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DECLARATION
I LOKESH KUMAR
here declare that the project report title MARKETING EFFORTS OF LIFE
LOKESH KUMAR
MBA IVth Sem.
PREFACE
A full time professional course like two year Management program demand both conceptual and
practical theory of knowledge. Hence there is a provision of the project research & prepare a proper
report on it.
During this Research the student learn through his own experience, real situation of corporate world,
and its protocols and to put his theoretical knowledge into practice. This experience is very valuable for
the student and plays a leading as well as vital role in the professional life of the management student.
The Project study in MARKETING EFFORTS OF LIFE INSURANCE PROVIDERS IN INDIA:-
COMPARISSION was a complete experience in itself, which has provided me with the understanding,
which has become an inseparable part of my knowledge of management being learned in Management
Program. An opening experience to the concepts of MARKETING department helped me in
understanding the concepts that are applied for managing
ACKNOWLEDGEMENT
I express my sincere thanks to my project guide, Mr. NEERAJ
Manager, for guiding me right form the inception till the successful completion of the project. I sincerely
acknowledge him for extending their valuable guidance, support for literature, critical reviews of project
and the report and above all the moral support he had provided to me with all stages of this project.
I would also like to thank the supporting staff of company, for their help and cooperation throughout our
project.
LOKESH KUMAR
(Signature of Student)
EXECUTIVE SUMMARY
Todays world is a business world. INDIA is also over flooded with multiple big Business organization any
business organization is a dynamic entity. It has relation with wide variety if people. The insurance
industries provide protection against financial losses resulting from variety of perils by purchasing
insurance polices.
Individual and bossiness can receive reimbursement for losses due to car accidents, theft of properties,
fire and storm damage medical expenses and loss of Income due to disability or death.
Generally there are four types of insurance:
1.
Life Insurance
4. Miscellaneous insurance
I have focused on the life insurance. I have chosen this topic because Birla sun life Insurance Jaipur
branch, deals in life insurance. But they Put more emphasize on life insurance.
The concept of life insurance is about century old in India. Bombay life insurance , Society Ltd. This was
established in 1871. Began the insurance service for the Indians in 1956 the insure life insurance
business was nationalized and life Insurance corporation of the insurance sector is such sector which
deals with the Future uncertainty and provides monitory security to the person.
The basis of Providing security are different policies and plan that company have to sell and for High
selling the company must have good market reputation and brand image.
The degree of positivism and negatively in opinion and perception of people Decide success of the
company in the market this success is the proof of trust of Customer have in mind about company and
goods recognition and reputation is Ladder success for any company.
This study is based on survey through quaternary and telephonic interviews. This Research help in
determining the perception of business class and other private life insurance companies. It also helps in
determining the psychology of people before and after purchasing the policies. The best media that is
continues increasing Awareness about the insurance sector, most recognized company, percentage of
Insured mass and perception of business class this sector. I have studies and covered the various benefit
of life insurance.
This study is very use full for life insurance companies and general mass to know where the particular
life insurance company is standing and why in todays Competitive word.
CONTENTS
1. Introduction
to the Industry
28
3. Research Methodology
104
3.1
3.2
3.3
3.4
3.5
3.6
Scope of Study
107
3.7
Limitation of Study.
107
104
108
109
6. SWOT..........
116
7. Conclusion .
118
119
9. Appendix
121
10. Bibliography
124
Life insurance
Life insurance (Life Assurance in British English) is a type of insurance. As in all insurance, the insured
transfers a risk to the insurer. The insured pays a premium and receives a policy in exchange. The risk
assumed by the insurer is the risk of death of the insured.
contracts have a contestability period, also usually a two-year period; if the insured dies within this
period, the insurer has a legal right to contest the claim and request additional information before
deciding to pay or deny the claim.
The face amount of the policy is normally the amount paid when the policy matures, although policies
can provide for greater or lesser amounts. The policy matures when the insured dies or reaches a
specified age. The most common reason to buy a life insurance policy is to protect the financial
interests of the owner of the policy in the event of the insured's demise. The insurance proceeds would
pay for funeral and other death costs or be invested to provide income replacing the deceased's wages.
Other reasons include estate planning and retirement. The owner (if not the insured) must have an
insurable interest in the insured, i.e. a legitimate reason for insuring another persons life.
The insurer (the life insurance company) calculates the policy prices with an intent to recover claims to
be paid and administrative costs, and to make a profit. The cost of insurance is determined using
mortality tables calculated by actuaries. Actuaries are professionals who use actuarial science which is
based in mathematics (primarily probability and statistics). Mortality tables are statistically based tables
showing average life expectancies. The three main variables in a mortality table are age, gender, and
use of tobacco. The mortality tables provide a baseline for the cost of insurance. In practice, these
mortality tables are used in conjunction with the health and family history of the individual applying for a
policy in order to determine premiums and insurability. The current mortality table being used by life
insurance companies in the United States and their regulators was calculated during the 1980s. There
is currently a measure being pushed to update the mortality tables by 2008.
The current mortality table assumes that roughly 2 in 1,000 people aged 25 will die during the term of
coverage. This number rises roughly quadratic ally to about 25 in 1,000 people for those aged 65. So in
a group of one thousand 25 year old males with a $100,000 policy, a life insurance company would
have to, at the minimum, collect $200 a year from each of the thousand people to cover the expected
claims. The insurance company receives the premiums from the policy owner and invests them to
create a pool of money from which to pay claims, and finance the insurance company's operations.
Contrary to popular belief, the majority of the money that insurance companies make comes directly
from premiums paid, as money gained through investment of premiums will never, in even the most
ideal market conditions, vest enough money per year to pay out claims.
Rates charged for life insurance increase with the insured's age because, statistically, a people are
more likely to die as they get older.
Since adverse selection can have a negative impact on the financial results of the insurer, the insurer
investigates each proposed insured (unless the policy is below a company-established minimum
amount) beginning with the application, which becomes part of the policy. Group Insurance policies are
an exception.
This investigation and resulting evaluation of the risk is called underwriting. Health and lifestyle
questions are asked, and the answers are dutifully recorded. Certain responses by the insured will be
given further investigation. Life insurance companies in the United States support The Medical
Information Bureau, which is a clearinghouse of medical information on all persons who have ever
applied for life insurance. As part of the application, the insurer receives permission to obtain
information from the proposed insured's physicians.
Life insurance companies are never required by law to underwrite or to provide coverage on anyone.
They alone determine insurability, and some people, for their own health or lifestyle reasons, are
uninsurable. The policy can be declined (turned down) or rated. Rating means increasing the premiums
to provide for additional risks relative to that particular insured.
Many companies use four general health categories for those evaluated for a life insurance policy.
These categories are Preferred Best, Preferred, Standard, and Tobacco. Preferred Best means that the
proposed insured has no adverse medical history, is not under medication for any condition, and his
family (immediate and extended) have no history of early cancer, diabetes, or other conditions.
Preferred is like Preferred Best, but it allows that the proposed insured is currently under medication for
the condition and may have some family history. Most people are in the Standard category. Profession,
travel, and lifestyle also factor into not only which category the proposed insured falls, but also whether
the proposed insured will be denied a policy. For example, a person who would otherwise be in the
Preferred Best category will be denied a policy if he or she travels to a high risk country.
Upon the death of the insured, the insurer will require acceptable proof of death before paying the
claim. The normal minimum proof is a death certificate and the insurer's claim form completed, signed,
and often notarized. If the insured's death was suspicious and the policy amount warrants it, the insurer
may investigate the circumstances surrounding the death, before deciding whether there is a legal
obligation to pay the claim. Proceeds from the policy may be paid in a lump sum or as an annuity paid
10
In the event of death, the settlement is easy. The heirs can collect the moneys quicker,
because of the facility of nomination and assignment. The facility of nomination is now
available for some bank accounts, provident fund, etc..
There is certain amount of compulsion to go though the plan of savings. In other forms, if
one changes the original plan of savings, there is no loss, in insurance, there is a loss.
Creditors connot claim the life insurance moneys. They can be protected against
attachment by courts.
There are tax benefits, both in income tax and in capital gains
Marketability and liquidity are better. A life insurance policy is property and can be
transferred of mortgaged. Loans can be raised against the policy.
It is possible to protect a life insurance policy from being attached by debtors. The
beneficiaries interests will remain secure.
Life insurance is not only the best possible way for family protection there is no other way.
Insurance is the only way to safeguard against the unpredictable risks of the future. It is
unavoidable.
The terms of life are hard. The terms of insurance are easy.
The value of human life is far greater than the value of property. Only insurance can
preserve it.
Life insurance is not surpassed by any other savings or investment instrument, in terms of
security, marketability, stability of value of liquidity
11
Insurance, including life insurance, is essential for the conservation of many businesses,
just as it is in the preservation of homes.
Life insurance enhances the existing standards of living
12
13
Insured - This is the original owner of the life insurance policy and usually the person who took the
policy out. So for instance a wife may as the insured take a life policy out on her husband who
would be the life insured
Life office - This simply means the insurance company who is issuing the life insurance policy.
Sum insured - The amount that is payable if the life insured dies during the period of the policy.
Premium - The cost of the life insurance policy. Usually described as a certain amount each month
Underwriting - This is the process where the insurance company look at your details and decided
whether or not to accept the risk and agree to issue you with a life insurance policy. This might be a
quick and simple process or it may take some time and involve medical reports with perhaps the
insurance company imposing certain extra terms to the policy
Proposer - This is the person who applies for a life insurance policy.
14
Term life policy - This refers to a life insurance policy which pays out on the death of the life
insured if that person dies within the term (period) of the policy. The policy for example could run
for ten, twenty or twenty five years.
Decreasing term life policy - This refers to a term life insurance policy where the sum insured
reduces at a pre-agreed rate. This type pf policy is often used to cover the reducing outstanding
balance of a repayment mortgage.
Level term life policy - This refers to a term life insurance policy where the sum insured remains
level during the period.
Joint life - This refers to a life policy which covers not one but two or more life insureds. Quite
often used by couples who appreciate that the family would suffer if either of them was to die.
Critical illness - This refers to a type of coverage which would pay out the sum insured if the
insured life was to be diagnosed with a critical illness being an illness which appears on a preagreed list of critical illnesses. For some illnesses there is a set level which the illness may have to
attain to be regarded as critical. All the illnesses are spelt out and agreed in the policy. Critical
illness may be added as an extension to a life policy or sold as a separate policy.
Terminal illness - Terminal illness refers to an extension to a life insurance policy. Under terminal
illness the policy will payout if the life insured is diagnosed as having terminal illness and not
expected to survive for a set period of months. This extension in cover usually expires 18 months
before the actual term life cover is due to expire.
15
16
IRDA
Opening up of insurance sector1999 the insurance regulatory and development authority
Reforms in the Insurance sector were initiated with the passage of the IRDA Bill in Parliament in
December 1999. The IRDA since its incorporation as a statutory body in April 2000 has fastidiously stuck
to its schedule of framing regulations and registering the
private sector insurance companies. The other decision taken simultaneously to provide the supporting
systems to the insurance sector and in particular the life insurance companies was the launch of the
IRDA's online service for issue and renewal of licenses
to agents. The approval of institutions for imparting training to agents has also ensured that the
insurance companies would have a trained workforce of insurance agents in place to sell their products,
which are expected to be introduced by early next year. Since being set up as an independent statutory
body the IRDA has put in a framework of globally compatible regulations. In the private sector 14 life
insurance companies have been registered.
17
18
TYPES OF INSURANCE
Fig. 1
General insurance
Insurance other than Life Insurance falls under the category of General Insurance. General Insurance
comprises of insurance of property against fire, burglary etc, personal insurance such as Accident and
Health Insurance, and liability insurance which covers
legal liabilities. There are also other covers such as Errors and Omissions insurance for professionals,
credit insurance etc. General insurance contracts are short term contracts. The insurance act, 1938 is
applicable to general insurance.
Life Insurance
Life insurance or life assurance is a contract between the policy owner and the insurer, where the
insurer agrees to pay a sum of money upon the occurrence of the insured individual's or individuals'
death or other event, such as terminal illness or critical illness. In return, the policy owner agrees to pay
a stipulated amount called a premium at regular intervals or in lump sums.
19
Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between the Aditya Birla Group and
Sun Life Financial Inc., a leading international financial services organisation. The local knowledge of
the Aditya Birla Group combined with the expertise of Sun Life Financial Inc., offers a formidable value
proposition to customers.
Sun Life Financial and its partners today have operations in key markets worldwide, including India,
Canada, the United States, the United Kingdom, Hong Kong, Philippines, Japan, Indonesia, China and
Bermuda. Sun Life Financial Inc. had assets under management of over US$ 386.82 billion, as on 31
March 2007. Sun Life Financial Inc. is a leading performer in the life insurance market in Canada.
BSLI in its five successful years of operations has contributed significantly to the growth and
development of the life insurance industry in India. It pioneered the launch of Unit Linked Life Insurance
plans amongst the private players in India. It was the first player in the industry to sell its policies
through the Bank assurance route and through the internet. It was also the first private sector player to
introduce a pure term plan in the Indian market. This was supported by sales practices, which brought a
degree of transparency that was entirely new to the market. The process of getting sales illustrations
signed by customers, offering a free look period on all policies, which are now industry standards were
introduced by BSLI.
Being a customer centric company, BSLI has invested heavily in technology to build world class
processing capabilities. BSLI has covered more than one and a half million lives since inception and its
customer base is spread across 100 cities in India. All this has assisted the company in cementing its
place amongst the leaders in the industry in terms of new business premium income. Birla Sun Life
Insurance (BSLI), one of the leading private life insurers in India today announced the inimitable
achiever, cricketer Kapil Dev as their corporate brand ambassador. The cricketing supremo will be
endorsing BSLI in all its marketing initiatives. Birla Sun Life Insurance is a value-driven brand which
20
has a national brand recall of 70 per cent. The objective of appointing a brand ambassador is to grow
its brand recall as it goes national in its distribution reach and fuel business growth. As a brand
ambassador, Kapil Dev will play a key role in the brand and product marketing and promotional
activities. BSLI has always used an integrated marketing approach, which will be strengthened further.
Commenting on the association with Kapil Dev, Mr. S. K. Mitra, Director, Financial Services, Aditya Birla
Group and currently incharge of BSLI expressed, "The Birla Sun Life Insurance business distribution
network is national in nature covering more than 1000 points across the country .We have made our
entry in several tier I and tier II towns. It is therefore very important for the brand to connect at the
grassroot level and create trust. We believe that our association with Kapil Dev as our brand
ambassador will help us create this connect in a shorter period of time. We therefore now have two
strong connects our parent brand Birla and our brand ambassador Kapil Dev".
Kapil Dev, also known as the Haryana Hurricane, was born on 6 January 1959 in Chandigarh. He
played his first competitive game of cricket at the age of 13 years and made his test debut on 16
October 1978 at Faisalabad against Pakistan. Kapil Dev remained India's top strike bowler for almost
15 years. His extraordinary test match figures of more than 5000 runs and 434 wickets along with 64
catches show that he was a world class cricketer and an all-rounder. He has raised the mantle of India
to sporting glory by winning us the World Cup.
In a study conducted by BSLI, Kapil Dev connected extremely well with the life insurance category and
had high acceptance by the masses. Our survey suggests that he is seen as a very good fit for the
BSLI brand. He is very much loved and respected by a vast majority of the population.
On 26 November 2006, Birla Sun Life was host the annual golf tournament at the Chembur Golf Club in
Mumbai where Kapil Dev was participate.
Birla Sun Life Insurance Company Limited is a joint venture between the Aditya Birla Group, one of the
largest business houses in India and Sun Life Financial Inc., a leading international financial services
organisation. The local knowledge of the Aditya Birla Group combined with the expertise of Sun Life
Financial Inc., offers a formidable protection for your future.
Birla Sun Life Insurance (BSLI), in its five successful years of operations, has contributed significantly
to the growth and development of the life insurance industry in India. It pioneered the launch of unit
linked life insurance plans amongst the private players in India. It was the first player in the industry to
sell its policies through the banc assurance route and through the internet. It was the first private sector
player to introduce a pure term plan in the Indian market. This was supported by sales practices which
brought a degree of transparency that was entirely new to the market. The process of getting sales
illustrations signed by customers and offering a free look period on all policies, which are now industry
standards, were introduced by BSLI. Being a customer-centric company, BSLI has invested heavily in
technology to build world class processing capabilities. BSLI has covered more than a million lives
since inception and its customer base is spread across more than 1000 towns and cities in India. All
this has assisted the company in cementing its place amongst the leaders in the industry in terms of
new business premium income. The company's current capital base is Rs.520 crore.
22
range of wealth accumulation and protection products and services to individuals and corporate
customers. Tracing its roots back to 1865, Sun Life Financial and its partners today have operations
in key markets worldwide, including Canada, the United States, the United Kingdom, Hong Kong,
the Philippines, Japan, Indonesia, India, China and Bermuda. Overall, Sun Life has a high quality,
diversified investment portfolio with over $100 billion in invested assets as of June 30, 2008. Sun
Lifes $60billion bond portfolio is highly diversified across 1400 different borrowers around the world
and is rated 97% investment grade. Globally, Sun Life is in a solid financial position, and maintains
financial strength ratings which are amongst the highest of all insurers in North America. Sun Life
has a strong balance sheet and is well capitalized beyond minimum requirements. The Companys
balanced business model is an important pillar of its overall risk management framework. SLF prides
itself on its prudent investment style and strong risk management controls.
The group is India's leading business house with a number of key organizations. These
are as follows:
1.
Grasim
2.
3.
Hindalco
4.
5.
6.
7.
8.
9.
10.
11.
12.
Sun Life Financial Inc. and its partners today have operations in key markets worldwide, including
Canada, the United States, the United Kingdom, Hong Kong, the Philippines, Japan, Indonesia, India,
China and Bermuda. Sun Life Financial Inc. is a leading player in the life insurance market in Canada.
VISION
23
To be a world class provider of financial security to individuals and corporates and to be amongst the
top three private sector life insurance companies in India
MISSION
To be the first preference of our customers by providing innovative, need based life insurance and
retirement solutions to individuals as well as corporates. These solutions will be made available by welltrained professionals through a multi channel distribution network and superior technology.
Our endeavour will be to provide constant value addition to customers throughout their relationship with
us, within the regulatory framework. We will provide career development opportunities to our
employees and the highest possible returns to our shareholders
VALUES
24
25
assurance, where Banks image of being loyal to the customers, plays a major role in pitching the
customer to buy Insurance. BSLI uses following routes for distributing their
Product to general public:
a. Direct Personal Contacts (through Advisors)
b. Banc assurance (through Banks)
c. Personal Relations (through co. employees)
d. Existing Policyholders.
2. Sales Illustration: BSLI is the first company to give demonstration of the fund performance i.e. how
a certain policy will perform or will give returns. BSLI Advisors give sales illustration. Fund performance
is shown on 6% and 10% projections. If client find these projected returns suitable to his/her risk profile,
he go for purchasing the policy.
3. Proposal Form: Now as client is ready to get insured, advisor gives him the proposal form and asks
for all the documents required. Proposal form is a 4 page document that contains all the necessary
information related to the Insured and the Owner of the policy. Documents required along with the
proposal form are:
Date-Of-Birth Proof
Income Certificate
4. After Sales Service: Now after the Insurance is sold, follow-ups are required. Advisor needs to
maintain good relations with the policyholder. Insurance co. can generate further business, only if,
existing policyholders are satisfied with the services being provided by the advisor of the co. Thus, BSLI
keeps this in mind and Business Development Executives continuously track the needs of the
policyholders. BSLI provides the policyholders with monthly updates of the fund performance and also
discloses the asset portfolio of the fund. This assists the policyholders to manage their policy according
to their risk profile. They can, thus, change their fund allocation as well as the asset allocation in any
fund, chosen by them.
26
MANAGEMENT TEAM
27
Mr. Donald A. Stewart graduated from the University of Glasgow in 1968 with first
class honours in Natural Philosophy. He joined Sun Life Financial in 1969 in London,
England, and qualified as a Fellow of the Institute of Actuaries in 1972. In 1974, he left
the Company to pursue a career in benefits consulting, ultimately joining William M.
Mercer in Toronto.
Mr. Stewart rejoined Sun Life Financial in 1980 with overall responsibility for the
Canadian pension division, where he led six years of rapid growth. In 1986, Mr.
Stewart led the project team to launch the Companys Canadian mutual fund
operation. From 1987 to 1992, Mr. Stewart held overall responsibility for information
Technology at Sun Life Financial. During this period, he completed the Advanced
Management Program at Harvard Business School.
28
Mr. Srinivasan holds a Bachelor of Arts degree with Honours in Economics from St. Stephens College,
University of Delhi and an MBA from the Indian Institute of Management, Ahmedabad. He is the Chief
Executive, Financial Services and Director, Corporate Strategy and Business Development at the
Aditya Birla Group.
29
Products
The current range of products offered by BSLI includes:
Flexi SecureLife
Gold Plus
Supreme Life
Dream Plan
Term Plan
30
Birla Sun Life, sita gita in alliance to launch career website news Our Banking Bureau 31 July 2003
Mumbai: In an initiative to empower more Indian women, Birla Sun Life Insurance has tied up with the
leading woman's portal sita gita to launch http://www.bsliflexitimecareers.com/, which will be hosted
on http://www.sitagita.com/.
This site is designed to create awareness among women about the benefits of "selling life insurance"
through a flexi-time career. Women could sell Birla Sun Life Insurance plans at their own convenience.
To promote http://www.bsliflexitimecareers.com/, BSLI and sitagita will jointly organized workshops
on flexi-time careers in various cities in India. The Aditya Birla group's (http://www.adityabirla.com/)
Rajashree Birla inaugurated the launch of this initiative.
Says Birla: "I believe, these kinds of projects are indeed more than welcome, as they give women the
leeway to carve out a meaningful career and at the same time balance their home, and help raise the
family's standard of living.
In today's day and age, when uncertainties abound, it is very essential for women also to be financially
independent as it is a kind of insurance, a kind of security for the family.
"My desire is to see a similar project taking route in the villages. That will help us bridge the divide
between the rural and urban, albeit to a small extent. I have always believed that a journey of 1,000
miles begins with a single step. I would encourage our joint venture partner, Birla Sun Life Insurance, to
take this step sooner rather than later."
Says Birla Sun Life Insurance CEO Nani Javeri: "We pride ourselves on being an equal opportunity
employer and endeavouring to empower women. This tie-up is a prime example of our desire to help
women take charge of their own lives. In Birla Sun Life Insurance, some of our top performers are
women."
Sitagita is the official women's channel on http://www.sify.com/. It was started in April 2002 and
receives about 1.3 million hits per month and these are growing at the rate of 20 per cent per month.
Sitagita has a registered user database of 102,376.
Sitagita has, over the past year, captured the imagination of the Indian woman with the leitmotif:
'Entertain, Empower, and Enable.' The site offers 21 content-rich channels with unique slants; e-
31
consulting with over 95 top experts and a series of free online classes. Sitagita has also worked on
maximizing the use of technology tools in order to make the site innovative and interactive at all times.
Birla Sun Life Insurance has over 6,000 insurance advisors selling insurance, out of which 1,485 are
women advisors. In fact, the women advisors have performed excellently through their hard work and
dedication. One of the top three sellers of last year was Pooja Bagri. Birla Sun Life Insurance women
advisors have regularly made it to "the million dollar round table (MDRT)" and other prestigious club
memberships within the company.
The first workshop will be held on 31 July 2003. Several successful BSLI women advisors will share
their experiences in selling life insurance policies with the workshop delegates. Kiran Ramnani, a
trainer in personality development from Chennai and an expert on the panel of TASS, India's premier
online academy of soft skills, will address invited guests on 'How to enhance your personal skills for
flexi-time careers.' The workshop will be conducted at Hotel Rang Sharda, KC Marg, Bandra
Reclamation, Behind Spastics Society, Bandra West, Mumbai, between 3.15 pm and 5.30 pm.
The Aditya Birla group has a turnover exceeding Rs 27,000 crore and is one of the largest business
houses in India. It enjoys a leadership position in all the sectors in which it operates. With over 75
business units, spanning the South East Asian belt, the Africa, Canada, the UK among others, it is
reckoned as India's first multinational corporation. The group is anchored by 72,000 employees and has
7 lakh shareholders, with an asset base of over Rs 20,000 crore.
Sun Life Financial Inc is a leading international financial services organization providing a diverse range
of wealth accumulation and protection products and services to individuals and corporate customers.
Tracing its roots back to 1865, Sun Life Financial and its partners today have operations in key markets
worldwide, including Canada, the US, the UK, Hong Kong, the Philippines, Japan, Indonesia, India,
China and Bermuda. As of 31 March 2003, the Sun Life Financial group of companies has total assets
under management of $229 billion.
We can define all about the companies product through following table:
32
COMPANY PRODUCTS
Individual Life
Flexi plans
Flexi Plans have three variants. These variants are:
1. Flexi Save Plus (Endowment Plan)
2. Flexi Cash Flow (Money Back Plan)
3. Flexi Lifeline (Whole of Life Plan)
Features:
For Quarterly modal premium less than Rs.5000, payment can be made through ECS.
Three Investment Fund options are available with the policy and policyholder is free to
switch between funds anytime during the tenure of the policy.
The Sum Assured may be increased once in every 5 policy years, starting from the 6 th
policy year.
Premium Invested:
Collected Premium is invested in three Investment Fund Options. These funds are:
1. Protector
2. Builder
3. Enhancer
33
Benefits:
1. Maturity Benefits: At maturity, Policyholder gets the higher of the guaranteed fund value (min.
3% on premium) or the Total Fund value.
2. Survival Benefits:
At the end of every 5th Coverage Benefit Period and the remainder on maturity, an
(i)
amount equals to the minimum of (a) or (b) mentioned below will be reduced from the
guaranteed fund value and transferred to the holding account for the purpose of partial
withdrawals, where(a) Guaranteed Fund Value
(b) Sum Assured % as stated below:
If survival benefits are not withdrawn, they will continue to be a part of the Fund Value.
(ii)
If the life insured is a minor, policyholder can withdraw the survival benefit payout
within one month from the scheduled payout date from the fund value.
3. Death Benefits:
Age at time of Death
30 days to 1 year
Age 1 Year to 60 Year
Death Benefits
Fund Value Only
Higher of Sum Assured less all partial withdrawals made in 24
months preceding the death of life insured or the fund value or
On or After attainment
of 60 Years
the life insured attained the age 58 or the fund value or the
guaranteed fund value.
Charges:
1. Mortality Charges: These charges are deducted by canceling units on a monthly basis at the
prevailing NAV. The annual mortality charges per 1000 sum assured for sample ages are as
follows:
34
Age
20
30
40
50
60
Male
1.016
1.171
2.150
5.532
13.732
Female
0.896
1.163
1.657
4.030
10.660
2. Partial Withdrawal Charges: 2 withdrawals in a policy year are free of charge. Rs100 for every
additional partial withdrawal are charged.
Life companion Plans
Life Companion = Protection + Savings
Life Companion is a plan with two variants. Variants of Life Companion are:
1.
2.
The plan provides flexibility to surrender the policy anytime when the need arises.
Grace Period of 30 days is given in case of non-receipt of premium on the due date.
If the policy lapses due to non-receipt of premium, it can be revived within 2 years from
the lapsed date
Premium payment modes are: Cash, Credit Card, Salary Deduction, ECS and Direct Debit
35
Particulars
Entry Ages
Max Entry Age
Endowment
30 days
60 years.
Money Back
59 years
Term
20 Pay
yrs 20 Pay
Duration of the
Plan (in years)
4th year
Survival Benefits in
8th year
12th year
16th year
36
20th year
16
20
24
30
10%
10%
10%
20%
20%
10%
15%
15%
10%
10%
10%
5% each year from 21st to 29th year
10%
Plan Duration
16
20
24
30
Maturity
50%
60%
80%
55%
Benefits
If the fund value is higher than the amount shown in payout table, then the Fund Value will be paid.
3. Death Benefits: It is the amount payable to the nominee in case of death.
Death Benefit = Sum Assured + Fund Value (at the time of death)
4. Guaranteed Additions: Policy holder gets 5% additional maturity benefits on the fund value if
the following two conditions are satisfied:
Each premium is paid on or before the expiry of a period of 60 days from the due date.
5. Waiver of Premium Rider: The rider waives payment of future premiums on the happening of
any unforeseen event. The rider is available with 20 years premium payment term option.
6. Additional Benefits: In case of death, as a result of accident, between the ages of 18 to 65
years, an amount equal to the Sum Assured up to a maximum of Rs. 1000000, will be payable
to the nominee.
7. Tax Benefits:
37
Charges
1. Premium Allocation Charges:
Policy Year
6+
Charge
65%
20%
20%
15%
15%
0%
20
0.896
30
1.163
40
1.657
50
4.030
Male
1.016
1.171
2.150
5.532
First 5 Policy Years: An annual charge of Rs. 8 per 1000 of Sum Assured will be deducted.
Next 5 Policy Years: An annual charge of Rs. 6 per 1000 of Sum Assured will be deducted.
Thereafter: This charge would be Rs. 3.75 per 1000 of Sum Assured.
Upper limit for this charge is Rs. 10 per 1000 of Sum Assured.
4. Fund Management Charges: This is charged by adjusting the daily NAV of the fund.
The charge does not exceed 1.5% per annum of the Investment Fund.
5. Surrender Charges: These charges vary according to the duration of the Policy and
are levied as a percentage of the Annual Life Insurance Coverage Premium payable.
The charges are as follows:
Policy Year
4+
Charge
100%
25%
10%
NIL
38
This plan has the option of seven-investment fund with the flexibility to allocate the premiums in
varying proportions into the different Fund Option.
The plan offers further benefits in the form of additional units, which will be added to the Fund
value at the end of the 10th policy year.
There is high liquidity in the form of Partial Withdrawals and Surrender Benefits.
Death Benefits, which will be higher of the Fund value or Sum Assured, reduced by the
applicable partial withdrawals.
Eligibility:
Entry Age:
Minimum: 30 days for 20 & 30 term
8 years for 10 terms
30 years for whole life
Maximum: For 10 years term- 60 years
For 20 years term- 50 years
For 30 years term- 40 years
For Whole Life- 60 years
Duration:
Minimum: 10 years
Maximum: 70 years (assuming whole life to be 100 years)
period. For 20 yrs, 30yrs term and Whole Life- 5yrs, 10 yrs or regular
coverage paying period.
Premium Investment: Premium collected is invested in Seven Investment Fund Options:
1. Assure
39
2. Protector
3. Builder
4. Enhancer
5. Creator
6. Magnifier
7. Maximiser
Benefits:
1. Guaranteed Addition: It is in the form of additional units, which is added to the fund value on
the 10th policy anniversary and on every 5th policy anniversary thereafter, while policy is in effect.
2. Partial Withdrawal Options: Partial Withdrawals can be made after 3 policy years or when the
life insured attains maturity, whichever is later. The minimum partial withdrawal amount is
Rs.10000
3.
Surrender Benefits: Policy offers the flexibility of surrendering the policy, if the
need arises. There is no surrender charge after 6 completed policy years.
However, if the policy is surrendered within 3 years from inception, the surrender
value is paid after the completion of the third policy anniversary.
4. Death Benefits:
Below 5 years: If the death of the life insured take place before 5 years, only the fund
value shall be payable to the policy owner.
Between 5 to 60 years: Higher of the fund value or the sum assured less all applicable
partial withdrawals made in the last 24 months preceding the death of the life insured.
60 years and Above: Higher of the fund value or the sum assured less all applicable
partial withdrawals made since the life insured attained the age of 58.
5. Maturity Benefits: On maturity of the policy, the fund value is payable. Under the whole life
option, on maturity of the policy, when the life insured attains the age of 100, then fund value is
payable and the policy will be terminated.
40
6. Tax Benefits: Tax benefits on premium payment are governed by section 80C of the Income
Tax Act 1961. Tax Exemptions on the amount received on maturity in the unfortunate event of
death and the withdrawals are governed by section 10(10D).
7. Addition of Riders: Policy holder can customize the plan by adding any of the following 6
riders:
1. Accidental Death & Dismemberment Rider
2. Term Rider
3. Critical Illness Rider
4. Critical Illness Plus Rider
5. Critical Illness Women Rider
6. Waiver of Premium Rider
Charges:
1. Premium Allocation Charges: These charges during the premium paying term are as under:
POLICY YEAR
Charge
1
13%
2 OR 3
4%
THEREAFTER
2%
25
1.023
35
1.162
45
2.385
55
6.441
65
15.92
Male
1.083
1.363
3.110
8.571
21.06
3. Fund Management Charge: This is charged by adjustment of the daily NAVs. The charge is:
41
4. Policy administration Charge: The charge is deducted by canceling units on a monthly basis
at the prevailing NAV. The annual charge differs according to the Life Insurance Coverage Sum
Assured and Life Insurance Coverage Paying Period. The maximum charge is 6.10 and the
minimum charge is 0.00
5. Surrender Charge: These charges are levied as the percentage of the annual life insurance
coverage Premium payable. Charges are as follows:
Policy Year
Surrender
30%
20%
3
15%
4
10%
5
8%
6
6%
7+
NIL
Charge
6. Rider Premium Charge: If the riders are attached, this charge will be realized by cancellation
of units on a monthly basis based on the equivalent monthly rider coverage premium payable,
when rider coverage payment period equals the rider coverage benefit period.
Gold Plus II Plan
The plan gives much more than a good insurance cover, an opportunity to grow investment for the
medium term. It is worth more than Gold.
Features:
Premium paying term of 3 years with the flexibility to reduce premium up to Rs. 10000 from the
second policy year.
Eligibility:
42
1. Assure
2. Protector
3. Builder
4. Enhancer
5. Creator
6. Magnifier
7. Maximiser
Benefits:
1. Maturity Benefits:
On maturity fund value will be paid to the policyholder.
2. Death Benefits:
In the Unfortunate event of the Death of the Life Insured prior to the maturity date of the policy,
the nominee gets the greater of
(a) Fund Value
(b) Sum Assured reduced for partial withdrawal as follows:
Before the life insured attains the age of 60, the sum assured payable on death
is reduced by partial withdrawals made in the preceding years.
Once the Life Insured attains the age of 60, the Sum Assured payable on death
is reduced by all partial withdrawals made from age 58 onwards.
3. Tax Benefits:
Policyholder is eligible for tax benefits U/S 80C and U/S 10(10D) of the Income Tax Act 1961.
43
U/S 80C- Premium up to Rs.100000 is allowed as deduction from taxable income each
year.
U/S 10(10D) - The Benefits received under plan are exempted from tax.
Charges:
1. Premium Allocation Charges: It is deducted from premium when received and
before allocation of units.
Policy
Charges
On Policy
Premium
Policy Years
2
3
4%
4%
1
8%
On top-up
2%
2%
2%
4+
2%
Premium
2. Fund Management Charges:
Fund Management charge not exceeding 1.5% per annum of the fund value will be charged by
adjustments of the daily unit price. The charge is
1
19.4
Policy Years
2
3
19.4
19.4
4+
14.4
Administration
Charge *
* An additional 5 per 1000 will be charged in the first 3 policy years only on any
excess Sum Assured over Rs. 50000.
44
4. Mortality Charges: These charges are deducted on a monthly basis. These charges are taken
by canceling units proportionately from each of the investment funds at that time. The annual
rate per 1000 of Sum Assured less fund value for sample ages are:
Age
25
35
45
55
65
Female
1.023
1.162
2.385
6.441
15.92
Male
1.083
1.363
3.110
8.571
21.06
5. Surrender Charges:
These charges are applied when the policyholder surrender their policy in the first 3 policy
years. The surrender charge as a percentage of the annual policy premium chosen at issue is
Policy
Charges
Surrender Charges
Policy Years
1
4+
15%
12.5%
10%
nil
It provides the nominee with an increased sum assured and builds savings faster.
45
The plan is flexible as it provides the policyholder with Top-Up Premium facility to ensure faster
growth in the Fund Value.
Partial Withdrawals, are allowed, after 3 years to meet liquidity needs of the policyholder
Duration:
Premium Payment Term: Policyholder can choose to pay premium at short or regular intervals.
Premium Investment: Premium Collected is investment in six investment fund options. These funds
are:
1.
Assure
2.
Protector
3.
Builder
4.
Enhancer
5.
Creator
6.
Magnifier
Benefits:
1. Death Benefits:
Increasing Death benefits i.e. Death Benefit= Sum Assured + 25% every 5th year
Policyholder gets flexibility to switch between the fund options. Two switches are free per
annum.
Charges:
1. Mortality Charges: Charges are deducted monthly by canceling units from the associated fund
option. The charge is 95%
2. Policy Administration Charges: These charges are deducted monthly by canceling units from
the investment fund. The annual charge is Rs. 720 on the first 1000 Sum Assured in all years
i.e. Rs.3.60 per 1000 Sum Assured p.a. The additional charges for years 1-5 are as follows:
46
Term
Band 1
Band 2
Band 3
10/15
4.75
4.25
4.00
20+
3.75
3.25
3.00
3. Premium Allocation Charges: These charges are 5% for the 1st policy year and 2% for
subsequent policy years.
4. Fund Management Charges: These charges are 1 1.25% p.a. for all associated funds.
Full Liquidity after three policy years to meet any cash needs.
Unique Guaranteed Maturity Unit Price representing the highest unit plus price of Platinum Plus
Fund I recorded on 88 reset dates starting on March 17, 2008 and ending on June 15, 2015.
Eligibility:
Premium Collected is invested in the Equity & Debt Market according to the preset Asset
Allocation of the Platinum Plus Fund III.
Benefits:
1. Guaranteed Maturity Unit Price
Minimum of Rs. 10 on the first Reset Date
At maturity, is the highest Unit Price recorded on 88 Reset Dates
47
2. Maturity Benefits
Number of units multiplied by higher of Guaranteed Maturity Unit Price or
prevailing Unit Price at maturity
3. Surrender Benefits
Full liquidity after 3 policy years 100% Fund Value*
4. Death Benefits
Higher of Fund Value (as per the then prevailing unit price) or Sum Assured
(less applicable partial withdrawals)
5. Tax Benefits
U/S 80C- Premium up to Rs.100000 is allowed as deduction from taxable
income each year.
U/S 10(10D) - Benefits from the plan are exempted from tax.
Charges:
1. Premium Allocation Charges: 10% of premium in the first year and 4% of premium in
subsequent years.
2. Fund Management Charges: 1.00%-1.50% p.a. for Assure & 1.50%-2.00% p.a. for Platinum
Plus Fund I.
3. Policy Administration Charges: These charges are deducted monthly by canceling units from
the investment fund Assure first and then, from Platinum Plus I, if required. The annual charge is
Rs. 720 on the first 1000 Sum Assured in all years plus Rs.6 per 1000 Sum Assured in years 1
to 3 only.
4. Mortality Charges: Charges are deducted monthly by canceling units from the associated
investment funds. The Annual Charges for sample ages are as follows:
Attained Age
25
35
45
55
65
Female
1.023
1.162
2.385
6.441
15.920
Male
1.083
1.363
3.110
8.571
21.060
48
5. Surrender Charges: This charge, as a percentage of the annual premium at issue, is 16%,
13% and 10% for policy year 1, 2 and 3 respectively.
6. Revival Charge: The charge for policy revival is Rs. 100-1000 per revival
Features
Sum Assured(Basic and Enhanced) plus the greater of fund value and
Guaranteed fund value is paid as death benefit.
49
Tax Benefit
Matters related to money should receive careful consideration as a lot of effort and commitment
goes into earning it. In order to maximise wealth, minimising the tax liability is an important
objective. This section will guide you to the investment avenues which have tax provisions
associated with them. News on the latest tax issues is updated on a regular basis. Our consultants
shall be pleased to discuss with you any specific tax query that you may have. You can even
download Income Tax form('Saral' ) from this section. Further, the tax tools section will assist you in
working out scenarios for efficiently planning your tax
50
80D
Deduction in respect of medical insurance premium
Individual or HUF, whether resident or non-resident
Maximum Rs. 10,000; an additional Rs 5,000 for senior citizens
The BSLI Critical Illness Plus rider covering an array of illnesses gives dual benefit of tax
saving along with CI cover when it is needed the most.
Benefits of investing in life insurance plans of BSLI
Premiums paid for all Life Insurance products of BSLI eligible for deduction, namely Flexi
Save Plus Endowment Plan , Birla Sun Life Term Plan , Premium Back Term Plan, Medicare
Plan, Flexi Cash Flow Money Back Plan, Flexi Life Line Whole Life Plan , Classic Life, Flexi
Secure Life Retirement Plan, My Child Plan, Women First Plan.
51
(A)
4,30,000
(B)
(1,50,000)
Deduction
Critical illness premium - 80 D
(C)
10,000
(D)
90,000
(E)
10,000
(F)
(G)
Education Cess
(K)
52
1,70,000
9,000
180
Total tax
Note:
(G+K)
9,180
1) Assuming that there are no other investment such as PF, PPF etc *
2) Life Insurance Policy of face value Rs.5, 00,000 *
3) For Women the tax liability will be Rs. 5,610 and for senior Citizen the liability will be (NIL)
4) Financial Year 2005-06 (Assessment Year 2006-07)
Forms Saral
Form 2 E
(http://www.taxmann.com/DITTaxmann/IncomeTaxRules/pdf/itr62Form2E.pdf)
Form 2 D
(http://www.taxmann.com/DITTaxmann/IncomeTaxRules/pdf/itr62Form2D.pdf)
Disclaimer
1. The above are extracts from the Income tax Act, 1961. Please note that tax laws are subject
to change and hence before placing reliance on the above, the latest version of the above
section should be checked up. It should also be noted that the change in tax laws could have
a retrospective effect also.
2. This information should not be construed as tax, legal or investment opinion from BSLI. BSLI
would not be responsible in any manner for decisions made on the basis of the above
information.
3. Please consult your tax advisor for specific suitability of insurance products applicable to case
specific to the user of this information.
53
Competitors
MetLife insurance
Aviva life insurance: Aviva Life Insurance Company India Pvt. Ltd. is a joint venture between Aviva of
UK and Dabur, one of India's leading producers of traditional healthcare products. Aviva holds a 26 per
cent stake in the joint venture and the Dabur group holds the balance 74 per cent share.
Bajaj Allianz: Bajaj Allianz is a joint venture between Allianz AG one of the world's largest insurance
companies, and Bajaj Auto, one of the biggest 2 and 3 wheeler manufacturers in the world. Bajaj Allianz
is into both life insurance and general insurance. Allianz Group is one of the world's leading insurers
and financial services providers. Founded in 1890 in Berlin, Allianz is now present in over 70 countries
54
HDFC Standard Life Insurance Co. Ltd: is a joint venture between HDFC Ltd., India's largest housing
finance institution and Standard Life Assurance Company, Europe's largest mutual life company. It was
the first life insurance company to be granted a certificate of registration by the IRDA on the 23rd of
October 2000.
ING Vysya Life Insurance Company Limited: is a joint venture between Vysya Bank and ING Group
of Holland, the world's 4th largest financial services group, with presence across 50 countries, and a
heritage of over 150 years.
Kotak Mahindra Old Mutual Life Insurance Ltd: is a joint venture between Kotak Mahindra Bank Ltd.
(KMBL), and Old Mutual plc. Kotak Mahindra is one of India's leading financial institutions and offers a
range of financial services such as commercial banking.
Life Insurance Corporation of India: (LIC) is an autonomous body authorized to run the life insurance
business in India with its Head Office at Mumbai. It has been established by an act of the Parliament
and started functioning from 1/9/1956.
ICICI Prudential Life Insurance: ICICI Prudential life insurance is a part of ICICI Bank.
Max New York Life Insurance Company Limited: is a joint venture between Max India Limited, a
multi-business corporate, and New York Life International, a global expert in life insurance. New York
Life is a Fortune 100 company that has over 160 years of experience in the life insurance business.
MetLife India Insurance Co. Pvt Ltd: is a joint venture between MetLife Group and its Indian partners.
The Indian partners include J&K Bank, Dhanalakshmi Bank, Karnataka Bank, Karvy Consultants, Geojit
Securities, Way2Wealth, and Mini Muthoothu.
Reliance Life Insurance Company: Limited is a part of Reliance Capital Ltd. of the Reliance - Anil
Dhirubhai Ambani Group. The company acquired 100 per cent shareholding in AMP Sanmar Life
Insurance Company in August 2005. Taking over AMP Sanmar Life provided Reliance Life Insurance a
readymade infrastructure and a portfolio.
55
SBI Life Insurance: is a joint venture between the State Bank of India and Cardiff SA of France. SBI
Life Insurance is registered with an authorized capital of Rs 500 crore and a paid up capital of Rs 350
cores.
Tata AIG Life Insurance Company: Limited is a joint venture between Tata Group and American
International Group, Inc. (AIG). Tata Group is one of the oldest and leading business groups of India.
Tata Group has had a long association with India's insurance sector having been the largest insurance
company in India prior to the nationalization of insurance. The Late Sir Dorab Tata was the founder
Chairman of New India Assurance Co. Ltd., a group company incorporated way back in 1919.
Shriram Life Insurance Company: Ltd is a joint venture between the Chennai-based Shriram Group
and the South African insurance major Sanlam. The company launched its operation in India in
December 2005
56
MARKET ANALYSIS
57
58
country,
HDFC is an organization that strives for excellence, with the twin objectives of enhancing customer
satisfaction
and
shareholder
value
HDFC and Standard Life first came together for a possible joint venture, to enter the Life Insurance
market, in January 1995. At the outset it was clear that both companies shared similar values and
beliefs and a strong relationship quickly formed. In October 1995 the companies signed a 3 year joint
venture
agreement.
Around this time Standard Life purchased a 5% stake in HDFC, further strengthening the relationship.
The next three years were filled with uncertainty, due to changes in government and ongoing delays in
getting the IRDA (Insurance Regulatory and Development authority) Act passed in parliament.
Despite
this
both
companies
remained
firmly
committed
to
the
venture.
In October 1998, the joint venture agreement was renewed and additional resource made available.
Around this time Standard Life purchased 2% of Infrastructure Development Finance Company Ltd.
(IDFC). Standard Life also started to use the services of the HDFC Treasury department to advise them
upon their investments in India.
Towards the end of 1999, the opening of the market looked very promising and both companies agreed
the time was right to move the operation to the next level. Therefore, in January 2000 an expert team
from the UK joined a hand picked team from HDFC to form the core project team, based in Mumbai.
Around this time Standard Life purchased a further 5% stake in HDFC and a 5% stake in HDFC Bank.
In a further development Standard Life agreed to participate in the Asset Management Company
promoted by HDFC to enter the mutual fund market. The Mutual Fund was launched on 20th July 2000.
The company was incorporated on 14th August 2000 under the name: HDFC Standard Life Insurance
Company
Limited.
Their ambition from as far back as October 1995 was to be the first private company to re-enter the life
insurance market in India. On the 23rd of October 2000, this ambition was realized when HDFC
Standard Life was the only life company to be granted a certificate of registration.
59
HDFC are the main shareholders in HDFC Standard Life, with 81.6%, while Standard Life owns 18.4%.
HDFC and Standard Life have a long and close relationship built upon shared values and trust. The
ambition of HDFC Standard Life is to mirror the success of the parent companies and be the yardstick
by which all other insurance companies in India are measured.
HDFC Standard Life Insurance Company has been signed on by Blue Star to provide insurance cover
to its 1,805 employees across India and overseas.
HDFC Standard Life Insurance is one of the leading players in the group insurance segment of the life
insurance business. Its group business has grown significantly since inception and now covers over
25,000 lives, across the entire industry spectrum including software, FMCG, pharmaceuticals, banking,
consultancy, BPOs, retailing, and consumer electronics
HDFC STANDARD LIFE
MISSION:HDFC Standard Life aims to be the top new life insurance company in the market.
This does not just mean being the largest or the most productive company in the market, rather it is a
combination of several things like:
Customer service of the highest order
Value for money for customers
Professionalism in carrying out business
Innovative products to cater to different needs of different customers
Use of technology to improve service standard
Increasing market share
VALUES:1
SECURITY: Providing long term financial security to its policy holders will be the companys
constant endeavor. It will do this by offering life insurance and pension products.
TRUST: HDFC Standard Life appreciates the trust placed by its policy holders in it. Hence, it will
aim to manage their investments very carefully and live up to this trust.
60
61
INNOVATION: Recognizing the different needs of its customers, it will be offering a range of
innovative products to meet these needs. The companys mission is to be the best new life
insurance company in India and these are the values that will guide it in this
The finance department of HDFC Standard Life Insurance is headed by the General Manager
(Finance), who reports to the MD and CEO. There are four other departments under the Finance
Departments. These are:
1. Accounts Department
2. Actuary Department
3. Investment Department
4. Underwriting Department
The Accounts Department:
The Accounts Department functions like any other Accounts department. It is concerned with the
disbursement of salaries, reimbursements, incentives, commissions to agents. It also handles the
payments due to other agencies with which the Company interacts, viz. event management companies
etc. The work of an Accounts department assumes much importance in an insurance company
because it has to be able to pay the claims arising time to time.
62
Till recent time, HDFC has not been investing in equities. But now it has decided to follow the footsteps
of its Joint-Venture partner Standard Life, which invests around 75% of its corpus in equities. The
Investment Department is also responsible for calculating the returns of the investment to the investors.
Here also the insurance companies are bound by regulations and guidelines. According to IRDA, the
returns have to be in the range of 6 %-9 %.
63
Medical Grounds: each new customer is required to undergo a comprehensive medical test, which
determines the persons general health. On the basis of this report, the underwriters decide upon the
premium to be charged from customer.
Functions of Insurance
The functions of Insurance can be bifurcated into three parts:
1. Primary Functions
2. Secondary Functions
3. Other Functions
The primary functions of insurance include the following:
1) Provide Protection - The primary function of insurance is to provide protection against future risk,
accidents and uncertainty. Insurance cannot check the happening of the risk, but can certainly provide
for the losses of risk. Insurance is actually a protection against economic loss, by sharing the risk with
others.
64
2) Collective bearing of risk - Insurance is a device to share the financial loss of few among many
others. Insurance is a mean by which few losses are shared among larger number of people. All the
insured contribute the premiums towards a fund and out of which the persons exposed to a particular
risk is paid.
3) Assessment of risk - Insurance determines the probable volume of risk by evaluating various
factors that give rise to risk. Risk is the basis for determining the premium rate also
4) Provide Certainty - Insurance is a device, which helps to change from uncertainty to certainty.
Insurance is device whereby the uncertain risks may be made more certain.
The secondary functions of insurance include the following:
1) Prevention of Losses - Insurance cautions individuals and businessmen to adopt suitable device to
prevent unfortunate consequences of risk by observing safety instructions; installation of automatic
sparkler or alarm systems, etc. Prevention of losses causes lesser payment to the assured by the
insurer and this will encourage for more savings by way of premium. Reduced rate of premiums
stimulate for more business and better protection to the insured.
2) Small capital to cover larger risks - Insurance relieves the businessmen from security
investments, by paying small amount of premium against larger risks and uncertainty.
3) Contributes towards the development of larger industries - Insurance provides development
opportunity to those larger industries having more risks in their setting up. Even the financial institutions
may be prepared to give credit to sick industrial units which have insured their assets including plant
and machinery.
The other functions of insurance include the following:
1) Means of savings and investment - Insurance serves as savings and investment, insurance is a
compulsory way of savings and it restricts the unnecessary expenses by the insured's For the purpose
of availing income-tax exemptions also, people invest in insurance.
65
2) Source of earning foreign exchange - Insurance is an international business. The country can
earn foreign exchange by way of issue of marine insurance policies and various other ways.
3) Risk Free trade - Insurance promotes exports insurance, which makes the foreign trade risk free
with the help of different types of policies under marine insurance cover
SOME TERMS ABOUT ULIP PLANS
Fund Management
The crux of the entire product is the returns that this product can generate and this is dictated by the
management of the fund. There is no great value in doing well in all other aspects of the product
delivery if the fund does not perform well.
The insurance company has two options with regards to the management of the fund i.e. external and
internal. External funds usually have a proven track record that could be used as a significant marketing
too. In India many of the insurance companies, which are apart of the larger financial services groups,
already have a sister fund Management Company and they could bank on their performance. For
others, they would usually be having an in-house investment team and this could be extended to
management of the funds too. The expenses and hence the cost should be kept in mind as by nature
the unit linked insurance product is a very transparent product and hence this would become a
significant selling point in the long run.
Initial charges
Annual charges
Investment charges
Morality charges
Surrender charges
66
Initial charges
Initial charges are applied at the time of setting up the policy; this could be in the form of a bind offer
spread and also in the form of allocation of units known as the allocation factor. It is also possible to be
levying a per member level charge.
Annual charges
The annual charges can either be fixed or can be linked to the size of the fund. It could also be linked to
the number of members in the scheme. This charge is usually taken to cover the maintenance
expenses of the insurer.
Investment charges
A fund management charge is levied to take care of the fund management expenses depending upon
whether the fund is managed internally or externally.
Mortality charges
It is possible to have an insurance element built into the super annuation contract and in case of a
gratuity there would be an element of insurance the degree and the form could differ from company to
company.
The insurance premium can be taken as a part of the gratuity contract of it can be administered outside
this but packaged to look as if it is a whole some product offering gratuity and insurance to the
employees of the organization.
Surrender Charges
The surrender charges can be used in multiple ways. It could be used as a way of recouping the initial
outlay of the insurer in case the company decides to withdraw in the early years of the contract or it
could be used as a deterrent for the company to shift the service provider at any point of the contract.
Usually the surrender charges/ penalty would decrease over a period of time and would be expressed
as a percentage of the fund.
Administration
The unit linked policies are significantly complex to administer and also would need a very highly
technically trained customer service department to handle enquiries. Much of the administer the policy,
67
As the allocation of units would be time dependent it is extremely important to have a very robust
system that can take care of allocation, de allocation and reallocation of units. It is essential to have a
system that would be able to talk/ interact with other systems to capture the unit price details, to give
outputs to accounting packages, report generators etc.
INDIVIDUAL PRODUCTS:
Each of us leads a unique life and so has unique needs. HDFC Standard Life offers a range of
products and invites you to choose the one that suits you best.
68
PLAN
BENEFIT
Savings Plans
investment funds
Financial Security for your child
Childrens Plan
of investment funds
Life Insurance with Savings
Protection Plans
Retirement Plans
69
Provides financial support to the family by way of a lump sum payment in case of the unfortunate
This plan is with profits saving plan and is well suited for saving money for your long term financial
goals. This plan also helps provide for the needs of your family in your absence by paying out a lump
sum in the event of your unfortunate death during the term of the policy.
Optional benefits
You can add the following optional benefits to customise your policy to suit your needs:
Critical Illness (CI) Benefit provides an amount, equal to the sum assured chosen under this
optional benefit, on diagnosis of any one of the 6 common critical illnesses(1). The sum
assured is payable if you survive for 30 days after the date of the claim. Once such a claim
has been met, no further Critical Illness Benefit is payable. However, your basic policy
continues even after we pay a claim On this benefit.
Additional Term Benefit (ATB) provides an additional amount equal to the sum assured
chosen under this optional benefit, in case of your unfortunate death.
Accidental Death Benefit (ADB) provides an additional amount, equal to the sum assured
chosen under this optional benefit, in case of your unfortunate death:
-due to an accident and within 60 days of an accident.
Waiver Of Premium (WOP) Benefit waives the premium for you in case you become totally
disabled. The waiver is applicable during the period of total disability.
This plan can be taken on a single life basis or a joint life (first claim) basis.
70
Eligibility
This plan can be taken as a single life basis or a joint life (first claim) basis. The eligibility ages are as
follows:
Basic Policy
Min. age of entry
Max. age of entry
Max. age of expiry
12
60
75
Tax Benefits
Tax benefits described in Section 88, Section 80D and Section 10 (10D) of the income Tax Act are
applicable.
Applicable to premium paid for CI and WOP
Payment options
you have the choice of paying your premium either in yearly, half-yearly or quarterly modes, depending
on your convenience
Children's Plan
Childrens Plan is designed to provide a lump sum to the child at maturity. It also provides financial
security to the child in the future, even in case of the insured parents unfortunate death during the
policy term. Childrens Plan receives simple reversionary bonuses, which are usually added annually.
This is a flexible plan with three options for you to choose from, depending on your requirements. The
details of these options are explained in the next section.
Options
71
You will have the choice of 3 options at the start of the policy.
Option
On maturity
Maturity Benefit
Plan
Accelerated
Benefit plan
Double Benefit
plan
Tax Benefits
The premiums you pay will be eligible for tax relief under Section 88 of the Income Tax Act, 1961. The
benefits received under the policy are eligible for tax relief under Section 100 (10D) of the income tax
act, 1961.
Eligibility
The eligibility ages for the life assured under the plan are as follows:
Minimum Age of Entry
18 years
72
60 years
75 years
Term of policy
Min. Term: 10 years
Payment options
You have the choice of paying the premium either in yearly, half-yearly or quarterly modes, depending
on your convenience
73
Premiums
You agree to pay a level premium regularly, either quarterly, half-yearly or annually, throughout the term
of the policy. The minimum premium amount is Rs. 10,000 each year. Premiums can be paid by cash,
cheque or demand draft.
Benefits
There are 2 different options available:
1.
Life Option
This option consists of a Maturity Benefit and a Death Benefit. The Maturity Benefit will pay the value of
the unit-linked fund at the end of the policy term. The Death Benefit will pay the basic Sum Assured on
death of the life assured during the policy term. Following payment of this benefit, no further premiums
are due from the policyholder.
behalf, as and when they become due. The level of premium will be that chosen by you at inception of
the policy.
74
2.
The Maturity Benefit will pay the value of the unit-linked fund at the end of the policy term.
The Death Benefit will pay the basic Sum Assured on death of the life assured during the policy
term. Following payment of this benefit, no further premiums are due from the policyholder and
the Extra Health Benefit will lapse without value.
The Extra Health Benefit will pay the basic sum assured on diagnosis of any one of six critical
illnesses during the policy term. Following payment of this benefit, no further premiums are due
from the policyholder and the Death Benefit will lapse without value. The illnesses covered under
this benefit are cancer, coronary artery by pass graft surgery, heart attack, kidney failure, major
organ transplant (as recipient) and stroke.
Following a valid death or critical illness claim, we will pay future premiums on your behalf, as
and when they become due. The level of premium will be that chosen by you at inception of the
policy.
Eligibility
The age and term limits for taking out a Unit Linked Young Star Plan are:
(Years)
Minimum
Maximum
Minimum
Maximum
Maximum Age at
Life Option
Term
10
Term
25
Age at Entry
18
Age at Entry
60
Expiry
75
Life and
10
25
18
55
65
Health
Option
75
on survival up to maturity, a payment equal to the basic sum assured plus any bonus additions
less the cash lump sums paid earlier is provided.
In case of the unfortunate death of the life assured within the term of the policy, the basic sum
assured plus any bonus additions is provided. This is over and above the earlier payouts.
This plan helps you plan for future anticipated expenses by paying periodic cash lump sum to you at
regular intervals. This plan also helps provide for the needs of your family in your absence by paying
them the basic sum assured plus any bonus additions in the event of your unfortunate death during the
term of the policy.
Benefits
You can add the following optional benefits to customise your policy to suit your needs:
76
Critical Illness (CI) Benefit provides an amount, equal to the sum assured chosen under this
optional benefit, on diagnosis of any one of the 6 common critical illnesses. The sum assured is
payable if you survive for 30 days after the date of the claim. Once such a claim has been met,
no further Critical Illness Benefit is payable. However, your basic policy continues even after we
pay a claim on this benefit.
Additional Term Benefit (ATB) provides an additional amount, equal to the sum assured
chosen under this optional benefit, in case of your unfortunate death.
\
Accidental Death Benefit (ADB) provides an additional amount equal to the basic sum
assured in case you die:
- due to an accident, and
- within 90 days of the accident.
Waiver Of Premium (WOP) Benefit waives the premium for you in case you become totally
disabled. The waiver is applicable during the period of total disability.
All optional benefits must be selected at the outset of your plan.
Eligibility
This plan can be taken on a single life basis or a joint life (first claim) basis. The eligibility ages are as
follows:
Basic Policy
Min. age of entry
12
60
60
55
50
75
70
75
65
60
77
PAYMENT OPTIONS
You have the choice of paying your premium either in yearly, half-yearly or quarterly modes, depending
on your convenience
A sound investment:
Your money will be invested in our With Profits fund. The fund aims to provide secure and stable long
term growth. Normally, we will declare a compound reversionary bonus for your policy every year and
add it to your policy on its anniversary. In addition, on death, surrender or on the guaranteed dates, a
terminal bonus might be payable. You pay a single premium and the policy will pay you a lump sum.
Flexibility of term:
Even after choosing your policy, you can decide on the policy term. For 4 weeks after any one of the
10th, 15th, 20th and subsequent five-year anniversaries, you can choose to receive the sum assured
plus any attaching bonuses, in full. Once the money has been received, your policy will cease.
78
: 18 years
: 70 years
Surrender value:
You can terminate the policy any time, after it has been in force for at least 6 months, and receive a
surrender value.
No medical requirements:
We do not require you to undergo any medical test for this plan.
Eligibility
Payment options
A single premium can be paid by cash, cheque or demand draft.
79
PENSION PLAN
The policy is basically a saving contract, which is designed to provide an income for life from
retirement, with an option to take the lump sum elsewhere to buy the annuity, provide it is permitted
by the prevailing regulations.
Your commitment. You agree to pay a single premium or level premiums with installments due every
quarter half-year or year throughout the deferment period of the policy, after which you will start
receiving your pension.
Plan is basically a savings contract, which is designed to provide an income for life from retirement.
It does this by accumulating a national lump sum on retirement, comprising of sum assured plus
any attaching bonus.
Mode of premium
You can pay either a single premium or pay premiums is quarterly half yearly or annual form by cheque,
in cash or by bank drafts.
Eligibility
The age and term limits for looking out a personal pension plan area:
Minimu
Maxim
Maxim
Maxim
Minimu
m Term
um
um
um
m age
Term
Age
Age of of
entry
RP
10
SP
5
RP
40
15
SP
18
Retire
ment
RP
35
60
SP
50
80
70
81
Premiums
You agree to pay level premiums regularly, either quarterly, half-yearly or annually, throughout the term
of the policy or a single premium at the start of the policy. The minimum premium amount for regular
premium mode is Rs. 10,000 each year and for single premium, it is Rs. 25,000.
To facilitate increased investment, we allow additional single premium top-ups at any time. The
minimum single premium top-up is Rs. 5,000.
Premiums can be paid by cash, cheque or demand draft.
Benefits
At the chosen vesting date, the unitised fund value will be available to secure pension benefits. Subject
to the prevailing regulations, part of this value can be taken in the form of a cash lump sum and the rest
converted to an annuity at the rate then offered by HDFC Standard Life. Alternatively, if it is permitted
by the prevailing regulations, the proceeds net of any cash lump sum can be used to buy an annuity
with any other insurance company who will accept such business. The current maximum limit for any
cash lump sum is one-third of the unitised fund value on vesting.
On death the unitised fund value will be paid along with a cash lump sum of Rs. 1,000. The beneficiary
may use the proceeds to purchase pension benefits for the surviving spouse.
Your basic benefits will be paid by cheque.
Eligibility
The age and term limits for taking out a Unit Linked Pension Plan are:
(Years)
Minimum
Maximum
Term
Term
Minimum
Maximum
Minimum
Maximum
Age
Age
Age
Age
of
of
of
Entry
Entry
Vesting
Vesting
18
60
50
70
Regular
Premium
10
40
Version
82
of
Single
Premium
40
18
65
50
70
Version
COMPARITIVE ANALYSIS
HDFC PENSION-II VS BIRLA FLEXI SECURE LIFE RETIREMENT
Features
Age
Term
HDFC PENSION
18 - 60 years
10 - 30 years
Sum Assured
Assured.
Value of units partly in cash
available.
Unit Value is used to purchase an
annuity
Survival benefit
83
Death benefit
is given.
Assured is zero.
Withdrawal
benefit
Contribution/
available.
Minimum: Rs. 10,000 p.a.
available
Minimum Rs. 5,000 p.a.
premium
Flexible
Available
Not available
contribution
Investment
options
Surrender Value
Top-up
Switch
of Rs. 10,000
Charges
1st yr-27%, 2nd yr- 27%, 3rd yr
onwards- 1%
charge
month
Fund
Per annum.
Least in the industry 0.8% of
Management
Charges
Bonus units
Available
Not Available
Initial Charge
Admin Charge
84
Problem Definition
Development of an
approach to the problem
85
Report Preparation
3. Research Methodology
1- Title of the Study:
Primary Objective:- How Birla Sunlife Life Insurance is best services providers as a Life
Insurance Company.
II.
Secondary Objective:
To study about the effectiveness & efficiency of Birla Sunlife in relation to its competitors
To study about whether people are satisfied with Birla Sunlife Services & Management System
or not
To study about the difficulties faced by persons while Dealing with Birla Sunlife
To study about the need of improvement in the services & satisfaction level of customer.
86
4- Type of Research : On the basis of theoretical study a research has many types. All of these are
distributed on the nature of research.
Some of these are like
Descriptive Research:- Descriptive research includes surveys and fact finding enquires of
different kinds. The major purpose of descriptive research is description of the state of affairs as
it exists at present. Researcher has no control over the variables of this type of research.
II.
Qualitative Research:- In our research we need comparison between different stock brokers.
So this based on all qualitative data. In short, Qualitative research is especially important in the
behavioral sciences where the aim it to discover the under line motives of human behavior.
Through such research we can analyses various factors which motivate to people to behave in
a particular manner or which make people like or dislike a particular thing.
III.
Data collection
The word data means any raw information, which is either quantitative or qualitative in nature, which is
of practical or theoretical use. The task of data collection begins after a research problem has been
defined and research design chalked out. While deciding about the method of data collection, the
researcher should keep in mind that there are two types of data primary and secondary.
87
Primary data: This is those, which are collected afresh and for the first Time, and thus happen to be original in
character. There are many ways of data collection of primary data like observation method, interview
method, through schedules, pantry Reports, distributors audit, consumer panel etc. The Team
Managers and employees of both the Department were consulted to get information about procedure
of both the online and off line share trading. But the method used by us for the primary data collection
was through questionnaires.
4
Questionnaire method
For the collection of primary data I used questionnaire method. A formal list of questions, which are to
be asked, is prepared in a questionnaire and questions are asked on those bases. There are some
merits and demerits of this method. These as under: Merits: 1. Low cost even when universe is large.
2. It is free from bias of interviewer.
3. Respondents have proper time to answer.
4. Respondents who are not easily approachable can also be reachable.
5. Large samples can be made.
Secondary data: These are those data, which are not collected afresh and are used earlier also and thus they cannot
be considered as original in character. There are many ways of data collection of secondary data like
publications of the state and central govt., reports prepared by researchers, reports of various
associations connected with business, Industries, banks etc. And the method, which was used by us,
was with the help of reports of the company
5. Sample Size
88
We have meet 250 peoples during requirement Advisor and policy selling after that I have taken 25
Peoples they have fill up the questionnaire and given response .
6. Scope of Study
Birla Sunlife is one of the leading integrated financial Insurance institutions of India. The company
offers a large and diverse bouquet of services ranging from insurance, Mutual Fund, Financing,
Advance Loan providing on policies, working as a insurance advisory unit.
Birla Sunlife is the holding company for all its businesses, structured and being operated through
various subsidiaries. This study was conducted to know the Insurance Sectors cut throat competition. It
helps in identify the terms of Insurance market and know the practical knowledge of Insurance
companies and get work experience.
7. Limitation of Study
As only Rajasthan dealt in survey so it does not represent the view of the total Indian market.
The survey was carried through questionnaire and the questions were based on perception.
89
People have more number of Life Insurance policies as compared to Non Life Insurance.
Majority of the respondents preferred / have LIC policy since it was the only option due to
complete government control in insurance sector.
Majority of the respondents believe that covering future uncertainty is the most important
benefit of an insurance policy.
Majority of the respondents believed that larger risk coverage of their policy was the main
feature of their policy that attracted them to buy Birla Sunlife Insurance Policy though low
premium was the neat important feature.
Due to the increase concern of people towards their health/ life the Life Insurance
business has good prospects.
Out of total population of 1 billion of country, only 22% have insurance cover. So we can
say that there is still large potential for both public and private companies. Private
companies have to give customized product to compare with the LIC which have major
holding of the total market.
90
Inference
On the basis of above analysis it has been concluded that around 68% of the policy holders are having
life plan, 22% of them are having Retirement plan and rest of them are having the health plan.
91
Q: 2
Inference
On the basis of the analysis it has been concluded that around 72%of the people are satisfied with plan
they and rest if them are not satisfied.
92
Q: 3 Are you satisfied with the services provided by the company regarding new plans and schemes?
Inference
On the basis of the above analysis it has been concluded that around 82% of the policy holders are
satisfied with the services provided by the company and rest of them are not satisfied.
93
Q: 4
Inference
On the basis of the above analysis it has been concluded that around 67% of the policyholders are
interested to make more investments in BSLI and rest of them are not interested.
94
Q:5
95
96
97
Inference
From the above analysis it has been concluded that around 89% of policy holders are having other
insurance plans apart from BSLI , in which around 60 % are having LIC insurance plans, 11% are
having Bajaj Allianz, 9% are having Birla Sunlife, 8% are having ICICI Pru. and 12% are having other
company insurance plans.
98
Q: 6
If you get any attractive plan than are you ready to switch over?
Inference
On the basis of the above analysis it has been concluded that around 82% of the policy holders are
ready to switch over if they get good attractive insurance plan and rest of them dont.
99
6. SWOT ANALYSIS
STRENGTH :
Multi-channel distribution and one of the largest distribution net works in
India.
Implementing Six- Sigma process.
Customer centric products and services.
Superior investment and risk management framework
1 Million Policies sold within 3 and half years.
Company has maximum number of MDRT as well as good number of HNI
advisors.
Training process of the company is ver y strong.
Different plan for different peoples
According
to the
change
in
surrounding
environment
customer requirement.
WEAKNESS:
COMPANY does not penetrate on the rural market at a time.
There is no plan for the lo w income group.
Fees for the advisor is high than the other company.
100
like
changes
in
OPPORTUNITY:
Insurance market is ver y big, where company can expand its horizon in
insurance industr y.
Though good investment and insurance it is easy to top Indian customers.
The huge insurance market (77%) is left so company has opportunit y to expand
our products.
To associate with the more number of HNI.
THREATS:
OLD HABITS DIE HARD: Its still difficult task to win the confidence of public
towards private company.
The company is facing major threats from LIC -which is an only government
company.
Plans for all income groups is not available which can create adverse effect later on
the market share of the company.
101
7. CONCLUSION
The market potential for private insurance companies is found to be greater in the
long run as most of the Indians are of the opinion that, private insurance companies
would be able to perform well in the future. The private and foreign insurance
companies have to take immediate steps in appointing more number of agents and/or
advisors in addition to the employees as it has been found out that agents are the
best channel to reach the general public regarding selling of insurance products. The
private and foreign insurance companies have to concentrate on the factors like
'Prevention of Loss', 'Assured Returns' and 'Long term Investment'. They can also
focus on an insurance amount of Rs. 1 2 lakhs with 'money back policies'. Hence,
the market has potential. The private and foreign insurance companies that are taking
immediate steps can tap it easily & rapidly. Birla & HDFC both have some unique
plans those have good response from insurance takers. Birla sun life have better
opportunit y through its Dream Plan.
102
Even though most of the policy holders are satisfied with policies, plans they have but
some new attractive insurance plans should be introduce to bind them not to switch over to other
companies insurance plans.
2)
The company should find out the no. of people who are not having any of the insurance
plans through an intensive market research and motivate them to get insured.
3)
4)
5)
6)
Company should provide full information to the customers before targeting so they can
take interest.
Product differentiation: Offering a product that is distinctly different from other products available in
the market.
Riders: These are additional offerings along with the main product.
Flexibility: The Company should make their products flexible for the convenience of their customers.
103
Proper Policy Documentation: Wrong interpretations/ non awareness of policy document by the
customer may have serious implications in the long term and the possibility of the same should be
alleviated by the insurance companies.
104
9. APPENDIX
Questionnaire
Name:.....................................
Age:..
Occupation:..
Ques.1 Which Birla Sun Life Scheme does you have?
(a) Life
(b) Retirement
(c) Health
comment__________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
Ques.2 Are you satisfied with the Insurance plan you have?
(a) Yes
(b) No
comment__________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
Ques.3 What attract you towards Birla Sun Life Plans?
(a) .
(b)..
(c)..
(d)..
105
Ques.4 Are you satisfied with the services provided by the company regarding new plans and
schemes?
(a) Yes
(b) No
comment__________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
Ques.5 Are you interested to make more investments inBirla Sun Life ?
(a) Yes
(b) No
comment__________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
Ques.6 Have you any other Insurance Plan apart from Birla Sun Life?
(a) Yes
(b) No
comment__________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
106
(d) Reliance
(e) Others
comment__________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
Ques.8 If you get any attractive plan than are you ready to switch over?
(a) Yes
(b) No
comment__________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
Suggestions:
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
107
10.
BIBIOLIOGRAPHY
http//:www.BirlaSunlife.com
http//:www.irda.gov.in
http//:www.google.com
http//:www.hdfcinsurance.com
Company brochure
Company brochure/ GOLD- PLUSII PLAN
Company brochure/ Classic Life Premier
Birla sun life New Advisor Books
108