BIRLA SUN LIFE INSURANCE

Mini Project Report

Submitted to Submitted by

Asst. prof S. Ravi Kumar AITAM Tekkali.

S. Priyanka 11A51E0047 II sem, MBA AITAM, Tekkali.

What is an Insurance?

Insurance may be described as a social device to reduce or eliminate risk of loss to life and property. Insurance is a financial device to spread the risks and losses of few people among a large number of people, as people prefer small fixed liability instead of big uncertain and changing liability.

Definition!!!

Insurance can be defined as a legal contract between two parties whereby one party called insurer undertakes to pay a fixed amount of money on the happening of a particular event, which may be certain or uncertain.

Need for the Study

This study would be useful for companies to know about the Birla sun Life Insurance. This study would be useful to other students as secondary data. The study has to create awareness about different features & its specifications available in Birla sun Life Insurance. This study would be useful to form strategies according to the demand of the Life insurance. For introducing new kind of Life insurance services. For supporting advertising campaign. For getting new accounts.

Objective of the Study

To analyze various problems confronted by the policyholders Reliance Life insurance Company To know the perception of the consumer about life insurance. To study the service quality being offered by Reliance Life Insurance Company

Significance of the Study

The study is very much significant because it brings out the differences in various parameters like awareness; service quality, problems faced and rationale behind investment between the products of Reliance Life Insurance and other private sector companies and these are the main attributes which build up the customer perception and loyalty towards a company.

Birla Sun Life A Coming Together Of Values

Birla Sun Life is a joint venture between The Aditya Birla Group, one of the largest business houses in India and Sun Life Financial Inc., a leading International Financial Services Organization. The local knowledge of the Aditya Birla Group combined with the expertise of Sun Life Financial Inc. offers a formidable protection for our future. The Aditya Birla Group is led by its chairman- Mr. Kumar Manglam Birla. The Group has over 88000 employees across all its units worldwide. Some of the key organizations with the group are Hindalco, Grasim, Aditya Birla Nuvo, etc.

VISION
To be a world class provider of financial security to individuals and corporate and to be amongst the top three private sectors 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.

VALUES

Integrity: Honesty in every action. Commitment: Deliver on the promise Passion: Energized action Seamlessness: Boundary less in letter & spirit Speed: One step ahead always

COMPANY PRODUCTS / PLANS

Flexi Plans have three variants. These variants are:

Flexi

Save Plus (Endowment Plan) Flexi Cash Flow (Money Back Plan) Flexi Lifeline (Whole of Life Plan)

Classic Life Premier Gold Plus II Plan Supreme Life Plan Platinum Plus Plan

RECOMMENDATIONS

Competition from public sector and foreign banks remains a key challenge for private sector banks. They need to reorient their staff and effectively utilize technology platforms to retain customers. They have to update their portfolio timely. Birla Sun Life Insurance Ltd should have proper division of departments under heads. Birla Sun Life Insurance Ltd should have more pension plans. Birla Sun Life Insurance Ltd should have more children plans, and more help line plans They should provide more information to the customer so that they become more aware about insurance

THANK Q!