Birla Sun

BSLI, Punalur
CHAPTER 1
INTRODUCTION
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BSLI, Punalur
1.1 INTRODUCTION
The study named “An organizational study of Birla Sun Life Insurance Co.
LTD. is conducted at the Punalur branch in Kollam district. The organizational
study is intended to access and to acquire the knowledge regarding the
functional as well as the management aspects of the organization.
Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between the
Aditya Birla Group and Sun Life Financial Inc., a leading international financial
services organisation. The local knowledge of the Aditya Birla Group combined
with the expertise of Sun Life Financial Inc., offers a formidable value proposition
to customers.
An organization study involves the study of the structure and functioning of its
departments. Organizing is one of the important functions of Management.
How life insurance works?
There are three parties in a life insurance transaction; the insurer, the insured, and
the owner of the policy (policyholder), although the owner and the insured are
often the same person. For example, if John Smith buys a policy on his own life, he
is both the owner and the insured. But if Mary Smith, his wife, buys a policy on
John's life, she is the owner and he is the insured. The owner of the policy is called
the grantee (he or she will be the person who will pay for the policy). Another
important person involved is the beneficiary. The beneficiary is the person or
persons who will receive the policy proceeds upon the death of the insured. The
beneficiary is not a party to the policy, but is designated by the owner, who may
change the beneficiary unless the policy has an irrevocable beneficiary designation.
With an irrevocable beneficiary, that beneficiary must agree to changes in
beneficiary, policy assignment, or borrowing of cash value.
BSLI, Punalur
1.2 OBJECTIVES OF THE STUDY
 To get an overview of the general insurance industry
 To study the overall working of Birla Sunlife Insurance Co. Ltd.
 To understand the organizational structure of BSLI Ltd.
 To study the functions of different departments
 To understand SWOT analysis of the organization.
1.3 METHODOLOGY
In the broader sense, we can say that there are two types of data. They are
1. PRIMARY DATA
Primary Data are those collected by the investigator himself for the first time. For
collecting primary data, I had discussions with the manager of the Punalur Branch,
employees, staffs, clients etc.
2. SECONDARY DATA
Secondary Data are those which have been collected by some other person for their
purpose and published. This was made from the Company’s websites, brochures
and other documents like yearly diaries, calendars etc.
BSLI, Punalur
1.4 SCOPE OF THE STUDY
The study was conducted for a period of 30 days and the scope of study is affected
by the limitation of time. The findings and suggestions of the study have to be
perceived in the framework of these limitations .The main aim behind the study of
researcher is to learn the managerial aspects of how to plan, organize, implement &
direct the activities related to the project provided by ‘Birla Sunlife Insurance
Ltd.’. It helps to understand about doing things in a professional atmosphere. The
researcher gets a professional attitude as an intern inside the organization. The
company can identify their recent impact among customers about their service
quality and improve whether it needs.
1.5 LIMITATIONS OF THE STUDY
 The time allotted for conducting the organizational study was only 30 days.
It is not enough for understanding about the organization in detail.
 Unavailability of some documents which were confidential.
 Employees were busy in their work so they could not give more information.
 There may be errors due to the bias of the respondents.
 The study is limited to my experience and knowledge.
BSLI, Punalur
CHAPTER 2
OVERVIEW OF ORGANISATION &
INDUSTRY
BSLI, Punalur
2.1 INDUSTRY PROFILE

The insurance sector in India has come a full circle from being an open
competitive market to nationalization and back to a liberalized market again.
Tracing the developments in the Indian insurance sector reveals the 360 degree
turn witnessed over a period of almost two centuries.
A BRIEF HISTORY OF THE INSURANCE SECTOR

The business of life insurance in India in its existing form started in India in the
year 1818 with the establishment of the Oriental Life Insurance Company in
Calcutta.
Some of the important milestones in the life insurance business in India are:
 1912: The Indian Life Assurance Companies Act enacted as the first statute
to regulate the life insurance business.
 1928: The Indian Insurance Companies Act enacted to enable the

government to collect statistical information about both life and non-life
insurance businesses.
 1938: Earlier legislation consolidated and amended to by the Insurance Act

with the objective of protecting the interests of the insuring public.
 1956: 245 Indian and foreign insurers and provident societies taken over by
the central government and nationalized. LIC formed by an Act of
Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 crore
from the Government of India.
BSLI, Punalur
Boasting of the largest number of operational life insurance policies in the world,
the Indian insurance industry has emerged as a serious destination in the global
insurance market. Until 1999, the business of insurance in India was the exclusive
privilege of two state-owned corporations—the Life Insurance Corporation of
India (LIC) and the General Insurance Company of India (GIC).
The Government of India took a major step towards liberalization of this industry
in March 2000 and brought into effect the Insurance Regulatory Development
Authority Act (IRDA Act). The IRDA Act opened the market by doing away with
all entry-level restrictions on private insurers. Thereafter, it has been four years of
consistent growth. With the current potential premium income of the country
estimated India is seen as the sixth largest market in the world.
While 80% of its population remains without life insurance and some of the
world's lowest health and non-life insurance cover levels, the potential of the
world's seventh largest and second most populous country cannot be overlooked.
Prospective insurers have a lot to gain from the 312 million middle-class
consumers in India, who 10 have the financial ability to purchase insurance. With
only 2.5% of the country's insurable population currently insured, the market still
needs to be tapped effectively.
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THE INDIAN INSURANCE MARKET

From the Indian Life Insurance Company Act in 1912 to the 1RDA Act; in 1999,
regulation of insurance business in the country has come a long way. Insurance is
a subject of federal law and all insurance business in India has been nationalized.
The two major legislations dealing with insurance are the Insurance Act, 1938 and
the IRDA Act, 1999. Marine insurance in the country is governed by the Indian
Marine Insurance Act, 1963. Similarly, fire and marine insurance are dealt with
under the Insurance Act, 1972 and the: General insurance Business
(Nationalization) Act, 1972. These enactments contain provisions relating to the
constitution, management and winding up of insurance companies and the conduct
of those types of insurances.
A Tariff Advisory Committee (TAG) is established under the Insurance Act to

regulate rates, terms, conditions and advantages that maybe offered by insurers for
General Insurance Business relating to Fire, Marine (Hull), Motor, Engineering
and Workmen's Compensation in India.
In 1999, the IRDA was set up under the IRDA Act. Companies, aspiring to carry
on insurance and reinsurance business in India, are required to register with IRDA,
which is the sole authority for granting licenses to agents. There is neither a
restriction on the license numbers that may be granted nor a system of composite
licenses for life and non-life insurance companies in India. Insurance companies
are strictly forbidden from dealing with products beyond their scope of license.
This implies that, a life insurance company cannot sell non-life insurance and vice
versa. Insurance agents are, however, allowed to sell both life and non-life
products (composite insurance).
BSLI, Punalur
In tune with the Indian government's system of checks and balances imposed
through sector specific Foreign Direct Investment (FDI) limits, IRDA prohibits
100% foreign ownership of an Indian insurance company. An Indian promoter is
required to invest either wholly or team up with a foreign insurer, which can own
no more than 26% of the shares in any new venture. The Indian promoter must
then sell the majority of his shares to the Indian public through a public offering
after 10 years and retain only up to 26% of the shares that is, the same percentage
as that of the foreign investor.
IRDA is careful in granting licenses and has set up strict standards for all aspects
of insurance in India. With the limit on FDI in the sector, the government ensures
that state-run agencies such as the LIC and GIG can maintain their prominence.
In June 2003, the Law Commission prepared a paper identifying 13 potential grounds of
revision to the Insurance Act and the IRDA Act, including merger of relevant provisions
of the two acts, as well as harmonization of the Insurance Act with other rules and
regulations in the sector. The finance ministry is already working towards comprehensive
amendments to the Insurance Act and the IRDA Act, which will further simplify
procedural issues. A major indication of the government's efforts to invite Private Indian
and foreign insurers to invest in the liberalized market is the FDI cap hike announced by
the finance ministry in 2004. These changes, however, require formal amendments to the
IRDA Act, which are still to be adopted.
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Major Players in the Market

The Indian insurance sector till recently comprised of only two state insurers—the
LIC, for life insurance, and the GIG, for general insurance. In December 2000,
GIG subsidiaries (Oriental Insurance Co. Ltd., New India Assurance Co. Ltd.,
National Insurance Co. Ltd. and United India Insurance Co. Ltd.) were
restructured as independent insurance companies. At the same time, GIG itself was
converted into a national reinsurer. In July 2002, Parliament passed a bill, which
cut the formal relationship between the four subsidiaries and GIG.
In December 2000, GIG subsidiaries (Oriental Insurance Co. Ltd., New India
Assurance Co. Ltd., National Insurance Co. Ltd. and United India Insurance Co.
Ltd.) were restructured as independent insurance companies. At the same time,
GIG itself was converted into a national reinsurer. In July 2002, Parliament passed
a bill, which cut the formal relationship between the four subsidiaries and GIG.
Private Players- Life and Non-Life Insurance

Begun in 1818, with the establishment of the Oriental Life Insurance Company in
Calcutta, the business of life insurance in India has come a long way. The most
popular products in this sector are 'Endowment' and 'Money Back' policies. More
than 80% of the Indian life insurance business comes from these two products.
The major players in this field include:
 Birla Sun Life Insurance Co. Ltd.

 Dabur CGU Life Insurance Company Pvt. Ltd.
 Bajaj Allianz Life Insurance Co. Ltd.
 ICICI Prudential Life Insurance Co. Ltd.
 Aviva Life Insurance Co. Ltd.
 Metlife India Insurance Co. Pvt. Ltd.
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 ING Vysya Life Insurance Co. Pvt. Ltd.

 Life Insurance Corporation of India
 Max New York Life Insurance Co. Ltd.
 Om Kotak Mahindra Life Insurance Co. Ltd.
 SBI Life Insurance Co. Ltd.
 HDFC Standard Life Insurance Co. Ltd.
 Tata AIG Life Insurance Co. Ltd.
 Reliance Life Insurance Co. Ltd
Consistent growth has been observed in the private insurance markets. Though
LIC has been in the country for a long time, it didn't tap much of the rural market.
It only concentrated on the endowment and money back policies. Private insurers
had taken an advantage of this and had come out with innovative products like
Unit-Linked Insurance Products (ULIPs). As a competition now, LIC had also
started coming out with ULIPs.
The private insurance market has grown despite the continued existence of the
public sector providers. LIC has concentrated on retaining its market in traditional
products like endowment and money back policies, and has not slackened its hold
in the rural areas. This has prompted many of the private companies to market new
and innovative products as a means of competition. LIC in turn is now moving
towards new products like unit linked life products which to date have mainly
been sold by the private sector.
The non-life sector primarily consists of fire and miscellaneous risk insurance
policies. Also, since motor vehicle cover is compulsory in India, it acts as another
chief source of business in the non-life sector.
BSLI, Punalur
Major players in the non-life sector in India include:
 Allianz Bajaj General Insurance Co. Ltd.

 ICIC1 Lombard General Insurance
 IFFCO Tokyo General Insurance
 Reliance General Insurance
 Royal Sundaram Alliance Insurance
THE REINSURANCE MARKET
Whilst its (GIC's) four independent subsidiaries now look after general insurance,
GIC itself is the primary reinsurer in the Indian market. All insurance companies in
India have to give at least 20% of their reinsurance business to GIC. GIC reinsures
their potential liabilities further with international companies such as Swiss Re and
Munich Re. This ensures that GIC's role, as the national reinsurer, is maintained
despite foreign players in the fast evolving Indian insurance market.
FOREIGN INFLUX
In the last three years, despite the equity ratio restrictions, foreign companies have
collectively managed to corner a considerable share of the Indian insurance
market. Investment generally takes two forms: Outsourced BPO operations and
direct shareholding. A recently published Research and Markets Report in an
American insurance journal emphasized this trend and set out advantages for the
US companies to consider India as an insurance BPO center. Some of the
advantages include: Established destination for outsourcing, low costs, near-shore
services, Indian IT outsourcers extending relationships with insurers, and Indian
vendors expanding to establish a multi-location presence to minimize the risk to
their business from foreign competition.
BSLI, Punalur
For example LIC, hitherto the virtual monopolist in the country's insurance sector
has recently witnessed a decline in its new premium business. Between April 2004
and February 2005, its share of first year premium dropped by 9.3%, i.e., to
77.87% from a market share of 87.22% in the preceding year. But, there is still not
too" much cause for concern for Indian insurers; foreign insurers at present have a
share of just 2% in the country's life insurance business and 1% in the non-life
insurance business.
GROWTH
Insurance business in India is growing at the rate of 15-20% annually and IRDA
has estimated that it is currently of the order of Rs. 812.50 cr. When combined
with banking services, it adds about 7% of the country's GDR Insurance
penetration (i.e., premiums as percentage of GDP) has increased from 2.32% in
2000 to 2.88% in 2003. Likewise, insurance density (i.e., premium per capita) has
increased from Rs. 435.897 in 2000 to Rs. 722.092 in 2003.
Such changes have caused a climb in the country's ranking from 23rd in the
world—in terms of total premium volumes—in 2000, to 19th in 2003. India's share
in the world market has increased from 0.41% to 0.59% during the same period.
There has been an 83% increase in the premium collected in the three years
following the passage of the IRDA Act. As already noted, the total premium
collected by the insurers both life and non-life in the year 2004-05 is estimated to
be about Rs. 253.43 bn during the fiscal year 2004-05, (Rs. 66 bn in life and about
Rs. 176.1 bn in non-life premiums). By comparison, estimates for the year 2000-01
put the total premiums at about Rs. 440 bn (Rs. 352 bn in life and Rs. 88 bn in
non-life premiums). The average size of life insurance cover before privatization
was around Rs. 50,320. That has since risen to about Rs. 80,500.
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The state-owned life insurer—LIC, along with 13 private players, mopped up Rs.
65.22 bn in premium in the first four months of this fiscal by selling about 62 lakh
new policies. And 55 lakh new policies have been sold by LIC alone which helped
it to make an 8.74% rise in premium income at Rs. 49.7 bn during April-July, this
fiscal. The traditional life insurance cover, provided by LIC, has so far been
dominated by the savings policies. Term life' policies have accounted for less than
2% of the insurance premium of LIC. The new life insurance companies are
concentrating on term life policies in the hope that this will be their main stream of
business. Private players have an average policy size of Rs. 1, 15,000. The 13
private players have increased their market share to 23.81% from 17.28% in 2004.
In the forefront is Birla Sunlife with a market share of 7.12% making a 49%
growth in business at Rs. 4.64 bn. Then comes, Bajaj Allianz, HDFC Standard,
Tata AIG, ICICI Prudential, SBI Life, Max New York and Aviva.
DISTRIBUTION AND INTERMEDIARIES
The industry is looking at new modes of development and distribution such as

technology. The IT expenses of the insurance sector in India, at present, are
estimated at Rs. 80-100 cr per annum. Public sector giant, LIC, has large
investments in IT. Among private players, Birla Sun Life is a major IT investor
with Rs. 35 cr spent since inception.
Amidst the steady industry growth is the small, but ever-increasing role of
intermediaries. Until two years ago, distribution of life insurance products was
only through pure life insurance agents who did not sell any other product. Today,
there are alternate channels like bancassurance, brokers, corporate agents and
direct marketing through the Internet. ICICI Prudential Life, the second largest life
company in the country, attributes 28% of its business premium in 2003 to
alternate distribution contributions.
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THE INACTIVE HEALTH INSURANCE MARKET
The number of medical insurance policies sold in India has increased from 7.53
million in 2001-02 to 10.28 million in 2003-04. However, the lack of a
comprehensive and accurate database has impeded the growth of the health
insurance sector, since this is vital for effective business planning and risk
allocation. The World Health Report 2000 estimated private spending in India to
be 87% of the total health spending. Of this, 84.6% was made from out-of-pocket
expenditure." This is despite IRDA's Rs. 90,000 cr estimation of the market size
and 10% annual growth rate.
Health insurance schemes in India, at present, are in the form of indemnity-based

products under which, payment to the health provider is first made by the sick
individual and this amount is later reimbursed (partly or fully) by the insurance
company to the insured. A large section of the population cannot afford such large
payments at the time of illness even if these payments are reimbursed later and,
thus tend not to take up this type of insurance. Furthermore, the system provides
for reimbursement only in case of hospitalization, not for outpatient care, or
allopathic treatment or alternative systems of medical care.
Government employees in India, unlike the general public, enjoy the benefit of
being covered under several state provided schemes such as the Employees States
Insurance (ESI) and Central Government Health Schemes (CGHS) For the rest of
the population, there is the Mediclaim, which offers cover for more general
medical treatment, and 'Jan Arogya Bima' which covers emergency medical
treatment, only. Post-liberalization, new general insurers have introduced deviants
of the Mediclaim while life insurers have introduced some health riders to their life
policies, which have a negligible effect.
BSLI, Punalur
Health insurance in India remains a minor percentage of the public sector non-life
insurers' business portfolios. The situation has not improved even after
liberalization and the private companies have only focused on establishing their
business networks by enlarging their life portfolios. Only 0.2% of India's 1.1
billion people are covered under medical insurance as against America where 75%
of the population has health cover.
With the supply of health services (particularly in-patient facilities) being weak in
rural and remote areas, demand for insurance has naturally been constrained.
Health insurance requires a well-informed, sizeable and relatively prosperous
middle -class to grow. This demography now exists in India, and is showing every
sign of getting larger. As a result, both public and private sector companies now
seem to be interested in taking the required steps to create a better base for the
growth of health insurance. As one of the main constraints to popularizing health
insurance has been the inadequacy of data, IRDA has concentrated on identifying
the existing obstacles to database creation and the manner in which they can
overcome. The subgroup of the Working Group on Health Insurance made certain
recommendations for a methodology of collecting data on a uniform basis. IRDA
is taking up this issue with industry members, and is pressing for implementation.
Third Party Administrators (TPAs) are being looked at as a major tool for
enhancement.
BSLI, Punalur
2.2 COMPANY PROFILE

Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between the
Aditya Birla Group and Sun Life Financial Inc., a leading international financial
services organisation. The local knowledge of the Aditya Birla Group combined
with the expertise of Sun Life Financial Inc., offers a formidable value proposition
to customers.
Sun Life Financial and its partners today have operations in key markets
worldwide, including India, Canada, the United States, the United Kingdom, Hong
Kong, Philippines, Japan, Indonesia, China and Bermuda. Sun Life Financial Inc.
had assets under management of over US$ 386.82 billion, as on 31 March 2007.
Sun Life Financial Inc. is a leading performer in the life insurance market in
Canada.
BSLI in its five successful years of operations has contributed significantly to the
growth and development of the life insurance industry in India. It pioneered the
launch of Unit Linked Life Insurance plans amongst the private players in India. It
was the first player in the industry to sell its policies through the Bank assurance
route and through the internet. It was also the first private sector player to
introduce a pure term plan in the Indian market. This was supported by sales
practices, which brought a degree of transparency that was entirely new to the
market. The process of getting sales illustrations signed by customers, offering a
free look period on all policies, which are now industry standards were introduced
by BSLI.
BSLI, Punalur
Being a customer centric company, BSLI has invested heavily in technology to

build world class processing capabilities. BSLI has covered more than one and a
half million lives since inception and its customer base is spread across 100 cities
in India. All this has assisted the company in cementing its place amongst the
leaders in the industry in terms of new business premium income. Birla Sun Life
Insurance (BSLI), one of the leading private life insurers in India today announced
the inimitable achiever, cricketer Kapil Dev as their corporate brand ambassador.
The cricketing supremo will be endorsing BSLI in all its marketing initiatives.
Birla Sun Life Insurance is a value-driven brand which has a national brand recall
of 70 per cent. The objective of appointing a brand ambassador is to grow its brand
recall as it goes national in its distribution reach and fuel business growth. As a
brand ambassador, Kapil Dev will play a key role in the brand and product
marketing and promotional activities. BSLI has always used an integrated
marketing approach, which will be strengthened further.
Birla Sun Life Insurance (BSLI), in its five successful years of operations, has
contributed significantly to the growth and development of the life insurance
industry in India. It pioneered the launch of unit linked life insurance plans
amongst the private players in India. 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. This was
supported by sales practices which brought a degree of transparency that was
entirely new to the market. The process of getting sales illustrations signed by
customers and offering a free look period on all policies, which are now industry
standards, were introduced by BSLI. Being a customer-centric company, BSLI has
invested heavily in technology to build world class processing capabilities. BSLI
has covered more than a million lives since inception and its customer base is
BSLI, Punalur
spread across more than 1000 towns and cities in India. All this has assisted the
company in cementing its place amongst the leaders in the industry in terms of new
business premium income. The company's current capital base is Rs.520 crore.
About the Aditya Birla Group

The Aditya Birla Group has a turnover close to Rs.38,000 crore (as on 31 March
2008) and is one of the largest business houses in India. It enjoys a leadership
position in all the sectors in which it operates. With over 75 business units
spanning the South East Asian belt, Africa, Canada and the UK among others, it is
reckoned as India's first multinational corporation. The group is anchored by eight
lakh shareholders, with a market capitalization of Rs.53, 400 crore.
A US $29 billion corporation in the League of Fortune 500, the Aditya Birla Group
is anchored by an extraordinary work force of 130,000 employees, belonging to 40
different nationalities. Over 60 per cent of its revenues flow from its operations
across the world.
The Aditya Birla Group is a dominant player in all its areas of operations viz;
Aluminium, Copper, Cement, Viscose Staple Fibre, Carbon Black, Viscose
Filament Yarn, Fertilisers, Insulators, Sponge Iron, Chemicals, Branded Apparels,
Insurance, Mutual Funds, Software and Telecom. The Group has strategic joint
ventures with global majors such as Sun Life (Canada), AT&T (USA), the Tata
Group and NGK Insulators (Japan), and has ventured into the BPO sector with the
acquisition of TransWorks, a leading ITES/BPO company.
BSLI, Punalur
About Sun Life Financial Inc

Sun Life Financial Inc. is a leading international financial services organisation
providing a diverse range of wealth accumulation and protection products and
services to individuals and corporate customers. Tracing its roots back to 1865,
Sun Life Financial and its partners today have operations in key markets
worldwide, including Canada, the United States, the United Kingdom, Hong Kong,
the Philippines, Japan, Indonesia, India, China and Bermuda. As of 31 March
2008, the Sun Life Financial group of companies had total assets under
management of US$ 343 billion.
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and
Philippine (PSE) stock exchanges under ticker symbol "SLF".
BSLI, Punalur
VISION
To be a world class provider of financial security to individuals and corporate and

to be amongst the top three private sector life insurance companies in India
MISSION
To be the first preference of our customers by providing innovative, need based

life insurance and retirement solutions to individuals as well as corporate. These
solutions will be made available by well-trained professionals through a multi
channel distribution network and superior technology.
Our endeavor will be to provide constant value addition to customers throughout

their relationship with us, within the regulatory framework. We will provide career
development opportunities to our employees and the highest possible returns to our
shareholders
BSLI, Punalur
BOARD OF DIRECTORS
 Mr. Kumar M Birla

 Mr. Donald A Stewart,
 Mr. Bishwanath N Puranmalka
 Mr. Ajay Srinivasan
 Mr. Gary M Comerford
 Mr. Suresh N Talwar
 Mr. Gian P Gupta
 His Highness Maharaja G Singh
 Mr. Stephan Rajotte
 Dr. Bharat K Singh
INVESTMENT COMMITTEE
 Mr. B. N. Puranmalka
 Mr. Eugene Lundrigan
 Mr. Ajay Srinivasan
 Mr. Vikram Mehmi
 Mr. Mayank Bathwal
 Mr. Fabien Jeudy
 Mr. Vikram Kotak
 Ms. Keerti Gupta
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MANAGEMENT TEAM
Mr. Vikram Mehmi Mr. Mayank Bathwal

President & Chief Chief Financial Officer
Executive Officer
Mr. Mario Braganza Mr. E.N. Goveia

Chief Operating Officer Head - Direct Sales
Force
Mr. Amit Punchhi Mr. Bhavesh Sanghvi

Senior Vice President - Head - Group Life &
Third Party Distribution Pensions
Mr. Snehal Shah Ms. Anjana Grewal

Senior Vice President - Senior Vice President -
Operations Marketing &
Communications
Mr. Rajesh Bhojani Mr. K H Venkatachalam

Senior Vice President - Vice President - Human
DSF Expansion Resource
Mr. Fabien Jeudy Mr. Lalit Vermani

Vice President, Chief & Vice President -
Appointed Actuary Compliance
Mr. Melvyn D'souza Mr. Vikram Kotak

Vice President - Risk Vice President -
Management and Investments
Internal Audit
Mr. Bhalachandra Nayak

Vice President – Strategy
BSLI, Punalur
2.3 PRODUCT PROFILE
 Insurance Plans
Life is unpredictable. But in face of adversity, our responsibilities towards our
parents, children and loved ones need not be compromised. Insurance planning
equips you to smooth out the uncertainties and adversities that life might send your
way, so that the best that life has to offer, secure in the knowledge that your
beloved ones are well provided for.
BSLI offers a complete range of insurance products
i. Protection Plans
ii. Savings Plans
iii. Child Plans
iv. Investment Plans
v. Retirement Plans
vi. Group Plans
vii. Rural Plans
viii. Plans for NRIs
ix. Keyman Plans
x. Riders
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 Protection plans
BSLI offers LifeGuard - a set of pure protection plans. Choose from amongst
three different product structures to insure your life and provide total security to
your family, at a very affordable cost.
 Level Term Assurance with return of premium

o On death the entire sum assured will be paid.
o On maturity, all the premiums paid will be returned.
 Level Term Assurance without return of premium

o No survival or maturity benefits.
o You can also enhance the above two policies by adding Accident
& Disability Benefit Rider and Waiver of Premium Rider (WOP).
 Level Term Assurance - Single premium:

o No survival or maturity benefits
BSLI, Punalur
 SAVINGS PLANS
BSLI offers a variety of policies that give you the benefits of protection and the
opportunity to save for important assets or events, like a home, a car or a wedding.
a) Invest Shield Cash

A regular premium unit-linked insurance plan with an assurance of Capital
Guarantee with the added advantage of flexible liquidity option. An ideal plan for
long term planning with the benefit of liquidity.
The key features of the plan are:
 Flexibility to choose a specific level of protection (Sum Assured), based on a

multiple of the annual premium. You can also choose the term of the plan.
 At the end of the term, the higher of the value of units or the guaranteed
value is paid. On death, Sum Assured along with the higher of value of units
or the guaranteed value is payable.
 Facility to make withdrawals from the 6th policy year onwards till the end of
the policy term. Every year withdraw up to 10% of the value of units.
 Additional credits payable as a percentage of the initial annual premium are

paid along with the death or maturity benefit.
 Additional insurance for 10 years after the maturity, for an amount of 50%
of the Sum Assured.
BSLI, Punalur
 Flexibility to make additional investment with the help of the top-up facility.
 Flexibility to increase / decrease your annual premium amount
 Facility of Automatic Premium Payment- With this facility you can take a
temporary break from premium payment.
 Total transparency with the premium allocations, and other charges declared
upfront.
 The guaranteed value of the unit fund is the value of all invested premiums
(premiums net of all charges) along with the declared bonus interests.
With Automatic Premium Payment facility, you can avail a temporary break from
premium payment for a maximum of 1 year. This facility is available once if the
premium paying term is less than 15 years and twice, if it is 15 years or more.
You can also enhance your policy by adding Accident & Disability Benefit Rider ,
Waiver of Premium Rider and Critical Illness Rider .
BSLI, Punalur
b) Invest Shield Life

A regular premium unit-linked insurance plan with an assurance of Capital
Guarantee. An ideal plan for your long-term savings and protection requirement
The key features of the plans are

 Additional insurance for 10 years after the maturity, for an amount of 50%
of the Sum Assured.
 Flexibility to make additional investment with the help of the top-up

facility.
 Facility of Automatic Premium Payment- With this facility you can take a
temporary break from premium payment.
upfront.
The guaranteed value of the unit fund is the value of all invested premiums
(premiums net of all charges) along with the declared bonus interests. With
Automatic Premium Payment facility, you can avail a temporary break from
premium payment for a maximum of 1 year. This facility is available once if the
premium paying term is less than 15 years and twice, if it is 15 years or more. The
capital guarantee is applicable only on the invested premium and the declared
bonus interests.
BSLI, Punalur
c) Invest Shield Gold

A unit-linked insurance plan with an assurance of Capital Guarantee which offers
you the benefit of a limited premium payment term. An ideal plan for protection
with wealth creation that offers the flexibility of a limited premium paying term.
 Flexibility to choose a premium payment term of 5, 7 or 10 years for a

maturity term of 10, 15 or 20 years respectively.
 Flexibility to choose a specific level of protection (Sum Assured), based on a

multiple of the annual premium.
 At the end of the term (maturity), the higher of the value of units or the
guaranteed value* is paid. On death, Sum Assured along with the higher of
value of units or the guaranteed value is payable.

 Facility to make withdrawals from the 6th policy year onwards till the end of
the policy term. Every year withdraw up to 10% of the value of units
 Flexibility to make additional investment with the help of the top-up facility.
upfront.
 The guaranteed value of the unit fund is the value of all invested premiums
(premiums net of all charges) along with the declared bonus interests.
The capital guarantee is applicable only on the invested premium and the declared
bonus interests. You can also enhance your policy by adding Accident & Disability
Benefit Rider and Critical Illness Rider.
BSLI, Punalur
d) Premier Life
Presenting Premier Life – The Preferred plan for the Preferred Customer. The key
features of the plan are:
 Limited premium payment option: Choose from among a 3, 5, 7 or 10 year

premium paying term.
 Choice of sum assured: Choose a sum assured, which is a minimum multiple

of 1 and a maximum multiple of 25 times the annual contribution.
 Additional allocation of units on a periodic basis.
 Facility to top-up your investment any time you have surplus funds.
 Choose from among four funds, based on your investment objective and risk
appetite.
 Choice to switch between investments options (4 free switches every policy

year).
Flexibility to decrease your sum assured.

 Add-on riders to protect you against any eventuality.
 Loans against the policy.
You can also enhance your policy by adding Critical Illness Rider, Accident &
Disability Benefit Rider.
BSLI, Punalur
e) Lifetime
Presenting Life Time – unit –linked plans that meets your changing needs over a
lifetime. These solutions have been developed to meet your savings, protection and
investment needs at every stage in life.
Protection
 Choose a specified level of protection (available only with LifeTime).
 Two levels of Sum Assured to choose from (available only with LifeTime
II).
 Flexibility to increase or decrease your sum assured.
 Add-on riders to protect you against any eventuality.
Savings
 Flexibility to increase or decrease your contribution.
 Facility of Premium Holiday, wherein the policy continues even if there is a

temporary break in the payment of annual contribution (available only with
Life Time).
 Facility of Automatic Cover Continuance, wherein the policy continues even

if there is a temporary break in the payment of annual contribution
 Facility to top-up your investment any time you have surplus funds.
 Additional allocation of units on a periodic basis.
 Loans against the policy.
BSLI, Punalur
Investment
 Choose from among four funds, based on your investment objective and risk
appetite.
 Choice to switch between investments options (4 free switches every policy

year).
You can also enhance your policy by adding Critical Illness Rider, Major Surgical
Assistance Rider, Accident & Disability Benefit Rider, Accident Benefit Rider
(available only with Life Time) and Waiver of Premium Rider.
f) SECURE PLUS
An insurance plan that gives added protection, savings and multiple options, all in
one
 The flexibility to choose your premium contribution.
 The flexibility to choose amongst three levels of cover (in the form of sum
assured) for the same amount of total annual contribution.
 The flexibility of shifting between the three levels of cover, as you require.
 The flexibility of receiving your maturity proceeds as a lump sum or in equal

annual installments over 3 or 5 years.
You can also enhance your policy by adding Variety of Riders.
BSLI, Punalur
g) Cash Plus
An insurance plan that gives you added protection, savings, multiple options, plus
the power of liquidity.
 The flexibility to choose your premium contribution.
 The flexibility to choose amongst three levels of cover (in the form of sum
assured) for the same amount of total annual contribution.
 The flexibility of shifting between the three levels of cover, as you require.
 The flexibility of receiving your maturity proceeds as a lump sum or in equal

annual installments over 3 or 5 years.
 The flexibility of withdrawing up to 10% of the accumulated value of your

policy, after the first 5 policy years.
You can also enhance your policy by adding Variety of Riders
h) Save n Protect
An ideal plan for those who want to accumulate funds on a regular basis while
enjoying insurance protection.
 Guaranteed Benefits
 Extended Life Cover
 Maturity Benefit
 Death Benefit
You can also enhance your policy by adding Critical Illness Rider , Major Surgical
Assistance Rider , Accident & Disability Benefit Rider , Waiver of Premium Rider
(WOP).
BSLI, Punalur
 CHILD PLANS
As a responsible parent, you will always strive to ensure a hassle-free, successful
life for your child. However, life is full of Uncertainties and even the best-laid
plans can go wrong. Here’s how you can give your child a 100% safe and assured
tomorrow, whatever the uncertainties. Smart Kid is especially designed to provide
flexibility and safeguard your child’s future education and lifestyle, taking all
possibilities into account. Choose from amongst a basket of 4 plans:
 Smart Kid regular premium

 Smart Kid unit-linked regular premium
 Smart Kid unit-linked regular premium II
 Smart Kid unit-linked single premium II
All these plans offer you:

 Financial Benefits
 Total peace of mind, even if you are not around
 Sum Assured is paid immediately
 All future premiums are waived
 Policy benefits continue
 Development Allowance
All SmartKid plans can be enhanced with the Accident & Disability Benefit Rider
and Income Benefit Rider. You can also an Accident Benefit Rider to a SmartKid
Regular Premium policy, and a Waiver of Premium Rider (WOP) to SmartKid
unit-linked regular premium policy.
BSLI, Punalur
 INVESTMENT PLANS
Life link II
Life Link II is a unique plan that combines the security of a life insurance policy
with the opportunity of enjoying high returns on your investments, without the
market risks compromising on the protection of your family!
Death Benefit: The Sum Assured under the product has 2 options, either 500% of
the initial premium or 105% of the initial premium. In the event of an unfortunate
death, the beneficiary will receive higher of the value of units or the initial death
benefit, less any withdrawals.
Withdrawal Benefit: One can make partial withdrawals from the accumulated
value of the policy after completion of one policy year.
Flexibility: Choose from four fund options, based on your investment objective
and risk appetite. If at a later stage your financial priorities change, you can switch
between the various fund options, absolutely free, 4 times a year.
BSLI, Punalur
 RETIREMENT PLANS
Life Expectancy has been rising rapidly and today you can expect to live longer
than your earlier generations. For you, this increase will mean a longer retirement
life, stretching into a couple of decades. BSLI Retirement Solutions that combine
the best of insurance and investment. These solutions are developed to ensure your
peace of mind for the years to come.
1) Why plan for retirement?
2) How much should I set aside for retirement?
3) The impact of inflation on your retirement savings
4) Why plan early?
5) About Annuities
Why plan for retirement?
For too many people, the joy of retirement after years of hard work is eclipsed by
the financial uncertainties that it brings. Despite all the planning and saving, you
can never sure whether your money will last a lifetime. Retirement planning offers
a way to ensure a more enjoyable, stress free tomorrow. A prudent plan will ensure
that increasing life expectancy, higher inflation and increasing taxes do not eat
away into your hard earned savings.
How much must I set aside for retirement?
To ensure a comfortable retired life, you would be wise to invest money into
additional avenues like pension plans. How much you need to invest can be
answered by answering some questions such as:
1. How long do you have to save that amount before retirement?

2. Where can you invest your retirement money?
3. How much risk are you willing to take on your investments?
BSLI, Punalur
 GROUP SOLUTIONS
In an era of competitive parity, the only asset that makes a decisive difference
between corporate success and failure is the quality of human capital. Employee
benefits have proven to be an excellent tool to optimize the retention of talent and
improve an organization’s bottom-line. The quality of an organization’s employee
benefits establishes and maintains a company's image as a caring employer.
Optimum care of employees is a long-term investment that results in a sustained
competitive advantage for an organization in the times to come.
BSLI Group Solutions Advantage

 An integrated basket of employee benefits solutions that offer incomparable
flexible benefits.
 Sound investment management that focuses on safety, stability and

profitability of the portfolio.
 Personalized financial planning for your employee that takes care of his/her
changing financial needs at every stage of life.
 Quality service initiatives and transparency across all operations, promising

superlative operational efficiency.
GROUP TERM ASSURANCE

BSLI flexible group term solution helps provide affordable cover to members of a
group. The cover could be uniform or based on designation/rank or a multiple of
salary, and can be extended to all employees between the ages of 18 and 65 years.
The benefit under the policy is paid on the event of the member’s death to the
beneficiary nominated by the member. It is a one-year renewable policy where one
master policy covers all proposed employees comprising the group, with a
minimum group size of 25 persons. New members can join the group and outgoing
members can leave the group at any point during the policy term.
BSLI, Punalur
 RURAL PLANS
BSLI Rural Products are designed to meet the needs of the rural consumers. These
products offer the following features:
 Low and Affordable Premiums
 Life Cover
 Savings Option
 Hassle free procedure
 PLANS FOR NRI’S

Being away from India doesn't mean you have to compromise the safety and
security of your loved ones. In fact, your savings from your time overseas can be
easily canalized to meet your family's needs - now and in the future. So, whether
it’s your dream to retire in your hometown; to secure funds for your children's
education; or to build assets, BSLI has a range of solutions that can be customized
to meet your needs.
BSLI, Punalur
CHAPTER III
DEPARTMENT STUDY
BSLI, Punalur
ORGANIZATIONAL CHART
BOARD OF DIRECTORS
CEO
Company Chief Chief Chief Chief Chief

secretary Manager Manager Manager Manager Manager
(personal) (claims) (Oprtns) (finance) (marketing
Dy. Area Area Regional

Dy. Manager
Manager manager manager Manager
Manager (Audit)
(Personnel) (Oprtns) (Marketing)
(Finance)
Manager Customer Manager Manager Sales Admin.

(Audit) Support (Branch (Processin Manager Officer
Manager operations) g Hub) (Marketing)
BSLI, Punalur
DIFFERENT DEPARTMENTS IN THE BSLI Ltd.

There are 5 departments in the organization which are classified on the basis of the
functions what they are performing, which are listed below,
1. Personnel and Administration Department
2. Claims Department
3. Finance Department
4. Operations Department
5. Marketing Department
BSLI, Punalur
1) PERSONNEL & ADMINSTRATION DEPARTMENT

The Personnel and Administration Department is an important department of the
organization being the one which is in close contact with both the management as
well as the employees. The personnel department is headed by the Personnel
Manger and is assisted by the Deputy Manger.
STRUCTURE OF THE DEPARTMENT
CHIEF MANAGER
(Personnel)
DEPUTY MANAGER
MANAGER
(Administration)
OFFICER
(Administration)
Assistants
BSLI, Punalur
Functions
The Personnel Department is responsible to keep filled the various positions of the
organizational structure.
a) Identifying the job requirements:
To fill a position with the right person we have to understand the scope of every
job and ascertain the requirements which would meet both the individual and
organizational requirements.
b) Recruiting;
Recruiting is the process of attracting candidates to filled positions in the

organizational structure.
c) Selecting, placing and promoting:
Selection is the process of choosing the best candidates from among the recruits
who would fit into the job as per requirements.
d) Performance Appraisal
Performance appraisal is ascertaining how a person the performing in his present

managerial position. It helps in determining who is eligible to be promoted to a
higher position.
e) Training
Training includes those activities done to facilitate the learning process the
employees and is mostly a short term activity which helps to do their jobs better.
BSLI, Punalur
Compensation
The compensation structure is categorized into two components,
Fixed Pay Variable Pay
Total cost to company
Fixed Pay
 Basic Pay
 Employees have the flexibility of fixing the monthly basic varying between
35-40% of the total cost of the company.
 Tax implication: Fully Taxable as per tax slabs as applicable.
 Provident Fund
 Employee contribution is 12% of the monthly basic with a matching
contribution made by the company.
 Tax implication: Nil
BSLI, Punalur
 Gratuity
 Applicable at all the employees with a minimum of one year of continous
service in the company. Employee contribution is to 4.81% of the monthly
basic
 Tax implication: Nil
Flexible pay
 HRA
 Employee has the flexible to fix a percentage of basic salary as HRA.
 Tax implication: Least of the following and is exempt from income tax.
o 50% (for metro cities)/ 40% (for non metro cities) of basic or
o Actual HRA or
o Rent paid by the employee subject to a maximum of 10% of basic
 Conveyance allowance
 Conveyance allowance is paid to take care of employee’s travel from
residence to the place of posting the back. Not applicable for employee’s
covered under car hiring scheme.
 Tax implication- Not taxable up to 9600/annum
BSLI, Punalur
 Special Allowance:
 Any unaccounted amount from the total cost to company not claimed under
any other component can be claimed under special allowance. There is no
restriction on the amount to be taken under this bead.
 Tax implication: Fully taxable.
 Leave Travel Assistance (LTA):
 Includes travel expenditure on self, spouse, children & dependent parents for
expenses incurred by them for leisure travel/excursions.
Guidelines
 LTA can be claimed only after completion of one year of continuous
service/completion of probation period, whichever is earlier.
 LTA shall be sanctioned only when an employee proceeds on leave for a
minimum period of 5 working days at a stretch.
 An employee can claim LTA advance up to 75% of the entitlement (15 days
prior to proceeding on leave). The advance needs to be settled within 30
days of journey.
Company Leased Accommodation (CLA)
Any employee may opt for a company leased accommodation. The employee may
lease a house for a period not less than 11 months at each instance. The company
shall pay the rent through monthly cheques in the name of leaser.
BSLI, Punalur
Fringe Benefits
 Car hiring Charges
The car to be hired should be in the name of spouse or any of the dependent
parents only. A copy of car registration certificate as approve for ownership to be
submitted for claiming the amount.
 Fuel and Car Maintenance expense
All employees eligible for car hiring charges will also be entitled petrol and car
maintenance expense reimbursement up to a maximum limit of Rs. 220000 per
annum. To claim the under this bills along with the claim form to be submitted.
 Driver Salary
All employees eligible for car hiring will also be eligible for driver reimbursement
subject to a maximum amount of Rs. 80000/ annum. A copy of drivers driving
license along with monthly payment receipt to be submitted.
BSLI, Punalur
 Medical Reimbursement
Uncured on self, spouse, dependent children and dependent parents. The amount is
subject to a maximum of Rs.18000/ annum.
 Mediclaim Insurance
Includes hospitalization expenses incurred in the hospital at the event of illness or
disease or injury sustained by the employee of any of the family member.
 Professional Body Membership
An amount can be reimbursed on producing proof of membership to any of the
professional bodies related to the areas.
 Superannuation
Applicable to Band 1 and above employee’s contribution is 10 to 15% of the
monthly basic.
BSLI, Punalur
VARIABLE PAY
Objective:-
To have compensation and reward structure that is directly aligned to
individual performance with organization goal for business strategies.
Features:-
 All employees who are on the roll of the company as on 31st March.
 An employee rated as “partial contributor”, does not qualify.
 Periodicity of payout: Annual
Basic of Annual Performance Bonus
 Individual performance
 Unit performance
 Business performance
Incentives
Incentives are paid to the employees based on their volume of sales.
BSLI, Punalur
2) CLAIMS DEPARTMENT
CHIEF MANAGER
AREA MANAGER
MANAGER MANAGER MANAGER

(Customer Support) (Customer Support) (Customer Support)
ASSOCIATES ASSOCIATES ASSOCIATES
The Claims department is headed by the claims

manager; there are the Area Manager and support managers and their associates to
assist him.
The claims department is responsible for the claim settlements arising from the
customers. In case of a life insurance claim the department gets information
directly from the customer or from the 24x7 call centers. The department
BSLI, Punalur
authenticates the policy details and issues a claim number, and then assigns the
surveyor for valuation. After proper enquiry, fund is collected and delivered to the
customer.
In case of reimbursement process, the customer will have to submit documents and
they will make the payment within 3 days of completion of documentation.
BSLI, Punalur
3) FINANCE DEPARTMENT
CHIEF MANAGER
Dy. MANAGER MANAGER

(Audit)
ASSISTANTS
ACCOUNTS ACCOUNTS
OFFICER OFFICER
ASSISTANTS ASSISTANTS
The finance department is headed by the Chief Finance Manager and there is
Deputy Manager and Audit Manager to assist him.
Functions
 Preparation of reports which means the summarized form of management on
the monthly performance.
 Finalization of accounts: like the preparation of profit and loss accounts,
schedules and notes on accounts.

BSLI, Punalur
 Preparation of budges, which means managing the funds of the department.
 Treasury management which refers to the management of the available
funds in a suitable and convenient manner.
 Calculation and preparation of income tax & service tax.
 Operations control means controlling the daily operations and transactions in
the department and controls them.
 Calculation of depreciation.
 Preparation and disbursement of salary.
 Internal and external audit.
BSLI, Punalur
4) OPERATIONS DEPARTMENT
CHIEF MANAGER
AREA MANAGER
MANAGER MANAGER
(Branch Operations) (Processing Hub)
ASSOCIATES ASSOCIATES ASSOCIATES ASSOCIATES
The operations department is headed by the Operations Manager and is assisted by
the Area Manager. There are two, the Branch Operations Manager and his
associates & processing hub Manager and his associates to assist him.
BSLI, Punalur
The main functions of the Operations Department are divided into
three.
a) Primary Functions
The primary functions involve the acceptance of documents submitted from
the marketing department.
b) Secondary Functions
The secondary functions involve the detailed analysis and verification of the
documents.
c) Tertiary Functions
The tertiary functions involve the punching and issuance of policy
documents to the client after verifying.
BSLI, Punalur
5) MARKETING DEPARTMENT
CHIEF MANAGER
REGIONAL
MANAGER
Sales Manager Admin. Officer

(Marketing)
Unit Sales Manager

Assistant
SO/ Agent Assistant
Marketing is the term used to refer to the orientation of an organization which has
established a separate department to look after its marketing activities.
The Marketing Department is headed by the chief Marketing Manager and is

assisted by the regional Manager.
BSLI, Punalur
Functions:
a) Sales
Sales are the crucial function of the marketing department.
The various vertical agencies functioning in BSLI, Punalur are: Branch

Banking Group, Rural and Agricultural Business Group, CMG.
b) Planning
Planning is the act of formulating a program for a definite course of

action. In BSLI the Marketing Department is responsible for the planning and
Co-ordination of the Marketing activities.
c) Marketing Research
Marketing Research analyses a given marketing opportunity or problem,

defines the research and data collection methods required to deal with the
problem.
d) Customer Relations
Customer relations involves the conscious aim to develop and manage

long term and/ or trusting relationship with customers, suppliers, distributors or
other parties in the marketing department.
BSLI, Punalur
CHAPTER IV
SWOT ANALYSIS
BSLI, Punalur
 STRENGTH
 Multi-channel distribution and one of the largest distribution networks in
India
 Implementing Six-Sigma process
 Customer centric products and services
 Superior investment and risk management framework
 1 Million Policies sold within 3 and half years.
 Company has maximum number of MDRT as well as good number of
HNI advisors.
 Training process of the company is very strong.
 Different plan for different peoples
 According to the change in surrounding environment like changes in
customer requirement
 WEAKNESS
 COMPANY does not penetrate on the rural market at a time.
 There is no plan for the low income group.
 Fees for the advisor is high than the other company.
BSLI, Punalur
 OPPORTUNITY
 Insurance market is very big, where company can expand its horizon in
insurance industry.
 Though good investment and insurance it is easy to top Indian customers.
 The huge insurance market (77%) is left so company has opportunity to
expand our products.
 To associate with the more number of HNI.
 THREATS
 ‘OLD HABITS DIE HARD’: It’s still difficult task to win the confidence
of public towards private company.
 The company is facing major threats from LIC -which is an only
government company.
 Plans for all income groups are not available which can create adverse
effect later on the market share of the company.
BSLI, Punalur
CHAPTER V
FINDINGS & SUGGESTIONS
BSLI, Punalur
FINDINGS
 Birla Sun Life Asset Management Company has one of the largest team of
research analysts in the industry, dedicated to tracking down the best
companies to invest in.
 There is a good relation exist between the employees and management.
 BSLI provides good welfare facilities.
 The age groups of selected advisors are quiet encouraging. 53 % are over
age of 55 years which is quite good for company because they much more
trusted by the prospect than the other age group.
 Most of the selected advisors have a good qualification. Most of them are
graduate and post graduate.
 All most 50% of the new advisors give full time to their profession. This
shows how new advisors are dedicated towards their new profession.
 Employees wish to acquire skills through continuous training.
 Selection is advisors in base on commission basis so there is always a big

possibility of extra income. Hard working advisors can earn more than
expectation, because there is no limit of earning. If a advisors sell more
policy he can get more commission so there know limitation on earnings.
BSLI, Punalur
SUGGESTIONS
 Even though most of the policy holders are satisfied with policies, plans they
have but some new attractive insurance plans should be introduce to bind
them not to switch over to other companies insurance plans.
 The company should find out the no. of people who are not having any of
the insurance plans through an intensive market research and motivate them
to get insured.
 Leveraging technology to service customers quickly, efficiently and

conveniently
 Developing and implementing superior risk management and investment

strategies to offer sustainable and stable returns to our policyholders.
 Company should target each and every class of the society
 Company should provide full information to the customers before targeting

so they can take interest
BSLI, Punalur
CHAPTER VI
CONCLUSION
BSLI, Punalur
CONCLUSION
The market potential for private insurance companies is found to be greater in the
long run as most of the Indians are of the opinion that, private insurance companies
would be able to perform well in the future. The private and foreign insurance
companies have to take immediate steps in appointing more number of agents
and/or advisors in addition to the employees as it has been found out that agents
are the best channel to reach the general public regarding selling of insurance
products. The private and foreign insurance companies have to concentrate on the
factors like 'Prevention of Loss', 'Assured Returns' and 'Long term Investment'.
They can also focus on an insurance amount of Rs. 1 – 2 lakhs with 'money back
policies'. Hence, the market has potential. The private and foreign insurance
companies that are taking immediate steps can tap it easily & rapidly.
BSLI, Punalur
BIBILOGRAPHY
Research Methodology - C R Kothari
Website - www.birlasunlife.com
www.adityabirla.com
www.sunlife.com
www.irda.gov.in
www.google.co.in
Records & Files - BSLI Ltd.

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BSLI, Punalur

How life insurance works?

1.2 OBJECTIVES OF THE STUDY

 To get an overview of the general insurance industry

 To study the overall working of Birla Sunlife Insurance Co. Ltd.

 To understand the organizational structure of BSLI Ltd.

 To study the functions of different departments

 To understand SWOT analysis of the organization.

1.4 SCOPE OF THE STUDY

1.5 LIMITATIONS OF THE STUDY

2.1 INDUSTRY PROFILE

A BRIEF HISTORY OF THE INSURANCE SECTOR

 1928: The Indian Insurance Companies Act enacted to enable the

 1938: Earlier legislation consolidated and amended to by the Insurance Act

THE INDIAN INSURANCE MARKET

A Tariff Advisory Committee (TAG) is established under the Insurance Act to

Major Players in the Market

Private Players- Life and Non-Life Insurance

 Birla Sun Life Insurance Co. Ltd.

 ING Vysya Life Insurance Co. Pvt. Ltd.

Major players in the non-life sector in India include:

 Allianz Bajaj General Insurance Co. Ltd.

THE REINSURANCE MARKET

DISTRIBUTION AND INTERMEDIARIES

The industry is looking at new modes of development and distribution such as

THE INACTIVE HEALTH INSURANCE MARKET

Health insurance schemes in India, at present, are in the form of indemnity-based

2.2 COMPANY PROFILE

Being a customer centric company, BSLI has invested heavily in technology to

About the Aditya Birla Group

About Sun Life Financial Inc

To be a world class provider of financial security to individuals and corporate and

To be the first preference of our customers by providing innovative, need based

Our endeavor will be to provide constant value addition to customers throughout

 Mr. Kumar M Birla

Mr. Vikram Mehmi Mr. Mayank Bathwal

Mr. Mario Braganza Mr. E.N. Goveia

Mr. Amit Punchhi Mr. Bhavesh Sanghvi

Mr. Snehal Shah Ms. Anjana Grewal

Mr. Rajesh Bhojani Mr. K H Venkatachalam

Mr. Fabien Jeudy Mr. Lalit Vermani

Mr. Melvyn D'souza Mr. Vikram Kotak

Mr. Bhalachandra Nayak

2.3 PRODUCT PROFILE

BSLI offers a complete range of insurance products

 Level Term Assurance with return of premium

o On maturity, all the premiums paid will be returned.

 Level Term Assurance without return of premium

 Level Term Assurance - Single premium:

a) Invest Shield Cash

The key features of the plan are:

 Flexibility to choose a specific level of protection (Sum Assured), based on a

 Additional credits payable as a percentage of the initial annual premium are

 Flexibility to increase / decrease your annual premium amount

b) Invest Shield Life

The key features of the plans are

 Additional credits payable as a percentage of the initial annual premium are

 Flexibility to make additional investment with the help of the top-up

 Flexibility to increase / decrease your annual premium amount

c) Invest Shield Gold

 Flexibility to choose a premium payment term of 5, 7 or 10 years for a

 Flexibility to choose a specific level of protection (Sum Assured), based on a

 Additional credits payable as a percentage of the initial annual premium are