Professional Documents
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Training Report ON Insurance Services Offered by Sbi Life Insurance
Training Report ON Insurance Services Offered by Sbi Life Insurance
Training Report ON Insurance Services Offered by Sbi Life Insurance
ON
INSURANCE SERVICES OFFERED BY SBI LIFE INSURANCE
OF
MBA: 2017-2019
Summerhill, Shimla(H.P.)-171005
PREFACE
Training is an essential requisite of any learning process. The classroom parts with
the theoretical knowledge which helps us to form an impression, but unless it is
applied in practical field to assess or utility it does not find a permanent place in
our memory. Training provides facility to apply classroom knowledge into field.
To provide a rich insight into work situation, the management institutes all over
country arrange research projects for their student during their MBA.
This report aim to have understanding of Insurance Policy to general public. It also
states the minimum requirement or eligibility to such products and services.
However we must say that this report is not the work for excellence work of
scholar. It is result of assignment improve myself and gain confidence. So there is
a chance of some mistakes and also critical appraisal by anyone will be heartily
welcomed
ACKNOWLEDGEMENT
On every step there is a need of proper guidance, support and motivation. The
encouragement enable the person to give his best performance and thus to achieve
the goal. As a small token of my appreciation I have named here of all those
wonderful people, without whom training would not have been possible. I
sincerely acknowledge, with thanks, the encourage guidance and critical
supervision of my supervisor Mr TARUN SHARMA(manager) for assigning the
project, useful comment and remarks through learning process in this training
period. I would like to thanks my friends and family, who continuously helped and
guided me. Their guidance and support was necessary during training period.
DECLARATION
I Kartik Ranaut hereby declare that the report titled “Insurance Policy offered by
SBI LIFE INSURANCE” submitted by me as a part of partial fulfilment for the
award of Master of Business Administration at Himachal Pradesh University is a
record of bonafied work done by me. I also declare that this report has to my
knowledge is my own and is neither submitted to any other university or institute.
To the best of knowledge I didn’t breach any copyright© act intentionally. I would
be very happy to provide you with clarification regarding the report.
………………………(Signature)
Kartik Ranaut
Place:
Date:
ON THE JOB TRAINING COMPLETION CERTIFICATE
CONTENTS
Early methods
Lloyd's Coffee House was the first organized market for marine insurance.
Property insurance as we know it today can be traced to the Great Fire of London,
which in 1666 devoured more than 13,000 houses. The devastating effects of the
fire converted the development of insurance "from a matter of convenience into
one of urgency, a change of opinion reflected in Sir Christopher Wren's inclusion
of a site for 'the Insurance Office' in his new plan for London in 1667."[4] A number
of attempted fire insurance schemes came to nothing, but in
1681, economist Nicholas Barbon and eleven associates established the first fire
insurance company, the "Insurance Office for Houses," at the back of the Royal
Exchange to insure brick and frame homes. Initially, 5,000 homes were insured by
his Insurance Office.[5]
At the same time, the first insurance schemes for the underwriting of business
ventures became available. By the end of the seventeenth century, London's
growing importance as a center for trade was increasing demand for marine
insurance. In the late 1680s, Edward Lloyd opened a coffee house, which became
the meeting place for parties in the shipping industry wishing to insure cargoes and
ships, and those willing to underwrite such ventures. These informal beginnings
led to the establishment of the insurance market Lloyd's of London and several
related shipping and insurance businesses.
Leaflet promoting the National Insurance Act 1911.
The first life insurance policies were taken out in the early 18th century. The first
company to offer life insurance was the Amicable Society for a Perpetual
Assurance Office, founded in London in 1706 by William Talbot and Sir Thomas
Allen.[7][8] Edward Rowe Mores established the Society for Equitable Assurances
on Lives and Survivorship in 1762.
It was the world's first mutual insurer and it pioneered age based premiums based
on mortality rate laying "the framework for scientific insurance practice and
development" and "the basis of modern life assurance upon which all life assurance
schemes were subsequently based."[9]
In the late 19th century "accident insurance" began to become available.[10] The
first company to offer accident insurance was the Railway Passengers Assurance
Company, formed in 1848 in England to insure against the rising number of
fatalities on the nascent railway system.
By the late 19th century governments began to initiate national insurance programs
against sickness and old age. Germany built on a tradition of welfare programs in
Prussia and Saxony that began as early as in the 1840s. In the 1880s
Chancellor Otto von Bismarck introduced old age pensions, accident insurance and
medical care that formed the basis for Germany's welfare state.[11][12] In Britain
more extensive legislation was introduced by the Liberal government in the 1911
National Insurance Act. This gave the British working classes the first contributory
system of insurance against illness and unemployment.[13] This system was greatly
expanded after the Second World War under the influence of the Beveridge
Report, to form the first modern welfare state
1.2 INDUSTRY PROFILE
The growth of the life insurance industry is driven by the factors like nominal
GDP growth rate, favourable demographic profile, high household savings, rising
income levels and increasing urbanization, approvals by IRDA, declining saving
interest rates and the products offered. Also the government of India has taken
various initiatives to promote insurance penetration in the country like for
example most recent one-“Pradhan Mantri Suraksha Bima Yojna”.
SBI Life Insurance is a joint venture life insurance company between State Bank
of India (SBI), the largest state-owned banking and financial services company in
India, and BNP Paribas Assurance. SBI owns 74% of the total capital and BNP
Paribas Assurance the remaining 26% of the capital. BNP Paribas Cardif is the life
and property & casualty insurance arm of BNP Paribas, one of the strongest banks
in the world. BNP Paribas Group, having presence in more than 80 countries ranks
highly in Retail Banking, Investment Solutions and Corporate & Investment
Banking. Along with its 5 Associate Banks, State Bank Group has the unrivalled
strength of over 18,000 branches across the country, arguably the largest in the
world
In 2007, CRISIL Ltd, a subsidiary of global rating agency Standard & Poor's, gave
the company a AAA/Stable/P1+ rating.SBI Life is one the top private players in
the insurance sector of India. It offers life insurance policies, investment plans, unit
linked life insurance plans. There are around 17,000 employees in the company,
working in its 762 branches.
Business: Continuing its track record of sustainable growth, SBI Life Insurance has
posted a record profit of Rs. 820 crore, during the financial year ending March 31,
2015, an increase of 11% over the last financial year. Operational efficiency has
been the key driver of SBI Life’s profitability. The Company is the once again
market leader amongst the private life insurers, in New Business Premium (NBP),
for the financial year 2014-15.
2.1.1 Vision, mission and values of the company:
Vision: the most trusted and pre"To be ferred life insurance provider”
Values:
Trustworthiness
Ambition
Innovation
Dynamism
Excellence
INSURANCE Plan
Retirement planning is the process of planning and managing your short and long-
term finances to help achieve your financial dreams both during your working
years and retired life. It involves analysing your financial objectives, current
financial position and expected future cash flowto develop a comprehensive
retirement roadmap.
SBI LIFE EASY ACCESS- SBI Life Easy Access packs the utility of your
neighbourhood SBI Life branch into the convenience of a mobile app for your
phone.
My policy Login
Renewal Premium
Query/Complaints
SBI LIFE SMART ADVISOR
- Reports to check Policy List, Policy Details, Customer Details, Renewal Due
List ,Maturity List etc.
- Commission details
Economic growth & development has been widely accepted as major goal of
national policy in country. Economic growth is today decided more by human
capital than material capital. Equipment, process, & property are leveraged not by
their inherent capability but by action of human being. Therefore Human
Resources is significant asset for country but this human life is full of uncertainties
& risks.
Preparing for uncertainties SBI life Insurance company is came out with the
different insurance policy as a solution for delegating worries. It reimburses people
for lovered losses in the event of an unfortunable occurrence such as illness,
accident, & death. At the some time, it can encourage safety measure, provide
investment capital, lend money, & help to reduce anxiety for society at large.
https://www.google.com
https://www.sbilife.co.in/
https://www.sbilife.co.in/en/individual-life-insurance/online-plans