SUMMER TRANING REPORT

“Effective analysis of Consumer behaviour towards Investment

Plans & Products of SBI Life Insurance, Una.

PROJECT STUDY ON “Effective analysis of Consumer behaviour

towards Investment Plans &Products of SBI Life Insurance, Una”

Internship Report

MASTERS OF BUSINESS ADMINISTRATION

(2018-2019)

University Roll :

Submitted to:

Submitted by: Rahul

 ACKNOWLEDGEMENT

Behind every man’s fruitful endeavour like advice, guidance & inspiration from
all possible sources lay the efforts of all those worthy people who lend their
help directly or indirectly.

Contrary to popular belief, preparing a project is not a solo activity. Many

people collaborate, assist and guide in the production of a project. Several
people are involved in sharing ideas & producing this project. Some of
deserves special mention.

It is extremely difficult to thank individually the numerous fellow persons who

patronized this project report. Indeed I cannot completely describe their
support to me but it is only a very small attempt to show my gratification to
them. I feel pleasure for paying completely hearty gratitude to them. It is a
great privilege & honour to have an opportunity to undertake training at SBI
Life Insurance Company UNA.

I pay my sincere thanks to Mr (BRANCH Manager) for helping

in my training & special thanks to Mr ROHIT SHARMA (Sales Manager)for giving
me an opportunity to do training in SBI Life. I also want to thanks Mr Kamesh
and Mr Vinay Sharma to teach me about the products in SBI life it will very
helpful for me in future.
 PREFACE
Post-Graduation program in Management (PGPM) is a certificate/diploma
course in professional studies, which includes both theoretical and practical
knowledge as part of 2-year curriculum. Consumer behaviour is a vast and
complex thing in today’s world. Understanding consumer behaviour & knowing
consumer are not that simple.

It is almost impossible to predict with one hundred present accuracy. The

success or failure in this pursuit determines the difference between success &
failure of marketing efforts or even the business itself. Consumers are moved
by a complex set of deep of subtle emotions. Their behaviour springs from
deeply held values & attitude their perception of the world & their place in it
from common sense, impulse or whimsy. All this in the outcome of a large
number of external & internal influences.
 CONTENTS
ABSTRACT

CHAPTER 1- INTRODUCTION

CHAPTER 2-COMPANY PROFILE

CHAPTER 3-RESEARCH METHODOLOGY

CHAPTER 4-DATA ANALYSIS AND INTERPRETATION

CHAPTER 5- FINDINGS

CHAPTER 6-CONCLUSION

CHAPTER 7-LIMITATION
 CHAPTER -1
Introduction
Consumer Behaviour

“Think of the consumer first, if you would have the consumer think
of you. “The consumption pattern and the behaviour of the
consumer have been changing gradually. Since the last two decades
we have seen many changes occurring in the attitude, perception,
motivation, spending habits, purchase and post purchase behaviour
of the consumer.

The consumer of 80’s was austere and brought those things that
were needed by him and the household. He was not very
adventurous in spending habits. He had the restraint put on him by
low income, the non-availability of products and traditional methods
of buying. Most of these were for all the classes of consumers the
upper or lower income groups. Even if they had the money and the
willingness to buy, they could not purchase because of the limited
choice of product, even after having booked the same a few year
earlier. Under these conditions the entire definition of consumer
behaviour was put to limitation.
The behaviours of today’s consumers are changed due to the
economic liberalization and economic crisis. He does not have to buy
sub quality and shoddy products. He can dictate his terms, and as
somebody has rightly stated. “The consumer is not only the king but
also the queen, the prince and the princess.” He cans from a plethora
of brands, return the product if not approved.

Consumer behaviour is rapidly growing discipline of study. It means

more than just how person buys products. It is a complex &
multinational process and reflects the totality of consumer’s decision
with respect to acquisition, consumption and disposal activities. We
as consumers exhibit very significant differences in our buying
behaviour and play an important role in local, national or
international economic conditions. One of the very few aspects
common to all of us is that we are all consumers and the reason for
the business firm to come into being is the presence of consumer
who have unfulfilled or partially fulfilled needs and wants. No matter
whom we are – urban or rural, male or female, young or old, rich or
poor, educated or uneducated, believer or non-believer, or whatever
– we are all consumer. We consume or use on a regular basis food,
shelter, clothing, education, entertainment, brooms, toothbrushes,
vehicles, domestic help, healthcare another services, necessities,
comforts, luxuries, and ideas. Organization realizes that there
marketing effectiveness in satisfying consumer needs and wants at
profit depends on a deeper understanding of consumer behaviour.
 “Consumer is the king”
The consumer must always be at the centre of the organizational
process. Again, in the old economy, consumer experiences were
often deemed secondary to take any decision. In the new economy,
consumers are often asked to participate in decision-making.

CONCEPT OF CONSUMER BEHAVIOR

CONSUMER:

A “Consumer” is one who purchases a product or service for a

particular organization. One thing that we are all consumer, infect
everybody in this world is a consumer. Every day is our life we are
buy and consuming an incredible variety of goods and services.
However, we all have different tasks, like & dislike and adopt
different patterns while making purchase decision. Each consumer is
unique and this uniqueness is reflecting in competition behaviour
and pattern and process of purchase.

Consumers have been defined very strictly in terms of economic

goods and services wherein a monitory exchange is involved. The
term consumer issued for both personal consumers and
organizational consumers and represents two different kinds of
consuming entities.

Personal Consumer-
The personal consumer buys good and services for his use or for
household consumption or for just one member of the family. In all
these instances, the goods are brought for final use, referred as
“end-users” or “ultimate consumers”

Organizational consumer-
The other category of consumer is the organizational consumers,
which include profit and not-for-profit organizations. Government
agencies and institutions (such as local or state government, schools
and hospitals) buy products, equipment and services required for
running these organizations. Anyone who regularly makes purchases
from a store or a company is termed as “consumer” of that store or
the company. Thus a customer is typically defined in terms of specific
store or company.

CONSUMER BEHAVIOR DEFINITION

Consumer behaviour can be defined as:

“Consumer behaviour referred to as the study of when, why, how,

where and what people do or do not buy products.”

“Consumer behaviour is a decision making process and physical

activity engaged in while evaluating, acquiring, using and disposing
of goods and services.”

We can also defined consumer behaviour as the “decision process”

and physical activity engaged in by individuals.
Consumer decision process
Decision:

A decision is the selection of an alternative out of the several

numbers of alternatives available. It is only when there is two or
more alternative available that there is the need to make a choice. In
a field of consumer, we are only concern with situation in which the
consumer has to take the purchase decision where there is a choice
available.

The decision-making process consists of a series of steps, which the

consumer undergoes. First of all, the decision is made to solve a
problem of any kind. This may be the problem of creating a cool
atmosphere in your home. For this, information search is carried out,
to find how the cool atmosphere can be provided, e.g. by an air-
conditioner or by a water-cooler. This leads to the evaluation of
alternatives and a cost benefit analysis is made to decide which
product and brand image will be suitable, and can take care of
problem suitably and adequately. The constant use of the product
leads to the satisfaction or dissatisfaction of the consumer, which
leads to repeat purchases, or to the rejection of the product.
 STAGES IN THE BUYING DECISION PROCESS

Consumer’s buying decision and consumption process of the product

or services always take place in the context of some specific
situation. Depending on the set of circumstances; consumer’s
behaviour may take any number of decisions.

Smart companies research the buying decision process involved in

their producer category. They ask the consumer when they first
became acquainted with the product category & brands, how they
make their brand choice & how satisfied they are after the purchase.

The consumer thought five stages as shown in the figure. Clearly the
buying process starts long before the actual purchase & has
consequences long afterward.
Following model can represent the typical buying
process:
1 PROBLEM RECOGNITION
2 INFORMATION SEARCH
3 EVALUATIONS OFALTERNATIVES
4 PURCHASE BIHAVIOUR
5 POST PURCHASE BIHAVIOUR

1. Problem Recognition:
Problem Recognition is the first stage of the long process of
consumer decision-making and it is important for several reasons.
Firstly it provides an initial clue as to why a buyer buys what he
intends to. Secondly it gives definite direction to his or her
subsequent purchase behaviour stages like information search and
evaluation of alternatives. Finally it provides marketers with an
immense scope for using their influence in how the buyers may or
may not recognize their needs. Problem recognition is a perceived
gap between existing and desired consumer position. Existing
consumer position is how one feels presently about the product.
Desired position is his expectation and anticipation about the
product
2. Information Search:
Information search starts the moment a need is recognized. It is a
deliberate attempt to gain appropriate knowledge of stores from
where to purchase the goods is gained. Before making actual
decision the consumer is inclined to search for more information’s.
These are the sources of consumer information divide into five
groups.

 Personal sources-

These include family, friends, neighbours & peer-gap.

•Commercial sources-

Advertising, sales-persons, dealers, packaging& displays.

•Public sources-

Mass media, consumers, rating organizations.

•Experiential sources-

This refers to inspection of products or product trial like handling,

examining and using the products

•Independent sources-

It includes newspapers, magazines, journals, consumer reports and

government agencies. The company should identify the consumer
information & evaluate their relative importance. It must also
identify the other brands in consumer choice set, so that it can plan
competitive appeals.
3. Evaluation of alternatives:
There is no single evaluation process used by all consumers or by one
consumer in all buying situation. Some consumer try to satisfy their
need, some look for certain benefit from the product solution & the
other sees each product as bundle of attributes with varying abilities
for delivering the benefits to satisfy this need. Consumer will pay the
most attention to attributes that deliver the sought-after benefits.
The market for a product can often be segmented according to
attributes that are important to different consumer groups.

BELIEFS AND ATTRIBUTES-

Belief is a descriptive thought that a person holds about something.
People’s beliefs about the attributes and benefits of a product or
brand influence their buying decisions. Attitudes indicate knowledge,
feelings and intended action for the given stimulus. An attitude
provides a series of cues to marketers. They predict future
purchases, redesign marketing effort and make attitude more
favourable.

4. Purchase process or Purchase behaviour of buyer:

Purchase is very important as it generates revenue and dislikes of the
consumer. Purchase is important to the marketer as the product was
planned, produced, priced, promoted and distributed after a lot of
effort. If purchase does not take place, the marketer is failed in his
marketing effort. Purchase is important to the marketer for his
success, for achieving his objectives and far formulating competitive
strategies against the competitors. Similarly, the consumer pays
money and expects certain benefits and satisfaction from the
product. It marks the end of his search, end of his efforts and
chooses the brands of his choice for expected benefits.

For consumer perspective, purchase action marks the end of their

effort for an optimum brand choice, not only do they give up money
in return for a product, but the choice of brand once made, also
mean that they must depend on it alone for the delivery of expected
benefits and satisfaction, at least until next purchase occasion.

Purchase decision is influenced by two major sets of forces. While

the first set of forces relates to buying intention the second set
comprises situational factors. Both factors exert a joint influence on
the purchase process.

5. Post-Purchase Action
It is important to know whether consumer likes his product or not.
He wants the feedback about his product so that corrective action, if
necessary can be taken and the marketing mix are modified
accordingly. Post purchase behaviour is the reaction of the
consumer; it gives an idea of his likes and dislikes, preferences,
attitudes and satisfaction towards the product. After purchasing the
product, the consumer will experience some level of satisfaction or
dissatisfaction consumer will also engage in post purchase action.
The consumer’s satisfaction or dissatisfaction with the product will
subsequent behaviour, if the consumer is satisfied, he will exhibit a
higher probability of purchasing the product again.

Changing perception of Indian customers:

Indian Insurance consumers are like Indian Voters, they are soft but
when time is right and ripe, they demand and seek necessary
changes. De-tariff of many Insurance Products are the reflection of
changing aspirations and growing demand of Indian consumers.

For historical years, Indian consumers were at receiving end.

Insurance Product was underwritten and was practically forced onto
consumers on a “Take-it-As-it-basis”. All that got changed with
passage of IRDA act in1999. New insurance companies have come
into existence leading to open competition and hence better
products for customers.

Indian customers have become very sensitive to Premium as well as

the Products that are given to them. There are not ready to accept
any product, no matter even if that is coming from the market
leader, should that product is not serving the purpose. A case in
point is ULIP Product in Life Insurance segment are new age Avatar.
The new products are constantly being demanded by Indian
consumers, which are putting huge pressures on Insurance
companies and Brokers to respond.

Now Indian customers are aware of insurance industry and insurance

products provided by companies. They have become more sensitive.
They would not accept any type of insurance product unless it fulfils
their requirements and needs. In historic day’s customers looking at
insurance products as a life cover which can provide security against
any unacceptable events, but now customers look at insurance
products as an investment as well as life cover. So today’s customers
wants good return from the insurance companies. The Indian
customer’s forms the pivot of each company’s strategy.

The changing face of life insurance in India

Digital, a small word with just seven characters, is the largest trend
of our times and is shaping, disrupting and transforming many
industries. Insurance is no exception.

Three key developments are redefining how insurance business will

be done. The advent of tablets, the explosion of smartphones and
the rapid reduction in the cost of computing, coupled with advanced
technologies like machine learning, artificial intelligence and bots, is
allowing insurers to completely re-imagine their business models.
Combine this with the emergence of the connected world—the true
Internet of Things (IoT), with a wide variety of devices connected to
capture rich real-time data. Connected cars, humans and even
homes are soon going to be the norm. The third development is the
ability to garner and use data. Data is really the new oil.

The combination of these three developments enables the delivery

of a world class experience to customers across various digital
channels. The business of insurance is being completely redefined.
Insurers no more see themselves as just payers to cover unforeseen
events but as partners to offer support and even prevent such events
from occurring. The business of insurance is moving away from
protection to prevention. In the process, many insurers are
transitioning from being just insurance product providers to being
providers of an ecosystem of services.

Let’s do some crystal ball gazing to see what life insurance has in
store for you as a customer.

Every customer journey will be completely re-imagined. Take for

example the mundane task of a change of address. Imagine a world
where insurers will proactively reach out to you basis partnerships
with Telco’s (GPS tracking will throw up alerts about potential
relocation) to prompt you to provide the latest information. You will
experience a significant enhancement in customer engagement.
More often than not, the underlying trigger for life insurance
purchase is a change in life stage e.g. new job, change in job,
promotion, marriage, child birth, etc. Imagine an existing customer is
in the hospital and his wife has just delivered a baby. While his joy
knows no bounds, he also feels an additional sense of responsibility
towards his new born and his family.

At this point of time, he will get a message from his life insurance
company congratulating him on this event. The message will also
explain how buying a child education plan that matures 20 years
hence would help them cover their child’s college education and that
a friend of his recently bought a similar plan. And this could be
availed of at the click of a button, with no additional documentation.

Every time the parent gets a promotion or a pay hike, the life insurer
will make a targeted reach out with a customized message for cover
enhancement or top-ups. The possibilities are limitless with the right
data capture and use of analytics and technology. You will see
insurers adopting a lot of scenario- or situation-based sales and
these engagement options will be inserted into your regular
journeys.

Serving retirees is clearly going to be one of the largest needs for

India going forward. According to World Bank data and projections, it
is estimated that India will have over 350 million people over the age
of 50 years by 2030. Couple this with the increasing life expectancy
for urban Indians, which have grown substantially over the past few
decades and are already more than 70 years for men and over 73 for
women. And that will be even higher for the more aware segment
within urban India. This is just the average. Add to this the results of
a research study by a French Asset Management company that
reported India ranked last in their Global Retirement Index (GRI) in
2016 amongst 43 nations in the survey. This all adds up to create a
perfect mix, talk about a market begging for disruption.

You are likely to experience a comprehensive ecosystem of services

for the elderly serving a range of needs including experts catering to
their travel requirements, mental health counsellors, health care
providers, will services, estate planning agents etc. And all of these
offered on a single holistic platform where financial contributions,
vested benefits, periodic pay-outs are readily accessible. This could
be a one-stop shop for all retirement needs readily accessible at the
swipe of a screen.

It is clear that the world has moved to a stage where the risk of dying
too early (the traditional basis of life insurance) is far outweighed by
the risk of living too long. The question you need to answer is
whether you are well covered to live long!
 LIC India Life Insurance
 New India Assurance
 National Insurance
 Bajaj Allianz Life Insurance
 United India Insurance
 Oriental Insurance
 ICICI Prudential Life Insurance
 HDFC Life Insurance
 Max Life Insurance
 SBI Life Insurance
 Birla Sun Life Insurance
 Apollo Munich Insurance
 IFFCO Tokio Insurance
 Bharti AXA Life Insurance
 HDFC Ergo Insurance
 Tata AIA Life Insurance
 Max Bupa Insurance
 PNB Metlife Insurance
 Kotak Mahindra Insurance
 Future Generali Insurance
 Reliance Life Insurance
 United India Insurance
 Star Health Insurance
 Cigna TTK Insurance
 Aviva India Insurance
 Indiafirst Insurance
 Exide life Insurance

• Further deregulation of the market.

• Greater concern for the customers.

• Newer products and services.

• Competition and quality consciousness.

• Cost effective operations.

• Restructuring of the public sector.

• Consolidation of domestic insurance markets.

• Technology driven shift in product design.

• Actual operations and distribution.

• Convergence of financial services.

Various types of life insurance policies:

•Endowment policies:

This type of policy covers risk for a specified period, and at the end of
the maturity sum assured is paid back to policyholder with the
bonuses during the term of the policy.

•Money back policies:

This type of policy is for periodic payments of partial survival benefits

during the term of the policy as long as the policy holder is alive

• Further deregulation of the market.

• Greater concern for the customers.

• Newer products and services.

• Competition and quality consciousness.

• Cost effective operations.

• Restructuring of the public sector.

• Consolidation of domestic insurance markets.

• Technology driven shift in product design.

• Actual operations and distribution.

• Convergence of financial services.

Various types of life insurance policies:

• Endowment policies:

This type of policy covers risk for a specified period, and at the end of
the maturity sum assured is paid back to policyholder with the
bonuses during the term of the policy.

• Money back policies:

This type of policy is for periodic payments of partial survival benefits

during the term of the policy as long as the policy holder is alive.43

• Group insurance:

This type of insurance offers life insurance protection under group

policies to various groups such as employers employees,
professionals, co-operatives etc. it also provides insurance coverage
for people in certain approved occupations at the lowest possible
premium cost.

• Term life insurance policies:

This type of insurance covers risk only during the selected term
period. If the policyholder survives the term, risk cover comes to an
end. These types of policies are for those people who are unable to
pay larger premium required for endowment and whole life policies.
No surrender, loan or paid up values are in such policies.

• Whole life insurance policies:

This type of policy runs as long as
the policyholder is alive and is covered for the entire life of the policy
holder. In this policy the insured amount and the bonus is payable
only to nominee on the death of policyholder.

• Joint life insurance policies:

These policies are similar to endowment policies in maturity benefits

and risk cover, but joint life policies cover two lives simultaneously
such as married couples. Sum assured is payable on the first death
and again on the death of survival during the term of the policy

• Pension plan:

a pension plan or annuity is an investment over ascertain number of

years but does not provide any life insurance cover. It offers a
guaranteed income either for a life or certain period.

• Unit linked insurance plan:

ULIP is a kind of insurance plan, which provides life cover as well as

return on premium paid over a certain period of time. The
investment is denoted as units and represented by the value called
as net asset value (NAV).

Different distribution channels in India:

A multichannel strategy is better suited for the Indian market. Indiani

nsurance market is a combination of multiple markets. Each of the
markets requires a different approach. Apart from geographical
spread the socio-cultural and economic segmentation of the market
is very wide, exhibiting different traits and needs. Different multi-
distribution channels in India are as follows:

• Agents :

Agents are the primary channels for distribution of

insurance.The public and private sector insurance companies have t-
here branches in almost all parts of the country and have attracted
local people to become their agents. Today's insurance agent has to
know which product will appeal to the customer, and also know his

Competitor’s products to be an effective salesman who can sell his

company, the product, and himself to the customer. To the
averagecustomer, every new company is the same. Perceptions abou
t the public sector companies are also cemented in his mind. So anins
urance agent can play an important role to create a good image
of company.

• Banks:

Banks in India are all pervasive, especially the public sector banks.
Many insurance companies are selling their products
through banks. Companies, which are bank, owned, they are selling t
heir products through their parent bank. The public sector banks,
withtheir vast branch networks, are helpful to insurance companies.
Thischannel of selling insurance is known as Bank assurance.
Brokers:

Now a day’s different financial institution are sellinginsurance. These

financial institutions are known as brokers. They are taking some
underwriting charges from the insurance companies to sell their
insurance products.

Corporate agents:
Corporate agency is a cross selling type of channel. Insurance
companies’ tie-up with business houses in
other industries to sell insurance either to their employees or their

Customer. Insurance industry, during the past 2 years has witnessed

number of such strategic tie-ups and alliances. Corporate agents
have become a major force to reckon with in distributing insurance p
roducts. Such as- Bajaj Allianz tied up with Marti Udyog and
Fordfor auto insurance and Tata AIG life has tied up with Tata tea,
Khaitan’s Williamson major and bridge foundation for selling
rural policies.

• Internet:

In this technological world Internet is also a channel of selling

insurance. This can be as direct marketing
 EFFECTIVE MARKETING STRATEGIES FOR
INSURANCE PRODUCTS
Now the Indian consumer is knowledgeable and sensitive.
Consumers are increasingly more aware and are actively managing
their financial affairs. People are increasingly looking not just at
products, but also at
integratedfinancial solutions that can offer stability of returns along
with total protection. In view of this, the insurance managers need to
understand more about the details that go into the introduction of
insurance products to make it attractive in this competitive market.
So now day an insurance manager requires leadership, commitment,
creativity, and flexibility. "Every family in every village in the country
should feel safe and secure". This vision alone will help to bring the
new ideas to the insurance
manager.Financial; marketing and human resource polices of the cor
porationsinfluence the unit mangers to make decisions. Performance
of
insurancecompany depends on the effectiveness of such policies. Ins
urancecorporations formulate and revise these policies from time to
time to ensure that the performance of the managers is best for the
organization. In the competitive market, insurance companies are
being forced to adopt a strictly professional approach in marketing.
The insurance companies face the challenge of changing the
uninspiring public image of the industry.

Some of the important marketing elements are-

•Marketing mix.
•The importance of relationship.

•Positioning.

•Value addition.

•Segmentation.

•Branding.

•Insuring service quality.

•Effective pricing.

•Customer satisfaction research

An insurance product can be classified into three phases:

1. Core product:

In insurance industry the core product is the policy that provides

protection to the customers.

2. Expected product:

Because of competition customers start to expect more from an

insurance product. Then insurance company’s
providesome tangible attributes in their product to differentiate fro
mcompetitors, such as-

•Brand

•Some additional features in existing product

•By providing instruction manual with the policy

 3. Augmented product:

An insurance company can provide different types of services to

differentiate their products-

•Post-sales services.

•Branches in different places for customers.

•Customer complaint management.

•Payment option convenient to customers

The entry of private players and their foreign partners has given
domestic players a tough time, because the opening up of the sector
has not brought in only foreign players, but also professional
techniques and technologies. The present scene in India is such that
everyone is trying to put in the best-efforts. There are marketing
strategies more for survival than growth. But the most important gift
of privatization is the introduction of customer-
oriented services. Utmost care is being taken to maximize customer s
atisfaction.

Success of an insurance company depends on four important

functions:

• Identification of markets:

Identification of markets means need to understand the trends in

culture and businesses constantly, through conducting research and
analysis. Insurance companies can take this job on their own or
assign it to an external agency. Relying on an external agency can be
risky due to the questionable loyalty of the agents.
• Assessment of risks and estimation of losses:

Efficiency of actuaries and assessors of the insurance policies in fixing

premiums and settling claims is foremost an important
area for achieving overall efficiency in operations. The
quality of assessing the risk and estimation of losses has the largest
claim on the performance of an insurance company. Well-trained,
experienced and expert hands are needed for the operations.

• Penetration into and exploitation of markets:

Market penetration
or exploitation of a company can be identified with the growth innu
mber of policies in each type of insurance, growth rate in earnings or
turnover, company’s market share, increase in number of branches
and divisions etc. Efforts of the company as a whole and that of the
divisions and branches are assessed to measure the effectiveness.

• Control over investment and operating costs:

Control over resources such as men, machines, and materials at each

level of the organization provide measures of efficiency of a unit as
well as
theorganization. Investment control and expense control are dealtse
parately and the effectiveness of management’s’ decisions atvarious
levels is to be assessed separately.
To find best prospects:

• Allocating marketing strategies against market potential.

•Estimating potential for specific products within local markets.

•Identifying high opportunity areas.

•Measuring agency performance relative to market potential.

•Optimizing your agency network against market potential

Attributes to develop marketing strategies:

• Channel data:

- Useful to know future buying preferences, learning about products

and purchase channels.

• Consumer attitudes.

• Consumption data:

- Useful to evaluate annual premiums, number of annuities owned,

value of annuities, and with which company the current policy is
held.

Effective Strategies for Insurance Agents:

• Learn how to construct a mental image for success.

• Learn how to find a proper perspective and how to turn off all the
signals that cause people not to buy from you.
• Learn how to get and set more appointments.

• Learn how to convert a new lead into sales.

• Learn how to act when you meet a client for the first time.

• Learn how the orders in which you explain the types of policies can
double your income.

• Take Easy steps to avoid delays in issuing policies

 Chapter II
Company profile

CONCEPT OF INSURANCE
Insurance is a policy from a large financial institution that offers a
person, company or other entity reimbursement or financial
protection against possible future losses or damages.

Insurance may be described as a social device to reduce or eliminate

risks of loss to life and property. It is a provision, which a prudent
man makes against inevitable contingencies, loss or misfortune.

Under a plan of insurance, a large number of people associate

themselves by sharing risks attached to individuals. As in private
life, in business also there are dangers and risks of different kinds.
The aim of all type of insurance is to make provision against such
dangers. The risks, which can be insured against, include fire, the
perils of sea (marine insurance), death (life insurance) and accidents.
Any risk contingent upon these may be insured against at a
premium a commensurate with the risk involved. Thus, collective
bearing of risks is insurance.

Insurance business is divided into four classes, such as Life Insurance,

Fire, Marine and Miscellaneous Insurance.

“Insurance is a plan by which large numbers of people associate

themselves and transfers to the shoulders of all, risks that attach
to individuals.”

“Insurance is a provision which a prudent man makes against for the

loss or inevitable contingencies, loss or misfortune.”

INSURANCE PROVIDE: -
•Protection to investor.
•Accumulation of savings.
•Old age pensions
•Tax benefits
Functions of insurance:
•Provide Protection:
The primary function of insurance is to provide protection against
future risk, accidents and uncertainty. Insurance cannot check the
happening of risk, but can certainly provide for the losses of risk.
Insurance is actually a protection against economic loss, by sharing
the risk with others.

•Collective bearing of risk:

Insurance is an instrument 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.2

•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.
•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.

 Small capital to cover larger risk:

Insurance relieves the businessmen from security investments, by
paying small amount of premium against larger risks and uncertainty.

•Contributes towards the development of 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.

•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.

• 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.
• 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.

Life insurance:

Life insurance may be defined as a contract in which the insurer,

inconsideration of a certain premium, either in a lump sum or by
other periodical payments, agrees to pay the assured, or to the
person for whose benefit the policy is taken, the assured sum of
money, on the happening of a specified event contingent on the
human life.

Life insurance is a contract under which the insurer (Insurance

Company) inconsideration of a premium paid undertakes to pay a
fixed sum of money on the death of the insured or on the expiry of a
specified period of time whichever is earlier. In case of life insurance,
the payment for life insurance policy is certain. The Event insured
against is sure to happen only the time of its happening is not
known. So life insurance is known as ‘Life Assurance’. The subject
matter of insurance is life of human being. Life insurance provides
risk coverage to the life of a person. On death of the person
insurance offers protection against loss of income and compensate
the titleholders of the policy.
ROLE OF LIFE INSURANCE: -
Life insurance as an investment:
Insurance products yield more than any other investment
instruments and it also provides added incentives or bonus offered
by insurance companies.

Life insurance as risk cover:

Insurance is all about risk cover and protection of life. Insurance
provides unique sense of security that no other forms of invest can
provide.

Life insurance as tax planning:

Insurance serves as an excellent tax saving mechanism too.

IMPORTANCE OF LIFE INSURANCE:

Protection against untimely death:
Life insurance provides protection to the dependents of the life
insured and the family of assured in case of his untimely death. The
dependents or family members get a fixed sum of money in case of
death of the assured.

Saving for old age:

After retirement the earning capacity of a person reduces. Life
insurance enables a person to enjoy peace of mind and a sense of
security in his/her
Promotion of savings:
Life insurance encourages people to save money compulsorily. When
life policy is taken, the assured is to pay premiums regularly to keep
the policy in force and he cannot get back the premiums, only
surrender value can be returned to him. In case of surrender of
policy, the policyholder gets the surrendered value only after the
expiry of duration of the policy.

Initiates investments:
Life Insurance Corporation encourages and mobilizes the public
savings and canalizes the same in various investments for the
economic development of the country. Life insurance is an important
tool for the mobilization and investment of small savings.

Credit worthiness:
Life insurance policy can be used as a security to raise loans. It
improves the credit worthiness of business.

Social Security:
Life insurance is important for the society as a whole also. Life
insurance enables a person to provide for education and marriage of
children and for construction of house. It helps a person to make
financial base for future.

Tax Benefit:
Under the Income Tax Act, premium paid is allowed as a deduction
from the total income under section 80C.
GENERAL INSURANCE:
Insurance of the non-life assets are called general insurance, this
includes loss of asset against water, fire, earthquake etc. With the
opening up of the Indian Market in Insurance sector for private
players, in General Insurance the monopoly of the general Insurance
public sector’s companies has been broken. With the entrance of the
new private player market innovative technique has been introduced
to capture the market. In general the private players have captured
Insurance around 17% of the market. General Insurance is a sector,
which alone has many type of insurance coverage in it like Fire
Insurance, Marine Insurance, motor Insurance, Liability Insurance,
Engineering Insurance etc.
INDIAN INSURANCE INDUSTRY HISTORY:
The insurance sector in India has completed all the facets of
competition – from being an open competitive market to being
nationalized and then getting back to the form of a liberalized
market once again. The history of the insurance sector in India
reveals that it has witnessed complete dynamism for the past two
centuries approximately.

Life insurance came to India from England in 1818 when oriental life
insurance company started in Calcutta by Europeans. After this many
insurance companies had been started in India. But these companies
were looking after only the needs of European community
established in India. These companies were not insuring Indian
people. First Indian life insurance company came as Bombay mutual
life insurance assurance. Second company was Bharat insurance
company came in 1896. After this the united India in madras,
national Indian and national insurance in Calcutta and theca-
operative assurance in Lahore were established in 1906.

To regulate Indian insurance business first insurance act came in

1912 as life insurance company act and provident fund act. These
acts consist of premium rates tables and periodical valuations of
companies. In the first two-decade of 20th century many life
insurance companies were started. So the insurance act came in
1938 to governing life and non-life insurance companies and to
provide strict state control.

In 1956 the life insurance business in India was nationalized. In 1956

life insurance corporation of India (LIC) was created to spreading life
insurance much more widely particularly in rural areas. In that year
LIC had 5 offices, 33 divisional offices and 212 branch offices. In 1957
the business of LIC of sum assured of 200crores, 1000crores in 1970,
and 7000crores in1986.

Important milestones in the Indian life insurance

business:
1912: The Indian Life Assurance Companies Act came into force for
regulating the life insurance business.

1928: The Indian Insurance Companies Act was enacted for

enabling the government to collect statistical information on both
life and non-life insurance businesses.

1938: The earlier legislation consolidated the Insurance Act with

the aim of safeguarding the interests of the insuring public

1956: 245 Indian and foreign insurers and provident societies were
taken over by the central government and they got nationalized. An
Act of Parliament, viz. LIC Act, 1956, formed LIC. It started off with a
capital of Rs. 5 crore and that too from the Government of India.
1907: The Indian Mercantile Insurance Ltd. was set up which was
the first company of its type to transact all general insurance
business.

1957: General Insurance Council, an arm of the Insurance

Association of India, framed a code of conduct for guaranteeing fair
conduct and sound business patterns.

1968: The Insurance Act improved for regulating investments and

set minimal solvency levels and the Tariff Advisory Committee was
set up.

1972: The General Insurance Business (Nationalization) Act,

1972nationalized the general insurance business in India. It was with
effect from 1st January 1973.

107 insurers integrated and grouped into four companies’ viz. the
National Insurance Company Ltd., the New India Assurance Company
Ltd., the Oriental Insurance Company Ltd. and the United India
Insurance Company Ltd. GIC was incorporated as a company.
INSURANCE REGULATORY
DEVELOPMENTAUTHORITY (IRDA):
In 1999, the Insurance Regulatory and Development Authority (IRDA)
were constituted as an autonomous body to regulate and develop
the insurance industry. The IRDA was incorporated as a statutory
body in April 2000. The key objectives of the IRDA include promotion
of competition so as to enhance customer satisfaction through
increased consumer choice and lower premiums, while ensuring the
financial security of the insurance market. The IRDA opened up the
market in August 2000 with the invitation for application for
registrations. Foreign companies were allowed ownership of up to
26%. The Authority has the power to frame regulations under
Section114A of the Insurance Act, 1938 and has from 2000 onwards
framed various regulations ranging from registration of companies
for carrying on insurance business to protection of policyholders’
interests.

ROLE OF IRDA:
• Protecting the interests of policyholders
• Establishing guidelines for the operations of insurers and brokers.

• Specifying the code of conduct, qualifications, and training for

insurance intermediaries and agents.

• Promoting efficiency in the conduct of insurance business.

• Regulating the investment of funds by insurance companies.

• Specifying the percentage of business to be written by insurers in

rural sectors.
• Handling disputes between insurers and insurance intermediaries.

INSURANCE COMPANIES IN INDIA

IRDA has tilled now provided registration to 12 private life insurance
companies and 9 general insurance companies. If the existing public
sector insurance companies are considered then there are presently
13 insurance companies in the life side and 13 companies functioning
in general insurance business. General Insurance Corporation has
been sanctioned as the "Indian reinsurer" for underwriting only
reinsurance business.
 ABOUT THE COMPANY
SBI Life Insurance Company Ltd

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 crore and a paid up capital of Rs.1,
000 crore. State Bank of India enjoys the largest banking franchise in
India. Along with its 6Associate 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,
1stbank in Euro Zone as per Global 2000 Forbes’ 2008.It is 6th most
valuable international banking brand as per Brand Finance2008.

BNP Paribas Assurance is the insurance arm of BNP Paribas - Euro

Zone’s leading Bank. BNP Paribas, part of the world’s top 10 groups
of banks by market value and part of Europe top 3 banking
companies, is one of the oldest foreign banks with a presence in
India dating back to 1860. BNP Paribas Assurance is the fourth
largest life insurance company in France, and a worldwide leader in
Creditor insurance products offering protection to over 50 million
clients. BNP Paribas Assurance operates in 41 countries mainly
through the Banc assurance and partnership model.
SBI Life Insurance CEO & MD.
SBI Life Insurance has appointed Sanjeev Nautiyal
as its new Managing Director and CEO. He replaces Arijit Basu, who
takes over a key role in the State Bank of India Group. Nautiyal
started his career with State Bank of India in 1985 as a probationary
officer in the bank’s Lucknow Circle. Our company, with its unique
brand and highly committed workforce, is determined to increase life
insurance penetration and offer need-based solutions our citizens,
enabling them to live life to the fullest.

Strength of SBI Life:

State Bank Group has an unrivalled strength of over 23,000 branches
across the country, making it the largest Banking group in India. With
198 foreign offices in 37 countries, SBI is truly an Indian
multinational.

For prospective business partners, by associating with one of the

largest financial brands in the country, SBI Life gives you a lucrative
business opportunity to profit from serving millions of Indians. In
terms of career opportunities, SBI Life presents its most valuable
asset, its employees, a work environment which is a blend of security
and excellence.
Our Vision:
To be the most trusted and preferred life insurance provider

Our 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 thereby becoming a model life insurance
company in India in the post liberalization period."

Our Values
Trustworthiness

Ambition

Innovation

Dynamism

Excellence

Key milestones
2017-2018
Assets under Management cross Rs 1, 00,000 crores (Financial Year
2017-18)

Achieves AUM (Assets under Management) milestone of Rs 1, 00,000

crores – Rs 1, 01,226 crores
Pan-India presence with network of 801 branches as on March 31,
2017

SBI life products:

Protection Plan
1. SBI Life-Smart Shield: Is a plan that offers a life cover at low
cost. It is a traditional pure risk policy.

2. SBI life-Swadhan: Is a traditional Term Plan which provides

protection and a refund either part / total premium at the end of the
duration of the policy to the policyholder.

3. SBI Life Saral Shield: Saral Shield provides cover for your
family and ensures that a proper safety net is created.

4. SBI Life Smart Income Protect: A saving plan with added

advantage of life cover and regular cash inflow at the time you need.

Saving Plan
1. SBI Life-Sanjeevan Supreme: Is a plan with a Life
Insurance cover and a guaranteed money back scheme at various
intervals. Benefit of this plan is you pay the premium for a specific
period of the term only and rest of the term you do not have to pay.

2. SBI Life-Money Back: Is a saving plan where you get a

cover and also funds at various intervals during the policy.

3. SBI Life - Shubh Nivesh: Shubh Nivesh is an

Endowment product with an option of Whole Life coverage. The
basic purpose is to provide Savings, Income and Protection to you
and your family.

4. SBI Life Flexi Smart Insurance: It gives you

flexibility to adapt to your ever-changing needs, while assuring
guaranteed benefits to take care of your savings.

Unit Linked Products

Type of life insurance where the cash value of a policy varies
according to the current net asset value of the underlying investment
assets. It allows protection and flexibility in investment.

1. SBI Smart Performer: It offers the double benefits of

'Higher than the Highest' of the daily NAV Guarantee and the view of
market upside.

2. Unit plus Super: It offers you guaranteed additions and

choice of payment options, giving you far superior value.

3. Saral Maha Anand: Twin Benefit of Market linked

returns & insurance cover.
4. SBI Life Smart Elite: It gives you flexibility to pay
premium(s) for limited term or single premium, with the freedom to
stay invested and protected for long term.

5. SBI Life Smart Scholar: Its provide you with a unique,

flexible and all-encompassing solution through our SBI Life - Smart
Scholar Plan.

Health Plans
1. SBI Life – Group Criti9: This plan provides protection
against 9 critical illnesses where Sum Assured is paid in lump sum on
diagnosis of any one of covered critical illnesses.

2. SBI Life – Hospital Cash: It is a comprehensive plan that

covers not only hospitalization expenses but also other incidental
costs

Child Plan
1. SBI Life Scholar II: I SBI Life - Scholar II has guaranteed
benefits which are payable at the regular intervals during the term of
the policy.

Pension Products
A type of retirement plan, usually tax exempt, wherein an employer
makes contributions toward a pool of funds set aside for an
employee's future benefit
1. SBI Life-Lifelong Pension: This plan helps to satisfy your
needs after retirement. Although retired you still have the finance to
fulfil your desires. It is a regular pension product.

Group Products - Group Protection Plans

1. SBI Life - Sampoorn Suraksha
2. SBI Life - Credit Guard
3. SBI Life - Suraksha Plus
Retirement Solutions
1. SBI Life - Cap Assure Gratuity Scheme
2. SBI Life - Cap Assure superannuation Scheme
3. SBI Life - Cap Assure Leave Encashment Scheme
5. SBI Life - Dhanrashi
6.SBI Life - Swarna Jeevan
7.SBI Life - Swarna Ganga

SBI LIFE - SMART SHIELD

UIN: 111N067V04
Product Code: 45
 1. SBI Life - Smart Shield

Blissful moments. Protected.

 Plan options to provide relief from liabilities
 Three rider options
 Rewards for a healthy lifestyle
 Rebates on large sum assured
A traditional non-participating pure term life
insurance plan

Have you planned for your family’s financial

requirements in case of an eventuality?

Now give them adequate protection to meet their

financial needs. Apply for SBI Life – Smart Shield, a pure
term plan, and get peace of mind, knowing that your
family is financially secured.

This term plan offers –

 Security – providing financial protection for your family

 Flexibility – choose from two plan options according to your

needs

 Affordability – through rider benefits at an affordable cost

SBI LIFE - SMART SCHOLAR

UIN: 111L073V02
Product Code: 51
2. SBI Life - Smart Scholar

IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO

IS BORNE BY THE POLICYHOLDER

Give wings to your child's dream.

  Market-linked returns

 Periodic loyalty additions

 Premium waiver benefit

A non-participating Unit Linked Insurance Plan

"The Linked Insurance products do not offer any liquidity during the
first five years of the contract. The policyholders will not be able to
surrender/withdraw the monies invested in Linked Insurance
Products completely or partially till the end of fifth year."

Children grow fast but their needs grow faster. Have you planned
enough for their future?

Avail twin benefits of market-linked returns on your invested money

and the security of life cover for your children with SBI Life - Smart
Scholar.

This plan offers –

 Security – for your child to achieve their dreams

 Reliability – of premiums being waved in case of eventuality

 Flexibility – to switch between funds to match the changing

needs of your child

 Liquidity – partial withdrawals from 6th policy year

 SBI LIFE - RETIRE SMART
UIN: 111L094V01
Product Code: 1H
3. SBI Life - Retire Smart

IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO

IS BORNE BY THE POLICYHOLDER

Smart present, smarter future.

 Safeguarding against market volatility through the 'Advantage
Plan'

 Minimum assured maturity amount

 Assured benefits on extended policy terms for in-force policies

A non-participating unit linked pure pension plan

"The Linked Insurance products do not offer any liquidity during the
first five years of the contract. The policyholders will not be able to
surrender/withdraw the monies invested in Linked Insurance
Products completely or partially till the end of fifth year"

This is a Pension Product. Benefits by way of surrender, complete

withdrawal or maturity/vesting will be available in the form of
annuities except to the extent of commutation of such benefits as
allowed under the Income Tax Rules'.

Are you ready to retire without worry? Now cherish your golden
years with proactive and thorough planning.

Enjoy an assured maturity benefit that secures your investment from

market volatility, with SBI Life – Retire Smart. Secure your future by
creating a retirement corpus with systematic investments during
your earning years.

SBI Life - Retire Smart plan provides –

 Security – by safeguarding your retirement years

 Reliability – through an assured retirement corpus

 Flexibility – to pay premiums regularly or for a limited period

Success of an insurance company depends on four

important functions:
•Identification of markets:
Identification of markets means need to understand the trends in
culture and businesses constantly, through conducting research and
analysis. Insurance companies can take this job on their own or
assign it to an external agency. Relying on an external agency can be
risky due to the questionable loyalty of the agents.

•Assessment of risks and estimation of losses:

Efficiency of actuaries and assessors of the insurance policies in fixing
premiums and settling claims is foremost an important area for
achieving overall efficiency in operations. The quality of assessing the
risk and estimation of losses has the largest claim on the
performance of an insurance company. Well-trained, experienced
and expert hands are needed for the operations.

•Penetration into and exploitation of markets:

Market penetration or exploitation of a company can be identified
with the growth in number of policies in each type of insurance,
growth rate in earnings or turnover, company’s market share,
increase in number of branches and divisions etc. Efforts of the
company as a whole and that of the divisions and branches are
assessed to measure the effectiveness.

•Control over investment and operating costs:

Control over resources such as men, machines, and materials at each
level of the organization provide measures of efficiency of a unit as
well as the organization. Investment control and expense control are
dealt separately and the effectiveness of management’s’ decisions at
various levels is to be assessed separately.
Attributes to develop marketing strategies:
•Channel data:
- Useful to know future buying preferences, learning about products
and purchase channels.

•Consumer attitudes.
•Consumption data:
- Useful to evaluate annual premiums, number of annuities owned,
value of annuities, and with which company the current policy is
held.

Effective Strategies for Insurance Agents:

•Learn how to construct a mental image for success.
•Learn how to find a proper perspective and how to
turn off all the signals that cause people not to buy
from you.
•Learn how to get and set more appointments.
•Learn how to convert a new lead into sales.
•Learn how to act when you meet a client for the first
time.
•Take Easy steps to avoid delays in issuing policies
Chapter 3
Research Methodology
MEANING OF RESEARCH
Research is a matter of gathering information from varying sources
usually in relation to a specific topic and for a specific purpose. The
definition of research includes any gathering of data, information
and facts for the advancement of knowledge.

MAIN OBJECTIVE OF THE STUDY

“Effective analysis of Consumer behaviour towards Investment Plans
&Products of SBI Life Insurance.Una,

RESEARCH DESIGN
A research design is the arrangement of condition for collection &
analysis of data in a manner that aims to combine relevance to the
research purpose with economy in procedure. In fact the research
design conceptual structure with in research is conducted.

TYPE OF RESEARCH
The type of research that is used in this research is descriptive
research. It is a research where specific predictions are made; the
percentage of units in a specified population exhibiting certain
behaviour is measured. The characteristics of relevant groups is
described the degree to which market variables are associated is
determined and to determine the perception of product
characteristics.

COLLECTION OF DATA
Data constitutes the subject matter of analysis. One cannot draw
inferences without analysing data. The relevance, adequacy and
reliability of data determine the quality of the study. Data is primarily
of two kinds –

1. Primary data

2. Secondary data

Primary data:
The primary data are data, which are being collected by the
researcher for the specific purpose of answering the problem on
hand. Individual respondents, doctors, lecturers, jewellers, saloons
were personally visited and interviewed. They were the main source
of Primary data. The method of collection of primary data was direct
personal interview through a structured questionnaire.

Secondary data:

Literature study and the articles are obtaining secondary data from
the Internet. The secondary data was collected on the basis of
organizational file, official records, newspapers, magazines,
management books, preserved information in the company’s
database and website of the company.

SAMPLING PROCEDURE
•Procedure by which some members of a population are selected as
representative of the entire population

•The sub-group thus selected to represent the whole population is

known as SAMPLE.

Sampling methods
Probability sampling

Non-probability sampling

1. Simple random method 1. Accidental sampling

2. Systematic sampling 2. Voluntary sampling

3. Stratified sampling 3. Purposive sampling

4. Cluster sampling 4. Quota sampling

5. Multi-stage sampling 5. Convenience sampling

Convenience sampling
It is used in exploratory research where the researcher is interested
in getting an inexpensive approximation of the truth. As the name
implies, the sample is selected because they are convenient. This
non-probability method is often used during preliminary research
efforts to get a gross estimate of the results, without incurring the
cost or time required to select a random sample.
SAMPLE DESIGN
A procedure or plan drawn up before any data is collected to obtain
as sample from a given population. It is also known as sampling plan
or survey design.

RESEARCH METHODOLOGY
Research is a diligent and systematic inquiry or investigation into a
subjecting order to discover or revise facts, theories, applications,
etc. Methodology is the system of methods followed by particular
discipline. Thus research methodology is the way on we conducts our
research.

Universe- HPTU (Una)

Unit- SBI Life Insurance Co.(Una)
Sample size- 100
Data source- Survey
Method- Convenience Sampling
Instrument- Questionnaire
OBJECTIVES
•Proper understanding and analysis of life insurance industry.

•To know about brand awareness of SBI Life Insurance and

customer’s preference about SBI Life Insurance.

•Conduct market survey on a sample selected from the entire

population and derive opinion on that research.

•To offer suggestions based upon findings.

 CHAPTER 4
DATA ANALYSIS AND
INTERPRETATION.
 Q1. Are you aware about SBI LifInsurance?

•75%People aware about SBI Life Insurance.

•25%People not aware about SBI Life Insurance.

Q2. Do you have any account in SBI Bank?

•30%people have account in SBI Bank.

•70%people don’t have account in SBI Bank

Q3 (A). Do you have any investment plans of SBI Life

Insurance?
•37%people have investment plans of SBI Life Insurance like Unit
Plus III,Smart ULIP, Pension Plan and Child Plan.

•63%people not have investment plans of SBI Life Insurance.

Q 3(B). Are you satisfied with the plans of SBI Life?

•83% people are satisfied with the plans of SBI Life due to Effective
services, Guarantee, good brand image, nice features, attractive
plans, etc.

•17% people are not satisfied with the plans of SBI Life due to block
of money

4. Have you invested in any other life insurance

company other than SBI Life?
•80%people have already invested in other Life Insurance company
like LIC, ICICI, Reliance Life Insurance, Bajaj Life Insurance and Birla
Life Insurance.

•20%people not invested in any other Life insurance company.

5. Do you want to take any investment plan of SBI Life

if you find it better?
•87%people want to take investment plan of SBI Life when they
find it better.

•13%people don’t want to take investment plan of SBI Life even

when they find it better.

6. What do you think are the benefits of Life

Insurance?

•17%People thought that Covers future uncertainty is the benefit

of Life Insurance.

•13%People thought Tax Saving as benefit of Life Insurance. %

People thought

3% investment

•67%People thought all the above as benefit of Life Insurance

7. Which feature of Life Insurance policy will you

consider while buying?
•0%people judge investment plans with premium

•7%people judge investment plans with Guarantee

•7%people judge investment plans with Returns

.

•3%people judge investment plans with Brand Image

•33%people judge investment plans with above all features.

8. According to you, what is the right age to buy insurance?

•10%People thoughtless than 25 years is the right age to buy

insurance.

•50%People thought25 – 35 years is the right age.

•17%People thought 35- 45 years is the right age.

•17%People thought> 45 years is the right age.

•6%People thought one can buy insurance at anytime

ANALYSIS OF DATA COLLECTED

In my survey I found that 75% of people are aware

about the SBI life insurance and remaining has some
idea but they do not aware about SBI life insurance
products. 30% of people have an account in SBI bank.
37% of people have invested in SBI life product.
87% people are interested to invest in SBI life planes.
Life insurance can provide life cover to the person and
protect his family. 50% of people buy insurance plan in
age b/w 25-30.
 CHAPTER 5
RECOMMENDATION,
CONCLUSION
 CONCLUSIONS
During the data collected, it has been found that people have great
awareness about SBI Life Insurance.

People are beginning to look beyond LIC for their insurance needs
and are willing to trust private players with their hard earned money.

People in general have been influenced by the marketing activities of

insurance companies. A high penetration of print, radio and TV adca
mpaigns over the years is beginning to have its impact now.

Another important trend was in terms of people viewing insurance

as a tax saving and investment instrument as much as protective
one.

The general satisfaction levels among public with regards to policy

and agents still requires improvement. Here lies the opportunity
for a relatively new comer like SBI Life Insurance. LIC has never been
known for prompt service or customer oriented methods but SBI Life
Insurance can build its reputation based on these factors.

37% out of 75% people those who are aware about SBI Life Insurance
have investment plans of it.

25% people not aware about SBI Life Insurance, hence they invested
in other Life Insurance Company.

83% out of 37% people those who have SBI Life Insurance
investment plans are very satisfied with these plans because of good
services, returns, guarantee, brand image, premium, nice features,
attractive plans etc.

70% of the people those who don’t have account in SBI Bank think
that they can’t take investment plans of SBI Life Insurance.
67% People thought that Covers future uncertainty; tax saving and
investment are some of the benefits of Life Insurance

People are interested in those plans that give maximum profit in

short term.

SUGGESTIONS & RECOMMENDATIONS

•Marketing in terms of the media via advertisements on Television

to small commercials on FM, hoardings and signage etc. has to be
made because there were respondents who haven’t even heard
about SBI Life Insurance.

•Awareness camp for sub-urban area should be focused.

•State and Central Government employees should be targeted

because of reasons like:

 They don’t have Life Insurance cover other than that

provided by their respective employers and LIC.
 Most of them are underinsured.
 They have a stable source of income and social security.

•SBI Life Insurance must build its reputation by focusing on service

quality. Better service quality. Better service quality may be in the
form:

 Issuing policy in time.

 providing claims in time.
  Making customers aware about their status of policy.

•SBI Life Insurance must introduce such kind of policies which will
give maximum profits in short term period.