A

Report

On

Summer Internship

“A Study on Customer Perception Towards Life

Insurance Products with Special Reference to
Shriram Life Insurance, Kota”

Submitted

In Partial Fulfilment of the Requirements for the Degree of

Bachelor Of Business Admnistration

Student Name Guide Name

Gauri Raghav, BBA Honors Dr. Ashutosh Kumar

K20106 Assistant Professor

Career Point University, Kota (Raj.)

Session2022
i
Completion Certificate

ii
 Declaration By The Candidate

CERTIFICATE

I Gauri Raghav hereby, declare that the work presented in this REPORT, entitled “A
study on customer perception towards life insurance products with special reference
to Shriram life insurance, Kota” in fulfilment of the requirements for the award of
Degree of BACHELOR OF BUSINESS ADMINISTRATION from Career Point
University, Kota, Rajasthan is an authentic report based on my experience and
learning under the supervision of Dr. Ashutosh Kumar, Assistant Professor,
Career Point University, Kota. I, also declare that the work embodied in the report
is my original work and has not been submitted by me for any other Degree or
Diploma in any University/Institution.

Date

Guri Raghav

iii
 Acknowledgement

I owe a special sense of gratitude to my supervisor Dr. Ashutosh Kumar, Assistant

Professor, Career Point University, Kota not only for providing me guidance at
each stage of the study but also for broadening the horizon of my vision in the field of
research in commerce. This feat was possible only because of the unconditional
support provided by Sir. A person with an amicable and positive disposition, Sir has
always made himself available to clarify my doubts despite his busy schedules and I
consider it as a great opportunity to do my post graduate programme under his
guidance and to learn from his research expertise. Thank you, Sir, for all your help
and support. Words indeed cannot adequately express my profound indebtedness
towards him as my guide, philosopher and mentor in the conduct of this research.

Dr. Aditi Gaur, Associate Professor, Career Point University, Kota have
extended their support in statistical data analysis and I thank them for their
contributions. I acknowledge with pleasure the cooperation extended to me by the
library staff of CPU, Kota. Faculty of School of Commerce and Management for
searching the relevant material for my research.

Finally, and most important, I would like to appreciate the support and
encouragement of my friends and other family members.

iv
 Executive Summary

“Ensuring Dreams”, this is exactly what we at Shriram Life do. Shriram Life has
emerged out of a parent company whose philosophy revolves around the Aam Aadmi
(common man), not in papers, but in actuality. With a sole motivation to serve the
marginalized section, every single member of the Shriram family strives towards
creating a better world, for himself/herself and for those around him/her. For a world,
where business means profits and self-centric service, our work-values might sound a
bit farfetched. Understandably, the doubt is genuine and undeniable. So here, let us
have a glance into the background of Shriram Life and the Shriram Group.
Commencing business in 2006, Shriram life was incorporated in the year of 2005,
with constant support from Shriram Group and Sanlam Group, a 90-year-old South
African Insurance firm. We work with the primary intention of bringing a positive
change in the lives of our fellow beings while adhering to high service standards at
the same time. The philosophy of putting the common man first is apparent in the
way the Shriram Group functions. Its humble environment with no monumental
expenditure on luxury is in sync with its working culture. Acknowledging our efforts,
many accolades have been bestowed upon us. Like every other family, the Shriram
family also has elders whom we look upon, who guide each and every step of ours,
ensuring smooth and effective functioning. The leaders are also known for their
simplicity and down-to-earth approach. R.Thyagarajan, the founder of Shriram
Group, Padma Bhushan awardee, is the living example of honest and effective
business principles. With the same unwavering commitment and equal enthusiasm,
Shriram Life is stepping into the online world, making the process of buying
insurance even simpler and customer-centric. Under the impactful leadership and
visionary approach of Mr. Manoj Jain, Mr. Cassie Kromhout and Mrs. Akhila
Srinivasan, the family of Shriram Life is working towards making insurance buying
simpler, faster and easier and to help customers in the better management of their
funds and in increasing their funds through the beneficial and suitable life insurance
plans.

v
 Table Of Contents

S.No. Particulars Page No.

Completion Certificate

Declaration by Candidate

Acknowledgement

Executive Summary

Table of Contents

List of Figures

List of Tables

List of Abbreviations

Chapter 1 Industry Overview

Chapter 2 About the Company

Chapter 3 Research Methodology

Chapter 4 Results

Chapter 5 Conclusion

Annexure - I Bibliography

vi
 LIST OF FIGURES

Figure 2.1 Evolution of Shriram Group

Figure 2.2 SLIC Department

Figure 2.3 SLIC Marketing, Targeting, Positioning

LIST OF TABLES

Table 2.1:- Shriram Life Insurance Organizational Hierarchy

Table 2.2 :- Major Competitor in Insurance Company

List of Abbreviations

ULIP : Unit Linked Insurance Plan

IRDAI : Insurance Regulatory and Development Authority of India

SLIC : Shriram Life Insurance Company

FDI : Foreign Direct Investment

SWOT : Strength Weakness Opportunity Strength

vii
 Chapter - 1 Industry Overview

Insurance: An Overview

Insurance is a legal contract between two parties- the insurance company (insurer)
and the individual (insured), where in the insurance company promises to compensate
for financial losses due to insured contingencies in return for the premiums paid by
the insured individual. In simple words, insurance is a risk transfer mechanism, where
you transfer your risk to the insurance company and get the cover for financial loss
that you may face due to unforeseen events. And the amount that you pay for this
arrangement is called premium. There is insurance available for various risks, starting
from your life to mobile phones that you use. In the end, it’s essential to protect what
is ‘important’ to you.

Types of insurance

There are various types of insurance available in India. Mainly, insurance products
are classified as:

 Life insurance
 General insurance

Life insurance covers you against the risk of death. Life insurance policies come in
many variants such as term plans, endowment plans, whole life insurance plans,
money back plans and unit- linked investment plans etc.

General insurance products cover financial losses caused by various risks other than
death. General insurance products come in various types covering a wide range of
risks such as health insurance, motor insurance, marine insurance, liability insurance,
travel insurance and commercial insurance etc.

Insurance is an effective risk management tool that protects what is precious for us –
life, health, home and businesses etc. The requirement of insurance may vary from
one individual to another, but there are certain types of insurance products that are

8
must-have for every individual for ensuring a secure future

History of life insurance

The history of insurance in India can be traced back to the exceptional ancient works
such as Manusmrithi, Dharmasastra and Arthasastra. They have discussed the
importance of collecting financial resources to distribute them among the people
during distressing situations such as natural calamities like floods, famine, etc.
Insurance in modern times has evolved dynamically in such thoughts and is based on
several principles that were followed in different countries.

 The life insurance company was first established in the city of Calcutta in the year
1818 and referred to as the Oriental Life Insurance Company.
 In 1870, the British Insurance Act(BIC) was enacted, and it paved the way for the
establishment of companies in the Bombay Presidency, such as the Bombay
Mutual, Empire of India and Oriental.
 The Indian Life Assurance Companies Act, 1912, was introduced to regulate the
life business in India. And the Government of India took the initiative to publish
the business and returns of the life insurance companies in India.
 Many new insurance companies started doing business in India. The competition
was increasing, which later also resulted in certain defaulting business activities.
Therefore, the Indian Government decided to nationalise the insurance business
sector by introducing the LIC (Life Insurance Corporation) of India. It included
154 Indian insurance providers, 75 provident societies and 16 non-Indian
insurance providers. Later, private players came into existence in the 90s.

Life Insurance

Life insurance plans are characterized by the fact that they pay a benefit on death of
the insured. The most popular plans have a fixed period of time for which the policy
is in force, and death benefit will be paid. Term Life, Endowment, ULIPs, Pension
Plans, and Child Plans all have fixed terms. On the other hand, Whole Life Plans
offer cover for the entire lifetime.

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Types of Plan TermLife:

Term Insurance plans provide a death benefit for a fixed tenure. This is the most basic
and also the most important type of life insurance policy available in the market.
There are certain sub- types of term life plans like level term plans, increasing term
plans, decreasing term plans & term plan with return of premium.

Endowment plans:

Endowment plans are savings-oriented life insurance plans. These plans have both
death benefit as well as maturity benefit.

Death Benefit is paid to the nominee if the life insured dies within the policy tenure
and Maturity Benefit is paid to the policyholder if he survives the entire policy tenure.

ULIPS:

Unit Linked insurance plans (ULIPs) are investment-oriented insurance plans. Under
these plans, the premiums paid are invested in the capital market. There are different
types of investment funds and the policyholder can choose the fund in which the
premium should be invested. ULIPs allow a fund option to choose from equity, debt,
balanced, liquid etc.

Child Insurance plans:

Child plans are life insurance plans created specifically for providing financial
stability to the child. The parent or the child is the life insured under the plan.
Usually, the parent is covered in a child plan.

Whole life plan:

Whole Life Plans are unlimited Term Plans. These plans cover individuals till 99 or
100 years of age.

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Pension plans:

Pension plans are retirement-oriented life insurance plans. Under these plans, the
policyholder creates a corpus from which regular annuity payoutare given till the
insured is alive. Pension plans come in two variants - Deferred pension plans and
Immediate annuity plans

Insurance regulatory authority

The insurance industry of India is a huge market with several major players. So it
becomes important that there is an authority overseeing the industry, and this is where
the Insurance Regulatory and Development Authority of India (IRDAI) comes in.

The IRDAI is an independent and autonomous statutory body. The IRDAI was
constituted under the Insurance Regulatory and Development Authority Act which was
passed in 1999. The main function of the IRDAI is to regulate the insurance industry
of the country.

For many years the insurance sector of India was protected. The IRDA Act of 1999
allowed the entry of private companies in the insurance sector. It also allowed for
26% investment by foreign companies. Since 2014 the FDI limit has been increased to
49% and further opened up the insurance sector.

So the Insurance Regulatory and Development Authority of India has a role to protect
the policyholders from any form of discriminatory practices. They regulate all the
insurance companies. All companies have to approach the IRDAI for registration
certificates. And they are responsible for the renewal, modification or cancellation of
these certificates.

11
 Chapter - 2 About The Company

Shriram Life Insurance

Shriram Group is an Indian conglomerate headquartered in Chennai. It was founded

on 5 April 1974 by R. Thyagarajan, AVS Raja and T. Jayaraman. The group had its
beginning in chit funds business and later on entered the lending business through
Shriram Transport Finance (commercial vehicle finance), Shriram City Union
Finance (consumer and MSME finance) and Shriram General Insurance (general
insurance). R. Thyagarajan also won Padma Bhushan award in 2013.

Shriram Group mobilize funds through chits under Shriram Chits and it offers a
diverse basket of financial products and solutions targeted mainly at the underbanked
and unbanked segments of India’s population. They are among the largest financial
services conglomerates managing assets worth Rs 2.08 lakh crore (As of December
2021), across 4050 branches. Their businesses are spread across consumer finance,
business finance, vehicle finance, chit funds, asset management services, stock
broking, insurance- life and general, loans for affordable housing, insurance broking
and distribution of financial products. Our growth has been achieved partnering some
of the best corporations and financial investors, all of whom see us as their
trustworthy partners. Shriram life insurance incorporated in 2005, shriram life
insurance commenced operations in 2006. It has a network of over 750 offices across
India.

Shriram Life Insurance is a leading player in Life Insurance business in India. The
largest Insurance organization in South Africa, Sanlam is Shriram's partner in the Life
Insurance business. Shriram Group has a large customer base through its Chit Funds,
Truck Finance, Two wheeler Finance, SME finance businesses. Effective penetration
into the customer base and an excellent leveraging of the group’s network, enabled
the Life Insurance business to do exceptionally well in its operations in comparison to
the other industry players with the same vintage.

12
The business is now poised to expand outside Shriram’s existing geographies and
customer base through a well-defined cautious strategy of expansion and investment
in new branches and channels, which together has the potential to make Shriram a
significant player in the Life Insurance business.

Awards Received By Company

1. Shriram life insurance company limited was recognized by the Economic Times
as one of the Iconic Brand of India.
2. The Bizz Americas Award - Shriram Life Insurance.
3. Best Life Insurance Company - BFSI Award, ABP News.
4. International Arch of Europe’ award - Frankfurt.
5. Indian Insurance Award for Non-Urban Coverage - Life Insurance - Finetelekt,
SP Media Pvt. Ltd.
6. Managerial Excellence Award - For excellence in diverse areas - Madras
Management Association.

Table 2.1
Shriram Life Insurance Organizational Hierarchy
S. No. Name Designation
1. Mr. Casparus Jacobus Hendrik Managing Director & CEO
Kromhout
2. Smt. Akhila Srinivasan Managing Director
3. Mr. Manoj Kumar Jain Managing Director
4. Mr. G. Vaidyanathan Chief Financial Officer
5. Mr. Johannes Gilliam Van Appointed Actuary & Chief
Helsdingen Risk Officer
6. Mr. Ajit Banerjee Chief Investment Officer
7. Ms. Samatha Kondapally Company Secretary & Chief
Compliance Officer

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Shriram Purpose and Vision

The Shriram Life insurance company works with the purpose to bring every family in
the Indian society, especially the segment most vulnerable to the financial impacts of
the loss of a breadwinner, into the safety net of Life Insurance.

Operational efficiency, integrity and a strong focus on catering to the needs of the
average Indian, by offering him high quality and cost-effective products and services,
are the core values that drive the organisation. These values have been strongly
adhered to over the decades and are now an integral part of the organisation’s DNA.

The company prides itself on its deep understanding of the customer. Each product or
service is tailor-made to specifically suit the needs of the customer. It is this guiding
philosophy of putting people first that has brought the group company closer to the
grassroots and has made it the preferred choice for all truck financing requirements
amongst the customers.

THE JOINT VENTURE

Shriram Life Insurance Company Ltd is a joint venture of Shriram group and Sanlam
with South Africa holding 26% of the stack. Sanlam Life insurance Limited, a part of
the Sanlam Group, is one of the largest providers of life insurance in South Africa
with 3.2 million individuals policies under administration.

It has a significance presence across South Africa, United Kingdom and Namibia and
is a major provider of life insurance, retirement annuities, saving and investment
products, personal loans, home loans and trust services to individuals. The
shareholder's funds of Sanlam Life equates to USD 4.4 billion.

The Sanlam Group was established in 1918 and has a leadership position in financial
services in South Africa. Demutualized in 1998, the group is listed on the JSE
Securities Exchange in Johannesburg and on the Namibian Stock Exchange. It has a

14
current market capitalization of USD billion. The Sanlam Group also operates in the
areas of group schemes, retirement funds, short - term insurance, asset management
and other financial services. It has employee strength of 8,000 and has shareholder
funds in excess of USD 4.6 billion.

MAJOR COMPETITOR IN INSURANCE

COMPANY

S. No. Name of the Company

1. Bajaj Allianz Life Insurance Company Ltd.
2. Birla Sun Life Insurance Co. Ltd
3. HDFC Standard Life Insurance Co. Ltd
4. ICICI Prudential Life Insurance Co. Ltd
5. ING Vysya Life Insurance Company Ltd.
6. Life Insurance Corporation of India
7. Max New York Life Insurance Co. Ltd
8. Met Life India Insurance Company Pvt. Ltd.
9. Kotak Mahindra Mutual Life Insurance Ltd.
10. SBI Life Insurance Co. Ltd
11. Tata AIG Life Insurance Company Limited
12. Reliance Life Insurance Company Limited.
13. Aviva Life Insurance Co. India Pvt. Ltd.
14. Sahara India Life Insurance Co, Ltd.
15. Bharti AXA Life Insurance Company Ltd.

Table 2.2

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 Swot Analysis

STRENGTHS

1. Policy is covered to all types of societies.

2. They have expertise in foreign group such as they are partnered with Sanlam
Group.
3. They have across 750 offices in India and 30 lakh customer base and 75000 loyal
agents. The continuous growth of the business in the last 45 years.

OPPORTUNITIES

1. They have rural market growth and good reach of AAM AADMI. Aam Aadmi is
where they are focusing on the growth by taking life insurance whom it needs the
most.
2. To target the youths of urban area.

WEAKNESS

1. They have low marketing and don't have brand presence when compared to other
competitors.

2. When compared to big companies they have poor IT Infrastructure.

THREATS

1. There will be entry from new competitors.

2. There may be new rules and regulations from the Government and IRDAI.
3. The impact of COVID-19. Companies issuing new policies and payment policies.

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Products Offered By Shriram Life Insurance

1. Child Life Insurance Plans

2. Term Life Insurance Plans
3. Pension Life Insurance Plans
4. Investment linked Life Insurance Plans
5. Combi Life Insurance Plans
6. Endowment Life Insurance Plans
7. Group Life Insurance Plans
8. Micro Life Insurance Plans
9. Savings Plan
10. Women Life Insurance Plans

DOCUMENTATION NEEDED TO APPLY FOR SHRIRAM LIFE

INURANCE POLICY

The most common type of documentation comprises of the following, the information
on the same is available on the official website of Shriram life insurance.

1. Proposal Form: The form which is to be filled in by the insured in written or

electronic or any other format as approved by the authority, for furnishing all
material information as required by the insurer in respect of a risk, in order to
enable the insurer to take informed decision in the context of underwriting the
risk, and in the event of acceptance of the risk, to determine the rates, advantages,
terms and conditions of the cover to be granted.
2. Know Your Customer (KYC): Identity, address, income and age proof.

Benefits of Shriram Life Insurance

1. Financial Protection: Plans which provide financial protection to your family.

2. Flexibility: Flexible premium and pay-out options. Online plans: Specifically
designed online plans that costs lower.

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3. Variety: Offers a variety of online as well as offline plans.
4. Customer Service: Offers good, hassle-free pre-sales and post-sales services.
services.
5. Tax benefits: Save tax on all premiums and pay-outs under the section 80C and
10(10D) of Income Tax Act, 1961.

Functional Departments

Finance Department

Something must be direct the how of economic activity and facilities its smooth
operation. Finance is the agent that produces this result. Nature of financial
management refers to its functions, scope and objectives.

Financial management is that managerial activity which is concerned with the

planning and controlling of the firm's financial resources. In modern times finance is
the life-blood of the business. No matter, whether the business is big or small
financial is the equally important. The financial resources must proper planned and
control in order to achieve the best out of available. So, financial resources should be
very properly.

Generally, financial planning means deciding in advance, the financial activities are
to be carried on to achieve the objective of the firm. In broader sense, in the words of
Walker and Boughn as; "financial planning includes the determination of firm's
financial objectives, formulating and promulgating financial polices and developing
and procedures."

Financial planning is necessary to achieve both long term and short term objectives.
A sound financial planning includes how much need of funds for both the terms.
Then from where they are to be received and utilized.

Shriram life would evaluated different proposal placed before them and selects the
best out of them. It estimates how much capital is going to be required for various
proposals and how much is the return on the capital employed. The financial manager

18
lays down the estimate on the capital of cash per week, per month and per year.

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Capitalization

At the time of incorporation of any business, it is the first problem before the
promoters to decide how much capitalization should be made in a business. The
amount of capital of any time should not exceed nor less than the amount required.
So, it is necessary to have proper capitalization for the success of the enterprise. But
Gerstenberg defines it as; "The total accounting value of all capital regularly
employed in business, it includes owner's capital, borrowed capital and any other
sources."

Thus term includes:

1. The value of ordinary and preference shares

2. The value of all surplus earned and capital
3. The value of bonds and security still not redeemed
4. The value of long term loans

However the modern view includes short term funds or liabilities under the firm. It
should be properly capitalized.

Shriram Life Insurance issue shares. So, all these terms do apply.

Marketing Department

Traditionally, insurance products have been promoted and sold principally through
agency systems in most countries. With new developments in consumer behaviour,
evolution of technology and deregulation, new distribution channels have been
developed successfully and rapidly in recent years.

Shriram Life Insurance make use of various distribution channels:

 Career Agents
 Advertisements
 Direct Response
 Internet

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The main characteristics of each of these channels are:

Career Agents: A full-time commissioned salesperson who works out of an insurance

company's field office, holding agencies contract. They are an independent contractor
but are also exercised by company. As their level of customer service is very heigh,
they are also awarded as best company agent.

However some insurance companies avoid these agents as they might oversell
company’s interest in quantity. Due to this some career agent may broker business
with company and join other companies.

Direct Response: In this channel no salesperson visits the customer to induce a sale
and no face- to-face contact between consumer and seller occurs. The consumer
purchases products directly by responding to the company's advertisement, mailing or
telephone offers. This channel can be used for simple packaged products, which can
be easily understood by the consumer without explanation.

Advertisements: This is very popular medium among the entire medium any person
can see this advertisement of the products and buy the product from nearest branch.

Internet: Internet banking is already securely established as an effective and profitable

basis for conducting banking operations. The reasonable expectation is that personal.
banking services will increasingly be delivered by Internet banking. Company can
also feel confident that Internet banking will also prove an efficient vehicle for cross
selling of insurance savings and protection products.

Human Resource Department

Human Resource Management

"Human Resource Management function that helps managers recruits select, train and
develop members for an organization. Obviously, HRM is concerned with the
people's dimension in organizations.

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In all business concerns, there is one common element. i.e. HUMAN RESOURCE.
Work force of an Organization is one of the most important inputs of components. It
is said that people are our single most important assets. Because of the unique
importance of HUMAN RESOURCE and its complexity due to ever changing
psychology, behavior and attitudes of men and women at work, personnel function,
i.e., manpower management function is becoming increasingly specialized. The
personnel function or system can be broadly defined as the management of people at
work- management of managers and management of workers. Personnel function is
particularly interested in personnel relationship and interaction of employees-human
relations.

In a sense, management is personnel administration. Management is the development

of people, and not mere direction of material resources. Human capital is the greatest
asset of a business enterprise. The essential ingredient of management is the
leadership and direction of people. Each manager of people has to be his own
personnel man. Personnel management is not something you really turn over to
personnel department staff.

Manpower Planning

Human Resource Planning is the process by which an organization ensures that it has
the right number and kind of people, at the right place, at the right time, capable of
effectively and efficiently competing those tasks that will help the organization
achieve its overall objectives.

Shriram Life Insurance follows the following process:

The first step is forecasting the need of man power in terms of divisions, department
or functions. Along with the estimate of the number of the people required in
different departments it is also decided that at which level they will be needed.

After estimating the man power requirement, next step is to have a look at the current
human resource. The current human resource is assessed so as to know whether the
requirement can be filled by the existing personnel or not, At last detailed policies for

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recruitment, selection, training, promotion, retirement, replacement etc.

Training

Continuous training and upgrading technical, behavioral and managerial skills is a

way of life in Shriram. Shriram Life encourages agent or sub-broker to hone their
skills regularly to enable them to face the challenges of the changing requirements of
customers that fit market up and down.

Recruitment & Selection

The upper level members like zonal managers, regional managers, branch managers
and senior executives are recruited by publishing recruitment advertisement in
leading national level newspaper. The qualified applicant are then called for interview
and selected.

The regional manager has authority to select lower level employee like peon,
marketing executives, financial accountant etc. by approval of zonal manager.

Performance Appraisal

Objective of Performance appraisal for Developmental uses for agents and financial
consultants, for wages, transfer, promotion, for documentation and for organizational
purpose like Human Resource Planning, Job analysis and for training and
development.

Products Explained During Internship

Shriram Assured Income Plan

Shriram Life Assured Income Plus is a non-linked non-participating life insurance

individual savings plan. This plan caters to the customers who wish to invest only for
a minimum fixed duration and receive annual benefits even after maturity. The plan

23
offers life cover of minimum 10 times the annualized premium and for age up to 50
years and 7 times the annualized premium and for ages 51 years and above.

Key Features:

 Choice of Policy Term – 8/10/12/15 years.

 Assured Income benefits after the policy term.
 Higher returns for higher premiums.
 Higher returns for higher terms.
 Additional protection through riders.

Necessities for Assured Income Plan :-

 Age - Minimum is 8 days and Maximum is 55 years.

 Minimum premium is Rs. 20,000 and Maximum there is no limit.
 Maximum maturity age 70 years.
 Sum Assured - Below 55 years it is 10 times the yearly premium paid and above
55 years it is 7 times the yearly premium paid.
 Premium paying term is same as policy term.
 Benefit payout period is equal to policy term.
 Premium Mode - Yearly, Half-Yearly, Quarterly, Monthly.

Benefits of Shriram Assured Income Plan :-

 Returns are 20% of the sum assured.

 Tax Saving policy.
 Short term and risk free.
 In case of death or total and permanent disability due to accident during the rider
term, we will pay 100% of the rider sum assured. Also, if the life assured
becomes totally and permanently disabled in an accident, we will waive off all the
future premiums under the policy. The benefit under this rider is applicable only
once during the rider term.

24
 In case of unfortunate event of death of the life assured during the rider cover
term, sum assured under rider will be paid to the nominee.

25
 Chapter - 3 Research Methodology

Research Methodology

Research methodology will help us to know about the methods of research. For better
understanding of the consumer perception towards life insurance in Shriram Life
Insurance the methodology here is primary data. Primary data is a questionnaire
which helps us to know the awareness of Shriram Life Insurance. analyse the factors
affecting the investors choice in selecting life insurance in private industry and
analyse the services quality offered by the company that satisfies the need of
customer. Type of Research is Descriptive Research.

Objective of the study

 To know how many people are aware of Shriram Life Insurance.

 To find and analyse the factors affecting the investors choice in selecting life
insurance in private industry.
 To analyse the services quality offered by the company that satisfies the needs of
customers and give suggestions to improve their marketing strategies.

Source of Data Collection

Data collection sources are basis data. These are the first data that researchers have
gathered to achieve their research goals. In this particular study, primary data were
collected from 50 respondents with the objective of the study in mind.

Sampling Design

The random sampling is done because any probability sampling procedure would
require detailed information about the universe, which is not easily available further,
as it is being an exploratory research.

Sample Size

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By keeping in mind, the objective of the study the sample size that I have taken is 50.

Chapter – 4 Data Collection, Interpretation and Analysis

The data collected through structured questionnaire.

 Demographic Characteristics

1. Gender

(Gender 50 Responses)

This is the gender of respondents which is taken into the study of the survey. It
indicates that male candidates are the highest respondent to the study.

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2. Age

(Age 50 Responses)

From the survey the age group which respondent to the survey were between 31-45
years which is usually the working people and those planning down their future.

28
3. Occupation

(Occupation 50 responses)

From the survey the majority of the respondent are student and in service industry.

29
4. Income Level

(Income level 50 responses)

From the survey the income level of 50 respondents vary and the major share is
10,000 - 20,000.

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 Insurance Policy

5. Do you have an insurance policy? 50 Responses

From the survey it is clear that majority of the respondents have an insurance policy.

 Awareness of Investment Plan

6. Are you aware of the available Investment plan? 50 responses

The respondents are very well aware about the investment plans which are offered
by the insurance company/agent.

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 Awareness of Shriram Life Insurance Company

7. Have you heard about Shriram Life Insurance? 50 Responses

The respondents are aware about Shriram Life Insurance Company and few
have some knowledge on the same.

 Prefer Buying Shriram Life Insurance

8. Will you choose to take a policy with Shriram life Insurance? 50 Responses

From the survey it is clear that many would prefer buying Shriram Life Insurance
Policy and many even respondent saying they might buy SLIC policy/plan.

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 Expectation From Insurance Company/Agent

9. What do you expect from an insurance company/agent? 50 Responses

From the survey we can understand that the people are looking for Long term
Investment / returns followed by Tool to protect the family. Some even want tax
saving scheme from their company/agent.

 Authenticity of Online Information

10. Do you think insurance agents/online portals gives authentic information about the
policy? 50 Responses

The respondents feel that the authenticity of online information by the insurance
company/agent may be authentic and many feel it not be. Since they don’t know how

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 safe and trust worthy the company is.

 COVID-19 benefit by Insurance Company

11. Is your insurance company giving you Covid-19 benefits? 50 Responses

Majority of the respondents are receiving COVID-19 benefits from their

insurance company/agent.

 Kind of Benefits

12. If yes. Please mention how are they providing the benefits? 39 Responses

Many of the respondents receive benefits such as new schemes to protect their family
and easy premium payment option during this COVID-19 period.

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 Mode of Premium Payment

13. How do you pay your premiums? 50 Responses

Majority of the respondent pay yearly premium and many pay Quarterly as per their
convince and their monthly income.

 Clarify query

14. How do you clarify your query? 50 responses

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The respondents usually contact their agent to clarify their query and many check
with the advisor followed by customer care service and hardly people visit the
company website.

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 Chapter – 5 Results

The findings which can be drawn from the survey conducted by me is summarized as
follows:

 Majority of the respondents are male who have taken the survey and majority are
in the age group of 31-45 years which indicate they have started working or run
business and have plans to protect family and look for long term investment.
 60.8% of the respondents have insurance policy and the rest don’t have. The
reason maybe they are not aware of the company or didn’t find a trust worthy
company.
 58.8% of the respondent are aware about the investment plan which are
available with the insurance company/ agent and 27.5% of them are not aware
about the same.
 51% of the respondent are aware of Shriram Life Insurance Company and 35.3%
of them are not aware about SLIC and 13.7% of them have some knowledge
about the company.
 As per the respondent 52.9% maybe buy Insurance policy from Shriram Life
Insurance, 37.3% of them won’t purchase policy/plan from Shriram Life
Insurance Company and finally 9.8% of them will buy from SLIC.
 Majority of them ie 70.6% of the respondent except long term investment / return
from the company , 56.9% want it as a tool to protect their family and 29.4% want
the company to provide them from tax savings scheme.
 43.1% of the respondent feel that authenticity of online insurance maybe true not
fully, 37.3% of the respondents feel no it’s not authentic and 19.6% feel it’s
authentic.
 52.9% of the respondent are receiving COVID-19 benefits. And 47.1% of them
don’t receive.
 The benefit they are currently receiving are other benefits, 25.6% of them are
getting easy premium payment, and 20.5% of them are getting new schemes
during this worldwide pandemic situation.
 52.9% of the people pay the premium yearly , 19.6% of them pay Quarterly,

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 13.7% pay monthly and 13.7% of them Half-Yearly premium depending on their
income level and convenience.

 37.3% of the people clarify their query through their agents, 21.6% through their
advisor, 15.7% of them through customer care service and 15.7% of them through
branch manager and 9.8% of them through the company profile.

 43.1% of them are almost satisfied with their insurance company services and
benefits, 15.7% of them are highly satisfied and 31.4% are not almost satisfied.

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 Chapter - 6 Conclusion

Insurance is a safeguard during uncertainty which occurs in future. When Shriram

Life Insurance was started they made profits in three consecutive years which says
that being a private industry player they have achieved the distinction. When
compared to competitors after the 7 years of operation, Shriram Life Insurance was
the most profit-making life insurance industry which indicates the increase in
company image. They have products which are of low premium and premium paying
term is very less where they have focused on meeting the basic requirements.

They also have an additional rider which is optional it is protect against disability and
compensate during the time of critical illness or surgeries. The competition in
insurance industry is rising day by day. Consumers look for the product which have
different and flexible options and customize according to the needs of the consumer.

Many of the consumers are planning to have a safeguard to their life in future coming
days mostly for their retirement period. Insurance industry should change their
product plans according to the changing needs or requirement of the consumer.

Therefore, I would like to conclude by saying that people want insurance policy / plan
which will secure their family in the long run and provide them with benefits during
crisis. And also get them satisfactory returns. They want the company to be
transparent and share all details with them during the time of selling policy.

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 Chapter – 7 Bibliography

1. http://shriramcapital.com/
2. https://www.shriramcity.in/corporate/shriram-group
3. https://shriramlife.com/
4. https://www.irdai.gov.in/Defaulthome.aspx?Page=H1
5. https://www.sanlam.com/Pages/default.aspx
6. https://www.coverfox.com/life-insurance/life-insurance-companies/shriram-
lifeinsurance/#:~:text=Benefits%20of%20Shriram%20Life
%20Insurance&text=Flexibility%3AFlexible%20premium%20and%20payout
%20options.&text=Customer%20Service%3AOffers%20good%2C
%20hassle,of%20Income%20Tax%20Act%2C%201961
7. https://www.policybazaar.com/insurance-companies/shriram-life-insurance/
8. https://en.wikipedia.org/wiki/Methodology

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