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A PROJECT REPORT ON
INVESTOR SATISFACTION WITH REGARDSTOINVESTMENT WITH SBI LIFEINSURANCE
SUBMITTED TO
UTKAL UNIVERSITY
IN PARTIAL FULLFILLMENT OF THE
BACHELORE IN BUSINESS ADMINISTRATION
BY
PRACHI NAYAK 2011-2014)ROLL NO. 56355UT11029
UNDER THE GUIDANCE OFMr. Chandan Mohalick Mrs. Rashmi Ranjita Dash
Senior Agency Asst. Prof.
Manager Marketing
Institute of entrepreneurship Development
(An Institute of Industries Department, Govt. of Odisha)
Mancheswar industrial estate ,bHUBANESWAR,ODISHA
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CERTIFIC TE
Guide Name: Mrs. Rashmi Ranjita Dash
Designation : Assistant Professor
This is to certify that the project report entitled Investor Satisfaction with
regard to investment with SBI Life Insurancehas been prepared by Mr.
Prachi Nayak under my supervision and guidance for the fulfillment of
Bachelor in Business Administration. His field work is satisfactory.
Signature of HOD Signature of Internal guide
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DECLARATION
I do hereby declare that this project work entitled
Investor Satisfaction With Regards to investment submitted
by me for the partial fulfillment of the requirement for the award
of Bachelor In Business Administration(BBA)is a record of my
own research work .
The report embodies the finding based on my study and
observation and has not been submitted earlier for the award
of any degree or diploma to any Institute or University
Date: Prachi Nayak
Roll
No.56355UT11029
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EXAMINER CERTIFICATE
This is to certificate that this piece of work entitled
Investors satisfaction with regards to investment in SBI LIFE
INSURANCEsubmitted on partial fulfilment for degree of BBA is
a record of studies and confide project work carried out by
Prachi Nayak (Roll No.56355UT11029), student of BBA program
2011-2014 of INSTITUTE OF ENTREPRENEURSHIP
DEVELOPMENT, Bhubaneswar.
INTERNAL EXAMINER EXTERNAL EXAMINER
PREF CE
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I had undergone a project in SBI LIFE INSURANCE Bhubaneswar, as a
partial fulfillment of Bachelor Of Business Adminstration. The project
assigned to me is Investor satisfaction with regards to
investment.
The successful completion of this project was a unique experience for me
because by visiting many places and interacting with various people, I
achieved a better knowledge about sales. The experience which I gained by
doing this project was essential at this turning point of my career. This
project is being submitted which contains detailed analysis of the research
undertaken by me. During the survey I got a chance to know what the
customers think about the stock market and online trading, how they
perceive when a salesman tells him/her about any schemes related to stock
marketing, what are their queries about it?
CONTENTS
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TOPIC PAGE NO.
Front page i
Certificate of Summer Training ii
Internal guide certificate iii
Acknowledgement iv
Declaration v
Examiner certificate vi
Preface vii
Chapter 1
Introduction 1
Insurance 2
Role of Life Insurance 5
About SBI Life Insurance 10
Objective 15
Scope 16
Limitation 17
Chapter 2
Theoretical framework
2.1Marketing 18
4 Ps of Marketing 19
2.2 consumer behavior 20
2.3 consumer satisfaction 22
2.4 consumer relationship management 23
2.5 consumer decision making process 24
Chapter 3
3.1 Company profile 26
Money Back 26
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Chapter 4
Product 30
4.1 Life Long Pension 30
4.2 EDU Shield 33
4.3 Scholar II 35
4.4 Sudarshan - An Endowment Policy 36
4.5 Setubandhan 37
Chapter 5
5.1 My Study 38
Chapter 6
6.1 Research methodology 41
6.2 Research Methodology Process 42
6.3 Type of Data 44
Primary data
Secondary data
6.4 Sampling methodology 45
Chapter 7
7.1 News Report 46
7.2 Survey Report and Analysis 47
Chapter 8
8.1 Findings 48
8.2 Conclusion 49
Bibliography
Appendix
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meaning in every day usage but sometime it has a specialized
connotation when used in particular fields.
Definition of Risk
Risk is defined as "a condition in which there is a possibility of an
adverse deviation from a desired outcome that is expected or hopedfor". Thus risk is a combination of circumstances, and in this
combination there is possibility of loss. An adverse even is possible
and it has a probability from a zero to one. This it is neither possible
nor definite. We may or may not be able to measure the degree of
risk but the probability of the adverse outcome must be between zero
and one. The undesirable even is known as deviation.
A pure & perfect technique for handling risk is by insurance. For most
individuals, this is the most practical method for handling a major risk.
First, risk transfer is used since a pure risk is transferred to the insurer.
Second, the pooling technique is used to spread the losses of the few
over the entire group so that average loss is substituted for actual loss.
Finally, the risk may be reduced by application of the law of large
numbers, whereby an insurer can predict future loss experience with
some accuracy .
INSURANCE
The insurance is related to the protection of the economic value of
assets. Every asset has a value. The asset would have been created
through the efforts of the owner, in the expectation that, either
through the income generated there from or some other output,
some of his needs would be met. In the case of a motorcar, it provides
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comfort and convenience in transportation. There is no direct income.
There is a normally expected lifetime for the asset during which time it
is expected to perform. The owner, aware of this, can so manage his
affairs that by the end of that lifetime, a substitute is made available
to ensure that the value or income is not lost. However, if the asset
gets lost earlier, being destroyed or made non-functional, through anaccident or other unfortunate event, the owner and those deriving
benefits there from suffer. Insurance is a mechanism that helps to
reduce such adverse consequences.
Insurance is a contract between two parties - the insurer (the
insurance company) and the insured (the person or entity seeking
the cover) - wherein the insurer agrees to pay the insured for
financial
losses arising out of any unforeseen events in return for a
regular payment of "premium". These unforeseen events are
defined as "risk" and that is why insurance is called a risk cover.
Hence, insurance is essentially the means to financially compensate
for losses that life throws at people - corporate and otherwise.
Insurance Companies are active in the field of Life, Health & General
Insurance. The major part of insurance business is life insurance, the
operation of which depends on the law of the morality.
Why Insurance?
The entire effort of human life is to proceed from uncertainty
to certainty. The rigmarole of life proceeds with first acquiring the
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wherewithal to earn a living and then striving for its betterment and
ensuring that the comfort and pleasure derived from a physical
commodity or a human being continues. It is at the latter stage that
the mechanism of insurance comes in play.
The concept of insurance is in essence related to the protection
of the economic value of assets. Every asset whether physical or in
form of a human being has a value. The asset is built up in the
expectation that, either through the income generated there from or
some other output, some needs of the individual would be met. For
example, In the
case of an industry its production is sold and income generated.
In the case of a vehicle, it provides comfort and convenience in
transportation.
However there is a normally expected life cycle for every asset
during which time it is expected to perform its assigned role. So, a
prudent individual can manage his affairs so that by the end of that
life cycle, a substitute is in place to ensure continued
benefit/comfort. However, if due to an accident or other unfortunate
event, the asset gets destroyed or made non- functional earlier, the
person deriving benefits therefore suffer. Insurance is the
mechanism that helps to soften the impact of such adverse
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consequences by providing for some monetary substitution to face
such unforeseen circumstance.
The need of insurance arises from the chances of an accidental
occurrence destroying or making an asset non-functional. Such loss
producing eventualities are called perils e.g. fire, floods, breakdowns,
lightning, earthquakes, etc however, it has to be remembered that
what is being talked about is only a probability of a loss. The
protection of Insurance is against a contingency that may or may not
happen.
Life Insurance
Life Insurance is a contract between person and a life insurance
company, which provides your beneficiary with a pre-determined
amount in case of your death during the contract term.
Buying insurance is extremely useful if you are the principal
earning member in the family. In case of your unfortunate premature
demise, your family can remain financially secure because of the life
insurance policy that you have purchased.
The primary purpose of life insurance is therefore protection of the
family in the event of death. Today, insurance is also seen as a tool to
plan effectively for your future years, your retirement, and for your
children's future needs. Today, the market offers insurance plans that
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not just cover your life and but at the same time grow your wealth
too.
5 ROLE OF LIFE INSURANCE
Role 1: Life insurance as "Investment"
Insurance is an attractive option for investment. While most
people recognize the risk hedging and tax saving potential of
insurance, many are not aware of its advantages as an investment
option as well. Insurance products yield more compared to regular
investment options, and this is besides the added incentives (read
bonuses) offered by insurers.
You cannot compare an insurance product with other investment
schemes for the simple reason that it offers financial protection from
risks, something that is missing in non-insurance products. In fact, the
premium you pay for an insurance policy is an investment against
risk. Thus, before comparing with other schemes, you must accept
that a part of the total amount invested in life insurance goes towards
providing for the risk cover, while the rest is used for savings.
In life insurance, unlike non-life products, you get maturity
benefits on survival at the end of the term. In other words, if you
take a life insurance policy for 20 years and survive the term, the
amount invested as premium in the policy will come back to you with
added returns. In the unfortunate event of death within the tenure
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of the policy, the family of the deceased will receive the sum
assured.
Now, let us compare insurance as an investment options. If you
invest Rs 10,000 in PPF, your money grows to Rs 10,950 at 9.5 per
cent interest over a year. But in this case, the access to your funds
will be limited. One can withdraw 50 per cent of the initial deposit
only after 4 years.
The same amount of Rs 10,000 can give you an insurance cover
of up to approximately Rs 5-12 lakh (depending upon the plan, age
and
medical condition of the life insured, etc) and this amount can
become immediately available to the nominee of the policyholder on
death.
Thus insurance is a unique investment avenue that delivers sound returns in
addition to protection.
Role 2: Life insurance as "Risk cover"
First and foremost, insurance is about risk cover and protection
- financial protection, to be more precise - to help outlast life's
unpredictable losses. Designed to safeguard against losses suffered
on account of any unforeseen event, insurance provides you with
that unique sense of security that no other form of investment
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provides. By buying life insurance, you buy peace of mind and are
prepared to face any financial demand that would hit the family in
case of an untimely demise.
To provide such protection, insurance firms collect
contributions from many people who face the same risk. A loss claim
is paid out of the total premium collected by the insurance
companies, who act as trustees to the monies.
Insurance also provides a safeguard in the case of accidents or
a drop in income after retirement. An accident or disability can be
devastating, and an insurance policy can lend timely support to
the family in such times. It also comes as a great help when you
retire, in case no untoward incident happens during the term of the
policy.
With the entry of private sector players in insurance, you have
a wide range of products and services to choose from. Further, many
of these can be further customized to fit individual/group specific
needs. Considering the amount you have to pay now, it's worth
buying some extra sleep.
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Role 3: Life insurance as "Tax planning"
Insurance serves as an excellent tax saving mechanism too. The
Government of India has offered tax incentives to life insurance
products in order to facilitate the flow of funds into productive
assets. Under Section 88 of Income Tax Act 1961, an individual is
entitled to a rebate of 20 per cent on the annual premium payable
on his/her life and life of his/her children or adult children. The
rebate is deductible from tax payable by the individual or a Hindu
Undivided Family. This rebate is can be availed upto a maximum of
Rs 12,000 on payment of yearly premium of Rs 60,000. By paying Rs
60,000 a year, you can buy anything upwards of Rs 10 lakh in sum
assured. (Depending upon the
age of the insured and term of the policy) This means that you
get an Rs 12,000 tax benefit. The rebate is deductible from the tax
payable by an individual or a Hindu Undivided Family.
Role 4: Life insurance as "Financial Planning"
Most insurance plans available today have a built in savings
element. Plans like the Endowment Plan, Money back Plan, Child
Advantage Plan, Preferred Retirement Plans, etc allow you to meet
your dual financial goals of life cover and Savings for the future.
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You may avail of a loan from the insurance company against
certain plans. Your policy could also be pledged as a collateral to
raise funds from banks and other financial institutions. In case of
your unfortunate death the loans may be repaid from the proceeds
of the life insurance policy. Insurance promotes compulsory savings
with regular premium payments and helps build up a corpus of funds
along with financial security for the dependants in case of premature
death. For your medical needs and that of your family.
Hospitalization costs and quality healthcare is becoming
increasingly expensive. Without insurance, you can actually face a
situation where you have withdrawn all your money and borrowed
to
pay the medical bills. This can be provided with our Critical
Illness Benefit. Insurance provides you the option of covering
yourself towards any critical illnesses that can become extremely
costly. Choosing this facility pays you a lump sum upon diagnosis of
certain diseases like cancer, kidney failure, heart attack, stroke,
coronary bypass, vital organ transplants, Alzheimer's disease,
paralysis, etc.
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Role 5:Role of Insurance as "Economic Development."
It reducing burden of Government in providing relief to the old
citizens as well as providing funds to Govt. for nation building
activities. Direct investments made by Insurance serve a twofold
purpose. It acts as a major instrument for the mobilization of savings
of people, particularly from the middle and lower income groups.
These savings are channeled into investments for economic growth
thereby creating employment. These savings in turn go into the task
of nation building.
ABOUT SBI LIFE INSURANCE
Life is full of surprises, some pleasant and some not so
pleasant. Our families and we have to live with these uncertainties.
Preparing for
the uncertainties of life is what Insurance is all about. Insurance
is a tool, a solution for delegating the worries concerning tomorrow
onto a trustworthy institution so that you can start living today.
With SBI Life, you could smoothen the rough edges of life;
make it a bit easier, so you needn't worry about your children's
education, or your family's future. Whether you are looking for a safe
investment vehicle with good returns or life cover with regular
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returns in the future, all it needs is one small action on your part.
Leave the rest to us and SBI Life will take care of your near and dear
ones, and most importantly you.
SBI Life Insurance is a joint venture between the State Bank of
Indiaand Cardif SA of France.SBI Life Insurance is registered with an
authorised capital of Rs 500 crore and a paid up capital of Rs 350
crores. SBI owns 74% of the total capital and Cardif the remaining
26%. SBI Life has already covered more than 8 lacs group lives with
an additional 2.5 lacs lives through individual policies. State Bank of
India enjoys the largest banking franchise in India. Along with its 7
Associate Banks, SBI Group has the unrivalled strength of over
14,000 branches across the country, the largest in the world.
Cardif is a wholly owned subsidiary of BNP Paribas, which is The
Euro Zones leading Bank. BNP is one of the oldest foreign banks with
a presence in India dating back to 1860. It has 9 branches in the
metros and other major towns in the country. Cardif is a vibrant
insurance company specializing in personal lines such as long-term
savings, protection products, and creditor insurance. Cardif has also
been a pioneer in the art of selling insurance products through
commercial banks in France and 29 more countries.
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While sharing its aggressive plans, SBI Life also announced the
infusion of additional fresh capital of Rs. 75 crores to take its
capital base up to its authorized share capital limit of Rs. 500
crores. Speaking on the occasion, Mr. S. Krishnamurthy, MD and
CEO, SBI Life Insurance said, The additional capital has been
injected to maintain stipulated solvency margins for the
exponential new business growth and expanding branch network
SBI Life Insurancesmission is to emerge as the leading company
offering a comprehensive range of Life Insurance and pension
products at competitive prices, ensuring high standards of
customer service and
world class operating efficiency. The company plans to make the
insurance buying process quick, simple, and based on well-
informed judgments. In 2004, SBI Life Insurancebecame the first
company amongst private insurance players to cover 30 lakh lives.
The company expects to carve a niche in the Indian insurance
market through extensive product innovation and aims to provide
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the highest standards of customer service through a technological
interface. To facilitate this, call centers have been already installed
and help lines will be installed and customers will have access to
their accounts through the Internet or through SBI branches. The
company proposes to make available ready liquidity to its Life
Insurance policies by way of loans at SBI counters. This will make Life
Insurance a liquid asset in the financial portfolio of households.
SBI Life Insurance is uniquely placed as a pioneer to usher
bancassurance into India. The company hopes to extensively utilise
the SBI Group as a platform for cross-selling insurance products
along with its numerous banking product packages such as housing
loans, personal loans, and credit cards. SBIs access to over 100
million accounts
provides a vibrant base to build insurance selling across every
region and economic strata in the country.
Mission Statement: To emerge as the leading company offering a
comprehensive range of life insurance and pension products at
competitive prices, ensuring high standards of customer satisfaction
and world class operating efficiency, and become a model life
insurance company in India in the post liberalization period
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5 reasons to select SBI Life as people preferred insurance company.
Customer Satisfaction - many of their customers who have
bought an insurance policy with them have bought a second one!
Financially sound with over a 100 years of Banking experience,
when people trusted company with their money, why would they
trust somebody else with their protection needs.
Affordability
Easy to buy (accessibility)
Trust & reliability.
OBJECTIVE
1) To determine the present position and satisfaction of investors in SBI Life
Insurance.
2) To determine the market share of different brands.
3) Responses of customer
Responses from them were collected through survey and for the questionnaire
were prepared for both of them.
4) Benefits derived by assessing investors satisfaction are:
- Feedback to organization regarding product.
- Understanding customer s requirements.
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- Providing superior service to customer.
- Strengthen the relationship with customers.
- Formulating sales strategies.
5) Identify pros and cons of the brand SBI Life Insurance
This was a fundamental objective of the whole research. Company wants to
identify that where does the brand lack. In other words, what are the brands so
that it can rectify them in order to establish the brand in the market?
6) Suggestions and recommendations.
The objective of the research was not only to find out the problem but also
the identification of solutions or suggestions of the problems.
SCOPE
People differ from each other not only due to the biological characteristics
but also due to financial position such as income, expenditures, savings
they have. According to these their needs vary from each other. Due to this
the financial requirement and ability to get the requirement differ from
person to person so that the financial market such as life insurance carters
to a vast area from each of these aspects stated above.
The title of my project is investors satisfaction with regards to pre and
post investment with SBI LIFE INSURANCE means to gather informations
about how the customers are satisfied with their respective investments
made by them.
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On the basis of clients need suggest them about the variousopportunities
of life insurance, explain them about the products of the company and fulfill
their needs.
LIMITATION
Interacting with the respondents during working hours was a critical
task especially with the service holders.
Some of the respondents, because of fear of misuse of information
didnt disclose some information nor did respond to my
questionnaire.
Few respondents showed lack of interest in answering to the
questionnaire.
The survey is limited to few clients in Bhubaneswar.
It was very difficult to take appointments of respondents.
Opinion of the respondents may be biased.
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Chapter 2Theoretical Framework)
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MARKETING
DEFINATION:-
According to Philip Kotler marketing is defined as satisfying needs and
wants through an exchange process.
According to Palmer marketing is defined as marketing is essentially
about marshalling the resources of an organization so that they meet the
changing needs of the customers on whom the organization depends.
From a societal point of view, marketing is the link between a societys
material requirements and itseconomic patterns of response. Marketing
satisfies these needs and wants through exchange processes and building
long term relationships. Marketing can be looked at as an organizational
function and a set of processes for creating, delivering and communicating
value to customers, and managing customer relationships in ways that also
benefit the organization and itsshareholders. Marketing is thescience of
choosingtarget markets through market analysis andmarketsegmentation, as well as understandingconsumer buying behavior and
providing superior customer value.
There are five competing concepts under which organizations can choose
to operate their business; the production concept, the product concept, the
selling concept, the marketing concept, and the holistic marketing
concept. The four components of holistic marketing are relationship
marketing, internal marketing, integrated marketing, and socially
responsive marketing. The set of engagements necessary for successfulmarketing
http://en.wikipedia.org/wiki/Economichttp://en.wikipedia.org/wiki/Shareholdershttp://en.wikipedia.org/wiki/Sciencehttp://en.wikipedia.org/wiki/Target_marketshttp://en.wikipedia.org/wiki/Market_segmentationhttp://en.wikipedia.org/wiki/Market_segmentationhttp://en.wikipedia.org/wiki/Consumerhttp://en.wikipedia.org/wiki/Consumerhttp://en.wikipedia.org/wiki/Market_segmentationhttp://en.wikipedia.org/wiki/Market_segmentationhttp://en.wikipedia.org/wiki/Target_marketshttp://en.wikipedia.org/wiki/Sciencehttp://en.wikipedia.org/wiki/Shareholdershttp://en.wikipedia.org/wiki/Economic8/12/2019 SBI Life Insurance(Babloo Nayak)
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management includes, capturing marketing insights, connecting with
customers, building strong brands, shaping the market offerings, delivering
and communicating value, creating long-term growth, and developing
marketing strategies and plans.
4 PS OF MARKETING
PRODUCT:-
Product are the goods and services that your business
provides for sales to your target market. When developing a product you
should consider quality, design, features and packaging, customer service
and any subsequent after sales services.
PLACE:-
Place in regards to distribution, location, methods of
getting the product to the customer. This includes the location of your
business, shop front, distributors, logistics and the potential use of the
internet to sell the product directly to customers.
PRICE:-
It concerns the amount of money that customers must pay
in order to purchase your products. There are a number of considerations
in relation to price including price setting, discounting, credit and cash
purchases as well as credit collection.
PROMOTION:-
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It refers to the act of communicating the benefit and value
of your product to customers. This then involves persuding general
customers to become customers of your business using methods such as
advertising, direct marketing, personal selling and sales promotion.
CONSUMER BEHAVIOUR
Management is the youngest of sciences and oldest of arts and
consumer behavior in management is a very young discipline. Various
scholars and academicians concentrated on it at a much later stage. It was
during the 1950s, that marketing concept developed, and thus the need tostudy the behavior of consumers was recognized. Marketing starts with the
needs of the customer and ends with his satisfaction. When every thing
revolves round the customer, then the study of consumer behaviour
becomes a necessity. It starts with the buying of goods. Goods can be
bought individually, or in groups. Goods can be bought under stress (to
satisfy an immediate need), for comfort and luxury in small quantities or in
bulk. For all this, exchange is required. This exchange is usually between
the seller and the buyer. It can also be between consumers.
DEFINTION:- Consumer behaviour is defined as the decision making
process and physical activity involved in acquiring, evaluating, using and
disposing goods and services.
This definition clearly brings out that it is not just the buying of
goods/services that receives attention in consumer behaviour, but the
process starts much before the goods have been acquired or bought. A
process of buying starts in the minds of the consumer, which leads to the
finding of alternatives between products that can be acquired with their
relative advantages and disadvantages. This leads to internal and external
research.
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Then follows a process of decision-making for purchase and using the
goods, and then the post purchase behavior which is also very important,
because it gives a clue to the marketers whether his product has been a
success ornot.
To understand the likes and dislikes of the consumer, extensive consumer
research studies are being conducted. These researches try to find out:
What the consumer thinks of the companys products and those of its
competitors?
How can the product be improved in their opinion?
How the customers use the product?
What is the customers attitude towards the product and its advertising?
What is the role of the customer in his family?
The following key questions should be answered for consumer research. A
market comes into existence because it fulfils the needs of the consumer.
Consumer behaviour is a complex, dynamic, multidimensional process, and
all marketing decisions are based on assumptions about consumer
behaviour.
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CUSTOMER SATISFACTION
In regular, satisfaction is a persons feeling of pleasure or disappointment that
result comparing to product perceived performance to expectation. If the
performance falls short of expectation, the customer is dissatisfied. If it
matches the expectation the customer is satisfied. If it exceed expectation, the
customer is highly satisfied or delighted. Customer assessments of product
performance depend on many fact-ors, especially the type of loyalty
relationship the customer has with the brand. Consumer often form more
favorable perception of a product with a brand they already feel positive about.
Marketers play several roles in helping their companies define and deliver and
deliver high quality goods and service to target customer
they correctly identify customers need and requirements.
They communicate customer expectation properly to product designers.
They make sure customer order are filled correctly are on time.
They check that customers have received proper instruction, training, and
technical assistance in the use of the product.
They stay in touch with customer after the sale to ensure they are, and
remain, satisfied.
They gather customer ideas for product and service improvements and
convey them to the appropriate departments.
When the marketers do all this, they make substantial contribution to total
quality management and customer satisfaction, as well as to customer and
company profitability.
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CUSTOMER RELATIONSHIP MANAGEMENT
Q. What is CRM (customer relationship management)?
CRM (customer relationship management) is an information industry term formethodologies, software, and usually Internet capabilities that help a company
manage customer relationships in an organized way. For example, an enterprise
might build a database about its customers that described relationships in
sufficient detail so that management, salespeople, people providing service, and
perhaps the customer directly could access information, match customer needswith product plans and offerings, remind customers of service requirements,know what other products a customer had purchased, and so forth.
According to one industry view, CRM consists of:
Helping an enterprise to enable its marketing departments to identify and
target their best customers, manage marketing campaigns and generatequality leads for the sales team.
Assisting the organization to improve telesales, account, and sales
management by optimizing information shared by multiple employees,
and streamlining existing processes (for example, taking orders using
mobile devices)
Allowing the formation of individualized relationships with customers,
with the aim of improving customer satisfaction and maximizing profits;identifying the most profitable customers and providing them the highest
level of service.
Providing employees with the information and processes necessary to
know their customers understand and identify customer needs andeffectively build relationships between the company, its customer base,and distribution partners.
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CONSUMER DECISION MAKING PROCESS
It is every marketers goal to get inside the head of a consumer. You want to
figure out how the consumer makes decisions and how you can get them to
make a decision to purchase your product or service. There are 5 steps in a
consumer decision making process a need or a want is recognized, search
process, comparison, product or service selection, and evaluation of decision.
PROBLEM RECOGNITION:-
Most decision making starts with some sort of problem. The consumer develops
a need or a want that they want to be satisfied. The consumer feel like
something is missing and needs to address it to get back to feeling normal. If
you can determine when your target demographic develops these needs or
wants, it would be an ideal time to advertise to them. For example, they ran out
of toothpaste and now they need to go to the store and get more.
SEARCH PROCESS:-
Most of us are not experts on everything around us. In the searching phase we
research for products or services that can satisfy our needs or wants. Search
Engines have become our primary research tool for answers. It is an instant and
easy way to find out what you are looking for.
Also dont forget about actual human beings. Our friends and families all havehad many different experiences and can offer us recommendations. In most
cases recommendations from actual people instead of a search engines are
preferred. You have more of a trust factor with people close to you then a
computer program.
You also may have had past experiences that assist you in solving your
problem. You may have had a life experience in the past that helps you make
the correct
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purchase decision. You could also just know what decision to make just by
picking up things over the years and knowing how to solve them.
In this stage you are also beginning your risk management. You might make a
pros vs. cons diagram to help make your decision. People often dont want to
regret making a decision so extra time being put into managing risk may be
worth it. People also remember bad experiences over good ones, take that into
account.
EVALUATING ALTERNATIVES:-
Once the consumer has determined what will satisfy their want or need they will
begin to begin to seek out the best deal. This may be based on price, quality, or
other factors that are important for them. Customers read many reviews and
compare prices, ultimately choosing the one that satisfies most of their
parameters.
SELECTION STAGE:-
After tallying up all the criteria for the decision the customers now decide on
what they will purchase and where. They have already taking risk into account
and are definite on what they want to purchase. They may have had prior
experience with this exact decision or maybe they succumbed to advertising
about this product or service and want to give it a try.
Evaluation of Decision:-
Once the purchase has been made, does it satisfy the need or want? Is it above
or below your expectations? The goal for every marketer is not for a one-time
customer but a repeating lifetime customer. One bad experience of buyers
remorse and your brand perception could be tarnished forever. On the other
hand, one superb experience can lead to a brand loyal customer who may even
become a brand evangelist for you.
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Chapter 3
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COMPANY PROFILE
ABOUT SBI LifeSmart Money Back Insurance:-
SBI Life Insurance Company Limited is an established life insurance company
with over a decade of experience serving more than 100 million customers in
over 18000 cities in India. Headquarters in Mumbai and Maharashtra, SBI LifeInsurance Company Limited is 100% owned by State Bank of India.
The company distributes its products through key channels like Tied Agency,
Bank assurance and Alliances. The Tied Agency channel comprises over 40,000
SBI Life Insurance Advisors, spread across the country. The Banc assurance
and Alliances business within SBI Life Insurance is a fast growing distribution
channel, and includes the Banc assurance partner (SBI Life Insurance.co.ltd),
Referral Partners, Corporate Agents and Brokers.
The word "SBI" and the device " " are trademarks of SBI Group N.V. and
are used under license.
MONEY BACK
Get your Money Back and still stay insured
Introducing SBI Life Money Back plan, a smooth way to plan for all the
special moments in your life. As an individual your life is fueled by dreams.
You experience different special moments in life like wedding, birth of a child,
childs education, or purchasing a new home. You have to be financially
prepared for these special moments. What you need is easy liquidity at regular
intervals with life insurance protection to take care of these special moments.
Benefits of the plan:
Twin benefits of Life Insurance and increased cash inflow at regular intervals.
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Guaranteed Survival Benefit Payments more than 100% of the Sum Assured.
Increasing Survival Benefit payments. Bonus for the entire term of the policy.
Available in a wide range of terms: 10, 15, 20, or 25 years to suit your needs.
In the event of claim your beneficiary would receive full sum assured and
bonuses,
Irrespective of Survival Benefits already paid.
Tax benefit u/s 80 C and 10 (10 D) of IT Act*
Convenient premium payment options. & Attractive rider cover.
Attractive rebate for Female lives.
Rebates for Annual / Semi- Annual modes of Premium.
Rebates on high value policies. &15 days Free Look Period.
Feature:
SBI Life Money Back is a saving plan with added advantage of life cover
and cash inflow at regular intervals. This plan is designed for individuals who
want to plan for various financial obligations at specified times in life.
Keeping customers convenience in mind, we have designed four plan options:
for 10, 15, 20, or 25 years.
Term of the Plan Guaranteed Survival Benefit payable Cumulative Guaranteed SurvivalBenefit
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A) 10 Years The last 3 years on the term 110% of Basic Sum Assured
B) 15 Years After every 3 years on the term 115% of Basic Sum Assured
C) 20 Years After every 4 years on the term 120% of Basic Sum Assured
D) 25 Years After every 4 years on the term 125% of Basic Sum Assured
* Single premium mode is also available.
The premium payment term is less than the policy term. Your investment goes
through a "Growth/Deferment Period" in which the money you've invested
continues to multiply; in the Growth/Deferment Period you will not be entitled
for any Survival benefit. At the end of this Period, you get your money back
annually for 5 years or 10 years, depending on the plan option chosen by you.
However you remain covered for the entire duration of the policy for the full
Sum Assured, irrespective of survival benefit already received.
In addition to the Basic Cover, you are also entitled to opt for extra covers
(riders): Term Assurance rider and Accident rider (Accidental Death and
Accidental Total Permanent Disability), by paying nominal additional
premiums.
No riders available for Single Premium Mode.
Rider Sum Assured cannot exceed the Basic Sum Assured
Premium Payment Mode:-
1) Regular premium payment mode: Quarterly, half-yearly and yearly.
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Single premium payment: One time premium payment for the selected term at
commencement
2) Premium Amount:
Premium rate is different depending on the plan selected, term, the gender, the
Sum Assured, and mode of payment.
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Chapter 4
PRODUCT
a) LIFE LONG PENSION
To make post retirement years truly golden, SBI Life introduces Lifelong Pensions a unique Pension
plan for retirement days.
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Life expectancy is improving rapidly. People live longer. A person cannot
work throughout their life. You will have to retire from work. In the post
retirement period you have lot of time for yourself. You would like to do things
you have not done while you were working. You need to have a comprehensive
plan to meet our post retirement financial needs ensuring complete peace of
mind.
Advantages of the plan:-
A maximum of Rs. 1,00,000 p.a. paid as a contribution on a pension plan
is fully deductible from the taxable income (within the max. ceiling Rs. 1
lakh)
Minimum Guaranteed returns of 4% p.a. (compounded annually) on your
Personal Pension Account (till 31st March 2010) + Vested bonus.
It helps you to accumulate enough savings to meet the old age needs and
look for a reliable and enduring pension payment.
It is an extremely flexible plan:
Choice of the contribution amount you want depending on yourpremium paying capacity.
You may exercise the Top-up facility whenever by paying
additional amount to increase your retirement kitty, irrespective of
contribution payment mode.
Convenient Contribution payment mode monthly, quarterly, half-
yearly, yearly, and single contribution is also available.
Choice of the choosing your own retirement age.
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Postponing/ Proponing to a convenient date, the decision for
receiving the Pension Benefits.
Contribution holiday available from year 4 onwards
The total/balance amount (after withdrawal from PPA, if any) can
be utilized in seeking immediate annuity.
Free to chose annuity from either SBI Life or other insurance
companies
At Vesting Age you have multiple choices of Pension/ Annuity
options including Joint Life Time Annuity.
On maturity you have a choice to withdraw up to 33% from your
Personal Pension Account in a lump sum. This withdrawal amount is tax-
free as per the current fiscal law.
Helps you to utilize all alternatives of tax savings today and also plan for
a worry free tomorrow.
In Pension cum Life Cover plan, you have the facility of Automatic
Cover Maintenance, which ensures that the cover remains in force even
when you miss the premium payments. This facility is available after the
first three years of the term. In Pension cum Life Cover plan, the life cover acceptance is based on a
simple medical questionnaire without any Medical examination
Rebates for Annual, Semi- Annual mode of premium and on high
Contribution amount. Enjoy financial independence when you retire.
30 days Free Look Period from the date on which you receive the policy
documents.
Lifelong Pensions plan helps to meet your financial requirement no matter which life stage
you are at. It is designed specially for individuals who wish to build their kitty retirement
with no risk and tax advantage u/s 80 CCC (1) of IT Act.
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SBI Life Insurance have designed 2 plans to meet different requirements:
Plan 1: Pure Pension
This plan is a pure savings accumulation vehicle. No medical
underwriting required. You can enjoy the benefits of this plan without any
hassles,Automatic Acceptance. You have to just fill a simplified Proposal form.
Plan 2: Pension cum life cover
This plan is a pension builder plan with life insurance option. A simple
medical questionnaire needs to be filled. The term of the life cover is equal to
the Vesting Age / 65 whichever is earlier. If Life cover is extended due to
postponement of Vesting Age, new medical questionnaire and new premium
amount will be applicable. In this plan you have the facility of Automatic Cover
Maintenance, which ensures that the cover remains in force even when you miss
the premium payments. This facility is available after the first three years of the
term. The Premiums due for Life Cover will be deductible from your Personal
Pension Account.
Pure Pension Plan 1 Pension cum Life Cover Plan2
Minimum term 2 years 5 years
Maximum term 52 years 52 years
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Eligibility: -
b) EDU SHIELDSecure your future. Secure your Education Loan.
As a loving parent you dream of a bright future for your child. You want
your childs higher education secured and fulfilled under all circumstances. We
have a scheme for you to accomplish your wishes!
Edu Shield is a unique insurance plan from SBI Life that provides Life
Insurance Protection for Education Loan borrowers.With a policy under Edu
Shield in hand, you can cross the important milestones of your life with a broad
smile.
Edu Shield is a non-participating plan. It provides level insurance cover to the
education loan customers throughout the term of the loan. It is meant for the studentsand parents. Both the lives are covered separately. In case of claim, the Life Cover sum
Pure Pension Plan1Pension cum Life Cover
Plan2
Minimum Age at entry* 18 years 18 year
Maximum Age at entry* 65 Years 60 years
Maximum cover age for life cover Not Applicable 65 years
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assured is payable to the Bank. The Bank will refund any surplus over the outstanding
loan amount to the legal heir. The Premiums are Payable on annual basis through
Standing Instructions to the Bank to debit the loan account.
Benefits: -
I . Maturity Benefits:
No benefits are payable to the surviving borrower/s on maturity of the term of
the policy.
II . Death Benefit:
The life cover sum assured is payable to the Bank (as the Bank is the assignee).
Surplus amount after adjusting the dues, if any, will be paid to the legal heir by
the Bank
No death benefi t is available for suicide within the first year of the poli cy.
III . Tax Benefit
You are eligible for Tax benefit for the premium payment u/s 80 C and 10 (10 D) of IT
Act*
c) SCHOLAR II
Why take chances with your child's future?
As a caring parent you would always want your child to get the very best.
Is there a way to protect your children against lifes risks? Is there a way to
make tomorrow safe for them? Therefore this is the time when careful financial
planning can help you fulfill the aspirations that you have for your childrens.
We at SBI Life can help you ensure that your childrens future is secure and
prosperous. SCHOLAR II is designed to protect your childs future educational
needs.
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Advantages:
Twin benefit of saving for your child's education and securing a bright
future despite the uncertainties of life.
Full risk cover throughout the policy term irrespective of payment of
survival benefits installments.
Option to receive the installments in lump sum at the due date of first
installment of Survival benefit.
Tax benefit u/s 80 C and 10 (10 D) of IT Act*
Attractive rider options
Attractive rebate for Female lives and High Sum Assured.
15 days Free Look Period.
d) SUDARSHAN-AN ENDOWMENT POLICY
Sudarshan is an Endowment Policy designed to provide savings and
protection to you and your family. You can save regularly for the future. Thus atthe end of the plan, you will receive a substantial amount of savings along with
the accumulated bonuses declared. At the same time, your family will be
protected for death risk for the full Sum Assured. 'Sudarshan' is available under
two Plans.
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Fixed Sum Assured (Plan A): Fixed amount of cover for the entire
duration of the plan
Increasing Sum Assured (Plan B): Increasing amount of cover every
year for the entire duration of the plan with level premium.
In addition to the Basic Cover, you are also entitled to opt for extra covers
(riders): Term Assurance Cover, Accidental Death and Accidental Total
Permanent Disability Cover and Critical IllnessCovers by paying nominal
additional premiums.
e) SETUBANDHAN
Attractive New product for NRIs
Setubandhanis Investment - cum - Life Insurance opportunity
A unique Life Insurance bond that helps you, the NRI living abroad, build a
bridge between you and your dear ones back in India.
Eligibility
Minimum sum assured on each policy Rs.3 lakhs, maximum Rs. 1 crore.
Entry age minimum 18, maximum 60. Cover available up to maximum
70 years.
Benefits: -
Base Policy for NRIs:
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Guaranteed 5% annual additions (Simple) on Sum Assured with benefit of
Single Premium payment In the event of death, the Sum Assured as
increased by the annual addition on the date of death will become payable.
Upon survival, the Sum Assured with total additions during the period will
be payable
Rider benefits for NRIs:
Critical illness cover (Dhanwantari-Supreme), subject to maximum of
Rs.5 lakhs. Premium payable annually, and the rate will be valid for
maximum 5 years, subject to review thereafter for 10-year Plan.
Optional Life Cover for Dependant
Term insurance cover for a dependant living in India, subject to a
minimum sum assured of Rs. 3 lakhs and maximum Rs. 10 Lakhs.
Premium payable annually. `Dependant will mean spouse, and parents
not above the age of 55 at the time of entry. Term insurance premium will
be refundable at the end of the term upon survival of the life covered
(Swadhan). Full refund of premium for a 10-year term and 50% for a 5-
year term.
Critical illness covers for the dependant, subject to the maximum of Rs.5
lakhs. Premium payable annually.
Surrender benefits:
No surrender benefit during the first year.
90% of basic premium paid for surrender during 2nd and 3rd year.
95% of basic premium paid for surrender from the 4th year.
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No guaranteed addition will be payable for policies surrendered under the
5-year Plan. In respect of policies with 10-year term, the guaranteed
addition to the extent of 50% will become payable for policies
surrendered between 6th and 7th years, and 75% in respect of policies
surrendered from the 8th year.
Loan facility available from Branches of SBI and Associate Banks based on the
surrender value of the policy. Rebate on premium on high value policies
CHAPTER-5
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60 year
Option 1: 60 year
Option 2: 55 year
Option 3: 50 year
Option 4: 45 year
Maximum Maturity Age
75 year70 year
Special Rebate
No any declarationWomen get special rebate of 5% on
premium base.
Kotak Endowment Plan SBI-Endowment Plan
Entry Age
Minimum 18 year
Maximum 65 year
Minimum 12 year
Maximum 65 year
Term
Minimum 10 year
Maximum 30 year
Minimum 8 year
Maximum 30 year
Death Benefit
In event of death nominee will receivebasic sum assured or accumulated account
which is higher
Sum assured + bonus
TIME & COST OF INSURANCE
The minute you have people dependent on your income, you should
insure yourself. The younger the age, the lower is your premium. At SBI-Life,
they believe anybody who is married and has children or plans to have children
needs to be insured. Even if you are single, earning and intending to marry, you
should think of buying a policy now, as it costs less now than it will when you
marry.
Remember, it is never too late to buy an insurance policy. Even if you are
45, and are not insured, you could choose insurance products that provide
benefits to your family and provide income during your retirement period.
Ideally, you should insure yourself for as long as you are the critical or crucial
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breadwinning member of the family.
With the growing nuclear families and the typical Indian sacrificing
mothers/wives, it may be prudent to ensure that the working man covers himself
for his whole life; to ensure that his wife receives a lump sum upon his death. A
general rule of thumb is that you should insure yourself for at least six times
your annual income. This amount is normally adequate for your family to
sustain themselves at present levels, until they recover from the financial losscaused by your absence.
The cost of buying an insurance policy depends on:
Your age, health, and the nature of work you do
The type of policy you selectThe sum assured i.e. amount you insure yourself forThe term i.e. number of years you insure yourself forThe premium paying term i.e. number of years you choose to pay
premium
The mode i.e. the frequency with which you choose to pay premium(monthly, quarterly, half-yearly, yearly)
The rider's i.e. additional benefits you select, their term and premiumpaying term
Example of an Endowment product for a 30-year old male
An Endowment with profit policy, for a sum assured of Rs 100,000, a premium
paying term and insurance term of 25 years, can cost between Rs 3,500-4,500
per annum. However, there are a number of riders you can add on to an
insurance policy, which could increase your insurance cost by 20-30 per cent.
Upon maturity or in the event of death of the insured, the insured or thenominee receives the sum assured plus bonus for the term of the policy.
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RESEARCH METHODOLOGY
INTRODUCTION
Research is an art of scientific investigation through search for new facts in any
branch of knowledge. It is a moment from known to unknown.
Research always starts with a question or a problem.
Its purpose is to find answers to questions through the application of the
scientific method.
It is a systematic and intensive study directed towards a more completeknowledge of the subject studied.
As marketing does not address itself to basic or fundamental question, it does
not qualify as basic research. On the contrary, it tackles problems, which seem
to have immediate commercial potential. In view of the major consideration,
marketing research should be regarded as applied research. We may also say
that marketing research is of both types problem solving and problem oriented.
Marketing research is as systematic and objectives study of the problems
pertaining to the marketing of the goods and services. It may be emphasized that
it is not restricted to any particular area of marketing, but is applied to all the
phases and aspects.
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concepts often have different definitions depending on who is
reading the study. To minimize confusion about what the terms and
phrases mean, the researcher must specifically define them for the
study.
Step 5: Define the Population:-Research projects can focus on a specific group of people, facilities,
park development, employee evaluations, programs, financial status,
marketing efforts, or the integration of technology into the
operations. For example, if a researcher wants to examine a specific
group of people in the community, the study could examine a specificage group, males or females, people living in a specific geographic
area, or a specific ethnic group. Literally thousands of options are
available to the researcher to specifically identify the group to study.
The research problem and the purpose of the study assist the
researcher in identifying the group to involve in the study.
Step 6: Develop the Instrumentation Plan:-The plan for the study is referred to as the instrumentation plan. The
instrumentation plan serves as the road map for the entire study,
specifying who will participate in the study; how, when, and where
data will be collected; and the content of the program.
Step 7: Collect Data:-Once the instrumentation plan is completed, the actual study begins
with the collection of data. The collection of data is a critical step in
providing the information needed to answer the research question.
Every study includes the collection of some type of datawhether it
is from the literature or from subjectsto answer the research
question. Data can be collected in the form of words on a survey, witha questionnaire, through observations, or from the literature.
Step 8: Analyze the Data:-All the time, effort, and resources dedicated to steps 1 through 7 of the
research process culminate in this final step. The researcher finally has
data to analyze so that the research question can be answered. In the
instrumentation plan, the researcher specified how the data will be
analyzed. The researcher now analyzes the data according to the plan.
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The results of this analysis are then reviewed and summarized in a
manner directly related to the research questions.
TYPES OF DATA
There are two types of data. They are as follows:-
PRIMARYDATA:- These are the data otherwise known as first handdata only meant for a specific purpose of a research never used
previous.
I have collected my primary data from the investors through
questionnaire
SECONDARY DATA:- It refers to the data already available in the
market normally the data available in internet , different website,business journals, company document, news paper, articles relating
to a specific subject are known as secondary data. I have collected my
secondary data from different website, business journals and SBIs
official documents given to me for my study
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SAMPLING MEDHODOLOGY
SAMPLING TECHNIQUE:-
Initially a rough draft was prepared
keeping in mind the objectives of the research. A study plot was done in
order to know the accuracy of the questionnaire. The final questionnairewas arrived only after the certain important changes were done. Thus my
sampling came out to be judgmental and convenient.
Sampling technique is random sampling
SAMPLING UNIT:-
The respondents who were asked to
fill out the questionnaire are the sampling units. These comprise of doctors,
organizations, restaurants, private companies etc.
SAMPLING SIZE:-
The sample size was restricted to a
few, which comprised of mainly people from different region of
Bhubaneswar. Total sampling size collected was 100.
SAMPLING AREA:-
The area of the research was at
Master canteen, Bhubaneswar. The total sample collected was 100.
LIMITATION OF THE RESEARCH:-
The research is confined to certain parts of Bhubaneswar. Some respondents were reluctant to divulge personal thoughts which
can affect the validity of all respondents.
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Chapter - 7
NEWS REPORTS
TIMES OF INDIA
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Currently managing a portfolio of whopping 6 million lives; SBI Life is set to
maintain its leadership in Group Lives coverage. So far this financial year, SBI
Life has already covered more than 8 lacs group lives with an additional 2.5 lacs
lives through individual policies. SBI Life is now the fastest growing life
insurance company, with New Premiums growing at a scorching 264% (YTD)
basis, from Rs. 275 crores to 1000 crores and Total Premiums keeping pace,
growing at 211% from Rs. 370 crores to Rs. 1150 crores. A strong growthacross all its channels namely Bancassurance, Agency Channel, and Group
Corporate is the major attributing factor for SBI Lifes exponential business
growth. While sharing its aggressive plans, SBI Life also announced the
infusion of additional fresh capital of Rs. 75 crores to take its capital base up to
its authorized share capital limit of Rs. 500 crores. Speaking on the occasion,
Mr. S. Krishnamurthy, MD and CEO, SBI Life Insurance said," The additional
capital has been injected to maintain stipulated solvency margins for the
exponential new business growth and expanding branch network He added,This growth has come primarily on account of our multi-channel business
model coupled with a balanced mix of savings and protection products. SBI
Life currently has the largest and most robust Bancassurance network
complimenting the most productive and active Insurance Advisor force of
Agency Channel in the country.
FINANCIAL EXPRESS
SBI Life has rapidly expanded its operations this year to strengthen its unique
multi-distribution network. The company now is leveraging the 14,500-strong SBI Group
branch network from where SBI Life products are currently available. SBI Life also has
increased its own branch network from 68 branches as March 06 to 95 as on December
06. While the number of Life Insurance Advisors recruitment has gone up by more than
double from 8000 as on March 06 to 18,525 as on December 06. The two other channels
of Group Insurance & Credit Life have also been showing significant growth.
SURVEY REPORT
PolicyHolder
6
8
10
12
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With the help of survey on SBI Life Insurance policyholder we can see that
there is 40% Money back policyholder, 24% Pension, 20% other & 16%
Endowment policy holder. So overall research & analysis say that Money back
policy is popular due to its convenient term period: 10,15,20,25 years, easy
liquidity at regular interval & fair guaranteed survival benefits. It is really
benefited to meet various financial obligations at crucial junctures. Next
SBI Life Insurance Policyholder
24%
40%
16%
20% Pension
Money Back
Endow ment
other
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Pension policy is popular due to their goodwill & attractive benefits. The
insured has the option of selecting when and for how long (term) she or he
would like to receive the pension amount. Endowment & other policy are quite
popular due to their selective benefits & low premium amount.Mostly smart
person use endowment amount to buy an annuity policy to generate a monthly
pension for the rest of your life, or put it into any other suitable investment of
your choice. This is the major benefit that an endowment policy offers over awhole life one.
Overall survey, Insurance advisors, & experts' comments I conclude here that
numerous policyholders are satisfactory with SBI-Life Insurance service for the
reason that its reputation, brand name, Convenient premium payment mode,
large network branches, attractive returns bonus incentives, affordability etc. It
will further grow with high marketing & new innovative product & services.
Feedback of SBI Life Insurance
Policyholder
68%
32%Satisfactory
Unsatisfactory
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Chapter - 8
FINDINGS
Majority of the customer s belonged to age group of 25-35 years that is
38 consumers.
90% of customers think Life Insurance is essential for them.
135 respondents are investing in life insurance companies like SBI LifeInsurance, LIC, Tata Allianz, Max New York, HDFC, ICICI and ING.
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36 percentages of the total respondents invest in SBI Life Insurance for
getting high ROI.
Most of respondent s preferred SBIGuaranteed Income plan.
37.5% of respondents expect bonus and other schemes from SBI Life
Insurance.
56 % of respondents satisfied with services given by SBI Life Insurance.
As per 28% of respondents SBI Life Insurance providers good tax
benefits to the Investors.
64% of respondents are willing to purchased policies from SBI Life
Insurance in future.
CONCLUSION
Economic growth & development has been widely accepted as major goalof national policy in country. Economic growth is today decided more by
human capital than material capital. Equipment, process, & property are
leveraged not by their inherent capability but by action of human being.
Therefore Human Resources is significant asset for country but this human life
is full of uncertainties & risks.
Preparing for uncertainties SBI life Insurance company is came out withthe different insurance policy as a solution for delegating worries. It reimburses
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people for lovered losses in the event of an unfortunable occurrence such as
illness, accident, & death. At the some time, it can encourage safety measure,
provide investment capital, lend money, & help to reduce anxiety for society at
large.
SBI Life Insurance is to emerged as leading company offering a comprehensive
range of life Insurance & pension product at competitive price, ensuring highstandard of customer service & world class operating efficiency. Different
products are designed to a suitable in different life event stage. Bancassurance
recorded a premium income of Rs 163 crore, about 80% of the total premium
income, he said, adding that other channels too showed good growth over the
corresponding period last year. The company's business was growing 4-5 times
a stood at Rs. 100 crore till July, of which Rs. 84 crore came from premium
from new business. If the company continues to grow at this rate, SBI Life
could end this fiscal with a premium income of Rs. 1,000 crore as against Rs.225.65 crore in 2003-04.The company plans to make insurance buying process
quick, simple based on well-informed judgment, which will satisfy customer in
all manners. As looking growing function of SBI Life Insurance sector we
assume that 100% function of human will become insured in coming 2010 with
different product in low cost.
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BIBLIOGRAPHY
BIBLIOGRAPHY
Nature & Scope of Banking, Insurance & other Financial Service In
Economic Growth - P.K. Bandgar
SBI- life Insurance Brochure, Pamphlet, magazines.
Life Insurance Handbook.
DNA
Financial Express.
Economics Time.
www.sbilife.co.in- Only 20 % information
REFERENCES
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1. KOTLER. P, MARKETING MANAGEMENT, PHI PUBLICATION, 4TH EDITION,
CUSTOMER SATISFACTION. Pg. 120 to 130
2. SAXENA. R , MARKETING MANAGEMENT, TMH PUBLICATION, 3RD EDITION,
C, Pg 532 to 544.
3. KOTHARI. C. R., RESEARCH METHODOLOGY, NA PUBLISHER,2nd
EDITION
RESEARCH PROCESS, Pg . 1-10
COMPUTER WEBSITE
www.IRDA.com
rda.com/search_caf.php?src=linen&uid=irda5272a28a8d3307.82298440&abp=0&query=Insurance Companies&afdToken
APPENDIX
1. Personal detail
Name: ______________
Age
18-24_______ 25-35________ 35-45________
45-55_______ 55 and above________
Phone No.
Email ID:
Office Address: - Residential Address: -
__________________ _____________________
__________________ _____________________
__________________ _____________________
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2.Do you think is it essential to have Life Insurance ?
YES________ NO_________
3.Which are the companies you have interested your money for Life Insurance ?
a) SBI Life Insurance e) Tata AIG
b) LIC f) Max New York Life Insurance
c) Bajaj Allianz g) HDFC Life Insurance
d) ICICI Prudential Life Insurance h) ING Vysya Life Insurance
4.Why did you choose SBI Life Insurance?
a) ROI
b) Peer Pressure
c) Tax Benefit
d) Security/safety
e) Low Premium
5.Which of the following planed you is insured?
a) Flexi Plan
b) Retirement Plan
c) Endowment Plan
d) Capital Multiplier Plan
e) Child Advantage Plan
6.What kind of services you expect from Insurance Provides?
a) Easy access ability to deposit center
b) Time to time premium collection
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c) Provision In case of dues
d) Bonus & other scheme
7.How will you rate the services given by SBI Life Insurance ?
a) Poor
b) Average
c) Good
d) Excellent
8.What difference you find between SBI & other insurance companies?
a) Good Returns
b) Effective service/Liquidity
c) Tax planning
d) Security/ safety benefit & Protection on your capital
9.Do have any suggestion for SBI Life Insurance?
YES________ NO________
10.In future, will you purchase policies from SBI Life Insurance?
YES________ NO________
11. Are you satisfied with the service of SBI Life Insurance?
a) very satisfied
b) quite satisfied
c) neither satisfied nor dissatisfied
d) quite dissatisfied
e) very dissatisfied
12.How would you rate SBI Life Insurance companyas comparison to other insurance
company ?a) high b)medium c)low
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