PERCEPTION OF CONSUMER BEHAVIOUR

PLACE: MUZAFFARPUR
STATE: BIHAR
A
SUMMER TRAINING REPORT

SUBMITTED
IN PARTIAL FULMILMENT FOR THE AWARD OF THE DEGREE
OF
BACHELOR OF BUSINESS ADMINISTRATION
2007-2010

GUIDED BY: SUBMITTED BY:

Ms ANSHUL SHRIVASTAVA MR ABHIJEEET ANAND

(HOD)
MANAGEMENT DEPARTMENT

SUBMITTED
TO

DEPARTMENT OF MANAGEMENT
JAIN COLLEGE GWALIOR
(AFFLIATED TO JIWAJI UNIVERSITY GWALIOR)
 STUDENT DECLEARATION

I ABHIJEET ANAND hereby declare that this Summer training report

entitled,Perception of Consumer Behaviour” is carried out by me at BSLI

MUZAFFARPUR under t he guidance of Mr AMIT KUMAR for partial

fulfillment for the award of the degree of, Bachelor of Business Administration at

Department of Management Jain College, Gwalior(M.P).

DATE

PLACE

ABHIJEET ANAND
 GUIDE CERTIFICATE
It is certified that the Summer training report entiteled, Perception of consumer

behavior’ is submitted by Mr. ABHIJEET ANAND for partial fulfillment for the award

of the degreeof Bachelor of Business Administration at Department of Management, Jain

College,Gwalior(M.P).It is a record of candidate’s own work carried out at BIRLA

SUNLIFE INSURANCE, MUZAFFARPUR(BIHAR)

(AMIT KUMAR)
Area Trainee
Manager(Birla sun life insurance)
Muzaffarpur (BIHAR)
 ACKNOWLEDGEMENTS

The completion of Summer training report entitled ‘Perception of Consumer

Behaviour’ give me an opportunity to convey my gratitude’s to all those who have
helped me to complete this research work successfully and well within time.

I would like to express my deep sense of gratitude to AMIT KUMAR to give me an

opportunity to do my project work at BSLI, Muzaffarpur I am sincerely thanks to
my guide for his ideas and suggestion during my project work which inspired me to put
in best my efforts in the research work.

I would be failing in my duties if I do not express my overwhelming sense of gratitude to

Mr. Manoj Jain ,Chairman, Mr. Sanjay Jain and Ms. Mayuri Chaudry, Director, Jain
College, Gwalior(M.P).

I owe utmost thanks, Ms. Anshul Shrivastav H.O.D MGMT DEPT. Jain
College, Gwalior(M.P). for their valuable suggestion and discussion made throught my
research work.

In the last I would like to thank all individuals known or unknown who have helped me
directly or indirectly during the research fellowship period.

I must say that all of those great people have done their social job, which I will also like
to obilige others in from of similar or even better support throught my life.

Ms. Anshul Shrivastav Abhijeet Ananad

 INTRODUCTION OF PROJECT

Life insurance

Life insurance (Life Assurance in British English) is a type of insurance. As in all

insurance, the insured transfers a risk to the insurer. The insured pays a premium and
receives a policy in exchange. The risk assumed by the insurer is the risk of death of the
insured.

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.

The policy, like all insurance policies, is a legal contract specifying the terms and
conditions of the risk assumed. Special provisions apply, including a suicide clause
wherein the policy becomes null if the insured commits suicide within a specified time
for the policy date (usually two years). Any misrepresentation by the owner or insured on
the application is also grounds for nullification. Most contracts have a contestability
period, also usually a two-year period; if the insured dies within this period, the insurer
has a legal right to contest the claim and request additional information before deciding to
pay or deny the claim.
The face amount of the policy is normally the amount paid when the policy matures,
although policies can provide for greater or lesser amounts. The policy matures when the
insured dies or reaches a specified age. The most common reason to buy a life insurance
policy is to protect the financial interests of the owner of the policy in the event of the
insured's demise. The insurance proceeds would pay for funeral and other death costs or
be invested to provide income replacing the deceased's wages. Other reasons include
estate planning and retirement. The owner (if not the insured) must have an insurable
interest in the insured, i.e. a legitimate reason for insuring another person’s life. The
insurer (the life insurance company) calculates the policy prices with an intent to recover
claims to be paid and administrative costs, and to make a profit. The cost of insurance is
determined using mortality tables calculated by actuaries. Actuaries are professionals
who use actuarial science which is based in mathematics (primarily probability and
statistics). Mortality tables are statistically based tables showing average life
expectancies. The three main variables in a mortality table are age, gender, and use of
tobacco. The mortality tables provide a baseline for the cost of insurance. In practice,
these mortality tables are used in conjunction with the health and family history of the
individual applying for a policy in order to determine premiums and insurability. The
current mortality table being used by life insurance companies in the United States and
their regulators was calculated during the 1980s. There is currently a measure being
pushed to update the mortality tables by 2008.

The current mortality table assumes that roughly 2 in 1,000 people aged 25 will die
during the term of coverage. This number rises roughly quadratic ally to about 25 in
1,000 people for those aged 65. So in a group of one thousand 25 year old males with a
$100,000 policy, a life insurance company would have to, at the minimum, collect $200 a
year from each of the thousand people to cover the expected claims. The insurance
company receives the premiums from the policy owner and invests them to create a pool
of money from which to pay claims, and finance the insurance company's operations.
Contrary to popular belief, the majority of the money that insurance companies make
comes directly from premiums paid, as money gained through investment of premiums
will never, in even the most ideal market conditions, vest enough money per year to pay
out claims. Rates charged for life insurance increase with the insured's age because,
statistically, a people are more likely to die as they get older.

Since adverse selection can have a negative impact on the financial results of the insurer,
the insurer investigates each proposed insured (unless the policy is below a company-
established minimum amount) beginning with the application, which becomes part of the
policy. Group Insurance policies are an exception. This investigation and resulting
evaluation of the risk is called underwriting. Health and lifestyle questions are asked, and
the answers are dutifully recorded. Certain responses by the insured will be given further
investigation. Life insurance companies in the United States support The Medical
Information Bureau, which is a clearinghouse of medical information on all persons who
have ever applied for life insurance. As part of the application, the insurer receives
permission to obtain information from the proposed insured's physicians. Life insurance
companies are never required by law to underwrite or to provide coverage on anyone.
They alone determine insurability, and some people, for their own health or lifestyle
reasons, are uninsurable. The policy can be declined (turned down) or rated. Rating
means increasing the premiums to provide for additional risks relative to that particular
insured.

Many companies use four general health categories for those evaluated for a life
insurance policy. These categories are Preferred Best, Preferred, Standard, and Tobacco.
Preferred Best means that the proposed insured has no adverse medical history, is not
under medication for any condition, and his family (immediate and extended) have no
history of early cancer, diabetes, or other conditions. Preferred is like Preferred Best, but
it allows that the proposed insured is currently under medication for the condition and
may have some family history. Most people are in the Standard category. Profession,
travel, and lifestyle also factor into not only which category the proposed insured falls,
but also whether the proposed insured will be denied a policy. For example, a person who
would otherwise be in the Preferred Best category will be denied a policy if he or she
travels to a high risk country.
Upon the death of the insured, the insurer will require acceptable proof of death before
paying the claim. The normal minimum proof is a death certificate and the insurer's claim
form completed, signed, and often notarized. If the insured's death was suspicious and the
policy amount warrants it, the insurer may investigate the circumstances surrounding the
death, before deciding whether there is a legal obligation to pay the claim. Proceeds from
the policy may be paid in a lump sum or as an annuity paid over time in regular recurring
payments for either for the life of a specified person or a specified time period.
 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.

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.

Commenting on the association with Kapil Dev, Mr. S. K. Mitra, Director, Financial
Services, Aditya Birla Group and currently incharge of BSLI expressed, "The Birla Sun
Life Insurance business distribution network is national in nature covering more than
1000 points across the country .We have made our entry in several tier I and tier II towns.
It is therefore very important for the brand to connect at the grassroot level and create
trust. We believe that our association with Kapil Dev as our brand ambassador will help
us create this connect in a shorter period of time. We therefore now have two strong
connects — our parent brand Birla and our brand ambassador Kapil Dev".

Kapil Dev, also known as the Haryana Hurricane, was born on 6 January 1959 in
Chandigarh. He played his first competitive game of cricket at the age of 13 years and
made his test debut on 16 October 1978 at Faisalabad against Pakistan. Kapil Dev
remained India's top strike bowler for almost 15 years. His extraordinary test match
figures of more than 5000 runs and 434 wickets along with 64 catches show that he was a
world class cricketer and an all-rounder. He has raised the mantle of India to sporting
glory by winning us the World Cup.

In a study conducted by BSLI, Kapil Dev connected extremely well with the life
insurance category and had high acceptance by the masses. Our survey suggests that he is
seen as a very good fit for the BSLI brand. He is very much loved and respected by a vast
majority of the population.

On 26 November 2006, Birla Sun Life was host the annual golf tournament at the
Chembur Golf Club in Mumbai where Kapil Dev was participate.
About Birla Sun Life Insurance

Birla Sun Life Insurance Company Limited 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 organisation. The local knowledge of the Aditya Birla
Group combined with the expertise of Sun Life Financial Inc., offers a formidable
protection for your future.

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 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 72,000 employees and has seven lakh
shareholders, with a market capitalization of Rs.53,400 crore.

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".
 VISION

To be a world class provider of financial security to individuals and corporates 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 corporates. These solutions
will be made available by well-trained professionals through a multi channel distribution
network and superior technology.

Our endeavour 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
 OBJECTIVE

Integrity
Commitment
Passion
Seamlessness
Speed
 ORGANIZATIONAL STRUCTURE

The structure of the insurance companies build in the light of current

legislation and the most subordinate territorial principle.
If a company is a joint stock company, its supreme authority is the
shareholders' meeting. The executive functions confer on the board of directors
elected assembly and its chairman, who are nominated by the Director from among
themselves.
Chairman of the insurance company may also hold the CEO, but often has little
powers and perform representational functions, and coordinates the interaction
with the legislative and executive bodies.

President - the supreme leader of the insurance company after the chairman of
the board. However, if it is, and chief executive officer, the rank sometimes
surpasses chairman.

Vice President - Chief Financial Officer of an insurance company, because it is

dominated financial activities.
Secretariat t is a permanent body under the Board of Directors, President and
Vice-President for the execution of their decisions. The Secretariat is composed
of Public Relations.

The Executive Director led the major activities of the company, headed by the
department or office for each type of insurance.
The president, vice-president, the executive director has in his subordination
of certain services. Thus, the president report directly to human resources and
legal departments, vice-president - the actuarial calculations, economic
analysis, accounting.
 FINANCE DEPARTMENT
Birla Sun Life Insurance Co. Ltd. is a joint venture between Aditya Birla Group,
an Indian multinational corporation, and Sun Life Financial Inc, a leading
global insurance company. Birla Sun Life Insurance is distinguished as the first
company in the sector of financial solutions to begin Business Continuity Plan.
This insurance company has pioneered the unique Unit Linked Life Insurance
Solutions in India. Within 4 years of its launch, BSLI became one of the leading
players in the industry of Private Life Insurance Scheme.
Birla Sun Life Insurance believes in passion, integrity, speed, commitment and
seamlessness. The mission of the company is to help people with risk management.
It also helps in managing the financial situation of firms as well as
individuals. Here is given a comprehensive list of policies and products offered
by Birla Sun Life Insurance Co. Ltd.
Protection Plans :-
• Birla Sun Life Insurance Term Plan
• Birla Sun Life Insurance Premium Back Term Plan

Saving Plans :-
• Birla Sun Life Insurance Guaranteed Bachat Plan
• Birla Sun Life Insurance Money Back Plus Plan
• Birla Sun Life Insurance Gold-Plus II
• Birla Sun Life Insurance Saral Jeevan Plan
• Birla Sun Life Insurance Supreme-Life
• Birla Sun Life Insurance Dream Plan
• Birla Sun Life Insurance ClassicLife Premier
• Birla Sun Life Insurance SimplyLife
• Birla Sun Life Insurance PrimeLife Premier
• Birla Sun Life Insurance PrimeLife
• Birla Sun Life Insurance Flexi Cash Flow
• Birla Sun Life Insurance Flexi Save Plus
• Birla Sun Life Insurance Flexi Life Line
• Birla Sun Life Insurance Single Premium Bond

Health Solution Plans :-

• BSLI Health Plan
• BSLI Universal Health Plan

Retirement Plans :-
• Birla Sun Life Insurance Freedom 58
• Birla Sun Life Insurance Flexi SecureLife Retirement Plan II

Children Plans :-
• Birla Sun Life Insurance Children's Dream Plan
Rural Plans :-
• Birla Sun Life Insurance Bima Suraksha Super
• Birla Sun Life Insurance Bima Dhan Sanchay
• Birla Sun Life Insurance Bima Kavach Yojana

Group Plans :-
• Birla Sun Life Insurance Group Unit Linked Plan
• Birla Sun Life Insurance Group Protection Solutions
• Birla Sun Life Insurance Group Superannuation Plan
• Birla Sun Life Insurance Group Gratuity Plan
• Birla Sun Life Insurance Credit Guard Plan
• Birla Sun Life Insurance Single Premium Group Term Plan

NRI Plans :-
• Birla Sun Life Insurance PrimeLife Premier
• Birla Sun Life Insurance PrimeLife
• Birla Sun Life Insurance Flexi Life Line Plan
• Birla Sun Life Insurance Flexi Save Plus
• Birla Sun Life Insurance Flexi Cash Flow
• Birla Sun Life Insurance ClassicLife Premier
• Birla Sun Life Insurance Single Premium Bond
• Birla Sun Life Insurance SimplyLife
 HUMAN RESOURCE DEPARTMENT
The Human Resources department of BSLI had an induction manual on the intranet to
initiate new employees into the organization. The manual had reams and reams of text
running into hundreds of pages. The volume of information made it difficult for the user
to assimilate company policies and operating procedures.

BSLI partnered with Indigo Consulting to transform a standard induction manual into a
fun and lively user experience. The Indigo Consulting team developed a strategy and
outlined the contours of a solution:

i) Reader-friendly - The solution required to be innovative in presenting text, text and

more text.

ii) Holds the user's attention till the end - The proposed solution had to ensure that HR
could track usage and the user completed reading the entire manual.

iii) Maintenance-friendly - The new induction manual required updating from time to
time. The solution had to account for a content management system.

The Solution
To overcome the challenge of presenting lots of textual information in an interesting and
user-friendly fashion, the idiom of motorcar rally was used. This creative concept was
finalised over many others keeping in mind the young target audience, and their interests.
Each department was presented as a metophor for a racing situation. For instance, the
Finance department was a 'petrol pump' in the course of the Rally - where the driver
(employee going through the module) stops to refuel. The importance of the function,
along with its structure, was presented at the stop. For the legal department, the car drove
towards a check post.

The solution offered the user the option to determine the type and order of sections to be
accessed, while quizzes along the way ensured attention & assimilation. On completion
of the quiz, the score was mailed to the department head. When the user completed the
manual, a registration form with details of the user was submitted to generate an
employee ID. This ensured that the entire course was completed. An elementary content
management system was provided that enabled the client to update the manual.

The module was developed in Flash and XML. Flash Scripting made it possible to track
user movement, his score and time spent in the various sections. XML was consciously
chosen to overcome the 'complex future maintenance' trap that most Flash projects fall in
to after initial development. 3-D graphics were used to set the context and recreate a
specific environment.

MARKETING DEPARTMENT
The Insurance Marketing Department Limited offers you more than 30
years experience of insurance and financial services, including:
Business to business promotion - promoting your services and
products to other businesses, whether they are introducers,
sellers or corporate clients;
Business to consumer promotion - getting your message across to
the end user in such a way that encourages them to do business
with you;
Product development - identifying consumer and business needs and
then developing products and services to meet those needs;
Strategic planning and implementation - developing plans that work
within your corporate goals and then delivering them, working as
part of your management team.
No matter who you are, if you are in the insurance or financial
services industry, we can help you market your business.

PRODUCTION DEPARTMENT
Risk management against a huge loss is very necessary, and
insurance is transfer of risk from one entity to another.
Several companies have come up these days with life, health,
medical and travel insurance. One such company is Birla Sun
Life Insurance. Providing a number of insurance products,
Birla Sun Life is a prestigious company to bond with.

Birla Sun Life Insurance Company Limited is a joint venture

between the Sun Life Financial Inc and the Aditya Birla Group.
Birla Sun Life Insurance was the first company in the sector
of financial solutions to begin Business Continuity Plan. In
fact, policies were first issued by this insurance company on
the Internet. This insurance provider company has pioneered
the unique Unit Linked Life Insurance Solutions in India. It
is one of the top players in the industry of Private Life
Insurance Scheme.

The company believes in passion, integrity, speed, commitment

and seamlessness. The mission of the company is to help people
with risk management. It also helps in managing the financial
situation of firms as well as individuals.

Some of the Birla Life Insurance products include:

Insurance for protection
Insurance for retirement
Insurance for saving
Insurance for children
Insurance for riders
Insurance for rural
Birla Sun Life Insurance for Protection includes insurance
such as Birla Sun Life Insurance Term Plan and Birla Sun Life
Insurance Premium Back Term Plan. Birla Sun Life Insurance
Term Plan is apt for those seeking insurance benefits at
economic costs. The plan covers all the liabilities and
provides absolute security. The minimum age limit for
acquiring the insurance is 18 years and maximum is 55 years.
One can pay the premium either annually, monthly, quarterly or
semi-annually. One can pay it through the ECS mode of payment
or on a one-time basis.

The Birla Sun Life Flexi SecureLife II- Retirement Plan is

segregated into 2 sections. One is the Accumulation or build
up phase and the other is the Annuity or the payout phase.
With this plan one can enjoy tax benefits. Surrender scheme is
also applicable to this plan. One can give up the policy after
the 3 years of policy till the vesting age.

Other Birla Sun Life Insurance for Savings include:

Birla Sun Life Insurance Flexi Save Plus
Birla Sun Life Insurance Dream Plan
Birla Sun Life Insurance Gold-Plus II
Birla Sun Life Insurance ClassicLife Premier
Birla Sun Life Insurance PrimeLife Premier
Birla Sun Life Insurance Saral Jeevan Plan
Birla Sun Life Insurance PrimeLife
Birla Sun Life Insurance LifeCompanion
Birla Sun Life Insurance SimplyLife
Birla Sun Life Insurance Flexi Cash Flow
Birla Sun Life Insurance Flexi Life Line
Birla Sun Life Insurance Supreme-Life
Birla Sun Life Insurance Single Premium Bond
 OBJECTIVE OF PROJECT

 To determine and analyze the Market Potential of the Birla Sun Life Insurance
Company in Muzaffarpur city.

 To analyses the policy BIRLA SUN LIFE insurance company pvt. Ltd.

 To study the overall scenario currently prevailing in the market, namely, the per capital
income, purchasing power, occupation, literacy rate, etc.

 To study and determine the competitor position in the market.

 To know what consumer look for while policy of their share being purchased

 To know the satisfaction /dissatisfaction level towards the insurance company

 To create familiar and motivate individual to insurance company

 To provide information related to product and policies of insurance company

RESEARCH METHODOLOGY
While making a study we very often look for what type of research methodology is to be
used in this type of study. For implementation of a proper research methodology we have
to first understand the meaning of research.
Research is a process with the help of which new concepts arises. It is the increase in the
actual knowledge stock. It can be called as movement from known to unknown and vice-
versa. It is also a continuous process. It is a scientific as well as systematic process,
which includes defining and redefining the problem to develop hypothesis, to collect and
define the information/data, to analysis the information and bring out the mother of
Discovery. An individual makes the effort in research and society or public takes its
benefits because the results are usually generalized.

TYPES OF RESEARCH

• Descriptive V/s Analitical

• AppliedV/s Fundamental
• Quantitive V/s Qualititative
• Conceptual V/s Empirical
• Simulation Research
• Exploratory Research
• Historical Research

TYPES OF DATA
The word data Mpesceans any raw information, which is either quantitative or qualitative
in nature, which is of practical or theoretical use. The task of data collection begins after
a research problem has been defined and research design chalked out. While deciding
about the method of data collection, the researcher should keep in mind that there are two
types of data primary and secondary.

Primary data: -
This is those, which are collected afresh and for the first Time, and thus happen to be
original in character. There are many ways of data collection of primary data like
observation method, interview method, through schedules, pantry Reports, distributors
audit, consumer panel etc. The Team Managers and employees of both the Department
were consulted to get information about procedure of both the online and off line share
trading. But the method used by us for the primary data collection was through
questionnaires.

Secondary data: -
These are those data, which are not collected afresh and are used earlier also and thus
they cannot be considered as original in character. There are many ways of data
collection of secondary data like publications of the state and central govt., reports
prepared by researchers, reports of various associations connected with business,
Industries, banks etc. And the method, which was used by us, was with the help of reports
of the company

DATA ANALYSIS TOOLS

Sample Size
We have meet 250 peoples during requirement Advisor and policy selling
after that I have taken 25 Peoples they have fill up the questionnaire and
given response
INFORMATION AND DATA RELATED TO TOPIC

Data 1. Which Birla Sun Life Scheme does you have?

No of Peoples Have BSLI Plan

Health,
10%

Retierment
Health
, 22%
Retierment
Life
Life, 68%

Inference

On the basis of above analysis it has been concluded that around 68% of the policy
holders are having life plan, 22% of them are having Retirement plan and rest of them are
having the health plan.
Data 2. Are you satisfied with the Insurance plan you have?

No. of people satisfied with the plan

28%
Yes
No
72%

Inference

On the basis of the analysis it has been concluded that around 72%of the people are
satisfied with plan they and rest if them are not satisfied.
Data 3. Are you satisfied with the services provided by the company
regarding new plans and schemes?

No. of people satisfied with the

services provided by the company

18%

Yes
No
82%

Inference

On the basis of the above analysis it has been concluded that around 82% of the policy

holders are satisfied with the services provided by the company and rest of them are

not satisfied.
Data 4. Are you interested to make more investments in BSLI ?

No. of Peoples want to more

investment in BSLI

33%

Yes
No
67%

Inference

On the basis of the above analysis it has been concluded that around 67% of the

policyholders are interested to make more investments in BSLI and rest of them are

not interested.
Data 5. Have you any other Insurance Plan apart from BSLI?

No. of Peoples have other Insurance

Plan apart from BSLI?

22%

Yes
No

78%
 LIC
12%
8% BSLI

11% BAJAJ ALIYANZ

60% ICICI
9%
Others

Inference

From the above analysis it has been concluded that around 89% of policy holders are

having other insurance plans apart from BSLI , in which around 60 % are having

LIC insurance plans, 11% are having Bajaj Allianz, 9% are having Birla Sunlife, 8%

are having ICICI Pru. and 12% are having other company insurance plans.
Data 6. If you get any attractive plan than are you ready to switch over?

People ready to switch to attractive

Schemes if offered by other
companies

18%
Yes
No
82%

Inference

On the basis of the above analysis it has been concluded that around 82% of the
policy holders are ready to switch over if they get good attractive insurance plan
and rest of them don’t.
GRAPHICAL REPRESENTATION OF COLLECTED DATA

Male Vs Female Respondence

27%

Male
Female

73%

Marital Status of Respondent

39%

61%

Married Unmarried
 Age of
Respondent

18% 2%

53%
27%

Less 25 25-35 35-45 Above 55

Qualification Of Respondent

27% 16%

57%

12th Graduation Post Graduation

Dependent Of Respondent

15%

23%
62%

None Two Above Two

 FINDINGS

Finding-1 shows the difference between the male & female respondent
who are selected as a new advisor the male dominant over female. There is
a big difference between the male & female advisor.

Finding –2 shows the martial status of new advisors. Out of 100

advisors selected 61 are one married which is a good sign because they are
much more aware insurance and 39 unmarried .

Finding-3 shows the age group 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.

Finding-4 shows most of the selected advisors have a good

qualification. Most of them are graduate and post graduate.

Finding-5 shows, because 61% advisors are married so the dependent

person on them are same.

Finding-6 shows most of the new advisors are engaged in different

fields. Some are govt. employee, some are engaged in private service and
some have their own business.

Finding-7 All most 50% of the new advisors give full time to their
profession. This shows how new advisors are dedicated towards their new
profession.
Finding-8 Most of the new advisors have a very good family support.
The annual family income of most of the new advisors are over 10,000
which is very encouragement

Finding-9 Most of the new advisors belong to a middle income group so

they are not in a position to join any club or social organization. The
percent of joining such club or organization is just 22%.

Finding-10 shows selection is advisors in base on commission basis so

there is always a big possibility of extra income. Hard working advisors
can earn more then expectation, because their is no limit of earning. If a
advisors sell more policy he can get more commission so there know
limitation on earnings. .
 RECOMMANDATION

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.
1) Company should target each and every class of the society
2) Company should provide full information to the customers before
targeting so they can take interest

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
 BIBIOLIOGRAPHY

www.BirlaSunlife.com
www. irda. gov. in
Birlasunlife New Advisor Book
www.google.com
.
 APENDIX

Questionnaire

Name:............................... Age:……………..

Occupation:…………………..

Ques.1 Which Birla Sun Life Scheme does you have?

(a) Life (b) Retirement (c) Health

Ques.2 Are you satisfied with the Insurance plan you have?

(a) Yes (b) No

Ques.3 What attract you towards Birla Sun Life Plans?

(a)
(b)
(c)
(d)

Ques.4 Are you satisfied with the services provided by the company regarding new
plans and schemes?

(a) Yes (b) No

Ques.5 Are you interested to make more investments inBirla Sun Life ?

(a) Yes (b) No

Ques.6 Have you any other Insurance Plan apart from Birla Sun Life?

(a) Yes (b) No

Ques.7 If yes, then of which Life Insurance Company?

(a) LIC (b) Bajaj Allianz

(c) Birla Sunlife (d) Reliance
(e) Others

Ques.8 If you get any attractive plan than are you ready to switch over?

(a) Yes (b) No

Suggestions:
……………………………………………………………………………
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