Vishweshwar Education Society’s

INDIRA INSTITUTE OF
BUSINESS
MANAGEMENT

PROJECT REPORT
ON

“Internship Report”
SUBMITTED TO
INDIRA INSTITUTE OF BUSINESS MANAGEMENT, NAVI
MUMBAI
BY

MANDAR SUNIL BORSE

Roll No. 2022063
Batch No. 2022-2024

IN PARTIAL FULFILLMENT OF
MASTER OF MANAGEMENT STUDIES (MMS),
UNIVERSITY OF MUMBAI

November, 2023
 DECLARATION

I, Mr. Mandar Sunil Borse hereby declare that this project report
is the record of authentic work carried out by me during the
period from 12/05/2023 to 06/07/2023 and has not been
submitted to any other University or Institute for the award of any
degree/diploma etc.

Signature
Mandar Sunil Borse
Date:
COMPANY CERTIFICATE
 CERTIFICATE

This is to certify that the project entitled “Internship Report”

submitted by Mr. Mandar Sunil Borse of Indira Institute of
Business Management in partial fulfilment for the award of Master
of Management Studies of Mumbai University is his original work
and does not form any part of the projects undertaken previously.

This project report is the record of authentic work carried out

by him during the period from 12/05/2023 to 06/07/2023.

He has worked under my guidance.

Prof. Amit Ahire Dr. Susen Varghese

(Faculty Guide) (Joint Director)

Place: Navi Mumbai

Date:
 ACKNOWLEDGEMENT

I would like to express my special thanks of gratitude to Prof. Amit

Ahire, my project guide, Indira Institute of Business Management,
Sanpada for his invaluable guidance, continuous encouragement
and help for completing the present research work.

I would also like to thank Mr. Jitendra Bapna, Mr. Jignesh

Bapna and Mr. Ramashish Viswakarma for their able guidance
and support in the project.
Last but not the least I would like to acknowledge my family
members, friends and relatives for providing help and support for
completing this project. Lastly, I convey my gratitude to all those
who or directly or indirectly related to this project and helped me to
complete this project report.

Regards,

Mandar Sunil Borse

 Table of Content
Chapter No. Title Page No.
1 Introduction 8-9
1.1 Introduction of the Topic 8
1.2 Objectives of the Study 8
1.3 Rational of the Studys 8
1.4 Limitations of the Study 9

2 Profile of the Organisation 10-13

2.1 Profile of the organisation 10
2.2 Overview of the business 11
2.3 Vision 11
2.4 Mission 12
2.5 Values 12
2.6 Management 13
2.7 Benefits of Birla Sun Life Insurance 13

3 Positions and Responsibilities 14

3.1 Designations 14

3.2 Responsibilities 14

4 Weekly Reports 15-16

5 Learnings 17
5.1 Learnings from Internship 17

6 Products Pitched 18

6.1 Products 18

6.2 Difficulties during pitch 18

7 Findings and Suggestions 19

8 Conclusions 20

9 Bibliography 21
 EXECUTIVE SUMMARY

In today’s world, every individual wants to secure his future and one of the ways is
investment. While investing their money they expect capital appreciation along with
security and minimum risk involved in it.
Some investment avenues involve huge risk and some less risk. Depending on the
changing risk environment and emerging investment opportunities, investments need
to be evaluated on a regular basis and form strategies which will help in minimizing
the risk and maximizing the returns to the investor.
For a vast country like India, there are two aspects which are most important for a
company’s progress. First is the customer & second being the way in which company
reaches the customer. Company may make the best products but it’s useless if it
doesn’t have the capacity to distribute it to the customers or if the customers don’t feel
satisfied of the product.
In this project, I am studying about the “Internship Report”. I have taken surveys to
see what a customer looks for before buying a Life Insurance Policy and what
motivates him/ her to make their decision regarding investment.
 CHAPTER 1

INTRODUCTION
1.1 Introduction:
In dynamic financial markets, investment decisions play an important role in determining
the future financial well-being of individuals. One approach that has received
considerable attention is the mutual fund space, where investors seek to optimize returns
while managing risk. Aditya Birla Sun Life Insurance (ABSLI) Super Funds have
emerged as outstanding players in this sector, offering various investment options This
Black Book project aims to be a comprehensive analysis of ABSLI Super Fund by them
particular attention will be paid to investor perspectives.

1.2 Objectives of the study:

1. To get knowledge about the industry and experience new things.
2. To comprehend the functions and workings of ABSLI.
3. To learn the phrases used in finance that are utilized in a firm.
4. To determine ABSLI's advantages and disadvantages over rivals.
5. To become knowledgeable about various insurance policy kinds.
6. To comprehend the advantages ABSLI offers to both clients and staff.

1.3 Rational of the study:

1. The rationale for conducting a study on ABSLI Super Funds with a particular focus
on investor perspectives is based on the need to understand and respond to financial
market dynamics. The importance of this research is emphasized by several key
factors:
2. Investor’s approach: ABSLI Super Funds cater to a diverse range of investors with
different investment objectives, risk appetites and financial performance. In-depth
research into investor perceptions ensures that financial institutions such as ABSLI
can align their offerings with their clients’ specific needs and expectations.
3. Competition scenario: The financial services sector is highly competitive, with many
players vying for investor attention. By understanding how investors view ABSLI
Super Funds compared to investment alternatives, the study provides insights that can
be used to enhance competitiveness and enhance market position.
4. Risk Management and Performance Analysis: Investors prioritize the performance of
their investments and the ability of their investments to effectively manage risks.
Analysis of investor perceptions enables ABSLI to assess how well its Superfunds are
meeting performance expectations and managing risk, allowing it to make strategic
adjustments as needed.
 8

1.4 Limitations of the study:

1. Self-reported information: The analysis is based on information reported by real
investors, which may be biased or inaccurate. Investors may give socially desirable
answers or have poor recall of their opinions and experiences.
2. Limited general comments: The findings may be specific to the context and time
period of the study. Changes in economic conditions, market developments, or the
strategies of the ABSLI Super Funds over time may affect the generalization of the
results to other periods or circumstances.
3. Emotional value: Investor opinion is inherently subjective and is influenced by
individual beliefs, attitudes and emotions. All of these subjective factors may be difficult
to capture in a quantitative study.
4. Market changes: Financial markets are inherently volatile, and short-term market
fluctuations can affect investor sentiment. The analysis fails to measure the long-term
performance and stability of the ABSLI Super Funds.
 9

CHAPTER 2

PROFILE OF THE ORGANISATION

2.1 Profile of the Organisation:
1. Aditya Birla Sun Life Insurance Company Limited (ABSLI) is a subsidiary of Aditya
Birla Capital Ltd (ABCL). It is one of the leading private sector life insurances
companies in India. ABSLI was incorporated on August 4th, 2000 and commenced
operations on January 17th, 2001. ABSLI is a 51:49 joint venture between the Aditya
Birla Group and Sun Life Financial Inc., a leading international financial services
organization in Canada.
2. Formerly known as Birla Sun Life Insurance Company Limited, ABSLI is one of
India’s leading life insurance companies offering a range of products across the
customer’s life cycle, including children future plans, wealth protection plans,
retirement and pension solutions, health plans, traditional term plans and Unit Linked
Insurance Plans (ULIPs).
3. As of December 31st, 2018, total AUM of ABSLI stood at Rs. 389,548 million.
ABSLI recorded a gross premium income of Rs. 18,599 million in Q3 FY 2018-19
and registering a y-o-y growth of 68% in Individual First Year Premium and
currently ranked 7th in Individual Business (Individual FYP adjusted for 10% single
premium) (Source: IRDAI reported Financials). ABSLI has a nation-wide
distribution presence through 425 branches, 9 bancassurance partners, 6 distribution
channels, over 83,000 direct selling agents, other Corporate Agents and Brokers and
through its website. The company has over 10,000 employees and more than 16 lac
active customers.
4. The company offers a complete range of protection solutions to help secure your
family’s future and provide financial support for your child’s education, wealth with
protection solutions, health and wellness solutions, retirement solutions, and savings
with protection solutions to help you stay financially secure in the future with small
disciplined savings at regular intervals. ABSLI puts people’s need first and aims to
protect what is dear to the customer, with assurance. While, Life Insurance cannot
prevent risk, it can compensate financial losses arising from risk.
10
2.2. Overview of Company’s Business:
1. ABSLI has contributed significantly to the growth and development of the life
insurance industry in India and currently ranks amongst the top 7 private life
Insurance companies in the country.
2. Company have a Nation-wide distribution presence through 416 branches, 8 banc-a-
assurance partners, 6 distribution channels. Over 83,000 direct selling agents, other
corporate agents and brokers and through its websites. The company has more than
13,000 employees and more than 17 lac active customers.
3. As of December 31st, 2019, total asset under management of ABSLI stood at
Rs.4,27,907 million. ABSLI recorded a gross premium income of Rs. 22,276 million
in Q3 FY 2019-2020 and registering a YoY growth of 14% in Individual first year
premium and currently ranked 7th in Individual Business.
4. ABSLI spearheaded the dispatch of Unit Linked Insurance Plans (ULIPS). ABSIL has
strategy of unveiling their portfolio on a month to month premise to set up its
believability and include extra straightforwardness. ABSLI offers a total scope of
assurance answers for help secure your Family's future and ABSLI's different creative
protection plans take into account offer budgetary help for your youngster's
instruction, riches with insurance arrangements, wellbeing and health arrangements,
retirement arrangements and investment funds with security arrangements, to assist
with remaining monetarily secure later on with extra arrangement of little restrained
reserve funds at normal spans.

2.3. Vision:
1. To be the first preference of our customer by providing innovative, need based life
insurance and retirement solutions to individuals as well as corporate.
2. These solutions will be made available well trained professionals through a
multichannel distribution network and superior technology.
3. It will provide constant value addition to the customer throughout their relationship
with us, within the regulatory framework.

11
2.4. Mission:
1. To consistently pursue investor's wealth optimization by:
2. Achieving superior and consistent investment results.
3. Creating a conducive environment to hone and retain talent.
4. Providing customer delight. Institutionalizing system-approach in all aspects of
functioning.
5. Upholding highest standards of ethical values at all times.

2.5. Values:
1. Integrity: Honesty in every action
2. Commitment: Deliver on the promise
3. Passion: Energized action
4. Speed: One step ahead always
2.6. Management:

Chairman- Mr. Kumar Mangalam Birla

Managing Director & Chief Executive Officer- Mr. Kamlesh Rao
Chief Financial Officer- Mr. Sandesh Joshi
Chief Operation Officer- Ms. Shobha Ratna

Non-Executive Directors- 1. Mr. Ajay Srinivasan

2. Mr. Bishwanath Puranmalka
3. Mr. Leo Grepin
4. Mr. Sandeep Asthana
5. Mr. Colm Freyne
6. Mrs. Pinky Atul Mehta

Independent Director- 1. Mr. Arun Adhikari

2. Mr. Haigreve Khaitan
3. Mr. Shobhan Thakore

2.7. Benefits of Birla Sun Life Insurance:

1. Multiple plans: Birla Sun Life insurance offers their customer a host of life
insurance products- Term insurance, Endowment policy, ULIP, Money Back
Life insurance and whole life Insurance.
2. Flexible premiums: Customer can enjoy flexibility in paying premiums by
opting for monthly or annually premium paying option.
3. Payouts and Benefits: Customer can opt for Annual Income or Lump Sum
benefit payout option.
4. Tax benefits: Customers are entitled to Tax saving benefits under Section
80C, 80CCC, 80CCE, 80D, Sec 3 of 10(10A) and 10(10D) under the Income
Tax Act,2016.
 CHAPTER 3

POSITION AND RESPONSIBILITIES

3.1 Designation:
Finance Trainee.

3.2 Responsibilities:
 Identify the target Audience.

 Analyse their Risk Profile.

 Understand their Goals.

 Acquiring Clients.

 Select a best Asset Allocation for the client’s portfolio.

 Give a need-based product.

 Target- To sell the insurance to at least one client of Rs 50,000.

 CHAPTER 4

WEEKLY REPORT
1st and 2nd Week 12/05/2023 to 19/05/2023

Day Tasks Done (Brief Description)

Friday Why are you getting educated? This was for the knowledge

Learned- about Private and Govt. Company; How Insurance

Tuesday product are made.

Wednesday Learned about How IRDAI gives safety to investors

Thursday Debt Market & Insurance.

Friday Login into The App (Sales Buddy)

3rd Week 21/05/2023 to 27/05/2023

Day Tasks Done (Brief Description)

Sunday All to know about Risk Profiling

Given presentation or summary on the given topic-

Monday Why are you getting educated and Interest is haram

Work from Home- Watched videos of Technical

Tuesday Analysis

Wednesday Information about the Insurance products in detail

Thursday Case Study on Jubliant FoodWorks

Friday Zoom Meeting- Technical analysis

Saturday Astrology
4th Week 29/05/2023 to 03/06/2023
Day Tasks Done (Brief Description)

Monday Zoom Meeting- Live Technical Analysis

Tuesday Basics on Derivatives- Future

Wednesday Suspecting and Prospecting of Clients

Thursday Case Study on Voltas Limited

Saturday Zoom Meeting- Technical analysis

5th Week 06/06/2023 to 09/06/2023

Day Tasks Done (Brief Description)

Monday Day Off- Suspected new clients

Equity Research Global Analysis & Economic

Tuesday Analysis

Wednesday Live trading

Thursday Corporate Cricket Game

Friday Session on Rejection

6th Week 12/06/2023 to 16/06/2023

Day Tasks Done (Brief Description)

Basic information on Balance Sheet, Cash Flow,

Monday Ratio

Marketing Project explanation- Login of the client

Tuesday and payment done

Wednesday Day Off

Thursday Basic information on Digital Marketing

Friday Corporate Activity/Game

CHAPTER 5

LEARNINGS
5.1 Learnings from Internship:
1) During the internship, pitching to clients is difficult because it is difficult to
understand what the demands are and how to identify them.
2) It is difficult to persuade people to purchase our product despite the fact that they
have other insurance policies.
3) The majority of customers require products that are convenient for them.
4) What factors one should look before making an investment.
5) Listen to client needs and make them feel that this product is for you.
6) Maintain good relation with clients for future benefits.
7) Good communication skills are must to communicate with the clients.
8) Rejection is only a part of the process; it helps us grow and go above and beyond in
our job.
9) Risk management strategies and their applications in insurance were explored.
10) Understood the balance of risk and return in the insurance industry.
 CHAPTER 6

PRODUCTS PITCHED
6.1 Products:

1. ABSLI Assured Savings Plan

2. ABSLI Nishchit Aayush Plan
3. ABSLI Nishchit Laabh Plan
4. ABSLI Poorna Suraksha Kawach

6.2 Difficulties during pitch:

1. Trust Concerns: Trust in the insurance industry is important. Consumers may be

sceptical of insurers because of perceptions of pushy marketing tactics or concerns
about confidentiality laws.
2. Complex insurance policies: Insurance policies can be complex and beautifully
drafted. Details are difficult to explain in a clear and understandable manner, and
customers may hesitate if they do not fully understand the terms and conditions.
3. Perceived lack of immediate benefits: Some insurance policies, especially life
insurance, may not provide immediate tangible benefits. Consumers often prioritize
need over immediate benefits, making it difficult to convince them of the long-term
benefits of insurance.
4. Affordability concerns: Debt is a key factor. If consumers perceive insurance as
expensive or face financial hardship, they may be reluctant to commit to insurance.
5. Competition and comparison: Consumers often compare insurance policies for
insurance policies among different providers. To solve customer concerns and stand
out from the competition, reps need to be well-informed about their products and
competitive advantages.
6. Changes in customer needs: Customer needs and priorities can change over time.
Agents must be flexible and responsive to changing customer circumstances in order to
tailor insurance solutions effectively.
7. Future commitment opposition: Long-term commitments attached to life insurance
policies can be met with opposition. Consumers are reluctant to participate in extended
term plans for fear of changes in the economy
 CHAPTER 7

FINDINGS AND SUGGESTIONS

7.1. Findings:

• LIC is the market leader in Life Insurance with approx. 78% market share followed by SBI
Life, Birla SunLife, Tata AIG & HDFC Standard Life.

• People were hesitating to buy Private Company’s Insurance Policy.

• Investors are ready to take little risk (by buying Traditional and Term plans) if the brand of
the company is good.

• In recent times with the popularity of ULIP’s, the traditional plans have taken a back seat.

• People are not taking term plan which is the most basic form of Insurance.

• Surprising respondent was taking a Life Insurance not for protection but for Investment
followed by Tax- benefit & Protection & Retirement.

7.2. Suggestions:

• Company should concentrate on making Birla SunLife a positive & secure brand.

• Company should create awareness about various Insurance Plans.

• Most of the customer buy Insurance policy from advisors

• Give training from time to time.

• Motivation Program

• Contest to motivate Advisor.

• Company should give timely intimation to Advisor & Customer Relating to Policy
document, Policy statements, New Programmes, plans & Contests.

• Company should make the diversified distribution by having tie-ups with Banks, Broking
Firms etc.
CHAPTER 8

CONCLUSION
Conclusion

The 2 months summer internship helped me to know insurance sector detail, why the
product has huge demand in India and why most of the people prefer insurance.

The internship includes collection of primary data and generating leads for the sales and
learn how quick you should be in closing the deals, how to determine the risk bearing
capacity of customers.

The internship helped me to know the sales profile in the insurance sector and also got an
idea of corporate culture.

It also helps me to realize the importance of networking or socialising yourself, the one
who wants to earn well can select this sector having good convincing power and self-
desire.
 CHAPTER 9

BIBLIOGRAPHY
Bibliography:
• www.google.com
• www.birlasunlife.com
• www.adityabirlacapital.com
• www.bloomberg.com
• www.karvyonline.com
• www.indiainfoline.com
• www.edelweiss.com
• Business Today

• Business World

• Economic Times