are committed to serve the endto-end financial services needs of its retail and corporate customers. The seven companies representing ABFSG are Birla Sun Life Insurance Company Ltd., Birla Sun Life Asset Management Company Ltd., Aditya Birla Finance Ltd., Aditya Birla Capital Advisors Pvt. Ltd., Aditya Birla Money Ltd., Aditya Birla Money Mart Ltd, and Aditya Birla Insurance Brokers Ltd. In FY 2011-12, ABFSG reported consolidated revenue from these businesses at Rs. 6550 Crore (USD 1.3 billion) and earnings before tax of Rs. 600 Crore. Anchored by about 17,000 employees and trusted by about 5.5 million customers, ABFSG has a nationwide reach through more than 1,775 points of presence and about 200,000 agents / channel partners.

About Sun Life Financial

Sun Life Financial is a leading international financial services organization providing a diverse range of protection and wealth accumulation products and services to individuals and corporate customers. Chartered in 1865, Sun Life Financial and its partners today have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. As of March 31, 2012, the Sun Life Financial group of companies had total assets under management of $494 billion.

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Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges Under the ticker symbol SLF.

Birla Sun Life Insurance Management

The management team at Birla Sun Life comprises the following officials:

Name

Designation

Jayant Dua

CEO and MD

Mayank Bathwal

CFO and Head of Institutional Sales

Amitabh Verma

Chief Operating Officer

Sashi Krishnan

Chief Investment Officer

Niall O'Hare

Chief Actuarial Officer

Arun Malkani

Chief Marketing Officer

Pramod Krishnamurthy Head - Information Technology

Saurov Ghosh

Head - Human Resources and Training

Lalit Vermani

Head - Compliance, Risk, Legal, and Audit

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Vikas Seth

Head of Sales - DSF

The board of directors at BSLI is made up of the following dignitaries:

Donald Stewart Kumar Mangalam Birla Ajay Srinivasan Jayant Dua Biswanath Puranmalka Dikran Ohannessian Gian Gupta Rakesh Jain Suresh Talwar Tarjani Vakil Venkatesh Mysore

Birla Sun Life Insurance Financials

The following table highlights the profit and loss details of Birla Sun Life in the first quarter of 2012-13 fiscal: Domain Figures in INR thousands 1,984,306

Amounts transferred from policyholders' account (technical account) Income from gross interest, rent, and dividend Profit on redemption and sale of investments Contribution to policyholders' account

231,794 9282 752,316

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Profit before and after tax

1,471,791

Birla Sun Life Insurance Products and Services

The products of BSLI may be mentioned as below:

Protection Solutions

BSLI Protector Plan BSLI Protector Plus Plan BSLI Premium Back Term Plan

Retirement Solutions

BSLI Classic Life Plan BSLI Immediate Income Plan BSLI Dream Life Plan

Health and Wellness Solutions

BSLI Health Plan BSLI Saral Health Plan BSLI Universal Health Plan

Children's Future Solutions

BSLI Bachat Child Plan BSLI Dream Child Plan BSLI Classic Child Plan
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Wealth with Protection Solutions

BSLI Foresight Plan BSLI Money Back Plus Plan BSLI Dream Endowment Plan BSLI Bachat Moneyback Plan BSLI Vision BSLI Classic Endowment Plan BSLI Guaranteed Bachat Plan BSLI Wealth Max Plan BSLI Rainbow BSLI Wealth Secure Plan BSLI Bachat Endowment Plan BSLI Guaranteed Wealth Plan BSLI Platinum Advantage Plan

Rural Solutions

BSLI Bima Dhan Sanchay BSLI Bima Kavach Yojana BSLI Bima Suraksha Super

NRI Solutions

BSLI Vision BSLI Platinum Advantage Plan

Group Solutions

Gratuity: Group Value Plus Plan, Group Unit Linked Plan, and Guaranteed Interest Credit

Leave Encashment: Group Unit Linked Plan, Group Value Plus Plan, and Guaranteed Interest Credit
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Affinity: Credit-Guard Mortgage Plans, and Group Asset Assure Employer Employee: Employees Deposit Linked Insurance Scheme, and Employer Term Insurance

Birla Sun Life Insurance News

Birla Sun Life has launched the BSLI Wealth Secure, which is a whole life plan. This plan is supposed to helps policyholders achieve their financial goals as per the changing necessities in life with participation in the equity markets. This plan also guarantees a certain level of financial security as long as the policyholder lives.

Niall O'Hare, the Chief Actuarial Officer of BSLI, has stated that the plan provides investors three different options and this, he expects, will be able to satisfy the requirements of various types of investors. According to him, this plan offers such a combination of whole life cover and long term savings that the policyholders can put all their energy towards realizing their financial ambitions and make substantial savings for the future.

He has further added that owing to the inherent savings facilities in the plan the investors will be provided good returns with every premium. O'Hare says the main reasons for this are the long term period of the policy and its participation in the equity markets.

Nowadays, a section of customers are seen to shy away from the equity markets and this according to experts jeopardizes their chances to make wealth over a longer period of time. However, the insurer is sure that this product will be able to reverse the trend thanks to the top class investment tactics and opportunity of better and all-round growth available on these plans.

With this plan the insured will be able to choose their premium - the life cover will be decided on the basis of the proposer's age as well as the premium being paid.

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RESEARCH METHODOLOGY

Problem formulation

In this insurance scenario, there prevails a huge competition between the private players and public sector players' .Among the private sector itself high degrees of competition exist. In this perspective Birla sun lifeis giving stiff competition to LIC and ICICI prudential.

Research Problem

In recent years it is seen that there has been a tough competition among various insurance providing companies to increase its market share. So a need was felt to do a comparative study of Birla sun lifewith ICICI prudential and LIC.

Research Objective

To compare the schemes and policies of Birla sun lifewith ICICI prudential and LIC. To find out the customer awareness of Bajaj allianz.

Research design Descriptive research has been be used in this research because a large number of respondents are to be studied based upon the various factors. This Descriptive research is

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adopted to know that what is happening in the market with respect to products, customers and their attitude.

Sources of data collection

Primary data Secondary data Primary Data

Primary data has been collected through the Survey technique by conducting personal interview. Primary data is a new and fresh data. It is collected for the first time.

Secondary Data The manuals of company, internet and projects reports were used.
Data Collection Methods

The instrument used for data collection was structured questionnaire, which has closed ended questions. Sample techniques Convenience sampling was used because it was convenient for me to choose my respondent according to my convenience. Sample Size Sample Area : : 50 Respondents Dehradun

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LIMITATIONS OF THE STUDY The study was limited only to Dehradun. The data obtained in certain cases may be biased. Sample size taken may or may not be a true representation of the whole population. Due to busy schedule of people they could not give proper time to me Lack of time.

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DATA ANALYSIS AND INTERPRETATION

Figure 1(a) Awareness about Birla Sunlife insurance co.
70% 60% 50% 40% 30% 20% 10% 0% 60% 40% YES NO

YES

NO

Birla Sunlife insurance co.

60% respondents said that they are not aware of Birla Sun life insurance co, 40% people have said that they are aware of Birla Sun life insurance co.

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Figure 1(b)

Awareness about Life Insurance corporation of India.

120% 100% 80% 60% 40% 20% 0% YES 0% NO 100% YES NO

LIFE INSURANCE CO.

Out of 50 respondents it shows that 100% people are aware of Life Insurance Corporation of India.

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Figure 1(c)

Awareness about ICICI prudential Co.

120% 100% 80% 60% 40% 20% 0%

100% YES NO 0% YES NO

ICICI PRUDENTIAL CO.

Out of 50 respondents it shows that 100% people are aware of ICICI Prudential Co.

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Figure 2 Familiarity with the company

70% 60% 50% 40% 30% 20%

66%

Birla Sun Life LIC

24%
10%

ICICI Prudential

10% 0% Birla Sun Life LIC ICICI Prudential

Out of 50 respondents it shows that 66% people are familiar with Life insurance co, 24% people are familiar with ICICI Prudential co, and 10% people are familiar with Birla Sun Life.

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Figure 3

Advertisement impact on mind

70% 60% 50% 40% 30% 20% 10% 0% Birla Sun Life

64%

Birla Sun Life

32%

LIC ICICI Prudential

4%
LIC ICICI Prudential

Out of 50 respondents 64% people says that Life insurance co advertisement has a good impact on mind, 32% people says that ICICI Prudential co advertisement has a good impact on mind and 4% people says that Birla sun lifeinsurance co advertisement has a good impact on mind. .

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Figure 4

More successful in long run

70% 60% 50% 40% 30% 20% 10% 0%

66%
Birla Sun Life

22% 12%

LIC ICICI prudential

Birla Sun Life

LIC

ICICI prudential

Out of 50 respondents it shows that 66% people says that Life insurance co is successful in Long run, 22% people says that ICICI Prudential co is successful in Long run and 12% people says that Birla sun lifeinsurance co is successful in Long run.

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Figure 5

Purchase the plan

90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Birla Sun Life

80%

Birla Sun Life LIC ICICI Prudential

16% 4%
LIC ICICI Prudential

Out of 50 respondents it shows that 80% people say that they would purchase the plan from

Life insurance co, 16% people says that they would purchase the plan from ICICI Prudential co and 4% people says that they would purchase the plan from Birla sun lifeinsurance
co.

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Figure 6

Giving better services

60% 50% 40% 30% 20% 10% 0% Birla Sun Life LIC

54%

34%

Birla Sun Life LIC ICICI Prudential

12%

ICICI Prudential

Out of 50 respondents it shows that 54% people says that ICICI Prudential co" is giving better services, 34% people says that Life insurance co is giving better services and 12% people says that Birla Sun Life Insurance co is giving better services.

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Figure 7

Best insurance plan

60% 50% 40% 30% 20% 10% 0% Birla Sun Life LIC

56%

Birla Sun Life

28% 16%

LIC ICICI Prudential

ICICI Prudential

Out of 50 respondents it shows that 56% people says that ICICI Prudential co is giving best plan against their competitors, 28% people says that Life insurance co is giving best plan against their competitors and 16% people says that Birla sun lifeinsurance co is giving best plan against their competitors.

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Figure 8 Better schemes

60% 50% 40% 30% 20% 10% 0% Birla Sun Life LIC

54% 38%
Birla Sun Life LIC ICICI Prudential

8%

ICICI Prudential

Out of 50 respondents it shows that 54% people says that ICICI Prudential co is providing better schemes, 38% people says that Life insurance co is providing better schemes and 8% people says that Birla sun lifeinsurance co is providing better schemes.

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CONCLUSION
Based on the comparative study Birla Sun Life has many advantage in this segment of product
like fund management charge, switches facility and maximum number of investment funds in offering (i.e., 5 namely Balanced fund, Defensive Managed fund, Safe Managed fund, Liquid fund & Growth fund) but the rest of the insurance player that is LIC and ICICI Prudential are also not far behind Birla sun life insurance.

Very few people are familiar with Birla sun life insurance company ltd as compared to Life
insurance co and ICICI Prudential co.

Birla sun lifeinsurance company ltd has less advertisement impact on people as. Less percent
people believe that Birla sun lifeinsurance company ltd is successful in long run , Purchase plan of Birla sun lifeinsurance company ltd is not successful Services of Birla sun lifeinsurance company ltd are not good as compared to Life insurance co and ICICI Prudential co.

Birla sun lifeinsurance company ltd does not have best insurance plan as compared to Life
insurance co and ICICI Prudential co.

Birla sun lifeinsurance company ltd does not have better schemes as compared to Life insurance co and ICICI Prudential co.

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SUGGESTION
The Birla sun life company is a private insurance sector so its main motive is to become number one insurance company. The company will reach to its motive by following measures Company should increase its advertisements so the customers aware about the company as compare LIC & ICICI Prudential Life Insurance. To open the branch office of Birla sun life to cover the entire customer. More schemes should offered by the company to customer. To provide best services to the customer.

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REFERENCES

Kotler, Phillip, (2006), Marketing Management, 12th Edition, Pearson Education, Singapore Sharma, D. D., (1995), Marketing Research, 3rd Edition, Sultan Chand & Sons, New Delhi. Kothari C.R. (1990), Research Methodology, Wishwa Prakashan, PP. 72-83. Partner Chlorophyll Brand Communications Company manual (2007)

www.birlasunlifeco.com www.iciciprudential.com www.licindia.com

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QUESTIONNAIRE

NAME ADDRESS

: :

__________________________________________ ___________________________________________

Are you aware of the following life insurance companies (please tick)? YES

NO ] ] ] [ [ [ ] ] ]

Birla sunlife insurance co. LIC ICICI prudential co.

[ [ [

With which company you are more familiar? a) b) c) Birla sunlife insuarance co. LIC ICICI prudential co.

Whose advertisement impact is more on your mind? a) b) c) Birla sunlife insurance co. LIC ICICI prudential co.

According to you who are more successful in long run? a) b) c) Birla sunlife insurance co. LIC ICICI prudential co.

From which insurance company you purchase the plan? a) b) c) Birla sun life insurance co. LIC ICICI prudential co.

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Which of the service provider is giving better services in your view? a) b) c) Birla sunlife insurance co. LIC ICICI prudential co.

Which insurance company gives best insurance plan against their competitors? a) b) c) Birla sunlife insurance co. LIC ICICI prudential co.

Which insurance company is providing better schemes? a) b) c) Birla sunlife insurance co. LIC ICICI prudential co.

47