CHAPTER 2

OBJECTIVES
OBJECTIVE OF THE STUDY

1. To study the performance appraisal system in SBI Life insurance Co Ltd.

2. To study the need and importance of performance appraisal
3. To make data analysis and implementation based on perception of the
employees of the organization.
4. To summarize and find certain suggestion for the importance of
performance appraisal system at the company.
 CHAPTER 3
COMAPANY PROFILE
  COMPANY NAME:-SBI LIFE INSURANCE,NASHIK

 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

 Vision
To be the most trusted and preferred life insurance provider.

 LOCATION:-NASHIK
PRODUCT RANGE
 UNIT LINKED PRODUCTS:
Horizon 11
Unit plus 11
Unit plus child plan
Unit Plan Elite
Smart Ulip

 PENSION PRODUCTS:
Horizon 11 Pension
Unit Plus 11 Pensions
Lifelong Pension
Immediate Annuity

 MONEY BACK SCHEME PRODUCTS:

 Money Back
 Sanjeevan Supreme

 PURE PROTECTION PRODUCTS:

 Swadhan
 Shield
 Keyman

 PROTECTION CUM SAVINGS PRODUCT

 Sudarshan
 Scholar ll
 Setubandhan
GROUP EMPLOYEE BENEFIT PRODUCTS
RETIREMENT SOLUTIONS:
Cap Assure Gratuity
Cap Assure Superannuation
Cap Assure Leave Encashment
Group Immediate Annuity
SBI Life Golden Gratuity
PROTECTION PLAN:
Sampoorn Suraksha
SBI Life Group Term Life Scheme In Lieu of EDLI

SPECIALIZED TERM INSURANCE:

SBI Life Keyman Insurance

GROUP LOAN PROTECTION PRODUCTS

DHANARAKSHA PLUS:
Dhanaraksha Plus SP
Dhanaraksha plus LPPT
Dhanaraksha plus RP

GROUP SAVINGS PROTECTION PLAN:

Nidhi Raksha RP

GROUP MICRO INSURANCE:

Grameen Shakti and Super Suraksh
 LIST OF COMPETITORS

1. Bajaj Allianz Life Insurance

2. Birla Sun Life Insurance
3. HDFC Standard Life Insurance
4. ICICI Prudential Life Insurance
5. ING Vysya Life Insurance
6. Max New York Life Insurance
7. Met Life Insurance
8. Om Kotak Mahindra Life Insurance
9.TATA AIG Life Insurance
10.Reliance Life Insurance(AMP Sanmar AssuranceCo. Ltd.)
11.Dabur CGU Life Insurance
12.AVIVA Life Insurance
13.Sahara Life Insurance
14.Shriram Life Insurance
15.Bharti AXA Life Insurance
16.Future Generali Life
17.IDBI Forlis Life Insurance
18.Canara HSBC Oriental Bank Of Commerce
19.AEGON Religare Life Insurance
20.DLF Parameria Life Insurance
21.Star Union Dai-ichi Life Insurance
COMPANY LOGO

BRANCH OFFICE:- 1st floor,bhandari avenue above bhandhari

jewellery,near kalika mata mandir,Mumbai naka nashik-
422001

Ph:0253-6685500
Email: sachin.sonawane@sbi-life.com
Website: www.sbilife.co.in
OUR COMMITMENT

SANJEEV NAUTIYAL (MD & CEO)

SBI Life Insurance Co. Ltd.

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.

I invite you to explore the several possibilities available for being an integral
part of this dream, of one of the fastest growing life insurance companies in
the country.

For customers, SBI Life – a company of State Bank Group which is

synonymous with trust for more than 200 years – presents security for you
and your loved ones through its range of innovative life insurance solutions.
With the backing of the largest distribution network in the country of over
14,500 bank branches of State Bank and nearly 200 full-service offices of
the company, you are always close to your trusted life insurer.
 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.

“We seek opportunities to give qualified minority suppliers a chance to

succeed. It benefits SBI LIFE and our communities.”
SANJEEV NAUTIYAL

MD & CEO

SBI LIFE Insurance Co. Ltd.

HISTORIC DEVELOPMENT OF SBI LIFE INSURANCE
SBI Life Insurance Company Limited (SBI Life) established in 2001 is a joint
venture between State Bank of India (SBI) and BNP Paribas Cardif S.A. and is
one of the leading life Insurance companies in India. SBI has an unrivalled
strength of over 22000 branches across the country making it the largest banking
group in India. BNP Paribas Cardif S.A. is the life and property & casualty
insurance arm of BNP Paribas one of the strongest banks in the world. SBI Life
offers a comprehensive range of life insurance and pension products.
The company offers individual and group products which include savings and
protection plans to address the insurance needs of diverse customer segments.
SBI Life has a multi-channel distribution network comprising of an expansive
Bancassurance channel with SBI and agent network comprising of 1.13 lakh
agents as on September 30 2018. The company's other distribution channels
include direct sales and sales through corporate agents brokers insurance
marketing firms and other intermediaries. As on September 30 2018 the
company had a widespread network of 848 offices across the Country.SBI Life
Insurance Company Limited was incorporated as a public limited company at
Mumbai on October 11 2000 and received certificate of commencement of
business from the RoC on November 20 2000.
The Company is registered with the IRDAI for carrying out business of life
insurance pursuant to the registration certificate dated March 29 2001. During
financial year 2002-03 SBI Life launched Bancassurance channel. It also paid its
first claim during the year. During financial year 2004-05 SBI Life's Assets
Under Management (AUM) crossed Rs 1000 crore mark. In January 2005 SBI
Life launched unit linked product. During financial year 2005-06 SBI Life
became the first new generation private life insurance company to make profit;
the company registered profit after tax of Rs 2.03 crore for the year.During
financial year 2007-08 SBI Life's Gross Written Premium (GWP) crossed the
milestone of Rs 5000 crore and AUM crossed the milestone of Rs 10000 crore.
The company also achieved cumulative breakeven during the year wiping out all
accumulated losses. During the year the company's share capital increased by Rs
500 crore to Rs 1000 crore. During financial year 2009-10 SBI Life's GWP
crossed the milestone of Rs 10000 crore. During financial year 2010-11 SBI
Life's branch network crossed the milestone of 500 branches.
 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 6
Associate Banks, State Bank Group has the unrivalled strength of over
16,000 branches across the country, arguably the largest in the world. BNP
Paribas is the 1st largest French company and ranks 5th in the banking
industry worldwide, 1st bank in Euro Zone as per Global 2000 Forbes’ 2008.
It is 6th most valuable international banking brand as per Brand Finance
2008.

BNP Paribas Assurance is the insurance arm of BNP Paribas - Euro Zone’s
leading Bank. BNP Paribas, part of the worlds 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 Bancassurance and partnership model.
Multi-distribution Model

SBI Life has a unique multi-distribution model encompassing vibrant

Bancassurance, Retail Agency, Institutional Alliances 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. SBI’s
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 68,000 Insurance Advisors, offers door-
to-door insurance solutions to customers.
ACHIEVEMENTS IN 2018-2019
1.SBI life insurance company limited wins life insurer of the year 2018-india by insurance
asia news awards for excellence 2018.
2.SBI life insurance company limited has been declared as the winner of golden peacock
award for risk management for year 2018.
3.SBI life won a 2nd runner up in the category of improvement and innovation at the 30th
4.SBI life company limited received the smart insurer award in the life insurance –largely
category at ET insurance summits 2018.
5.SBI life won silver category for life insurance provider of the year 2018 by outlook money.
6.SBI life insurance was recognised as the economic times best brands 2019 by the economic
times.

ACHIEVEMENTS IN 2017-2018
1.SBI life wins TISS leapvault CLO awards 2017 for L and D team of the year in the
insurance category.
2.SBI life was conferred the 3rd HR excellence business world award in order of merit for
excellence in HR technology.
3.SBI life once again adjudged as one of the most trusted brand 2017 for the seventh
consecutive year by the economic times brand equity.
4.SBI life wins the brand of the year 2017-2018 award in the insurance category by WCRC.
SWOT ANALYSIS

STRENGTHS:
• Since the tribe of life insurers has grown from 12 to 16, but SBI still
leads the private sector pack. SBI life is the Ranks among Global Top
Three at Million Dollar Round Table.
• Product innovation is a focus area for them. To stay relevant to the
consumer they work hard for innovating and developing new
products.
• Even today after it has rolled out so many campaigns, SBI remains
among the most trusted brand.
• SBI Life is fundamentally strong and the prospect of meeting its
policyholder's obligations as highest.

WEAKNESSES:

• Allocation charges are very high.

• Product awareness.

• Less awareness about SBI Life insurance in rural areas.

OPPORTUNITIES:

• Market is booming. Insurance companies are fast emerging as one of

the most prominent players in the govt. securities market.

• Lack of awareness about insurance is one of major opportunity for

SBI Life Insurance. It can create market for itself by making masses
aware about insurance and its need.

• Policies of govt. of India are favorable for the growth of the company.

THREATS:
• Capital requirement for setting up a life insurance company is very
high. The intensity of rivalry among private players is very high.
• Increased competition in the insurance sector.