CHAPTER-1

1.1 OBJECTIVES OF THE RESEARCH

The objectives of the research are as follows: 1. To access the awareness of the people about the policies of the sun life. 2. To evaluate the performance of the BIRLA SUNLIFE INSURANCE LTD. 3. To know about the view points of the customers towards the BIRLA SUNLIFE INSURANCE LTD. 4. To access the level of satisfaction towards the policies of BIRLA SUNLIFE INSURANCE LTD. 5. To know about the expectation of the customers towards the different policies. 6. To give suggestions how to improve the services of BIRLA SUNLIFE INSURANCE LTD.

1.2 Company Profile

PROFILE OF ADITYA BIRLA GROUP

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.
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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 IT services.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 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.

GROUP COMPANIES OF ADITYA BIRLA GROUP Grasim: Grasim Industries Limited was established as a textiles manufacturer in 1948. Today, Grasim deals in Viscose Staple Fiber (VSF), Cement, Sponge Iron, Chemicals and Textiles. Hindalco: Established in 1958, Hindalco deals in Aluminium and Copper and is an industry leader in both. Hindalco is the world's largest aluminium rolling company and one of the biggest producers of primary aluminium in Asia. Hindalco acquired Novelist and in the process became the world's largest aluminium rolling company and one of the biggest producers of primary aluminium in Asia, as well as India's leading copperproducer.
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Aditya Birla Nuvo: Aditya Birla Nuvo is a diversified business conglomerate with interests in viscose filament yarn (VFY), carbon black, branded garments, fertilisers, textiles and insulators. Aditya Birla Nuvo, through its subsidiaries and joint ventures has made forays into life insurance, telecom, business process outsourcing (BPO), IT services, asset management and other financial services. Ultra Tech Cement: Ultra Tech Cement manufactures and markets Ordinary Portland Cement, Portland Blast Furnace Slag Cement and Portland Pozzolana Cement. It is the country's largest exporter of cement clinker. Its export market includes countries around the Indian Ocean, Africa, Europe and the Middle East. Chemical: - Aditya Birla Chemicals, the Rs 1600 crore (US$350 million) chemicals business of the Aditya Birla Group, is based in India and Thailand. The range of products includes chlor-alkali, epoxy, fluorine chemicals, peroxides, phosphates and sulphites. Customer satisfaction is ensured through timely delivery and customization of processes according to requirements. Aditya Birla Chemicals believes in caring for the environment while creating value for its stakeholders. It stretches beyond the stipulated norms to ensure a safer environment for all. Minacs:-With over 26 years of experience, Aditya Birla Minacs provides customized business process outsourcing (BPO) solutions focused on three core areas of capability: contact center solutions, integrated marketing services and knowledge process outsourcing. Minacs has more than 12,000 employees at locations in North America, Europe and Asia and has established successful industry practices with clients in the automotive, banking, financial services, insurance, telecommunications and technology verticals. INSULATORS:-In a world where efficiency powers bottom lines, reliability becomes the key driver for productivity and performance. Consistent reliability can be achieved only through a focused approach and proficient implementation of world class practices. Aditya Birla Insulators is the country's largest, and the world's fourth largest manufacturer of electrical insulators. Aditya Birla Insulators is the preferred partner of a global clientele that includes leading power utilities and national and international power equipment manufacturers.

IDEA CELLULAR: IDEA Cellular is a publicly listed company, having listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) in March 2007. IDEA Cellular is part of the Aditya Birla Group, a US$ 24 billion corporation with a market cap of US$ 31.5 billion and in the league of Fortune 500. Anchored by an extraordinary force of over 100,000 employees belonging to 25 different nationalities, over 50% of its revenues flow from its overseas operations. Apart from the Group companies, other companies of the Aditya Birla Group are: Indian companies like PSI Data System, Trans Works, Essel Mining & Industries Ltd, Idea Cellular Ltd, Aditya Birla Insulators Ltd, Aditya Birla Retail, Bihar Caustic and chemicals Ltd, Shree Dig Vijay Cement Ltd. International companies are in Thailand, Philippines, Indonesia, Egypt, China, Australia, and Laos.

COMPANY PROFILE
This company is a merger 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 its position 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.
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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 global expertise

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. BSLIs 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 companys 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 companys flag bearers. The companys insurance advisors in major cities and towns in India are the companys flag bearer. The companys 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.
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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. VISION To 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. VALUES Integrity Commitment Passion Seamlessness Speed
74% SHARE 100% EQUITY SHARE

26% SHARE Various products offered by BSLI are: :: Flexi Life Line :: Flexi Cash Flow :: Flexi Save Plus :: Flexi Secure Life :: 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 :: Childrens 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

PRODUCT PORTFOLIO 1. Children Dream Plan :

The brief description of Children Dream plan is as follows: Age of entry Life insured( parents): 18 60 years Nominee( child): 30 days 13 years Minimum Premium Minimum Sum Assured Maximum Sum Assured Minimum Term Riders Allowed Rs. 5,000per year / Rs. 25,00half-yearly Rs. 50,000 No limit 18 years less the age of child at entry ADD

2. Gold plus II

The brief description of Gold plus II plan is as follows: Age of entry Minimum Premium Minimum Sum Assured Maximum Sum Assured Minimum Term PPT 18-70 years Rs. 50,000per year / Rs. 25,000half-yearly Rs.2,50,000 No limit 8 years 3 years

3. Classic Life Premier The brief descriptions of Classic Life Premier are as follows: Age of entry Minimum Premium Minimum Sum Assured Maximum Sum Assured Minimum Term PPT RIDERS ALLOWED 30 days- 60 years Rs. 25,000per year / Rs. 12,500half-yearly Rs.2,00,000 No limit 10 years 3 years, 5 years,10 years,whole term ADD, CIBR, CIPR, CIWR,WP
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4. Supreme Life: The brief descriptions of Supreme Life are as follows: Age of entry Minimum Premium Minimum Sum Assured Maximum Sum Assured Minimum Term PPT RIDERS ALLOWED 8 years 60 years Rs. 25,000per year / Rs. 12,500half-yearly Rs.2,00,000 No limit 10 years 3 years, 5 years,10 years, whole term ADD

5. Single Premium Bond: The brief descriptions of Single premium Bond are as follows: Age of entry Minimum Premium Minimum Sum Assured Maximum Sum Assured Minimum Term PPT 8- 70 years Rs. 20,000per year / Rs. 10,000half-yearly Rs.25,000 125% of the single premium amount 5 years Single time

6. Flexi Secure Life Retirement Plan II: The brief descriptions of Flexi Secure Life Retirement plan II are as follows: Age of entry Minimum Premium Minimum Sum Assured Maximum Sum Assured Minimum Term PPT 18- 65 years Rs. 5,000 per year/ 2500 half- yearly 10 times of the premium 10 times of the premium 10 years whole tIme

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7. Term Plan: The brief descriptions of Term Plan are as follows: Age of entry Minimum Premium 18- 55 years As per age Rs.2,50,000 in case of single premium & Rs.2,00,000 in case of regular premium for a person fulfilling the eligibility criteria. Maximum Sum Assured Minimum Term PPT Riders allowed 10 times of the premium As per policy terms 5,10, 15, 20 or 25 years Whole term ADD,CIBR,WPR

8. Simply Life: The brief description of Simply life are as follows: Age of entry Minimum Premium Minimum Sum Assured Maximum Sum Assured Minimum Term PPT 8- 50 years Rs. 10,000per year / Rs. 5,000 half yearly Rs.50,000 5 times the annual premium amount 10 years Whole term

9. Bima Dhan Sanchay: The brief descriptions of Bima Dhan sanchay are as follows: Age of entry 18-60 years for 5 term plan, 18-55 years for 10 term plan, 18-50 years for 15 term plan Minimum Premium Minimum Sum Assured Maximum Sum Assured Minimum Term PPT Acc. To term taken Rs 5,000 Rs 5,0000 5 years 5,10, 15

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BSLI Achievements
BSLI known for best practices that were adopted by IRDA for the industry. BSLI pioneered ULIPs in India and is known for its innovative products.

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 Feb08 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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ORGANISATION
EMPLOYEES:

CHART

FARIDKOT

BRANCH

AS

ON

31/06/2011 TOTAL

BRANCH MANAGER HIMANSHU

AGENCY MANAGERS

FINANCIAL ADVISORS

TRAINING STUDENTS

TELLE CALLERS

OPERATION STAFF

FUNCTIONING OF ALL DEPARTMENTS

Tied Agency Tied agency is the largest distribution channel of BIRLA SUNLIFE INSURACE, comprising a large advisor force that targets various customer segments. The strength of tied agency lies in an aggressive strategy of expanding and procuring quality business with focus on sales and people development, tied agency has emerged as a robust, predictable and sustainable business model.
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Customer Service and Operations The operations department oils the work processes between the customer and the company to ensure consistent and quality service to the customer to streamline the operations, the operation department interfaces between the clients and the agents, the branches and the underwriters, and managers work processes. The vision at customer service is to deliver world class service at every opportunity. I.T (INFORMATION TECHNOLOGY) The information technology function at BIRLA SUNLIFE INSURANCE is committed to enable business through the use of technology .It is segmented in to four groups to enable highest level of delivery to the customer. Web that provides real time information to the customers and is responsible for customer relationship management .This team works as an in house of research and development solution group , exploring new technological initiates and also caters to information needs of corporate functions in the organization. MARKETING: The marketing function at BSLI covers an array of activities brand and media management, channel support, direct marketing and corporate communication .The brand and communication team is in charge of advertising, consumer research, media playing and buying and public relations that help develop and nature BSLI Identity while effectively communicating its varied products to customers FINANCE: Finance function in BSLI is committed to create an infrastructure that is aligned to shareholder expectations .Finance basically comprises of four functions .corporate planning and MIS provide feedback on strategies .This includes driving the budgeting process, providing strategic inputs for decision making and management reporting and analysis. HUMAN RESOURSE: The people strategy of BSLI is To build a committed team with a culture of innovation, learning and growth .The human resource function at BSLI drives the people strate gy of the business. HR is now committed to building capability through state of the art processes.

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Achievements:
1. Leading Distribution House in the country

2. Over 2,50,000 customers countrywide

3. 6000 plus business associates

4. National presence 35 Branches across the country.

They believe that the desire for knowledge increases with the acquisition of it. At Birla Sun Life Distribution Co Ltd., we make the best use of intellect and expertise putting knowledge to good practice. As when and where you need it. It was the first player in the industry to sell its policies through the Banc assurance route and through the Internet. It was the first private sector player to introduce a pure Term plan in the Indian market. During 2007-08, BSLI revamped its product portfolio Launching 4 Products for Individual Segment, 3 products for Group and 7 Funds launched (4 Group + 3 Individual) new products have made a significant contribution to APE. The AUM for Birla Sun Life Insurance is about Rs.6,900 crores as on 31st March, 2008. Its Outstanding Claims Ratio is 0.41%. BSLI has a pan-India branch presence of 339 branches with over 1,00,000 advisors nationally, out of which over 500 advisors are members of the prestigious Million Dollar Round Table (MDRT). BSLI has insured over 2 million lives since inception, comprising over 1.5 million through its individual business and the rest through its Group business.

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1.3 INTRODUCTION OF THE TOPIC CONSUMER BEHAVIOUR TOWARDS BIRLA SUN LIFE INSURANCE COMPANY

INTRODUCTION
In the present constantly developing scenario rapidly changing technology and consumers 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 behaviour 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 behaviour 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 behaviour .The marketing efforts of a firm have a profound impact on the buying behaviour of customers .Therefore marketers attempt to obtain an in-depth knowledge of customers buying behaviour .The success or failure of a product or service is directly related to the buying behaviour of customer. Hence to understanding of the buying behaviour of the customers helps marketers come up with innovative product mixes. Finally, buyer behaviour acts as an imperative tool in the hands of marketers to forecast the future buying behaviour of the customers and device marketing strategies accordingly in order to create long term relationship with the customers. MEANING OF CONSUMER BEHAVIOUR Consumer behaviour 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 behaviour an intricate and challenging task. The consumers identity, his beliefs, specific needs, attitudes and the kind of product and brand available in that product category influence his buying behaviour. The marketing efforts of a firm have a profound impact on the buying
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decisions of the customers. Therefore, marketers attempt to obtain an in-depth knowledge of customers buying behaviour. The success or failure of a product or service is directly related to the buying behaviour of customers. Hence, an understanding of buying behaviour of customers helps marketers to come up with innovative products mixes. Finally, buyer behaviour acts as an imperative rule in the hands of marketers to forecast the future buying behaviour 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.

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
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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, neighbours 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. 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.
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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 its competitors product. The consumer will be either satisfied or dissatisfied after this evaluation. Buyers post purchase feelings are of significant importance to marketers. The post purchase evaluation might either lead to repeat purchase and the buyer talking favourably about the product to other or the buyer may talk negative about the firms 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:The culture factors that influence consumer-buying behaviour include the following: CULTURE: Culture is considered as a set of rules, values, beliefs, behaviour 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 behaviour.

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SUB-CULTURE: 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, behaviour patterns, shared value system, buying behaviour 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: 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 labourers, 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 consumers buying behaviour significantly. An individuals family greatly influences the buying patterns of the individual. Social factors includes following factors: 1. Reference Groups: An individuals attitude, value and behaviour are influenced by different (small) groups and they have a direct or indirect influence on the individual.
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Buying behaviour 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 behaviour. Families go through various stages of life cycle. For example, the consumer demands of a bachelor are 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 behaviour. For example, blue collar will indulge in purchasing clothes, shoes, etc., which he can wear to work. Similarly, a companys chairman may buy clothes, accessories and other products and services that suit his lifestyle. 3. Life style: An individuals 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 behaviour are as follows: 1. Motivation: A motive is a strong urge that drives a persons 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 widely known theories, the hierarchy of need, was proposed by Abraham Maslow and explains why people are driven by particular need at particular time.

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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 behaviour.

About insurance
History of insurance Insurance is essentially a social device to reduce or eliminate the risk of loss to life or property. The insurance business is divided into life insurance and non life insurance which includes fire, marine, social and various other forms of insurance. The first Indian life insurance company was the Oriental Life Insurance Company, which was started in India in 1818 at Kolkata. A number of players (over 250 in life and about 100 in non-life) mainly with regional focus flourished all across the country. However, the Government of India, concerned by the unethical standards adopted by some players against the consumers, nationalised the industry in two phases in 1956 (life) and in 1972 (non-life). The insurance business of the country was then brought under two public sector companies, Life Insurance Corporation of India (LIC) and General Insurance Corporation of India (GIC). In line with the economic reforms that were ushered in India in early nineties, the Government set up a Committee on Reforms (popularly called the Malhotra Committee) in April 1993 to suggest reforms in the insurance sector. The Committee recommended throwing open the sector to private players to usher in competition and bring more choice to the consumer. The objective was to improve the penetration of insurance as a percentage of GDP, which remains low in India even compared to some developing countries in Asia. Reforms were initiated with the passage of Insurance Regulatory and Development Authority (IRDA) Bill in 1999. IRDA was set up as an independent regulatory authority, which has put in place regulations in line with global norms. So far in the private sector, 12 life insurance companies and 9 general insurance companies have been registered.
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The insurance industry in India has experienced substantial growth in terms of numbers, after the opening of the industry to the private sector. Insurance penetration has risen to 3.3% of GDP in 2002-2003 from 2.32% in 2000-01. On the life insurance side, public sector behemoth Life Insurance Corporation of India (LIC) is, of course the largest players with a history of over 50 yrs. Before liberalization, the company enjoyed a monopoly and even today is backed by a government guarantee. With over 2,000 offices, LICs reach is years ahead of private players. After privatization, the PSU has been making efforts to improve efficiency and customer service. Among the private life insurance players, Birla Sun Life is second largest players. The rest of the field is made up with Bajaj Allianz Life Insurance, HDFC Standard Life, SBI Life, Aviva and so on. 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.

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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.

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

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.
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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.

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 countrys 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.
25

 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 societies Banc 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 money back policies, which is not considered very appropriate for longterm 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 favour of life insurance. 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
26

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.

27

CHAPTER-2

28

2.1 REVIEW OF LITERATURE Athma Prashanta(2007)

Reviewed that in globalization policy, insurance company face adynamic global business environment. The existing insurers are facing challenges from traditional competitors who are entering into the retail market with new approaches and throughnew channels. While quality of service is the main influencing factor in the finance market, inthe insurance market, product attributes are the main factors that influence the success of insurance companies. Though, there has been growth in life insurance industry over the past fewyears, comparatively, insurance penetration in India has not increased in spite of the considerablegrowth potential of Indian life insurance market. With liberalization, many insurance playershave entered this field from the year 2000, and the task before them now is to identify whatfactors influence in decision-making. In this context, this study assumes importance. The mainobjective of the paper is to identify the factor s which the consumers take into consideration before selecting life insurance products and determine the extent to what these factors are takeninto consideration for choosing the life insurance products. This research is carried out bycollecting primary data from 200 policyholders of Life Insurance Corporation on India throughself-structured questionnaires. The sample consists of 100 policyholders from urban area and 100 policyholders from rural area. C2 test is employed to test if there is any association is used tofind out which factor has more influence. Both, product and non-product attributes have beenfound to be important in selecting a policy but they have been rated differently. Rating isdifferent in urban and rural areas.

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2.2 Scope OF THE STUDY

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. Todays 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 behaviour 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 thats why BIRLA SUNLIFE INSURANCE LTD has decided to do a research to know the buying behaviour of its customers, because they want to know about the view point of its customers.

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CHAPTER-3

31

3.0 RESEARCH METHODOLOGY

Here exploratory research design is proposed with focus on discovering of ideas & insight about the particular problem. Sample size: - The sample size of the research project has been taken 135 of the customers of DELHI.

3.1 Data collection

Primary data: Using personal interview technique, survey, questionnaire & observation method the data has been collected from targeted focus groups, which are customers. 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

CONTRIBUTION EXPECTED OF THE STUDY The study will be useful to identify the following things: 1. to access the awareness level of the people regarding the different plans of the BIRLA SUNLIFE INSURANCE LTD. 2. To know about the different viewpoints of the customers regarding the different plans of the BIRLA SUNLIFE INSURANCE LTD. 3. to access satisfaction level of the customers regarding the BIRLA SUNLIFE INSURANCE LTD. 4. Suggestions and recommendations for attracting the customers.

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CHAPTER 4

ANALYSIS AND INTERPRETATION

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ANALYSIS

Q1. Are you aware about BIRLA SUNLIFE INSURANCE LTD? YES ( ) TABLE NO.1 RESPONSE YES NO TOTAL no. of respondents 100 0 100 PERCENTAGE 100% 0% 100 NO ( )

120 100 80 TOTAL 60 40 20 0 YES NO TOTAL NO YES

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

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Q2. How do you come to know about BIRLA SUNLIFE INSURANCE LTD? MEDIA NEWSPAPER FRIENDS MEDIA T.V NEWSPAPER AGENTS FRIENDS ANY TOTAL TOTAL 100 ( ) ( ) ( ) T.V AGENTS ANY OTHER NO. OF RESPONDENTS 13 24 52 9 OTHER 2 ( ) ( ) ( )

DEGREE 46.8 86.4 187.2 32.4 7.2

CHART.2

T.V NEWSPAPER AGENTS FRIENDS ANY OTHER

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.

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Q3. Are you aware about the ULIP products offered by BIRLA SUNLIFE INSURANCE? YES ( ) NO ( )

RESPONSE YES NO TOTAL

NO.OF RESPONDENT 98 2 100

PERCENTAGE 98% 2% 100%

120 100 80 YES 60 40 20 0 YES NO TOTAL NO TOTAL

INTERPRETATION: The above analysis shows that out of 100 respondents 98 respondents are aware about ulip products of Birla Sun Life Insurance and only 2 respondents are not aware about ulip products of Birla Sun Life Insurance. This shows that mostly people are aware about ulip products of Birla Sun Life Insurance.

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Q4. Are you satisfied with the policies provided by BIRLA SUN LIFE INSURANCE LTD? YES ( ) NO ( )

RESPONSE YES NO TOTAL

NO.OF RESPONDENT 76 24 100

PERCENTAGE 76% 24% 100%

CHART NO.4
120 100 80 YES 60 40 20 0 YES NO TOTAL NO TOTAL

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 Birla Sun Life Insurance ltd.

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Q5.How you rate the policies provided by BIRLA SUNLIFE? GOOD ( ) AVERAGE EXCELLENT ( ) ( )

VERY GOOD ( )

Rating the policies RESPONSE GOOD AVERAGE VERY GOOD EXCELLENT NO.OF RESPONDENT DEGREE 9 16 55 20 32.4 57.6 198 72

CHART NO.5

RATING

GOOD AVERAGE VERY GOOD EXCELLENT

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.

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Q6.What you like in the policies of BIRLA SUNLIFE INSURANCE? RESPONSE RATE OF RETURN AFFORDABLE PREMIUM LOW PREMIUM ALOCATION CHARGES SURRENDER VALUE TOTAL 9 100 9% 100% 45 45% NO.OF RESPONDENT 38 8 DEGREE 38% 8%

CHART 6: Liking of policies

50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0%

SURRENDER VALUE LOW PREMIUM ALLOCATION CHARGES AFFORDABLE PREMIUM RATE OF RETURAN

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.

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Q7. How you feel the behavior of BSLIs employers while interacting with them? RESPONSE GOOD AVERAGE VERY GOOD EXCELLENT NO.OF RESPONDENT 4 12 47 37 DEGREE 14.4 43.2 169.2 133.2

CHART 7: Behavior of BSLI's employers

BEHAVIOUR OF BSLI'S EMPLOYERS

GOOD AVERAGE VERY GOOD EXECELLENT

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

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Q8. Do you think that BSLI is reliable in the coming future?

RESPONSE YES NO TOTAL

NO.OF RESPONDENT 89 11 100

PERCENTAGE 89% 11% 100%

CHART 8: Reliability of BSLI

100 90 80 70 60 50 40 30 20 10 0 YES NO NO YES

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.

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Q9. Do you think that BIRLA SUNLIFE is working better than its competitors?

RESPONSE YES NO TOTAL

NO.OF RESPONDENT 74 26 100

PERCENTAGE 74% 26% 100%

CHART 9:WORKING BETTER THAN ITS COMPITITORS

80 70 60 50 40 30 20 10 0 YES NO YES NO

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.

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Q10. Are you satisfied with the after sales services provided by BSLI?

RESPONSE YES NO TOTAL

NO.OF RESPONDENT 88 12 100

PERCENTAGE 88% 12% 100%

CHART 10:Satisfaction about after sales services

100 90 80 70 60 50 40 30 20 10 0 YES NO YES NO

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.

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Q11. Do you think that the plans provided by BIRLA SUNLIFE are beneficial?

RESPONSE YES NO TOTAL

NO.OF RESPONDENT 78 22 100

PERCENTAGE 78% 22% 100%

CHART 11:PLANS PROVIDED BY BSLI ARE BENEFICIAL

90 80 70 60 50 40 30 20 10 0 YES NO YES NO

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.

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Q12. Last financial year BSLI was at 7th position but now it is at 3rd position. Do you think that BSLI will be the top insurance company in private sector in this financial year?

RESPONSE YES NO TOTAL

NO.OF RESPONDENT 79 21 100

PERCENTAGE 79% 21% 100%

CHART 12:
90 80 70 60 50 40 30 20 10 0 YES NO YES NO

INTERPRETATION: According to the above table out of 100 respondents 79 respondents feel that BSLI will be the top company in the private sector in future and 21 respondents feel that BSLI will not be the top company in the private sector in future.

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Q13. According to you what should be the maturity time of your BSLI policy?

RESPONSE LESS THAN 5 YEARS 5-10 YEARS ABOVE 5 YEARS TOTAL

NO.OF RESPONDENT 5 40 55 100

PERCENTAGE 5% 40% 55% 100%

CHART 13:Maturity time of BSLI policy

60 50 40 30 20 10 0 LESS THAN 5 5-10 YEARS YEARS ABOVE 15 LESS THAN 5 YEARS 5-10 YEARS ABOVE 5 YEARS

INTERPRETATION: The above analysis shows that out of 100 respondents 5 respondents think that the maturity time of BSLI policy should be less than 5 years, 40 respondents think that the maturity time of BSLI policy should be 5- 10 years and 55 respondents think that the maturity time of BSLI policy should be above 55 years.

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Q14. If you are given an opportunity then which company policy will you prefer?

RESPONSE BAJAJ ALLIANZ ICICI PRUDENTIAL LIC BIRLA SUN LIFE MAX NEW YORK TOTAL

NO.OF RESPONDENT 4 19 6 68 3 100

DEGREE 14.4 68.4 21.6 244.8 10.8 360

CHART 14:

COMPANY POLICY WILL BE CHOOSE

BAJAJ ALLIANZ ICICI PRUDENTIAL LIC BIRLA SUNLIFE MAX NEW YORK

INTERPRETATION: The above table shows that out of 100 respondents 3 respondents will prefer Max New York policy, 4 respondents will prefer Bajaj Allianz policy, 6 respondents will prefer LIC policy, 19 respondents will prefer ICICI policy and 68 respondents will prefer BSLI.

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SWOT ANALYSIS

STRENGTHS: 1. Financial Soundness 2. Large Customer Base 3. Brand Name 4. Customer loyalty 5. Flexibility 6. Continues Growth 7. Good Image

WEAKNESS: 1. Lack of branches in rural areas. 2. Because of non availability of electronic cash services the monthly premium facility cannot 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 customer 4. Looking to reach at first position.
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5. Plan to produce more MDRT people.

THREATS: 1. Mutual funds. 2. LIC 3. Max New York life insurance 4. Share Market 5. People are not interested making investment in insurance sector 6. Kotak Mahindra life insurance 7. ICICI Prudential life insurance

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FINDINGS OF THE STUDY Findings of the research study are as follows:

1. From the survey, we came to know that most of the people are aware about the BIRLA SUN LIFE INSURANCE LIMITED. 2. Most of the people came to know about the ICICI PRUDENTIAL LIFE INSURANCE LIMITED from the agents and newspaper media. This shows that other promotional media activities like radio, hoardings and postures are missing which are on high these days. 3. From the survey we came to know that mostly people are aware about the ULIP products offered by BIRLA SUN LIFE INSURANCE LIMITED. 4. 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. 5. 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. 6. The survey shows that mostly people like low premium allocation charges and rate of return in the policies of BIRLA SUN LIFE INSURANCE LIMITED. 7. From the survey, we came to know that most of the people like the behavior of the BSLIs employees as very good. This means that they treat their customers well. 8. From the survey, we came to know that most of the people have reliability in BIRLA SUN LIFE INSURANCE LIMITED. 9. 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. 10. From the survey, we came to know that most of the people are satisfied with the after sales services of the BIRLA SUN LIFE INSURANCE LIMITED. But there were some customers who were saying that they are not getting proper information regarding their policies at right time. 11. The survey shows that most of the people think that the plans of BSLI are beneficial. 12. The survey shows that mostly people think that BSLI will be the top company in private sector in coming future.
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13. 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. 14. In the survey, when we asked the respondents which companys policy will they prefer, most of them preferred the BIRLA SUN LIFE INSURANCE LIMITED. 15. 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.

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CHAPTER-5

LIMITATIONS

52

5.0 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 extent. 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.

53

CHAPTER-6

SUGGESTION AND RECOMMENDATION

54

SUGGESTIONS AND RECOMENDATIONS

The suggestion and recommendations are as follows 1. It is suggested that company need to establish new branches in villages and small cities by this company can move more better

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

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

4. 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

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

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

7. There is need to use proper advertisement channels to make a good brand image

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

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

10. 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-7

CONCLUSION

56

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. 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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BIBLIOGRAPHY
WEBSITES: http://www.adityabirla.com/our_companies/joint_ventures/birlasun life_insurance.htm http://en.wikipedia.org/wiki/Consumer_behaviour http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_Aboutus/Company_Pr ofile/abtus_comprofile.aspx http://www.birlasunlife.com/birlasunlife/index.aspx http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Pr otection/bsl_termplan.aspx http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_InsPlans/Individual/Sa vings/bsl_goldplus_II.aspx http://www.cs.indiana.edu/mit.research.how.to/section3.12.html http://encyclopedia.thefreedictionary.com/Research+methodology

Books: 1. Philip kottler, Marketing Management, 11rd Edition, 2006 2. Rajan saxena. Marketing Management 5rd Edition, 2006 3. Research Methodology by Kothari, 3rd Edition, 2006

58

QUESTIONNAIRE
PERSONAL DETAILS: NAME_______________________ ADDRESS____________________________ _______________________________ CONTACT NO._________________________ OCCUPATION_________________________ SERVICE ( ) STUDENT ( ) BUSINESS ( )

PROFESSION ( )

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

Q2. How do you come to know about BIRLA SUNLIFE INSURANCE LTD? MEDIA NEWSPAPER FRIENDS ( ) T.V AGENTS ANY OTHER ( ) ( ) ( )

( ) ( )

Q3. Are you aware about the ULIP products offered by BIRLA SUNLIFE INSURANCE? YES ( ) NO ( )

Q4. Are you satisfied with the policies provided by BIRLA SUN LIFE INSURANCE LTD? YES ( ) NO ( )

Q5.How you rate the policies provided by BIRLA SUNLIFE? GOOD VERY GOOD ( ) ( ) AVERAGE EXCELLENT ( ( ) )

Q6.What you like in the policies of BIRLA SUNLIFE INSURANCE ? RATE OF RETURN ( ) AFFORDABLE PREMIUM ( SURRENDER VALUE ) ( )

LOW PREMIUM ALLOCATION CHARGES ( )

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Q7. How you feel the behavior of BSLIs employers while interacting with them? GOOD VERY GOOD ( ) ( ) AVERAGE EXCELLENT ( ( ) )

Q8. Do you think that BSLI is reliable in the coming future? YES ( ) No ( )

Q9. Do you think that BIRLA SUNLIFE is working better than its competitors ? YES ( ) No ( )

Q10. Are you satisfied with the after sales services provided by BSLI? YES ( ) No ( )

Q11. Do you think that the plans provided by BIRLA SUNLIFE are beneficial? YES ( ) No ( )

Q12. Last financial year BSLI was at 7th position but now it is at 3rd position. DO you think that BSLI will be the top insurance company in private sector in this financial year? YES ( ) No ( )

Q13. According to you what should be the maturity time of your BSLI policy? LESS THAN 5 YEARS ( ) ABOVE 15 YEARS ( ) 5 10 YEARS ( )

Q14. If you are given an opportunity then which company policy will you prefer? BAJAJ ALLIANZ LIC ( ) ( ) ICICI PRUDENTIAL ( BIRLA SUNLIFE ( ) )

MAX NEW YORK ( ) Q15. Any suggestions and recommendation? _____________________________________________________________ _____________________________________________________________ _____________________________________________________________

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