Consumer Perception

Towards Shriram Life

Insurance
S U BMI T TED BY MENTOR
S HUBHA M CHAUDHARY
MS. AASTHA CHHATWAL
BBA ( 2 0 1 9 - 2022)
ASSISTANT PROFESSOR
0 5 7 35101719
Shriram Life Insurance
Shriram Life Insurance was incorporated in 2005 and it commenced business in 2006. Since the
first year of operations, the company made profits in the first three consecutive years- becoming
the only private life insurer to have achieved the distinction. Compared to industry peers after 7
years of operation, Shriram Life insurance was the most profitable life insurance company in the
country. The company's performance stands out in efficient use of capital and low cost of
operations.
Life insurance arm of Shriram Group has carried forward the group philosophy of financial
inclusion by penetrating the unexplored segments. Shriram Life has significantly focused on
Inclusive growth by taking life insurance to the section where it is needed the most -The 'AAM
AADMI' (Common Man). Sanlam, the second largest insurer in South Africa and Shriram's
Insurance partner, is working closely with the group to take the Insurance Businesses to the next
level in the coming years.
Vision of Shriram Life Insurance
The Shriram Life Insurance Company is set out with the objective of reaching out to the "common
man" with a host of products and services that would be helpful to him in his path to
"prosperity". Efficiency in operations, integrity and a strong focus on catering to the needs of the
common man, by offering him high quality and cost-effective products and services, are the
values driving the organization. These core values are deep-rooted within the organization and
have been strongly adhered to over the decades. The company prides itself on its perfect
understanding of the customer. Each product or service is tailor-made to perfectly suit the needs
of the customer.
Objective of Study
To know the reach of Shriram life insurance product among people.
To observe the number of policy holders of SLIC in prescribed location.
To study about customer’s preference regarding life insurance companies.
To examines the various factors that affect the consumer perception towards life insurance
policy
Literature Review
Athma. P and Kumar. R (2007) in the research paper titled “an explorative study of life insurance purchase
decision making: influence of product and non-product factors". The empirical based study conducted on 200
sample size comprising of both rural and urban market. The various product and non-product related factors have
been identified and their impact on life insurance purchase decision-making has been analyzed.
Girish Kumar and eldhose (2008), published in insurance chronicle monthly magazine august 2008 in their paper
titled "customer perception on life insurance services: a comparative study of public and private sectors", well
explained the importance of quality services and its significance in raising customer satisfaction level.
Sahu et al, (2009); conducted a survey on 150 respondents to determine the attributes affecting buying behavior
of consumers, investment pattern in life insurance services and compare the differences in consumer perception
of male and female consumers. In their study they found that there 6 factors which affect the buying behavior
while purchasing life insurance policies namely consumer loyalty, service quality, ease of procedures, satisfaction
level, company image and company client relationship.
Yadav and Tiwari (2012); the study area is limited to Jabalpur district, of Madhya Pradesh and sample size of 150
policyholders is taken and the sample have been selected through a satisfied and purposive sampling method.
The study has been conducted to find out factors influencing customer investment decision, impact of various
demographic factors, preferences of customers while taking the decision, and ranking of factors responsible for
the selection life insurance as an investment option.
 Research Methodology
For getting better understanding of the Customers perceptions towards products of Shriram life insurance company. The
nature of study is qualitative. The methodology that is followed includes primary data collection. Primary data collection
includes a simple questionnaire. Such questionnaire is helpful to ascertain the reach of Shriram Life Insurance products
among people, the awareness of insurance as a platform for investment and customer’s preference regarding life
insurance companies. the sample size that was found to be appropriate for the study was 50.
Source of Data Collection:
Primary Data: These are the data which are collected from some primary sources i.e., a source of origin where the data
generate. These are collected for the first time by an investigator or an agency for any statistical analysis. Primary data is
used to find the answers of the objectives. The task of data collection begins after a research problem has been defined
and research design/plan chalked out. In this particular study primary data has been collected from 50 respondents while
keeping in mind the objectives of the study.
Sampling Technique: Snowball sampling method is used to collect the data. It is the part of nonprobability sampling
techniques. This method is commonly used in social sciences when investigating hard-to-reach groups. Existing subjects
are asked to nominate further subjects known to them, so the sample increases in size like a rolling snowball
 Data Interpretation
On the basis of the study there are 23 people who are not aware about Shriram life insurance and
27 are aware.
There were 21 are from LIC, 4 are from SBI life insurance, 6 are from ICICI Prudential, 5 are from
HDFC Standard, 3 are from other & 5 are from Shriram life insurance.
On the basis of the study there are 20 policy holders who avail only 1 plan, 17 are avail more than
2 plans and 13 are avail 2 plans.
On the basis of respondent’s policy buying decision influenced 18 by own decision, 17 by friends
& colleagues, 12 by Neighbors & 3 influenced by advertisement.
There were the policy holders who motivated to purchase life insurance. In which 29 on the basis
of all of the above options, 4 by financial stability, 6 by Helps achieve long-term goals, 5 by tax
benefits & 6 are motivated by Retirement goals.
LEARNING DURING INTERNSHIP
Under the internship period with SLIC, I have gone under an intensive training on the:
Financial markets
Life Insurance Industry
Life Insurance Products
Digital Sales/ Marketing
Interaction with Senior management
RECOMMENDATION
Shriram Life Insurance should focus on Extensive marketing in order to capture PAN India
market.
SLIC uses only online channel to sale his policies to customers they should use offline channel as
well.
Good image in transportation but customer is not aware of Shriram life insurance.
In north area there is a need of more advertisement and promotion.
Its products are less attractive than LIC.
Its customer relationship is not good.
Conclusion
Insurance is a safeguard against uncertain events that may occur in the future. Since the first
year of operations, Shriram Life Insurance made profits in the first three consecutive years-
becoming the only private life insurer to have achieved the distinction. Compared to industry
peers after 7 years of operation, Shriram Life insurance was the most profitable life insurance
company in the country, this progress leads to increase the company image and makes a way to
lead the total insurance market.
India being a country having a huge population of around one billion people with only 22% of
the insurable population in India possessing life insurance the country has a vast potential which
has been left untapped till now.
Consumers today also seek products that offering flexible options, preferring products with
benefits unbundled and customizable to suit their diverse needs.
BIBLIOGRAPHY
https://www.coverfox.com/life-insurance/life-insurance-companies/shriram-lifeinsurance/
https://shodhganga.inflibnet.ac.in/bitstream/10603/50603/5/ch-2.pdf
https://shriramlife.com/
https://www.investopedia.com/
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Thankyou