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PROJECT REPORTON

CONSUMER BEHAVIOR TOWARDS BIRLA SUNLIFE INSURANCE LTD.

A training report submitted in partial fulfillment of the requirement for the degree of

MASTERS OF BUSINESS ADMINISTRATION(2013-2015)

Sub. By : Navdeep Goyal MBA – II

Roll No.: 132562037

BABA FARID COLLEGE OF MANAGEMENT ANDTECHNOLOGY D E O N , B A T H I N D A

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To whom it may concern

This is to certify that the project report titled ‘CONSUMER BEHAVIOUR TOWARDS BIRLA SUNLIFE INSURANCE LTD.’ carried out by NAVDEEP GOYAL has been accomplished under the guidance and supervision of Mr. MUNISH SHARMA and Mrs. GINNY. This project is being submitted by him in the partial fulfillment of requirements for the award of the Master of Business Administration from Baba farid college of management and technology, bathinda.

This is an original work and has not been submitted by her anywhere else for the award of any degree. All sources of information and help have been duly mentioned and acknowledged.

Signature of faculty guide: Date:

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ACKNOWLEDGEMENT

I feel immense pleasure to give the credit of my project work not only to one individual as this work is integrated effort of all those who are concerned with it. I want to thanks to all those individuals who guided me to move on the track.

This report entitled “CONSUMER BEHAVIOUR TOWARDS BIRLA SUN LIFE INSURANCE LIMITED” is the outcome of my summer training at BIRLA SUNLIFE INSURANCE Co. Ludhiana

I sincerely express my gratitude and lot of thanks to Mr. Munish Sharma & Mrs. Ginny and other staff members of BIRLA SUNLIFE INSURANCE CO., Ludhiana for helping me in completing my project work and making it a great success.

I would like to express my deep sense of gratitude to staff of Baba farid college of management who introduced me to the subject and under whose guidance I am able to complete my project.

Last but not least, I would thank all my friends, faculty members and all respondents who rendered their precious time for contributing their skills and fill the questionnaire, which made my project more appealing and attractive.

NAVDEEP GOYAL

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PREFACE

After having undergone the practical training with “BIRLA SUNLIFE INSURANCE LTD.” I have been able to understand the importance and necessity of obtaining a professional degree in management. The working of various organs of organization is captured over here which correlates with one another as it further adds the vastness of my study.Hence my attempt is to cover all the organizational activities and related facts so as to have better control over my primary subject of study. The increased significance of understanding pivot for modern researches.Dynamic behavior of human resources shows a greater complexity to be overcome by researches and there is a vast scope left to be undergone.Todays Complex organization structure. Increasing importance of human resources. Increasing complexity of job designing and organization.Hence my study includes human related aspects with reference to organizational functioning.

1. In-depth Analytical study and observation of procedures and system of marketing which are prevalent in common environment.

2. Management policies and practices determine the success of entire organizational functioning. No matter whether it is recruitment policy or related to other department, it has a significant impact over recruitment.

This project gives us an opportunity to get knowledge how business can effected and how to handle different situations which organization faces.

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Table of Contents

EXECUTIVE SUMMARY............................................................................................................5

CHAPTER -1

INTRODUCTION ABOUT PROJECT TOPIC........................................................................................9

CHAPTER -2

INTRODUCTION ABOUT INSURANCE SECTOR..........................................................................19

History of insurance..................................................................................................................20

Types of insurance....................................................................................................................23

Types of insurance companies..................................................................................................24

Size of global insurance industry..............................................................................................25

Financial viability of insurance companies................................................................................26

Health insurance...................................................................................................................26

Dental insurance...................................................................................................................26

PRESENT SCENARIO OF INSURANCE INDUSTRY..............................................................27

CHAPTER -3

ABOUT ADIYTA BIRLA GROUP............................................................................................30

CHAPTER -4

INTRODUCTION ABOUT BIRLA SUN LIFE INSURANCE COMPANY..............................33

CHAPTER -5

OBJECTIVE OF THE STUDY ANDRESEARCH METHODOLOGY......................................41

CHAPTER -6

INTREPRETATION AND DATA ANALYSIS..........................................................................47

CHAPTER -7

SUGGESTIONS AND RECOMMENDATIONS........................................................................56

CHAPTER – 8

ANNEXTURE ANDBIBLIOGRAPHY.......................................................................................59

SWOT ANALYSIS......................................................................................................................63

CONCLUSION............................................................................................................................65

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EXECUTIVE SUMMARY

BIRLA SUN LIFE INSURANCE COMPANY LIMITED is a joint venture between Sun Life Assurance Company of Canada and Aditya Birla Management Corporation Limited. Birla sun life insurance is one of the top privately owned life insurers in the country.

The company has a large number of  insurance advisors who sell company products in branches across the country. Birla Sun Life markets a full array of individual life insurance, group insurance and group savings products throughout India. Instead of this Birla Sun Life Asset Management Company Limited (BSLAMC), the investment managers of Birla Mutual Fund, is a joint venture between companies of Aditya Birla Management Corporation Limited and Sun Life Assurance Company of Canada.BSLAMC strives to provide transparent, ethical and research-based investment and wealth management services.

Birla Sun Life Distribution Company Limited offers investment advisory and financial product distribution through its network of agents located across the country. The products offered are mutual funds, Government of India Relief bonds, and bonds of public financial institutions, select fixed deposits and Initial equity and debt public offerings.

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The company also distributes the insurance products of Birla Sun Life Insurance Company Limited. Both these companies having their own status in all over the world, both these companies are most popular companies. As we know it is joint venture between Sun Life Assurance Company of Canada and Aditya Birla Management Corporation Limited. Aditya Birla group is very famous company in India this company expand their business they having their cement factory and instead of this they having many other works this detail we get after reading this project report.The Aditya Birla Group is a US $24 billion conglomerate with a market capitalization of US $31.5 billion (as on 31st December 2007) and is one of the largest business houses in India. It enjoys a leadership position in all the sectors in which it operates.  It is anchored by a force of 100,000 employees, belonging to 25 nationalities. Its operations span 20 countries across six continents and are reckoned as India's first multinational corporation.  Headquartered in Mumbai, India, over 50 per cent of the Group’s revenues flow from its overseas operations. The Group nurtures a work culture where success is built on learning and innovation.The Aditya Birla Group was recently been adjudged “The Best Employer in India and among the top 20 in Asia” by the Hewitt, Economic Times and Wall Street Journal Study 2007.

India with about 200 million middle class household shows a huge untapped potential for players in the insurance industry. Saturation of markets in many developed economies has made the Indian market even more attractive for global insurance majors. The insurance sector in India has come to a position of very high potential and competitiveness in the market.  Indians, have always seen life insurance as a tax saving device, are now suddenly turning to the private sector that are providing them new products and variety for their choice.

      Consumers remain the most important centre of the insurance

sector. After the entry of the foreign players the industry is seeing a lot of competition and thus improvement of the customer service in

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the industry. Computerisation of operations and updating of technology has become imperative in the current scenario. Foreign players are bringing in international best practices in service through use of latest technologies 

    The insurance agents still remain the main source through which insurance products are sold. The concept is very well established in the country like India but still the increasing use of other sources is imperative.

BSLI is growing very speedy all over the India .This growth rate is increasing continuously instead of the market competition now these days there are many companies competing with each other. Today there are many companies working for insurance and these are like

BIRLA SUNLIFE INSURANCEBAJAJ ALLIANZICICI PRU INSURANCE SHARA LIFE INSURANCE LIC Etc

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CHAPTER -1

INTRODUCTION

ABOUT

PROJECT TOPIC

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PROJECT TITLE:-

The project title is in the depth study of CONSUMER BEHAVIOR TOWARDS “BIRLA SUN LIFE INSURANCE LIMITED.”

INTRODUCTION:-

In the present constantly developing scenario rapidly changing technology and consumer’s tastes and preferences have become order of the day .To survive in the market , a firm has not only to be constantly innovating for new process , designs and materials , but also keeping it well aware about the latest trend and tastes .Consumer behavior provides invaluable clues and guidelines to marketers on new technological and product frontiers , which they should explore for survival of their business with adequate profits . The heterogeneity among people across the world makes understanding consumer buying behavior is really a challenging task. The consumer identity ,his beliefs ,specific needs , attitudes and the kind of product and brands available in that product category influence his buying behavior .The marketing efforts of a firm have a profound impact on the buying behavior of customers .Therefore marketers attempt to obtain an in-depth knowledge of customers buying behavior .The success or failure of a product or service is directly related to the buying behavior of customer. Hence to understanding of the buying behavior of the customers helps marketers come up with innovative product mixes.

Finally, buyer behavior acts as an imperative tool in the hands of marketers to forecast the future buying behavior of the customers and device marketing strategies accordingly in order to create long term relationship with the customers.

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MEANING OF CONSUMER BEHAVIOUR

Consumer behavior is the study of how individuals make decisions to spend their available resources (time, money and effort) on consumption related item (what they buy, when they buy, where they buy, how often they buy and use a product or services).

There heterogeneity among people across the world makes understanding consumer behavior an intricate and challenging task. The consumer’s identity, his belief’s, specific needs, attitudes and the kind of product and brand available in that product category influence his buying behavior. The marketing efforts of a firm have a profound impact on the buying decisions of the customers. Therefore, marketers attempt to obtain an in-depth knowledge of customers buying behavior. The success or failure of a product or service is directly related to the buying behavior of customers. Hence, an understanding of buying behavior of customers helps marketers to come up with innovative products mixes.

Finally, buyer behavior acts as an imperative rule in the hands of marketers to forecast the future buying behavior of customers and device marketing strategies accordingly in order to create long term relationship with customer.

BUYING DECISION PROCESS

Consumers pass through different stages before actually buying of products which are as follows:

1. Identify the problem / need recognition.2. Gather information about products and brands. 3. Evaluate the alternative and select the best possible alternative.4. Purchase decision/ buying the product.5. Post purchase evaluation.

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PROBLEM RECOGNITION

The process of buying starts when a person relies that he has a problem or an unsatisfied need. A need can be aroused internally within the person, for example, hunger or buy an external stimulus. An external stimulus such as an advertisement or the attractiveness of the product package may also trigger a need in a person.

Sources of problem recognition include:

An item is out of stock Dissatisfaction with a current product or service Consumer needs and wants Related products/purchases Marketer-induced New products

INFORMATION SEARCH

A consumer who realizes a need of a product will try to gather information regarding the product. Information can be gathered from several sources like,1. Personal sources: Family, friends, neighbors and reference group.2. Commercial sources: Advertisement-print media, broadcasting media and the internet and other marketing sources like departmental stores and retail outlets.3. Public sources: Articles in newspapers and journals, and consumer rating organizations.4. Experimental sources: Free trails etc.

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EVALUATION OF ALTERNATIVES

In this stage, customer analysis the information available with him in order to select the right brand or product. The criteria to evaluate a product may differ depending either on the buying situation or on the level of involvement required. For high value and infrequently purchased items, customers can be involved in detailed analysis of information. However, for low involvement or low priced product, customers can use simple criterion, such as price. Customers can give a certain level of attention to different features and characteristics of a product.

PURCHASE DECISION

Selection or purchase of a particular brand is depending on the evaluation criteria and ratings. The purchase decision also depends upon the availability of brands. This stage also accounts for a large number of sub divisions about purchasing a product like:

1. Seller and location of store.2. Time of purchase.3. Size of the product.4. Price of the product.5. Delivery and warranty.6. Payment method like credit arrangements.7. Ancillary services offered, like installation and maintenance

arrangements.

POST PURCHASE BEHAVIOR

A customer evaluates the performance of a product after buying it. He will also compare the performance of the product with that of it’s competitors product. The consumer will be either satisfied or dissatisfied after this evaluation. Buyer’s post purchase feelings are of significant importance to

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marketers. The post purchase evaluation might either lead to repeat purchase and the buyer talking favorably about the product to other or the buyer may talk negative about the firm’s product.

FACTORS INFLUENCING CONSUMER BEHAVIOR

1. CULTURE FACTORS

CULTURE SUBCULTURE SOCIAL CLASS

2. SOCIAL FACTORS

REFERNCE GROUPS FAMILY

3. PERSONAL FACTORS

AGE AND LIFECYCLE STAGE OCCUPATION AND FINACIAL STATUS LIFESTYLE

4. PSYCHOLOGICAL FACTORS

MOTIVATION PERCEPTIONS BELIEFS AND ATTITUDE

A. CULTURAL FACTORS :-

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The culture factors that influence consumer-buying behavior include the following:

CULTURE:-

Culture is considered as a set of rules, values, beliefs, behavior and concepts that is common to and binds together the members of a society. It is usually passed on from one generation to the other. During our lives, there is constant – conscious and unconscious – pressure on us to display certain types of behavior.

SUBCULTURE:-

Every culture has its own set of subculture. A subculture is a culture followed by a group of people within a culture that is distinctly identified within a larger society. These groups have a similar habits, behavior patterns, shared value system, buying behavior on the basis of their age, religion, common experiences or even geographic location. To tackle the problem created by subculture differences marketers need to understand the requirements of the subculture groups and adopt strategies like altering the product, promotion, packaging or price suitable to these groups.

SOCIAL CLASS:-Social class refers to the classification of members of society into a

hierarchy of distinct classes so that every individual in a class has approximately same position in the society. Most societies in the world have different social class structure. Members of each social class are free to move in an upward or downward direction within the social class, on the basis of their social structure.Social class can be divided into following parts:-

1. Upper class:-

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This class consists of people who are rich and posses considerable wealth, for example, people with large businesses and wealthy corporate executives.

2. Upper middle class:- This class consists of well- educated people holding top class positions in middle size firms, or professionals who are successful.

3. Middle class:- This class consists of white collar workers like middle level and junior executives, sales people, academicians, small business owners, etc.

4. Lower class:- This class consists of blue collar workers like laborers, semi skilled and unskilled in the unorganized sector.

B. SOCIAL FACTORS:-

Family, friends, formal social groups, colleagues at work and consumer action groups influence the consumer’s buying behavior significantly. An individual’s family greatly influences the buying patterns of the individual.

Social factors includes following factors:-

1. Reference Groups:- An individual’s attitude, value and behavior are influenced by different (small) groups and they have a direct or indirect influence on the individual. Buying behavior of consumers is largely influenced by the reference group to which they belong or aspire to belong.

2. Family:- A family is defined as a two or more persons related by blood, marriage or adoption and reside together. A family is a small reference group but it is prominent in influencing consumer behavior. Families go through various stages of life cycle. For example, the consumer demands of a bachelor are

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different from those of a newly married couple, or a family with children / no children, older couples with dependent children, older couples with no dependent children and solitary survivors.

C. PERSONAL FACTORS:- These are different personal factors, which affect the buying decision process. These factors are as follows:-

1. Age and lifecycle stage:- Changes in a society have led to the creation of different categories like couples getting married late in life, single parents, etc., besides the traditional life cycle stages which included young singles, married couples and lone survivors.

2. Occupation and Financial status:- Occupation and income level of persons have a major impact on his savings and buying behavior. For example, blue collar will indulge in purchasing clothes, shoes, etc., which he cam wear to work. Similarly,company’s chairman may buy clothes, accessories and other products and services that suit his lifestyle.

3. Life style: An individual’s way of leading his life will determine his lifestyle. Factors such as work life, interests, social groups, etc., influence the lifestyle of an individual.

D. PSYCHOLOGICAL FACTORS;- Psychological factors that influence consumer buying behavior are as follows:-

1. Motivation:- A motive is a strong urge that drives a person’s activities towards unfulfilled needs and wants. Customers are influenced by a motive or a set of motives when they have unfulfilled needs. In other words, needs are the motivational elements behind the purchasing decision of customers. One of the most

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widely known theories, the hierarchy of need, was proposed by Abraham Maslow and explains why people are driven by particular need at particular time.

2. Perception:-Perceptions are defined as the process by which an individual selects, organizes and interpret stimuli into meaningful thoughts and pictures. Customers base their perception on their needs, wants, past experiences and something that they consider to be true. For example, a sub culture / reader who read a particular newspaper or journal might perceive it to give the true picture of the happenings around him.

3. Beliefs and Attitude:-A belief is a descriptive image or thought that an individual holds about something. People acquire beliefs and attitudes through experiences as well as learning. The beliefs and attitudes held by people, in turn, influence their buying behavior.

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CHAPTER -2

INTRODUCTION

ABOUT

INSURANCE SECTOR

INDUSTRY PROFILE

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History of insurance

Early methods of transferring or distributing risk were practiced by Chinese and Babylonian traders as long ago as the 3rd and 2nd millennia BCE respectively. Chinese merchants traveling treacherous river rapids would redistribute their wares across many vessels to limit the loss due to any single capsizing. The Babylonians developed a system which was recorded in the famous Code of Hammurabi, c. 1750 BC, and practiced by early Mediterranean sailing merchants. If a merchant received a loan to fund his shipment, he would pay the lender an additional sum in exchange for the lender's guarantee to cancel the loan should the shipment be stolen.

Achaemenian monarchs were the first to insure their people and made it official by registering the insuring process in governmental notary offices. The insurance tradition was performed each year in Norouz (beginning of the Iranian New Year); the heads of different ethnic groups as well as others willing to take part, presented gifts to the monarch. The most important gift was presented during a special ceremony and when a gift was worth more than 10,000 Derrik (Achaemenian gold coin weighing 8.35-8.42) the issue was registered in a special office. This was advantageous to those presented such special gifts. For others, the presents were fairly assessed by the confidants of the court. Then the assessment was registered in special offices.

The aim of registering was that whenever the one who presented the gift registered by the court was in trouble, the monarch and the court would help him or her. Jahez, a historian and writer, writes in one of his books on ancient Iran: and whenever the owner of the present is in trouble or wants to construct a building, set up a feast, have his children married, etc. the one in charge of this in the court would check the registration. If the registered

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amount exceeded 10,000 Derrik, he or she would receive an amount of twice as much."

The Greeks and Romans introduced the origins of health and life insurance c. 600 AD when they organized guilds called "benevolent societies" which acted to care for the families and funeral expenses of members upon death. Guilds in the Middle Ages served a similar purpose. The Talmud deals with several aspects of insuring goods. Before insurance was established in the late 17th century, "friendly societies" existed in England, in which people donated amounts of money to a general sum that could be used in case of emergency.

Separate insurance contracts (i.e. insurance policies not bundled with loans or other kinds of contracts) were invented in Genoa in the 14th century, as were insurance pools backed by pledges of landed estates. These new insurance contracts allowed insurance to be separated from investment, a separation of roles that first proved useful in marine insurance. Insurance became far more sophisticated in post-Renaissance Europe, and specialized varieties developed.

Toward the end of the seventeenth century, the growing importance of London as a center for trade led to rising demand for marine insurance. In the late 1680s, Mr. Edward Lloyd opened a coffee house which became a popular haunt of ship owners, merchants, and ships’ captains, and thereby a reliable source of the latest shipping news. It became the meeting place for parties wishing to insure cargoes and ships, and those willing to underwrite such ventures. Today, Lloyd's of London remains the leading market for

marine and other specialist types of insurance, but it works rather differently than the more familiar kinds of insurance.

Insurance as we know it today can be traced to the Great Fire of London, which in 1666 devoured 13,200 houses. In the aftermath of this disaster Nicholas Barbon opened an office to insure buildings. In 1680 he established

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England's first fire insurance company, "The Fire Office," to insure brick and frame homes.

The first insurance company in the United States provided fire insurance and was formed in Charles Town (modern-day Charleston), South Carolina, in 1732.

Benjamin Franklin helped to popularize and make standard the practice of insurance, particularly against fire in the form of perpetual insurance.

In 1752, he founded the Philadelphia Contribution ship for the Insurance of Houses from Loss by Fire. Franklin's company was the first to make contributions toward fire prevention. Not only did his company warn against certain fire hazards, it refused to insure certain buildings where the risk of fire was too great, such as all wooden houses.

In the United States, regulation of the insurance industry is highly Balkanized, with primary responsibility assumed by individual State insurance departments. Whereas insurance markets have become centralized nationally and internationally, state insurance commissioners operate individually, though at times in concert through a national insurance commissioner's organization. In recent years, some have called for a federal regulatory system for insurance similar to that of the banking industry.

In the State of New York, which has unique laws in keeping with its stature as a global business center, Attorney General Eliot Spitzer has been in a unique position to grapple with major national insurance brokerages. Spitzer alleged that Marsh & McLennan steered business to insurance carriers based on the amount of contingent commissions that could be extracted from carriers, rather than basing decisions on whether carriers had the best deals for clients. Several of the largest commercial insurance brokerages have since stopped accepting contingent commissions and have adopted new business models.

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Types of insurance

Any risk that can be quantified probably has a type of insurance to protect it. Among the different types of insurance are:

Automobile insurance , also known as auto insurance, car insurance and in the UK as motor insurance, is probably the most common form of insurance and may cover both legal liability claims against the driver and loss of or damage to the vehicle itself. Over most of the United States purchasing an auto insurance policy is required to legally operate a motor vehicle on public roads. Recommendations for which policy limits should be used are specified in a number of books. In some jurisdictions, bodily injury compensation for automobile accident victims has been changed to No Fault systems, which reduce or eliminate the ability to sue for compensation but provide automatic eligibility for benefits.

Casualty insurance insures against accidents, not necessarily tied to any specific property.

Credit insurance pays some or all of a loan back when certain things happen to the borrower such as unemployment, disability, or death.

Financial loss insurance protects individuals and companies against various financial risks

Health insurance covers medical bills incurred because of sickness or accidents.

Liability insurance covers legal claims against the insured. Life insurance provides a cash benefit to a decedent's family or other

designated beneficiary, and may specifically provide for burial, funeral and other final expenses.

o Annuities provide a stream of payments and are generally classified as insurance because they are issued by insurance companies and regulated as

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insurance. Annuities and pensions that pay a benefit for life are sometimes regarded as insurance against the possibility that a retiree will outlive his or her financial resources. In that sense, they are the complement of life insurance.

Total permanent disability insurance provides benefits when a person is permanently disabled and can no longer work in their profession, often taken as an adjunct to life insurance.

Marine Insurance covers the loss or damage of goods at sea. Marine insurance typically compensates the owner of merchandise for losses sustained from fire, shipwreck, etc., but excludes losses that can be recovered from the carrier.

Political risk insurance can be taken out by businesses with operations in countries in which there is a risk that revolution or other political conditions will result in a loss.

Property insurance provides protection against risks to property, such as fire, theft or weather damage. This includes specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance, inland marine insurance or boiler insurance.

Types of insurance companies

Insurance companies may be classified as

Life insurance companies , who sell life insurance, annuities and pensions products.

Non-life or general insurance companies, who sell other types of insurance.

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In most countries, life and non-life insurers are subject to different regulations, tax and accounting rules. The main reason for the distinction between the two types of company is that life business is very long term in nature — coverage for life assurance or a pension can cover risks over many decades. By contrast, non-life insurance cover usually covers a shorter period, such as one year.

Insurance companies are generally classified as either mutual or stock companies. This is more of a traditional distinction as true mutual companies are becoming rare. Mutual companies are owned by the policyholders, while stockholders, (who may or may not own policies) own stock insurance companies.

Reinsurance companies are insurance companies that sell policies to other insurance companies, allowing them to reduce their risks and protect themselves from very large losses. The reinsurance market is dominated by a few very large companies, with huge reserves.

Captive Insurance companies may be defined as limited purpose insurance companies established with the specific objective of financing risks emanating from their parent group or groups. This definition can sometimes be extended to include some of the risks of the parent company's customers.

In short terms, it is an in-house self-insurance vehicle. Captives may take the form of a "pure" entity (which is a 100% subsidiary of the self-insured parent company); of a "mutual" captive (which insures the collective risks of industry members); and of an "association" captive (which self-insures individual risks of the members of a professional, commercial or industrial association).

Size of global insurance industry

Global insurance premiums grew by 9.7% in 2004 to reach $3.3 trillion. This follows 11.7% growth in the previous year. Life insurance premiums grew by 9.8% during the year due to rising demand for annuity and pension products. Non-life insurance premiums grew by 9.4% as premium rates

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increased. Over the past decade, global insurance premiums rose by more than a half as annual growth fluctuated between 2% and 10%..

Financial viability of insurance companies

Financial stability and strength of the insurance company should be a major consideration when purchasing an insurance contract. An insurance premium paid currently provides coverage for losses that might arise many years in the future. For that reason, the viability of the insurance carrier is very important. In recent years, a number of insurance companies have become insolvent, leaving their policyholders with no coverage (or coverage only from a government-backed insurance pool with less attractive payouts for losses). A number of independent rating agencies, such as Best's, provide information and rate the financial viability of insurance companies.

Health insurance

Health insurance, which is coverage for individuals to protect them against medical costs, is a highly charged and political issue in the United States, which does not have socialized health coverage. In theory, the market for health insurance provision should function in a manner similar to other insurance coverage, but the skyrocketing cost of health coverage has disrupted markets around the globe, but perhaps most glaringly in the U.S. Please see health insurance for a discussion of this category.

Dental insurance

Dental insurance, like health insurance, is coverage for individuals to protect them against dental costs. Dental insurance usually goes hand-in-hand with health insurance, with most people in the United States receiving it included in their health insurance plan from their employer. Along with receiving dental insurance from your employer, there are ways to receive dental insurance through resellers and companies for individuals and families; although this way tends to be too expensive for most people.

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OVERVIEW OF INDIAN INSURANCE SECTOR

The Insurance sector in India governed by Insurance Act, 1938, the Life Insurance Corporation Act, 1956 and General Insurance Business (Nationalisation) Act, 1972, Insurance Regulatory and Development Authority (IRDA) Act, 1999 and other related Acts. With such a large population and the untapped market area of this population Insurance happens to be a very big opportunity in India. Today it stands as a business growing at the rate of 15-20 per cent annually. Together with banking services, it adds about 7 per cent to the country’s GDP .In spite of all this growth the statistics of the penetration of the insurance in the country is very poor. Nearly 80% of Indian populations are without Life insurance cover and the Health insurance. This is an indicator that growth potential for the insurance sector is immense in India. It was due to this immense growth that the regulations were introduced in the insurance sector and in continuation “Malhotra Committee” was constituted by the government in 1993 to examine the various aspects of the industry. The key element of the reform process was Participation of overseas insurance companies with 26% capital. Creating a more efficient and competitive financial system suitable for the requirements of the economy was the main idea behind this reform. 

PRESENT SCENARIO OF INSURANCE INDUSTRY

      India with about 200 million middle class household shows a huge

untapped potential for players in the insurance industry. Saturation of markets in many developed economies has made the Indian market even more attractive for global insurance majors. The insurance sector in India has come to a position of very high potential and competitiveness in the market.  Indians, have always seen life insurance as a tax saving device, are now suddenly turning to the private sector that are providing them new products and variety for their choice.

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     Consumers remain the most important centre of the insurance sector. After the entry of the foreign players the industry is seeing a lot of competition and thus improvement of the customer service in the industry. Computerization of operations and updating of technology has become imperative in the current scenario. Foreign players are bringing in international best practices in service through use of latest technologies.

     The insurance agents still remain the main source through which insurance products are sold. The concept is very well established in the country like India but still the increasing use of other sources is imperative. At present the distribution channels that are available in the market are listed below.

Direct selling Corporate agents Group selling Brokers and cooperative societiesBanc assurance

      Customers have tremendous choice from a large variety of products from pure term (risk) insurance to unit-linked investment products. Customers are offered unbundled products with a variety of benefits as riders from which they can choose. More customers are buying products and services based on their true needs and not just traditional moneyback policies, which is not considered very appropriate for long-term protection and savings. There is lots of saving and investment plans in the market. However, there are still some key new products yet to be introduced - e.g. health products. The rural consumer is now exhibiting an increasing propensity for insurance products. A research conducted exhibited that the rural consumers are willing to dole out anything between Rs 3,500 and Rs 2,900 as premium each year. In the insurance the awareness level for life insurance is the highest in rural India, but the consumers are also aware about motor, accidents and cattle insurance. In a study conducted by MART the results showed that nearly one third said that they had purchased some kind of insurance with the maximum penetration skewed in favor of life insurance.

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The study also pointed out the private companies have huge task to play in creating awareness and credibility among the rural populace. The perceived benefits of buying a life policy range from security of income bulk return in future, daughter's marriage, children's education and good return on savings, in that order, the study adds.

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CHAPTER -3

ABOUT

ADIYTA BIRLA GROUP

PROFILE OF ADITYA BIRLA GROUP

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The Aditya Birla Group is a multinational corporation based in Mumbai, India and operations in 20 countries including Thailand, Laos, Indonesia, Philippines, Egypt, Canada, Australia, China, USA, UK, Germany, Hungary, Brazil, Italy, France, Luxembourg, Switzerland, Malaysia and Korea.

A US$ 24 billion conglomerate, with a market capitalization of US$ 23 billion. Over 50 per cent of its revenues flow from its operations across the world. The group is a major player in all the industry sectors it operates in. The Group has been adjudged the best employer in India and among the top 20 in Asia by the Hewitt-Economic Times and Wall Street Journal Study 2007. The origins of the group lie in the conglomerate once held by one of India's foremost industrialists Mr. Ghanshyam Das Birla. He bequeathed most of these companies to his grandson, Mr. Aditya Vikram Birla – the father of the current Chairman of the group, Mr. Kumar Mangalam Birla. Mr. Kumar Mangalam Birla is the grandson of Mr. Basant Kumar Birla, who heads his own independent business conglomerate. Several other members of the Birla Family, own and run their independent business groups.

.The group has diversified business interests and is dominant player in all the sectors in which it operates such as viscose staple fiber, metals, cement, viscose filament yarn, branded apparel, carbon black, chemicals, fertilizers, insulators, financial services, telecom, BPO and ITservices.

The origins of Aditya Birla Group can be traced back to the 19th century when Seth Shiv Narayan Birla started trading in cotton in the town of Pilani, Rajasthan. In the early part of the 20th century, Group's founding father, Ghanshyamdas Birla, expanded the group and set up industries in critical sectors such as textiles and fiber, aluminium, cement and chemicals. In 1969, Aditya Birla, the then Chairman of the Group, put the group on the global map. He set up 19 companies outside India, in Thailand, Malaysia, Indonesia, the Philippines and Egypt. Under Aditya Birla's leadership, the

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group attained new heights and it became world's largest producer of viscose staple fiber, the largest refiner of palm oil, the third largest producer of insulators and the sixth largest producer of carbon black. After Aditya Birla's demise his son Kumar Mangalam Birla took over the charge of the group and under his leadership the group has sustained the numero uno position in the sectors in which it operates.

Major Achievements of Aditya Birla Group Largest single location copper smelter Largest aluminium rolling company No.1 in viscose staple fibre The third largest producer of insulators The fourth largest producer of carbon black The eleventh largest cement producer and the second largest in India Among the best energy efficient fertilizer plants Among the worlds top 15 and India's top three BPO company.

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CHAPTER -4

INTRODUCTION

ABOUT

BIRLA SUN LIFE INSURANCE COMPANY

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COMPANY PROFILE

This company is a merge between two companies Aditya Birla Group. Both these companies are famous

About this company it is also known as BSLI in market this company spent their carrier just 7 years in market but now this company stand in market in a remarkable position

1. Birla Sun Life Insurance pioneered the unique Unit Linked Life Insurance Solutions in India.

2. Within 4 years of its launch, BSLI has cemented itsposition as a leading player in the Private Life Insurance Industry.

3. There has been focus on Investment Linked Insurance Products, supported with protection products to maintain leadership in product innovation.

4. Multi Distribution Channels- Direct Sales Force, Alternate Channels and Group offering convenient channels of purchase to customers.

5. Web-enabled IT systems for superior customer services.6. First to have issued policies over the Internet.7. Corporate governance and a high degree of transparency in all

business practices and procedures.8. First to have an operational Business Continuity Plan.9. Strong fundamentals based on the Aditya Birla group's local insight

and Sun Life financials's global expertise

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BIRLA SUN LIFE INSURANCE

Birla sun life insurance company limited is a joint venture between the Aditya Birla Group and the sun Life Financial services of Canada. It started its operations in March 2001 after receiving its registration license in January 2001.

BSLI’s core strategy since inception has been to’ create value’ for all its stakeholders. This has been driven through innovative and customer focused products and a multi channel distribution capability in individual and group insurance. The company started its operations with the launch of innovative unit-linked insurance products, being the first private life insurance company in India to do so. The company has geared up through superior value creation and technology in fulfilling its aims to provide multiple products and benefits greater investment opportunities and to provide the vast investor popular in India with better liquidity and security.

The transition of the insurance industry in India from a public monopoly to a competitive environment presents interesting opportunities both to the insurance players as well as to the customers. BSLI plans to spot emerging trends and capitalize on these opportunities for the benefit of its customers. BSLI aims at being a leader in product innovation with new products designed to cater to specific customer needs.

The company has a clear thrust on investment linked insurance products and believes in maximizing investment returns for the policyholders. Its unit-linked products offered varied investment options for policyholders to choose, based on their risk appetite. BSLI has been fully complying with its rural services network of the group is being tapped for this purpose.

Its clients have already appreciated the company’s superior underwriting processes and infrastructure. Its direct sales force of more than 60,000 high quality licensed insurance advisors in major cities and towns in India are the company’s flag bearers. The company’s insurance advisors in major cities

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and towns in India are the company’s flag bearer. The company’s insurance advisors have qualified for the prestigious Million Dollar Round Table (MDRT), COT and TOT, one of the highest international honors in the life insurance industry, in all the years of its operations.

Birla sun life insurance pioneered the unique Unit Linked Life Insurance Solutions in India.Within 4 years of its launch, BSLI has cemented its position as a leading player in the private life insurance industry.There has been focus on Investment Linked Insurance Products, supported with protection products to maintain leadership in product innovation.

Multi Distribution channels - Direct Sales Force, Alternate Channels and Group offering convenient channels of purchase to customers.

Web- enabled IT systems for superior customer services. First to have issued policies over the Internet. Corporate governance and a high degree of transparency in all

business practices and procedures. First to have an operational Business Continuity Plan. Strong fundamentals based on the Aditya Birla group's local insight

and Sun Life financials global expertise.

VISIONTo create long term value along with market leadership.

MISSION

To help people mitigate risks of life, accident, health and money at all stages and under all circumstances. Enhance the financial future of our customers, including enterprises.

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 Major Players Of Birla Sun Life Insurance

VALUES

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● Integrity

● Commitment

● Passion

● Seamlessness

● Speed

Various products offered by BSLI are:

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74%

26%

100%Equity Share

:: Flexi Life Line:: Flexi Cash Flow:: Flexi Save Plus:: Flexi SecureLife:: Classic Life Premier:: Birla Sun Life Term & Premium Back Term Plan:: Life Companion:: Prime Life & Prime Life Premier:: Gold Plus:: Simply Life:: Single Premium Bond:: Supreme Life:: Children’s Dream Plan, Dream Plan:: Birla Sun Life Insurance Gold-Plus Plan:: Birla Sun Life Bima Kavach Yojana:: Birla Sun Life Group Protection Solutions:: Birla Sun Life Social Development Plan:: Birla Sun Life Group Gratuity Plan:: Birla Sun Life Group Superannuation Plan:: Birla Sun Life Group Interest Credit Plan

BSLI Achievements

BSLI known for best practices that were adopted by IRDA for the industry.

BSLI pioneered ULIP’s in India and is known for its innovative products.

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BSLI has the best claim ratio in the industry- An outstanding 0.32%

BSLI is the 3rd largest in the group segment.

BSLI has been considered a role model for Banc assurance in the industry & has 7 bank relationships.

BSLI is rapidly developing its alternate channels, with 197+ relationships, includes premier relations like AR insurance, UTI securities & Reliance retail.

Improved market share: Sales growth of 138% YTD Feb’08 against private industry growth of 94% and top 7 players’ growth of 100%, increasing market share from 5.3% to 6.3%.

Strong fund performance: 12 month Investment performance best in Industry for most of the leading funds.

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CHAPTER -5

OBJECTIVE OF THE STUDY

AND

RESEARCH METHODOLOGY

RESEARCH: Research refers to the systematic method consisting of enumerating of problem, formulating the hypothesis, collecting the facts or data, analyzing the facts and reaching certain conclusions either in the form

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of solutions towards the concerned problem or in certain generalizations for some theoretical formulation.

NEED FOR RESEARCH

Every market has to be competitive in his operation to survive and also able to make more profits. To achieve their objectives they must be careful about their customers. They must know the satisfaction level of the customer.

Customer is the king of the market. Today’s market is directed by the customer, so it is necessary for each and every type of business to know about the varying nature of their customers, by which they can provide best services to them. By this they will be able to retain the customer for a long period. All this results in increased sales, higher market share and more profits.

If a company knows about the needs and behavior of its customers, then it can develop its strategies according to their need. It is also said that the cost of attracting a new customer is five times more than as existing customer. So a company should try to satisfy its customers.

So that’s why “BIRLA SUNLIFE INSURANCE LTD” has decided to do a research to know the buying behavior of its customers, because they want to know about the view point of its customers.

OBJECTIVES OF THE RESEARCH

The objectives of the research are as follows:-

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1. To access the awareness of the people about the policies of the sun life.

2. To know about the view points of the customers towards the BIRLA SUNLIFE INSURANCE LTD.

3. To access the level of satisfaction towards the policies of BIRLA SUNLIFE INSURANCE LTD.

4. To know about the expectation of the customers towards the different policies.

RESEARCH METHODOLOGY

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Meaning of Research Methodology;-

A research methodology defines what the activity of research is, how to proceed, how to measure progress, and what constitutes success.

Methodology is defined as 1. "the analysis of the principles of methods, rules, and postulates

employed by a discipline" or 2. "the development of methods, to be applied within a discipline" 3. "a particular procedure or set of procedures".

Research methodology is a way to systematically solve the research problem. It may be understood as a science of studying how research is done scientifically. It is necessary for the researcher to know not only the research methods/ techniques but also the methodology. Researcher not only need to know how to develop certain indices or tests, how to calculate the mean, median, mode or the standard deviation or chi-square, how to apply a particular research technique, but they also need to know which of these methods or techniques, are relevant and which are not.

Research methodology to be adopted for the study is as follows:-

Identification of the problem:-The research project relates to ‘CONSUMER BEHAVIOR TOWARDS BIRLA SUNLIFE INSURANCE LTD’. In it the problem proposed is to be researched is find out; what is the behavior of the consumer towards the different policies or the investment plans of the BIRLA SUNLIFE INSURANCE LTD.

Planning the research design:-A suitable design has to be planned for any market research. It is the market plan specifying the procedure for collecting & analyzing the needed information. As per objective of the study mainly there are four types of research design viz: experimental, diagnostic, descriptive & exploratory.

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Here exploratory research design is proposed with focus on discovering of ideas & insight about the particular problem.

Planning the sample design:-The target for the study was consumers of Ludhiana. Survey has been done using questionnaire method, open and close- ended questions being included in the questionnaire. The secondary data for the research study has been collected from various magazines, newspapers, journals’, books and websites. Major market players in the products the relevant areas have also been consulted for the research.

Sample size:-The sample size of the research project has been taken 100 of the customers of Ludhiana.

Data collection:-The relevant data for the research project is hybrid of primary and secondary data.

Primary data:-Using personal interview technique, survey, questionnaire & observation method the data has been collected from targeted focus groups, which are customers. The primary data collection for judgment sampling has done. This purpose has been formatted with both open & close ended structured questions.Secondary data:-In addition to the reactions of the selected consumers segments, the factual information historic background including the sales volume by various manufactures of the product has been collected with the help of various trade/business journals, company magazines, brochures, and company reports and concern trade association reports.

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LIMITATIONS OF THE STUDY

Limitations of the study are as follows:-

1. The preparation and interpretation of data may not be 100% free from errors and may be effected by the respondents biased mindset to some extend.

2. Sampling size of targeted customer is small, so the response may not give true reflections of the mental framework of the population.

3. Judgment/ convenience sampling will be used, so the data may not be of that quality level as obtained by complete enumeration survey which is not possible due to financial and time constraints.

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CHAPTER -6

INTREPRETATION

AND

DATA ANALYSIS

ANALYSIS

Q1. Are you aware about BIRLA SUNLIFE INSURANCE LTD? YES ( ) NO ( )

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YES

NO

TOTAL

YES NO TOTAL0

20

40

60

80

100

120

YES NO TOTAL

response

no. o

f res

pond

ents

Series1Series2

Interpretation:The above analysis shows that all the respondents are aware about Birla Sun Life Insurance ltd.

Q2. How do you come to know about BIRLA SUNLIFE INSURANCE LTD?

Interpretation:The above table shows that out of the 100 respondents 52 respondents came to know about Birla Sun Life from agents, 24 from newspapers, 13 from T.V., 9 from friends and 2 from any other sources.

Q3. Are you satisfied with the policies provided by BIRLA SUN LIFE

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T.V13%

NEWSPAPER

24%

AGENTS52%

FRIENDS9%

ANY OTHER2%

T.VNEWSPAPERAGENTSFRIENDSANY OTHER

INSURANCE LTD?

Sstisfaction level

YES74%

NO 26%

YES

NO

INTERPRETATION:From the above analysis we came to know that out of 100 respondents 74 respondents are satisfied with the policies provided by Birla Sun Life insurance and 26 respondents are not satisfied with the policies provided by Birla Sun Life insurance. It means that mostly people are satisfied with the policies provided by BSLI.

Q4. How you rate the policies provided by BIRLA SUNLIFE?

INTERPRETATION:The above analysis shows that out of 100 respondents 55 rate the policies of Birla Sun Life Insurance as very good, 16 rate it as average, 9 rate it as good and 20 rate it as excellent.

Q5 .What you like in the policies of BIRLA SUNLIFE INSURANCE?

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Rating the policies

GOOD9%

AVERAGE16%

VERY GOOD55%

EXCELLENT20%

GOOD

AVERAGE

VERY GOOD

EXCELLENT

RATE OF RETURN

38%

AFFORDABLE PREMIUM

8%

LOW PREMIUM ALOCATION CHARGES

45%

SURRENDER VALUE

9%

Liking of policies

RATE OF RETURN

AFFORDABLE PREMIUM

LOW PREMIUM ALOCATION CHARGES

SURRENDER VALUE

INTERPRETATION:The above table shows that out of 100 respondents 45 respondents like the policy because of low premium allocation charges, 38 like it because of rate of return, 9 like it because of surrender value and 8 like it because of affordable premium.

Q6. How you feel the behavior of BSLI’s employers while interacting with them?

INTERPRETATION:The above analysis shows that out of 100 respondents 4 respondents feel the behavior of BSLI’s employers as good, 12 feel the behavior of BSLI’s employers as average, 47 feel the behavior of BSLI’s employers as very good, and 37 feel the behavior of BSLI’s employers as excellent.

Q7. Do you think that BSLI is reliable in the coming future?

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INTERPRETATION:The above table shows that out of the 100 respondents 89 respondents feel that the BSLI is reliable in the coming future and 11 respondents feel that BSLI is not reliable in the coming future.

Q8. Do you think that BIRLA SUNLIFE is working better than its competitors?

INTERPRETATION:The above table shows that out of 100 respondents 74 respondents think that BSLI is working better than its competitors and 26 respondents think that BSLI is not working better than its competitors.

Q9. Are you satisfied with the after sales services provided by BSLI?

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INTERPRETATION:From the above analysis I came to know that out of 100 respondents 88 respondents are satisfied with the after sales services provided by Birla Sun Life Insurance ltd and 12 respondents are not satisfied with the after sales services provided by Birla Sun Life Insurance ltd. This means that mostly people are satisfied with the after sales services provided by Birla Sun Life Insurance ltd.

Q10. Do you think that the plans provided by BIRLA SUNLIFE are beneficial?

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INTERPRETATION:The above table shows that out of 100 respondents 78 respondents think that the plans provided by Birla Sun Life are beneficial and 22 respondents think that the plans provided by Birla Sun Life are not beneficial.

FINDINGS OF THE STUDY

Findings of the research study are as follows:-

From the survey, we came to know that most of the people are aware about the “BIRLA SUN LIFE INSURANCE LIMITED”.

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From the survey, we came to know that most of the people those who are insured are satisfied with the policies provided by BIRLA SUN LIFE INSURANCE LIMITED.

The survey shows that most of the people rate the policies of BIRLA SUN LIFE INSURANCE are very good but not excellent. This means that they want something extra in their policies.

The survey shows that mostly people like low premium allocation charges and rate of return in the policies of BIRLA SUN LIFE INSURANCE LIMITED.

From the survey, we came to know that most of the people like the behavior of the BSLI’s employees as very good. This means that they treat their customers well.

From the survey, we came to know that most of the people have reliability in “BIRLA SUN LIFE INSURANCE LIMITED”.

From the survey, we came to know that “BIRLA SUN LIFE INSURANCE LIMITED” is working better than its competitors or in the other words it is satisfying the customers.

The survey shows that most of the people think that the plans of BSLI are beneficial.

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From the survey, we came to know that people want the policies which have maturity period of above 15 years. This means that customers want long term policies.

From the survey, we came to know that “BIRLA SUN LIFE INSURANCE LIMITED” has a very good image among the people. This shows that people believe in brand name of “BIRLA SUN LIFE INSURANCE LIMITED”.

CHAPTER -7

55

SUGGESTIONS

AND

RECOMMENDATIONS

SUGGESTIONS AND RECOMMENDATIONS

The suggestion and recommendations are as follows

It is suggested that company need to establish new branches in villages and small cities by this company can move more better

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There should be cash deposit facility in each and every branch of the company so that customer can get better services

There should be limit of financial advisor under agency manager and the limited amount of these advisor can handle it easily

The company should also need to begin some small duration and small amount of investment because in INDIA there are many peoples who are working in poor line or below poverty line

The company has to start monthly premium plans to attract the customers

They need to make some presentation among the small villages this make people education about insurance sector

Their is need to use proper advertisement channels to make a good brand image

There should need to attract the advisors there is need to pay some basic salary

In this survey I also get that maximum customers changing their mind now they going to prefer BSLI products

From this survey I also get now BIRLA SUNLIFE INSURANCE having a good brand image in the eyes of customers.

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CHAPTER – 8

58

APPENDIX

AND

BIBLIOGRAPHY

QUESTIONNAIRE

PERSONAL DETAIL

NAME_______________________ADDRESS____________________________

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_______________________________CONTACT NO._________________________OCCUPATION_________________________

SERVICE ( )BUSINESS ( )STUDENT ( )PROFESSION ( )

Q1. Are you aware about BIRLA SUNLIFE INSURANCE LTD? YES ( ) NO ( )

Q2. How do you come to know about BIRLA SUNLIFE INSURANCE LTD?

T.V. ( )NEWSPAPER ( )AGENT ( )FRIEND ( )ANY OTHER ( )

Q3. Are you satisfied with the policies provided by BIRLA SUNLIFEINSURANCE LTD?

YES ( ) NO ( )

Q4. How you rate the policies provided by BIRLA SUNLIFE?GOOD ( ) AVERAGE ( )VERY GOOD ( ) EXCELLENT ( )

Q5. What you like in the policies of BIRLA SUNLIFE INSURANCE ?RATE OF RETURN ( )AFFORDABLE PREMIUM ( )LOW PREMIUM ALLOCATION CHARGES ( )SURRENDER VALUE ( )

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Q6. How you feel the behavior of BSLI’s employers while interacting with them?

GOOD ( ) VERY GOOD ( )AVERAGE ( ) EXCELLENT ( )

Q7. Do you think that BSLI is reliable in the coming future?YES ( ) NO ( )

Q8. Do you think that BIRLA SUNLIFE is working better than its competitors ?

YES ( ) NO ( )

Q 9. Do you think that the plans provided by BIRLA SUNLIFE are beneficial ?

YES ( ) NO ( )

Q10. Any suggestions and recommendation ? _______________________________________________________________________________________________________________________________________________________________________________________

THANKS

BIBLIOGRAPHY

http://www.adityabirla.com/our_companies/joint_ventures/birlasun life_insurance.htm

http://en.wikipedia.org/wiki/Consumer_behaviour

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http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_Aboutus/Company_Profile/abtus_comprofile.aspx

http://www.birlasunlife.com/birlasunlife/index.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Protection/bsl_termplan.aspx

http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Savings/bsl_goldplus_II.aspx

http://www.cs.indiana.edu/mit.research.how.to/section3.12.html

http://encyclopedia.thefreedictionary.com/Research+methodology

Books:

Philip kottler, “Marketing Management”

Rajan saxena. “Marketing Management”

Research Methodology by Kothari.

SWOT ANALYSIS

STRENGTHS1. Financial Soundness2. Large Customer Base 3. Brand Name 4. Customer loyalty

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5. Flexibility6. Continues Growth7. Good Image

WEAKNESS1. Lack of branches in rural areas.2. Because of non availability of electronic cash services the

monthly premium facility can not be provided to the spoke branch customer

3. Non availability of cash deposit in spoke branches 4. Non availability of intranet facility.5. Lack of traditional plans.

OPPURTUNTIES 1. Looking to establish their branches in small cities and

villages 2. Looking to cover large insured people 3. Looking to launch new products in market to attract customer4. Looking to reach at first position.5. Plan to produce more MDRT people.

THREATS

1. Mutual funds.2. LIC3. Max new York life insurance4. Share Market

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5. People are not Interested making investment in insurance sector

6. Kotak Mahindra life insurance7. ICICI Prudential life insurance

CONCLUSION

The training period has been a very valuable experience for me from the entire study conducted. I became well acquainted with the “BIRLA SUN LIFE INSURANCE LIMITED” and the various processes followed by it.

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The market share of “BIRLA SUN LIFE INSURANCE LIMITED” is 40 % for the last quarter. During the training period we came to know that “BIRLA SUN LIFE INSURANCE LIMITED” has a very strong customer base. The employees of “BIRLA SUN LIFE INSURANCE LIMITED” are very dedicated towards their work and working for the betterment of the organization. The policies provided or offered by the “BIRLA SUN LIFE INSURANCE LIMITED” are very beneficial for the various type of customers. During the survey of our project report we came to know that people are very satisfy with the policies of the company and they have the reliability regarding their investments.

Working with the “BIRLA SUN LIFE INSURANCE LIMITED” we came to know that people want low premium and monthly premium plans. Most of the people are aware about the “BIRLA SUN LIFE INSURANCE LIMITED” but the people of villages are not too much aware about it, so company should try to advertise itself through the radio by which the people of villages can also come to know about it. Through the survey we also came to know that “BIRLA SUN LIFE INSURANCE LIMITED” has a very strong brand image among the people and it is the major competitor of LIC, MAX NEW YORK, and BAJAJ ALLIANZ.

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