INTERNSHIP PROJECT REPORT ON

MARKETING STRATEGIES OF SBI LIFE INSURANCE WITH SBI LIFE

SUBMITTED BY CHETNA BAHRDWAJ Enrollment no. 13219201710 STUDENT OF

LINGAYAS LALITA DEVI INSTITUTE OF MANAGEMENT & SCIENCES

MANDI ROAD, NEW DELHI-110047

FOR THE PARTIAL FULFILLMENT OF BACHELOR IN BUSINESS MANAGEMENT

UNDER THE SUPERVISION OF Mr. . SUBMITTED TO

GURU GOBIND SINGH INDRAPASTHA UNIVERSITY DELHI, INDIA

CERTIFICATE
Certified that this project report Marketing strategies of SBI lifeis the bonafide work of chetna bhardwaj who carried out the project work under the supervision of <Name of faculty>.

<<Signature of the Head of the Department>> SIGNATURE <<Name>> HEAD OF THE DEPARTMENT

<<Signature of the Class Incharge>> SIGNATURE <<Name>> Project Incharge

<<Department>> <<Full address of the Dept & College >>

<<Department>> <<Full address of the Dept & College >>

DECLARATION

I hereby declare that the project work entitled [marketing strategies of sbi life] submitted to the [GURU GOBIND SINGH INDRAPRASTHA UNIVERSITY], is a record of an original work done by me under the guidance of [RESPECTIVE NAME], Faculty Member, [RESPECTIVE COLLEGE OR UNIVERSITY NAME AND PLACE FROM WHERE THE FACULTY MEMBER IS FROM ], and this project work has not performed the basis for the award of any Degree to the best of my knowledge. YOUR NAME] [ENROLMENT NO] [SIGNATURE OF STUDENT]

ACKNOWLEDGEMENT
I owe a great many thanks to a great many people who helped and supported me during the writing of this report. My deepest thanks to Lecturer, [LECTURER NAME] (the Guide of the project for guiding) for correcting various documents of mine with attention and care. He has taken pain to go through the project and make necessary correction as and when needed. I express my thanks to the hod of, [department], for extending his support. My deep sense of gratitude to [RESPECTIVE NAME] (DESIGNATION), [COMPANY NAME WHERE THE PROJECT WAS UNDERTAKEN] support and guidance. Thanks and appreciation to the helpful people at [COMPANY NAME WHERE THE PROJECT WAS UNDERTAKEN], for their support. I would also like to thank my Institute and my faculty members without whom this project would have been a distant reality.

TABLE OF CONTENTS
CHAPTER NO. TITLE ACKNOWLEDGEMENT PREFACE EXECUTIVE SUMMARY LIST OF TABLE (if any) LIST OF FIGURES LIST OF SYMBOLS PAGE NO. iii iv v xii xviii xxvii

1.

INTRODUCTION 1.1 1.2 GENERAL .... ......... 1.2.1 1.2.2 General ........... 1.2.2.1 General 1.2.2.2 . . . . . . . . . . 1.2.2.3 . . . . . . . . . . 1.2.3 1.3 1.4 ............

1 1 2 5 12 19 25 29 30 45 58 69 75 99 100

. . . . . . . . . . .. . . . . . . ..................

2.

LITERATURE REVIEW 2.1 2.2 GENERAL .......... 2.2 .

EXECUTIVE SUMMARY
This deals with the concluded aspects of the study carried out on perception about SBI Life Insurance. The basic objective is for the study is for which study was carried out has been fulfilled in the earlier chapter, based on the objective interview schedule was designed. Data collected based on schedule was analyzed and some findings have emerged. Business strategy Our long-term savings business is the groups engine for growth, accounting for 73% of total premiums written. Our strategy is to achieve profitable growth by providing customers with a wide choice of high-quality products through a mix of distribution channels. We operate in a combination of mature and developing markets, which offer excellent opportunities for both short-term and long-term growth. We have leading businesses in the UK and continental Europe, and more recent businesses in India, China and Eastern Europe where we see opportunities for substantial long-term growth. Our diverse and cost-efficient business model puts us in a strong position to benefit from further market upturns, particularly with the need for increased retirement savings in many countries. We share product knowledge and distribution expertise across the group to benefit all our businesses. Market position Aviva is one of the leading providers of life and pensions in Europe. During 2004 we consolidated our position as the UKs largest long-term savings company with a market share of over 12% and, as a leading bancassurance business in Spain, we have a share of the Spanish life market of around 10%. In Ireland we are the number three life and pensions company with an 11% market share. We are among the top five in the Netherlands, Ireland, Poland, Turkey, Lithuania and Singapore, among the top 10 in France, Italy, Belgium, Romania, Australia and India, and have significant operations in the United States and Germany. Our long-term savings operations in India and China are developing well, with large potential for growth over the longer term. Distribution We believe that a strong multi-distribution capability is a fundamental part of offering choice and excellent service to our customers. Our strategy is to align our distribution model to each market, and our distribution mix continues to evolve as these markets develop.

Independent advisers continue to be our largest source of new business, providing around 47% of worldwide sales. Bancassurance is important, generating 23% of the groups business, and is the dominant sales channel in a number of our markets. Direct sales represent 26% of the total, and partnerships with non-banking organisations provide the remaining 4% of sales. In more developed markets, such as the UK, France and the Netherlands, we have built the capacity to meet customer demand for a wider choice of products sold in a variety of ways, including advice through independent advisers and banking partners. Bancassurance distribution is an integral part of our strategy in some countries and the dominant channel in others, such as Italy, Spain, Singapore and Hong Kong. Our joint ventures in the developing markets of India and China sell through a combination of banks and direct sales.

INTRODUCTION THE INSURANCE INDUSTRY IN INDIA With the largest number of life insurance policies in the world, Insurance happens to be a mega opportunity in India. Its a business growing at the rate of 15-20 per cent annually and presently is of the order of Rs 450 billion (for the financial year 2009 2010). Together with banking services, it adds about 7% to the countrys Gross Domestic Product (GDP). The gross premium collection is nearly 2% of GDP and funds available with LIC for investments are 8% of the GDP. Even so nearly 80% of the Indian population is without life insurance cover while health insurance and non-life insurance continues to be below international standards. A large part of our population is also subject to weak social security and pension systems with hardly any old age income security. This in itself is an indicator that growth potential for the insurance sector in India is immense. A well-developed and evolved insurance sector is needed for economic development as it provides long term funds for infrastructure development and strengthens the risk taking ability of individuals. It is estimated that over the next ten years India would require investments of the order of one trillion US dollars. The Insurance sector, to some extent, can enable investments in infrastructure development to sustain the economic growth of the country.

KEY MILESTONES

1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business. 1928: The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses. 1938: Earlier legislation consolidated and amended by the Insurance Act with the objective of protecting the interests of the insuring public. 1956: 245 Indian and foreign insurers along with provident societies were taken over by the central government and nationalized. LIC was formed by an Act of Parliament- LIC Act 1956with a capital contribution of Rs. 5 crore from the Government of India.

The opportunities for insurance in India Only 25% of the insurable population has been extended cover. Market penetration is low and potential to exploit is high. Insurance premium per capita is very low ($4) Lack of a comprehensive social security system/state benefit and welfare means that demand for pension products should be high. Huge middle class of approximately 300 million. Existing insurance companies score low on the customer service front. With steadily increasing corporate asset values, need for insurance is on the rise. Competition can help ensure the best products with better services. The Alternatives to Insurance is as follows 1) The first alternative is to insurance is to provide Self-insurance, i.e., the individual has to create a fund to meet risk exigencies. Specified trusts also have tried to provide insurance by a scheme of self-insurance. However, these are not very popular. The postal department provides insurance coverage to all working people. There are many financial instruments which advocate savings and provide future returns at specific intervals such as the provident fund and pension plans. However none of these provide for life coverage.

Indian Insurance Industry A Macro View

In India, the life insurance business commenced in the year 1818 with the establishment of the Oriental Life Insurance Company in Kolkata. In 1956, LIC was formed and all the private players at that time were nationalized. The first general insurance company in India, Triton Insurance Company Ltd. was established in the year 1850 and the General Insurance Business (Nationalisation) Act, 1972, nationalised the general insurance business in India with effect from January 1st, 1973. On December 7, 1999, with the introduction of the Insurance Regulatory

and Development Authority (IRDA) Bill, the Indian insurance sector was opened to private competition in March, 2000. Now there are about 20 players in the industry, in India, non-life and life insurance sectors taken together. The Indian insurance industry is governed by

Insurance Act - 1938, General Insurance Business (Nationalisation) Act, 1972, Life Insurance Corporation Act - 1956 and Insurance Regulatory and Development Authority Act (IRDA) 1999. Insurance is a federal subject in India. IRDA regulations require insurance companies to invest not less than 15% of their funds in infrastructure and social sectors. International insurance companies also invest their funds in such projects. Under the guidelines, there is a 26 percent equity capital for foreign partners in an insurance company. Premium rates of most of the general insurance policies Advisory Committee. India is one country with the largest number of insurance policies in force in the world. It is a business with a growth rate of 15-20% annually and a total worth of Rs. 450 billion. Together with banking services it adds about 7 percent to the countrys GDP. Growth premium collection is nearly 2 percent of GDP and funds available with LIC for investments are 8 percent of GDP. come under the purview of the government appointed Tariff

COMPANY PROFILE About Us SBI Life Insurance is a joint venture between State Bank of India and BNP Paribas Assurance. SBI owns 74% of the total capital and BNP Paribas Assurance the remaining 26%. SBI Life Insurance has an authorized capital of Rs. 2,000 crores and a paid up capital of Rs 1,000 crores. Overview SBI Life Insurance is a joint venture between State Bank of India and BNP Paribas Assurance. SBI owns 74% of the total capital and BNP Paribas Assurance the remaining 26%. SBI Life Insurance has an authorized capital of Rs. 2,000 crores and a paid up capital of Rs 1,000 crores. Parentage Along with its 5 Associate Banks, State Bank Group has the unrivalled strength of over 16,000 branches across the country, arguably the largest in the world. BNP Paribas is the 1st largest French company and ranks 5th in the banking industry worldwide, 1st bank in Euro Zone as per Global 2000 Forbes 2008. It is 6th most valuable international banking brand as per Brand Finance 2008.BNP Paribas Assurance is the insurance arm of BNP Paribas. BNP Paribas, part of the worlds top 10 group of banks by market value and part of Europe top 3 banking companies, is one of the oldest foreign banks with a presence in India dating back to 1860. BNP Paribas Assurance is the fourth largest life insurance company in France, and a worldwide leader in Creditor insurance products offering protection to over 50 million clients. BNP Paribas Assurance operates in 41 countries mainly through the banc assurance and partnership model. Mission: "To emerge as the leading company offering a comprehensive range of life insurance and pension products at competitive prices, ensuring high standards of customer satisfaction and world class operating efficiency, and become a model life insurance company in India in the post liberalization period". Values: Trustworthiness Ambition Innovation Dynamism

 Excellence Multi-Distribution Model SBI Life has a unique multi-distribution model encompassing vibrant Bancassurance, Retail Agency, Institutional Alliance and Corporate Solutions distribution channels. SBI Life extensively leverages the State Bank Group relationship as a platform for cross-selling insurance products along with its numerous banking product packages such as housing loans and personal loans. SBIs access to over 100 million accounts across the country provides a vibrant base for insurance penetration across every region and economic strata in the country, thus ensuring true financial inclusion. Agency Channel, comprising of the most productive force of over 65,000 Insurance Advisors, offers door to door insurance solutions to customers. Key Milestones Financial Year 10-11: Won the most coveted NDTV Profit Business Leadership Award 2010. Globally topped the prestigious Million Dollar Round Table (MDRT) 2010 for having the maximum number of MDRT members. Awarded the Gold Shield by Institute of Chartered Accountants of India (ICAI) for Excellence in Financial Reporting. Won the ICS Quality Champion Award 2010 for Continual Quality Improvement. Adjudged Best Life Insurer 2010 Runner Up by Outlook Money. Launched an innovative customer care initiative - SMS SOLVE for prompt Grievance Redressal. Appraised at Maturity level 3 of Capability Maturity Model Integration (CMMI) Version 1.2 for its ISG Division. ICRA reaffirmed iAAA rating to SBI Life, indicating highest claims paying ability and meeting policyholders obligations. CRISIL, countrys leading rating agency, reaffirmed its highest financial rating AA A/Stable to SBI Life.

Financial Year 09-10: Reported a robust Net Profit of Rs.276 Crores. Crossed Rs.10,000 Crores in Gross Written Premium (GWP).

Ranked No.1, in New Business Premium, amongst private life insurance companies. Assets Under Management (AUM) grew by 96% to Rs.28, 551 Crores. Globally topped the prestigious MDRT 2009 for having Maximum number of MDRT Members. ICRA reaffirmed iAAA rating to SBI Life indicating highest claims paying ability. Awarded ISO Certification (ISO/IEC 27001:2005) for Information Security Management System (ISMS). Retained ISO 9001:2000 certificate for superior claim settlement process. Financial Year 08-09: Ranked among global top three in terms of number of Million Dollar Round Table (MDRT) members. Bagged the coveted personal finance award-Outlook Money NDTV Profit "Best Life Insurer 2008". CRISIL, countrys leading rating agency, reaffirmed its highest financial rating AAA/Stable to SBI Life. In 2007, SBI Life became the first life insurer in India to receive this rating from CRISIL. ICRA assigned iAAA rating indicating highest claims paying ability to SBI Life Insurance. Retained ISO 9001:2000 certificate for superior claim settlement process. Financial Year 07-08: Ranked amongst global top five life insurance companies in the number of MDRT members. Rated as the The Most Trusted Private Life Insurer according to a survey conducted by Brand Equity in association with AC Nielsen ORG-MARG and the Economic Times Intelligence Bureau. Became first life insurer in India to receive the highest financial rating AAA from CRISIL, the countrys best known rating agency in 2007. Forayed into micro insurance with the launch of Grameen Shakti in Bhubaneshwar, Orissa for the economically underprivileged sections of society. Received ISO 9001: 2000 certification for superior claim settlement process. Became the only domestic life insurer to achieve CMMI Level 3 certification for IT processes and software development capabilities. Financial Year 06-07: Second consecutive year of Profitability

Leads Private Life Insurance Companies in Lives covered : 6.49 Million lives covered Financial Year 05-06: Became the first Life Insurer to make Profits Gift Drishti

One of our corporate ethos, enhancing our SBI Life brand value, is about giving back to the society. In line with our Corporate Social Responsibility (CSR) initiatives, the cause of supporting our Elderly Citizens was initiated. Incidence of cataract blindness, annually at 3.28 million, is one of the most prevalent health ailments suffered by old people, particularly in rural pockets of our country. On the occasion of World Elder's Day on 1st October, CSR initiative - "Gift Drishti" (Restoring vision) was launched in partnership with HelpAge India, a registered national level voluntary body, working for the cause of disadvantaged aged persons. Restoring vision is done through Intra Ocular Surgery (IOL). SBI Life employees made monetary contributions to the cause. SBI Life donated twice the sum contributed by its employees. Eye sight for thousands of elderly citizens was restored across the rural parts of the country.

Gift Drishti Camps

Read India Pledge

SBI Life undertook the Corporate Social Responsibility (CSR) initiative, aimed at driving the cause to make children read and write. The campaign, "Read India Pledge" sensitized general public towards the cause and urged them to pledge & support the cause monetarily or by devoting time. The campaign was partnered by Pratham, one of the leading child-cause related NGOs and Radio Mirchi, a leading radio station. Read India Camps

Services SBI Life offers a wide range of services to you where not only you can track your account, generate premium online. Also you can now pay your premium online with our Electronic Clearing Service (ECS) which is convenient and minimizes time & effort. Click on the links on the left menu to explore the services offered. Calculate Premium SBI Life - Smart Wealth Assure SBI Life - Smart Performer SBI Life - Unit Plus Super SBI Life - Saral Maha Anand SBI Life - Smart Elite SBI Life - Smart Scholar SBI Life - Smart Horizon SBI Life - Lifelong Pension Plus SBI Life - Smart Pension SBI Life - Smart Shield SBI Life - Saral Shield SBI Life - Swadhan SBI Life - Scholar II SBI Life - Money Back SBI Life - Sanjeevan Supreme SBI Life - Shubh Nivesh SBI Life - Saral Life Unit Linked Plans Introduction: Unit Linked Insurance Plans are long term investment cum protection plans that offer you an opportunity of availing market linked returns while providing life insurance protection. Depending on your risk appetite, you have the option of choosing from host of funds having varied degree of risk exposure. Flexibility and transparency are some of the other attractive features that make ULIPs an attractive long term investment option.

To help you fulfill your long term dreams, SBI Life presents you a wide range of ULIPs so that you continue to Celebrate Life! SBI Life - Smart Performer (UIN : 111L068V01) (Product Code : 44)

Introduction Key Features Product Snapshot Benefits Introduction: The equity market may have its ups and downs, but you now have a protective shield that will safeguard your investments, while providing upside potential. SBI Life brings you Smart Performer, a unique Unit Linked, Non Participating insurance product that offers you the twin benefits of Higher than the Highest of the dai ly NAV Guarantee and the prospect of market upside. Whats more, it also allows you to protect your gains through Automatic Rebalancing facility and offers you a choice of Single and Limited Premium Payment options. Key Features: Guarantee at maturity based on 5% Higher than Highest Guaranteed NAV during the first seven years or prevailing NAV at Maturity, whichever is higher, subject to conditions#. Enjoy the best of both worlds - Guarantee only or Guarantee and Market Upside through our unique Plan offerings - Secure Plan and Secure N Grow Plan respectively Automatic Rebalancing to Lock-in your gains Convenience through single premium (SP) or 5 year Premium Paying Term (PPT) Life Insurance coverage with minimum Sum Assured of 10 times or 7 times of your Annualised Premium (AP), based on your age.

 Liquidity through Partial Withdrawal(s) Option to customize the product with Accidental Death Benefit Attractive Tax benefits under the Income Tax Act, 1961, subject to conditions
**

Product Snapshot Age at Entry* Age at Maturity Premium Payment Term Minimum Amounts Limited (X Min: 9 years Max: 75 years SP or 5 years Premium Yearly 100) Half-yearly Quarterly Monthly Rs Rs Rs Rs 50,000 44,000 36,000 20,000 Max: 65years

Minimum Single Premium (X 100) Rs Maximum Limited/Single Premium No limits Amounts Policy Term Premium Modes Sum Assured 10 years from the start of the subscription period. Single / Yearly / Half-yearly / Quarterly / Monthly Age/PPT For 5 yr PPT Minimum Below Yrs Between 45yrs 60yrs & 7 * AP 20*AP 1.25*SP 45 10 * AP Maximum 20*AP For SP Minimum 1.25*SP

60,000

Maximum 5*SP

5*SP

61 yrs and 7 * AP above Plan Options 2 Plan Options: 1.

7 * AP

1.25*SP

1.25*SP

Secure Plan - All your funds would be invested in the Daily Protect Fund II

2.

Secure N Grow Plan - 80% of your funds would be invested in the Daily Protect Fund II and 20% would be invested in the Index Fund

All

the

references

to

age

are

age

as

on

last

birthday.

Benefits: Maturity Benefit: On completion of Policy Term, Maturity Value will be paid. Maturity value for the Daily Protect Fund II will be calculated based on NAV which is higher of: Prevailing NAV as on date of Maturity OR Higher than Highest Guaranteed NAV: There will be an increment of 5% to the Highest NAV achieved during the first seven years under the Daily Protect Fund II. Death Benefit: Higher of the Fund Value or Sum Assured## is payable; subject to a minimum of 105% of the total premiums paid## at the time of death. The death benefit is payable only for inforce policies. Accidental Death Benefit Option: Accidental Death Benefit: Provides additional death benefit if the death occurs as a result of an accident.
#

The Guaranteed NAV is applicable only in respect of the Daily Protect Fund II and shall be available only at

maturity, and shall be further subject to the Policy being in force till the maturity date. Guarantee charge of 0.50% p.a. of Daily Protect Fund II value, would be recovered from the fund (through cancellation of units) to provide the NAV guarantee.

##

Net of partial withdrawals

**

Tax benefits are subject to change in tax laws. Please consult your tax advisor for details.

For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale. SBI Life - Saral Maha Anand (UIN : 111L070V01) (Product Code : 50) Mortality Rates for SBI Life - Saral Maha Anand Introduction Key Features Product Snapshot Benefits Rider Brochures

Introduction: SBI Life - Saral Maha Anand, a unit linked insurance cum savings plan. Getting a Life Insurance policy was never so easyNo medical examination, which means hassle-free coverage. Enjoy the power of liquidity through partial withdrawals. All these benefits at affordable costs, only for you. Key Features: No medical examination, Simple joining process#. Liquidity through Partial Withdrawals. Guaranteed Additions## of up to 30% of one annual premium, for a 20 year policy term, subject to the Policy being in force till the maturity date. Option to avail additional rider benefit under SBI Life - Accidental Death Benefit Linked Rider (UIN: 111A019V01) 4 Fund options, to enjoy market related returns as per your risk appetite. Twin Benefit of Market linked returns & insurance cover.

Product Snapshot

Age at Entry ^ Max. Age at Maturity Policy Term Minimum Premium Amounts (x100)

Minimum: 18 years 65 years

Maximum: 55 years

10 years / 15 years / 20 years Yearly : Rs. 15,000/-

Half-yearly : Rs. 9,500/Quarterly Monthly : Rs. 5,500/: Rs. 2,000/: Rs. 29,000/-

Maximum Premium Amounts (x100)

Yearly

Half-yearly : Rs. 14,500/Quarterly Monthly : Rs. 7,200/: Rs. 2,400/-

Premium Modes Sum Assured

Yearly / Half-yearly / Quarterly / Monthly Minimum: Age below 45 years : 10 AP

Age 45 years or above : 7 AP Maximum: 20 AP Partial Withdrawals Upto 15% of Fund Value can be withdrawn each year, from 6th year onwards, subject to conditions. One partial withdrawal is free in a policy year. Tax Benefits** Under Sec. 80C and Sec. 10(10D) of Income Tax Act,1961

^ All the references to age are age as on last birthday

**

Tax benefits are subject to change in tax laws. Please consult your tax advisor for details.

Benefits:

Maturity Benefit: On completion of Policy Term, Fund Value will be paid. Death Benefit: Higher of the Fund Value or Sum Assured* is payable; with a minimum of 105% of total basic premiums paid* till the time of death. Rider Benefits: Accidental Death Benefit Linked Rider: Provides additional death benefit if the death occurs as a result of an accident.

Rider Brochures:
#

SBI Life - Accidental Death Benefit Linked Rider No medical underwriting if no adverse declaration is made in the proposal form by the

policyholder
## *

For any partial withdrawal done, the guaranteed addition shall be reduced proportionately.

Net of partial withdrawals.

For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale Unit Linked products are different from the traditional products and are subject to market risks. The premium paid in Unit Linked policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions.SBI Life is only the name of the insurance company and SBI Life Saral Maha Anand is the name of the unit linked insurance contract and does not in any way indicate the quality of the contract, its future prospectus or returns. Please know the associated risk and applicable charges from your Insurance Advisor or the intermediary or the policy document. Insurance is the subject matter of solicitation.

Careers Introduction SBI Life Insurance is a joint venture between State Bank of India and BNP Paribas Assurance of France. We are the first private life insurance company to make profit for three consecutive years, and to receive AAA rating from CRISIL signifying highest financial strength. In the 2007 survey conducted by ACNielsen ORG MARG and Economic times, we have been voted as the most trusted private life insurance brand. Join us for a rewarding and enriching career.

You may be interested to know that SBI Life, Won the most coveted NDTV Profit Business Leadership Award 2010 Globally topped the prestigious Million Dollar Round Table (MDRT) 2010 for having the maximum number of MDRT members Awarded the Gold Shield by Institute of Chartered Accountants of India (ICAI) for Excellence in Financial Reporting Won the ICS Quality Champion Award 2010 for Continual Quality Improvement. Adjudged Best Life Insurer 2010 - Runner Up by Outlook Money Launched an innovative customer care initiative - SMS SOLVE for prompt Grievance Redressal Appraised at Maturity level 3 of Capability Maturity Model Integration (CMMI) Version 1.2 for its ISG Division ICRA reaffirmed iAAA rating to SBI Life, indicating highest claims paying ability and meeting policyholders obligations CRISIL, countrys leading rating agency, reaffirmed its highest financial rating AAA / Stable to SBI Life.

Mortality Rates for SBI Life - Unit Plus Super Introduction Key Features Product Snapshot Benefits Rider Brochures Introduction: SBI Life Unit Plus Super is a flexible non participating Unit linked insurance Plan, specially designed to meet your changing requirements at various stages of life. With a wide array of funds, riders and other options, this product gives you the complete freedom to fulfill all your investment and insurance needs. And thats not all; we now also offer you guaranteed additions and choice of payment options, giving you far superior value. Key Features:

 Guaranteed Additions# of up to 75% of one annual regular premium on a regular premium policy, for a 30 year policy term, subject to the Policy being in force till the maturity date. No Policy Administration fee for first 5 years for Regular and Limited Premium Paying Term (LPPT) plans, thereby boosting your fund value No Premium Allocation Charge from 11th year onwards Guaranteed Additions starting as early as 10th policy year onwards Enhanced investment opportunity through 9 varied Fund Options including P/E Managed Fund, Index Fund & Top 300 Fund Option to pay Regular/Limited/ Single Premium; Switch or Redirect your premiums Flexible product with an option to increase/decrease your Sum Assured from 6th year onwards Life Insurance coverage, with minimum Sum Assured, based on your age Liquidity through Partial Withdrawals. Option to customize the product with a wide range of riders: SBI Life - Criti Care 13 Rider (UIN: 111A018V01), SBI Life - Accidental Death Benefit Linked Rider (UIN: 111A019V01), SBI Life - Premium Payor Waiver Benefit Rider (UIN: 111A017V01) and SBI Life - Income Sustainer Rider (UIN: 111A020V01). Product Snapshot Age at Entry* Age at Maturity Policy Term Min. Term: For Regular Premium (RP) -10 yrs, 15 to 30 years (both inclusive) For Limited Premium Payment Term (LPPT) - 10 yrs, 15 to 30 years (both inclusive) For Single Premium (SP) - 5 years Min: 7 years 75 years Max: 65 years

Max. Term: For Regular/Limited/Single Premium Option 30 years Premium Payment Term For Regular Premium Same as Policy Term For Limited Premium Payment Term (LPPT) Policy Term 10 year 15-30 years PPT 5 or 8 years 5 or 8 or 10 years

For Single Premium Single Payment Premium Amount (X 100) For RP For LPPT For SP Premium Modes Sum Assured Minimum: For Regular Premium (RP) & LPPT For Ages below 45 yrs : Higher of {10 * Annual Premium (AP) or (0.5 * Term * AP)} For Ages 45yrs & above: Higher of {7 * AP or (0.25 X Term X AP)} Single /Yearly Minimum Rs. 30,000 Rs. 40,000 Rs. 65,000 Maximum Rs. 1,50,000 Rs. 1,50,000 Rs. 1,50,000

For Single Premium (SP) For Ages below 45 yrs: 1.25 * SP For Ages 45yrs & above: Fixed - 1.25 * SP Maximum: Particulars For Regular Premium For Limited Premium For Single Premium

Entry Age

Below 45 yrs

45 yrs & above

Below 45 yrs

45 yrs Below & above 45 yrs

Sum Assured

20 * AP

20 * AP

20 * AP 15 * AP

5 * SP

* All the references to age are age as on last birthday. Benefits: Maturity Benefit: On completion of Policy Term, Fund Value will be paid. Death Benefit: Higher of the Fund Value or Sum Assured## is payable; with a minimum of 105% of total basic premiums paid## till the time of death. Rider Benefits: Criti Care 13 Rider: Provides lump sum amount to take care of 13 Critical Illnesses which include Cancer, Coronary Artery Bypass Graft Surgery, Heart Attack, Heart Valve Surgery, Kidney Failure, Major Burns, Major Organ Transplant, Paralysis, Stroke, Surgery of Aorta, Coma, Motor Neurone Disease and Multiple Sclerosis Accidental Death Benefit Linked Rider: Provides additional death benefit if the death occurs as a result of an accident. Premium Payor Waiver Benefit Rider: In the event of the death of the Proposer, the cover for the Life Assured under the base policy continues and the future premiums under the base policy, payable during the rider term, will be paid by the Company. Income Sustainer Rider: Provides additional benefit in the case of death or in the case of Total & Permanent Disability due to Accident or Sickness, whichever is earlier. A 25% of income sustainer benefit sum assured is paid upfront and 1% of income sustainer benefit sum assured is paid monthly in arrears for 10 years or till the end of the base policy term (capped at a maximum of 30 years) whichever is higher.

Rider Brochures: SBI Life - Accidental Death Benefit Linked Rider SBI Life - Criti Care 13 Rider SBI Life - Income Sustainer Rider SBI Life - Premium Payor Waiver Benefit Rider
#

For any partial withdrawal done, the guaranteed addition shall be reduced

proportionately.
##

Net of partial withdrawals.

For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.

SWOT etc. Huge capital investment will be required to create infrastructure particularly in IT and telecommunications, a call center will have to be created, top professionals of both industries will have to be hired, an R & D cell will need to be created to generate new ideas and products. It is therefore essential to have a SWOT analysis done in the context of banc assurance experiment in India. Strengths: In a country of 1 Billion people, sky is the limit for personal lines insurance products. There is a vast untapped potential waiting to be mined particularly for life insurance products. There are more than 900 Million lives waiting to be given a life cover (total number of individual life policies sold in 1998-99 was just 91.73 Million). There are about 200 Million households waiting to be approached for a householder's insurance policy. Millions of people traveling in and out of India can be tapped for Overseas Mediclaim and Travel Insurance policies. After discounting the population below poverty line the middle market segment is the second largest in the world after China. The other strength lies in a huge pool of skilled professionals whether it is banks or insurance companies who may be easily relocated for any bancassurance venture. LIC and GIC both have a good range of personal line products already lined up; therefore R & D efforts to create new products will be minimal in the beginning. Additionally, GIC with 4200 operating offices and

LIC with 2048 branch offices are almost already omnipresent, which is so essential for the development of any bancassurance project. Weaknesses: The IT culture is unfortunately missing completely in all of the future collaborators i.e. banks, GIC & LIC. A late awakening seems to have dawned upon but it is a case of too late and too little. Elementary IT requirement like networking (LAN) is not in place even in the headquarters of these institutions, when the need today is of Wide Area Network (WAN) and Vast Area Network (VAN). Internet connection is not available even to the managers of operating offices. The middle class population are today overburdened, first by inflationary pressures on their pockets and then by the tax net. Where is the money left to think of insurance? Fortunately, LIC schemes get IT exemptions but personal line products from GIC (Mediclaim already has this benefit) like householder, travel, etc. also need to be given tax exemption to further the cause of insurance and to increase domestic revenue for the country. Another drawback is the inflexibility of the products i.e. it can not be tailor made to the requirements of the customer. For a bancassurance venture to succeed it is extremely essential to have in-built flexibility so as to make the product attractive to the customer Opportunities: Banks' database is enormous even though the goodwill may not be the same as in case of their European counterparts. This database has to be dissected variously and various homogeneous groups are to be churned out in order to position the bancassurance products. With a good IT infrastructure, this can really do wonders. Other developing economies like Delhi & NCR have already taken a leap in this direction and they are not doing badly. There is already an atmosphere created in the country for liberalization and there appears to be a political consensus also on the subject. Therefore, RBI or IRA should have no hesitation in allowing the marriage of the two to take place. This can take the form of merger or acquisition or setting up a joint venture or creating a subsidiary by either party or just the working collaboration between banks and insurance companies. Success of a bancassurance venture requires change in approach, thinking and work culture on the part of everybody involved. Indian work force at every level are so well entrenched in their classical way of working that there is a definite threat of resistance to any change that

bancassurance may set in. Any relocation to a new company or subsidiary or change from one work to a different kind of work will be resented with vehemence. Another possible threat may come from non-response from the target customers. This happened in USA in 1980s after the enactment of Garn - St Germaine Act. A rush of joint ventures took place between banks and insurance companies and all these failed due to the non-response from the target customers. US banks have now again (since late 1990s) turned their attention to insurance mainly life insurance. The investors in the capital may turn their face off in case the rate of return on capital falls short of the existing rate of return on capital. Since banks and insurance companies have major portion of their income coming from the investments, the return from bancassurance must at least match those returns. Threats The increasing cost and need for insurance might hit a point where a backlash will occur. Government regulations on issues like health care, mold and terrorism can quickly change the direction of insurance. Increasing expenses and lower profit margins will hit hard on the smaller agencies and insurance companies. Increasing expenses and lower profit margins will hit hard on the smaller agencies and insurance companies. OBJECTIVE OF THE STUDY 1) To know the Marketing Strategies Future Generali Life Insurance with others Insurance Companies. 2) To know the different reasons why people buy insurance. 3) To examining the customers preferences and priorities towards types of insurance products. 4) It was difficult to get appointment from the person whom I know because of their busy schedule. 5) Since the project had to be submitted within seven weeks and within this time period Its very difficult to convert. 6) Since the study involved a through analysis of the insurance market and relative study of various players offering the similar products and that of similar, it was required a

dedicated labor in term of both time and effort. Since the curriculum did not permit more time, the study had to be very limited. 7) To analyse future prospects of SBI Life Insurance Co. Ltd. 8) To know the target buyer in terms of income and age 9) To know the type of life cover most preferred by the public 10) To find out what policies Future Generali Life Insurance is providing 11) To find out the various policies in life insurance 12) To study the benefits of this product provided by Future Generali Life Insurance. 13) To know the consumer feedback. 14) To know the marketing strategies adopted to promote these products

RESEARCH METHODOLOGY RESEARCH DESIGN During this research approach is taken into consideration because of the availability ty of relevant information to describe the relationships between the marketing problem and the available information. TYPES OF DATA USED. Both primary and secondary data is used in the research Data Collection Methods To conduct the market research the data is collected by two source. Secondary Data Secondary data is one which already exists and is collected from the published sources. The sources from which secondary data was collected are: Newspapers and Magazines like Economic Times, Insurance Times, and Insurance Post. Internet Primary Data The primary sources of data refer to the first hand information Primary data is collected during the survey with the help of Questionnaires. SAMPLING METHODOLOGY Sampling Unit: Individuals Sampling Area: New Delhi Sample Size: 100 people in New Delhi

SCOPE OF THE STUDY

During my training my objective of project was to study the market growth of Future Generali Life Insurance along with growing number of Future Generali Life Insurance Channel partners. Other than this I have organized Employee and business man Purchase Program which includes demonstration of Service in order to increase its sales & demand.

PRESENTATION AND ANALYSES MARKETING STRATEGY USED BY SBI LIFE INSURANCE CO. LTD Welcome to the 7th edition of marketing strategy our quarterly round up of news around the region. As banc assurance continues to dominate the news, we thought it might be interesting to share the results of a recent Mystery Shopping exercise conducted in Indonesia. Mystery Shopping is a superb way to find out what really happening at your front line. Fully briefed act as normal customers in order to experience visiting a bank branch and undergoing a typical sales experience. In Indonesia, we carried out our last such exercise in 2007 and the results were not too impressive unsurprising given that a true in-branch sales model had only recently been introduced. Against the potential number of sales opportunities presented, only 2.5% were actually. In 2010, there was a marked improvement in the front end of the sales process (first impressions of the branch such as approach and welcoming techniques, introduction to the insurance specialist, interest shown etc). Closing techniques and referral rates were down but the overall number of potential sales opportunities spotted had increased to 12%. When presenting these results at a recent conference, it was interesting to see the focus on model works best? from the audience. Encouragingly, all of the presenters stressed that it is actually the execution of the model which will make the biggest difference to success, not the model itself. From our perspective, this is very much the case. The Indonesian exercise highlighted the need for companies and ensure processes and practices are systematic and monitored on an ongoing basis. There really is no excuse for not identifying customers needs and presenting a process which helps to meet these through appropriate product recommendations Even at these levels of performance, bancassurers in Indonesia are already accounting for around 20% of new business. Just imagine what could be achieved with further process improvements!

REPORT OF DATA COLLECTION AGE OF THE RESPONDENTS PARTICTULARS Less than 25 25 - 35 35 45 Above 45 TOTAL NO.OF.RESPONDENT 11 40 20 29 100 PERCENTAGE 11% 40% 20% 29% 100

Age of the Respondents

NO.OF.RESPONDENT 100 80 60 40 20 0 Less 25 - 35 35 - 45 than 25 Above 45 TOTAL PERCENTAGE

ANALYSIS: From the survey it was found that amongst 100 respondents a) b) c) d) 11% of the respondents are less than 25 years old. 40% of the respondents are between 25 and 35 years of age. 20% of the respondents are between 35 and 45 years of age. 29% of the respondents are more than 45 years of age.

2. QUALIFICATION OF THE RESPONDENTS. PARTICUALR Graduate Post Graduate Diploma Other discipline TOTAL NO.OF.RESPONDENT 52 29 8 11 100 PERCENTAGE 52% 29% 8% 11% 100%

Qualification of the Respondents

Graduate Other discipline 100 80 60 40 20 0 PERCENTAGE NO.OF.RESPONDENT Post Graduate TOTAL Diploma

ANALYSIS: From the survey it was found that amongst 100 respondents a) b) c) d) 52% of the respondents were graduate 29% of the respondents were post graduate 8% of the respondents were diploma 10% of the respondents were other discipline

3 OCCUPATIONS OF THE RESPONDENTS PARTICULARS Business man Professionals Job holders Others TOTAL NO.OF.RESPONDENT 34 18 37 11 100 PERCENTAGE 34% 18% 37% 11% 100%

Occupation of the Respondents

Business man Others 100 80 60 40 20 0 NO.OF.RESPONDENT Professionals TOTAL Job holders

ANALYSIS: From the survey it was found that amongst 100 respondents a) b) c) d) 34% of the respondents are businessmen. 18% of the respondents are professionals. 37% of the respondents are jobholders. 11% of the respondents are background.

4 AVERAGE ANNUAL INCOMES OF RESPONDENTS. PARTICULARS Up to 1 lakh 1 lakh 3 lakh 3 lakh 5 lakh 5 lakh & above TOTAL NO.OF.RESPONDENT 33 43 20 4 100 PERCENTAGE 33% 43% 20% 4% 100%

Average annual income of respondents.

100 80 Up to 1 lakh 1 lakh - 3 lakh 3 lakh - 5 lakh 5 lakh & above TOTAL 60 40 20 0 NO.OF.RESPONDENT

ANALYSIS: From the survey it was found that amongst 100 respondents a) 33% of the respondents have an average annual income up to 1 lakh b) 43% of the respondents have an average annual income from 1 lakh to 3 lakh c) 20% of the respondents have an average annual income from 3 lakh to 5 lakh d) 4% of the respondents have an average annual income above 5 lakh

5 FAMILY SIZE OF RESPONDENTS PARTICULARS Below 5 members 5 - 10 members Above 10 members TOTAL NO.OF.RESPONDENT 50 32 28 100 PERCENTAGE 50% 32% 28% 100%

FAMILY SIZE

28% 50% below 5 members 5- 10 member above 10 member 32%

ANANLYSIS: From the survey it was found that amongst 100 respondents a) 50% of the respondents are below 5 members. b) 32% of the respondents are between 5 to 10 members. c) 28% of the respondents are above 10 members.

6 ACCORDING TO LIFE INSURANCE PARTICULARS Risk Coverage Tax Savings Good return Security All the above TOTAL NO.OF.RESPONDENT 10 3 4 3 80 100 PERCENTAGE 10% 3% 4% 3% 80%

Life Insurance is
Risk Coverage Security 100 80 60 40 20 0 NO.OF.RESPONDENT Tax Savings All the above Good return TOTAL

ANALYSIS: From the survey it was found that amongst 100 respondents a) b) c) d) e) 10% of the respondents say risk coverage. 3% of the respondents say tax savings. 4% of the respondents say good returns. 3% of the respondents say financial security. 80% of the respondents say all of the above.

7 AWARENESS OF SBI LIFE INSURANCE INSURANCE PARTICULARS Yes No TOTAL NO.OF.RESPONDENT PERCENTAGE 17 83 100 17% 83% 100%

Awareness of ICICI Pru

Yes No TOTAL

100 80 60 40 20 0 NO.OF.RESPONDENT

ANALYSIS: From the survey it was found that amongst 100 respondents a) 83% of the respondents say that they are aware of SBI Life Insurance. b) 17% of the say that they are unaware of SBI Life Insurance

8 AWARENESS REGARDING INSURANCE PARTICULARS Yes No TOTAL NO.OF.RESPONDENT 2 98 100 PERCENTAGE 2% 98% 100%

INSURANCE AWARENESS
100 90 80 70 60 50 40 30 20 10 0 Yes No TOTAL

NO.OF.RESPONDENT PERCENTAGE

ANALYSIS: From the survey it was found that amongst 100 respondents a) 98% of the respondents say that they are aware of insurance. b) Only 2% are unaware of insurance.

9. PERCENTAGE OF RESPONDENTS WHO ARE UNDER DIFFERENT PLANS OF SBI LIFE INSURANCE.

PARTICULARS Invest gain plan Unit gain plan Child gain plan Whole life plan Pension plan TOTAL

NO.OF.RESPONDENT 41 36 8 15 No 100

PERCENTAGE 41% 36% 8% 15% No 100%

INSURANCE PLANS OF BHARTI AXA PRUDENTIAL

15% 8% 41%

36%

Invest gain plan Unit gain plan Child gain plan Whole life plan Pension plan

ANALYSIS: From the survey it was found that amongst 100 respondents a) b) c) d) e) 41% of the respondents are under invest gain plan 36% of the respondents are under unit gain plan 8% of the respondents are child gain plan 15% of the respondents are whole life plan No body under pension plan

10

PERCENTAGE

OF

RESPONDENTS

BENEFITS

OF

CHOOSING

THE

PARTICULAR PRODUCTS

PARTICULARS Risk coverage Additional benefit Maturity date Sum Assured TOTAL

NO.OF.RESPONDENT 60 20 12 8 100

PERCENTAGE 60% 20% 12% 8% 100%

Benefits of Particular Products

100 90 80 70 60 50 40 30 20 10 0 1 2

Risk coverage Additional benefit Maturity date Sum Assured TOTAL

ANALYSIS: a) 36% of the respondents say that a benefit of choosing the particular Product is for Safety of life. b) 20% of the respondents say that a benefit of choosing the particular products is for additional benefit to family c) 12% of the respondents say that a benefit of choosing the particular products is for maturity date d) 8% of the respondents say that a benefit of choosing the particular products is for sum assured

11 PERCENTAGE OF DISADVANTAGES IN INSURANCE PLAN

PARTICUALRS Liquidity Lapsation Unable to decide premium High risk coverage Fixed Term TOTAL

NO.OF.RESPONDENT 35 20 19 14 12 100

PERCENTAGE 35% 20% 19% 14% 12% 100%

Disadvantages in Insurance Plans

100 80 60 40 20 0 NO.OF.RESPONDENT Liquidity Unable to decide premium Fixed Term Lapsation High risk coverage TOTAL

ANALYSIS: From the survey it was found that amongst 100 respondents a) 35% of the respondents say that disadvantages in insurance plan are liquidity. b) 20% of the respondents say that disadvantages in insurance plan are lapsation. c) 19% of the respondents say that disadvantages in insurance plan is unable decide premium. d) 14% of the respondents say that disadvantages in insurance plan are high-risk coverage at high premium. e) 12% of the respondents say that disadvantages in insurance plan is fixed term

12 PERCENTAGE OF RESPONDENTS WHO WANT TO INVEST IN THESE DIFFERENT AVENUES. PARTICUALRS Recurring Deposit Equity Fund Balanced Fund Mutual Fund Debt Fund Cash Fund TOTAL NO.OF.RESPONDENT 40 25 10 11 5 9 100 PERCENTAGE 40% 25% 10% 11% 5% 9% 100%

INVESTMENT AVENUES
9% 40% R.D Equity Balanced fund Mutual Fund 10% 25% Debt Fund Cash Fund

5% 11%

ANALYSIS: From the survey it was found amongst 100 respondents a) b) c) d) e) f) 40% of respondents say that they want to invest in R.D 25% of respondents say that they want to invest in equity 10% of respondents say that they want to invest in balanced fund 11% of respondents say that they want to invest in mutual fund 5% of respondents say that they want to invest in debt market 9% of respondents say that they want to invest in cash

SALES & DISTRIBUTION STRATEGY

1st distribution channel

1. In this type of channel the company uses its sales representatives to deal with the dealers directly. The dealers place the order through the sales representatives who visit them periodically, and the products are delivered directly from the company. Some companies appoint Direct Dealers who act as their Franchisee Outlets or their Exclusive showrooms. 2nd distribution channel

2. In this channel of distribution the company appoints distributors on the basis of District/ Population /No of Dealers to be handled by one distributor. The area of operation and its potential is also taken into consideration. Some of the companies make the distributor totally responsible from appointing the dealers to providing after sales service. 3rd distribution channel followed by reliance

3. In this channel of distribution the company appoints Distributors as well as Direct Dealers.

The company appoints distributors to deal with small dealers who order small quantities. With the dealers who have good potential and sales the company deals directly. 4th distribution channel followed by reliance

In this channel the company appoints a C&F agent who acts on behalf of the company. The C&F agent is totally responsible for appointment of Distributors and Direct Dealers. He sells to both the Distributors and the Direct Dealers at the same rates.

DISTRIBUTION NETWORK SBI Life Insurance

SBI LIFE INSURANCE

TIER I VOLUME TIER I Distributors System Integrators RESELLER

Own sales force

Value Resellers
Resellers

CUSTOMER

CHANNEL STRUCTURE Scenario 1 Companys warehouse at Singapore Scenario 2 Customer

(placing order directly) (Direct billing)

customer To save the consumer from paying extra amount in the form of taxes and duties a consumer can directly place an order with the Kwality Dairy warehouse at Singapore scenario1 is a pictorial representation of the same, also there maybe a case where all the 4 or any one of the national distributors have warehouses in Singapore and consumer places order with these distributor then in that case these distributors will place the order to Kwality Dairy which will have direct billing with the distributors and distributors will have direct billing with the consumer. How do the finished products of your company move from your end to consumers end?

CONSUMER

RESELLER

In this distribution network a customer with the small requirement reaches the reseller who buys the product from the big distributors like Ingram, Redington,Tech pacific and iris.How the finished products moves from Kwality Dairy end to consumers end:

CONSUMER

RESELLER

In this distribution network a customer with the small requirement reaches the reseller who buys the product from the big distributors like Ingram, Redington, Tech pacific and iris. SALES FORCE VALUE RESELLER Futrue Generali India Life Insurance

BUSINESS

This model is drawn to show that for named accounts or big business opportunities it is the companies own sales force and system integrators (value resellers), which hunts down the prospective business. SBI Life Insurance is planning to join hands with the cooperative banks in India to expand its reach besides augmenting its direct sales force significantly. Bankassurance has been one of our strongholds in India and we prefer to make cooperative banks a channel to reach the countryside in India, Mr Bert Paterson, Managing Director, SBI Life Insurance India, told Business Line during the International Insurance Summit held recently in Prague.

SBI Life Insurance has two primary distribution channels, its direct sales force as well through its bank partnerships. SBI Life Insurance has pioneered bancassurance in the country through its tie-ups with four leading private and nationalized Banks in the country. They are ABN AMRO Bank, American Express Bank, Canara Bank and The Lakshmi Vilas Bank Ltd. These associations give SBI Life Insurance potential access to over 2600 bank branches serving over 30 million customers. Already SBI Life Insurance is recognised as the leader in Bancassurance and 70 percent of SBI Life Insurance 's business comes through this channel. Our investment strategy involves investing the customers' funds in a prudent manner in order to maximize the returns without exposing him to undue risk on account of fluctuations in the market. We are the only life insurance company in India having our own in house fund management team based in Mumbai. Our investment performance this year has been ahead of

benchmark indices and ahead of the performance of our competitors based on the published data for balanced funds. Competition Information Life Insurance Corporation of India Life Insurance Corporation of India was created on 1st September, 1956, with the objective of spreading life insurance much more widely and in particular to the rural areas with a view to reach all insurable persons in the country, providing them adequate financial cover at a reasonable cost. LIC became so popular in India that common people understand insurance means LIC. The Central office of LIC is at Mumbai and seven zonal offices at Mumbai, Delhi, Kolkata, Chennai, Hyderabad, Kanpur and Bhopal. There are 100 divisional offices in important cities and 2,048 branches offices. More than 5.59 Lakh at active agents spread over the country. It has also offices at abroad in Fiji, Mauritius and Unit7ed Kingdom for business transaction. LIC is associated with joint ventures abroad with several companies in the field of insurance.

Aviva Life Insurance Aviva plc was launched in 1st July 2002 as a new name for CGNU plc. A world leader in financial services, the group has 300-year pedigree. Aviva brings together 50 trading names and enables the group to harness the benefits of its size and international capabilities as the seventh largest insurer in the world. Its main activities are long-term savings, fund management and general insurance. The group has 56,000 employees serving 30 million customers worldwide. HDFC - Standard Life Insurance HDFC Standard Life Insurance Company is a joint venture between India's largest housing finance provider, HDFC and Europe's largest mutual life assurance company .The Standard Life Assurance Company (U. K). Standard Life, UK, founded in 1825, has been at the forefront of the UK insurance industry for 175 years by combining sound financial judgment with integrity and reliability. It is the Largest Mutual Life company in Europe and has total assets of Rs. 5, 50,000

crore. Depends on the product, like on savings 20-40% Ist year premium. On investment 2% On pension 7.5%

Birla Sun Life Insurance Birla Sun Life Insurance is the coming together of the Aditya Birla group and Sun Life Financial of Canada to enter the Indian insurance sector. The Aditya Birla Group, a multinational conglomerate has over 75 business units in India and overseas with operations in Canada, USA, UK, Thailand, Indonesia, Philippines, Malaysia and Egypt to name a few. Foreign Partner: Sun Life Assurance, Sun Life Financials primary insurance business, has excellent ratings with the world's top rating agencies.

ICICI Prudential Life Insurance ICICI Prudential Life Insurance is a joint venture between the ICICI Group and Prudential PLC, of the UK. ICICI started off its operations in 1955 with providing finance for industrial development, and since then it has diversified into housing finance, consumer finance, mutual funds to being a Virtual Universal Bank and its latest venture Life Insurance. Bajaj Allianz Life Insurance Bajaj Allianz Life Insurance Company Limited is a joint venture between Bajaj Auto Limited and Allianz AG of Germany. Both enjoy a reputation of expertise, stability and strength.

LIMITATIONS OF STUDY Study is restricted to New Delhi, which might not give the national picture. The duration of time for the study was limited & hence a comprehensive & elaborate study could not be undertaken. Here the universe of the study is all the salaried people of different age group in India. Locale: Here the locale of the study is all the people working and living in Delhi & NCR. It is restricted to Delhi only because of time & resource constraints

RECOMMENDATIONS

Based on the quantitative analysis the major findings of the study have been highlighted below. Most of the people are satisfied with the extent of their life insurance cover. They are not interested in buying more life insurance. People do not consider life insurance as a good savings because of low returns. As life insurance is a long term contract. Maximum people do not have faith on private life insurance companies, they still prefer Birla Sun Life Insurance. Because of less advertising not many people are aware about private life insurance companies. Most of the people do not know about broker, corporate agents and banc assurance, they rely on their agents only The most preferred type of plan is money back. The reason being availability of funds after every five years which can be used for paying further premium, thus saving the regular income. Some people have no idea about what type of cover they have. Most of the people feel that life insurance is essential but they think returns are low. Some people have their doubts on the credibility and long stay of private insurance companies. Advertising of the insurance product should stress on the need of security. Insurance should be popularized as the means of securing future rather than saving tax. New entrants should come out with innovative riders. Policies should be issued quickly and with less formalities Other service should also be improved. Newspaper/Magazines and television are the most effective medium of advertising life insurance. Insurance agents should be well trained.

There are certain flaws existing in this working of the insurance industry. There are some of the recommendation we ad come up with while doing this project. It will help to make insurance more important sector in todays economy. 1) The need of the hour is to devise a comprehensive strategy that will help the firms face the challenges of the future. The financial services industry around the world over is undergoing a major transformation. It is very important that trained marketing professionals who are able to communicate specific features of the policy should sell the policy. 2) From our research we could find out that people are not aware about the policies and features of insurance. Therefore AVIVA and ICICI are recommended to shed light on policies and explain the benefits, thus increasing the awareness. 3) The penetration of insurance in India is around 22%. This indicates that a vast majority of rural population is not covered. The market player needs to explore this untapped potential through their marketing and sales network. 4) The returns of the policies are not properly managed and never given in time. So, these must be looked at. 5) Pricing of insurance products, as empirically available in India, shows that pricing is not in consonance with market realities. Life Insurance premium is generally perceived, as being too high while general insurance (especially motor insurance) is priced too low. 6) Some insurance products, which are not available in India, should, be introduced in market. There are areas for new product development: Industry all risk policies, Large projects risk cover, Risk beyond a floor level, Extended public and product liability cover 7) Insurance companies will also had to get savvy in distribution. Enhanced marketing thus will be crucial. Already many companies have full operation capabilities over a 12-hour period. Facilities such as customer service center are already into 24-hour mode. These will provide services such as motor vehicle recovery. Technology will also play an important role on the market.

CONCLUSIONS This deals with the concluded aspects of the study carried out on perception about SBI Life Insurance. The basic objective is for the study is for which study was carried out has been fulfilled in the earlier chapter, based on the objective interview schedule was designed. Data collected based on schedule was analyzed and some findings have emerged. Business strategy Our long-term savings business is the groups engine for growth, accounting for 73% of total premiums written. Our strategy is to achieve profitable growth by providing customers with a wide choice of high-quality products through a mix of distribution channels. We operate in a combination of mature and developing markets, which offer excellent opportunities for both short-term and long-term growth. We have leading businesses in the UK and continental Europe, and more recent businesses in India, China and Eastern Europe where we see opportunities for substantial long-term growth. Our diverse and cost-efficient business model puts us in a strong position to benefit from further market upturns, particularly with the need for increased retirement savings in many countries. We share product knowledge and distribution expertise across the group to benefit all our businesses. Market position Aviva is one of the leading providers of life and pensions in Europe. During 2004 we consolidated our position as the UKs largest long-term savings company with a market share of over 12% and, as a leading bancassurance business in Spain, we have a share of the Spanish life market of around 10%. In Ireland we are the number three life and pensions company with an 11% market share. We are among the top five in the Netherlands, Ireland, Poland, Turkey, Lithuania and Singapore, among the top 10 in France, Italy, Belgium, Romania, Australia and India, and have significant operations in the United States and Germany. Our long-term savings operations in India and China are developing well, with large potential for growth over the longer term. Distribution We believe that a strong multi-distribution capability is a fundamental part of offering choice and excellent service to our customers. Our strategy is to align our distribution model to each market, and our distribution mix continues to evolve as these markets develop.

Independent advisers continue to be our largest source of new business, providing around 47% of worldwide sales. Bancassurance is important, generating 23% of the groups business, and is the dominant sales channel in a number of our markets. Direct sales represent 26% of the total, and partnerships with non-banking organisations provide the remaining 4% of sales. In more developed markets, such as the UK, France and the Netherlands, we have built the capacity to meet customer demand for a wider choice of products sold in a variety of ways, including advice through independent advisers and banking partners. Bancassurance distribution is an integral part of our strategy in some countries and the dominant channel in others, such as Italy, Spain, Singapore and Hong Kong. Our joint ventures in the developing markets of India and China sell through a combination of banks and direct sales.

BIBLIOGRAPHY

1. INTERNET

www.icicipru.com www.bimaonline.com www.yahoo.com www.indiamart.com www.mnyl.com www.indiacore.com www.wikipedia.com IRDA OCI

2. MAGAZINES & NEWSPAPERS Business today Network magazine India today Times of india Hindustan times

Questionnaire Dear Sir/Madam, I am a student of Lingayas Lalita Devi Institute of Management and Sciences, conducting a marketing survey on SBI Life Insurance, in New Delhi. I request you to fill this questionnaire & I assure that this data will be used only for study purpose & it will be kept confidential. 1. Name 2. Address _________________________________ _________________________________ _________________________________ _________________________________ 3. Age a. Less than 25 b. 25 35 4. Qualification a. Graduate b. Postgraduate c. Diploma d. Other discipline c. 35-45 d. 45 and above

5.

Occupation a. Business b. Professional c. Job holder d. Other

6.

What is your average annual income? a. Up to 1 lakh b. 1 lakh to 3 lakhs c. 3 lakhs to 5 lakhs d. 5 lakhs and more 7. Your family size a. Below 5 members

b. 5 10 members c. Above 10 members 8. According to you life insurance is, a. A tax saving plan b. A saving scheme with good return c. A financial security for the family d. Risk coverage

e. All the above

9. Have you taken any life insurance product of SBI Life Insurance? YES If yes 10. Which are in these? a. Unit gain plan b. Invest gain plan f. Whole life plan g. Children plan h. Pension plan i. Others __________________ 11. Are you aware of the benefits in your policy? Yes No NO

If yes what are they? Sum assured Additional benefits Maturity date Risk coverage

12. According to you what are the disadvantages in an insurance plan? Lapsation Liquidity Fixed term Unable to decide your premium Unable to decide the sum assured High risk coverage at high premiums Other disadvantages 13. In which of the following would you like to invest? Equity fund Debt fund Balanced fund Cash fund Mutual fund Recurring deposits 14. Any suggestion for SBI Life Insurance Co ______________________________________________________ ______________________________________________________